US Funds

Payden California Municipal Social Impact Fund (PYCRX)

$9.67

NAV ($)

$0.01

NAV change ($) as of 7/25/2025

  • 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 - 06/30/2025
Fund Inception Date Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Ticker PYCRX
CUSIP 704329515
Fund Total Net Assets $198.1 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 - 06/30/2025
Fund Inception Date: Dec 17, 1998
Total Net Assets: $198.1 million
Average Duration: 6.6 years
Average Maturity: 16.4 years
30-Day SEC Yield 3.63%
30-Day SEC Yield (unsubsidized) 3.44%
Duration Breakdown
Years Percent of Portfolio
0-18%
1-310%
3-517%
5-723%
7-1017%
10+25%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA19%
AA65%
A12%
BBB2%
Unrated2%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Revenue62%
General Obligation32%
Money Markets6%
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 (6/30/2025) 0.72% 2.48% 3.32% 1.55% 2.52% 3.42%
Yearly Returns
20241.99%
20236.74%
2022-6.40%
20211.02%
20205.57%
20197.82%
20180.58%
20176.03%
2016-0.38%
20152.38%
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 - 06/30/2025

MARKET
The Bloomberg California Intermediate Municipal Bond Index returned 0.99% in June, extending gains through quarter-end and bringing year-to-date returns to 1.46%.
Municipal bond yields declined for shorter maturity bonds, with 1-, 3-, and 5-year yields decreasing by 22, 19, and 17 basis points (bps), respectively. In contrast, longer maturity bonds were modestly higher, with 30-year yields rising by 2 bps, while 15- to 20-year yields remained unchanged. Tax-exempt municipal bonds posted positive performance across the yield curve for the month.

OUTLOOK
After a period of uncertainty surrounding tax exemption and fiscal policy during the first quarter, the second quarter saw market participants adjusting expectations as tax policy came into focus and the municipal tax exemption appeared secure in the current iteration of the “Big Beautiful” tax bill.
New money supply remained elevated through the end of June, as bond issuers rushed to market amid ongoing fears that their ability to issue tax-exempt debt could be limited, while higher inflation further increased municipalities’ demand for infrastructure funding. Thus, tax-exempt supply this year is expected to exceed the record-setting pace of 2024.
While supply and demand dynamics are expected to improve in the second half of the year, we expect volatility to persist due to ongoing uncertainty over Federal Reserve policy and the overall trajectory of the economy. Yields remain elevated, and longer maturity bonds offer attractive yield advantages over shorter maturity bonds, but with uncertainty on the horizon, we favor high-grade credit and intermediate-duration targets.

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.