T. Rowe Price Maryland Tax-Free Bond Fund
MDXBX
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Mar 31, 1987
- CIK
- 0000795384
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Maryland Tax-Free Bond Fund (MDXBX) is a municipal bond mutual fund that seeks to provide the highest level of income exempt from federal and Maryland state and local income taxes, consistent with prudent portfolio management, by investing primarily in investment-grade Maryland municipal bonds; it normally invests at least 80% of its net assets in such tax-exempt bonds with any maturity. The fund offers exposure to a diversified portfolio of approximately 600 holdings, including revenue bonds from sectors such as stadium authorities, county general obligations, economic development corporations, transportation projects, housing and community development, health and higher education facilities, and suburban sanitary districts; top holdings as of recent data include Maryland Stadium Authority Revenue 5%, Baltimore County MD 5%, and Maryland State Economic Development Corp Private Activity Revenue 5.25%. Managed within the T. Rowe Price State Tax-Free Income Trust and domiciled in the United States with an inception date of March 31, 1987, the fund maintains total assets of approximately $2.3 billion, a net expense ratio of 0.49%, and a trailing twelve-month yield of around 3.13%, targeting Maryland residents and investors seeking tax-advantaged fixed income in the muni single-state long category. In recent developments, portfolio manager Austin Applegate joined lead manager Tim Taylor (in place since 2020) as of 2025, reflecting an expansion in the management team; the fund also sustained a low portfolio turnover rate of 17.3% in the most recent fiscal year and maintained stable performance amid market conditions, with net asset values hovering around $10 in late 2025. Geographically focused on Maryland issuers to maximize state tax exemptions, the no-load fund requires a minimum initial investment of $2,500 and benchmarks against the Bloomberg Municipal Index and Lipper Maryland Municipal Debt Funds Average.