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NAV / Daily Prices
NAV ($)
9.97
NAV Change ($)
-0.02
Change %
-0.20%
MTD Return
-1.51%
YTD Return
Statistics
30-Day SEC YieldA
2.55%
30-Day SEC Yield (Unsubsidized)B
2.47%
Average Maturity
15.52 Years
Effective DurationC
6.12 Years
Expenses
Total Fund Operating Expenses
0.88%D
With Expense Cap
0.70%
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 2.32% | 4.70% |
| 1 Year | 5.28% | 4.70% |
| 3 Year |
The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the fund.
Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.
Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
Total Annual Fund Operating Expenses include all direct operating expenses of the Fund and a Rule 12b-1 Distribution Fee of 0.25%. Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.45%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.70% Expense Cap includes the 0.45% expense and the 0.25% 12b-1 Distribution Fees.
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, select this link or call 800 572-9336.
Returns less than one year are not annualized.
Duration
Percent of Portfolio
0-1 yr
19%
1-3 yrs
11%
3-5 yrs
18%
5-7 yrs
20%
7-10 yrs
26%
10+ yrs
6%
| - |
| - |
| 5 Year | - | - |
| 10 Year | - | - |
| Since Inception | 4.92% | 4.16% |
*From inception 11/30/2023 through 31/12/2023.
DividendsH
Dividend
$0.0240
Dividend Reinvest NAV
$10.14
Record Date
02/27/2026
Ex Date
02/27/2026
Payable Date
02/27/2026
Dividends Paid
Monthly, with Daily Accural
Capital GainsH
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
12/17/1998
Share Class Inception Date
11/30/2023
Share Class
Adviser Class
Ticker
PYCLX
CUSIP
70432T776
Fund Total Net Assets
As of 02/28/2026
$303.2 Million
Sales Charge
None
Benchmark
Bloomberg Municipal Bond M.F. California Intermediate Index
Appropriate for California taxpayers who would like to shelter income from state and federal taxes.
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.
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.G
No loads (other fees apply).
Data as of 02/28/2026
Data as of 02/28/2026
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.
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.
Diversification does not ensure a profit or guarantee against loss.
Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
For more information and to obtain a prospectus or summary prospectus, click on the respective link below the Fund name at the top of this page, or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses, and other important information about the Fund, which is contained in these documents. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Social Impact Investing Risk: The Fund’s policy of investing in municipal securities for which, in the Adviser’s opinion, the proceeds raised are used consistent with positive social and/or environmental practices and outcomes could cause the Fund to perform differently compared to other mutual funds that do not have such a policy. The factors that the Adviser considers in evaluating an investment’s positive social and/or environmental benefits are part of a proprietary security selection methodology and may change over time. There are differences in interpretations of what it means to promote positive social and/or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with others’ views.
Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase.
Tax Risk: Income from municipal securities may be subject to the Federal alternative minimum tax.
0.77%
70432T776
Fund Total Net Assets
As of 02/28/2026
$303.2 Million
Sales Charge
None
Benchmark
Bloomberg Municipal Bond M.F. California Intermediate Index
Appropriate for California taxpayers who would like to shelter income from state and federal taxes.
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.
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.G
No loads (other fees apply).
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 2.32% | 5.28% | - | - | - | 4.92% |
| Quarter-End (12/31/2025) | 4.70% | 4.70% | - | - | - | 4.16% |
Investment MinimumI
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
19%
1-3 yrs
11%
3-5 yrs
18%
5-7 yrs
20%
7-10 yrs
26%
10+ yrs
6%
Credit
Percent of Portfolio
AAA
10%
AA
77%
A
12%
BBB
1%
Sector
Percent of Portfolio
Revenue
65%
General Obligation
24%
U.S. Treasuries
6%
Money Markets
5%