T. Rowe Price California Tax-Free Bond I (TCFEX)
| Fund Assets | 737.28M |
| Expense Ratio | 0.43% |
| Min. Investment | $500,000 |
| Turnover | 17.30% |
| Dividend (ttm) | 0.37 |
| Dividend Yield | 3.57% |
| Dividend Growth | 2.97% |
| Payout Frequency | Monthly |
| Ex-Dividend Date | Aug 29, 2025 |
| Previous Close | 10.40 |
| YTD Return | -2.59% |
| 1-Year Return | -2.48% |
| 5-Year Return | 1.86% |
| 52-Week Low | 10.19 |
| 52-Week High | 11.05 |
| Beta (5Y) | n/a |
| Holdings | 395 |
| Inception Date | Jul 6, 2017 |
About TCFEX
T. Rowe Price California Tax-Free Bond Fund I Class is an institutional mutual fund focused on providing investors with a high level of income that is exempt from both federal and California state income taxes. Its primary strategy revolves around investing predominantly in investment-grade municipal bonds issued by entities within California, such as state agencies, municipalities, and public authorities. This approach aims to meet the needs of high-net-worth individuals and institutions seeking tax-advantaged income while maintaining prudent risk management. The fund is notable for its relatively low expense ratio of 0.44%, placing it in the lowest fee quintile within its peer group, which can be particularly advantageous for institutional investors. With a substantial asset base of over $793 million, the fund’s portfolio is diversified across various municipal issuers, including education, infrastructure, and healthcare sectors. The fund’s effective duration is approximately 7.2 years, which reflects moderate interest rate sensitivity. By emphasizing investment in California municipal bonds, T. Rowe Price California Tax-Free Bond Fund I Class serves as a practical solution for investors aiming to maximize tax-exempt income and support state and local community projects.
Performance
TCFEX had a total return of -2.48% in the past year, including dividends. Since the fund's inception, the average annual return has been 1.65%.
Top 10 Holdings
10.73% of assets| Name | Symbol | Weight |
|---|---|---|
| UNIVERSITY CALIF REVS 5.5% | CA.UNVHGR 5.5 05.15.2058 | 1.30% |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5% | CA.CCEDEV 01.01.2056 | 1.30% |
| LOS ANGELES CALIF UNI SCH DIST 5% | CA.LOSSCD 5 07.01.2045 | 1.16% |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5% | CA.CCEDEV 02.01.2055 | 1.15% |
| CALIFORNIA HEALTH FACS FING AUTH REV 5% | CA.CASMED 5 11.01.2047 | 1.10% |
| SACRAMENTO CALIF MET FIRE DIST 4% | CA.SACGEN 4 08.01.2052 | 0.98% |
| CALIFORNIA ST ENTERPRISE DEV AUTH LEASE REV 5.25% | CA.CASFAC 5.25 11.01.2054 | 0.98% |
| UNIV CALIF REGTS MED CTR POOLED REV 3.5% | CA.UNVHGR 3.5 05.15.2054 | 0.97% |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.75% | PR.PRCGEN 4.75 07.01.2053 | 0.93% |
| CENTRAL VY ENERGY AUTH CALIF COMMODITY SUPPLY REV 5% | CA.CTVPWR 12.01.2055 | 0.87% |
Dividend History
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Aug 29, 2025 | $0.03346 | Aug 29, 2025 |
| Jul 31, 2025 | $0.0326 | Jul 31, 2025 |
| Jun 30, 2025 | $0.03023 | Jun 30, 2025 |
| May 30, 2025 | $0.03286 | May 30, 2025 |
| Apr 30, 2025 | $0.03131 | Apr 30, 2025 |
| Mar 31, 2025 | $0.0299 | Mar 31, 2025 |