CCTEX Fees and Costs — City National Rochdale California Tax Exempt Bond Fund, Class N
Data updated: 2023-12-14
The net expense ratio is 1.25%: a 0.27% management fee, a 0.25% 12b-1 fee plus 0.73% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 24%.
CCTEX Fees and Expenses
Annual operating expenses and sales charges of CCTEX. Prospectus, as of January 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.27% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.73% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CCTEX Costs Over Time
On $10,000 invested in CCTEX, assuming 5% a year before costs, total costs come to $778 over 5 years, cutting the return by 1.31% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.25%) | $131 | $408 | $706 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $131 | $429 | $778 |
| Value after costs | $10,369 | $11,148 | $11,985 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
CCTEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $67.9M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
CCTEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $19.4M | 44.06% |
| WELLS FARGO | $11.3M | 25.66% |
| MORGAN STANLEY & CO, INC | $7.3M | 16.51% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $1.6M | 3.73% |
| NATIONAL FINANCIAL SERVICES CORPORATION | $1.6M | 3.68% |
| SUMRIDGE PARTNERS | $1.4M | 3.18% |
| MESIROW FINANCIAL, INC. | $523K | 1.19% |
| B.C. ZIEGLER & CO. | $362K | 0.82% |
| TRADEWEB DIRECT / JOHN PROVOST | $271K | 0.62% |
| VIRTU FINANCIAL BD LLC | $243K | 0.55% |
CCTEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $19.4M | 44.06% |
| WELLS FARGO | $11.3M | 25.66% |
| MORGAN STANLEY & CO, INC | $7.3M | 16.51% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $1.6M | 3.73% |
| NATIONAL FINANCIAL SERVICES CORPORATION | $1.6M | 3.68% |
| SUMRIDGE PARTNERS | $1.4M | 3.18% |
| MESIROW FINANCIAL, INC. | $523K | 1.19% |
| B.C. ZIEGLER & CO. | $362K | 0.82% |
| TRADEWEB DIRECT / JOHN PROVOST | $271K | 0.62% |
| VIRTU FINANCIAL BD LLC | $243K | 0.55% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.