Payden California Municipal Social Impact Fund

PYCRX

Investor

Fact Sheet Summary Prospectus Prospectus

The Payden California Municipal Social Impact Fund has been recognized by LSEG Lipper with the 2026 award in the California Intermediate Municipal Debt Funds category as the Best Fund over 3, 5 and 10 years.*

*Awards within the category issued for 3, 5, and 10 year periods. Number of observations: 3yr-15, 5yr-15, 10yr-15.

^E

# of Funds

Overall

★★★★★

52

3 Year

★★★★★

52

5 Year

★★★★★

51

10 Year

★★★★★

44

Portfolio Characteristics

Data as of 05/31/2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

16%

1-3 yrs

12%

3-5 yrs

13%

5-7 yrs

24%

7-10 yrs

28%

10+ yrs

7%

Credit Allocation^K

Credit

Percent of Portfolio

AAA

12%

AA

73%

A

14%

BBB

1%

Sector Allocation

Sector

Percent of Portfolio

Revenue

74%

General Obligation

25%

Other

1%

Fund Commentary

Data as of 05/31/2026

Market

The California municipal bond market posted gains in May, building on April’s recovery and extending the market’s rebound from the sharp first-quarter selloff. The Bloomberg California Intermediate Municipal Bond Index returned approximately +0.25% during the month, bringing the year-to-date return to approximately +0.28% through month-end. The dominant macroeconomic theme shifted over the course of the month as U.S.-Iran ceasefire negotiations progressed, reducing some of the geopolitical risk premiums that had weighed on rates in prior months. Crude oil prices pulled back from April highs, alleviating inflationary pressure and allowing U.S. Treasury yields to rally modestly across the intermediate and long portions of the curve.

Municipal bonds continued to benefit from strong investor demand in May. Investors had approximately $31 billion to reinvest from maturing bonds, about 25% more than in April, providing significant support for the market. Demand was particularly strong for medium- and longer-term municipal bonds, with valuation measures relative to U.S. Treasuries ending the month near 60% for 5-year bonds, 65% for 10-year bonds, and 85% for 30-year bonds. Municipal bond mutual funds and ETFs continued to attract new money throughout the month, putting year-to-date inflows on pace for one of the three strongest years on record. Meanwhile, new bond issuance averaged approximately $11-$13 billion per week, and investor demand was strong enough to absorb the new supply. The financial health of state and local government issuers remained broadly stable across sectors.

Outlook

In our view, the macroeconomic backdrop has become more constructive for fixed-income broadly. Federal Reserve Chair Kevin Warsh was confirmed by the Senate in mid-May, and the Federal Open Market Committee (FOMC) held rates unchanged, as was widely expected. Ongoing U.S.–Iran ceasefire framework discussions could provide an additional tailwind if geopolitical risk premiums continue to ease, though the situation remains fluid and elevated energy prices could re-emerge if talks stall.

Municipal bonds typically benefit from favorable seasonal demand during the summer. This year, however, that tailwind may be partially offset by an expected $12 billion of new issuance in June, approximately 1.4 times the historical average. Even so, the balance between supply and demand has historically supported municipal bond performance during the June-July period. While current net supply remains in line with April levels, the first week of June is expected to be the heaviest issuance week of the year. Annual issuance remains on pace to reach a record near $600 billion for the year, although weekly issuance has moderated from the elevated levels seen in March and April.

Valuations are approaching rich levels compared to 5-year averages, particularly for bonds with maturities of 10 years and shorter. Maturities 15- to 20-years capture the steepest part of the yield curve, while 20- to 30-year bonds appear closer to fair value. We remain selective in healthcare and higher education issuers given ongoing One Big Beautiful Bill Act (OBBBA)-related Medicaid and endowment policy headwinds. Looking ahead to June and the rest of the second quarter, we remain positive on the California municipal bond market.

A.

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.

B.

Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.

C.

Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.

D.

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 0.45% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.

E.

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.

© 2026 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.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

16%

1-3 yrs

12%

3-5 yrs

13%

5-7 yrs

24%

7-10 yrs

28%

10+ yrs

7%

Credit Allocation^K

Credit

Percent of Portfolio

AAA

12%

AA

73%

A

14%

BBB

1%

Sector Allocation

Sector

Percent of Portfolio

Revenue

74%

General Obligation

25%

Other

1%

Performance^F

Total Returns^G	Month-End (05/31/2026)	Quarter-End (03/31/2026)
YTD	0.98%	0.02%
1 Year	6.04%	4.59%
3 Years	4.17%	3.70%
5 Years	1.73%	1.77%
10 Years	2.61%	2.58%
Since Inception	3.50%	3.48%
Returns less than one year are not annualized. All returns are net of fees.

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%

Dividends^I

Dividend

$0.0276

Dividend Reinvest NAV

$9.96

Record Date

05/29/2026

Ex Date

05/29/2026

Payable Date

05/29/2026

Dividends Paid

Monthly, with Daily Accural

Capital Gains^I

Short Term

None

Long Term

None

Reinvest NAV

None

Record Date

N/A

Ex Date

N/A

Payable Date

N/A

Investment Minimum

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

Overview

Fund Snapshot

Fund Inception Date

12/17/1998

Share Class Inception Date

12/17/1998

Portfolio Characteristics

Data as of 05/31/2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

16%

1-3 yrs

12%

3-5 yrs

13%

5-7 yrs

24%

7-10 yrs

28%

10+ yrs

7%

Credit Allocation^K

Credit

Percent of Portfolio

AAA

12%

AA

73%

A

14%

BBB

1%

Sector Allocation

Sector

Percent of Portfolio

Revenue

74%

General Obligation

25%

Other

1%

Fund Commentary

Data as of 05/31/2026

Market

The California municipal bond market posted gains in May, building on April’s recovery and extending the market’s rebound from the sharp first-quarter selloff. The Bloomberg California Intermediate Municipal Bond Index returned approximately +0.25% during the month, bringing the year-to-date return to approximately +0.28% through month-end. The dominant macroeconomic theme shifted over the course of the month as U.S.-Iran ceasefire negotiations progressed, reducing some of the geopolitical risk premiums that had weighed on rates in prior months. Crude oil prices pulled back from April highs, alleviating inflationary pressure and allowing U.S. Treasury yields to rally modestly across the intermediate and long portions of the curve.

Municipal bonds continued to benefit from strong investor demand in May. Investors had approximately $31 billion to reinvest from maturing bonds, about 25% more than in April, providing significant support for the market. Demand was particularly strong for medium- and longer-term municipal bonds, with valuation measures relative to U.S. Treasuries ending the month near 60% for 5-year bonds, 65% for 10-year bonds, and 85% for 30-year bonds. Municipal bond mutual funds and ETFs continued to attract new money throughout the month, putting year-to-date inflows on pace for one of the three strongest years on record. Meanwhile, new bond issuance averaged approximately $11-$13 billion per week, and investor demand was strong enough to absorb the new supply. The financial health of state and local government issuers remained broadly stable across sectors.

F.

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.

G.

Returns less than one year are not annualized.

H.

Diversification does not ensure a profit or guarantee against loss.

I.

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.

J.

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.

K.

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.

LSEG Lipper Fund Awards, ©2026 LSEG. All rights reserved. Used under license.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.

NAV / Daily Prices

NAV ($)

9.99

NAV Change ($)

0.01

Change %

0.10%

MTD Return

0.38%

YTD Return

1.36%

Date as of

06/09/2026

Statistics

30-Day SEC Yield^A

3.14%

30-Day SEC Yield (Unsubsidized)^B

3.00%

Average Maturity

15.35 Years

Effective Duration^C

6.56 Years

Date as of

05/31/2026

Expenses

Total Fund Operating Expenses

0.64%^D

With Expense Cap

0.45%

Performance^F

Total Returns^G

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (05/31/2026)	0.98%	6.04%	4.17%	1.73%	2.61%	3.50%
Quarter-End (03/31/2026)	0.02%	4.59%	3.70%	1.77%	2.58%	3.48%

Returns less than one year are not annualized. All returns are net of fees.

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%

Dividends^I

Dividend

$0.0276

Dividend Reinvest NAV

$9.96

Record Date

05/29/2026

Ex Date

05/29/2026

Payable Date

05/29/2026

Dividends Paid

Monthly, with Daily Accural

Capital Gains^I

Short Term

None

Long Term

None

Reinvest NAV

None

Record Date

N/A

Ex Date

N/A

Payable Date

N/A

Overview

Fund Snapshot

Fund Inception Date

12/17/1998

Share Class Inception Date

12/17/1998

Share Class

Investor Class

Ticker

PYCRX

CUSIP

704329515

Fund Total Net Assets
As of 05/31/2026

$316.7 Million

Sales Charge

None

Benchmark

Bloomberg Municipal Bond M.F. California Intermediate Index

Role In Portfolio

Appropriate for California taxpayers who would like to shelter income from state and federal taxes.

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.

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.^H
No loads (other fees apply).

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

16%

1-3 yrs

12%

3-5 yrs

13%

5-7 yrs

24%

7-10 yrs

28%

10+ yrs

7%

Credit Allocation^K

Credit

Percent of Portfolio

AAA

12%

AA

73%

A

14%

BBB

1%

Sector Allocation

Sector

Percent of Portfolio

Revenue

74%

General Obligation

25%

Other

1%

2017

6.03%

2016

-0.38%

Share Class

Investor Class

Ticker

PYCRX

CUSIP

704329515

Fund Total Net Assets
As of 05/31/2026

$316.7 Million

Sales Charge

None

Benchmark

Bloomberg Municipal Bond M.F. California Intermediate Index

Role in Portfolio

Appropriate for California taxpayers who would like to shelter income from state and federal taxes.

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.

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.^H
No loads (other fees apply).

Outlook

In our view, the macroeconomic backdrop has become more constructive for fixed-income broadly. Federal Reserve Chair Kevin Warsh was confirmed by the Senate in mid-May, and the Federal Open Market Committee (FOMC) held rates unchanged, as was widely expected. Ongoing U.S.–Iran ceasefire framework discussions could provide an additional tailwind if geopolitical risk premiums continue to ease, though the situation remains fluid and elevated energy prices could re-emerge if talks stall.

Municipal bonds typically benefit from favorable seasonal demand during the summer. This year, however, that tailwind may be partially offset by an expected $12 billion of new issuance in June, approximately 1.4 times the historical average. Even so, the balance between supply and demand has historically supported municipal bond performance during the June-July period. While current net supply remains in line with April levels, the first week of June is expected to be the heaviest issuance week of the year. Annual issuance remains on pace to reach a record near $600 billion for the year, although weekly issuance has moderated from the elevated levels seen in March and April.

Valuations are approaching rich levels compared to 5-year averages, particularly for bonds with maturities of 10 years and shorter. Maturities 15- to 20-years capture the steepest part of the yield curve, while 20- to 30-year bonds appear closer to fair value. We remain selective in healthcare and higher education issuers given ongoing One Big Beautiful Bill Act (OBBBA)-related Medicaid and endowment policy headwinds. Looking ahead to June and the rest of the second quarter, we remain positive on the California municipal bond market.

Investment Minimum^J

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

Payden California Municipal Social Impact Fund

PYCRX

Portfolio Characteristics

Duration Allocation

Credit AllocationK

Sector Allocation

Fund Commentary

Market

Outlook

Duration Allocation

Credit AllocationK

Sector Allocation

Yearly Returns

Investment Minimum

Fund Snapshot

Duration Allocation

Credit AllocationK

Sector Allocation

Market

Yearly Returns

Overview

Fund Snapshot

Role In Portfolio

Investment Strategy

Fund Highlights

Duration Allocation

Credit AllocationK

Sector Allocation

Role in Portfolio

Investment Strategy

Fund Highlights

Outlook

Credit Allocation^K

Credit Allocation^K

Credit Allocation^K

Credit Allocation^K