T. Rowe Price VA Tax-Free BondPRVAX

Morningstar Rating

Fund Research and Analysis

by Lawrence Jones

T. Rowe Price Virginia Tax-Free Bond is a top option for this state's investors.

Veteran manager Hugh McGuirk leads T. Rowe's municipal-bond team and runs this fund with the caution that characterizes all the firm's tax-exempt offerings, albeit within the context of a credit-driven style. Read more

Kudos

The fund boasts a strong long-term record.

Its expense ratio is quite reasonable. Read more

Risks

Emphasis on long-maturity bonds can make the fund sensitive to changing interest rates. Read more

Strategy

Manager Hugh McGuirk positions the portfolio rather cautiously. He doesn't make big bets on the overall direction of the market and sticks with investment-grade issues. That doesn't mean that he is a stranger to opportunity, though. Read more

Management

Manager Hugh McGuirk, who was named head of T. Rowe Price's municipal-bond group in early 2005, has been in charge here since 1997 and has delivered solid results during his tenure. He also manages T. Rowe Price Maryland Tax-Free Bond MDXBX and T. Rowe Price Georgia Tax-Free Bond GTFBX. Read more

Inside Scoop

This fund has delivered solid returns, thanks to its cost advantage and skilled management. Read more

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