T. Rowe Price New Jersey Tax-Free Bond Fund is an open-end mutual fund focused on providing investors with income that is exempt from both federal and New Jersey state income taxes. The fund mainly invests in investment-grade municipal bonds issued by New Jersey state and local entities, targeting the highest possible level of tax-exempt income while adhering to prudent portfolio management standards. Its portfolio is primarily comprised of bonds financing essential public projects and infrastructure, such as transportation, education, housing, and health care within the state. The fund maintains a non-diversified structure, allowing greater allocation to selected issuers, and features a moderate duration profile to manage interest rate sensitivity. Managed by experienced professionals, the fund uses the Bloomberg Municipal Bond Index as its benchmark and is recognized for its cost-effective management, with a competitive net expense ratio. Since its inception in 1991, the fund has played a significant role for investors seeking tax-advantaged fixed income solutions specific to New Jersey, offering a unique vehicle for residents to address both portfolio income and state tax planning objectives.
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