Fund Evaluator:

T. Rowe Price Georgia Municipal Bond Overview

T. Rowe Price Georgia Municipal Bond (GTFBX) is an actively managed Municipal Bond Muni Single State Long fund. T. Rowe Price launched the fund in 1993.

The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Georgia state income taxes by investing primarily in investment-grade Georgia municipal bonds. The fund normally invests at least 80% of its net assets in municipal bonds whose income is exempt from regular federal and Georgia state income taxes. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted toward compliance with the fund’s 80% investment policy. It is non-diversified.

About T. Rowe Price Georgia Municipal Bond (GTFBX)

There are 2 members of the management team with an average tenure of 3.63 years: Austin Applegate (2025), Timothy Taylor (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Lipper Other States Muni Dbt Avg index with a weighting of 100%. T. Rowe Price Georgia Municipal Bond has 319 securities in its portfolio. The top 10 holdings constitute 12.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price Georgia Municipal Bond is part of the Fixed Income global asset class and is within the Municipal Bond fund group. T. Rowe Price Georgia Municipal Bond has 5.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.0% (93.6% domestic bond, 5.4% foreign bond and 0.0% convertible bond). T. Rowe Price Georgia Municipal Bond has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $308 million in total assets, which is above the $102 million average for the Muni Single State Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

GTFBX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Georgia Municipal Bond expense ratio is average compared to funds in the Muni Single State Long category. T. Rowe Price Georgia Municipal Bond has an expense ratio of 0.56%, which is 38% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Georgia Municipal Bond has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 14% for the Muni Single State Long category.

Recently, in the month of August 2026, T. Rowe Price Georgia Municipal Bond returned -0.3%, which earned it a grade of A, as the Muni Single State Long category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

T. Rowe Price Georgia Municipal Bond has a trailing yield of 3.68%, which is above the 3.26% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

T. Rowe Price Georgia Municipal Bond Grades

Year to date, the fund has returned 0.6%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of C), 3.9% over the past three years (grade of A) and 0.7% per year over the past five years (grade of A) and 1.8% per year over the past 10 years (grade of A).

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