CMF's largest holdings are Los Angeles Unified School District, BAY AREA TOLL AUTH CALIF TOLL, IRVINE RANCH CALIF WTR DIST, State of California, University of California. The full top list is on this page.

How concentrated is CMF?

The top 10 holdings are 4.6% of the fund, across 1,831 positions.

The total expense ratio on record is 0.08%. That is cheaper than 85% of the 865 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)

1,831 holdings as of 2026-10-12 · top 10 = 4.6% · TER 0.08%

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Concentration

Well diversifiedtop 10 = 4.6%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,831

as of 2026-10-12

Top 10

4.6%

TER

0.08%

cheaper than 85% of peers

Net assets

US$4.96B

reported in USD

Largest

0.6%

P / E

–

Sections

Holdings as of 2026-10-12.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

3.6%

Tracked index

ICE AMT-Free California Municipal Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-16

-0.5%

-4.0%

-4.6%

YTD

-4.6%

Trackingfund minus ICE AMT-Free California Municipal Index · annualised

1Y return gap

-0.07 pp/yr

3Y return gap

-0.13 pp/yr

5Y return gap

-0.12 pp/yr

3Y tracking error

0.09%

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 2026-10-12

#	Company	Identifier	Weight
1	Los Angeles Unified School District US	US544647HR40	0.6
2	BAY AREA TOLL AUTH CALIF TOLL US	US072024M740	0.6
3	IRVINE RANCH CALIF WTR DIST US	US4636326D64	0.5
4	State of California US	US13062TH729	0.5
5	University of California US	US91412HWH29	0.4
6	Los Angeles Unified School District US	US544647HN36	0.4
7	East Bay Municipal Utility District Water System Revenue US	US271014Y554	0.4
8	University of California US	US91412HPQ01	0.4
9	SAN MATEO CNTY CA TRANSPRTN AU US	US79905CAB90	0.4
10	California Educational Facilities Authority US	US1301783W46	0.4
11	SAN MATEO CNTY CALIF TRANSN AU US	US79905CAA18	0.4
12	California State University US	US13077DUT70	0.4
13	Orange County Water District US	US684421CB49	0.4
14	State of California US	CAS	0.3
15	Anaheim Housing & Public Improvements Authority US	US032556NJ70	0.3
16	State of California US	CAS	0.3
17	UNIVERSITY OF CALIFORNIA US	US91412HYL13	0.3
18	Los Angeles Department of Water & Power US	US544532QE75	0.3
19	State of California US	US13063DQW10	0.3
20	Irvine Ranch Water District US	US4636324R78	0.3
21	San Francisco City & County Public Utilities Commission Wastewater Revenue US	SFOUTL	0.3
22	University of California US	US91412HWK57	0.3
23	UNIV OF CALIFORNIA CA REVENUES US	US91412HLQ47	0.2
24	State of California US	CAS	0.2
25	UNIVERSITY OF CALIFORNIA US	US91412HYH01	0.2
26	CALIFORNIA (STATE OF) US	US13063EUJ36	0.2
27	Beverly Hills Unified School District US	US088023HW94	0.2
28	Foothill-Eastern Transportation Corridor Agency US	FOOTRN	0.2
29	California State Public Works Board US	US13068XRQ42	0.2
30	City of San Francisco CA Public Utilities Commission Water Revenue US	US79771FFX06	0.2
31	Long Beach Unified School District US	US542433H265	0.2
32	Los Angeles Community College District (Election of 2016) US	US54438CB506	0.2
33	Los Angeles Unified School District/CA US	US544647KV15	0.2
34	University of California US	US91412HXL22	0.2
35	State of California US	US13063EST46	0.2
36	Metropolitan Water District of Southern California US	US59266TSP74	0.2
37	CALIFORNIA (STATE OF) US	US13063EXU53	0.2
38	University of California US	US91412HQA40	0.2
39	San Diego Unified School District US	US797356JG87	0.2
40	LOS ANGELES CALIF US	US544351TF61	0.2
41	Los Angeles Unified School District US	US544647HB97	0.2
42	California (State of) US	US13063DU559	0.2
43	CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA) US	CASFIN	0.2
44	San Francisco City & County Airport Comm-San Francisco International Airport US	US79766DLC10	0.2
45	State of California US	US13063D4T27	0.2
46	Bay Area Toll Authority US	US072024WY47	0.2
47	California (State of) US	US13063DSC38	0.2
48	University of California US	US91412HWB58	0.2
49	MIDPENINSULA REGL OPEN SPACE D US	US598022KP55	0.2
50	Los Angeles Department of Water & Power US	US544532NG50	0.2

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04Exposure

Bonds 96.6%Cash 3.4%

By country

USUnited States100.3%

CurrencyUSD 100.3%

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