PRNYX

About PRNYX

The T. Rowe Price New York Tax-Free Bond Fund is a municipal bond mutual fund designed to provide investors with a high level of income that is exempt from federal, New York state, and New York City income taxes. The fund primarily invests in investment-grade municipal bonds issued within New York, ensuring that at least 80% of its net assets are allocated to bonds meeting these tax-exemption criteria. With a focus on prudent portfolio management, it predominantly holds longer-duration securities, resulting in an average portfolio duration around 8 years and a weighted average maturity exceeding 10 years. The fund’s portfolio includes a mix of general obligation bonds, revenue bonds, and securities from sectors like health care, transportation, and utilities. Its tax-advantaged income makes it particularly relevant for New York residents seeking to minimize their tax burden. Established in 1986, the fund has become a key vehicle in the municipal bond market for investors targeting tax efficiency and stable income through exposure to New York’s diverse municipal issuers.