Fund Evaluator:
T. Rowe Price California Municipal Bd I (TCFEX)
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Best Performing in Muni California Long Over the Last Year
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| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
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| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
T. Rowe Price California Municipal Bd I Overview
T. Rowe Price California Municipal Bd I (TCFEX) is an actively managed Municipal Bond Muni California Long fund. T. Rowe Price launched the fund in 2017.
The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and California state income taxes by investing primarily in investment-grade California municipal bonds. The fund invests so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and California state income taxes, and at least 80% of the fund's income is expected to be exempt from federal and California state income taxes.
About T. Rowe Price California Municipal Bd I (TCFEX)
There are 2 members of the management team with an average tenure of 3.92 years: Austin Applegate (2020), Timothy Taylor (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Lipper California Muni Dt Avg index with a weighting of 100%. T. Rowe Price California Municipal Bd I has 390 securities in its portfolio. The top 10 holdings constitute 12.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price California Municipal Bd I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. T. Rowe Price California Municipal Bd I has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.7% (96.8% domestic bond, 3.9% foreign bond and 0.0% convertible bond). T. Rowe Price California Municipal Bd I has -0.7% of the portfolio in cash.
Assets Under Management
The fund has $367 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TCFEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price California Municipal Bd I expense ratio is average compared to funds in the Muni California Long category. T. Rowe Price California Municipal Bd I has an expense ratio of 0.43%, which is 48% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price California Municipal Bd I has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, T. Rowe Price California Municipal Bd I returned -2.0%, which earned it a grade of C, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price California Municipal Bd I has a trailing yield of 3.72%, which is above the 3.52% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price California Municipal Bd I Grades
Year to date, the fund has returned 1.0%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 6.9% over the past year (grade of B), 3.5% over the past three years (grade of B) and 0.8% per year over the past five years (grade of A) and 2.0% per year over the past 10 years (grade of B).
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TCFEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TCFEX Return (NAV) | -2.0% | -0.3% | 6.9% | 3.5% | 0.8% | 2.0% |
| TCFEX Grade | C | C | B | B | A | B |
| +/- Category | 0.0% | 0.1% | 0.5% | 0.3% | 0.8% | 0.3% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| TCFEX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
TCFEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TCFEX Return (NAV) | 1.0% | 2.8% | 3.0% | 7.3% | -9.3% | 2.9% | 4.5% | 7.4% | 0.8% | 5.6% | 0.1% |
| TCFEX Grade | A | C | B | A | A | B | C | D | B | D | C |
| +/- Category | 0.3% | -0.0% | 0.4% | 0.9% | 2.0% | 0.3% | 0.1% | -0.7% | 0.0% | -0.6% | -0.1% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.2% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 0.96 - Average |
| Category Risk Grade: | C (45% Rank) |
| Beta: | 1.06 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $772 Mil |
| Fund Total Assets: | $ 368 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Applegate Austin (2020), Taylor Timothy (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 390 |
| % in Top 10 Holdings: | 12.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.8% |
| Foreign Bond: | 3.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.7% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-8790 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | July 6, 2017 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.43% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | T. Rowe Price California Municipal Bd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
