PRVAX Fees and Costs — T. Rowe Price Virginia Tax-Free Bond Fund
Data updated: 2026-07-28
The net expense ratio is 0.56%: a 0.38% management fee plus 0.18% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 23%.
PRVAX Fees and Expenses
Annual operating expenses and sales charges of PRVAX. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | — |
| Other expenses | 0.18% |
| Gross expense ratio | 0.56% |
| Fee waiver | — |
| Net expense ratio | 0.56% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PRVAX Costs Over Time
On $10,000 invested in PRVAX, assuming 5% a year before costs, total costs come to $353 over 5 years, cutting the return by 0.59% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.56%) | $59 | $184 | $321 |
| Lost growth on money paid in costs | $0 | $9 | $32 |
| Total costs | $59 | $193 | $353 |
| Value after costs | $10,441 | $11,383 | $12,409 |
| Impact on return, per year | 0.59% | 0.59% | 0.59% |
PRVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
PRVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD Securities Ltd. | $251.8M | 21.30% |
| Truist Securities, Inc. | $199.4M | 16.87% |
| WELLS FARGO SECURITIES, LLC | $161.2M | 13.64% |
| J.P. MORGAN SECURITIES LLC | $140.0M | 11.85% |
| BARCLAYS CAPITAL INC. | $129.5M | 10.96% |
| BOFA SECURITIES, INC. | $112.3M | 9.50% |
| RBC Capital Markets, LLC | $53.2M | 4.50% |
| JEFFERIES LLC | $50.5M | 4.27% |
| GOLDMAN SACHS & CO. LLC | $47.1M | 3.99% |
| Davenport & Company LLC | $37.0M | 3.13% |
T. Rowe Price Virginia Tax-Free Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TFBVX | I Class | 0.43% | — |
| PRVAX | T. Rowe Price Virginia Tax-Free Bond Fund | 0.56% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.