T. Rowe Price CA Tax-Free Bond  PRXCX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni California Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   5.95 Yrs
   Avg Credit Quality
   A
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-10)
$ 10.59
  
YTD Return % (2009-11-10)
13.45%
  
Total Assets ($ mil)
321
View Data Definitions
  Performance    
Growth of $10,000 Fund: T. Rowe Price CA Tax-Free Bond
(from 1999-01-01 to 2009-10-31) Category: Muni California Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10
Inception date: 1986-09-15 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-10
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 13.72 11.84 3.05 3.66 5.12 5.53
+/- Category -3.01 -1.82 1.46 0.90 0.53 ---
+/- BarCap Municipal TR USD 1.58 0.17 -1.20 -0.70 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 15.99 13.12 4.02 4.16 5.18 5.65
Month-End (as of 2009-10-31) 13.53 13.29 3.07 3.53 5.12 5.53
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 13.29 3.07 3.52 5.12 ---
On Distribution & Sale of Shares --- 10.37 3.27 3.65 5.08 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 152 funds), (5 yrs : out of 141 funds), (10 yrs : out of 115 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 8.59
Advance Refunded 5.56
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 2.72
Education 11.72
Health 9.20
Housing 1.96
Industrial 6.81
Transportation 8.74
Utilities 7.15
Water/Sewer 8.03
Misc. Revenue 29.53
Bond Quality % of Bonds
AAA 7.0
AA 33.2
A 33.6
BBB 20.5
BB 0.3
B 0.0
Below B 0.0
Not Rated 5.3
 
Asset Allocation
% of Net Assets
Cash 1.2
Stocks 0.0
Bonds 98.8
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 23
Total Number of Bond Holdings 177 30 Day SEC Yield % 3.60
% of Assets in Top 10 Holdings 15.36 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Sacramento Calif City Fing Aut Leas 5.4% 2020-11-01 6,000 6,425 1.98
Golden St Tob Securitization C As 5.625% 2038-06-01 5,500 6,284 1.93
Los Angeles Calif Dept Arpts A Re 5.125% 2033-05-15 5,500 5,715 1.76
Los Angeles Calif Cmnty Colleg Go Bds 5% 2027-08-01 5,000 5,419 1.67
Port Oakland Calif Rev Rev Bds 5.75% 2029-11-01 4,960 4,976 1.53
San Diego Calif Pub Facs Fing Wtr 5.25% 2038-08-01 4,000 4,283 1.32
California St Univ Rev Systemwid 5% 2023-11-01 4,000 4,272 1.31
Los Angeles Cnty Calif Pub Wks Lease 5% 2027-12-01 4,170 4,203 1.29
Sacramento Calif City Fing Aut Ref Re 5% 2021-12-01 3,985 4,191 1.29
California St Dept Wtr Res Pwr Wtr 5.5% 2014-05-01 3,750 4,151 1.28
Data through 2009-09-30
  Other Information
Fund Inception: 1986-09-15
Portfolio Manager  (Start Date)
Konstantine B. Mallas  (2003-03-31)
Konstantine B. (Dino) Mallas is a vice president of T. Rowe Price Associates, Inc., and a portfolio manager in the Fixed Income Division. Mr. Mallas also heads the Investment Advisory Committees for four tax-free bond strategies. Mr. Mallas has 17 years of investment experience, all of which have been at T. Rowe Price. He joined the firm in 1987 as a broker in the Discount Brokerage Department and in 1991 transferred to the Municipal Department. He began his fixed-income responsibilities as a fixed-income specialist and later transitioned into trading intermediate- and long-term state and national portfolios. Mr. Mallas assumed portfolio management responsibilities in 1999. Mr. Mallas earned a B.S. from American University and an M.B.A. from Loyola College in Baltimore, Maryland.
Sales Charge %
(taken from prospectus dated 2009-07-01)
Front: None
Deferred: None
Expense Ratio % 0.52
based on net assets
(taken from annual report dated 2009-02-28)
Correspondence Information
100 East Pratt Street

Baltimore,  MD  21202
USA
Telephone:
800-638-5660
410-547-2308
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.