T. Rowe Price New York Tax-Free Bond Fund (PRNYX)
Ticker Symbol:
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Objective
Quick Stats
Fiscal Year End  February
Morningstar Category  Muni New York Long
Inception Date 08/28/1986
Tax ID 52-1474852
Investment Objective
The fund's investment objective is to provide, consistent with prudent portfolio management, the highest level of income exempt from federal, New York state, and New York city income taxes by investing primarily in investment-grade New York municipal bonds.
The New York Tax-Free Bond Fund will invest so that, under normal market conditions, at least 80% of its net assets are invested in bonds that pay interest exempt from federal, New York state, and New York city income taxes. At least 80% of the fundís income is exempt from federal, New York state, and New York City income taxes. The fundís weighted average maturity is expected to exceed 10 years.
Risk/Reward Potential*
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The fund offers New York investors triple-tax-free income. It focuses on long-term securities that provide high yields and assets are concentrated in investment-grade municipal bonds to help reduce credit risk. The fund is expected to provide higher income than the T. Rowe Price New York Tax-Free Money Fund, with more share price volatility.

Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that one of the fund's holdings will have its credit rating downgraded or will default. The fund is less diversified than one investing nationally.
* Annually we evaluate the standard deviation of each US mutual fund listed and its resulting placement within specific risk/return categories.

Methodology: If a fund is at least 5 year old, it is generally placed in risk/return categories based on the standard deviation of its performance for the longest period of its calendar year returns; the longest time period used for analysis is 10 years (regardless of the fund's inception). If a fund is less than 5 years old, we generally use the fund's primary benchmark disclosed in its prospectus as a proxy and follow the same process of using 10-year standard deviation of the benchmark, or longest time period available. The firm at its sole discretion may show a fund in a higher risk category based on qualitative or other factors that may differ from this methodology.
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