Payden California Municipal Social Impact Fund (PYCRX)
$10.06
NAV ($)
$0.00
NAV change ($) as of 1/9/2026
- 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 - 12/31/2025
| Fund Inception Date | Dec 17, 1998 |
| Share Class Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $281.0 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 - 12/31/2025
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $281.0 million |
| Average Duration: | 6.0 years |
| Average Maturity: | 15.7 years |
| 30-Day SEC Yield | 3.09% |
| 30-Day SEC Yield (unsubsidized) | 2.96% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 19% |
| 1-3 | 9% |
| 3-5 | 14% |
| 5-7 | 23% |
| 7-10 | 27% |
| 10+ | 8% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 11% |
| AA | 77% |
| A | 10% |
| BBB | 1% |
| Unrated | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 68% |
| General Obligation | 27% |
| Other | 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 (12/31/2025) | 5.14% | 5.14% | 4.60% | 1.59% | 2.73% | 3.52% |
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 - 12/31/2025
| MARKET | |
| The Bloomberg California Intermediate Municipal Bond Index returned 0.07% in December and 5.73% for the year, extending its streak to eight consecutive months of net positive returns since April. | |
| After a volatile first half of 2025, during which municipal bonds returned -0.55% year-to-date as of the end of July, the market staged a strong recovery in the third and fourth quarters. The Bloomberg Municipal Bond Index returned 3.00% in the third quarter and 1.56% in the fourth quarter. | |
| Tax-exempt municipal bonds generally performed well during the month, posting positive returns across most of the yield curve, with the exception of long-dated securities. Longer-maturity bonds underperformed, as 20-year bonds returned -0.19%, while those with durations exceeding 22 years declined by -0.33%. In contrast, shorter-maturity bonds outperformed, with 1-year and 3-year bonds returning 0.33% and 0.36%, respectively. | |
| For the year, performance was led by the intermediate portion of the yield curve, with 7-year and 10-year maturities returning 5.70% and 5.92%, respectively. Long-dated bonds again lagged, with maturities of 22 years and longer returning just 1.95%. | |
| OUTLOOK | |
| Heading into December, the market conditions were expected to be supportive for municipal valuations and performance, as new issuance slowed sharply during the year-end holiday period, a typical seasonal pattern as bond issuers pause ahead of the new year. Fund flows into municipal bond funds remained positive through late December, driven by exchange-traded funds (ETFs) and offsetting year-end tax-loss trading, resulting in four consecutive weeks of inflows during the month. | |
| The Federal Reserve’s first rate cut of the year in September sparked a rally in rates and contributed to the largest monthly inflow since 2021 into both taxable and tax-exempt fixed-income funds. Additional support came from constructive economic data and the passage of the One Big Beautiful Bill Act, which reaffirmed the tax-exempt status of municipal bonds, allowing investors to absorb record levels of new issuance with ease. Looking ahead, we expect municipal supply to remain elevated in 2026 and likely exceed the $580 billion issued in 2025, supported by continued positive municipal inflows and the ongoing growth of municipal ETF assets. | |
| We maintain a favorable view of tax-exempt municipals, as taxable-equivalent yields remain high and relatively attractive, particularly for longer maturities given the historically steep municipal yield curve. The municipal curve is significantly steeper than the U.S. Treasury curve, with 20-year municipal bonds offering 117 basis points (bps) more yield than 10-year bonds, representing 79% of the additional yield pickup between 10- and 30-year yields. By comparison, 20-year U.S. Treasury bonds offer just 61 bps more, and we see potential for this relationship to normalize in 2026. Credit fundamentals for essential service providers remain insulated from federal support, and we remain selective in adding credit exposure despite broadly strong fundamentals. | |
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.