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NAV / Daily Prices
NAV ($)
9.82
NAV Change ($)
-0.04
Change %
-0.41%
MTD Return
-0.84%
YTD Return
Statistics
30-Day SEC YieldA
2.89%
30-Day SEC Yield (Unsubsidized)B
2.74%
Average Maturity
15.16 Years
Effective DurationC
6.48 Years
Expenses
Total Fund Operating Expenses
0.88%D
With Expense Cap
0.70%
| Total ReturnsF | Month-End (04/30/2026) | Quarter-End (03/31/2026) |
| YTD | 0.62% | -0.04% |
| 1 Year | 5.46% | 4.20% |
| 3 Years |
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
26%
1-3 yrs
10%
3-5 yrs
14%
5-7 yrs
20%
7-10 yrs
24%
10+ yrs
6%
| - |
| - |
| 5 Years | - | - |
| 10 Years | - | - |
| Since Inception | 3.85% | 3.69% |
| Returns less than one year are not annualized. All returns are net of fees. |
*From inception 11/30/2023 through 12/31/2023.
DividendsH
Dividend
$0.0256
Dividend Reinvest NAV
$9.92
Record Date
04/30/2026
Ex Date
04/30/2026
Payable Date
04/30/2026
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 04/30/2026
$310.8 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 04/30/2026
Data as of 04/30/2026
The California municipal bond market staged a meaningful recovery in April following the sharp sell-off in March. The Bloomberg California Intermediate Municipal Bond Index posted a positive return of 0.80% for the month, partially reversing the -2.41% loss in March and the -0.53% year-to-date loss through the first quarter of 2026.
The dominant macroeconomic theme across fixed-income markets remained the ongoing U.S.-Iran conflict, which began in late February. Disruptions in the Strait of Hormuz drove elevated energy prices and renewed inflation concerns, while simultaneously creating flight-to-quality demand for U.S. Treasuries.
Municipal bonds demonstrated resilience through April, supported by renewed fund inflows, favorable seasonal reinvestment demand, and compelling tax-equivalent yields. After reaching elevated levels during the March sell-off, muni-to-U.S. Treasury ratios partially normalized and ended the month at approximately 61%, 66%, and 86% for 5-, 10-, and 30-year maturities, respectively. Weekly new issuance totaled roughly $11–$12 billion during the month, with recent transactions reportedly well absorbed despite broader geopolitical uncertainty.
Fund flows remained largely positive through April, aside from a week of approximately $400-$430 million tax-related outflows concentrated in short- and intermediate-term funds that appeared consistent with seasonal tax-payment dynamics rather than a shift in investor sentiment. Municipal credit fundamentals also remained stable, with essential service revenue bonds continuing to perform resiliently and state and local credit quality broadly intact despite the challenging geopolitical backdrop.
The dominant macro driver heading into May remains the U.S.-Iran conflict and its impact on global energy markets. The Feral Open Market Committee (FOMC) left the federal funds rate unchanged, while ongoing leadership transition discussions at the Federal Reserve have contributed to policy uncertainty.
The technical backdrop for tax-exempt municipal bonds is expected to improve through May and June as seasonal reinvestment demand strengthens. May reinvestment cash flows are projected at approximately $31 billion, representing roughly a 25% increase from April levels and providing a supportive demand backdrop amid continued elevated issuance. New issue supply remains on pace for a potentially record-setting year, approaching $600 billion, although some issuers have adjusted or deferred planned offerings in response to market volatility.
In our view, municipal valuations remain attractive on a taxable-equivalent basis, especially in longer maturities. While the municipal yield curve has moderated from the elevated levels reached in March, it continues to provide favorable yield pickup further out the curve. We remain constructive on the California municipal market, particularly in the intermediate- and long-term segments, where attractive valuations, strong credit fundamentals, and supportive seasonal reinvestment demand should help support performance through the second quarter.
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, select this link or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses, and other important information, which is contained in these documents; read the prospectus carefully before investing. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
General Risk Disclosures
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.
High-Yield Securities Risk: Investment in high-yield securities entails certain risks from investing in investment-grade securities, including higher volatility, greater credit risk, and the issues’ more speculative nature.
Tax Risk: Income from municipal securities may be subject to the Federal alternative minimum tax.
-0.23%
70432T776
Fund Total Net Assets
As of 04/30/2026
$310.8 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 (04/30/2026) | 0.62% | 5.46% | - | - | - | 3.85% |
| Quarter-End (03/31/2026) | -0.04% | 4.20% | - | - | - | 3.69% |
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
26%
1-3 yrs
10%
3-5 yrs
14%
5-7 yrs
20%
7-10 yrs
24%
10+ yrs
6%
Credit
Percent of Portfolio
AAA
11%
AA
74%
A
13%
BBB
1%
Unrated
1%
Sector
Percent of Portfolio
Revenue
77%
General Obligation
23%