T. Rowe Price California Tax-Free Mny I
Name
As of 08/20/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.0%
1 yr return
0.0%
3 Yr Avg Return
0.6%
5 Yr Avg Return
N/A
Net Assets
$60.1 M
Holdings in Top 10
38.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.33%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Money Market Fund
Name
As of 08/20/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TCBXX - Profile
Distributions
- YTD Total Return 0.0%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.17%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
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Legal NameT. Rowe Price California Tax-Free Money Fund
-
Fund Family NameT. Rowe Price
-
Inception DateJul 06, 2017
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerDouglas Spratley
Fund Description
The fund will invest at least 65% of its total assets in California municipal securities, and at least 80% of the fund’s income is expected to be exempt from federal and California state income taxes. The fund is a retail money market fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940.
The securities purchased by the fund are subject to the maturity, credit quality, diversification, liquidity, and other requirements of Rule 2a-7. All securities purchased by the fund present minimal credit risk in the opinion of T. Rowe Price. The fund is managed to provide a stable share price of $1.00 by investing in high-quality U.S. dollar-denominated municipal money market securities. Money market securities are generally high-quality, short-term obligations issued by companies or governmental entities. The fund’s weighted average maturity will not exceed 60 calendar days, the fund’s weighted average life will not exceed 120 calendar days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7, such as certain variable and floating rate instruments). When calculating its weighted average maturity, the fund may shorten its maturity by using the interest rate resets of certain adjustable rate securities. The fund may not take into account these resets when calculating its weighted average life.
In selecting securities for the fund, the portfolio manager may examine relationships among yields of various types and maturities of money market securities in the context of interest rate outlooks. The fund’s yield will fluctuate with changes in short-term interest rates.
Up to 20% of the fund’s income could be derived from securities that are subject to the alternative minimum tax.
The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state’s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, and utilities, as well as private activity bonds (including industrial revenue bonds), which are municipal bonds issued by a government agency on behalf of a private sector company and, in most cases, are not backed by the credit of the issuing municipality. The fund may at times invest more than 25% of its net assets overall in industrial revenue bonds, but investments in industrial revenue bonds related to the same industry may not exceed 25% of the fund’s net assets.
Due to seasonal variations in the supply of suitable California municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not California income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund’s annual income.
In accordance with the requirements for “retail money market funds” under Rule 2a-7, the fund has implemented policies and procedures designed to limit accounts to only those beneficially owned by natural persons. The fund has also obtained assurances from financial intermediaries that sell the fund that they have developed adequate procedures to limit accounts to only those beneficially owned by natural persons. Any new investors wishing to purchase shares will be required to demonstrate eligibility (for example, by providing their Social Security number).
Pursuant to Rule 2a-7, if the fund’s weekly liquid assets fall below 30% of its total assets, the fund’s Board of Directors, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed or temporarily suspend redemptions from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”). In addition, if the fund’s weekly liquid assets fall below 10% of its total assets at the end of any business day, the fund must impose a 1% liquidity fee on shareholder redemptions unless the fund’s Board of Directors determines that not doing so is in the best interests of the fund. Pursuant to Rule 2a-7, weekly liquid assets include cash, U.S. Treasuries, other government securities with remaining maturities of 60 days or less, or securities that mature or are subject to a demand feature within five business days.
TCBXX - Performance
Return Ranking - Trailing
Period | TCBXX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.0% | 0.0% | 0.0% | 16.81% |
1 Yr | 0.0% | 0.0% | 0.7% | 30.36% |
3 Yr | 0.6%* | 0.0% | 1.1% | 73.13% |
5 Yr | N/A* | 0.0% | 1.0% | N/A |
10 Yr | N/A* | 0.0% | 0.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | TCBXX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.0% | 0.0% | 0.0% | 18.56% |
2022 | 0.0% | 0.0% | 0.0% | 18.52% |
2021 | 0.0% | 0.0% | 0.0% | 20.87% |
2020 | N/A | 0.0% | 0.0% | N/A |
2019 | N/A | 0.0% | 0.0% | N/A |
Total Return Ranking - Trailing
Period | TCBXX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.0% | 0.0% | 0.0% | 16.81% |
1 Yr | 0.0% | -1.0% | 0.7% | 30.36% |
3 Yr | 0.6%* | 0.0% | 1.1% | 73.13% |
5 Yr | N/A* | 0.0% | 1.0% | N/A |
10 Yr | N/A* | 0.0% | 0.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TCBXX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.0% | 0.0% | 0.0% | 18.56% |
2022 | 0.0% | 0.0% | 0.0% | 18.52% |
2021 | 0.0% | 0.0% | 0.0% | 21.05% |
2020 | N/A | 0.0% | 0.0% | N/A |
2019 | N/A | 0.0% | 0.0% | N/A |
NAV & Total Return History
TCBXX - Holdings
Concentration Analysis
TCBXX | Category Low | Category High | TCBXX % Rank | |
---|---|---|---|---|
Net Assets | 60.1 M | 29.5 M | 20.3 B | 95.40% |
Number of Holdings | 61 | 1 | 870 | 78.16% |
Net Assets in Top 10 | 23 M | 15 M | 20.3 B | 95.98% |
Weighting of Top 10 | 38.45% | 9.7% | 100.0% | 30.46% |
Top 10 Holdings
- SANTA CLARA CNTY CALIF FING AUTH REV 0.01% 4.82%
- CALIFORNIA HEALTH FACS FING AUTH REV 0.01% 4.34%
- CALIFORNIA HEALTH FACS FING AUTH REV 0.01% 4.28%
- GOLDEN GATE BRDG & HWY DIST CALIF IAM COML PAPER NTS 3/A2 SER B 0.16% 3.90%
- LOS ANGELES CALIF CMNTY REDEV AGY MULTIFAMILY HSG REV 0.03% 3.84%
- UNIV CALIF REGTS MED CTR POOLED REV 0.01% 3.67%
- ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV 0.01% 3.62%
- SAN DIEGO CNTY CALIF REGL TRANSN COMMN SALES TAX REV 0.02% 3.52%
- BAY AREA TOLL AUTH CALIF TOLL BRDG REV 0.01% 3.51%
- SACRAMENTO CALIF SUBN WTR DIST CTFS PARTN 0.01% 3.51%
Asset Allocation
Weighting | Return Low | Return High | TCBXX % Rank | |
---|---|---|---|---|
Bonds | 81.45% | 0.00% | 100.00% | 53.45% |
Cash | 18.55% | 0.00% | 100.00% | 44.83% |
Stocks | 0.00% | 0.00% | 0.00% | 18.97% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 18.97% |
Other | 0.00% | 0.00% | 12.12% | 29.89% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 18.97% |
Bond Sector Breakdown
Weighting | Return Low | Return High | TCBXX % Rank | |
---|---|---|---|---|
Municipal | 79.69% | 0.00% | 100.00% | 56.90% |
Cash & Equivalents | 20.31% | 0.00% | 100.00% | 43.10% |
Derivative | 0.00% | 0.00% | 0.00% | 18.97% |
Securitized | 0.00% | 0.00% | 0.00% | 18.97% |
Corporate | 0.00% | 0.00% | 0.00% | 18.97% |
Government | 0.00% | 0.00% | 42.56% | 23.56% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TCBXX % Rank | |
---|---|---|---|---|
US | 81.45% | 0.00% | 100.00% | 53.45% |
Non US | 0.00% | 0.00% | 0.00% | 18.97% |
TCBXX - Expenses
Operational Fees
TCBXX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.33% | 0.12% | 1.18% | 54.91% |
Management Fee | 0.39% | 0.00% | 0.50% | 95.98% |
12b-1 Fee | N/A | 0.00% | 0.75% | N/A |
Administrative Fee | N/A | 0.03% | 0.55% | N/A |
Sales Fees
TCBXX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
TCBXX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TCBXX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 16.00% | N/A |
TCBXX - Distributions
Dividend Yield Analysis
TCBXX | Category Low | Category High | TCBXX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.02% | 0.00% | 0.00% | 18.97% |
Dividend Distribution Analysis
TCBXX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
TCBXX | Category Low | Category High | TCBXX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.17% | -0.01% | 0.93% | 67.05% |
Capital Gain Distribution Analysis
TCBXX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jun 28, 2019 | $0.001 | |
May 31, 2019 | $0.001 | |
Apr 30, 2019 | $0.001 | |
Mar 29, 2019 | $0.001 | |
Feb 28, 2019 | $0.001 | |
Jan 31, 2019 | $0.001 | |
Dec 31, 2018 | $0.001 | |
Nov 30, 2018 | $0.001 | |
Oct 31, 2018 | $0.001 | |
Aug 31, 2018 | $0.001 | |
Jul 31, 2018 | $0.001 | |
Jun 29, 2018 | $0.001 | |
May 31, 2018 | $0.001 | |
Apr 30, 2018 | $0.001 | |
Mar 29, 2018 | $0.001 | |
Feb 28, 2018 | $0.001 | |
Jan 31, 2018 | $0.001 | |
Dec 29, 2017 | $0.001 | |
Nov 30, 2017 | $0.001 | |
Oct 31, 2017 | $0.001 | |
Sep 29, 2017 | $0.032 | |
Aug 31, 2017 | $0.000 | |
Jul 31, 2017 | $0.000 |
TCBXX - Fund Manager Analysis
Managers
Douglas Spratley
Start Date
Tenure
Tenure Rank
Mar 01, 2020
1.42
1.4%
Douglas D. Spratley joined T. Rowe Price in 2008 and became cochairman in 2020. His investment experience dates from 1996. Previously, he was an investment analyst for the Prudential Capital Group. Spratley joined Prudential in 1992. Spratley holds the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
1.42 | 27.05 | 13.59 | 14.43 |