T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.2%
DELAWARE
1.1%
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/41
770
761
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/42
550
539
Delaware
River
&
Bay
Auth.,
4.00%,
1/1/46
1,000
965
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/40
465
504
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/41
480
513
Delaware
River
&
Bay
Auth.,
5.00%,
1/1/42
520
556
3,838
GUAM
0.4%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/40
1,255
1,299
1,299
NEW
JERSEY
87.0%
Atlantic
County
Improvement
Auth.,
Stockton
Univ.,
4.00%,
7/1/47 (1)
2,500
2,373
Bergen
County
Improvement
Auth.,
5.00%,
8/1/47
2,000
2,192
Burlington
County
Bridge
Commission,
5.00%,
10/1/24
1,000
1,001
Burlington
County
Bridge
Commission,
5.00%,
10/1/27
1,000
1,048
Burlington
County
Bridge
Commission,
5.00%,
10/1/28
1,280
1,342
Burlington
County
Bridge
Commission,
5.00%,
4/15/31
1,000
1,091
City
of
Summit,
GO,
4.00%,
7/15/41
855
870
City
of
Summit,
GO,
4.00%,
7/15/42
1,360
1,377
City
of
Summit,
GO,
4.00%,
7/15/44
1,360
1,369
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/51
1,100
939
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/56
1,875
1,573
Essex
County
Improvement
Auth.,
Family
Court
Building
Project,
Series 2023,
5.00%,
7/3/24
2,400
2,423
Essex
County
Improvement
Auth.,
NJIT
Student
Housing,
Series A,
4.00%,
8/1/56 (2)
1,500
1,375
Essex
County
Improvement
Auth.,
PJ
Consolidation,
5.50%,
10/1/27 (3)
2,205
2,430
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (1)
5,600
5,988
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
4.00%,
7/1/39
450
457
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
Series A,
5.00%,
11/1/28 (1)
1,750
1,833
Gloucester
County
Improvement
Auth.,
Rowan
Univ.,
Series A,
5.00%,
11/1/29 (1)
1,285
1,351
Hudson
County
Improvement
Auth.,
Vocational
Technical
Schools,
5.25%,
5/1/51
7,000
7,197
Mercer
County
Improvement
Auth.,
4.00%,
4/1/33
1,000
1,051
Middlesex
County
Improvement
Auth.,
Rutgers
University,
Health
+
Life
Science,
Series 2023A,
5.00%,
8/15/53
3,000
3,210
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
Middlesex
County,
Civic
Square
IV
Redev.,
COP,
5.00%,
10/15/31
1,465
1,560
Monmouth
County
Improvement
Auth.,
Series B,
4.00%,
12/1/37
750
762
Monmouth
County
Improvement
Auth.,
Series B,
4.00%,
12/1/38
1,000
1,013
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/37
275
280
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/38
225
228
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series A,
4.00%,
8/1/39
200
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series B,
5.00%,
7/15/35
1,250
1,307
Monmouth
County
Improvement
Auth.,
Gov't.
Pooled
Loan,
Series B,
5.00%,
7/15/36
1,000
1,043
Monroe
Township
Board
of
Ed.,
Gloucester
County,
GO,
5.00%,
3/1/26
(Prerefunded
3/1/24) (4)
1,650
1,657
New
Brunswick
Parking
Auth.,
5.00%,
9/1/26 (2)
320
330
New
Brunswick
Parking
Auth.,
5.00%,
9/1/27 (2)
375
388
New
Jersey
Economic
Dev.
Auth.,
Series A,
4.00%,
7/1/32
4,040
4,072
New
Jersey
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/33
2,000
2,047
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.25%,
6/15/38 (5)
1,000
1,083
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.25%,
6/15/39 (5)
2,250
2,423
New
Jersey
Economic
Dev.
Auth.,
American
Water,
Series A,
VRDN,
2.20%,
10/1/39
(Tender
12/3/29) (6)
1,500
1,304
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (7)
530
507
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (7)
1,150
1,096
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (7)
1,105
981
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/54 (7)
375
327
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (6)
1,000
1,006
New
Jersey
Economic
Dev.
Auth.,
Cranes
Mill
Project,
5.00%,
1/1/49
4,000
3,245
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.00%,
1/1/24 (6)
850
850
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.125%,
1/1/34 (6)
2,035
2,035
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.125%,
1/1/39 (1)(6)
1,030
1,030
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.375%,
1/1/43 (6)
6,175
6,180
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44
2,470
2,234
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
4.00%,
8/1/59 (6)
5,070
4,327
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
5.00%,
8/1/59 (6)
1,425
1,452
New
Jersey
Economic
Dev.
Auth.,
Motor
Vehicle
Surcharges,
Unrefunded
Balance,
Series A,
5.25%,
7/1/26 (3)
810
848
New
Jersey
Economic
Dev.
Auth.,
Natural
Gas
Company
Project,
Series C,
VRDN,
2.45%,
4/1/59
(Tender
4/1/26) (6)
1,500
1,458
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (6)
2,075
2,096
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (6)
3,075
3,012
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Montclair
Univ.
Student
Housing,
5.00%,
6/1/37 (1)
1,000
1,038
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Montclair
Univ.
Student
Housing,
5.00%,
6/1/42 (1)
3,250
3,324
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,250
3,817
New
Jersey
Economic
Dev.
Auth.,
School
Fac.
Construction,
Series DDD,
5.00%,
6/15/35
(Prerefunded
6/15/27) (4)
1,000
1,077
New
Jersey
Economic
Dev.
Auth.,
School
Fac.
Construction,
Series DDD,
5.00%,
6/15/42
(Prerefunded
6/15/27) (4)
2,250
2,422
New
Jersey
Economic
Dev.
Auth.,
Seeing
Eye
2017
Project,
5.00%,
6/1/32
2,270
2,379
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
3,000
2,839
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (6)
1,765
1,765
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (6)
3,250
3,250
New
Jersey
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
5.00%,
7/1/29
(Prerefunded
7/1/24) (4)
2,690
2,710
New
Jersey
EFA,
Series C,
4.00%,
7/1/50 (1)
2,000
1,833
New
Jersey
EFA,
College
of
New
Jersey,
Series A,
4.00%,
7/1/47 (1)
750
717
New
Jersey
EFA,
College
of
New
Jersey,
Series G,
5.00%,
7/1/30
1,214
1,245
New
Jersey
EFA,
Green
Bond,
Series A,
4.00%,
7/1/50
2,000
1,784
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/45
3,800
3,889
New
Jersey
EFA,
Kean
Univ.,
Series H,
5.00%,
7/1/28 (1)
2,000
2,061
New
Jersey
EFA,
Montclair
State
Univ.,
Series A,
5.00%,
7/1/39
3,275
3,291
New
Jersey
EFA,
Montclair
State
Univ.,
Series D,
5.00%,
7/1/36
1,000
1,019
New
Jersey
EFA,
Princeton
Univ.,
Series A,
5.00%,
7/1/26
1,500
1,588
New
Jersey
EFA,
Rowan
Univ.,
Series C,
5.00%,
7/1/27 (1)
2,000
2,096
New
Jersey
EFA,
Seton
Hall
Univ.,
Series D,
5.00%,
7/1/42
3,500
3,561
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/35
1,000
1,040
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/36
1,640
1,698
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/37
2,000
2,061
New
Jersey
EFA,
Stevens
Institute
Technology,
Series A,
5.00%,
7/1/47
1,600
1,618
New
Jersey
EFA,
Stockton
Univ.,
Series A,
5.00%,
7/1/35 (1)
2,000
2,070
New
Jersey
HCFFA,
AHS
Hosp.,
4.00%,
7/1/41
1,500
1,466
New
Jersey
HCFFA,
AHS
Hosp.,
Series A,
5.00%,
7/1/27
90
90
New
Jersey
HCFFA,
Atlanticare
Health
System,
3.00%,
7/1/46
1,500
1,097
New
Jersey
HCFFA,
Atlanticare
Health
System,
3.00%,
7/1/51
1,790
1,246
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
3.00%,
7/1/51
4,360
3,132
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
4.00%,
7/1/45
1,775
1,716
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.00%,
7/1/32
1,250
1,329
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
3,665
3,751
New
Jersey
HCFFA,
Hunterdon
Medical
Center,
5.00%,
7/1/45
(Prerefunded
7/1/24) (4)
1,600
1,616
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/30
2,000
2,066
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/33
2,360
2,434
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/34
1,365
1,408
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
Series A,
5.00%,
7/1/42
5,000
5,090
New
Jersey
HCFFA,
Princeton
Healthcare
System,
Series A,
5.00%,
7/1/28
1,720
1,803
New
Jersey
HCFFA,
Princeton
Healthcare
System,
Series A,
5.00%,
7/1/39
4,500
4,607
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series A,
5.00%,
7/1/29
1,500
1,580
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series A,
5.00%,
7/1/43
2,600
2,629
New
Jersey
HCFFA,
RWJ
Barnabas
Health,
Series B-3,
VRDN,
5.00%,
7/1/45
(Tender
7/1/26)
1,435
1,488
New
Jersey
HCFFA,
Saint
Joseph's
Health
System,
5.00%,
7/1/31
2,200
2,235
New
Jersey
HCFFA,
Saint
Joseph's
Health
System,
5.00%,
7/1/41
3,000
3,005
New
Jersey
HCFFA,
Valley
Health
System,
4.00%,
7/1/37
800
789
New
Jersey
HCFFA,
Valley
Health
System,
4.00%,
7/1/39
1,500
1,465
New
Jersey
HCFFA,
Valley
Health
System,
5.00%,
7/1/31
1,860
2,005
New
Jersey
HCFFA,
Virtua
Health,
Series B,
VRDN,
2.80%,
7/1/43
200
200
New
Jersey
HCFFA,
Virtua
Health,
Series C,
VRDN,
2.85%,
7/1/43
1,950
1,950
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series B,
5.00%,
12/1/25 (6)
1,000
1,023
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series B,
5.00%,
12/1/26 (6)
500
516
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series C,
5.00%,
12/1/53 (6)
1,250
1,175
New
Jersey
Higher
Ed.
Student
Assistance
Auth.,
Series SR,
5.00%,
12/1/26 (6)
1,500
1,533
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Social
Bond,
Series H,
3.00%,
10/1/52
4,200
4,014
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Social
Bond,
Series I,
4.60%,
10/1/46
1,975
1,981
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Social
Bond,
Series I,
5.00%,
10/1/53
1,210
1,246
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/32
375
411
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/33
170
186
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/40
3,500
3,559
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
12/15/39
2,080
2,087
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
2,955
2,888
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
12/15/39
1,500
1,606
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41
750
836
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42
1,000
1,107
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.00%,
6/15/50
1,145
1,062
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44
1,060
1,044
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.50%,
6/15/49
2,231
2,188
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
4.00%,
6/15/46
2,950
2,770
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
4.00%,
6/15/50
2,790
2,629
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/34
2,000
2,152
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/35
1,665
1,785
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46
1,325
1,407
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.25%,
6/15/50
3,750
4,023
New
Jersey
Transportation
Trust
Fund
Auth.,
Series CC,
5.50%,
6/15/50
4,000
4,342
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
4,850
5,085
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
1,000
1,001
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
1,360
1,319
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/48
7,500
7,843
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/40
2,000
2,096
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
1,425
1,556
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
4,000
4,194
Newark
City,
Series C,
GO,
4.00%,
10/1/34 (1)
120
124
Newark
City,
Series C,
GO,
4.00%,
10/1/36 (1)
265
270
North
Hudson
Sewer
Auth.,
5.00%,
6/1/41 (1)
1,000
1,114
North
Hudson
Sewer
Auth.,
5.00%,
6/1/42 (1)
750
838
Rutgers
Univ.,
Series M,
5.00%,
5/1/34
1,600
1,660
Salem
County
PCR,
Atlantic
City
Electric,
2.25%,
6/1/29
3,000
2,727
South
Jersey
Port,
Marine
Terminal,
Series B,
5.00%,
1/1/48 (6)
10,200
10,266
South
Jersey
Transportation
Auth.,
Series A,
5.00%,
11/1/32 (1)
1,250
1,353
South
Jersey
Transportation
Auth.,
Transportation
System,
Series A,
5.25%,
11/1/52 (2)
2,100
2,212
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/24
370
372
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/37
2,905
2,999
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46
4,660
4,671
Township
of
Cherry
Hill,
GO,
4.00%,
7/15/39
550
560
Township
of
Cherry
Hill,
GO,
4.00%,
7/15/40
700
710
Township
of
Cherry
Hill,
GO,
4.00%,
7/15/41
700
707
Township
of
Cherry
Hill,
GO,
4.00%,
7/15/42
700
704
Township
of
Cherry
Hill,
GO,
4.00%,
7/15/43
700
702
303,915
NEW
YORK
3.8%
Port
Auth.
of
New
York
&
New
Jersey,
Series 093,
6.125%,
6/1/94
1,000
1,009
Port
Auth.
of
New
York
&
New
Jersey,
Series 198,
5.25%,
11/15/56
2,500
2,571
Port
Auth.
of
New
York
&
New
Jersey,
Series 205,
5.25%,
11/15/57
1,000
1,038
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/35 (6)
5,000
5,203
Port
Auth.
of
New
York
&
New
Jersey,
Series 221,
4.00%,
7/15/50 (6)
1,575
1,456
Port
Auth.
of
New
York
&
New
Jersey,
Series 234,
5.50%,
8/1/52 (6)
1,900
2,031
13,308
PENNSYLVANIA
2.4%
Delaware
River
Joint
Toll
Bridge
Commission,
5.00%,
7/1/29
(Prerefunded
7/1/25) (4)
400
412
Delaware
River
Joint
Toll
Bridge
Commission,
5.00%,
7/1/42
2,050
2,125
Delaware
River
Joint
Toll
Bridge
Commission,
Bridge
System,
Series A,
5.00%,
7/1/44
750
778
Delaware
River
Port
Auth.,
5.00%,
1/1/40
2,000
2,005
Delaware
River
Port
Auth.,
Series A,
5.00%,
1/1/34
2,000
2,183
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Delaware
River
Port
Auth.,
Series A,
5.00%,
1/1/40
1,000
1,065
8,568
PUERTO
RICO
4.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
66
34
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (8)
1,305
684
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (7)
690
694
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
34
33
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
265
161
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,206
1,125
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
635
581
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
367
328
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
216
186
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
229
233
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
627
655
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
2,223
2,350
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
967
1,040
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (9)(10)
10
2
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (9)
(10)
20
5
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (9)
(10)
150
38
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (9)
(10)
40
10
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (9)(10)
50
13
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (9)(10)
65
16
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (9)(10)
80
20
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (9)(10)
10
3
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (9)(10)
320
80
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (9)
(10)
160
40
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (9)
(10)
70
17
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (9)
(10)
45
11
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (9)(10)
20
5
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (9)(10)
50
12
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (9)(10)
35
9
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (9)(10)
10
2
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (9)(10)
20
5
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (9)(10)
15
4
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (9)(10)
165
41
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (9)(10)
45
11
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (9)(10)
20
5
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series A,
5.00%,
7/1/62
558
551
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
1,076
1,016
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
174
169
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
495
356
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
1,189
778
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
6,064
1,782
15,692
Total
Investments
in
Securities
99.2%
(Cost
$359,276)
$
346,620
Other
Assets
Less
Liabilities
0.8%
2,779
Net
Assets
100.0%
$
349,399
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Insured
by
Assured
Guaranty
Municipal
Corporation
(2)
Insured
by
Build
America
Mutual
Assurance
Company
(3)
Insured
by
National
Public
Finance
Guarantee
Corporation
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
When-issued
security
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
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
$3,605
and
represents
1.0%
of
net
assets.
(8)
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.
(9)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(10)
Non-income
producing
T.
ROWE
PRICE
New
Jersey
Tax-Free
Bond
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
COP
Certificate
of
Participation
EFA
Educational
Facility
Authority
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
PCR
Pollution
Control
Revenue
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
Jersey
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
New
Jersey
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
Jersey
Tax-Free
Bond
Fund
11
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
Jersey
Tax-Free
Bond
Fund
12
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.
F47-054Q3
11/23