CCTEX — City National Rochdale California Tax Exempt Bond Fund
Data updated: 2023-12-14
CCTEX — City National Rochdale California Tax Exempt Bond Fund. Money Market · $35.74M AUM · 1.25% expense ratio. Holdings, fees, performance and SEC filings.
CCTEX Fund Overview
CCTEX — City National Rochdale California Tax Exempt Bond Fund is a US mutual fund managed by City National Rochdale Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: City National Rochdale Funds
- Category: Money Market
- Assets under management: $35.74M
- 1-year return: 1.4%
- Ticker: CCTEX
- SEC CIK: 0001026977
- SEC series ID: S000005835
- Share class ID: C000016005
CCTEX Investment Objective and Strategy
City National Rochdale California Tax Exempt Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by City National Rochdale Funds.
Investment objective
"The City National Rochdale California Tax Exempt Bond Fund (the ""California Tax Exempt Bond Fund"" or the ""Fund"") seeks to provide current income exempt from federal and California state income tax (as the primary component of a total return strategy) by investing primarily in California municipal bonds."
Principal investment strategy
"The California Tax Exempt Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in intermediate-term, high quality municipal bonds and notes, the interest from which is expected to be exempt from federal and California state personal income taxes. This policy may not be changed without shareholder approval. The municipal bond obligations in which the Fund invests consist of general obligation bonds, revenue bonds, notes and obligations issued by the State of California and its agencies and by various counties, cities and regional or special districts in California. The Fund may also invest in short-term tax exempt commercial paper, floating rate notes, tender option bonds or shares of money market mutual funds the objectives of which are consistent with the Fund's objectives (i.e., money market funds that invest primarily in securities the interest from which is expected to be exempt from federal and California state personal income taxes).
Up to 20% of the Fund's net assets may be invested in securities subject to the federal alternative minimum tax (the ""AMT""). City National Rochdale, LLC (the ""Adviser""), the Fund's investment adviser, actively manages the average duration of the Fund's portfolio in accordance with its expectations of interest rate changes as driven by economic trends. The average duration of the Fund's portfolio typically ranges from three to eight years, but may vary due to unusually large purchases or redemptions of the Fund's shares. There is no limit on the maturities of individual securities held by the Fund. The Fund typically invests in issues with a minimum credit rating from Moody's Investors Service (""Moody's"") or Standard & Poor's Ratings Services (""Standard & Poor's"") of Baa or BBB, issues carrying credit enhancements such as insurance by the major bond insurance companies with an underlying minimum credit rating of Baa or BBB, and short term notes with a rating from Moody's of MIG1 or VMIG1 or from Standard & Poor's of SP1 or A1.
Although the Adviser considers credit ratings in selecting investments for the Fund, the Adviser bases its investment decision for a particular instrument primarily on its own credit analysis and not on a credit rating by a nationally recognized statistical rating organization. The Adviser considers, among other things, the issuer's financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage. The Fund may retain a security after it has been downgraded to any rating below the minimum credit rating if the Adviser determines that doing so is in the best interests of the Fund. Generally, in determining whether to sell a security, the Adviser uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desirable investment for the Fund, including consideration of the security's current credit quality.
The Adviser may also sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash."
CCTEX Performance
Total returns for CCTEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 1.4% |
| 3 years (annualised) | -2.4% |
CCTEX Risk Information
Risk metrics for CCTEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.5%
CCTEX Costs and Fees
CCTEX costs about $125 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.25%
- Gross expense ratio: 1.25%
- Portfolio turnover: 24%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
CCTEX Cashflows
Over the 12 months to 2023-09, City National Rochdale California Tax Exempt Bond Fund had net inflows of $33.75M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-09 | $1.58M |
| 2023-08 | $3.27M |
| 2023-07 | $3.38M |
| 2023-06 | $2.26M |
| 2023-05 | $2.57M |
| 2023-04 | $1.71M |
CCTEX Debt Constituents
No individual debt constituents are reported in City National Rochdale California Tax Exempt Bond Fund's latest SEC N-PORT filing.
CCTEX Prospectus and SEC Filings
Official City National Rochdale California Tax Exempt Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus supplement (497) — filed 2021-10-01
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-28
- Portfolio holdings (N-PORT) — filed 2023-05-26
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-09
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.