About TBGAX
The T. Rowe Price Georgia Tax-Free Bond Fund I Class is a municipal bond mutual fund focused on generating high levels of income exempt from both federal and Georgia state income taxes. Its primary function is to invest at least 80% of its assets in investment-grade municipal bonds issued within the state of Georgia, thereby providing tax-advantaged income specifically for Georgia residents. The fund predominantly holds long-term securities, with a weighted average maturity exceeding 10 years and a modified duration to worst of around 7 years, which positions it to be sensitive to interest rate movements while aiming for stable, tax-free income streams.
The fund also allows for limited exposure—up to 10%—to below investment-grade or “junk” bonds, and may derive up to 20% of its income from securities subject to the alternative minimum tax, adding flexibility while maintaining a focus on quality. Given its non-diversified structure, the fund may be more concentrated in certain issuers or sectors, such as public utilities, healthcare, transportation, and private activity bonds. This specialized approach is designed to meet the needs of investors seeking targeted, income-oriented municipal exposure in Georgia’s public sector, while remaining compliant with prudent portfolio management practices.
Fund Family T. Rowe Price
Category Muni Single State Long
Performance Rating High
Risk Rating Average
Stock Exchange NASDAQ
Ticker Symbol TBGAX
Share Class -i Class
Index Bloomberg Municipal Bond TR
TBGAX had a total return of -2.19% in the past year, including dividends. Since the fund's
inception, the average annual return has been 1.53%.
