NPORT-EX 2 7023TRP113023.htm T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
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