PRNYX TRYIX New York Tax-Free Bond Fund New York Tax-Free Bond Fund-I Class - T. Rowe Price
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ANNUAL REPORT
February 28, 2022
T. ROWE PRICE
PRNYX New York Tax-Free
Bond Fund
TRYIX New York Tax-Free
Bond Fund–I Class
For more insights from T. Rowe Price
investment professionals, go to
troweprice.com.T. ROWE PRICE New York Tax-Free Bond Fund
HIGHLIGHTS
n After delivering strong results in 2021, municipal bonds faced headwinds
in early 2022 as Treasury yields moved higher, leading to negative results
for the tax-free bond market during the reporting period.
n The New York Tax-Free Bond Fund produced positive results and
outperformed its Lipper peer group average over the 12-month period.
n The fund maintained significant positions in revenue-backed education and
transportation bonds.
n We believe that strong fiscal conditions at the state and local level
should leave municipal bonds relatively well positioned for a challenging
investment landscape.
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Market Commentary
Major stock and bond indexes produced mixed results during your fund’s fiscal
year, the 12-month period ended February 28, 2022. Strong corporate earnings
growth and a recovering economy contended with worries about inflation, new
coronavirus variants, expectations of aggressive central bank tightening, and
escalating geopolitical tensions.
Financial markets entered the period on an upbeat note, as the U.S. Congress
expanded its coronavirus relief efforts with the passage of the $1.9 trillion
American Rescue Plan Act in March. Record levels of fiscal stimulus, combined
with an accelerating global vaccine rollout, helped propel a robust economic
recovery and a rise in equity indexes. Weekly jobless claims declined steadily
to new pandemic-era lows during the second quarter of 2021. The improved
labor market and renewed stimulus efforts were reflected in higher consumer
spending. A robust increase in corporate earnings growth also drove markets
for much of 2021. However, earnings tailwinds showed signs of fading heading
into 2022, as certain high-profile companies issued weaker-than-expected
earnings reports or financial projections.
Concerns over inflation began to intensify in the latter half of the period.
Persistent supply chain problems, including soaring shipping costs, raised
prices for both raw materials and finished goods, while the release of pent-up
demand for travel, recreation, and other services also pushed prices higher.
In the U.S., consumer prices rose by 7.5% in the 12-month period ended in
January 2022, the most since 1982.
Meanwhile, central banks began to move away from the extremely
accommodative policies they instituted in response to the initial wave of
the coronavirus. Federal Reserve officials began tapering the central bank’s
purchases of Treasuries and agency mortgage-backed securities in November,
and markets priced in a much more aggressive pace of rate hikes than
previously expected as inflation remained elevated.
Markets were caught by surprise at the end of the period when Russia launched
a large-scale military offensive into Ukraine. Amid the humanitarian crisis
caused by the invasion, global equity markets moved sharply lower. Defensive
stocks outperformed amid a flight to safety, while energy prices and market
volatility spiked. Financials and other cyclicals dependent on a healthy
economy underperformed.
1T. ROWE PRICE New York Tax-Free Bond Fund
In the fixed income market, domestic bond returns were broadly negative
over the course of the period, as yields rose across the Treasury yield curve—
especially in the intermediate-term portion of the curve—amid expectations
of aggressive monetary tightening. (Bond yields and prices move in opposite
directions.) Municipal bonds finished the 12-month period with negative
results but held up better than Treasuries and the broader U.S. investment-
grade taxable bond market, as demand for tax-free income remained strong,
new supply was manageable, and state and local governments benefited from
an influx of federal cash and stronger-than-expected tax revenues. However,
the sector faced headwinds in early 2022 as Treasury yields increased and fund
flows turned negative.
Looking ahead, the geopolitical turmoil in Ukraine has understandably raised
investor and humanitarian concerns around the globe and increased market
volatility and uncertainty. In light of the tragic events unfolding in Ukraine,
we believe volatility in the market is likely to continue. Supply chain issues and
inflation pressures are also likely to persist for longer, complicating the already
difficult task of central banks trying to tackle price pressures and engineer a
soft landing. Past performance of markets shows that the beginning of a policy
rate-hiking cycle does not necessarily derail the U.S. stock or bond markets, nor
the U.S. dollar. However, this past performance does not guarantee that those
markets will perform well at the beginning of the next hiking cycle.
On the positive side, we believe that household wealth gains, pent-up consumer
demand, and a potential boom in capital expenditures could sustain growth
even as monetary policy turns less supportive. In this environment, our
investment teams will remain focused on using fundamental research to
identify companies that we believe can add value to your portfolio over the
long term.
Thank you for your continued confidence in T. Rowe Price.
Sincerely,
Robert Sharps
President and CEO
2T. ROWE PRICE New York Tax-Free Bond Fund
Management’s Discussion of Fund Performance
INVESTMENT OBJECTIVE
The fund seeks to provide, consistent with prudent portfolio management, the
highest level of income exempt from federal, New York state, and New York
City income taxes by investing primarily in investment-grade New York
municipal bonds.
FUND COMMENTARY
How did the fund perform in the past 12 months?
The New York Tax-Free Bond Fund returned 0.55% for the 12 months
ended February 28, 2022, outperforming the Lipper New York Municipal
Debt Funds Average, which returned 0.09%. (Returns for the I Class may
vary slightly, reflecting its
PERFORMANCE COMPARISON different fee structure. Past
performance cannot guarantee
Total Return
future results.)
Periods Ended 2/28/22 6 Months 12 Months
New York Tax-Free What factors influenced the
Bond Fund -2.84% 0.55% fund’s performance?
New York Tax-Free After delivering strong
Bond Fund–I Class -2.80 0.64results in 2021, municipal
Lipper New York Municipal bonds faced headwinds in
Debt Funds Average -3.31 0.09 early 2022 as Treasury yields
moved higher, leading to
negative results for the tax-
free bond sector during the reporting period. New York debt outperformed the
national Bloomberg Municipal Bond Index, which returned -0.66%. Despite
the challenging environment, your fund produced positive results for the
12-month period.
Within the portfolio, security selection in the revenue sector was the largest
contributor to relative results versus the national benchmark. The portfolio’s
holdings in higher education and dedicated tax securities outperformed. The
fund also benefited from an overall overweight to the revenue sector as well
as allocations within the sector. An overweight to continuing care retirement
communities and student housing helped returns.
Our positions in bonds issued by the Commonwealth of Puerto Rico also
added value. Puerto Rico securities outperformed as the commonwealth
continued to make progress on restructuring its general obligation (GO) debt
during the period.
3T. ROWE PRICE New York Tax-Free Bond Fund
Interest rate management had an overall positive impact on returns during
the period. Our overweight position in longer maturities was beneficial for
the portfolio as yield increases were more pronounced in the front end of the
curve. However, the fund’s average duration was slightly longer than that of the
national benchmark, which was a detractor as yields rose over the past year.
With the potential for continued rates volatility, we believe a neutral duration
position is appropriate.
How is the fund positioned?
Within the revenue sector, the education segment, at just over 22% of net
assets, represents our largest position in absolute terms and relative to the
benchmark. We feel the diversity of educational institutions within the state
provides our research team opportunities to identify strong underlying credits.
Below investment-grade charter schools represent an area where we have found
attractive securities that
CREDIT QUALIT Y DIVERSIFICATION offer higher yields. We also
New York Tax-Free Bond Fund maintained large positions in
BB and Not Rated
transportation, special tax,
Below 7% and health care bonds.
3%
Purchases during the period
BBB AAA included bonds issued by the
12% 6% New York State Dormitory
Authority (educational
revenue), the New York State
A AA
31% 41% Thruway Authority (ground
transportation), and the
Port Authority of New York/
Based on net assets as of 2/28/22. New Jersey (for 1 World
Sources: Credit ratings for the securities held in the
Trade Center). We also
fund are provided by Moody’s, Standard & Poor’s, added to bonds from Puerto
and Fitch and are converted to the Standard & Poor’s Rico as the fundamental
nomenclature. If the rating agencies differ, the highest backdrop for the island’s debt
rating is applied to the security. If a rating is not available, has continued to improve.
the security is classified as Not Rated. T. Rowe Price
uses the rating of the underlying investment vehicle to
(Please refer to the portfolio
determine the creditworthiness of credit default swaps. of investments for a complete
The fund is not rated by any agency. list of holdings and the
amount each represents in
the portfolio.)
4T. ROWE PRICE New York Tax-Free Bond Fund
High-quality AAA and AA holdings made up 47% of the portfolio at the end of
the period. However, we continued to overweight both A and BBB rated debt
as we believe this is an area where our credit research team can find investment
opportunities that offer incremental risk-adjusted yield. We maintained a
modest exposure to below investment-grade and unrated bonds.
Since our previous report, New York State’s GO ratings remained unchanged
at Moody’s (Aa2), S&P (AA+), and Fitch (AA+). New York City’s credit ratings
are Aa2 from Moody’s, AA from S&P, and AA- from Fitch.
In January 2022, Governor Kathy Hochul released the preliminary budget for
fiscal year 2023, which totals $216 billion. General fund revenues are projected
to grow 22% in fiscal year 2022 and 5% in fiscal year 2023. With the strong
revenue performance, the rainy day fund is expected to grow from $2.5 billion
in fiscal year 2021 to $4.3 billion at the end of fiscal year 2023. State officials are
projecting balanced budgets for the next five years, marking the first time the
state has published a financial projection without a deficit.
New York is the second most heavily indebted state, and the state ranks fifth for
debt per capita and sixth for debt as a percentage of personal income, according
to Moody’s 2021 State Debt Medians Report. However, according to the latest
data, New York’s pensions were 86% funded, well above the average state.
What is portfolio management’s outlook?
Accelerating inflation and geopolitical turmoil have amplified risks to the
global economy, sparking a series of volatile moves across asset classes. The
municipal bond market has not been immune to these macro developments,
evidenced by its rates-driven sell-off at the beginning of this year and
subsequent price swings.
In this environment, moderate new issuance has helped alleviate pressures from
municipal fund outflows industrywide, but we believe that primary market
activity could increase this spring. Although we see potential for technical
headwinds to persist over the near term and anticipate additional bouts of
interest rate volatility in 2022, we feel that strong fiscal conditions for states
and localities leave municipal bonds better positioned for a tenuous investment
landscape than most fixed income sectors.
5T. ROWE PRICE New York Tax-Free Bond Fund
News surrounding the Russia-Ukraine crisis, inflation, and monetary policy
will likely dominate headlines in the coming months, and while we will
continue to closely monitor these and other macroeconomic factors, we
remain as focused as ever on bottom-up credit analysis. In our view, the recent
downturn in the tax-exempt bond market has introduced compelling entry
points in several segments, and we are maintaining liquidity to potentially take
advantage of further pricing inefficiencies should they arise.
Ultimately, we will stay risk aware and disciplined in our fundamental,
research-driven approach, which we believe will continue to serve our
shareholders well.
The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject
to change based on changes in market, economic, or other conditions. These views are not intended
to be a forecast of future events and are no guarantee of future results.
6T. ROWE PRICE New York Tax-Free Bond Fund
RISKS OF INVESTING IN FIXED INCOME SECURITIES
Bonds are subject to interest rate risk (the decline in bond prices that usually
accompanies a rise in interest rates) and credit risk (the chance that any fund
holding could have its credit rating downgraded or that a bond issuer will
default by failing to make timely payments of interest or principal), potentially
reducing the fund’s income level and share price. The fund is less diversified
than one investing nationally. Some income may be subject to state and local
taxes and the federal alternative minimum tax.
BENCHMARK INFORMATION
Note: Bloomberg® and the Bloomberg Municipal Bond Index are service marks
of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services
Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and
have been licensed for use for certain purposes by T. Rowe Price. Bloomberg
is not affiliated with T. Rowe Price, and Bloomberg does not approve, endorse,
review, or recommend its products. Bloomberg does not guarantee the
timeliness, accurateness, or completeness of any data or information relating to
its products.
Portions of the mutual fund information contained in this report were supplied
by Lipper, a Refinitiv Company, subject to the following: Copyright 2022 ©
Refinitiv. All rights reserved. Any copying, republication or redistribution of
Lipper content is expressly prohibited without the prior written consent of
Lipper. Lipper shall not be liable for any errors or delays in the content, or for
any actions taken in reliance thereon.
7T. ROWE PRICE New York Tax-Free Bond Fund
GROWTH OF $10,000
This chart shows the value of a hypothetical $10,000 investment in the fund over the past
10 fiscal year periods or since inception (for funds lacking 10-year records). The result is
compared with benchmarks, which include a broad-based market index and may also
include a peer group average or index. Market indexes do not include expenses, which
are deducted from fund returns as well as mutual fund averages and indexes.
New York Tax-Free Bond Fund
$16,000
14,800
13,600
12,400
11,200
10,000
2/12 2/13 2/14 2/15 2/16 2/17 2/18 2/19 2/20 2/21 2/22
As of 2/28/22
New York Tax-Free Bond Fund $13,584
Bloomberg Municipal Bond Index 13,640
Lipper New York Municipal Debt Funds Average 13,314
Note: Performance for the I Class will vary due to its differing fee structure. See the Average
Annual Compound Total Return table.
AVERAGE ANNUAL COMPOUND TOTAL RETURN
Since Inception
Periods Ended 2/28/22 1 Year 5 Years 10 Years Inception Date
New York Tax-Free
Bond Fund 0.55% 2.98% 3.11% – –
New York Tax-Free
Bond Fund–I Class 0.64 – – 2.84% 7/6/17
This table shows how the fund would have performed each year if its actual (or cumulative)
returns for the periods shown had been earned at a constant rate. Average annual total
return figures include changes in principal value, reinvested dividends, and capital gain
distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions
or the redemption of fund shares. Past performance cannot guarantee future results. When
assessing performance, investors should consider both short- and long-term returns.
8T. ROWE PRICE New York Tax-Free Bond Fund
EXPENSE RATIOS
New York Tax-Free Bond Fund 0.52%
New York Tax-Free Bond Fund–I Class 0.44
The expense ratios shown are as of the fund’s most recent prospectus. These numbers may
vary from the expense ratios shown elsewhere in this report because they are based on a
different time period and, if applicable, include acquired fund fees and expenses but do not
include fee or expense waivers.
FUND EXPENSE EXAMPLE
As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as
redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution
and service (12b-1) fees, and other fund expenses. The following example is intended to help
you understand your ongoing costs (in dollars) of investing in the fund and to compare these
costs with the ongoing costs of investing in other mutual funds. The example is based on an
investment of $1,000 invested at the beginning of the most recent six-month period and held
for the entire period.
Please note that the fund has two share classes: The original share class (Investor Class)
charges no distribution and service (12b-1) fee, and the I Class shares are also available to
institutionally oriented clients and impose no 12b-1 or administrative fee payment. Each share
class is presented separately in the table.
Actual Expenses
The first line of the following table (Actual) provides information about actual account values
and expenses based on the fund’s actual returns. You may use the information on this line,
together with your account balance, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by
$1,000 = 8.6), then multiply the result by the number on the first line under the heading
“Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison Purposes
The information on the second line of the table (Hypothetical) is based on hypothetical account
values and expenses derived from the fund’s actual expense ratio and an assumed 5% per
year rate of return before expenses (not the fund’s actual return). You may compare the
ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical
example and the 5% hypothetical examples that appear in the shareholder reports of the other
funds. The hypothetical account values and expenses may not be used to estimate the actual
ending account balance or expenses you paid for the period.
9T. ROWE PRICE New York Tax-Free Bond Fund
FUND EXPENSE EXAMPLE (CONTINUED)
Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts
with less than $10,000. The fee is waived for any investor whose T. Rowe Price mutual fund
accounts total $50,000 or more; accounts electing to receive electronic delivery of account
statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of
an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client
(enrollment in these programs generally requires T. Rowe Price assets of at least $250,000).
This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind
when you are estimating the ongoing expenses of investing in the fund and when comparing
the expenses of this fund with other funds.
You should also be aware that the expenses shown in the table highlight only your ongoing
costs and do not reflect any transaction costs, such as redemption fees or sales loads.
Therefore, the second line of the table is useful in comparing ongoing costs only and will not
help you determine the relative total costs of owning different funds. To the extent a fund
charges transaction costs, however, the total cost of owning that fund is higher.
New York Tax-Free Bond Fund
Beginning Ending Expenses Paid
Account Value Account Value During Period*
9/1/21 2/28/22 9/1/21 to 2/28/22
Investor Class
Actual $1,000.00 $971.60 $2.59
Hypothetical (assumes 5%
return before expenses) 1,000.00 1,022.17 2.66
I Class
Actual 1,000.00 972.00 2.10
Hypothetical (assumes 5%
return before expenses) 1,000.00 1,022.66 2.16
*Expenses are equal to the fund’s annualized expense ratio for the 6-month period, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent fiscal half year (181), and divided by the days in the year (365) to reflect the half-year
period. The annualized expense ratio of the Investor Class was 0.53%, and the I Class
was 0.43%.
10T. ROWE PRICE New York Tax-Free Bond Fund
QUARTER-END RETURNS
Since Inception
Periods Ended 12/31/21 1 Year 5 Years 10 Years Inception Date
New York Tax-Free
Bond Fund 3.25% 3.86% 3.74% – –
New York Tax-Free
Bond Fund–I Class 3.43 – – 3.70% 7/6/17
The fund’s performance information represents only past performance and is not necessarily
an indication of future results. Current performance may be lower or higher than the perfor-
mance data cited. Share price, principal value, and return will vary, and you may have a gain
or loss when you sell your shares. For the most recent month-end performance, please visit
our website (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132
or, for I Class shares, 1-800-638-8790.
This table provides returns net of expenses through the most recent calendar quarter-end
rather than through the end of the fund’s fiscal period. It shows how the fund would have
performed each year if its actual (or cumulative) returns for the periods shown had been
earned at a constant rate. Average annual total return figures include changes in principal
value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that
the shareholder may pay on fund distributions or the redemption of fund shares. When
assessing performance, investors should consider both short- and long-term returns.
11T. ROWE PRICE New York Tax-Free Bond Fund
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
Investor Class
.. Year ..
..Ended .
2/28/22 2/28/21 2/29/20 2/28/19 2/28/18
NET ASSET VALUE
Beginning of period $ 11.77 $ 12.09 $ 11.42 $ 11.44 $ 11.53
Investment activities
Net investment income(1)(2) 0.29 0.31 0.34 0.36 0.37
Net realized and unrealized gain/
loss (0.22) (0.30) 0.67 (0.02) (0.09)
Total from investment activities 0.07 0.01 1.01 0.34 0.28
Distributions
Net investment income (0.29) (0.31) (0.34) (0.36) (0.37)
Net realized gain —(3) (0.02) — —(3) —
Total distributions (0.29) (0.33) (0.34) (0.36) (0.37)
NET ASSET VALUE
End of period $ 11.55 $ 11.77 $ 12.09 $ 11.42 $ 11.44
12T. ROWE PRICE New York Tax-Free Bond Fund
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
Investor Class
.. Year ..
..Ended .
2/28/22 2/28/21 2/29/20 2/28/19 2/28/18
Ratios/Supplemental Data
Total return(2)(4) 0.55% 0.14% 8.95% 3.07% 2.43%
Ratios to average net assets:(2)
Gross expenses before waivers/
payments by Price Associates 0.53% 0.52% 0.52% 0.54% 0.54%
Net expenses after waivers/
payments by Price Associates 0.53% 0.52% 0.52% 0.53% 0.52%
Net investment income 2.41% 2.66% 2.87% 3.20% 3.18%
Portfolio turnover rate 12.0% 33.8% 10.4% 6.9% 10.4%
Net assets, end of period (in
thousands) $319,198 $429,179 $470,711 $429,184 $470,616
0% 0% 0% 0% 0%
(1)
Per share amounts calculated using average shares outstanding method.
(2)
See Note 5 for details of expense-related arrangements with Price Associates.
(3)
Amounts round to less than $0.01 per share.
(4)
Total return reflects the rate that an investor would have earned on an investment in the fund
during each period, assuming reinvestment of all distributions, and payment of no redemption or
account fees, if applicable.
The accompanying notes are an integral part of these financial statements.
13T. ROWE PRICE New York Tax-Free Bond Fund
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
I Class
.. Year .. 7/6/17(1)
..Ended . Through
(1)
2/28/22 2/28/21 2/29/20 2/28/19 2/28/18
NET ASSET VALUE
Beginning of period $ 11.76 $ 12.07 $ 11.41 $ 11.44 $ 11.63
Investment activities
Net investment income(2)(3) 0.30 0.32 0.35 0.37 0.27
Net realized and unrealized gain/
loss (0.22) (0.29) 0.66 (0.03) (0.21)
Total from investment activities 0.08 0.03 1.01 0.34 0.06
Distributions
Net investment income (0.30) (0.32) (0.35) (0.37) (0.25)
Net realized gain —(4) (0.02) — —(4) —
Total distributions (0.30) (0.34) (0.35) (0.37) (0.25)
NET ASSET VALUE
End of period $ 11.54 $ 11.76 $ 12.07 $ 11.41 $ 11.44
14T. ROWE PRICE New York Tax-Free Bond Fund
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
I Class
.. Year .. 7/6/17(1)
..Ended . Through
(1)
2/28/22 2/28/21 2/29/20 2/28/19 2/28/18
Ratios/Supplemental Data
Total return(3)(5) 0.64% 0.30% 8.95% 3.07% 0.47%
Ratios to average net assets:(3)
Gross expenses before waivers/
payments by Price Associates 0.44% 0.44% 0.44% 0.45% 0.48%(6)
Net expenses after waivers/
payments by Price Associates 0.43% 0.44% 0.44% 0.44% 0.44%(6)
Net investment income 2.50% 2.74% 2.94% 3.26% 3.27%(6)
Portfolio turnover rate 12.0% 33.8% 10.4% 6.9% 10.4%
Net assets, end of period (in
thousands) $190,631 $74,828 $73,028 $54,197 $8,465
0% 0% 0% 0% 0%
(1)
Inception date
(2)
Per share amounts calculated using average shares outstanding method.
(3)
See Note 5 for details of expense-related arrangements with Price Associates.
(4)
Amounts round to less than $0.01 per share.
(5)
Total return reflects the rate that an investor would have earned on an investment in the fund
during each period, assuming reinvestment of all distributions, and payment of no redemption or
account fees, if applicable. Total return is not annualized for periods less than one year.
(6)
Annualized
The accompanying notes are an integral part of these financial statements.
15T. ROWE PRICE New York Tax-Free Bond Fund
February 28, 2022
PORTFOLIO OF INVESTMENTS ‡ Par $ Value
(Amounts in 000s) ‡
MUNICIPAL SECURITIES 100.6%
INDIANA 0.1%
Indiana Municipal Power Agency, Series B, VRDN, 0.10%, 1/1/42 300 300
300
KENTUCKY 0.2%
Louisville & Jefferson County Regional Airport Auth., UPS
Worldwide, Series C, VRDN, 0.12%, 1/1/29 (1) 1,000 1,000
1,000
NEW YORK 96.9%
Albany County Airport Auth., 4.00%, 12/15/44 700 767
Albany County Airport Auth., Series A, 5.00%, 12/15/30 540 667
Albany County Airport Auth., Series B, 5.00%, 12/15/24 (1) 1,000 1,089
Albany County Airport Auth., Series B, 5.00%, 12/15/25 (1) 1,000 1,115
Albany County Airport Auth., Series B, 5.00%, 12/15/26 (1) 1,000 1,137
Battery Park City Auth., Senior, 4.00%, 11/1/44 1,280 1,460
Brooklyn Arena Local Dev., Series A, 4.00%, 7/15/31 (2) 750 815
Brooklyn Arena Local Dev., Series A, 4.00%, 7/15/33 (2) 650 701
Brooklyn Arena Local Dev., Series A, 4.00%, 7/15/34 (2) 500 538
Brooklyn Arena Local Dev., Series A, 4.00%, 7/15/35 (2) 500 537
Brooklyn Arena Local Dev., Series A, 5.00%, 7/15/42 2,200 2,439
Broome County Local Dev., Good Shepherd Village at Endwell,
4.00%, 7/1/41 1,000 1,071
Broome County Local Dev., Good Shepherd Village at Endwell,
4.00%, 1/1/47 1,160 1,229
Broome County Local Dev., United Health Services Hosp., 4.00%,
4/1/50 (2) 3,500 3,836
Buffalo Municipal Water Fin. Auth., Series A, 5.00%, 7/1/43 (2) 600 675
Buffalo Municipal Water Fin. Auth., Series A, 5.00%, 7/1/48 (2) 1,700 1,901
Build New York City Resource, Academic Leadership Charter
School Project, 4.00%, 6/15/22 100 101
Build New York City Resource, Academic Leadership Charter
School Project, 4.00%, 6/15/31 100 109
Build New York City Resource, Academic Leadership Charter
School Project, 4.00%, 6/15/36 400 435
Build New York City Resource, Children's Aid Society Project,
4.00%, 7/1/44 450 500
Build New York City Resource, Children's Aid Society Project,
4.00%, 7/1/49 1,700 1,878
Build New York City Resource, Friends of Hellenic Classical,
Series A, 5.00%, 12/1/51 (3) 1,620 1,762
Build New York City Resource, Friends of Hellenic Classical,
Series A, 5.00%, 12/1/55 (3) 1,000 1,084
16T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Build New York City Resource, Inwood Academy Leadership
Charter School, Series A, 5.125%, 5/1/38 (3) 600 663
Build New York City Resource, Inwood Academy Leadership
Charter School, Series A, 5.50%, 5/1/48 (3) 650 723
Build New York City Resource, New World Preparatory Charter
School Project, Series A, 4.00%, 6/15/31 200 213
Build New York City Resource, New World Preparatory Charter
School Project, Series A, 4.00%, 6/15/51 500 517
Build New York City Resource, New World Preparatory Charter
School Project, Series A, 4.00%, 6/15/56 1,350 1,388
Build New York City Resource, Pratt Paper, 4.50%, 1/1/25 (1)(3) 620 652
Build New York City Resource, Pratt Paper, 5.00%, 1/1/35 (1)(3) 1,500 1,620
Build New York City Resource, Richmond Preparatory Charter
School Project, Series A, 5.00%, 6/1/56 (3) 1,250 1,348
Build New York City Resource, YMCA of Greater New York, 5.00%,
8/1/32 (Prerefunded 8/1/22) (4) 1,000 1,018
Build New York City Resource, YMCA of Greater New York, 5.00%,
8/1/42 (Prerefunded 8/1/22) (4) 2,000 2,036
Dormitory Auth. of the State of New York, Series A, 4.00%, 7/1/50 2,325 2,562
Dormitory Auth. of the State of New York, Series A, 5.00%,
10/1/33 3,375 3,941
Dormitory Auth. of the State of New York, Series A, 5.00%, 7/1/40 1,000 1,196
Dormitory Auth. of the State of New York, Series A, 5.00%, 7/1/41 2,725 3,067
Dormitory Auth. of the State of New York, Series A, 5.00%, 7/1/48 900 1,066
Dormitory Auth. of the State of New York, Series D, 4.00%,
2/15/39 2,000 2,238
Dormitory Auth. of the State of New York, Columbia Univ.,
Series B, 5.00%, 10/1/38 1,325 1,579
Dormitory Auth. of the State of New York, Culinary Institute of
America, 5.00%, 7/1/28 500 507
Dormitory Auth. of the State of New York, Culinary Institute of
America, 5.00%, 7/1/34 360 365
Dormitory Auth. of the State of New York, Culinary Institute of
America, 5.00%, 7/1/42 450 456
Dormitory Auth. of the State of New York, Fordham Univ., 4.00%,
7/1/50 3,360 3,672
Dormitory Auth. of the State of New York, Fordham Univ., 5.00%,
7/1/44 2,055 2,221
Dormitory Auth. of the State of New York, Garnet Health Medical
Center, 5.00%, 12/1/33 (3) 1,000 1,150
Dormitory Auth. of the State of New York, Garnet Health Medical
Center, 5.00%, 12/1/37 (3) 2,000 2,292
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 8/1/33 375 418
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 8/1/34 325 362
17T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 8/1/35 375 417
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 2/1/36 615 684
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 8/1/36 325 362
Dormitory Auth. of the State of New York, Maimondes Medical
Center, 4.00%, 2/1/37 285 317
Dormitory Auth. of the State of New York, Memorial Sloan-
Kettering Cancer Center, Series 1, 4.00%, 7/1/38 2,000 2,255
Dormitory Auth. of the State of New York, Memorial Sloan-
Kettering Cancer Center, Series 1, 5.00%, 7/1/42 2,970 3,445
Dormitory Auth. of the State of New York, Montefiore Obligation
Group, Series A, 4.00%, 9/1/45 1,000 1,078
Dormitory Auth. of the State of New York, Montefiore Obligation
Group, Series A, 4.00%, 9/1/50 2,265 2,431
Dormitory Auth. of the State of New York, Montefiore Obligation
Group, Series A, 5.00%, 8/1/32 1,170 1,349
Dormitory Auth. of the State of New York, Montefiore Obligation
Group, Series A, 5.00%, 8/1/34 2,000 2,302
Dormitory Auth. of the State of New York, Mount Sinai School of
Medicine, Series A, 5.15%, 7/1/24 (5) 1,160 1,217
Dormitory Auth. of the State of New York, New York Univ., Series A,
4.00%, 7/1/41 1,500 1,625
Dormitory Auth. of the State of New York, New York Univ., Series A,
4.00%, 7/1/46 3,050 3,447
Dormitory Auth. of the State of New York, New York Univ., Series A,
5.00%, 7/1/38 2,000 2,318
Dormitory Auth. of the State of New York, New York Univ., Series A,
5.00%, 7/1/39 2,230 2,526
Dormitory Auth. of the State of New York, North Shore-Long Island
Jewish Obligated Group, Series A, 5.00%, 5/1/36 2,000 2,196
Dormitory Auth. of the State of New York, Pace Univ., Series A,
5.00%, 5/1/38 500 517
Dormitory Auth. of the State of New York, Pratt Institute, 5.00%,
7/1/46 1,000 1,137
Dormitory Auth. of the State of New York, Rockefeller Univ.,
Series A, 5.00%, 7/1/37 1,360 1,379
Dormitory Auth. of the State of New York, Rockefeller Univ.,
Series C, 4.00%, 7/1/49 3,500 3,924
Dormitory Auth. of the State of New York, Saint John's Univ.,
Series A, 5.00%, 7/1/44 2,310 2,401
Dormitory Auth. of the State of New York, Saint John's Univ.,
Series B, 5.00%, 7/1/30 (Prerefunded 7/1/22) (4) 5 5
Dormitory Auth. of the State of New York, Saint John's Univ.,
Series C, 5.25%, 7/1/25 (5) 2,000 2,240
18T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Dormitory Auth. of the State of New York, Saint John's Univ.,
Unrefunded Balance, Series B, 5.00%, 7/1/30 1,300 1,314
Dormitory Auth. of the State of New York, Saint Joseph's College,
4.00%, 7/1/40 400 430
Dormitory Auth. of the State of New York, Saint Joseph's College,
5.00%, 7/1/51 740 846
Dormitory Auth. of the State of New York, School Dist., Series A,
5.00%, 10/1/34 2,800 3,267
Dormitory Auth. of the State of New York, School Dist., Unrefunded
Balance, Series A, 5.00%, 10/1/25 55 55
Dormitory Auth. of the State of New York, School Dist., Unrefunded
Balance, Series A, 5.00%, 10/1/26 35 35
Dormitory Auth. of the State of New York, State Income Tax,
Series A, 5.00%, 6/15/31 3,805 3,931
Dormitory Auth. of the State of New York, State Univ., 5.00%,
5/15/27 1,000 1,009
Dormitory Auth. of the State of New York, State Univ., 5.00%,
5/15/30 1,500 1,513
Dormitory Auth. of the State of New York, State Univ., Series A,
5.00%, 7/1/42 980 1,121
Dormitory Auth. of the State of New York, State Univ., Series A,
5.00%, 7/1/46 (Prerefunded 7/1/27) (4) 2,020 2,384
Dormitory Auth. of the State of New York, Teachers College,
Series A, 5.00%, 7/1/31 1,000 1,014
Dormitory Auth. of the State of New York, Teachers College,
Series B, 5.00%, 7/1/42 5,000 5,072
Dormitory Auth. of the State of New York, The New School,
Series A, 5.00%, 7/1/40 (Prerefunded 7/1/25) (4) 70 78
Dormitory Auth. of the State of New York, The New School,
Series A, 5.00%, 7/1/41 2,420 2,763
Dormitory Auth. of the State of New York, The New School,
Unrefunded Balance, Series A, 5.00%, 7/1/40 930 1,023
Dormitory Auth. of the State of New York, Touro College & Univ.,
5.00%, 1/1/47 4,400 4,882
Dormitory Auth. of the State of New York, Touro College & Univ.,
Series A, 5.50%, 1/1/39 65 70
Dutchess County Local Dev., Culinary Institute of America, 5.00%,
7/1/31 460 525
Dutchess County Local Dev., Culinary Institute of America, 5.00%,
7/1/36 860 980
Dutchess County Local Dev., Culinary Institute of America,
Series A-1, 5.00%, 7/1/41 200 218
Dutchess County Local Dev., Culinary Institute of America,
Series A-1, 5.00%, 7/1/46 300 326
East Rochester Housing Auth., Saint John's Healthcare, Series A,
5.00%, 4/20/27 (Prerefunded 3/17/22) (4) 2,095 2,099
Erie County IDA, 5.00%, 5/1/25 4,500 4,533
19T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Glen Cove Local Economic Assistance, Garvies Point, Series B,
Zero Coupon, 1/1/45 1,500 525
Glen Cove Local Economic Assistance, Garvies Point, Series C,
STEP, 1/1/55 3,700 3,706
Haverstraw-Stony Point Central School Dist., GO, 5.00%, 10/15/34
(Prerefunded 10/15/23) (2)(4) 500 532
Haverstraw-Stony Point Central School Dist., GO, 5.00%, 10/15/35
(Prerefunded 10/15/23) (2)(4) 500 532
Haverstraw-Stony Point Central School Dist., GO, 5.00%, 10/15/36
(Prerefunded 10/15/23) (2)(4) 460 489
Hempstead Town Local Dev., Adelphi Univ. Civic Fac., 5.00%,
10/1/27 500 542
Hempstead Town Local Dev., Adelphi Univ. Civic Fac., 5.00%,
2/1/34 350 409
Hempstead Town Local Dev., Adelphi Univ. Civic Fac., 5.00%,
10/1/34 300 325
Hempstead Town Local Dev., Adelphi Univ. Civic Fac., 5.00%,
10/1/35 325 352
Hempstead Town Local Dev., Adelphi Univ. Civic Fac., 5.00%,
9/1/38 2,000 2,097
Hempstead Town Local Dev., Molloy College, 5.00%, 7/1/39 1,000 1,058
Hempstead Town Local Dev., Molloy College, 5.00%, 7/1/44 1,000 1,054
Hudson Yards Infrastructure, Series A, 4.00%, 2/15/41 2,500 2,854
Hudson Yards Infrastructure, Series A, 4.00%, 2/15/42 2,810 3,201
Hudson Yards Infrastructure, Series A, 4.00%, 2/15/43 1,000 1,136
Hudson Yards Infrastructure, Series A, 4.00%, 2/15/44 3,500 3,968
Hudson Yards Infrastructure, Series A, 5.00%, 2/15/45 2,800 3,201
Long Island Power Auth., Electric, 5.00%, 9/1/35 1,200 1,434
Long Island Power Auth., Electric, 5.00%, 9/1/37 1,190 1,417
Long Island Power Auth., Electric, 5.00%, 9/1/39 2,275 2,697
Long Island Power Auth., Electric, 5.00%, 9/1/42 1,000 1,162
Long Island Power Auth., Electric, 5.00%, 9/1/47 2,500 2,886
Long Island Power Auth., Electric, Series A, 5.00%, 9/1/34 2,675 2,910
Long Island Power Auth., Electric, Series A, 5.00%, 9/1/44 4,000 4,336
Long Island Power Auth., Electric, Series B, 5.00%, 9/1/36 940 1,045
Long Island Power Auth., Electric, Series B, 5.00%, 9/1/37 1,100 1,221
Long Island Power Auth., Electric, Series B, 5.00%, 9/1/41 1,500 1,701
Long Island Power Auth., Electric, Series B, 5.00%, 9/1/45 1,050 1,161
Madison County Capital Resource, Colgate Univ., Series A, 5.00%,
7/1/33 (Prerefunded 7/1/23) (4) 750 790
Madison County Capital Resource, Colgate Univ., Series B, 5.00%,
7/1/43 2,500 2,764
Metropolitan Transportation Auth., VRDN, 0.10%, 11/1/32 1,300 1,300
Metropolitan Transportation Auth., Series A, 5.00%, 11/15/38 3,500 3,635
Metropolitan Transportation Auth., Series B, 5.25%, 11/15/26 (2) 3,000 3,495
Metropolitan Transportation Auth., Series C-1, 5.25%, 11/15/56 2,000 2,254
20T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Metropolitan Transportation Auth., Dedicated Tax Fund, Series A,
5.25%, 11/15/35 7,905 9,165
Metropolitan Transportation Auth., Dedicated Tax Fund,
Series A-1, STEP, 0.09%, 11/1/31 350 350
Metropolitan Transportation Auth., Green Bond, Series A-1, 5.00%,
11/15/49 3,000 3,457
Metropolitan Transportation Auth., Green Bond, Series A-1, 5.25%,
11/15/56 6,160 6,862
Metropolitan Transportation Auth., Green Bond, Series C, 5.00%,
11/15/40 (2) 2,000 2,370
Monroe County, GO, 5.00%, 6/1/28 600 686
Monroe County, GO, 5.00%, 6/1/29 300 342
Monroe County IDC, Rochester General Hosp., Series A, 5.00%,
12/1/37 1,890 1,940
Monroe County IDC, Rochester Regional Health Project, Series A,
4.00%, 12/1/39 1,000 1,117
Monroe County IDC, Rochester Schools Modernizatio, 5.00%,
5/1/34 1,200 1,472
Monroe County IDC, Rochester Schools Modernizatio, 5.00%,
5/1/35 500 612
Monroe County IDC, True North Rochester Preparatory Charter
School Project, 5.00%, 6/1/50 (3) 1,000 1,120
Monroe County IDC, True North Rochester Preparatory Charter
School Project, 5.00%, 6/1/59 (3) 1,075 1,196
Monroe County IDC, Univ. of Rochester Project, Series A, 4.00%,
7/1/50 3,950 4,371
Nassau County IDA, Amsterdam at Harborside, Series A, 9.00%,
1/1/41 (3) 990 947
Nassau County IDA, Amsterdam at Harborside, Series B, VRDN,
5.00%, 1/1/58 2,041 1,699
Nassau County Local Economic Assistance, Catholic Health
Services of Long Island, 5.00%, 7/1/30 1,500 1,615
Nassau County Local Economic Assistance, Catholic Health
Services of Long Island, 5.00%, 7/1/31 1,200 1,291
Nassau County Local Economic Assistance, Catholic Health
Services of Long Island, 5.00%, 7/1/34 1,000 1,074
Nassau County Local Economic Assistance, South Nassau
Communities Hosp., 5.00%, 7/1/27 2,000 2,021
Nassau County Local Economic Assistance, Winthrop Univ. Hosp.
Assoc., 5.00%, 7/1/42 (Prerefunded 7/1/22) (4) 3,065 3,110
New Rochelle, Iona College, Series A, 5.00%, 7/1/34 400 437
New Rochelle, Iona College, Series A, 5.00%, 7/1/35 425 464
New Rochelle, Iona College, Series A, 5.00%, 7/1/40 1,000 1,089
New Rochelle, Iona College, Series A, 5.00%, 7/1/45 1,250 1,354
New York City, Series B-1, GO, 5.00%, 12/1/38 1,500 1,712
New York City, Series B-1, GO, 5.00%, 10/1/39 3,650 4,256
New York City, Series F-1, GO, 4.00%, 3/1/47 2,000 2,224
21T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
New York City, Series J, GO, 5.00%, 8/1/33 2,500 2,715
New York City Housing Dev., Series H, VRDN, 0.12%, 11/1/51
(Tender 3/4/22) 905 905
New York City IDA, Yankee Stadium Project, 4.00%, 3/1/45 (2) 2,500 2,775
New York City Transitional Fin. Auth., Building Aid, Series S-1,
5.00%, 7/15/33 4,000 4,062
New York City Transitional Fin. Auth., Building Aid, Series S-1,
5.00%, 7/15/45 5,000 5,911
New York City Transitional Fin. Auth., Building Aid, Series S-2,
5.00%, 7/15/34 2,000 2,335
New York City Transitional Fin. Auth., Future Tax, Series A, 5.00%,
2/1/43 4,470 5,112
New York City Transitional Fin. Auth., Future Tax, Series A-3,
5.00%, 8/1/40 2,660 3,085
New York City Transitional Fin. Auth., Future Tax, Series C-1,
4.00%, 11/1/40 3,195 3,549
New York City Transitional Fin. Auth., Future Tax, Series C-4,
VRDN, 0.08%, 11/1/36 400 400
New York City Transitional Fin. Auth., Future Tax, Series I, 5.00%,
5/1/33 5,110 5,338
New York City Water & Sewer System, Series AA, 4.00%, 6/15/40 2,000 2,238
New York City Water & Sewer System, Series AA-1, 4.00%,
6/15/50 4,500 5,017
New York City Water & Sewer System, Series DD-1, 5.00%,
6/15/49 2,500 2,962
New York City Water & Sewer System, Series DD-3A, VRDN,
0.11%, 6/15/43 5,575 5,575
New York City Water & Sewer System, Series FF, 5.00%, 6/15/33 2,360 2,390
New York Convention Center Dev., Hotel Unit Fee, 5.00%,
11/15/35 4,000 4,463
New York Convention Center Dev., Hotel Unit Fee, 5.00%,
11/15/40 5,495 6,114
New York Convention Center Dev., Hotel Unit Fee, Series B, 5.00%,
11/15/24 200 217
New York Dormitory Auth., Garnet Health Medical Center, 5.00%,
12/1/31 (3) 1,000 1,153
New York Liberty Dev., 1 World Trade Center, 4.00%, 2/15/43 6,485 7,167
New York Liberty Dev., 3 World Trade Center, Class 1, 5.00%,
11/15/44 (3) 3,300 3,513
New York Liberty Dev., 3 World Trade Center, Class 2, 5.15%,
11/15/34 (3) 1,250 1,350
New York Liberty Dev., Bank of America Tower at One Bryant Park,
Class 2, 2.625%, 9/15/69 1,550 1,547
New York Liberty Dev., Bank of America Tower at One Bryant Park,
Class 3, 2.80%, 9/15/69 1,625 1,612
New York Liberty Dev., Goldman Sachs Headquarters, 5.25%,
10/1/35 4,285 5,585
22T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
New York Mortgage Agency, Series 239, 3.25%, 10/1/51 1,000 1,053
New York State Bridge Auth., Series A, 4.00%, 1/1/46 1,225 1,382
New York State Bridge Auth., Series A, 4.00%, 1/1/51 1,735 1,949
New York State Thruway Auth., Series A, 4.00%, 1/1/51 1,500 1,584
New York State Thruway Auth., Series A, 5.00%, 3/15/33 1,390 1,447
New York State Thruway Auth., Series A, 5.25%, 1/1/56 3,230 3,633
New York State Thruway Auth., Series B, 4.00%, 1/1/45 (2) 2,000 2,195
New York State Thruway Auth., Series B, 4.00%, 1/1/45 1,100 1,197
New York State Thruway Auth., Series J, 5.00%, 1/1/41 2,000 2,123
New York State Thruway Auth., Series O, 4.00%, 1/1/41 5,000 5,606
New York State Urban Dev., Series A, 4.00%, 3/15/38 2,500 2,859
New York State Urban Dev., Personal Income Tax, Series A, 4.00%,
3/15/45 3,000 3,336
New York State Urban Dev., Personal Income Tax, Series A, 5.00%,
3/15/38 3,000 3,354
New York Transportation Dev., American Airlines, 2.25%,
8/1/26 (1) 625 623
New York Transportation Dev., American Airlines, 5.00%,
8/1/31 (1) 3,250 3,282
New York Transportation Dev., Delta Airlines, LaGuardia Airport,
5.00%, 1/1/36 (1) 2,250 2,529
New York Transportation Dev., Delta Airlines, LaGuardia Airport,
5.00%, 10/1/40 (1) 2,500 2,878
New York Transportation Dev., JFK Int'l. Airport, 5.25%, 8/1/31 (1) 470 532
New York Transportation Dev., JFK Int'l. Airport, 5.375%, 8/1/36 (1) 750 882
New York Transportation Dev., JFK Int'l. Airport, Series A, 4.00%,
12/1/42 (1) 500 527
New York Transportation Dev., JFK Int'l. Airport, Series A, 5.00%,
12/1/34 (1) 1,500 1,750
New York Transportation Dev., JFK Int'l. Airport, Series A, 5.00%,
12/1/37 (1) 500 582
Niagara Frontier Transportation Auth., Buffalo Niagara Int'l. Airport,
Series A, 5.00%, 4/1/28 (1) 625 666
Niagara Frontier Transportation Auth., Buffalo Niagara Int'l. Airport,
Series A, 5.00%, 4/1/29 (1) 1,785 1,903
Niagara Frontier Transportation Auth., Buffalo Niagara Int'l. Airport,
Series A, 5.00%, 4/1/31 (1) 270 317
Niagara Frontier Transportation Auth., Buffalo Niagara Int'l. Airport,
Series A, 5.00%, 4/1/32 (1) 300 350
Niagara Frontier Transportation Auth., Buffalo Niagara Int'l. Airport,
Series A, 5.00%, 4/1/33 (1) 300 350
Oneida County Local Dev., Hamilton College Project, 5.00%,
7/1/51 2,000 2,825
Oneida County Local Dev., Mohawk Valley Health System,
Series A, 4.00%, 12/1/49 (2) 2,000 2,205
Onondaga Civic Dev., Le Moyne College, 4.00%, 7/1/39 (6) 450 481
Onondaga Civic Dev., Le Moyne College, 4.00%, 7/1/42 (6) 525 558
23T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Onondaga Civic Dev., Le Moyne College, Series B, 4.00%, 7/1/37 175 190
Onondaga Civic Dev., Le Moyne College, Series B, 4.00%, 7/1/38 155 168
Onondaga Civic Dev., Le Moyne College, Series B, 4.00%, 7/1/40 450 487
Onondaga County Trust for Cultural Resources, Syracuse Univ.,
4.00%, 12/1/47 2,500 2,763
Port Auth. of New York & New Jersey, Series 093, 6.125%, 6/1/94 2,000 2,178
Port Auth. of New York & New Jersey, Series 178, 5.00%,
12/1/38 (1) 2,000 2,116
Port Auth. of New York & New Jersey, Series 198, 5.25%, 11/15/56 1,535 1,765
Port Auth. of New York & New Jersey, Series 207, 5.00%,
9/15/35 (1) 2,500 2,920
Port Auth. of New York & New Jersey, Series 207, 5.00%,
9/15/48 (1) 2,500 2,874
Saratoga County Capital Resource, Skidmore College, 5.00%,
7/1/43 680 798
Saratoga County Capital Resource, Skidmore College, 5.00%,
7/1/48 1,000 1,166
Saratoga County Water Auth., 4.00%, 9/1/48 2,460 2,641
Schenectady County Capital Resource, Union College, 5.00%,
1/1/40 1,000 1,151
Schenectady County Capital Resource, Union College, 5.00%,
1/1/47 4,460 5,096
Suffolk County, Series A, GO, 5.00%, 2/1/26 (2) 5,000 5,625
Suffolk County, Series A, GO, 5.00%, 6/15/31 (6) 900 1,103
Suffolk County, Series A, GO, 5.00%, 6/15/32 (6) 775 964
Suffolk County, Series A, GO, 5.00%, 6/15/33 (6) 800 992
Suffolk County, Series A, GO, 5.00%, 6/15/34 (6) 575 712
Suffolk County, Series B, GO, 5.00%, 10/1/27 (6) 800 915
Suffolk County, Series B, GO, 5.00%, 10/1/28 (6) 675 783
Suffolk County Economic Dev., Peconic Landing, 5.00%, 12/1/34 410 462
Suffolk County Economic Dev., Peconic Landing, 5.00%, 12/1/40 1,500 1,678
Suffolk County Economic Dev., Saint Johnland Assisted Living,
5.375%, 11/1/54 (3) 1,275 1,228
Suffolk Tobacco Asset Securitization, Tobacco Industry, Series B,
5.00%, 6/1/23 (Prerefunded 6/1/22) (4) 500 505
Suffolk Tobacco Asset Securitization, Tobacco Industry, Series B,
5.00%, 6/1/24 (Prerefunded 6/1/22) (4) 710 718
Suffolk Tobacco Asset Securitization, Tobacco Industry, Series B,
5.00%, 6/1/25 (Prerefunded 6/1/22) (4) 500 505
Suffolk Tobacco Asset Securitization, Tobacco Industry, Series B,
5.00%, 6/1/32 (Prerefunded 6/1/22) (4) 750 758
Triborough Bridge & Tunnel Auth., Series 2005B, VRDN, 0.11%,
1/1/31 270 270
Triborough Bridge & Tunnel Auth., Series A, 5.00%, 11/15/29 1,545 1,615
Triborough Bridge & Tunnel Auth., Series A-1, 5.00%, 5/15/51 4,000 4,865
Triborough Bridge & Tunnel Auth., Series B, 5.00%, 11/15/25 1,460 1,501
24T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Triborough Bridge & Tunnel Auth., MTA Bridges & Tunnels,
Series A, 4.00%, 11/15/44 2,750 3,100
Triborough Bridge & Tunnel Auth., MTA Bridges & Tunnels,
Series A, 4.00%, 11/15/54 2,000 2,212
Triborough Bridge & Tunnel Auth., MTA Bridges & Tunnels,
Series C-2, 5.00%, 11/15/42 7,060 8,303
Troy Capital Resource, Rensselaer Polytechnic Institute, Series A,
4.00%, 9/1/40 1,665 1,868
Troy Capital Resource, Rensselaer Polytechnic Institute, Series A,
5.00%, 9/1/38 1,000 1,213
Troy Capital Resource, Rensselaer Polytechnic Institute, Series A,
5.00%, 9/1/39 1,500 1,816
Trust for Cultural Resources of New York City, Carnegie Hall,
5.00%, 12/1/37 275 335
Trust for Cultural Resources of New York City, Carnegie Hall,
5.00%, 12/1/38 250 303
Trust for Cultural Resources of New York City, Carnegie Hall,
5.00%, 12/1/39 220 266
Trust for Cultural Resources of New York City, Wildlife
Conservation Society, Series A, 5.00%, 8/1/38 (Prerefunded
8/1/23) (4) 1,000 1,056
Utility Debt Securitization Auth., 5.00%, 12/15/33 2,505 2,829
Utility Debt Securitization Auth., Series A, 5.00%, 12/15/34 2,940 3,342
Utility Debt Securitization Auth., Series B, 5.00%, 12/15/34 2,685 3,053
Westchester County Local Dev., Miriam Osborn Memorial Home
Project, 5.00%, 7/1/34 200 220
Westchester County Local Dev., Miriam Osborn Memorial Home
Project, 5.00%, 7/1/42 450 494
Westchester County Local Dev., Pace Univ., Series A, 5.00%,
5/1/34 870 926
Westchester County Local Dev., Pace Univ., Series A, 5.50%,
5/1/42 1,130 1,216
Westchester County Local Dev., Purchase Housing II Project,
5.00%, 6/1/30 425 474
Westchester County Local Dev., Purchase Housing II Project,
5.00%, 6/1/37 1,000 1,099
Western Nassau County Water Auth., Series A, 5.00%, 4/1/40
(Prerefunded 4/1/25) (4) 1,000 1,110
Yonkers Economic Dev., Charter School Education Excellence
Project, Series A, 5.00%, 10/15/39 420 462
Yonkers Economic Dev., Charter School Education Excellence
Project, Series A, 5.00%, 10/15/49 1,345 1,462
Yonkers Economic Dev., Charter School Education Excellence
Project, Series A, 5.00%, 10/15/54 430 466
493,903
25T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
PUERTO RICO 3.3%
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Series A,
5.00%, 7/1/33 (3)(6) 430 515
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Series A,
5.00%, 7/1/35 (3) 1,290 1,510
Puerto Rico Commonwealth, Public Improvement, Series A, GO,
5.00%, 7/1/19 (7)(8) 1,000 999
Puerto Rico Commonwealth, Public Improvement, Series A, GO,
5.00%, 7/1/41 (7)(8) 1,805 1,642
Puerto Rico Commonwealth, Public Improvement, Series A, GO,
8.00%, 7/1/35 (7)(8) 850 764
Puerto Rico Commonwealth, Public Improvement, Series B, GO,
5.75%, 7/1/38 (7)(8) 1,310 1,289
Puerto Rico Commonwealth, Public Improvement, Series B, GO,
6.50%, 7/1/37 (7)(8) 905 923
Puerto Rico Electric Power Auth., Series A-RSA-1, 5.05%,
7/1/42 (7)(8) 30 31
Puerto Rico Electric Power Auth., Series CCC-RSA-1, 5.00%,
7/1/27 (7)(8) 20 21
Puerto Rico Electric Power Auth., Series CCC-RSA-1, 5.25%,
7/1/27 (7)(8) 160 165
Puerto Rico Electric Power Auth., Series CCC-RSA-1, 5.25%,
7/1/28 (7)(8) 45 46
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/20 (7)(8) 55 57
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/24 (7)(8) 220 226
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/25 (7)(8) 75 77
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/26 (7)(8) 90 93
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/27 (7)(8) 10 10
Puerto Rico Electric Power Auth., Series TT-RSA-1, 5.00%,
7/1/37 (7)(8) 810 833
Puerto Rico Electric Power Auth., Series WW-RSA-1, 5.00%,
7/1/28 (7)(8) 185 190
Puerto Rico Electric Power Auth., Series WW-RSA-1, 5.25%,
7/1/33 (7)(8) 55 57
Puerto Rico Electric Power Auth., Series WW-RSA-1, 5.50%,
7/1/18 (7)(8) 50 52
Puerto Rico Electric Power Auth., Series XX-RSA-1, 5.25%,
7/1/27 (7)(8) 20 21
Puerto Rico Electric Power Auth., Series XX-RSA-1, 5.25%,
7/1/40 (7)(8) 55 57
Puerto Rico Electric Power Auth., Series XX-RSA-1, 5.75%,
7/1/36 (7)(8) 45 47
26T. ROWE PRICE New York Tax-Free Bond Fund
Par $ Value
(Amounts in 000s)
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 3.70%,
7/1/17 (7)(8) 15 15
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 5.00%,
7/1/17 (7)(8) 25 26
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 5.00%,
7/1/28 (7)(8) 20 20
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 5.25%,
7/1/19 (7)(8) 175 181
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 5.25%,
7/1/23 (7)(8) 50 52
Puerto Rico Electric Power Auth., Series ZZ-RSA-1, 5.25%,
7/1/24 (7)(8) 20 21
Puerto Rico Sales Tax Fin., Restructured, Series A-1, 5.00%,
7/1/58 1,000 1,119
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero
Coupon, 7/1/27 3,000 2,656
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero
Coupon, 7/1/31 515 401
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero
Coupon, 7/1/33 1,333 969
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero
Coupon, 7/1/46 5,475 1,772
16,857
VIRGIN ISLANDS 0.1%
Virgin Islands PFA, Matching Fund, Diageo, Series A, 6.75%,
10/1/37 800 807
807
Total Investments in Securities
100.6% of Net Assets
(Cost $498,777) $ 512,867
‡ Par is denominated in U.S. dollars unless otherwise noted.
(1) Interest subject to alternative minimum tax.
(2) Insured by Assured Guaranty Municipal Corporation
(3) Security was purchased pursuant to Rule 144A under the Securities Act of 1933
and may be resold in transactions exempt from registration only to qualified
institutional buyers. Total value of such securities at period-end amounts to
$23,826 and represents 4.7% of net assets.
(4) Prerefunded date is used in determining portfolio maturity.
(5) Insured by National Public Finance Guarantee Corporation
(6) When-issued security
(7) Issuer is currently in a bankruptcy reorganization proceeding; the amount and
timing of future distributions is uncertain.
(8) Non-income producing
27T. ROWE PRICE New York Tax-Free Bond Fund
GOGeneral Obligation
IDAIndustrial Development Authority/Agency
IDCIndustrial Development Corporation
PFAPublic Finance Authority/Agency
STEPStepped coupon bond for which the coupon rate of interest adjusts on specified
date(s); rate shown is effective rate at period-end.
VRDN Variable Rate Demand Note under which the holder has the right to sell the
security to the issuer or the issuer’s agent at a predetermined price on specified
dates; such specified dates are considered the effective maturity for purposes of
the fund’s weighted average maturity; rate shown is effective rate at period-end
and maturity date shown is final maturity. Certain VRDN rates are not based on a
published reference rate and spread but may adjust periodically.
The accompanying notes are an integral part of these financial statements.
28T. ROWE PRICE New York Tax-Free Bond Fund
February 28, 2022
STATEMENT OF ASSETS AND LIABILITIES
($000s, except shares and per share amounts)
Assets
Investments in securities, at value (cost $498,777) $ 512,867
Interest receivable 5,133
Receivable for shares sold 53
Cash 39
Other assets 30
Total assets 518,122
Liabilities
Payable for investment securities purchased 7,309
Payable for shares redeemed 618
Investment management fees payable 151
Due to affiliates 4
Other liabilities 211
Total liabilities 8,293
NET ASSETS $ 509,829
Net Assets Consist of:
Total distributable earnings (loss) $ 14,507
Paid-in capital applicable to 44,158,181 shares of $0.0001 par
value capital stock outstanding; 2,000,000,000 shares of the
Corporation authorized 495,322
NET ASSETS $ 509,829
NET ASSET VALUE PER SHARE
Investor Class
($319,197,617 / 27,638,575 shares outstanding) $ 11.55
I Class
($190,631,021 / 16,519,606 shares outstanding) $ 11.54
The accompanying notes are an integral part of these financial statements.
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