Morningstar

T. Rowe Price Virginia Municipal Bond Fund PRVAX

Medalist Rating as of Aug 31, 2026 See T. Rowe Price Investment Hub

Strategy

The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Virginia state income taxes by investing primarily in investment-grade Virginia municipal bonds. The fund normally invests 80% of its net assets in municipal bonds whose income is exempt from regular federal and Virginia 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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
PRVAX	T. Rowe Price Virginia Municipal Bond Fund	No Load	Open			Apr 30, 1991	$732.23M	0.560%	Above Average	$2,500	$110.43M
TFBVX	T. Rowe Price Virginia Municipal Bond Fund I Class	Institutional	Open			Jul 6, 2017	$639.04M	0.430%	Low	$500,000	$14.41M

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