T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

November

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

99.7%

NEW

YORK

95.7%

Albany

County

Airport

Auth.,

4.00%,

12/15/44 

700‌

673‌

Albany

County

Airport

Auth.,

Series B,

5.00%,

12/15/24 (1)

1,000‌

1,011‌

Albany

County

Airport

Auth.,

Series B,

5.00%,

12/15/25 (1)

1,000‌

1,024‌

Albany

County

Airport

Auth.,

Series B,

5.00%,

12/15/26 (1)

1,000‌

1,039‌

Battery

Park

City

Auth.,

Senior,

4.00%,

11/1/44 

1,280‌

1,276‌

Brooklyn

Arena

Local

Dev.,

Series A,

4.00%,

7/15/31 (2)

750‌

752‌

Brooklyn

Arena

Local

Dev.,

Series A,

4.00%,

7/15/33 (2)

650‌

651‌

Brooklyn

Arena

Local

Dev.,

Series A,

4.00%,

7/15/34 (2)

500‌

500‌

Brooklyn

Arena

Local

Dev.,

Series A,

4.00%,

7/15/35 (2)

500‌

500‌

Brooklyn

Arena

Local

Dev.,

Series A,

5.00%,

7/15/42 

2,200‌

2,166‌

Broome

County

Local

Dev.,

Good

Shepherd

Village

at

Endwell,

4.00%,

7/1/47 

2,320‌

1,614‌

Buffalo

Municipal

Water

Fin.

Auth.,

Series A,

5.00%,

7/1/43 (2)

600‌

621‌

Buffalo

Municipal

Water

Fin.

Auth.,

Series A,

5.00%,

7/1/48 (2)

1,700‌

1,753‌

Build

New

York

City

Resource,

Academic

Leadership

Charter

School

Project,

4.00%,

6/15/31 

100‌

94‌

Build

New

York

City

Resource,

Academic

Leadership

Charter

School

Project,

4.00%,

6/15/36 

800‌

730‌

Build

New

York

City

Resource,

Children's

Aid

Society

Project,

4.00%,

7/1/44 

450‌

419‌

Build

New

York

City

Resource,

Children's

Aid

Society

Project,

4.00%,

7/1/49 

1,700‌

1,536‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/51 (3)

1,620‌

1,332‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/55 (3)

1,000‌

808‌

Build

New

York

City

Resource,

Global

Community

Charter

School

Project,

Series A,

5.00%,

6/15/57 

1,125‌

1,031‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.125%,

5/1/38 (3)

600‌

577‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.50%,

5/1/48 (3)

650‌

628‌

Build

New

York

City

Resource,

New

World

Preparatory

Charter

School

Project,

Series A,

4.00%,

6/15/31 (3)

200‌

187‌

Build

New

York

City

Resource,

New

World

Preparatory

Charter

School

Project,

Series A,

4.00%,

6/15/51 (3)

500‌

360‌

Build

New

York

City

Resource,

New

World

Preparatory

Charter

School

Project,

Series A,

4.00%,

6/15/56 (3)

1,350‌

944‌

Build

New

York

City

Resource,

Pratt

Paper,

4.50%,

1/1/25 (1)(3)

320‌

320‌

Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35 (1)(3)

1,500‌

1,501‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/56 (3)

1,250‌

1,096‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.00%,

7/1/48 

2,510‌

1,893‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

2

Par

$

Value

(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

7/1/40 

1,000‌

1,058‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

7/1/41 

2,725‌

2,789‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

7/1/48 

900‌

933‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.25%,

10/1/50 (2)

1,500‌

1,621‌

Dormitory

Auth.

of

the

State

of

New

York,

Columbia

Univ.,

Series A,

5.00%,

10/1/47 

3,070‌

3,569‌

Dormitory

Auth.

of

the

State

of

New

York,

Columbia

Univ.,

Series B,

5.00%,

10/1/38 

1,325‌

1,414‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/31 (3)

1,000‌

981‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/33 (3)

1,000‌

974‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/37 (3)

2,000‌

1,849‌

Dormitory

Auth.

of

the

State

of

New

York,

Maimondes

Medical

Center,

4.00%,

8/1/33 

375‌

386‌

Dormitory

Auth.

of

the

State

of

New

York,

Maimondes

Medical

Center,

4.00%,

8/1/35 

375‌

384‌

Dormitory

Auth.

of

the

State

of

New

York,

Maimondes

Medical

Center,

4.00%,

8/1/36 

325‌

329‌

Dormitory

Auth.

of

the

State

of

New

York,

Maimondes

Medical

Center,

4.00%,

2/1/37 

285‌

288‌

Dormitory

Auth.

of

the

State

of

New

York,

Memorial

Sloan-

Kettering

Cancer

Center,

Series 1,

4.00%,

7/1/38 

2,000‌

2,019‌

Dormitory

Auth.

of

the

State

of

New

York,

Memorial

Sloan-

Kettering

Cancer

Center,

Series 1,

5.00%,

7/1/42 

2,970‌

3,085‌

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligation

Group,

Series A,

4.00%,

9/1/45 

1,000‌

871‌

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligation

Group,

Series A,

4.00%,

9/1/50 

2,265‌

1,904‌

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligation

Group,

Series A,

5.00%,

8/1/32 

1,170‌

1,207‌

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligation

Group,

Series A,

5.00%,

8/1/34 

2,000‌

2,056‌

Dormitory

Auth.

of

the

State

of

New

York,

Mount

Sinai

School

of

Medicine,

Series A,

5.15%,

7/1/24 (4)

410‌

414‌

Dormitory

Auth.

of

the

State

of

New

York,

New

York

Univ.,

Series A,

5.00%,

7/1/38 

2,000‌

2,101‌

Dormitory

Auth.

of

the

State

of

New

York,

New

York

Univ.,

Series A,

5.00%,

7/1/42

(Prerefunded

7/1/27) (5)

205‌

220‌

Dormitory

Auth.

of

the

State

of

New

York,

North

Shore-Long

Island

Jewish

Obligated

Group,

Series A,

5.00%,

5/1/36 

2,000‌

2,025‌

Dormitory

Auth.

of

the

State

of

New

York,

Northwell

Health

Obligation

Group,

5.00%,

5/1/52 

2,000‌

2,072‌

Dormitory

Auth.

of

the

State

of

New

York,

Rochester

Institute

of

Technology,

Series A,

5.00%,

7/1/41 

750‌

811‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

3

Par

$

Value

(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Rockefeller

Univ.,

Series A,

4.00%,

7/1/42 

3,500‌

3,461‌

Dormitory

Auth.

of

the

State

of

New

York,

Saint

John's

Univ.,

Series C,

5.25%,

7/1/25 (4)

2,000‌

2,055‌

Dormitory

Auth.

of

the

State

of

New

York,

Saint

Joseph's

College,

4.00%,

7/1/40 

400‌

345‌

Dormitory

Auth.

of

the

State

of

New

York,

Saint

Joseph's

College,

5.00%,

7/1/51 

740‌

678‌

Dormitory

Auth.

of

the

State

of

New

York,

School

Dist.,

Series A,

5.00%,

10/1/34 

2,800‌

2,966‌

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

Univ.,

Series A,

5.00%,

7/1/46

(Prerefunded

7/1/27) (5)

2,020‌

2,178‌

Dormitory

Auth.

of

the

State

of

New

York,

The

New

School,

Series A,

5.00%,

7/1/40

(Prerefunded

7/1/25) (5)

70‌

72‌

Dormitory

Auth.

of

the

State

of

New

York,

The

New

School,

Series A,

5.00%,

7/1/41 

2,420‌

2,456‌

Dormitory

Auth.

of

the

State

of

New

York,

The

New

School,

Unrefunded

Balance,

Series A,

5.00%,

7/1/40 

1,000‌

1,009‌

Dormitory

Auth.

of

the

State

of

New

York,

Touro

College

&

Univ.,

5.00%,

1/1/47

(Prerefunded

1/3/28) (5)

4,400‌

4,777‌

Dormitory

Auth.

of

the

State

of

New

York,

Touro

College

&

Univ.,

Series A,

5.50%,

1/1/39

(Prerefunded

7/1/24) (5)

65‌

66‌

Dutchess

County

Local

Dev.,

Culinary

Institute

of

America,

5.00%,

7/1/31 

460‌

480‌

Dutchess

County

Local

Dev.,

Culinary

Institute

of

America,

5.00%,

7/1/36 

860‌

885‌

Dutchess

County

Local

Dev.,

Culinary

Institute

of

America,

Series A-1,

5.00%,

7/1/41 

200‌

201‌

Dutchess

County

Local

Dev.,

Culinary

Institute

of

America,

Series A-1,

5.00%,

7/1/46 

300‌

300‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45 

1,475‌

389‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

STEP,

0.00%,

1/1/55 

3,700‌

3,301‌

Hempstead

Town

Local

Dev.,

Adelphi

Univ.

Civic

Fac.,

5.00%,

10/1/27 

500‌

507‌

Hempstead

Town

Local

Dev.,

Adelphi

Univ.

Civic

Fac.,

5.00%,

2/1/34 

350‌

376‌

Hempstead

Town

Local

Dev.,

Adelphi

Univ.

Civic

Fac.,

5.00%,

10/1/34 

300‌

303‌

Hempstead

Town

Local

Dev.,

Adelphi

Univ.

Civic

Fac.,

5.00%,

10/1/35 

325‌

328‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

4

Par

$

Value

(Amounts

in

000s)

Hempstead

Town

Local

Dev.,

Adelphi

Univ.

Civic

Fac.,

5.00%,

9/1/38 

2,000‌

2,001‌

Hempstead

Town

Local

Dev.,

Molloy

College,

5.00%,

7/1/39 

2,000‌

2,002‌

Hempstead

Town

Local

Dev.,

Molloy

College,

5.00%,

7/1/44 

1,000‌

997‌

Hudson

Yards

Infrastructure,

Series A,

4.00%,

2/15/41 

2,500‌

2,488‌

Hudson

Yards

Infrastructure,

Series A,

4.00%,

2/15/42 

2,810‌

2,769‌

Hudson

Yards

Infrastructure,

Series A,

4.00%,

2/15/43 

1,000‌

981‌

Hudson

Yards

Infrastructure,

Series A,

4.00%,

2/15/44 

3,500‌

3,408‌

Long

Island

Power

Auth.,

Electric,

5.00%,

9/1/35 

1,200‌

1,297‌

Long

Island

Power

Auth.,

Electric,

5.00%,

9/1/37 

1,190‌

1,269‌

Long

Island

Power

Auth.,

Electric,

5.00%,

9/1/39 

2,275‌

2,407‌

Long

Island

Power

Auth.,

Electric,

5.00%,

9/1/42 

1,000‌

1,034‌

Long

Island

Power

Auth.,

Electric,

5.00%,

9/1/47 

2,500‌

2,570‌

Long

Island

Power

Auth.,

Electric,

Series A,

5.00%,

9/1/43 

1,470‌

1,602‌

Long

Island

Power

Auth.,

Electric,

Series B,

5.00%,

9/1/37 

1,100‌

1,115‌

Long

Island

Power

Auth.,

Electric,

Series B,

5.00%,

9/1/41 

1,500‌

1,536‌

Madison

County

Capital

Resource,

Colgate

Univ.,

Series B,

5.00%,

7/1/43 

2,500‌

2,535‌

Metropolitan

Transportation

Auth.,

Series A,

5.00%,

11/15/38

(Prerefunded

1/8/24) (5)

3,500‌

3,505‌

Metropolitan

Transportation

Auth.,

Series B,

5.25%,

11/15/26 (2)

3,000‌

3,182‌

Metropolitan

Transportation

Auth.,

Series E-1,

VRDN,

3.25%,

11/15/50 

600‌

600‌

Metropolitan

Transportation

Auth.,

Dedicated

Tax

Fund,

Series A,

5.25%,

11/15/35 

5,405‌

5,673‌

Metropolitan

Transportation

Auth.,

Green

Bond,

Series A-1,

5.00%,

11/15/49 

3,000‌

3,082‌

Metropolitan

Transportation

Auth.,

Green

Bond,

Series C,

5.00%,

11/15/40 (2)

2,000‌

2,092‌

Monroe

County

IDC,

Rochester

General

Hosp.,

Series A,

5.00%,

12/1/37 

1,890‌

1,893‌

Monroe

County

IDC,

Rochester

Regional

Health

Project,

Series A,

4.00%,

12/1/39 

1,000‌

932‌

Monroe

County

IDC,

Rochester

Schools

Modernizatio,

5.00%,

5/1/34 

1,200‌

1,342‌

Monroe

County

IDC,

Rochester

Schools

Modernizatio,

5.00%,

5/1/35 

500‌

558‌

Monroe

County

IDC,

True

North

Rochester

Preparatory

Charter

School

Project,

5.00%,

6/1/50 (3)

1,000‌

959‌

Monroe

County

IDC,

True

North

Rochester

Preparatory

Charter

School

Project,

5.00%,

6/1/59 (3)

1,075‌

1,011‌

Monroe

County

IDC,

Univ.

of

Rochester

Project,

Series A,

4.00%,

7/1/50 

3,360‌

3,216‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41 (3)(6)(7)

990‌

941‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58 (6)

2,041‌

489‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

5

Par

$

Value

(Amounts

in

000s)

Nassau

County

Local

Economic

Assistance,

Catholic

Health

Services

of

Long

Island,

5.00%,

7/1/31 

1,200‌

1,206‌

Nassau

County

Local

Economic

Assistance,

Catholic

Health

Services

of

Long

Island,

5.00%,

7/1/34 

1,000‌

1,004‌

New

Rochelle,

Iona

College,

Series A,

5.00%,

7/1/34 

400‌

404‌

New

Rochelle,

Iona

College,

Series A,

5.00%,

7/1/35 

425‌

428‌

New

Rochelle,

Iona

College,

Series A,

5.00%,

7/1/40 

1,000‌

1,001‌

New

Rochelle,

Iona

College,

Series A,

5.00%,

7/1/45 

1,250‌

1,232‌

New

York

City,

Series B-1,

GO,

5.25%,

10/1/47 

3,820‌

4,192‌

New

York

City,

Series D-1,

GO,

5.50%,

5/1/44 

2,000‌

2,251‌

New

York

City

Housing

Dev.,

3.05%,

5/1/50 

2,950‌

2,166‌

New

York

City

Housing

Dev.,

Series A,

4.95%,

11/1/58 

2,500‌

2,560‌

New

York

City

Housing

Dev.,

Series F-1,

2.40%,

11/1/46 

2,450‌

1,645‌

New

York

City

Housing

Dev.,

Series G,

4.95%,

11/1/58 

2,500‌

2,552‌

New

York

City

IDA,

Queens

Baseball

Stadium

Project,

Series A,

3.00%,

1/1/46 (2)

2,250‌

1,680‌

New

York

City

IDA,

Yankee

Stadium

Project,

4.00%,

3/1/45 (2)

2,500‌

2,394‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA,

5.25%,

6/15/52 

2,690‌

2,950‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC,

VRDN,

3.20%,

6/15/41 

300‌

300‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC,

VRDN,

3.25%,

6/15/53 

400‌

400‌

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-1,

5.00%,

7/15/45 

2,500‌

2,604‌

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-2,

5.00%,

7/15/34 

2,000‌

2,116‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series A-1,

5.00%,

5/1/45 

1,500‌

1,637‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series B,

5.50%,

5/1/47 

5,000‌

5,651‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C,

5.50%,

5/1/44 

2,000‌

2,285‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C-1,

4.00%,

2/1/39 

2,500‌

2,495‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C-4,

VRDN,

3.25%,

11/1/36 

1,900‌

1,900‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series E-1,

5.00%,

2/1/43 

4,470‌

4,619‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series E-3,

VRDN,

3.25%,

2/1/45 

1,800‌

1,800‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-1,

5.25%,

2/1/40 

5,140‌

5,816‌

New

York

City

Water

&

Sewer

System,

Series AA,

4.00%,

6/15/40 

2,000‌

2,011‌

New

York

City

Water

&

Sewer

System,

Series CC-1,

5.00%,

6/15/51 

2,250‌

2,393‌

New

York

City

Water

&

Sewer

System,

Series DD,

5.00%,

6/15/49 

2,500‌

2,606‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

6

Par

$

Value

(Amounts

in

000s)

New

York

City,

Fiscal

2018,

Series B-5,

GO,

VRDN,

3.25%,

10/1/46 

225‌

225‌

New

York

Convention

Center

Dev.,

Hotel

Unit

Fee,

5.00%,

11/15/35 

4,000‌

4,059‌

New

York

Convention

Center

Dev.,

Hotel

Unit

Fee,

5.00%,

11/15/40 

4,245‌

4,267‌

New

York

Convention

Center

Dev.,

Hotel

Unit

Fee,

Series B,

5.00%,

11/15/24 

200‌

203‌

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1,

3.00%,

2/15/42 

6,215‌

5,032‌

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1,

3.00%,

2/15/42 (2)

4,455‌

3,665‌

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1,

4.00%,

2/15/43 

1,485‌

1,457‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.15%,

11/15/34 (3)

1,250‌

1,249‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Series 1,

Class

1,

5.00%,

11/15/44 (3)

1,300‌

1,262‌

New

York

Liberty

Dev.,

4

World

Trade

Center,

Green

Bond,

Series A,

3.00%,

11/15/51 (8)

6,680‌

4,872‌

New

York

Liberty

Dev.,

Bank

of

America

Tower

at

One

Bryant

Park,

Class

2,

2.625%,

9/15/69 

1,000‌

890‌

New

York

Liberty

Dev.,

Goldman

Sachs

Headquarters,

5.25%,

10/1/35 

4,285‌

4,846‌

New

York

Mortgage

Agency,

Series 239,

3.25%,

10/1/51 

935‌

901‌

New

York

Power

Auth.,

Green

Bond,

Series A,

4.00%,

11/15/45 

5,010‌

4,951‌

New

York

Power

Auth.,

Green

Bond,

Series A,

5.00%,

11/15/53 (2)

2,000‌

2,141‌

New

York

State

Bridge

Auth.,

Series A,

4.00%,

1/1/46 

1,225‌

1,185‌

New

York

State

Bridge

Auth.,

Series A,

4.00%,

1/1/51 

1,735‌

1,650‌

New

York

State

Energy

Research

&

Dev.

Auth.,

Electric

&

Gas

Project,

Series C,

4.00%,

4/1/34 

2,470‌

2,472‌

New

York

State

Environmental

Fac.,

Casella

Waste

Systems

Project,

Series R-2,

VRDN,

5.125%,

9/1/50

(Tender

9/3/30) (1)(3)

1,000‌

999‌

New

York

State

Thruway

Auth.,

Series A,

4.00%,

3/15/49 

2,000‌

1,957‌

New

York

State

Thruway

Auth.,

Series A,

5.25%,

1/1/56 

3,230‌

3,281‌

New

York

State

Thruway

Auth.,

Series A-1,

3.00%,

3/15/50 

5,500‌

4,062‌

New

York

State

Thruway

Auth.,

Series A-1,

4.00%,

3/15/45 

3,000‌

2,971‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/40 (2)

5,000‌

5,005‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/45 (2)

2,000‌

1,969‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/45 

1,100‌

1,050‌

New

York

State

Thruway

Auth.,

Series J,

5.00%,

1/1/41 

2,000‌

2,001‌

New

York

State

Thruway

Auth.,

Green

Bond,

Series C,

5.00%,

3/15/53 

4,000‌

4,273‌

New

York

State

Urban

Dev.,

Group

3,

Series A,

4.00%,

3/15/45 

3,500‌

3,403‌

New

York

State

Urban

Dev.,

Group

4,

Series A,

3.00%,

3/15/50 

2,000‌

1,477‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

3.00%,

3/15/48 

4,950‌

3,733‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

Series A,

4.00%,

3/15/38 

2,000‌

2,008‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

7

Par

$

Value

(Amounts

in

000s)

New

York

Transportation

Dev.,

American

Airlines,

2.25%,

8/1/26 (1)

385‌

365‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (1)

3,250‌

3,244‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

1/1/36 (1)

3,315‌

3,335‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/40 (1)

2,500‌

2,481‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/41 (1)

2,000‌

2,061‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

6/30/49 (1)

(2)

2,000‌

2,014‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.25%,

8/1/31 (1)

395‌

405‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

8/1/36 (1)

750‌

752‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

6/30/60 (1)

2,000‌

2,001‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

Series A,

4.00%,

12/1/42 (1)

500‌

448‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

Series A,

5.00%,

12/1/34 (1)

1,500‌

1,585‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

Series A,

5.00%,

12/1/37 (1)

500‌

519‌

Niagara

Frontier

Transportation

Auth.,

Buffalo

Niagara

Int'l.

Airport,

Series A,

5.00%,

4/1/28 (1)

625‌

626‌

Niagara

Frontier

Transportation

Auth.,

Buffalo

Niagara

Int'l.

Airport,

Series A,

5.00%,

4/1/29 (1)

1,785‌

1,788‌

Niagara

Frontier

Transportation

Auth.,

Buffalo

Niagara

Int'l.

Airport,

Series A,

5.00%,

4/1/31 (1)

270‌

284‌

Niagara

Frontier

Transportation

Auth.,

Buffalo

Niagara

Int'l.

Airport,

Series A,

5.00%,

4/1/32 (1)

300‌

316‌

Niagara

Frontier

Transportation

Auth.,

Buffalo

Niagara

Int'l.

Airport,

Series A,

5.00%,

4/1/33 (1)

300‌

316‌

Oneida

County

Local

Dev.,

Hamilton

College

Project,

5.00%,

7/1/51 

2,000‌

2,197‌

Oneida

County

Local

Dev.,

Mohawk

Valley

Health

System,

Series A,

4.00%,

12/1/49 (2)

2,000‌

1,771‌

Onondaga

Civic

Dev.,

Le

Moyne

College,

4.00%,

7/1/39 

450‌

411‌

Onondaga

Civic

Dev.,

Le

Moyne

College,

4.00%,

7/1/42 

525‌

464‌

Onondaga

Civic

Dev.,

Le

Moyne

College,

Series B,

4.00%,

7/1/37 

175‌

165‌

Onondaga

Civic

Dev.,

Le

Moyne

College,

Series B,

4.00%,

7/1/38 

155‌

143‌

Onondaga

Civic

Dev.,

Le

Moyne

College,

Series B,

4.00%,

7/1/40 

450‌

407‌

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

Univ.,

4.00%,

12/1/41 

3,050‌

3,072‌

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

Univ.,

4.00%,

12/1/49 

4,110‌

4,010‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 093,

6.125%,

6/1/94 

2,000‌

2,018‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/35 (1)

2,500‌

2,602‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

8

Par

$

Value

(Amounts

in

000s)

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/48 (1)

2,500‌

2,542‌

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

5.00%,

1/15/47 (1)

3,000‌

3,106‌

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 234,

5.50%,

8/1/52 (1)

5,500‌

5,880‌

Saratoga

County

Capital

Resource,

Skidmore

College,

5.00%,

7/1/43 

680‌

710‌

Saratoga

County

Capital

Resource,

Skidmore

College,

5.00%,

7/1/48 

1,000‌

1,037‌

Schenectady

County

Capital

Resource,

Union

College,

5.00%,

1/1/47 

4,460‌

4,570‌

Schenectady

County

Capital

Resource,

Union

College,

5.25%,

7/1/52 

700‌

756‌

Suffolk

County,

Series A,

GO,

5.00%,

2/1/26 (2)

5,000‌

5,211‌

Suffolk

County,

Series B,

GO,

5.00%,

10/1/27 

800‌

862‌

Suffolk

County

Economic

Dev.,

Peconic

Landing,

5.00%,

12/1/34 

410‌

403‌

Suffolk

County

Economic

Dev.,

Peconic

Landing,

5.00%,

12/1/40 

1,500‌

1,404‌

Suffolk

County

Economic

Dev.,

Saint

Johnland

Assisted

Living,

5.375%,

11/1/54 (3)

775‌

601‌

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series A,

4.00%,

11/15/54 

2,000‌

1,932‌

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series B-1,

5.00%,

11/15/43 

1,000‌

1,098‌

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series C,

5.25%,

11/15/42 

1,920‌

2,184‌

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series C-2,

5.00%,

11/15/42 

4,500‌

4,696‌

Troy

Capital

Resource,

Rensselaer

Polytechnic

Institute,

Series A,

4.00%,

9/1/40 

1,665‌

1,578‌

Troy

Capital

Resource,

Rensselaer

Polytechnic

Institute,

Series A,

5.00%,

9/1/38 

1,000‌

1,051‌

Troy

Capital

Resource,

Rensselaer

Polytechnic

Institute,

Series A,

5.00%,

9/1/39 

1,500‌

1,571‌

Utility

Debt

Securitization

Auth.,

Series B,

5.00%,

12/15/34 

2,685‌

2,803‌

Utility

Debt

Securitization

Auth.,

Series TE-1,

5.00%,

12/15/41 (9)

1,250‌

1,416‌

Utility

Debt

Securitization

Auth.,

Green

Bond,

Series TE-2,

5.00%,

12/15/50 (9)

1,000‌

1,092‌

Westchester

County

Local

Dev.,

Kendal

On

Hudson

Project,

5.00%,

1/1/51 

2,000‌

1,818‌

Westchester

County

Local

Dev.,

Medical

Center

Obligated

Project,

5.75%,

11/1/53 (2)

2,500‌

2,750‌

Westchester

County

Local

Dev.,

Miriam

Osborn

Memorial

Home

Project,

5.00%,

7/1/34 

200‌

209‌

Westchester

County

Local

Dev.,

Miriam

Osborn

Memorial

Home

Project,

5.00%,

7/1/42 

450‌

460‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

9

Par

$

Value

(Amounts

in

000s)

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.00%,

5/1/34 

870‌

872‌

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.50%,

5/1/42 

1,130‌

1,132‌

Westchester

County

Local

Dev.,

Purchase

Housing

II

Project,

5.00%,

6/1/30 

425‌

436‌

Westchester

County

Local

Dev.,

Purchase

Housing

II

Project,

5.00%,

6/1/37 

1,000‌

1,007‌

Westchester

County

Local

Dev.,

Purchase

Housing

II

Project,

5.00%,

6/1/47 

800‌

777‌

Western

Nassau

County

Water

Auth.,

Series A,

5.00%,

4/1/40

(Prerefunded

4/1/25) (5)

1,000‌

1,026‌

Yonkers

Economic

Dev.,

Charter

School

Education

Excellence

Project,

Series A,

5.00%,

10/15/39 

420‌

391‌

Yonkers

Economic

Dev.,

Charter

School

Education

Excellence

Project,

Series A,

5.00%,

10/15/49 

1,345‌

1,169‌

Yonkers

Economic

Dev.,

Charter

School

Education

Excellence

Project,

Series A,

5.00%,

10/15/54 

430‌

367‌

397,636‌

PUERTO

RICO

4.0%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (10)

162‌

84‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (10)

1,658‌

869‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (3)

1,290‌

1,297‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (3)

430‌

430‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

38‌

37‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

300‌

182‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

1,233‌

1,151‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

759‌

694‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

442‌

395‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

244‌

211‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

259‌

264‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

857‌

895‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

387‌

409‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

446‌

479‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (7)(11)

30‌

7‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

10

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (7)

(11)

20‌

5‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (7)

(11)

160‌

40‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (7)

(11)

45‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (7)(11)

55‌

14‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (7)(11)

220‌

55‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (7)(11)

75‌

19‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (7)(11)

90‌

23‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (7)(11)

10‌

3‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/37 (7)(11)

285‌

71‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (7)

(11)

185‌

46‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (7)

(11)

55‌

14‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (7)

(11)

50‌

13‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (7)(11)

20‌

5‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (7)(11)

55‌

14‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (7)(11)

45‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (7)(11)

15‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (7)(11)

25‌

6‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (7)(11)

20‌

5‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (7)(11)

175‌

44‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (7)(11)

50‌

13‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (7)(11)

20‌

5‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

1,295‌

1,222‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

2,270‌

2,201‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

3,000‌

2,587‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31 

515‌

371‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

1,333‌

872‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

5,475‌

1,609‌

16,687‌

Total

Investments

in

Securities

99.7%

(Cost

$428,783)

$

414,323‌

Other

Assets

Less

Liabilities

0.3%

1,203

Net

Assets

100.0%

$

415,526‌

T.

ROWE

PRICE

New

York

Tax-Free

Bond

Fund

11

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

‡

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

$20,306

and

represents

4.9%

of

net

assets.

(4)

Insured

by

National

Public

Finance

Guarantee

Corporation

(5)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Non-income

producing

(8)

Insured

by

Build

America

Mutual

Assurance

Company

(9)

When-issued

security

(10)

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.

(11)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

GO

General

Obligation

IDA

Industrial

Development

Authority/Agency

IDC

Industrial

Development

Corporation

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

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

York

Tax-Free

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

12

T.

Rowe

Price

New

York

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

York

Tax-Free

Bond

Fund

13

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

York

Tax-Free

Bond

Fund

14

Valuation

Inputs

  On

November

30,

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

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

F74-054Q3

11/23