California Intermediate-Term Tax-Free Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, California Intermediate-Term Tax-Free Bond Fund held 1,039 positions with $2.24B in net assets. Its ten largest holdings made up 7.8% of the fund. The BCITX share class costs 0.47% a year. Over the 12 months to May 2026, BCITX returned 5.9%, with dividends reinvested. In 2026 Q2 it added 54 new positions and exited 67.
The fund seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund invests at least 80% of assets in investment-grade municipal debt issued by California municipalities and U.S. territories, maintaining a weighted average maturity between three and ten years, with up to 20% allocated to below-investment-grade securities. Because the fund's returns depend on the credit quality of individual issuers selected by portfolio managers, credit deterioration at a concentrated issuer can materially affect performance.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
East County Advanced Water Purification Joint Powers Authority 3.13% · due 2026-09-01 | 1.34% | $30.00M | — |
California Community Choice Financing Authority 5.00% · due 2033-11-01 | 1.21% | $27.04M | — |
California Community Choice Financing Authority 5.25% · due 2036-02-01 | 0.98% | $21.83M | — |
UNIVERSITY OF CALIFORNIA 5.00% · due 2029-05-15 | 0.69% | $15.54M | — |
California Community Choice Financing Authority 5.25% floating · due 2054-11-01 | 0.68% | $15.23M | — |
TAMPA SHERMAN LP 2.90% floating · due 2056-05-01 | 0.63% | $13.99M | — |
LAKESIDE VISTA APTS LP 4.35% · due 2042-06-01 | 0.59% | $13.20M | — |
Los Angeles Department of Water & Power Water System Revenue 5.00% · due 2042-07-01 | 0.58% | $12.96M | — |
California Community Choice Financing Authority 5.00% floating · due 2055-12-01 | 0.58% | $12.96M | — |
UNIVERSITY OF CALIFORNIA 5.00% · due 2037-05-15 | 0.53% | $11.95M | — |
The 200 largest of 1,039 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 100.72% |
| Stocks | 0.01% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
BCITX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.32%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.47% | +5.93% | +10.94% | +4.88% | -3.71% | |
| 0.27% | +6.14% | +11.51% | +5.85% | -3.66% | |
| 0.72% | +5.66% | +10.11% | +3.59% | -3.77% | |
| 1.47% | +4.87% | +7.67% | -0.22% | -3.95% | |
| 0.24% | +6.07% | +11.61% | +6.01% | -3.65% |
These classes hold the same portfolio, so the 6.23pp spread over 5 years is the cost difference between them — roughly 1.25pp a year — not a difference in what they own.
Fees & fund details
California Intermediate-Term Tax-Free Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.24% – 1.47%· BCITX 0.47%
- Portfolio turnover
- 61.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
54 new· the largest 8
67 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.8% |
| Floating rate | 15.1% |
| Zero-coupon or unclassified | 3.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.6% |
| 1-3y | 7.4% |
| 3-5y | 5.4% |
| 5-10y | 23.8% |
| 10y+ | 58.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.86 yr |
| High yield | +0.55 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 3% |
| 5 yr | 0.80 yr | 15% |
| 10 yr | 3.18 yr | 60% |
| 30 yr | 1.10 yr | 21% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.18 yr | 3% |
| 5 yr | 0.81 yr | 15% |
| 10 yr | 3.27 yr | 60% |
| 30 yr | 1.14 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $1.3k | $154 |
| 1 yr | +0.17 | +0.17 | +0.01 | $37.8k | $1.6k |
| 5 yr | +0.80 | +0.78 | +0.03 | $175.0k | $7.2k |
| 10 yr | +3.18 | +2.93 | +0.34 | $655.5k | $75.3k |
| 30 yr | +1.10 | +0.97 | +0.17 | $217.0k | $39.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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