Fund Evaluator:
Green California Tax-Free Income Inv (CFNTX)
Follow This Fund
Best Performing in Muni California Intermediate Over the Last Year
| 6.3% | Green California Tax-Free Income Inv (CFNTX) |
| 6.2% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 6.2% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 6.1% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 5.8% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
Green California Tax-Free Income Inv Overview
Green California Tax-Free Income Inv (CFNTX) is an actively managed Municipal Bond Muni California Intermediate fund. Shelton Capital Management launched the fund in 1985.
The investment seeks high current tax-free income for California residents. Under normal market conditions, it is the fund's fundamental policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in California municipal bonds, that are exempt from federal and California state income taxes, although generally the percentage is much higher. The fund's duration typically ranges from four to twelve years. It is non-diversified.
About Green California Tax-Free Income Inv (CFNTX)
There are 2 members of the management team with an average tenure of 13.12 years: Peter Higgins (2022), Stephen Rogers (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Green California Tax-Free Income Inv has 40 securities in its portfolio. The top 10 holdings constitute 42.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Green California Tax-Free Income Inv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Green California Tax-Free Income Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.5% (99.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Green California Tax-Free Income Inv has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $32 million in total assets, which is below the $621 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CFNTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Green California Tax-Free Income Inv expense ratio is high compared to funds in the Muni California Intermediate category. Green California Tax-Free Income Inv has an expense ratio of 0.81%, which is 20% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Green California Tax-Free Income Inv has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of June 2026, Green California Tax-Free Income Inv returned 1.2%, which earned it a grade of A, as the Muni California Intermediate category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Green California Tax-Free Income Inv has a trailing yield of 2.80%, which is below the 2.98% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Green California Tax-Free Income Inv Grades
Year to date, the fund has returned 2.5%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 6.3% over the past year (grade of A), 2.7% over the past three years (grade of F) and 0.6% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of F).
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CFNTX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CFNTX Return (NAV) | 1.2% | 3.0% | 6.3% | 2.7% | 0.6% | 1.2% |
| CFNTX Grade | A | A | A | F | D | F |
| +/- Category | 0.6% | 1.1% | 0.6% | -0.8% | -0.3% | -0.4% |
| Muni California Intermediate Avg | 0.7% | 1.9% | 5.7% | 3.5% | 1.0% | 1.6% |
| CFNTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
CFNTX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFNTX Return (NAV) | 2.5% | 2.5% | 0.8% | 4.1% | -6.3% | -0.0% | 3.2% | 4.8% | 1.0% | 3.3% | -0.5% |
| CFNTX Grade | A | F | F | F | A | F | D | F | C | F | D |
| +/- Category | 0.8% | -1.5% | -1.0% | -0.9% | 0.9% | -1.0% | -0.5% | -1.4% | 0.2% | -1.1% | -0.1% |
| Muni California Intermediate Avg | 1.7% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (60% Rank) |
| Beta: | 0.76 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $32 Mil |
| Fund Total Assets: | $ 33 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 22.5 years | |||
| Average Tenure: 13.1 years | |||
| Managers (Year): Rogers Stephen (2003), Higgins Peter (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 42.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Shelton Capital Management |
| Phone Number: | 800-955-9988 |
| Website: | www.sheltoncap.com |
| Status: | Open |
| Inception Date: | December 4, 1985 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Green California Tax-Free Income Inv |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
