CMF's largest holdings are Orange County Water District, Anaheim Housing & Public Improvements Authority, Los Angeles Unified School District, University of California, California Educational Facilities Authority. The full top list is on this page.

How concentrated is CMF?

The top 10 holdings are 4.5% of the fund, across 1,721 positions.

The total expense ratio on record is 0.08%. That is cheaper than 85% of the 864 US-listed bond funds we track.

US-listed · United States

CMF

Seeks to track the investment results of an index composed of investment-grade municipal bonds issued in the State of California.

iShares California Muni Bond ETF

US4642883569 · BlackRock (iShares)

1,721 holdings as of 2026-08-27 · top 10 = 4.5% · TER 0.08%

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Concentration

Well diversifiedtop 10 = 4.5%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,721

as of 2026-08-27

Top 10

4.5%

TER

0.08%

cheaper than 85% of peers

Net assets

US$4.64B

reported in USD

Largest

0.6%

P / E

–

Sections

Holdings as of 2026-08-27.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

3.1%

Tracked index

ICE AMT-Free California Municipal Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-02

-1.1%

-2.8%

-3.6%

YTD

-3.0%

+0.3%

Trackingfund minus ICE AMT-Free California Municipal Index · annualised

1Y return gap

-0.14 pp/yr

3Y return gap

-0.10 pp/yr

5Y return gap

-0.13 pp/yr

3Y tracking error

0.10%

A positive return gap means the fund finished ahead of the index over that window. The 3Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

03Holdings

50 largest · as of 2026-08-27

#	Company	Identifier	Weight
1	Orange County Water District US	US684421CB49	0.6
2	Anaheim Housing & Public Improvements Authority US	US032556NJ70	0.5
3	Los Angeles Unified School District US	US544647HN36	0.5
4	University of California US	US91412HPQ01	0.5
5	California Educational Facilities Authority US	US1301783W46	0.4
6	Irvine Ranch Water District US	US4636324Q95	0.4
7	SAN MATEO CNTY CA TRANSPRTN AU US	US79905CAB90	0.4
8	Los Angeles Unified School District US	US544647HR40	0.4
9	California State University US	US13077DUT70	0.4
10	University of California US	US91412HWH29	0.4
11	State of California US	CAS	0.4
12	State of California US	US13062TH729	0.3
13	East County Advanced Water Purification Joint Powers Authority US	EAWWTR	0.3
14	East Bay Municipal Utility District Water System Revenue US	US271014Y554	0.3
15	State of California US	US13063DQW10	0.3
16	BAY AREA CA TOLL AUTH TOLL BRI US	US072024C592	0.3
17	Los Angeles Department of Water & Power US	US544532QE75	0.3
18	State of California US	CAS	0.3
19	State of California US	CAS	0.3
20	University of California US	US91412HWK57	0.3
21	San Francisco City & County Public Utilities Commission Wastewater Revenue US	SFOUTL	0.3
22	UNIV OF CALIFORNIA CA REVENUES US	US91412HLQ47	0.3
23	Foothill-Eastern Transportation Corridor Agency US	FOOTRN	0.3
24	UNIVERSITY OF CALIFORNIA US	US91412HYH01	0.3
25	California State Public Works Board US	US13068XRQ42	0.3
26	UNIVERSITY OF CALIFORNIA US	US91412HYL13	0.3
27	San Diego Unified School District US	US797356JG87	0.3
28	Beverly Hills Unified School District US	US088023HW94	0.2
29	Long Beach Unified School District US	US542433H265	0.2
30	City of San Francisco CA Public Utilities Commission Water Revenue US	US79771FFX06	0.2
31	Los Angeles Unified School District/CA US	US544647KV15	0.2
32	University of California US	US91412HQA40	0.2
33	Los Angeles Community College District (Election of 2016) US	US54438CB506	0.2
34	University of California US	US91412HXL22	0.2
35	State of California US	US13063D4T27	0.2
36	Los Angeles Unified School District US	US544647HB97	0.2
37	California (State of) US	US13063DU559	0.2
38	LOS ANGELES CALIF US	US544351TF61	0.2
39	Los Angeles Department of Water & Power US	US544532NG50	0.2
40	California (State of) US	US13063DSC38	0.2
41	University of California US	US91412HWB58	0.2
42	State of California US	US13063D4J45	0.2
43	State of California US	US13063EBK10	0.2
44	Mount San Antonio Community College District US	US623040PZ94	0.2
45	University of California US	US91412HRU94	0.2
46	Coast Community College District US	US190335JB60	0.2
47	City of San Francisco US	US79771FFY88	0.2
48	San Joaquin Hills Transportation Corridor Agency US	US798111GS31	0.2
49	Los Angeles Community College District US	US54438CG307	0.2
50	San Mateo Foster City School District US	US799055UA47	0.2

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04Exposure

Bonds 97.7%Cash 2.3%

By country

USUnited States100.2%

CurrencyUSD 100.2%

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