| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| November 30, 2019 (Unaudited) | |||
| Portfolio of Investments‡ | Par | $ Value | |
| (Amounts in 000s) | |||
| MUNICIPAL SECURITIES 99.4% | |||
| Alabama 2.6% | |||
| Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 7/1/46 | |||
| (Tender 6/1/21) | 14,745 | 15,300 | |
| Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 8/1/47 | |||
| (Tender 7/1/22) | 1,040 | 1,105 | |
| Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 12/1/48 | |||
| (Tender 12/1/23) | 10,105 | 10,930 | |
| Jefferson County, Series A, GO, 5.00%, 4/1/21 | 1,500 | 1,573 | |
| Jefferson County, Series A, GO, 5.00%, 4/1/22 | 2,900 | 3,138 | |
| Southeast Alabama Gas Supply Dist. , Series A, VRDN, 4.00%, | |||
| 6/1/49 (Tender 6/1/24) | 17,345 | 18,926 | |
| 50,972 | |||
| Arizona 2.2% | |||
| Arizona Dept. of Transportation State Highway Fund Revenue, | |||
| Sub Highway Revenue, Series A, 5.00%, 7/1/21 | 2,000 | 2,121 | |
| Maricopa County IDA, Banner Health Group, 5.00%, 1/1/20 | 2,025 | 2,031 | |
| Maricopa County IDA, Banner Health Group, 5.00%, 1/1/21 | 1,900 | 1,977 | |
| Maricopa County IDA, Banner Health Group, FRN, 100% of | |||
| MUNIPSA + 0.38%, 1.48%, 1/1/35 (Tender 10/18/22) | 4,000 | 4,007 | |
| Maricopa County IDA, Banner Health Group, FRN, 100% of | |||
| MUNIPSA + 0.57%, 1.67%, 1/1/35 (Tender 10/18/24) | 7,650 | 7,666 | |
| Maricopa County IDA, Banner Health Group, Series B, VRDN, | |||
| 5.00%, 1/1/48 (Tender 10/18/22) | 2,300 | 2,539 | |
| Maricopa County IDA, Banner Health Group, VRDN, 5.00%, | |||
| 1/1/46 (Tender 5/15/26) | 7,000 | 8,477 | |
| Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%, | |||
| 7/1/23 (1)(2) | 2,000 | 2,247 | |
| Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%, | |||
| 7/1/24 (1)(2) | 1,000 | 1,154 | |
| Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%, | |||
| 7/1/25 (1)(2) | 1,250 | 1,476 | |
| Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport, | |||
| Series A, 5.00%, 7/1/20 (1) | 1,240 | 1,267 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport, | |||
| Series A, 5.00%, 7/1/21 (1) | 400 | 423 | |
| Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport, | |||
| Series A, 5.00%, 7/1/22 (1) | 975 | 1,066 | |
| Salt River Agriculture Improvement & Power Dist. , 5.00%, | |||
| 1/1/24 | 5,300 | 6,106 | |
| Salt River Agricultural Improvement & Power Dist. , Series | |||
| 2011A, 5.00%, 12/1/28 | 1,500 | 1,612 | |
| 44,169 | |||
| California 6.8% | |||
| California, GO, 5.00%, 8/1/20 | 2,000 | 2,053 | |
| California, GO, 5.00%, 9/1/21 | 5,875 | 6,286 | |
| California, GO, 5.00%, 4/1/22 | 1,185 | 1,293 | |
| California, GO, 5.00%, 10/1/22 | 17,290 | 19,203 | |
| California, GO, 5.00%, 10/1/23 | 2,000 | 2,293 | |
| California, GO, 5.00%, 11/1/23 | 10,500 | 12,070 | |
| California, GO, 5.25%, 9/1/22 | 10,175 | 11,337 | |
| California, GO, Refunding, 5.00%, 10/1/22 | 4,000 | 4,442 | |
| California HFFA, Kaiser Permanente, Series D, VRDN, 5.00%, | |||
| 11/1/32 (Tender 11/1/22) | 5,975 | 6,630 | |
| California HFFA, St. Joseph Health, Series D, VRDN, 5.00%, | |||
| 7/1/34 (Tender 10/18/22) | 13,025 | 14,442 | |
| California, Index Floating Rate Bond, FRN, Series B, GO, 70% of | |||
| 1M USD LIBOR + 0.76%, 2.009%, 12/1/31 (Tender 12/1/21) | 3,750 | 3,776 | |
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/21 | 300 | 311 | |
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/22 | 500 | 536 | |
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/23 | 500 | 552 | |
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/24 | 600 | 680 | |
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/25 | 1,025 | 1,189 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| California Statewide CDA, Methodist Hosp. of Southern CA, | |||
| 5.00%, 1/1/26 | 1,125 | 1,332 | |
| California Statewide CDA, Viamonte Senior Living, 3.00%, | |||
| 7/1/25 | 3,000 | 3,056 | |
| Los Angeles County Public Works Fin. Auth. , 5.00%, 8/1/20 | 1,000 | 1,027 | |
| Los Angeles County Public Works Fin. Auth. , 5.00%, 8/1/21 | 750 | 800 | |
| Los Angeles Dept. of Airports, Los Angeles Intern, 5.00%, | |||
| 5/15/23 (1) | 3,000 | 3,368 | |
| San Buenaventura, Community Memorial Health System, | |||
| 6.00%, 12/1/19 | 675 | 675 | |
| San Diego Assoc. of Gov'ts, Green Bond-Mid Coast Corridor, | |||
| 5.00%, 11/15/23 | 5,000 | 5,560 | |
| San Francisco City & County Int'l. Airport, Series A, 5.00%, | |||
| 5/1/21 (1) | 1,025 | 1,080 | |
| San Francisco City & County Int'l. Airport, Series A, 5.00%, | |||
| 5/1/22 (1) | 1,025 | 1,115 | |
| San Francisco City & County Int'l. Airport, Series A, 5.00%, | |||
| 5/1/23 (1) | 800 | 897 | |
| San Francisco City & County Int'l. Airport, Series D, 5.00%, | |||
| 5/1/21 (1) | 3,125 | 3,292 | |
| San Francisco City & County Int'l. Airport, Series D, 5.00%, | |||
| 5/1/22 (1) | 1,325 | 1,441 | |
| San Francisco City & County Int'l. Airport, Series D, 5.00%, | |||
| 5/1/23 (1) | 800 | 897 | |
| San Francisco City & County Int'l. Airport, Gov't. Purpose, Series | |||
| C, 5.00%, 5/1/21 (Prerefunded 5/1/20) (3) | 1,160 | 1,179 | |
| San Francisco City & County Int'l. Airport, Gov't. Purpose, | |||
| Unrefunded Balance, Series C, 5.00%, 5/1/21 | 1,565 | 1,591 | |
| San Francisco City & County Int'l. Airport, Gov't. Purpose, | |||
| Unrefunded Balance, Series C, 5.00%, 5/1/22 | 2,750 | 2,795 | |
| Univ. of California Regents, Series AK, VRDN, 5.00%, 5/15/48 | |||
| (Tender 5/15/23) | 14,000 | 15,900 | |
| 133,098 | |||
| Colorado 1.8% | |||
| Colorado HFA, Catholic Health Initiatives, Series B-1, 5.00%, | |||
| 7/1/26 (Prerefunded 11/9/22) (3) | 1,745 | 1,933 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/21 | 375 | 383 |
| Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/22 | 400 | 416 |
| Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/23 | 750 | 815 |
| Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/24 | 630 | 698 |
| Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/25 | 600 | 675 |
| Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/26 | 550 | 617 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/22 | 1,800 | 1,993 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/23 | 1,600 | 1,825 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/24 | 1,150 | 1,348 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/25 | 2,150 | 2,575 |
| Denver City & County, Series A, 5.00%, 8/1/22 | 2,000 | 2,203 |
| Denver City & County, Series A, 5.00%, 8/1/23 | 2,300 | 2,613 |
| Denver City & County Airport, 5.25%, 11/15/22 (1) | 1,540 | 1,655 |
| Denver City & County Airport, Series A, 5.00%, 11/15/20 | 3,435 | 3,561 |
| Denver City & County Airport, Series A, 5.00%, 11/15/20 (1) | 3,300 | 3,417 |
| Denver City & County Airport, Series B, 5.00%, 11/15/20 | 1,000 | 1,037 |
| Denver Convention Center Hotel Auth. , 4.00%, 12/1/19 | 375 | 375 |
| Denver Convention Center Hotel Auth. , 4.00%, 12/1/21 | 500 | 523 |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/22 | 2,350 | 2,571 |
| E-470 Public Toll Highway, Series A, 5.00%, 9/1/20 | 2,000 | 2,055 |
| E-470 Public Toll Highway, Series B, FRN, 67% of 1M USD | ||
| LIBOR + 1.05%, 2.19%, 9/1/39 (Tender 9/1/21) | 1,675 | 1,690 |
| 34,978 | ||
| Connecticut 0.2% | ||
| Connecticut Special Tax Obligation, Transportation | ||
| Infrastructure, Series A, 5.00%, 9/1/23 | 3,000 | 3,407 |
| 3,407 | ||
| District of Columbia 1.0% | ||
| Dist. of Columbia, Income Tax, Series C, 5.00%, 12/1/22 | 4,620 | 5,145 |
| Metropolitan Washington Airports Auth. , 5.00%, 10/1/24 (1) | 1,155 | 1,344 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Metropolitan Washington Airports Auth. , Series A, 5.00%, | |||
| 10/1/23 (1) | 6,460 | 7,321 | |
| Metropolitan Washington Airports Auth. , Series A, 5.00%, | |||
| 10/1/24 (1) | 3,975 | 4,625 | |
| Metropolitan Washington Airports Auth. , Airport System | |||
| Revenue, Series A, 5.00%, 10/1/24 (1) | 2,000 | 2,203 | |
| 20,638 | |||
| Florida 6.9% | |||
| Alachua County HFA, Shands Teaching Hospital, 5.00%, | |||
| 12/1/25 | 1,225 | 1,463 | |
| Alachua County HFA, Shands Teaching Hospital, VRDN, | |||
| 5.00%, 12/1/37 (Tender 12/1/26) | 1,000 | 1,190 | |
| Brevard County HFA, Health First, 5.00%, 4/1/20 | 530 | 536 | |
| Brevard County HFA, Health First, 5.00%, 4/1/21 | 1,000 | 1,048 | |
| Brevard County HFA, Health First, 5.00%, 4/1/23 | 1,895 | 2,114 | |
| Broward County Airport System Revenue, 5.00%, 10/1/21 (1) | 550 | 587 | |
| Broward County Airport System Revenue, 5.00%, 10/1/22 (1) | 425 | 468 | |
| Broward County Airport System Revenue, 5.00%, 10/1/23 (1) | 675 | 766 | |
| Broward County Airport System Revenue, Series A, 5.00%, | |||
| 10/1/23 (1) | 1,250 | 1,418 | |
| Broward County Airport System Revenue, Series A, 5.00%, | |||
| 10/1/24 (1) | 1,250 | 1,456 | |
| Broward County Airport System Revenue, Series A, 5.00%, | |||
| 10/1/25 (1) | 2,065 | 2,461 | |
| Broward County Airport System Revenue, Series B, 5.00%, | |||
| 10/1/23 (1) | 1,375 | 1,560 | |
| Broward County Airport System Revenue, Series B, 5.00%, | |||
| 10/1/24 (1) | 1,400 | 1,630 | |
| Broward County Airport System Revenue, Series B, 5.00%, | |||
| 10/1/25 (1) | 1,500 | 1,788 | |
| Broward County Airport System Revenue, Series C, 5.00%, | |||
| 10/1/25 (1) | 1,235 | 1,472 | |
| Broward County Airport System Revenue, Series P-1, 5.00%, | |||
| 10/1/22 (1) | 2,500 | 2,756 | |
| Broward County Water & Sewer Utility Revenue, Series B, | |||
| 5.00%, 10/1/22 | 1,395 | 1,546 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/20 | 375 | 383 | |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/21 | 325 | 344 | |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/22 | 750 | 822 | |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/23 | 740 | 836 | |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/24 | 250 | 291 | |
| Florida, Board of Ed. , Capital Outlay, Series B, GO, 5.00%, | |||
| 6/1/25 | 7,340 | 8,810 | |
| Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%, | |||
| 6/1/22 | 11,250 | 12,322 | |
| Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%, | |||
| 6/1/25 | 5,610 | 6,548 | |
| Florida, Board of Ed. , Capital Outlay, Series E, GO, 5.00%, | |||
| 6/1/25 | 7,425 | 8,913 | |
| Florida, Board of Ed. , Lottery, Series A, 5.00%, 7/1/20 | 3,000 | 3,067 | |
| Florida Dept. of Environmental Protection, Series A, 5.00%, | |||
| 7/1/22 | 4,800 | 5,274 | |
| Florida DOT, Right of Way Acquisition & Bridge Construction, | |||
| Series A, GO, 5.00%, 7/1/21 | 4,420 | 4,689 | |
| Florida DOT, Right of Way Acquisition & Bridge Construction, | |||
| Series A,GO, 5.00%, 7/1/22 | 4,655 | 5,114 | |
| Florida DOT, Turnpike Auth. , Series A, 5.00%, 7/1/22 | 11,300 | 12,403 | |
| Florida Municipal Power Agency, All-Requirements Power | |||
| Supply, 5.00%, 10/1/21 | 685 | 732 | |
| Florida Municipal Power Agency, All-Requirements Power | |||
| Supply, 5.00%, 10/1/22 | 1,265 | 1,398 | |
| Florida Municipal Power Agency, All-Requirements Power | |||
| Supply, Series A, 5.00%, 10/1/20 | 1,720 | 1,774 | |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/20 (1) | 2,700 | 2,784 | |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/23 (1) | 3,300 | 3,744 | |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/25 (1) | 5,000 | 5,975 | |
| Jacksonville Electric Auth. , Water & Sewer, Series A, 5.00%, | |||
| 10/1/22 (4) | 1,000 | 1,109 | |
| Martin County HFA, Memorial Medical Center, 5.00%, | |||
| 11/15/22 (4) | 1,445 | 1,602 | |
| Miami-Dade County Aviation Revenue, Series B, 5.00%, | |||
| 10/1/20 (1) | 1,150 | 1,186 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Miami-Dade County Expressway Auth. , Series A, 5.00%, 7/1/24 | 1,530 | 1,673 | |
| Miami-Dade County Expressway Auth. , Series B, 5.00%, 7/1/21 | 2,070 | 2,189 | |
| Miami-Dade County Expressway Auth. , Series B, 5.00%, 7/1/22 | 3,250 | 3,539 | |
| Orange County Convention Center, Tourist Dev. Tax, 5.00%, | |||
| 10/1/23 | 3,350 | 3,825 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/21 | 400 | 425 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/22 | 500 | 549 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/23 | 700 | 793 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/24 | 610 | 711 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/25 | 600 | 717 | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | |||
| 8/15/26 | 600 | 732 | |
| South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/20 | 1,150 | 1,180 | |
| South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/21 | 500 | 532 | |
| South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/22 | 580 | 637 | |
| St. Lucie County, Florida Power & Light, VRDN, 1.25%, | |||
| 5/1/24 (1) | 1,600 | 1,600 | |
| Tampa, Baycare Health, 5.00%, 11/15/20 | 1,600 | 1,627 | |
| Tampa, Baycare Health, Series A, 5.00%, 11/15/25 | 1,500 | 1,636 | |
| 136,744 | |||
| Georgia 5.5% | |||
| Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN, | |||
| 2.15%, 10/1/32 (Tender 6/13/24) | 7,500 | 7,604 | |
| Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN, | |||
| 2.25%, 10/1/32 (Tender 5/25/23) | 2,450 | 2,490 | |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | |||
| 4/1/20 | 175 | 177 | |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | |||
| 4/1/21 | 355 | 371 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | ||
| 4/1/23 | 350 | 389 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | ||
| 4/1/24 | 350 | 400 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | ||
| 4/1/25 | 350 | 410 |
| Forsyth County School Dist. , GO, 5.00%, 2/1/22 | 9,140 | 9,899 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | ||
| 5.00%, 4/1/20 | 165 | 167 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | ||
| 5.00%, 4/1/21 | 160 | 167 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | ||
| 5.00%, 4/1/22 | 700 | 756 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | ||
| 5.00%, 4/1/24 | 500 | 571 |
| Fulton County Dev. Auth. , WellStar Health. , Series A, RAC, | ||
| 5.00%, 4/1/25 | 400 | 469 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | ||
| System, Series A, 5.00%, 2/15/21 | 1,040 | 1,084 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | ||
| System, Series A, 5.00%, 2/15/25 | 245 | 285 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | ||
| System, Series B, 5.00%, 2/15/21 | 705 | 736 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | ||
| System, Series B, 5.00%, 2/15/23 | 500 | 556 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | ||
| System, Series B, 5.00%, 2/15/24 | 750 | 858 |
| Georgia, Series A-1, GO, 5.00%, 2/1/21 | 4,040 | 4,222 |
| Georgia, Series A-1, GO, 5.00%, 2/1/22 | 4,800 | 5,201 |
| Georgia, Series C, GO, 5.00%, 7/1/23 | 3,600 | 4,088 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | ||
| Health, RAC, 4.00%, 8/1/20 | 2,835 | 2,881 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | ||
| Health, RAC, 5.00%, 8/1/22 | 1,220 | 1,329 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | ||
| Health, RAC, 5.00%, 8/1/24 | 4,535 | 5,202 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | ||
| Health, RAC, 5.00%, 8/1/25 | 4,760 | 5,580 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | ||
| Health, RAC, 5.00%, 8/1/27 | 1,500 | 1,738 |
| LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC, | ||
| 5.00%, 4/1/20 | 125 | 127 |
| LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC, | ||
| 5.00%, 4/1/22 | 300 | 324 |
| LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC, | ||
| 5.00%, 4/1/23 | 325 | 362 |
| LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC, | ||
| 5.00%, 4/1/25 | 500 | 586 |
| Main Street Natural Gas, Series B, VRDN, 4.00%, 8/1/49 | ||
| (Tender 12/2/24) | 8,800 | 9,803 |
| Main Street Natural Gas, Series C, VRDN, 4.00%, 8/1/48 | ||
| (Tender 12/1/23) | 5,050 | 5,510 |
| Main Street Natural Gas, Series D, FRN, 67% of 1M USD | ||
| LIBOR + 0.83%, 2.024%, 8/1/48 (Tender 12/1/23) | 5,200 | 5,206 |
| Main Street Natural Gas, Series E, FRN, 100% of MUNIPSA + | ||
| 0.57%, 1.67%, 8/1/48 (Tender 12/1/23) | 5,000 | 5,003 |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series A, | ||
| 5.00%, 3/15/21 | 1,275 | 1,332 |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series B, | ||
| 5.00%, 3/15/20 | 175 | 177 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| 5.00%, 1/1/20 | 275 | 276 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| 5.00%, 1/1/21 | 265 | 275 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| 5.00%, 1/1/22 | 375 | 402 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| 5.00%, 1/1/23 | 550 | 609 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| Series A, 5.00%, 1/1/21 | 11,970 | 12,431 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| Series HH, 5.00%, 1/1/20 | 1,750 | 1,755 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| Series HH, 5.00%, 1/1/21 | 700 | 727 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| Series HH, 5.00%, 1/1/22 | 2,085 | 2,237 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Municipal Electric Auth. of Georgia, General Power Revenue, | ||
| Series HH, 5.00%, 1/1/23 | 2,925 | 3,237 |
| 108,009 | ||
| Hawaii 0.3% | ||
| State of Hawaii Airports System Revenue, 5.00%, 7/1/22 (1) | 5,130 | 5,421 |
| 5,421 | ||
| Illinois 4.4% | ||
| Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/22 (1) | 9,000 | 9,661 |
| Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/27 (1) | 6,000 | 6,933 |
| Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/22 | 3,900 | 4,201 |
| Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/23 | 3,750 | 4,171 |
| Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/21 | 1,750 | 1,821 |
| Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/22 | 1,700 | 1,831 |
| Chicago Transit Auth. , Capital Grant, GAN, 5.00%, 6/1/20 | 1,500 | 1,525 |
| Chicago Transit Auth. , Capital Grant, GAN, 5.00%, 6/1/21 | 600 | 630 |
| Chicago Wastewater, Series B, 5.00%, 1/1/20 | 1,000 | 1,003 |
| Chicago Wastewater, Series B, 5.00%, 1/1/21 | 1,500 | 1,557 |
| Chicago Wastewater, Series B, 5.00%, 1/1/22 | 1,100 | 1,177 |
| Chicago Wastewater, Series B, 5.00%, 1/1/23 | 1,850 | 2,039 |
| Chicago Wastewater, Series B, 5.00%, 1/1/24 | 2,140 | 2,413 |
| Chicago Wastewater, Series C, 5.00%, 1/1/22 | 1,000 | 1,069 |
| Chicago Waterworks, 5.00%, 11/1/22 | 1,000 | 1,097 |
| Chicago Waterworks, 5.00%, 11/1/23 | 3,750 | 4,219 |
| Chicago Waterworks, 5.00%, 11/1/24 | 3,850 | 4,427 |
| Chicago Waterworks, Series A-1, 5.00%, 11/1/23 | 1,300 | 1,467 |
| Chicago Waterworks, Series A-1, 5.00%, 11/1/24 | 460 | 529 |
| Illinois, GO, 5.00%, 2/1/20 | 2,550 | 2,563 |
| Illinois, GO, 5.00%, 1/1/21 (5) | 220 | 221 |
| Illinois, GO, 5.00%, 2/1/21 | 2,550 | 2,644 |
| Illinois, Series D, GO, 5.00%, 11/1/20 | 5,675 | 5,825 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Illinois, Series D, GO, 5.00%, 11/1/21 | 6,300 | 6,644 | |
| Illinois, Series D, GO, 5.00%, 11/1/23 | 2,230 | 2,450 | |
| Illinois Fin. Auth. , Palos Community Hosp. , Series C, 5.00%, | |||
| 5/15/20 | 2,250 | 2,286 | |
| Illinois Fin. Auth. , Univ. of Chicago Medical Center, Series D-1, | |||
| VRDN, 1.14%, 8/1/43 | 600 | 600 | |
| Metropolitan Pier & Exposition Auth. , McCormick Place, Series | |||
| B, 5.00%, 12/15/20 | 4,840 | 4,991 | |
| Northern Illinois Municipal Power Agency, Series A, 5.00%, | |||
| 12/1/19 | 850 | 850 | |
| Northern Illinois Municipal Power Agency, Series A, 5.00%, | |||
| 12/1/20 | 910 | 943 | |
| Railsplitter Tobacco Settlement Auth. , 5.00%, 6/1/23 | 1,800 | 2,015 | |
| Railsplitter Tobacco Settlement Auth. , 6.00%, 6/1/28 | |||
| (Prerefunded 6/1/21) (3) | 2,000 | 2,142 | |
| 85,944 | |||
| Indiana 0.4% | |||
| Indiana Fin. Auth, Indiana Univ. , VRDN, 1.65%, 12/1/42 (Tender | |||
| 7/1/22) | 3,700 | 3,721 | |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/20 | 655 | 670 | |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/21 | 1,295 | 1,362 | |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/22 | 640 | 690 | |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/23 | 815 | 899 | |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/24 | 845 | 950 | |
| 8,292 | |||
| Iowa 0.2% | |||
| Iowa Fin. Auth. , Midwestern Fertilizer, 3.125%, 12/1/22 | 825 | 835 | |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/21 | 1,300 | 1,358 | |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/22 | 1,200 | 1,295 | |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/23 | 1,000 | 1,112 | |
| 4,600 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Kansas 0.1% | |||
| Lenexa City, Lakeview Village, Health Care Fac. , Series A, | |||
| 5.00%, 5/15/20 | 435 | 440 | |
| Lenexa City, Lakeview Village, Health Care Fac. , Series A, | |||
| 5.00%, 5/15/23 | 650 | 707 | |
| 1,147 | |||
| Kentucky 1.4% | |||
| Kentucky Economic DFA, Owensboro Medical Health, 5.00%, | |||
| 6/1/21 | 1,235 | 1,288 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/21 | 1,200 | 1,252 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/22 | 1,150 | 1,232 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/23 | 2,000 | 2,196 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/24 | 1,115 | 1,253 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/25 | 1,400 | 1,607 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.00%, 6/1/26 | 2,175 | 2,540 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.25%, 6/1/20 | 4,350 | 4,419 | |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | |||
| 5.75%, 6/1/25 (Prerefunded 6/1/20) (3) | 4,460 | 4,561 | |
| Kentucky Public Energy Authority, Series A, VRDN, GO, 4.00%, | |||
| 4/1/48 (Tender 4/1/24) | 2,500 | 2,722 | |
| Russell, Bon Secours Health System, 5.00%, 11/1/22 (4) | 3,555 | 3,936 | |
| 27,006 | |||
| Louisiana 0.5% | |||
| Louisiana Offshore Terminal Auth. , Loop Project, Series A, | |||
| VRDN, 1.65%, 9/1/27 (Tender 12/1/23) | 1,750 | 1,752 | |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/20 (1) | 565 | 566 | |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/21 (1) | 525 | 544 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| New Orleans Aviation Board, Series B, 5.00%, 1/1/22 (1) | 325 | 348 | |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/23 (1) | 250 | 276 | |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/24 (1) | 225 | 255 | |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/25 (1) | 250 | 290 | |
| Saint John the Baptist Parish, Marathon Oil, VRDN, 2.00%, | |||
| 6/1/37 (Tender 4/1/23) | 2,000 | 1,999 | |
| Tobacco Settlement Fin. , Series A, 5.00%, 5/15/22 | 1,685 | 1,821 | |
| Tobacco Settlement Fin. , Series A, 5.00%, 5/15/23 | 1,000 | 1,112 | |
| 8,963 | |||
| Maryland 6.1% | |||
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/20 | 500 | 513 | |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/22 | 1,100 | 1,198 | |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/23 | 500 | 560 | |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/24 | 1,950 | 2,239 | |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/25 | 2,040 | 2,394 | |
| Baltimore City, Wastewater, Series E, 5.00%, 7/1/20 | 2,225 | 2,274 | |
| Baltimore City, Water, Series C, 5.00%, 7/1/20 | 1,095 | 1,119 | |
| Baltimore City, Water, Series C, 5.00%, 7/1/21 | 1,555 | 1,647 | |
| Gaithersburg, Economic Dev. , Asbury Maryland Obligated | |||
| Group, Series B, 5.00%, 1/1/27 | 6,040 | 6,881 | |
| Howard County, Consolidated Public Improvement, Series A, | |||
| GO, 5.00%, 2/15/21 | 3,070 | 3,213 | |
| Maryland, Series B, GO, 5.00%, 8/1/24 | 5,800 | 6,801 | |
| Maryland, Series C, GO, 5.00%, 8/1/20 | 5,000 | 5,129 | |
| Maryland DOT, 5.00%, 2/1/22 | 5,805 | 6,284 | |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | |||
| 5.00%, 6/1/21 | 500 | 526 | |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | |||
| 5.00%, 6/1/22 | 395 | 428 | |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | |||
| 5.00%, 6/1/23 | 325 | 362 | |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | |||
| 5.125%, 6/1/20 (4) | 350 | 357 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Maryland Economic Dev. , Ports America Chesapeake, Series B, | |||
| 5.125%, 6/1/20 (4) | 860 | 877 | |
| Maryland Economic Dev. , Purple Line Light Rail, 5.00%, | |||
| 9/30/24 (1) | 250 | 285 | |
| Maryland Economic Dev. , Purple Line Light Rail, Series A, | |||
| 5.00%, 3/31/24 (1) | 7,955 | 8,455 | |
| Maryland Economic Dev. , Purple Line Light Rail, Series D, | |||
| 5.00%, 3/31/29 (1) | 790 | 923 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.25%, | |||
| 1/1/25 | 1,000 | 1,166 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/26 | 1,230 | 1,483 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/27 | 2,500 | 3,071 | |
| Maryland HHEFA, Anne Arundel Health, 5.00%, 7/1/20 | 1,000 | 1,021 | |
| Maryland HHEFA, Doctors Community Hosp. , 5.75%, 7/1/38 | |||
| (Prerefunded 7/1/20) (3) | 10,195 | 10,467 | |
| Maryland HHEFA, Greater Baltimore Medical Center, 5.25%, | |||
| 7/1/24 (Prerefunded 7/1/21) (3) | 65 | 69 | |
| Maryland HHEFA, Greater Baltimore Medical Center, | |||
| Unrefunded Balance, 5.25%, 7/1/24 | 335 | 355 | |
| Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A, | |||
| 5.00%, 7/1/25 | 500 | 545 | |
| Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A, | |||
| 5.00%, 7/1/27 | 500 | 544 | |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/21 | 4,040 | 4,259 | |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/22 | 2,615 | 2,843 | |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/23 | 9,000 | 10,055 | |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/24 | 795 | 911 | |
| Maryland HHEFA, Western Maryland Health, 5.25%, 7/1/26 | 1,535 | 1,765 | |
| Montgomery County, Series B, GO, 5.00%, 11/1/21 | 10,000 | 10,737 | |
| Montgomery County, Series C, GO, 5.00%, 10/1/24 | 4,285 | 5,050 | |
| Prince George's County, Consolidated Public Improvement, | |||
| Series A, GO, 5.00%, 9/15/22 | 5,000 | 5,534 | |
| Prince George's County, Series A, GO, 5.00%, 7/15/21 | 7,330 | 7,784 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Rockville, Ingleside at King Farm, Series C-2, 3.00%, 11/1/25 | 350 | 351 | |
| 120,475 | |||
| Massachusetts 2.9% | |||
| Commonwealth of Massachusetts, Series C, GO, 5.00%, 7/1/27 | |||
| (Prerefunded 7/1/22) (3) | 8,640 | 9,485 | |
| Commonwealth of Massachusetts, Series E, GO, 5.00%, 9/1/25 | |||
| (Prerefunded 9/1/22) (3) | 7,390 | 8,158 | |
| Commonwealth of Massachusetts, Series F, GO, 5.00%, | |||
| 11/1/25 (Prerefunded 11/1/22) (3) | 10,000 | 11,102 | |
| Commonwealth of Massachusetts Transportation Fund | |||
| Revenue, Accelerated Bridge Program, Series A, 5.00%, 6/1/27 | |||
| (Prerefunded 6/1/21) (3) | 8,835 | 9,347 | |
| Massachusetts Bay Transportation Auth. , Dedicated Sales Tax, | |||
| BAN, 4.00%, 12/1/21 | 10,300 | 10,890 | |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/21 (1) | 1,610 | 1,699 | |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/22 (1) | 2,000 | 2,174 | |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/23 (1) | 2,000 | 2,234 | |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/24 (1) | 2,000 | 2,289 | |
| 57,378 | |||
| Michigan 3.2% | |||
| Detroit City School Dist. , Series C, GO, 5.25%, 5/1/25 | 9,835 | 10,808 | |
| Detroit Downtown Dev. Auth. , Series A, 5.00%, 7/1/24 (5) | 975 | 1,118 | |
| Great Lakes Water Auth. Water Supply System Revenue, Senior | |||
| Lien, Series C, 5.00%, 7/1/23 | 2,780 | 3,140 | |
| Great Lakes Water Auth. Water Supply System Revenue, Senior | |||
| Lien, Series C, 5.00%, 7/1/27 | 5,800 | 7,013 | |
| Michigan Building Auth. , Series I, 5.00%, 10/15/21 | 1,000 | 1,071 | |
| Michigan Building Auth. , Series I, 5.00%, 4/15/22 | 750 | 817 | |
| Michigan, City of Detroit, GO, 5.00%, 4/1/20 | 1,000 | 1,008 | |
| Michigan, City of Detroit, GO, 5.00%, 4/1/21 | 1,000 | 1,033 | |
| Michigan, City of Detroit, GO, 5.00%, 4/1/22 | 850 | 897 | |
| Michigan, City of Detroit, GO, 5.00%, 4/1/23 | 500 | 537 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Michigan, City of Detroit, GO, 5.00%, 4/1/24 | 900 | 984 | |
| Michigan, City of Detroit, GO, 5.00%, 4/1/25 | 860 | 956 | |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Senior Lien, | |||
| Series C, 5.00%, 7/1/29 (5) | 2,500 | 2,892 | |
| Michigan Fin. Auth. , Henry Ford Health System, 5.00%, | |||
| 11/15/20 | 325 | 336 | |
| Michigan Fin. Auth. , Henry Ford Health System, 5.00%, | |||
| 11/15/21 | 925 | 990 | |
| Michigan Fin. Auth. , Henry Ford Health System, 5.00%, | |||
| 11/15/22 | 1,475 | 1,629 | |
| Michigan Fin. Auth. , Local Gov't Loan Program, 5.00%, 7/1/27 | |||
| (5 | ) | 2,850 | 3,315 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/19 | 700 | 700 | |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/20 | 775 | 804 | |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/21 | 775 | 832 | |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/22 | 500 | 554 | |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/23 | 550 | 628 | |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | |||
| 5.00%, 12/1/24 | 975 | 1,147 | |
| Wayne County Airport Auth. , Series A, 4.00%, 12/1/20 (1)(5) | 2,665 | 2,736 | |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/22 | 2,220 | 2,462 | |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/23 | 430 | 491 | |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/24 | 500 | 587 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/20 (1) | 550 | 570 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/21 (1) | 1,185 | 1,269 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/22 (1) | 1,215 | 1,340 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/23 (1) | 2,195 | 2,487 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/24 (1) | 2,385 | 2,773 | |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/25 (1) | 2,405 | 2,862 | |
| Wayne County Airport Auth. , Series C, 5.00%, 12/1/22 | 3,000 | 3,111 | |
| 63,897 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Minnesota 1.9% | ||
| Minnesota, Series A, GO, 5.00%, 8/1/23 | 4,000 | 4,554 |
| Minnesota, Series A, GO, 5.00%, 8/1/26 | 5,320 | 6,578 |
| Minnesota, Series D, GO, 5.00%, 10/1/24 | 8,675 | 10,223 |
| Minnesota, Series D, GO, 5.00%, 8/1/21 | 3,220 | 3,426 |
| Minnesota, Series D, GO, 5.00%, 10/1/21 | 2,120 | 2,269 |
| Minnesota, Series D, GO, 5.00%, 8/1/27 | 7,875 | 9,451 |
| 36,501 | ||
| Mississippi 0.3% | ||
| Mississippi Dev. Bank, Harrison County Highway, Series A, | ||
| 5.00%, 1/1/20 | 1,750 | 1,755 |
| Mississippi Dev. Bank, Laurel Highway, Series B, 4.00%, 1/1/20 | 1,485 | 1,488 |
| Mississippi Dev. Bank, Madison County Highway, Series C, | ||
| 5.00%, 1/1/20 | 1,750 | 1,755 |
| 4,998 | ||
| Missouri 0.2% | ||
| Missouri HEFA, SSM Health Care, Series A, 5.00%, 6/1/26 | 1,620 | 1,863 |
| Saint Louis Airport, Series B, 5.00%, 7/1/21 (1)(5) | 400 | 424 |
| Saint Louis Airport, Series B, 5.00%, 7/1/22 (1)(5) | 450 | 491 |
| Saint Louis Airport, Series B, 5.00%, 7/1/23 (1)(5) | 215 | 241 |
| Saint Louis Airport, Series B, 5.00%, 7/1/24 (1)(5) | 840 | 968 |
| Saint Louis Airport, Series B, 5.00%, 7/1/25 (1)(5) | 375 | 442 |
| 4,429 | ||
| Montana 0.1% | ||
| Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/20 | 190 | 192 |
| Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/21 | 760 | 787 |
| Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/22 | 685 | 723 |
| 1,702 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Nebraska 0.2% | |||
| Central Plains Energy, 5.00%, 9/1/42 | 4,070 | 4,410 | |
| Central Plains Energy, Project No. 4, GO, VRDN, 5.00%, 3/1/50 | |||
| (Tender 1/1/24) | 40 | 45 | |
| 4,455 | |||
| Nevada 0.8% | |||
| Clark County, Transportation Improvement, Series B, GO, | |||
| 5.00%, 12/1/22 | 6,495 | 7,224 | |
| Clark County Dept. of Aviation, Airport Improvement, Series A, | |||
| 5.00%, 7/1/21 | 3,000 | 3,180 | |
| Clark County Dept. of Aviation, Airport Improvement, Series D, | |||
| 5.00%, 7/1/21 (Prerefunded 1/1/20) (3) | 1,500 | 1,504 | |
| Clark County Dept. of Aviation, Airport Improvement, Las Vegas- | |||
| McCarran Int'l. , Series A-1, 5.00%, 7/1/22 (1) | 1,700 | 1,857 | |
| Clark County Dept. of Aviation, Airport Improvement, Las Vegas- | |||
| McCarran Int'l. , Passenger Fac. Charge, Series B, 5.00%, | |||
| 7/1/21 (1) | 2,405 | 2,546 | |
| 16,311 | |||
| New Jersey 1.4% | |||
| New Jersey Economic Dev. Auth. , The Goethals, 5.00%, | |||
| 7/1/22 (1) | 1,650 | 1,789 | |
| New Jersey EFA, Princeton Univ. , Series B, 5.00%, 7/1/21 | 2,660 | 2,825 | |
| New Jersey HCFFA, Barnabas Health, Series A, 5.00%, 7/1/25 | 5,500 | 6,009 | |
| New Jersey Transportation Trust Fund Auth. , Federal Highway | |||
| Reimbursement, Series A, 5.00%, 6/15/24 | 3,085 | 3,533 | |
| New Jersey Transportation Trust Fund Auth. , Federal Highway | |||
| Reimbursement, Series A-1, 5.00%, 6/15/20 | 6,750 | 6,879 | |
| New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/35 | |||
| (Prerefunded 1/1/22) (3) | 3,500 | 3,780 | |
| Tobacco Settlement Fin. , Series A, 5.00%, 6/1/22 | 1,760 | 1,905 | |
| 26,720 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| New York 10.3% | ||
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | ||
| 5.00%, 7/15/20 | 760 | 776 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | ||
| 5.00%, 7/15/21 | 1,700 | 1,794 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | ||
| 5.00%, 7/15/22 | 975 | 1,059 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | ||
| 5.00%, 7/15/23 | 1,250 | 1,394 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | ||
| 5.00%, 7/15/24 | 3,000 | 3,423 |
| Dormitory Auth. of the State of New York, Orange Regional | ||
| Medical Center, 4.00%, 12/1/19 (6) | 1,000 | 1,000 |
| Dormitory Auth. of the State of New York, Orange Regional | ||
| Medical Center, 4.00%, 12/1/21 (6) | 1,500 | 1,569 |
| Dormitory Auth. of the State of New York, Personal Income Tax | ||
| General Purpose Bond, Series A, 5.00%, 12/15/20 | 5,000 | 5,201 |
| Dormitory Auth. of the State of New York, Personal Income Tax | ||
| General Purpose Bond, Series A, 5.00%, 12/15/23 | 3,400 | 3,793 |
| Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/20 | 5,000 | 5,176 |
| Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/21 | 3,750 | 4,018 |
| Metropolitan Transportation Auth. , Series D-1, BAN, 5.00%, | ||
| 9/1/22 | 14,780 | 16,203 |
| Nassau County Local Economy Assistance Corp. , Winthrop | ||
| Univ. Hosp. , 5.00%, 7/1/22 | 1,000 | 1,091 |
| New York City, Series 1, GO, 5.00%, 8/1/25 | 5,400 | 6,502 |
| New York City, Series C, GO, 5.00%, 8/1/22 | 8,755 | 9,646 |
| New York City, Series C, GO, 5.00%, 8/1/23 | 10,000 | 11,366 |
| New York City, Series D, GO, 5.00%, 8/1/24 | 13,145 | 14,686 |
| New York City, Series E, GO, 5.00%, 8/1/21 | 6,000 | 6,156 |
| New York City, Series G, GO, 5.00%, 8/1/21 | 4,400 | 4,680 |
| New York City, Series H, GO, 5.00%, 8/1/20 | 5,575 | 5,718 |
| New York City Transitional Fin. Auth. , Building Aid Revenue, | ||
| Series S-1, 5.00%, 7/15/20 (4) | 1,205 | 1,235 |
| New York City Transitional Fin. Auth. , Building Aid Revenue, | ||
| Series S-2, 5.00%, 7/15/20 (4) | 1,055 | 1,081 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| New York City Transitional Fin. Auth. , Building Aid Revenue, | |||
| Unrefunded Balance, Series S-1, 5.00%, 7/15/20 | 195 | 200 | |
| New York City Transitional Fin. Auth. , Building Aid Revenue, | |||
| Unrefunded Balance, Series S-2, 5.00%, 7/15/20 | 170 | 174 | |
| New York City Transitional Fin. Auth. , Future Tax Secured, | |||
| Series F1, 5.00%, 5/1/22 | 10,000 | 10,932 | |
| New York State Dormitory Auth. , Bidding Group, GO, 5.00%, | |||
| 3/15/24 (4) | 5 | 6 | |
| New York State Dormitory Auth. , Bidding Group 2, GO, 5.00%, | |||
| 3/15/24 | 9,795 | 11,365 | |
| New York State Dormitory Auth. , Personal Income Tax General | |||
| Purpose Bond, Series E, 5.00%, 3/15/21 | 3,215 | 3,376 | |
| New York State Thruway Auth. , Series I, 5.00%, 1/1/20 | 1,445 | 1,449 | |
| New York State Transportation Dev. , American Airlines, 5.00%, | |||
| 8/1/26 (1) | 2,020 | 2,118 | |
| New York State Transportation Dev. , American Airlines, John F. | |||
| Kennedy Int'l. Airport, 5.00%, 8/1/21 (1) | 2,200 | 2,313 | |
| New York State Transportation Dev. , Delta Airlines, 5.00%, | |||
| 1/1/22 (1) | 2,520 | 2,696 | |
| New York State Transportation Dev. , Terminal One Group, | |||
| 5.00%, 1/1/23 (1) | 4,055 | 4,449 | |
| New York State Urban Dev. , Personal Income Tax, Series A, | |||
| 5.00%, 3/15/21 | 20,000 | 20,999 | |
| New York State Urban Dev. , Personal Income Tax, Series A, | |||
| 5.00%, 3/15/23 | 7,100 | 7,988 | |
| New York State Urban Dev. , Personal Income Tax, Series A, | |||
| 5.00%, 3/15/24 | 3,275 | 3,800 | |
| Port Auth. of New York & New Jersey, Series 186, 5.00%, | |||
| 10/15/22 (1) | 6,850 | 7,567 | |
| Port Auth. of New York & New Jersey, Series 207, 5.00%, | |||
| 9/15/26 (1) | 10,030 | 12,197 | |
| Sales Tax Asset Receivable Corp. , Series A, 5.00%, 10/15/22 | 3,310 | 3,683 | |
| Suffolk County Economic Dev. Corp. , Catholic Health Services | |||
| of Long Island, 5.00%, 7/1/20 | 345 | 352 | |
| 203,231 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| North Carolina 2.8% | ||
| Charlotte Water & Sewer, 5.00%, 7/1/21 | 2,000 | 2,122 |
| Mecklenburg County, Series A, GO, 5.00%, 9/1/20 | 1,385 | 1,425 |
| New Hanover County, Regional Medical Center, 5.00%, 10/1/28 | 1,560 | 1,641 |
| North Carolina Eastern Municipal Power Agency, Series D, | ||
| 5.00%, 1/1/23 (Prerefunded 7/1/22) (3) | 10,430 | 11,450 |
| North Carolina Medical Care Commission, Cape Fear Valley | ||
| Health System, 5.00%, 10/1/23 | 9,785 | 10,761 |
| North Carolina Medical Care Commission, Retirement Fac. First | ||
| Meeting, 4.00%, 1/1/25 | 250 | 271 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/20 | 105 | 107 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/21 | 120 | 126 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/22 | 215 | 230 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/23 | 150 | 164 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/24 | 180 | 200 |
| North Carolina Medical Care Commission, Southminster, | ||
| 5.00%, 10/1/25 | 125 | 141 |
| North Carolina Medical Care Commission, United Methodist | ||
| Retirement Home, 5.00%, 10/1/27 | 175 | 199 |
| North Carolina Medical Care Commission, United Methodist | ||
| Retirement Home, Series A, 5.00%, 10/1/22 | 350 | 383 |
| North Carolina Medical Care Commission, United Methodist | ||
| Retirement Home, Series A, 5.00%, 10/1/23 | 400 | 450 |
| North Carolina Medical Care Commission, United Methodist | ||
| Retirement Home, Series A, 5.00%, 10/1/24 | 950 | 1,090 |
| North Carolina Medical Care Commission, United Methodist | ||
| Retirement Home, Series A, 5.00%, 10/1/26 | 750 | 853 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | ||
| 5.00%, 12/1/27 | 1,125 | 1,241 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | ||
| Series B, 5.00%, 12/1/23 | 2,000 | 2,217 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | ||
| Series C, 5.25%, 6/1/25 | 4,295 | 4,382 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| North Carolina Municipal Power Agency #1, Catawba Electric, | ||
| Series B, 5.00%, 1/1/21 (Prerefunded 1/1/20) (3) | 2,000 | 2,006 |
| North Carolina Municipal Power Agency #1, Catawba Electric, | ||
| Series E, 5.00%, 1/1/23 | 1,500 | 1,669 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/20 | 600 | 602 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/21 | 900 | 934 |
| Wake County, Public Improvement, GO, 5.00%, 9/1/21 | 2,810 | 2,999 |
| Wake County, Series C, GO, 5.00%, 3/1/23 | 6,200 | 6,964 |
| 54,627 | ||
| Ohio 0.6% | ||
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/22 (1) | 900 | 968 |
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/23 (1) | 1,200 | 1,331 |
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/24 (1) | 1,200 | 1,369 |
| Columbus, Series A, GO, 5.00%, 4/1/24 | 1,810 | 2,099 |
| Columbus, Series A, GO, 5.00%, 4/1/25 | 3,445 | 4,112 |
| Hamilton County, Life Enriching Community, 4.00%, 1/1/20 | 200 | 200 |
| Hamilton County, Life Enriching Community, 4.00%, 1/1/21 | 150 | 153 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/22 | 100 | 106 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/23 | 100 | 109 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/24 | 150 | 167 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/25 | 200 | 228 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/26 | 150 | 174 |
| Ohio State Higher Ed. Fac. Commission, Cleveland Clinic Health | ||
| System, Series B-4, VRDN, 1.15%, 1/1/43 | 200 | 200 |
| 11,216 | ||
| Oklahoma 0.4% | ||
| Grand River Dam Auth. , Series A, 5.00%, 6/1/23 | 2,000 | 2,259 |
| Norman Regional Hosp. Auth. , 5.00%, 9/1/20 | 1,820 | 1,867 |
| Norman Regional Hosp. Auth. , 5.00%, 9/1/21 | 1,675 | 1,776 |
| Norman Regional Hosp. Auth. , 5.00%, 9/1/22 | 2,060 | 2,251 |
| 8,153 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Pennsylvania 3.9% | ||
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | ||
| Center, 5.00%, 7/15/20 | 1,200 | 1,228 |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | ||
| Center, 5.00%, 7/15/21 | 1,000 | 1,060 |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | ||
| Center, 5.00%, 7/15/22 | 1,050 | 1,151 |
| Butler County Hosp. Auth. , 4.00%, 7/1/20 | 1,175 | 1,191 |
| Butler County Hosp. Auth. , 4.00%, 7/1/21 | 325 | 337 |
| Butler County Hosp. Auth. , 5.00%, 7/1/22 | 315 | 342 |
| Butler County Hosp. Auth. , 5.00%, 7/1/23 | 355 | 395 |
| Butler County Hosp. Auth. , 5.00%, 7/1/24 | 1,550 | 1,768 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/21 | 6,500 | 6,837 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/22 | 1,000 | 1,085 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/23 | 1,000 | 1,117 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/24 | 2,000 | 2,296 |
| Delaware River Port Auth. , Series B, 5.00%, 1/1/21 | 5,500 | 5,729 |
| Delaware River Port Auth. , Series B, 5.00%, 1/1/22 | 6,690 | 7,217 |
| Delaware River Port Auth. , Series B, 5.00%, 1/1/23 | 2,250 | 2,510 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/22 | 1,300 | 1,422 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/23 | 1,300 | 1,464 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/24 | 1,700 | 1,966 |
| Northampton County General Purpose Auth. , St. Luke's Health | ||
| Univ. , FRN, 70% of 1M USD LIBOR + 1.04%, 2.287%, 8/15/48 | ||
| (Tender 8/15/24) | 4,900 | 4,924 |
| Pennsylvania Economic DFA, VRDN, 1.45%, 8/1/45 (Tender | ||
| 2/3/20) (1) | 8,950 | 8,948 |
| Pennsylvania, GO, 5.00%, 9/15/22 | 10,250 | 11,310 |
| Pennsylvania, Series 2, GO, 5.00%, 10/15/21 | 2,850 | 3,053 |
| Philadelphia, Series A, GO, 5.00%, 8/1/21 | 1,500 | 1,592 |
| Philadelphia, Series A, GO, 5.00%, 8/1/22 | 1,660 | 1,819 |
| Philadelphia, Series A, GO, 5.00%, 8/1/23 | 1,270 | 1,435 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | |||
| 5.00%, 7/1/20 | 775 | 789 | |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | |||
| 5.00%, 7/1/21 | 975 | 1,022 | |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | |||
| 5.00%, 7/1/22 | 1,175 | 1,265 | |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | |||
| 5.00%, 7/1/23 | 1,175 | 1,296 | |
| 76,568 | |||
| Puerto Rico 0.2% | |||
| Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/27 | 6,213 | 4,942 | |
| 4,942 | |||
| Rhode Island 0.5% | |||
| Rhode Island Commerce Corp. , GAN, Series A, 5.00%, 6/15/20 | 1,050 | 1,071 | |
| Rhode Island Commerce Corp. , GAN, Series A, 5.00%, 6/15/21 | 3,125 | 3,304 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/20 | 2,355 | 2,408 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/22 | 550 | 593 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/23 | 550 | 606 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/24 | 1,290 | 1,452 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/25 | 415 | 475 | |
| Rhode Island Health & Ed. Building, Care New England, Series | |||
| B, 5.00%, 9/1/26 | 450 | 524 | |
| 10,433 | |||
| South Carolina 1.3% | |||
| Patriots Energy Group Fin. Agency, Series A, VRDN, 4.00%, | |||
| 10/1/48 (Tender 2/1/24) | 6,000 | 6,550 | |
| Piedmont Municipal Power Agency, Electric, Series A, 5.00%, | |||
| 1/1/23 | 2,080 | 2,307 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| South Carolina Jobs Economic Dev. Auth. , Bon Secours Health | ||
| System, 5.00%, 11/1/20 (4) | 2,500 | 2,586 |
| South Carolina Jobs Economic Dev. Auth. , Bon Secours Health | ||
| System, 5.00%, 11/1/24 (Prerefunded 11/1/22) (3) | 3,000 | 3,326 |
| South Carolina Ports Auth. , 5.00%, 7/1/21 (1) | 3,650 | 3,860 |
| South Carolina Ports Auth. , 5.00%, 7/1/23 (1) | 2,555 | 2,875 |
| South Carolina Ports Auth. , 5.00%, 7/1/24 (1) | 850 | 983 |
| South Carolina Ports Auth. , 5.25%, 7/1/55 (Prerefunded | ||
| 7/1/25) (1)(3) | 3,240 | 3,905 |
| 26,392 | ||
| South Dakota 0.1% | ||
| South Dakota HEFA, Sanford Obligated Group, 5.00%, 11/1/29 | 1,000 | 1,176 |
| 1,176 | ||
| Tennessee 2.7% | ||
| Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I, | ||
| 5.00%, 10/1/20 | 1,270 | 1,307 |
| Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I, | ||
| 5.00%, 10/1/22 | 1,045 | 1,139 |
| Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I, | ||
| 5.00%, 10/1/23 | 650 | 727 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | ||
| Group, Series A, 5.00%, 7/1/20 | 1,255 | 1,281 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | ||
| Group, Series A, 5.00%, 7/1/21 | 1,250 | 1,318 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | ||
| Group, Series A, 5.00%, 7/1/22 | 3,250 | 3,529 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | ||
| Group, Series A, 5.00%, 7/1/23 | 4,200 | 4,688 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | ||
| Group, Series A, 5.00%, 7/1/24 | 3,025 | 3,392 |
| Metropolitan Gov't. of Nashville & Davidson County, GO, 5.00%, | ||
| 7/1/21 | 4,750 | 5,038 |
| Metropolitan Gov't. of Nashville & Davidson County, | ||
| Improvement, GO, 5.00%, 7/1/24 | 9,750 | 11,395 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
|
| ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Metropolitan Gov't. of Nashville & Davidson County, Unrefunded | ||
| Balance, GO, 5.00%, 7/1/23 | 5,065 | 5,558 |
| Tennessee Energy Acquisition, Series A, VRDN, 4.00%, 5/1/48 | ||
| (Tender 5/1/23) | 10,810 | 11,591 |
| Tennessee Energy Acquisition, Goldman Sachs, Gas, Series C, | ||
| 5.00%, 2/1/22 | 1,300 | 1,392 |
| Tennessee Energy Acquisition, Goldman Sachs, Gas, Series C, | ||
| 5.00%, 2/1/23 | 1,410 | 1,549 |
| 53,904 | ||
| Texas 15.1% | ||
| Austin Airport System Revenue, 5.00%, 11/15/27 (1) | 1,780 | 2,074 |
| Austin Airport System Revenue, Series B, 5.00%, 11/15/22 (1) | 620 | 685 |
| Austin Airport System Revenue, Series B, 5.00%, 11/15/23 (1) | 600 | 682 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/24 | 1,025 | 1,159 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/25 | 1,195 | 1,393 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/26 | 1,605 | 1,912 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/28 | 1,700 | 2,015 |
| Central Texas Regional Mobility Auth. , 6.00%, 1/1/41 | ||
| (Prerefunded 1/1/21) (3) | 4,700 | 4,941 |
| Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/20 | 1,410 | 1,414 |
| Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/21 | 500 | 518 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | ||
| 8/15/21 | 670 | 695 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | ||
| 8/15/22 | 1,000 | 1,057 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | ||
| 8/15/23 | 1,505 | 1,618 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | ||
| 8/15/24 | 3,120 | 3,403 |
| Dallas Independent School Dist. , Series A, GO, 5.00%, 2/15/23 | 8,615 | 9,654 |
| Dallas/Fort Worth Int'l. Airport, Series B, 5.00%, 11/1/22 (1) | 1,785 | 1,970 |
| Dallas/Fort Worth Int'l. Airport, Series C, 5.00%, 11/1/20 | 1,000 | 1,035 |
| Dallas/Fort Worth Int'l. Airport, Series E, 5.00%, 11/1/20 (1) | 4,975 | 5,144 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Dallas/Fort Worth Int'l. Airport, Series E, 5.00%, 11/1/24 | |||
| (Prerefunded 11/1/20) (1)(3) | 1,180 | 1,220 | |
| Dallas/Fort Worth Int'l. Airport, Series F, 5.00%, 11/1/25 | |||
| (Prerefunded 11/1/20) (1)(3) | 10,000 | 10,336 | |
| Garland Independent School Dist. , GO, 5.00%, 2/15/23 | 11,470 | 11,996 | |
| Grand Parkway Transportation, BAN, 5.00%, 2/1/23 | 5,000 | 5,550 | |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | |||
| 5.00%, 12/1/24 | 1,865 | 2,059 | |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | |||
| 5.00%, 12/1/25 | 2,780 | 3,066 | |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | |||
| VRDN, 5.00%, 7/1/49 (Tender 12/1/22) | 1,825 | 2,018 | |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | |||
| VRDN, 5.00%, 7/1/49 (Tender 12/1/24) | 1,880 | 2,198 | |
| Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp., | |||
| 5.00%, 10/1/28 | 3,110 | 3,693 | |
| Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp., | |||
| VRDN, 5.00%, 10/1/41 (Tender 10/1/24) | 4,000 | 4,671 | |
| Harris County Metropolitan Transit Auth. , Sales & Use Tax, | |||
| Series B, 5.00%, 11/1/22 | 10,915 | 12,101 | |
| Houston, Series A, GO, 5.00%, 3/1/21 | 1,375 | 1,440 | |
| Houston, Series A, GO, 5.00%, 3/1/22 | 725 | 785 | |
| Houston Airport System Revenue, Series A, 5.00%, 7/1/22 (1) | 2,605 | 2,750 | |
| Houston Airport System Revenue, Series B-2, 5.00%, | |||
| 7/15/20 (1) | 4,750 | 4,844 | |
| Houston Airport System Revenue, United Airlines, Terminal | |||
| Improvement, Series C, 5.00%, 7/15/20 (1) | 4,900 | 5,003 | |
| Houston Combined Utility System, Series B, 4.00%, 11/15/21 | 800 | 844 | |
| Houston Combined Utility System, Series B, 5.00%, 11/15/22 | 800 | 888 | |
| Houston Combined Utility System, Series B, 5.00%, 11/15/23 | 975 | 1,116 | |
| Houston Hotel Occupancy Tax & Special Revenue, 5.00%, | |||
| 9/1/21 | 3,000 | 3,192 | |
| Houston Hotel Occupancy Tax & Special Revenue, 5.00%, | |||
| 9/1/22 | 2,500 | 2,749 | |
| Houston Independent School Dist. , Permanent School Fund, | |||
| GO, 5.00%, 2/15/25 | 3,830 | 4,551 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Houston Independent School Dist. , Permanent School Fund, | |||
| Series A, GO, 5.00%, 2/15/20 | 500 | 504 | |
| Love Field Airport Modernization, Southwest Airlines, 5.00%, | |||
| 11/1/28 (1) | 1,000 | 1,085 | |
| Lower Colorado River Auth. , 5.00%, 5/15/21 | 1,725 | 1,819 | |
| Lower Colorado River Auth. , 5.00%, 5/15/22 | 2,180 | 2,298 | |
| Lower Colorado River Auth. , GO, 5.00%, 5/15/23 | 725 | 815 | |
| Lower Colorado River Auth. , GO, 5.00%, 5/15/24 | 1,045 | 1,209 | |
| Lower Colorado River Auth. , Series A, 5.00%, 5/15/21 | 2,025 | 2,135 | |
| Lower Colorado River Auth. , Series D, 5.00%, 5/15/20 | 5,000 | 5,085 | |
| Mission Economic Dev. , VRDN, 1.45%, 1/1/26 (Tender | |||
| 2/3/20) (1) | 5,000 | 4,999 | |
| North Texas Tollway Auth. , 1st Tier, Series 2014-A, 5.00%, | |||
| 1/1/22 | 1,200 | 1,293 | |
| North Texas Tollway Auth. , 1st Tier, Series 2016-A, 5.00%, | |||
| 1/1/22 | 2,000 | 2,155 | |
| North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/23 | 2,070 | 2,306 | |
| North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/27 | 4,425 | 5,056 | |
| North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/21 | 350 | 364 | |
| North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/22 | 500 | 539 | |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/23 | 2,400 | 2,673 | |
| North Texas Tollway Auth. , Series A, 5.50%, 9/1/41 | |||
| (Prerefunded 9/1/21) (3) | 2,000 | 2,149 | |
| North Texas Tollway Auth. , Special Projects, Series D, 5.00%, | |||
| 9/1/29 (Prerefunded 9/1/21) (3) | 3,285 | 3,501 | |
| North Texas Tollway Auth. , Special Projects, Series D, 5.25%, | |||
| 9/1/27 (Prerefunded 9/1/21) (3) | 13,845 | 14,815 | |
| Plano Independent School Dist. , Permanent School Fund, | |||
| Series A, GO, 5.00%, 2/15/22 | 1,775 | 1,920 | |
| San Antonio, GO, 5.00%, 2/1/22 | 13,500 | 14,609 | |
| San Antonio, GO, 5.00%, 2/1/23 | 5,880 | 6,571 | |
| San Antonio Electric & Gas, 5.00%, 2/1/23 | 4,380 | 4,899 | |
| Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/21 | 825 | 875 | |
| Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/22 | 885 | 965 | |
| Texas, Series A, GO, 5.00%, 10/1/20 | 3,000 | 3,096 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Texas, TRAN, 4.00%, 8/27/20 | 15,000 | 15,312 | |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | |||
| Series A, 5.25%, 12/15/25 | 2,500 | 2,986 | |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | |||
| Series D, 6.25%, 12/15/26 | 19,180 | 22,314 | |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/25 | 1,340 | 1,467 | |
| Texas Municipal Gas Acquisition & Supply III, Macquarie Group, | |||
| 5.00%, 12/15/24 | 5,090 | 5,581 | |
| Texas Municipal Gas Acquisition & Supply III, Macquarie Group, | |||
| 5.00%, 12/15/27 | 7,185 | 7,838 | |
| Texas State Univ. System, Series A, 4.00%, 3/15/21 (2) | 5,285 | 5,475 | |
| Texas State Univ. System, Series A, 5.00%, 3/15/22 (2) | 2,000 | 2,172 | |
| Texas State Univ. System, Series A, 5.00%, 3/15/23 (2) | 1,000 | 1,122 | |
| Texas Transportation Commission, 1st Tier, 5.00%, 10/1/23 | 7,325 | 8,372 | |
| Texas Transportation Commission State Highway Fund, 5.00%, | |||
| 4/1/23 | 4,000 | 4,501 | |
| Univ. of Texas, Series I, 5.00%, 8/15/21 | 3,000 | 3,196 | |
| 296,510 | |||
| Utah 0.3% | |||
| Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/23 (1) | 4,475 | 5,025 | |
| 5,025 | |||
| Virginia 6.3% | |||
| Chesapeake Bay Bridge & Tunnel Dist. , BAN, 5.00%, 11/1/23 | 10,150 | 11,509 | |
| Fairfax County IDA, Inova Health, 5.00%, 8/15/23 | 7,945 | 8,619 | |
| Fairfax County IDA, Inova Health, VRDN, 5.00%, 5/15/57 | |||
| (Tender 5/15/23) | 3,600 | 4,048 | |
| Fairfax County IDA, Inova Health, Series B, VRDN, 5.00%, | |||
| 5/15/57 (Tender 5/15/21) | 7,500 | 7,908 | |
| Fairfax County IDA, Inova Health, Series D, 5.00%, 5/15/27 | 4,000 | 4,362 | |
| Hampton Roads Sanitation Dist. , Wastewater, Series A, 5.00%, | |||
| 7/1/22 | 850 | 934 | |
| Loudoun County, Series B, GO, 5.00%, 12/1/20 | 2,250 | 2,338 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | |||
|
| |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Norfolk Water, 5.00%, 11/1/20 | 1,000 | 1,035 | |
| Norfolk Water, 5.00%, 11/1/22 | 5,000 | 5,557 | |
| Prince William County IDA, Novant Health, 5.00%, 11/1/26 | 1,870 | 2,066 | |
| Richmond Public Utility, Series A, 5.00%, 1/15/22 | 1,500 | 1,622 | |
| Virginia College Building Auth. , 5.00%, 2/1/26 (Prerefunded | |||
| 2/1/22) (3) | 11,140 | 12,068 | |
| Virginia College Building Auth. , 21st Century College & | |||
| Equipment Programs, Series B, 5.00%, 2/1/24 | 9,400 | 10,845 | |
| Virginia College Building Auth. , Public Higher Ed. Fin. Program, | |||
| Series A, 5.00%, 9/1/21 | 2,045 | 2,182 | |
| Virginia College Building Auth. , Public Higher Ed. Fin. Program, | |||
| Series B, 5.00%, 9/1/23 | 4,000 | 4,560 | |
| Virginia Commonwealth Transportation Board, GAN, 5.00%, | |||
| 3/15/21 | 1,925 | 2,021 | |
| Virginia Commonwealth Transportation Board, GAN, 5.00%, | |||
| 9/15/21 | 1,975 | 2,111 | |
| Virginia Commonwealth Transportation Board, Series 2011, | |||
| 5.00%, 5/15/21 | 5,000 | 5,280 | |
| Virginia Public Building Auth. , Series A, 5.00%, 8/1/22 | |||
| (Prerefunded 8/1/21) (3) | 5,135 | 5,461 | |
| Virginia Public School Auth. , 1997 Resolution, Series B, 5.00%, | |||
| 8/1/21 | 2,800 | 2,979 | |
| Virginia Public School Auth. , 1997 Resolution, Series 2016B, | |||
| 5.00%, 8/1/22 | 3,255 | 3,585 | |
| Virginia Public School Auth. , 1997 Resolution, Series 2018B, | |||
| 5.00%, 8/1/22 | 2,825 | 3,112 | |
| Virginia Transportation Board, Capital Projects, Series A, 5.00%, | |||
| 5/15/22 | 775 | 847 | |
| Virginia Transportation Board, Federal Highway, GAN, 5.00%, | |||
| 9/15/23 | 10,000 | 11,413 | |
| Virginia Transportation Board, Series 2014, 5.00%, 5/15/21 | 7,965 | 8,412 | |
| 124,874 | |||
| Washington 1.8% | |||
| Energy Northwest, Columbia Generating, Series A, 5.00%, | |||
| 7/1/23 | 6,745 | 7,149 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||||
|
| ||||
| Par | $ Value | |||
| (Amounts in 000s) | ||||
| Energy Northwest Electric, Columbia Generating, Series A, | ||||
| 5.00%, 7/1/20 | 3,885 | 3,973 | ||
| Port of Seattle, 5.00%, 4/1/21 (1) | 1,125 | 1,180 | ||
| Univ. of Washington, Series A, VRDN, 5.00%, 5/1/48 (Tender | ||||
| 5/1/22) | 10,400 | 11,123 | ||
| Washington, Series A-1, GO, 5.00%, 8/1/27 | 4,130 | 4,944 | ||
| Washington, Various Purpose, Series A, GO, 5.00%, 8/1/21 | 3,450 | 3,670 | ||
| Washington Health Care Fac. Auth. , Commonspirit Health, | ||||
| Series B, VRDN, 5.00%, 8/1/49 (Tender 8/1/25) | 2,450 | 2,839 | ||
| 34,878 | ||||
| Wisconsin 1.7% | ||||
| PFA, Mary's Woods at Marylhurst, Series A, 5.00%, 5/15/20 (6) | 365 | 370 | ||
| Wisconsin, Series 2, GO, 5.00%, 11/1/21 | 1,400 | 1,503 | ||
| Wisconsin, Series 2011-2, GO, 5.00%, 11/1/22 | 11,250 | 12,076 | ||
| Wisconsin, Series 2017-2, GO, 5.00%, 11/1/22 | 5,470 | 6,079 | ||
| Wisconsin, Series A, GO, 5.00%, 5/1/23 | 4,175 | 4,714 | ||
| Wisconsin Clean Water Fund Leveraged Loan Portfolio, 5.00%, | ||||
| 6/1/25 (Prerefunded 6/1/24) (3) | 5,000 | 5,815 | ||
| Wisconsin HEFA, UnityPoint Health, Series A, 5.00%, 12/1/19 | 950 | 950 | ||
| Wisconsin HEFA, UnityPoint Health, Series A, 5.00%, 12/1/20 | 400 | 415 | ||
| Wisconsin PFA, Mary's Woods at Marylhurst, Series A, 5.00%, | ||||
| 5/15/22 (6) | 850 | 907 | ||
| 32,829 | ||||
| Total Investments in Securities 99.4% | ||||
| (Cost $1,917,604) | $ | 1,955,012 | ||
| Other Assets Less Liabilities 0.6% | 11,716 | |||
| Net Assets 100.0% | $ | 1,966,728 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND | ||
| ‡ | Par is denominated in U.S. dollars unless otherwise noted. | |
| (1 | ) | Interest subject to alternative minimum tax |
| (2 | ) | When-issued security |
| (3 | ) | Prerefunded date is used in determining portfolio maturity. |
| (4 | ) | Escrowed to maturity |
| (5 | ) | Insured by Assured Guaranty Municipal Corporation |
| (6 | ) | 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 $3,846 and represents 0.2% of net assets. | ||
| 1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
| BAN | Bond Anticipation Note | |
| CDA | Community Development Administration/Authority | |
| CDFI | Community Development Financial Institution | |
| DFA | Development Finance Authority | |
| DOT | Department of Transportation | |
| EFA | Educational Facility Authority | |
| FRN | Floating Rate Note | |
| GAN | Grant Anticipation Note | |
| GO | General Obligation | |
| HCFFA | Health Care Facilities Financing Authority | |
| HEFA | Health & Educational Facility Authority | |
| HFA | Health Facility Authority | |
| HFFA | Health Facility Financing Authority | |
| HHEFA | Health & Higher Educational Facility Authority | |
| IDA | Industrial Development Authority/Agency | |
| MUNIPSA | SIFMA Municipal Swap Index | |
| PFA | Public Finance Authority/Agency | |
| RAC | Revenue Anticipation Certificate | |
| TRAN | Tax Revenue Anticipation Note | |
| 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. | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (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
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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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)
Level 3 - unobservable inputs
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.
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND
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 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. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee may also
consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
Valuation Inputs
On November 30, 2019, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to
determine their fair values.