Payden California Municipal Social Impact Fund (PYCRX)
$10.15
NAV ($)
$0.00
NAV change ($) as of 2/20/2026
- 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 - 01/31/2026
| Fund Inception Date | Dec 17, 1998 |
| Share Class Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $291.5 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 - 01/31/2026
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $291.5 million |
| Average Duration: | 6.2 years |
| Average Maturity: | 15.6 years |
| 30-Day SEC Yield | 2.95% |
| 30-Day SEC Yield (unsubsidized) | 2.83% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 19% |
| 1-3 | 10% |
| 3-5 | 14% |
| 5-7 | 21% |
| 7-10 | 30% |
| 10+ | 6% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 9% |
| AA | 77% |
| A | 12% |
| BBB | 1% |
| Unrated | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 71% |
| General Obligation | 25% |
| Other | 4% |
| 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 (1/31/2026) | 0.89% | 5.65% | 4.08% | 1.69% | 2.71% | 3.54% |
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 | 0.69% |
| 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 - 01/31/2026
| MARKET | |
| The Bloomberg California Intermediate Municipal Bond Index returned 0.97% in January. Lighter seasonal supply and steady reinvestment demand supported valuations early in the year and continued the momentum from year-end. | |
| Performance during the month was strongest at the short-to-intermediate portion of the yield curve, with one-year and three-year maturities returning 0.24% and 0.18%, respectively. Intermediate bonds remained positive, with seven-year and ten-year maturities returning 0.11% and 0.10%, respectively, supported by strong demand for high-quality income in the context of a steep municipal yield curve. By contrast, bonds with maturities of 20 years and longer declined slightly, returning between -0.02% and -0.03%, as long-term yields remained sensitive to movements in U.S. Treasury rates and expectations for elevated municipal issuance. | |
| OUTLOOK | |
| Entering January 2026, the municipal bond market is supported by favorable technical conditions and attractive relative valuations in our view. Seasonal supply dynamics are constructive, as issuance typically slows sharply early in the year while reinvestment demand remains strong, a pattern that has historically supported January performance. | |
| New municipal issuance totaled approximately $580 billion in 2025, and supply in 2026 is expected to remain elevated and potentially exceed that level. Demand, however, is likely to remain robust, supported by growing municipal exchange-traded fund (ETF) assets and a stable retail investor base. | |
| We believe tax-exempt municipals remain attractive, particularly at longer maturities, where taxable-equivalent yields are compelling. The municipal yield curve is historically steep, with 20-year bonds offering around 133 basis points (bps) more yield than 10-year bonds, about 80% of the total increase between 10- and 30-year maturities. By comparison, the yield gap between 10- and 20-year U.S. Treasury bonds is roughly 61 bps, suggesting potential for curve normalization in 2026 that could benefit longer-dated municipals. | |
| Credit fundamentals across the municipal market remain strong, particularly among essential service providers, which continue to exhibit stable revenues and limited exposure to changes in federal support. With municipal credit valuations still relatively tight, we remain selective in seeking incremental yield, focusing on issuers with durable fundamentals and strong balance sheets. | |
| Overall, we believe the combination of supportive technicals, attractive relative value, and resilient credit fundamentals leaves the municipal market well positioned in the early months of 2026. | |
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.