UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number:
811-04525
T. Rowe Price California Tax-Free Income Trust
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(Exact name of
registrant as specified in charter)
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100 East Pratt
Street, Baltimore, MD 21202
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(Address of
principal executive offices)
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David
Oestreicher
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100 East Pratt
Street, Baltimore, MD 21202
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(Name and
address of agent for service)
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Registrants telephone number, including
area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: November 30, 2012
Item 1. Schedule of
Investments
California Tax-Free Income Trust
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November 30, 2012
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T. Rowe Price
California Tax-Free Bond Fund
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Unaudited
The accompanying notes are an
integral part of this Portfolio of Investments.
T. Rowe Price California Tax-Free
Bond Fund
Unaudited
Notes To
Portfolio of
Investments
T. Rowe Price California Tax-Free
Income Trust (the trust), is registered under the Investment Company Act of 1940
(the 1940 Act). The California Tax-Free Bond Fund (the fund) is a diversified,
open-end management investment company established by the trust. The fund 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.
NOTE 1 - SIGNIFICANT ACCOUNTING
POLICIES
Basis of
Preparation
The accompanying
Portfolio of Investments was prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP), which require the use
of estimates made by management. Management believes that estimates and
valuations are appropriate; however, actual results may differ from those
estimates, and the valuations reflected in the Portfolio of Investments may
differ from the values ultimately realized upon sale or maturity.
Investment
Transactions
Investment transactions
are accounted for on the trade date.
New Accounting
Pronouncements
In May 2011, the
Financial Accounting Standards Board (FASB) issued amended guidance to align
fair value measurement and disclosure requirements in U.S. GAAP with
International Financial Reporting Standards. The guidance is effective for
fiscal years and interim periods beginning on or after December 15, 2011.
Adoption had no effect on net assets or results of operations.
In December 2011, the FASB issued
amended guidance to enhance disclosure for offsetting assets and liabilities.
The guidance is effective for fiscal years and interim periods beginning on or
after January 1, 2013. Adoption will have no effect on the funds net assets or
results of operations.
NOTE 2 VALUATION
The funds financial instruments are
reported at fair value as defined by GAAP. The fund values its investments and
computes its net asset value per share at the close of the New York Stock
Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for
business.
Valuation
Methods
Debt securities are generally
traded in the over-the-counter (OTC) market. Securities with remaining
maturities of one year or more at the time of acquisition are valued at prices
furnished by dealers who make markets in such securities or by an independent
pricing service, which considers the yield or price of bonds of comparable
quality, coupon, maturity, and type, as well as prices quoted by dealers who
make markets in such securities. Securities with remaining maturities of less
than one year at the time of acquisition
generally use amortized cost in local
currency to approximate fair value. However, if amortized cost is deemed not to
reflect fair value or the fund holds a significant amount of such securities
with remaining maturities of more than 60 days, the securities are valued at
prices furnished by dealers who make markets in such securities or by an
independent pricing service.
Other investments, including
restricted securities and private placements, and those for which the above
valuation procedures are inappropriate or are deemed not to reflect fair value,
are stated at fair value as determined in good faith by the T. Rowe Price
Valuation Committee, established by the funds Board of
Trustees (the Board). Subject to oversight by the Board,
the Valuation Committee develops pricing-related policies and procedures and
approves all fair-value determinations. The Valuation Committee regularly makes
good faith judgments, using a wide variety of sources and information, to
establish and adjust valuations of certain securities as events occur and
circumstances warrant. For instance, in determining the fair value of
private-equity instruments, the Valuation Committee considers a variety of
factors, including the companys business prospects, its financial performance,
strategic events impacting the company, relevant valuations of similar
companies, new rounds of financing, and any negotiated transactions of
significant size between other investors in the company. Because any fair-value
determination involves a significant amount of judgment, there is a degree of
subjectivity inherent in such pricing decisions.
Valuation
Inputs
Various inputs are used to
determine the value of the funds financial instruments. These inputs are
summarized in the three broad levels listed below:
Level 1 quoted prices in active
markets for identical financial instruments
Level 2 observable inputs other
than Level 1 quoted prices (including, but not limited to, quoted prices for
similar financial instruments, interest rates, prepayment speeds, and credit
risk)
Level 3 unobservable
inputs
Observable inputs are those based on
market data obtained from sources independent of the fund, and unobservable
inputs reflect the funds own assumptions based on the best information
available. The input levels are not necessarily an indication of the risk or
liquidity associated with financial instruments at that level. On November 30,
2012, all of the funds financial instruments were classified as Level 2, based
on the inputs used to determine their values.
NOTE 3 OTHER INVESTMENT
TRANSACTIONS
Consistent with its investment
objective, the fund engages in the following practices to manage exposure to
certain risks and/or to enhance performance. The investment objective, policies,
program, and risk factors of the fund are described more fully in the funds
prospectus and Statement of Additional Information.
Restricted
Securities
The fund may invest in
securities that are subject to legal or contractual restrictions on resale.
Prompt sale of such securities at an acceptable price may be difficult and may
involve substantial delays and additional costs.
NOTE 4 - FEDERAL INCOME
TAXES
At November 30, 2012, the cost of
investments for federal income tax purposes was $377,509,000. Net unrealized
gain aggregated $41,633,000 at period-end, of which $42,389,000 related to
appreciated investments and $756,000 related to depreciated
investments.
T. Rowe Price
California Tax-Free Money Fund
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Unaudited
The accompanying notes are an
integral part of this Portfolio of Investments
T. Rowe Price California Tax-Free
Money Fund
Unaudited
Notes To
Portfolio of
Investments
T. Rowe Price California Tax-Free
Income Trust (the trust), is registered under the Investment Company Act of 1940
(the 1940 Act). The California Tax-Free Money Fund (the fund) is a diversified,
open-end management investment company established by the trust. 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.
NOTE 1 - SIGNIFICANT ACCOUNTING
POLICIES
Basis of
Preparation
The accompanying
Portfolio of Investments was prepared in accordance with accounting principles
generally accepted in the United States of America, which require the use of
estimates made by management. Management believes that estimates and valuations
are appropriate; however, actual results may differ from those estimates, and
the valuations reflected in the Portfolio of Investments may differ from the
values ultimately realized upon sale or maturity.
Investment
Transactions
Investment transactions
are accounted for on the trade date.
New Accounting
Pronouncements
In May 2011, the
Financial Accounting Standards Board (FASB) issued amended guidance to align
fair value measurement and disclosure requirements in U.S. GAAP with
International Financial Reporting Standards. The guidance is effective for
fiscal years and interim periods beginning on or after December 15, 2011.
Adoption had no effect on net assets or results of operations.
In December 2011, the FASB issued
amended guidance to enhance disclosure for offsetting assets and liabilities.
The guidance is effective for fiscal years and interim periods beginning on or
after January 1, 2013. Adoption will have no effect on the funds net assets or
results of operations.
NOTE 2 - VALUATION
The fund values its financial
instruments and computes its net asset value per share each day that the New
York Stock Exchange is open for business. In accordance with Rule 2a-7 under the
1940 Act, securities are valued at amortized cost, which approximates fair
value. Securities for which amortized cost is deemed not to reflect fair value
are stated at fair value as determined in good faith by the T. Rowe Price
Valuation Committee, established by the funds Board of Trustees.
Various inputs are used to determine
the value of the funds financial instruments. These inputs are summarized in
the three broad levels listed below:
Level 1 quoted prices in active
markets for identical financial instruments
Level 2 observable inputs other
than Level 1 quoted prices (including, but not limited to, quoted prices for
similar financial instruments, interest rates, prepayment speeds, and credit
risk)
Level 3 unobservable
inputs
Observable inputs are those based on
market data obtained from sources independent of the fund, and unobservable
inputs reflect the funds own assumptions based on the best information
available. The input levels are not necessarily an indication of the risk or
liquidity associated with financial instruments at that level. For example,
securities held by a money market fund are generally high quality and liquid;
however, they are reflected as Level 2 because the inputs used to determine fair
value are not quoted prices in an active market. On November 30, 2012, all of
the funds financial instruments were classified as Level 2, based on the inputs
used to determine their values.
NOTE 3 OTHER INVESTMENT
TRANSACTIONS
Consistent with its investment
objective, the fund engages in the following practices to manage exposure to
certain risks and/or to enhance performance. The investment objective, policies,
program, and risk factors of the fund are described more fully in the funds
prospectus and Statement of Additional Information.
Restricted
Securities
The fund may invest in
securities that are subject to legal or contractual restrictions on resale.
Prompt sale of such securities at an acceptable price may be difficult and may
involve substantial delays and additional costs.
NOTE 4 - FEDERAL INCOME
TAXES
At November 30, 2012, the cost of
investments for federal income tax purposes was $82,808,000.
Item 2. Controls and Procedures.
(a) The registrants principal
executive officer and principal financial officer have evaluated the
registrants disclosure controls and procedures within 90 days of this filing
and have concluded that the registrants disclosure controls and procedures were
effective, as of that date, in ensuring that information required to be
disclosed by the registrant in this Form N-Q was recorded, processed,
summarized, and reported timely.
(b) The registrants principal
executive officer and principal financial officer are aware of no change in the
registrants internal control over financial reporting that occurred during the
registrants most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 3. Exhibits.
Separate certifications by the
registrant's principal executive officer and principal financial officer,
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
T. Rowe Price California Tax-Free Income Trust
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By
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/s/ Edward C.
Bernard
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Edward C.
Bernard
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Principal
Executive Officer
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Date January 25, 2013
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Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
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By
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/s/ Edward C.
Bernard
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Edward C.
Bernard
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Principal
Executive Officer
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Date January 25, 2013
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By
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/s/ Gregory K.
Hinkle
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Gregory K.
Hinkle
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Principal
Financial Officer
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Date January 25, 2013
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