T. Rowe Price T. Rowe Price

California Tax-Free Money Fund

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.

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.


Morningstar (Category) 1

US Money Market - Tax-Free

Fund Manager Tenure2


NAV Type


Net Assets3


Data as of 06/30/2019



Daily Price Change


Data as of 07/17/2019

Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Percentage of the fund's assets invested in securities that can be converted into cash within five business days.  Actual liquidity may exceed 100% when there are unsettled security purchases as of the report date.


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Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.


Figure applies to all share classes.

For a Fund prospectus, please click here. (troweprice.com/prospectus)

For additional information on Money Market Funds, including performance, please click here. (https://www.troweprice.com/personal-investing/tools/fund-research/money-market-funds)

Liquidity fees: Under the reform measures, Retail and Institutional money market funds can charge liquidity fees of up to 2% if a fund’s weekly liquidity falls below certain thresholds.  These fees may be mandatory or discretionary, depending on the fund’s level of weekly liquid assets, but the fund’s board has ultimate discretion based on the best interests of the shareholders.

Redemption gates: Retail and Institutional Money market funds will have the ability to temporarily suspend withdrawals for up to 10 days within a 90-day period, if a fund’s weekly liquid assets fall below a certain threshold.

Net Asset Value (NAV): A mutual fund's price per share. A fund’s NAV is calculated by dividing the assets, less any liabilities, by the number of outstanding shares.  Retail and government money market funds may calculate a fund’s NAV by valuing the securities in the fund’s portfolio at amortized cost.

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