Fiscal Year End
|| Muni New York Long
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.
New York taxpayers who, because of their tax bracket, can benefit from income that is exempt from federal, state, and local income taxes. Not appropriate for tax-deferred retirement plans, such as IRAs. Some income may be subject to the federal alternative minimum tax. Income earned by non-New York residents will be subject to applicable state and local taxes.
CT, DC, DE, FL, GA, HI, IL, MA, MD, NC, NJ, NY, PA, RI, VA, VT, WV, WY
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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.