TCFEX Fees and Costs — T. Rowe Price California Tax-Free Bond Fund, I Class
Data updated: 2026-07-28
The net expense ratio is 0.43%: a 0.38% management fee plus 0.06% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 24%.
TCFEX Fees and Expenses
Annual operating expenses and sales charges of TCFEX. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | — |
| Other expenses | 0.06% |
| Gross expense ratio | 0.44% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.43% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TCFEX Costs Over Time
On $10,000 invested in TCFEX, assuming 5% a year before costs, total costs come to $272 over 5 years, cutting the return by 0.45% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.43%) | $45 | $142 | $247 |
| Lost growth on money paid in costs | $0 | $7 | $25 |
| Total costs | $45 | $149 | $272 |
| Value after costs | $10,455 | $11,428 | $12,491 |
| Impact on return, per year | 0.45% | 0.45% | 0.45% |
TCFEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $738.0M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
TCFEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $208.2M | 33.39% |
| BARCLAYS CAPITAL INC. | $184.5M | 29.58% |
| MORGAN STANLEY & CO. LLC | $39.7M | 6.36% |
| SAMUEL A. RAMIREZ & COMPANY, INC. | $38.5M | 6.18% |
| WELLS FARGO SECURITIES, LLC | $34.6M | 5.55% |
| BOFA SECURITIES, INC. | $32.3M | 5.19% |
| JEFFERIES LLC | $31.7M | 5.09% |
| GOLDMAN SACHS & CO. LLC | $25.2M | 4.05% |
| RBC Capital Markets, LLC | $15.8M | 2.53% |
| TD Securities Ltd. | $13.1M | 2.09% |
T. Rowe Price California Tax-Free Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TCFEX | I Class | 0.43% | — |
| PRXCX | T. Rowe Price California Tax-Free Bond Fund | 0.59% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.