TCFEX Performance — T. Rowe Price California Tax-Free Bond Fund, I Class
Data updated: 2026-07-28
TCFEX returned +1.90% year to date and +7.51% over one year to May 2026. Annualised returns are +4.26% over 3 years and +1.21% over 5 years. The fund beat its Long-Term Municipal Bond category average: $100 invested three years ago grew to $113, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 6.08% a year. In the 12 months to May 2026 the fund took in a net $17.6M, and assets reached $782.40M.
TCFEX Growth of $100
What $100 invested in T. Rowe Price California Tax-Free Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | TCFEX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $113 | $112 |
| 5 years (Jun 2021 – May 2026) | $106 | $103 |
| Since data start (Sep 2019 – May 2026) | $113 | $109 |
TCFEX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.90% |
| 1 year | +7.51% |
| 3 years (annualised) | +4.26% |
| 5 years (annualised) | +1.21% |
TCFEX Annual Returns
Calendar-year total returns of T. Rowe Price California Tax-Free Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.90% |
| 2025 | +2.81% |
| 2024 | +2.97% |
| 2023 | +7.27% |
| 2022 | −9.25% |
| 2021 | +2.86% |
| 2020 | +4.49% |
| 2019 (Sep–Dec) | −0.12% |
TCFEX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.6% | +1.5% | −2.0% | +1.2% | +0.6% | — | — | — | — | — | — | — |
| 2025 | −0.2% | +1.1% | −1.8% | −0.9% | −0.7% | +0.5% | −0.7% | +0.9% | +3.3% | +1.4% | +0.4% | −0.2% |
| 2024 | −0.2% | +0.2% | +0.2% | −1.0% | +0.2% | +1.9% | +0.8% | +0.7% | +1.2% | −1.3% | +1.7% | −1.2% |
| 2023 | +3.1% | −2.3% | +1.9% | +0.1% | −0.7% | +1.0% | +0.3% | −1.1% | −2.7% | −2.0% | +7.0% | +2.8% |
| 2022 | −2.5% | −0.6% | −3.0% | −3.1% | +1.1% | −2.2% | +3.1% | −2.1% | −3.9% | −1.3% | +5.5% | −0.1% |
| 2021 | +0.8% | −1.4% | +0.7% | +1.1% | +0.5% | +0.5% | +0.9% | −0.4% | −0.8% | 0.0% | +0.9% | +0.1% |
| 2020 | +1.6% | +1.3% | −4.6% | −2.3% | +2.9% | +1.6% | +1.7% | −0.4% | +0.2% | 0.0% | +1.7% | +0.9% |
| 2019 | — | — | — | — | — | — | — | — | −0.6% | +0.1% | +0.2% | +0.2% |
TCFEX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.08%
- 3-year Sharpe ratio: -0.04 (vs 4.5% risk-free rate)
- Best month: +7.03% (Nov 2023)
- Worst month: −2.68% (Sep 2023)
TCFEX Fund Flows
Monthly money in and out of T. Rowe Price California Tax-Free Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $17.6M
- 12-month gross sales (incl. reinvestments): $182.9M
- Sales ÷ redemptions: 1.11×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $13.3M | $10.9M | $2.3M |
| Apr 2026 | $10.9M | $10.0M | $945K |
| Mar 2026 | $14.1M | $10.7M | $3.5M |
| Feb 2026 | $12.2M | $8.6M | $3.6M |
| Jan 2026 | $15.8M | $15.8M | −$31K |
| Dec 2025 | $19.3M | $16.9M | $2.3M |
| Nov 2025 | $11.2M | $7.7M | $3.5M |
| Oct 2025 | $11.6M | $7.9M | $3.7M |
| Sep 2025 | $15.0M | $15.6M | −$604K |
| Aug 2025 | $13.5M | $20.7M | −$7.3M |
| Jul 2025 | $22.2M | $15.8M | $6.3M |
| Jun 2025 | $24.0M | $24.6M | −$603K |
TCFEX Assets Under Management
Net assets of T. Rowe Price California Tax-Free Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $782.40M |
| 2026-02-28 | $784.33M |
| 2025-11-30 | $770.81M |
| 2025-08-31 | $733.93M |
| 2025-05-31 | $738.02M |
| 2025-02-28 | $789.77M |
| 2024-11-30 | $803.05M |
| 2024-08-31 | $771.13M |
| 2024-05-31 | $734.59M |
| 2024-02-29 | $741.90M |
| 2023-11-30 | $704.76M |
| 2023-08-31 | $691.27M |
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.