T. Rowe Price California Tax-Free Money Fund (PCTXX)
Ticker Symbol:
PCTXX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Snapshot
Quick Stats
Current NAV as of 09/23/2016 $1.0000
NAV Change $0.0000
Daily YTD Return as of 09/23/2016 0.01%
NAV 12 Month Low-High $1.0000 - $1.0000
Net Assets as of 08/31/2016 $52.44 Million
Important money market information: Click here for NAV Type, Liquidity Fees & Redemption Gates, Daily & Weekly liquid asset levels, Holdings, Market-based NAV and Net Shareholder flows.
Performance Comparison
as of 08/31/2016
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
Average Annual Total Returns1
  Month
End
08/31/2016
Quarter
End
06/30/2016
1 Year 0.02% 0.02%
3 Years 0.01% 0.01%
5 Years 0.01% 0.01%
10 Years 0.59% 0.64%
Since Inception 2.05% 2.06%
Inception Date September 15, 1986
Expense Ratio as of 02/29/2016 See Note
Note about the fund's expense ratio:
The fund's gross expense ratio as of its fiscal year ended 02/29/2016 was 0.78%. To protect the interests of shareholders, T. Rowe Price Associates will waive its fees and/or bear any expenses that would cause the fund's expense ratio to exceed 0.55%. This contractual expense limitation expires on 06/30/2017.

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Return and yield will vary.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

1Average annual total return figures include reinvested dividends and capital gain distributions.
Average Annual Total Returns and Benchmarks
as of 06/30/2016
Investment Objective
The fund seeks to provide preservation of capital, liquidity and, consistent with these objectives, the highest level of income exempt from federal and California state income taxes.
7-Day Annualized Yield2
as of 09/23/2016
Simple3 0.14%
Simple w/o Waiver 0.13%
Compound3 0.14%
Compound w/o Waiver 0.14%
2A method of calculating a money fund's yield by annualizing the fund's net investment income for the last seven days of each period divided by the fund's net asset value at the end of the period.

3In an effort to maintain a zero or positive net yield for the fund, T. Rowe Price has voluntarily waived all or a portion of the management fee it is entitled to receive from the fund. A fee waiver has the effect of increasing the fund's net yield. The 7-day yield without waiver represents what the yield would have been if we were not waiving our management fee. This voluntary waiver is in addition to any contractual expense ratio limitation in effect for the fund and may be amended or terminated at any time without prior notice. Please see the prospectus for more details.

Year-to-date figures are not annualized and represent total return, which includes reinvested distributions (income and capital gains) and any change in share price for the given period. The yield quotation more closely reflects the current earnings of the money market fund than the total return quotation.