Payden California Municipal Social Impact Fund (PYCRX)
$10.02
NAV ($)
$-0.04
NAV change ($) as of 3/12/2026
- 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 is consistent with positive social and environmental outcomes. | |
| Portfolio diversification tool. | |
| No loads (other fees apply). |
Fund Snapshot - 02/28/2026
| Fund Inception Date | Dec 17, 1998 |
| Share Class Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $303.2 million |
| Benchmark | Bloomberg Municipal Bond M.F. California Intermediate 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 - 02/28/2026
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $303.2 million |
| Average Duration: | 6.1 years |
| Average Maturity: | 15.5 years |
| 30-Day SEC Yield | 2.84% |
| 30-Day SEC Yield (unsubsidized) | 2.72% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 19% |
| 1-3 | 11% |
| 3-5 | 18% |
| 5-7 | 20% |
| 7-10 | 26% |
| 10+ | 6% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 10% |
| AA | 77% |
| A | 12% |
| BBB | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 65% |
| General Obligation | 24% |
| U.S. Treasuries | 6% |
| 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 |  |
53 |
| 3 Year | |
53 | |
| Category: Muni California Intermediate | 5 Year | |
52 |
| 10 Year | |
45 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2025) | 5.14% | 5.14% | 4.60% | 1.59% | 2.73% | 3.52% |
| Month-end (2/28/2026) | 2.35% | 5.73% | 5.15% | 2.28% | 2.83% | 3.58% |
Yearly Returns
| 2025 | 5.14% |
| 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% |
Expenses
| Total Annual Operating Expense | 0.64% |
| 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 - 02/28/2026
| MARKET | |
| The Bloomberg California Intermediate Municipal Bond Index returned 1.06% in February. Strong investor demand persisted, creating a backdrop for supportive technicals, as yields were lower across the curve amid increasing fixed-income rate volatility. | |
| Tax-exempt municipal bonds underperformed their taxable counterparts during the month, as taxable municipal bonds returned 2.58% , while U.S. Treasury bonds returned 1.82%. Still, tax-exempt yields have declined by as much as 15 basis points (bps) inside of five years, while yields in the 10- to 20-year part of the yield curve declined by as much as 19 bps. As a result, bonds maturing in 17-22 years outperformed for the month. | |
| OUTLOOK | |
| Geopolitical instability, specifically in the Middle East, was a significant theme in the U.S. rates market during the latter half of February, sparking a flight-to-quality trade as investors sought safety amid heightened risk aversion. The 10-year U.S. Treasury rate fell to 3.97% on the last day of the month, marking the first close below 4% since October of 2024. | |
| While falling U.S. Treasury yields and rich investment-grade valuations supported strong performance in taxable bonds, the technical environment of tax-exempt municipal bonds remained favorable for exempt valuations. According to LSEG Lipper, municipal bond funds reported $1 billion of inflows in the last week of February, the 14th consecutive week of inflows. Year-to-date inflows are on track to reach $17.6 billion, the third highest on record. February's new issue deals were well received and often several times oversubscribed. With new issue supply expected to accelerate from March through May, we expect to see better value in pricing even as investor demand, led by exchange-traded funds (ETFs) and separately managed accounts (SMAs), remains robust. | |
| With the municipal yield curve at its steepest in over 20 years, particularly for bonds with maturities beyond 10 years, we expect longer-maturity bonds to benefit the most from carry and roll. We believe heavy new issue supply could pose a potential headwind over the next few months, with issuance likely to reach another record of roughly $600 billion by year-end. We are maintaining sufficient liquidity to take advantage of periods of weakness and attractive entry points. | |
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.