T. Rowe Price New Jersey Municipal Bond

The fund's primary objective is to generate the highest possible income, specifically structured to be exempt from both federal and New Jersey state income taxes, all while adhering to rigorous portfolio management standards. This is accomplished by predominantly allocating its capital to investment-grade municipal debt securities issued within the state of New Jersey. Under normal market conditions, a substantial minimum of 80% of its net assets (including any borrowings for investment purposes) will be invested in fixed-income securities generating interest exempt from both federal and New Jersey state income taxes; consequently, at least 80% of the fund's overall income is anticipated to be exempt from these same federal and state levies. It operates as a non-diversified investment vehicle.