NPORT-EX 2 7048TRP053123.htm T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
May
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
100.0%
DELAWARE
1.1%
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/41 
770‌
761‌
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/42 
550‌
540‌
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/46 
1,000‌
962‌
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/40 
465‌
509‌
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/41 
480‌
520‌
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/42 
520‌
563‌
3,855‌
GUAM
0.4%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/40 
1,255‌
1,297‌
1,297‌
NEW
JERSEY
87.3%
Atlantic
County
Improvement
Auth.,
Stockton
Univ.,
4.00%,
7/1/47 (1)
3,000‌
2,841‌
Bergen
County
Improvement
Auth.,
5.00%,
8/1/47 
2,000‌
2,212‌
Burlington
County
Bridge
Commission,
4.00%,
10/1/29 
1,470‌
1,505‌
Burlington
County
Bridge
Commission,
5.00%,
10/1/24 
1,000‌
1,006‌
Burlington
County
Bridge
Commission,
5.00%,
10/1/27 
1,000‌
1,051‌
Burlington
County
Bridge
Commission,
5.00%,
10/1/28 
1,280‌
1,345‌
Burlington
County
Bridge
Commission,
5.00%,
4/15/31 
1,000‌
1,099‌
City
of
Summit,
GO,
4.00%,
7/15/41 
855‌
862‌
City
of
Summit,
GO,
4.00%,
7/15/42 
1,360‌
1,370‌
City
of
Summit,
GO,
4.00%,
7/15/44 
1,360‌
1,363‌
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/51 
1,100‌
919‌
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/56 
1,875‌
1,522‌
Essex
County
Improvement
Auth.,
NJIT
Student
Housing,
Series A,
4.00%,
8/1/56 (2)
1,500‌
1,369‌
Essex
County
Improvement
Auth.,
PJ
Consolidation,
5.50%,
10/1/27 (3)
2,205‌
2,443‌
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (1)
5,600‌
6,074‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
4.00%,
7/1/38 
500‌
503‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
4.00%,
7/1/39 
450‌
451‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
4.00%,
7/1/46 (2)
750‌
715‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
4.00%,
7/1/51 (2)
1,000‌
934‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
Series A,
5.00%,
11/1/28 (1)
1,750‌
1,833‌
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
Series A,
5.00%,
11/1/29 (1)
1,285‌
1,352‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
Hudson
County
Improvement
Auth.,
4.00%,
1/1/38 
1,000‌
1,005‌
Hudson
County
Improvement
Auth.,
Vocational
Technical
Schools,
5.25%,
5/1/51 
7,000‌
7,224‌
Mercer
County
Improvement
Auth.,
4.00%,
4/1/33 
1,000‌
1,063‌
Middlesex
County,
Civic
Square
IV
Redev.,
COP,
5.00%,
10/15/31 
1,465‌
1,570‌
Monmouth
County
Improvement
Auth.,
Series B,
4.00%,
12/1/37 
750‌
764‌
Monmouth
County
Improvement
Auth.,
Series B,
4.00%,
12/1/38 
1,000‌
1,014‌
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/37 
275‌
281‌
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/38 
225‌
228‌
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/39 
200‌
202‌
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series B,
5.00%,
7/15/35 
1,250‌
1,311‌
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series B,
5.00%,
7/15/36 
1,000‌
1,045‌
Monroe
Township
Board
of
Ed.,
Gloucester
County,
GO,
5.00%,
3/1/26
(Prerefunded
3/1/24) (4)
1,650‌
1,668‌
New
Brunswick
Parking
Auth.,
5.00%,
9/1/26 (2)
320‌
332‌
New
Brunswick
Parking
Auth.,
5.00%,
9/1/27 (2)
375‌
389‌
New
Jersey
Economic
Dev.
Auth.,
Series A,
4.00%,
7/1/32 
4,040‌
4,071‌
New
Jersey
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/33 
2,000‌
2,102‌
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.25%,
6/15/38 (5)
1,000‌
1,058‌
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.25%,
6/15/39 (5)
2,250‌
2,370‌
New
Jersey
Economic
Dev.
Auth.,
American
Water,
Series A,
VRDN,
2.20%,
10/1/39
(Tender
12/3/29) (6)
1,500‌
1,285‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (7)
530‌
506‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (7)
1,150‌
1,095‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (7)
1,105‌
1,005‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/54 (7)
375‌
336‌
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (6)
1,000‌
1,013‌
New
Jersey
Economic
Dev.
Auth.,
Cranes
Mill
Project,
5.00%,
1/1/49 
4,000‌
3,273‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.00%,
1/1/24 (6)
850‌
854‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.125%,
1/1/34 (6)
2,035‌
2,048‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.125%,
1/1/39 (1)(6)
1,030‌
1,034‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.375%,
1/1/43 (6)
6,175‌
6,192‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
4.875%,
1/1/29 
910‌
898‌
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44 
2,470‌
2,294‌
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
4.00%,
8/1/59 (6)
5,070‌
4,388‌
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
5.00%,
8/1/59 (6)
1,425‌
1,459‌
New
Jersey
Economic
Dev.
Auth.,
Motor
Vehicle
Surcharges,
Unrefunded
Balance,
Series A,
5.25%,
7/1/26 (3)
810‌
846‌
New
Jersey
Economic
Dev.
Auth.,
Natural
Gas
Company
Project,
Series C,
VRDN,
2.45%,
4/1/59
(Tender
4/1/26) (6)
1,500‌
1,443‌
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (6)
2,075‌
2,101‌
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (6)
3,075‌
3,032‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Montclair
Univ.
Student
Housing,
5.00%,
6/1/37 (1)
1,000‌
1,032‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Montclair
Univ.
Student
Housing,
5.00%,
6/1/42 (1)
3,250‌
3,316‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48 
4,250‌
3,833‌
New
Jersey
Economic
Dev.
Auth.,
School
Fac.
Construction,
Series DDD,
5.00%,
6/15/35
(Prerefunded
6/15/27) (4)
1,000‌
1,084‌
New
Jersey
Economic
Dev.
Auth.,
School
Fac.
Construction,
Series DDD,
5.00%,
6/15/42
(Prerefunded
6/15/27) (4)
2,250‌
2,439‌
New
Jersey
Economic
Dev.
Auth.,
Seeing
Eye
2017
Project,
5.00%,
6/1/32 
2,270‌
2,391‌
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44 
3,000‌
2,829‌
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (6)
1,765‌
1,765‌
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (6)
3,250‌
3,250‌
New
Jersey
Economic
Dev.
Auth.,
United
Methodist
Homes,
5.00%,
7/1/34
(Prerefunded
7/1/23) (4)
1,000‌
1,001‌
New
Jersey
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
5.00%,
7/1/29
(Prerefunded
7/1/24) (4)
2,690‌
2,735‌
New
Jersey
EFA,
Series C,
4.00%,
7/1/50 (1)
2,000‌
1,885‌
New
Jersey
EFA,
College
of
New
Jersey,
Series A,
4.00%,
7/1/47 (1)
750‌
715‌
New
Jersey
EFA,
College
of
New
Jersey,
Series G,
5.00%,
7/1/30 
1,214‌
1,256‌
New
Jersey
EFA,
Green
Bond,
Series A,
4.00%,
7/1/50 
1,000‌
869‌
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/45 
3,800‌
3,875‌
New
Jersey
EFA,
Kean
Univ.,
Series H,
5.00%,
7/1/28 (1)
2,000‌
2,074‌
New
Jersey
EFA,
Montclair
State
Univ.,
Series A,
5.00%,
7/1/39 
3,275‌
3,309‌
New
Jersey
EFA,
Montclair
State
Univ.,
Series D,
5.00%,
7/1/36 
1,000‌
1,025‌
New
Jersey
EFA,
Princeton
Univ.,
Series A,
5.00%,
7/1/26 
1,500‌
1,592‌
New
Jersey
EFA,
Princeton
Univ.,
Series C,
5.00%,
7/1/29 
500‌
543‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
New
Jersey
EFA,
Rowan
Univ.,
Series C,
5.00%,
7/1/27 (1)
2,000‌
2,097‌
New
Jersey
EFA,
Seton
Hall
Univ.,
Series D,
5.00%,
7/1/42 
3,500‌
3,587‌
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/35 
1,000‌
1,038‌
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/36 
1,640‌
1,691‌
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/37 
2,000‌
2,053‌
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/47 
1,600‌
1,617‌
New
Jersey
EFA,
Stockton
Univ.,
Series A,
5.00%,
7/1/35 (1)
2,000‌
2,076‌
New
Jersey
EFA,
William
Paterson
Univ.,
4.00%,
7/1/36 (1)
135‌
136‌
New
Jersey
HCFFA,
AHS
Hosp.,
4.00%,
7/1/41 
2,500‌
2,431‌
New
Jersey
HCFFA,
AHS
Hosp.,
Series A,
5.00%,
7/1/27 
110‌
110‌
New
Jersey
HCFFA,
Atlanticare
Health
System,
3.00%,
7/1/46 
1,500‌
1,120‌
New
Jersey
HCFFA,
Atlanticare
Health
System,
3.00%,
7/1/51 
1,790‌
1,274‌
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
3.00%,
7/1/51 
4,360‌
3,185‌
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
4.00%,
7/1/45 
1,775‌
1,710‌
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.00%,
7/1/32 
1,250‌
1,338‌
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57 
3,665‌
3,775‌
New
Jersey
HCFFA,
Hunterdon
Medical
Center,
5.00%,
7/1/45
(Prerefunded
7/1/24) (4)
1,600‌
1,627‌
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/30 
2,000‌
2,082‌
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/33 
2,360‌
2,455‌
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/34 
1,365‌
1,419‌
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/42 
5,000‌
5,128‌
New
Jersey
HCFFA,
Princeton
Healthcare
System,
Series A,
5.00%,
7/1/28 
1,720‌
1,814‌
New
Jersey
HCFFA,
Princeton
Healthcare
System,
Series A,
5.00%,
7/1/39 
4,500‌
4,620‌
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series A,
5.00%,
7/1/29 
1,500‌
1,592‌
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series A,
5.00%,
7/1/43 
2,600‌
2,666‌
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series B-3,
VRDN,
5.00%,
7/1/45
(Tender
7/1/26) 
1,435‌
1,492‌
New
Jersey
HCFFA,
Saint
Joseph's
Health
System,
5.00%,
7/1/31 
2,200‌
2,254‌
New
Jersey
HCFFA,
Saint
Joseph's
Health
System,
5.00%,
7/1/41 
3,000‌
2,944‌
New
Jersey
HCFFA,
Univ.
Hosp.,
Series A,
5.00%,
7/1/46 (1)
1,000‌
1,008‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
New
Jersey
HCFFA,
Valley
Health
System,
4.00%,
7/1/37 
800‌
792‌
New
Jersey
HCFFA,
Valley
Health
System,
4.00%,
7/1/39 
1,500‌
1,473‌
New
Jersey
HCFFA,
Valley
Health
System,
5.00%,
7/1/31 
1,860‌
2,042‌
New
Jersey
HCFFA,
Virtua
Health,
Series B,
VRDN,
2.85%,
7/1/43 
1,250‌
1,250‌
New
Jersey
HCFFA,
Virtua
Health,
Series C,
VRDN,
2.80%,
7/1/43 
100‌
100‌
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series B,
5.00%,
12/1/25 (6)
1,000‌
1,024‌
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series B,
5.00%,
12/1/26 (6)
500‌
516‌
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series C,
5.00%,
12/1/53 (6)
1,250‌
1,207‌
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series SR,
5.00%,
12/1/26 (6)
1,500‌
1,537‌
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Social
Bond,
Series I,
4.60%,
10/1/46 
1,975‌
1,940‌
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Social
Bond,
Series I,
5.00%,
10/1/53 
1,235‌
1,271‌
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/32 
375‌
414‌
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/33 
170‌
188‌
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/40 
3,500‌
3,565‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
12/15/39 
2,080‌
2,015‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42 
2,955‌
2,819‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
12/15/39 
1,500‌
1,579‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41 (5)
750‌
820‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42 (5)
1,000‌
1,090‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.50%,
6/15/49 
2,231‌
2,231‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
4.00%,
6/15/46 
4,010‌
3,765‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
4.00%,
6/15/50 
2,790‌
2,585‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/34 
2,000‌
2,141‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/35 
1,665‌
1,771‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series CC,
5.50%,
6/15/50 
1,910‌
2,082‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43 
4,850‌
5,087‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42 
1,000‌
991‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51 
2,610‌
2,492‌
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/48 
7,500‌
7,906‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/40 
2,000‌
2,118‌
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52 
1,425‌
1,566‌
New
Jersey
Turnpike
Auth.,
Series E,
5.00%,
1/1/31 
1,000‌
1,087‌
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26 
4,000‌
4,206‌
Newark
Board
of
Ed.,
GO,
4.00%,
7/15/35 (2)
400‌
403‌
Newark
Board
of
Ed.,
GO,
4.00%,
7/15/37 (2)
1,075‌
1,052‌
Newark
City,
Series C,
GO,
4.00%,
10/1/34 (1)
120‌
124‌
Newark
City,
Series C,
GO,
4.00%,
10/1/36 (1)
265‌
269‌
North
Hudson
Sewer
Auth.,
5.00%,
6/1/41 (1)
1,000‌
1,132‌
North
Hudson
Sewer
Auth.,
5.00%,
6/1/42 (1)
750‌
854‌
Rutgers
Univ.,
Series M,
5.00%,
5/1/34 
1,600‌
1,663‌
Salem
County
PCR,
Atlantic
City
Electric,
2.25%,
6/1/29 
3,000‌
2,702‌
South
Jersey
Port,
Marine
Terminal,
Series B,
5.00%,
1/1/48 (6)
8,325‌
8,362‌
South
Jersey
Transportation
Auth.,
Series A,
5.00%,
11/1/32 (1)
1,250‌
1,366‌
South
Jersey
Transportation
Auth.,
Transportation
System,
Series A,
5.25%,
11/1/52 (2)
2,100‌
2,279‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/24 
370‌
375‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/37 
2,905‌
3,034‌
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46 
4,660‌
4,680‌
Union
County
PCR,
Exxon
Mobil
Project,
VRDN,
3.88%,
10/1/24 
300‌
300‌
292,990‌
NEW
YORK
3.7%
Port
Auth.
of
New
York
&
New
Jersey,
Series 093,
6.125%,
6/1/94 
1,000‌
1,018‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 198,
5.25%,
11/15/56 
2,500‌
2,584‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/35 (6)
5,000‌
5,230‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 221,
4.00%,
7/15/50 (6)
1,575‌
1,477‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 234,
5.50%,
8/1/52 (6)
1,900‌
2,082‌
12,391‌
PENNSYLVANIA
2.6%
Delaware
River
Joint
Toll
Bridge
Commission,
5.00%,
7/1/29
(Prerefunded
7/1/25) (4)
400‌
415‌
Delaware
River
Joint
Toll
Bridge
Commission,
5.00%,
7/1/42 
2,050‌
2,137‌
Delaware
River
Joint
Toll
Bridge
Commission,
Bridge
System,
Series A,
5.00%,
7/1/44 
750‌
790‌
Delaware
River
Port
Auth.,
5.00%,
1/1/40 
2,000‌
2,014‌
Delaware
River
Port
Auth.,
Series A,
5.00%,
1/1/34 
2,000‌
2,213‌
Delaware
River
Port
Auth.,
Series A,
5.00%,
1/1/40 
1,000‌
1,060‌
8,629‌
PUERTO
RICO
4.9%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
70‌
34‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (8)(9)
1,350‌
651‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (7)
690‌
690‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24 
69‌
66‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
265‌
155‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33 
1,206‌
1,107‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
635‌
567‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
367‌
318‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
216‌
180‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23 
115‌
115‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25 
229‌
234‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
627‌
656‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
2,223‌
2,355‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31 
967‌
1,041‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (9)(10)
10‌
7‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (9)
(10)
20‌
14‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (9)
(10)
150‌
107‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (9)
(10)
40‌
29‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (9)(10)
50‌
35‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (9)(10)
65‌
46‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (9)(10)
80‌
57‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (9)(10)
10‌
7‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (9)(10)
910‌
651‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (9)
(10)
160‌
114‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (9)
(10)
70‌
50‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (9)
(10)
45‌
32‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (9)(10)
20‌
14‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (9)(10)
50‌
36‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (9)(10)
35‌
25‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (9)(10)
10‌
7‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (9)(10)
20‌
14‌
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (9)(10)
15‌
11‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (9)(10)
165‌
116‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (9)(10)
45‌
32‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (9)(10)
20‌
14‌
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series A,
5.00%,
7/1/62 
558‌
535‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
1,040‌
962‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58 
125‌
120‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27 
3,000‌
2,522‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31 
495‌
343‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
1,189‌
742‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
6,050‌
1,628‌
16,439‌
Total
Investments
in
Securities
100.0%
(Cost
$351,016)
$
335,601‌
Other
Assets
Less
Liabilities
(0.0)%
(114)
Net
Assets
100.0%
$
335,487‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Insured
by
Assured
Guaranty
Municipal
Corporation
(2)
Insured
by
Build
America
Mutual
Assurance
Company
(3)
Insured
by
National
Public
Finance
Guarantee
Corporation
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
When-issued
security
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
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
$3,632
and
represents
1.1%
of
net
assets.
(8)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(9)
Non-income
producing
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
COP
Certificate
of
Participation
EFA
Educational
Facility
Authority
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
PCR
Pollution
Control
Revenue
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
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.
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
New
Jersey
Tax-Free
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
11
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
12
Valuation
Inputs
  On
May
31,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F47-054Q1
05/23