NPORT-EX 2 7012TRPTFShortInterFund.htm trptaxfreeshortintermediatef.htm - Generated by SEC Publisher for SEC Filing

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND
May 31, 2020 (Unaudited)

Portfolio of Investments‡   Par  $ Value 
(Amounts in 000s)      
MUNICIPAL SECURITIES 99.2%      
Alabama 0.9%      
Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 8/1/47      
(Tender 7/1/22)   1,040  1,098 
Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 12/1/48      
(Tender 12/1/23)   10,105  10,882 
Jefferson County, Series A, GO, 5.00%, 4/1/21   1,500  1,557 
Jefferson County, Series A, GO, 5.00%, 4/1/22   2,900  3,140 
      16,677 
 
Arizona 2.0%      
Arizona Dept. of Transportation State Highway Fund Revenue,      
Sub Highway Revenue, Series A, 5.00%, 7/1/21   2,000  2,104 
Maricopa County IDA, Banner Health Group, FRN, 100% of      
MUNIPSA + 0.38%, 0.52%, 1/1/35 (Tender 10/18/22)   3,895  3,837 
Maricopa County IDA, Banner Health Group, FRN, 100% of      
MUNIPSA + 0.57%, 0.71%, 1/1/35 (Tender 10/18/24)   7,445  7,307 
Maricopa County IDA, Banner Health Group, VRDN, 5.00%,      
1/1/46 (Tender 5/15/26)  7,000  8,384 
Maricopa County IDA, Banner Health Group, Series B, VRDN,      
5.00%, 1/1/48 (Tender 10/18/22)   2,325  2,537 
Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%,      
7/1/23 (1)  2,000  2,210 
Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%,      
7/1/24 (1)  1,000  1,135 
Phoenix Civic Improvement, Junior Lien, Series B, GO, 5.00%,      
7/1/25 (1)  1,250  1,452 
Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport,      
Series A, 5.00%, 7/1/20 (1)   1,240  1,244 
Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport,      
Series A, 5.00%, 7/1/21 (1)   400  416 
Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport,      
Series A, 5.00%, 7/1/22 (1)   975  1,047 
Salt River Agricultural Improvement & Power Dist. , Series      
2011A, 5.00%, 12/1/28   1,500  1,605 


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)      
Salt River Agriculture Improvement & Power Dist. , 5.00%,      
1/1/24   5,300  6,179 
      39,457 
 
California 7.5%      
California, GO, 5.00%, 9/1/21   5,875  6,220 
California, GO, 5.00%, 4/1/22   1,185  1,287 
California, GO, 5.00%, 10/1/22   17,290  19,166 
California, GO, 5.00%, 10/1/23   2,000  2,305 
California, GO, 5.00%, 11/1/23   10,500  12,138 
California, GO, 5.25%, 9/1/22   10,175  11,298 
California, GO, Refunding, 5.00%, 10/1/22   4,000  4,434 
California, Various Purpose, GO, 4.00%, 3/1/24   18,780  21,277 
California, Various Purpose, GO, 4.00%, 3/1/27   10,000  12,113 
California HFFA, Kaiser Permanente, Series D, VRDN, 5.00%,      
11/1/32 (Tender 11/1/22)  5,975  6,569 
California, Index Floating Rate Bond, Series B, GO, FRN, 70% of      
1M USD LIBOR + 0.76%, 0.991%, 12/1/31 (Tender 12/1/21)   3,750  3,729 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/21   300  307 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/22   500  530 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/23   500  548 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/24   600  678 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/25   1,025  1,186 
California Statewide CDA, Methodist Hosp. of Southern CA,      
5.00%, 1/1/26   1,125  1,331 
California Statewide CDA, Viamonte Senior Living, 3.00%,      
7/1/25   3,000  3,025 
Long Beach Harbor Revenue, Series C, 4.00%, 7/15/21   3,000  3,115 
Los Angeles County Public Works Fin. Auth. , 5.00%, 8/1/21   750  790 

 

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)      
Los Angeles Dept. of Airports, Los Angeles Intern, 5.00%,      
5/15/23 (1)  3,000  3,319 
San Diego Assoc. of Gov'ts, Green Bond-Mid Coast Corridor,      
5.00%, 11/15/23   5,000  5,537 
San Francisco City & County Int'l. Airport, Gov't. Purpose,      
Unrefunded Balance, Series C, 5.00%, 5/1/21   1,565  1,570 
San Francisco City & County Int'l. Airport, Gov't. Purpose,      
Unrefunded Balance, Series C, 5.00%, 5/1/22   2,750  2,759 
San Francisco City & County Int'l. Airport, Series 2018A, 5.00%,      
5/1/22 (1)  1,025  1,099 
San Francisco City & County Int'l. Airport, Series D, 5.00%,      
5/1/22 (1)  1,325  1,420 
San Francisco City & County Int'l. Airport, Series D, 5.00%,      
5/1/23 (1)  800  882 
San Francisco City & County Int'l. Airport, Unrefunded Balance,      
Series 2018A, 5.00%, 5/1/23 (1)   800  882 
Univ. of California Regents, Series AK, VRDN, 5.00%, 5/15/48      
(Tender 5/15/23)   14,000  15,892 
      145,406 
 
Colorado 2.2%      
Colorado HFA, Catholic Health Initiatives, Series B-1, 5.00%,      
7/1/26 (Prerefunded 11/9/22) (2)  1,745  1,931 
Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/21   375  372 
Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/22   400  391 
Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/23   750  740 
Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/24   630  618 
Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/25   600  585 
Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/26   550  534 
Colorado HFA, Commonspirit Health, Series B-2, VRDN, 5.00%,      
8/1/49 (Tender 8/1/26)  1,000  1,149 
Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/22   1,800  1,958 
Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/23   1,600  1,796 
Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/24   1,150  1,326 

 

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, Sanford Health, Series A, 5.00%, 11/1/25   2,150  2,538 
Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/27   2,050  2,511 
Colorado, Series A, GO, 5.00%, 12/15/24   2,830  3,384 
Denver City & County, Series A, 5.00%, 8/1/22   2,000  2,191 
Denver City & County, Series A, 5.00%, 8/1/23   2,300  2,612 
Denver City & County Airport, Series A, 5.00%, 11/15/20   3,435  3,500 
Denver City & County Airport, Series A, 5.00%, 11/15/20 (1)   3,300  3,360 
Denver City & County Airport, Series A, 5.25%, 11/15/22 (1)   1,540  1,638 
Denver City & County Airport, Series B, 5.00%, 11/15/20   1,000  1,019 
Denver Convention Center Hotel Auth. , 4.00%, 12/1/21   500  505 
Denver Convention Center Hotel Auth. , 5.00%, 12/1/22   2,350  2,439 
E-470 Public Toll Highway, Series A, 5.00%, 9/1/20   2,000  2,022 
E-470 Public Toll Highway, Series B, FRN, 67% of 1M USD      
LIBOR + 1.05%, 1.164%, 9/1/39 (Tender 9/1/21)   3,075  3,065 
      42,184 
 
Connecticut 0.2%      
Connecticut Special Tax Obligation, Transportation      
Infrastructure, Series A, 5.00%, 9/1/23   3,000  3,378 
      3,378 
 
District of Columbia 1.3%      
Dist. of Columbia, Income Tax, Series A, GO, 5.00%, 3/1/26   3,100  3,878 
Dist. of Columbia, Income Tax, Series C, 5.00%, 12/1/22   4,620  5,172 
Metropolitan Washington Airports Auth. , 5.00%, 10/1/24 (1)   1,155  1,333 
Metropolitan Washington Airports Auth. , Series A, 5.00%,      
10/1/23 (1)  6,460  7,255 
Metropolitan Washington Airports Auth. , Series A, 5.00%,      
10/1/24 (1)  3,975  4,589 
Metropolitan Washington Airports Auth. , Airport System      
Revenue, Series A, 5.00%, 10/1/24 (1)   2,000  2,170 
      24,397 

 

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)      
Florida 8.0%      
Alachua County HFA, Shands Teaching Hospital, 5.00%,      
12/1/25   1,225  1,426 
Alachua County HFA, Shands Teaching Hospital, 5.00%,      
12/1/26   500  592 
Alachua County HFA, Shands Teaching Hospital, VRDN, 5.00%,      
12/1/37 (Tender 12/1/26)  1,000  1,186 
Brevard County HFA, Health First, 5.00%, 4/1/21   1,000  1,038 
Brevard County HFA, Health First, 5.00%, 4/1/23   1,895  2,094 
Broward County Airport System Revenue, 5.00%, 10/1/21 (1)   550  579 
Broward County Airport System Revenue, 5.00%, 10/1/22 (1)   425  460 
Broward County Airport System Revenue, 5.00%, 10/1/23 (1)   675  753 
Broward County Airport System Revenue, Series A, 5.00%,      
10/1/23 (1)  1,250  1,394 
Broward County Airport System Revenue, Series A, 5.00%,      
10/1/24 (1)  1,250  1,431 
Broward County Airport System Revenue, Series A, 5.00%,      
10/1/25 (1)  2,065  2,418 
Broward County Airport System Revenue, Series B, 5.00%,      
10/1/23 (1)  1,375  1,533 
Broward County Airport System Revenue, Series B, 5.00%,      
10/1/24 (1)  1,400  1,603 
Broward County Airport System Revenue, Series B, 5.00%,      
10/1/25 (1)  1,500  1,757 
Broward County Airport System Revenue, Series C, 5.00%,      
10/1/25 (1)  1,235  1,446 
Broward County Airport System Revenue, Series P-1, 5.00%,      
10/1/22 (1)  2,500  2,707 
Broward County Water & Sewer Utility Revenue, Series B,      
5.00%, 10/1/22   1,395  1,551 
Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/20   375  376 
Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/21   325  339 
Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/22   750  812 
Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/23   740  828 
Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/24   250  288 

 

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)      
Florida, Board of Ed. , Capital Outlay, Series B, GO, 5.00%,      
6/1/25   7,340  9,004 
Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%,      
6/1/22   11,250  12,330 
Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%,      
6/1/25   5,610  6,645 
Florida, Board of Ed. , Capital Outlay, Series E, GO, 5.00%,      
6/1/31   9,065  10,936 
Florida, Board of Ed. , Capital Outlay, Series E, GO, 5.00%,      
6/1/25   7,425  9,108 
Florida Dept. of Environmental Protection, Series A, 5.00%,      
7/1/22   4,800  5,279 
Florida DOT, Right of Way Acquisition & Bridge Construction,      
GO, 5.00%, 7/1/27   4,290  5,581 
Florida DOT, Right of Way Acquisition & Bridge Construction,      
Series A, GO, 5.00%, 7/1/21   4,420  4,650 
Florida DOT, Right of Way Acquisition & Bridge Construction,      
Series A,GO, 5.00%, 7/1/22   4,655  5,118 
Florida DOT, Turnpike Auth. , Series A, 5.00%, 7/1/22   11,300  12,429 
Florida DOT, Turnpike System Revenue, Series A, 4.00%,      
7/1/30   4,000  4,467 
Florida Municipal Power Agency, All-Requirements Power      
Supply, 5.00%, 10/1/21   685  727 
Florida Municipal Power Agency, All-Requirements Power      
Supply, 5.00%, 10/1/22   1,265  1,391 
Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/20 (1)   2,700  2,735 
Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/23 (1)   3,300  3,705 
Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/25 (1)   5,000  5,932 
Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/28 (1)   3,000  3,768 
Jacksonville Electric Auth. , Water & Sewer, Series A, 5.00%,      
10/1/22 (3)  1,000  1,109 
Martin County HFA, Memorial Medical Center, 5.00%,      
11/15/22 (3)  1,445  1,611 
Miami-Dade County Aviation Revenue, Series B, 5.00%,      
10/1/20 (1)  1,150  1,165 
Miami-Dade County Expressway Auth. , Series A, 5.00%, 7/1/24   1,530  1,659 
Miami-Dade County Expressway Auth. , Series B, 5.00%, 7/1/21   2,070  2,160 

 

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 B, 5.00%, 7/1/22  3,250  3,517 
Orange County Convention Center, Tourist Dev. Tax, 5.00%,     
10/1/23  3,350  3,633 
Orange County School Board, Series C, 5.00%, 8/1/28  1,750  2,258 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/21  400  418 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/22  500  541 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/23  700  781 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/24  610  699 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/25  600  702 
Palm Beach County HFA, Baptist Health South Florida, 5.00%,     
8/15/26  600  714 
South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/20  1,150  1,159 
South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/21  500  523 
South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/22  580  628 
Tampa, Baycare Health, Series A, 5.00%, 11/15/25  1,500  1,617 
    155,310 
 
Georgia 5.1%     
Atlanta Water & Wastewater, 5.00%, 11/1/31  5,000  5,943 
Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN,     
2.15%, 10/1/32 (Tender 6/13/24)  7,500  7,681 
Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN,     
2.25%, 10/1/32 (Tender 5/25/23)  2,450  2,506 
Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%,     
4/1/21  355  366 
Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%,     
4/1/23  350  387 
Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%,     
4/1/24  350  398 
Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%,     
4/1/25  350  407 

 

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)     
Forsyth County School Dist. , GO, 5.00%, 2/1/22  9,140  9,876 
Fulton County Dev. Auth. , WellStar Health, Series A, RAC,     
5.00%, 4/1/21  160  165 
Fulton County Dev. Auth. , WellStar Health, Series A, RAC,     
5.00%, 4/1/22  700  748 
Fulton County Dev. Auth. , WellStar Health, Series A, RAC,     
5.00%, 4/1/24  500  569 
Fulton County Dev. Auth. , WellStar Health. , Series A, RAC,     
5.00%, 4/1/25  400  466 
Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health     
System, Series A, 5.00%, 2/15/25  245  284 
Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health     
System, Series B, 5.00%, 2/15/21  705  725 
Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health     
System, Series B, 5.00%, 2/15/23  500  555 
Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health     
System, Series B, 5.00%, 2/15/24  750  859 
Georgia, Series A-1, GO, 5.00%, 2/1/22  4,800  5,187 
Georgia, Series C, GO, 5.00%, 7/1/23  3,600  4,127 
Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia     
Health, RAC, 4.00%, 8/1/20  2,835  2,851 
Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia     
Health, RAC, 5.00%, 8/1/22  1,220  1,319 
Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia     
Health, RAC, 5.00%, 8/1/24  4,535  5,210 
Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia     
Health, RAC, 5.00%, 8/1/25  4,760  5,581 
Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia     
Health, RAC, 5.00%, 8/1/27  1,500  1,743 
LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC,     
5.00%, 4/1/22  300  321 
LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC,     
5.00%, 4/1/23  325  359 
LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC,     
5.00%, 4/1/25  500  582 
Main Street Natural Gas, Series B, VRDN, 4.00%, 8/1/49     
(Tender 12/2/24)  8,800  9,806 

 

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)     
Main Street Natural Gas, Series C, VRDN, 4.00%, 8/1/48     
(Tender 12/1/23)  5,050  5,492 
Main Street Natural Gas, Series D, FRN, 67% of 1M USD LIBOR     
+ 0.83%, 1.08%, 8/1/48 (Tender 12/1/23)  5,200  5,042 
Main Street Natural Gas, Series E, FRN, 100% of MUNIPSA +     
0.57%, 0.71%, 8/1/48 (Tender 12/1/23)  5,000  4,850 
Main Street Natural Gas, Georgia Municipal Gas Auth. , Series C,     
VRDN, 4.00%, 3/1/50 (Tender 9/1/26)  6,040  6,660 
Municipal Electric Auth. of Georgia, General Power Revenue,     
5.00%, 1/1/21  265  270 
Municipal Electric Auth. of Georgia, General Power Revenue,     
5.00%, 1/1/22  375  394 
Municipal Electric Auth. of Georgia, General Power Revenue,     
5.00%, 1/1/23  550  593 
Municipal Electric Auth. of Georgia, General Power Revenue,     
Series HH, 5.00%, 1/1/21  700  713 
Municipal Electric Auth. of Georgia, General Power Revenue,     
Series HH, 5.00%, 1/1/22  2,085  2,188 
Municipal Electric Auth. of Georgia, General Power Revenue,     
Series HH, 5.00%, 1/1/23  2,925  3,156 
    98,379 
 
Hawaii 0.5%     
State of Hawaii, Series FT, GO, 5.00%, 1/1/24  4,000  4,655 
State of Hawaii Airports System Revenue, 5.00%, 7/1/22 (1)  5,130  5,349 
    10,004 
 
Idaho 0.1%     
Idaho HFA, Saint Luke's Health System, Series C, VRDN, 0.06%,     
3/1/48  2,150  2,150 
    2,150 
 
Illinois 4.4%     
Chicago Midway Int'l Airport, Series A, 5.00%, 1/1/25 (1)  2,470  2,732 
Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/22 (1)  9,000  9,476 

 

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)     
Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/27 (1)  6,000  6,761 
Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/22  3,900  4,140 
Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/23  3,750  4,096 
Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/21  1,750  1,790 
Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/22  1,700  1,804 
Chicago Transit Auth. , Capital Grant, GAN, 5.00%, 6/1/20  1,500  1,500 
Chicago Transit Auth. , Capital Grant, GAN, 5.00%, 6/1/21  600  622 
Chicago Wastewater, Series B, 5.00%, 1/1/21  1,500  1,531 
Chicago Wastewater, Series B, 5.00%, 1/1/22  1,100  1,161 
Chicago Wastewater, Series B, 5.00%, 1/1/23  1,850  2,015 
Chicago Wastewater, Series B, 5.00%, 1/1/24  2,140  2,397 
Chicago Wastewater, Series C, 5.00%, 1/1/22  1,000  1,056 
Chicago Waterworks, 5.00%, 11/1/22  1,000  1,078 
Chicago Waterworks, 5.00%, 11/1/23  3,750  4,149 
Chicago Waterworks, 5.00%, 11/1/24  3,850  4,360 
Chicago Waterworks, Series A-1, 5.00%, 11/1/23  1,300  1,438 
Chicago Waterworks, Series A-1, 5.00%, 11/1/24  460  521 
Illinois, GO, 5.00%, 1/1/21 (4)  220  220 
Illinois, GO, 5.00%, 2/1/21  2,550  2,566 
Illinois, GO, 5.125%, 5/1/22  900  917 
Illinois, Series A, GO, 5.00%, 11/1/25  3,825  3,903 
Illinois, Series B, GO, 5.00%, 9/1/25  5,000  5,099 
Illinois, Series D, GO, 5.00%, 11/1/21  6,300  6,383 
Illinois, Series D, GO, 5.00%, 11/1/23  2,230  2,275 
Illinois Fin. Auth. , Northshore University Health, 5.00%, 8/15/23  1,000  1,124 
Illinois Fin. Auth. , Northshore University Health, 5.00%, 8/15/24  1,000  1,155 
Illinois Fin. Auth. , Northshore University Health, 5.00%, 8/15/25  1,250  1,480 
Metropolitan Pier & Exposition Auth. , McCormick Place, Series     
B, 5.00%, 12/15/20  4,840  4,860 
Northern Illinois Municipal Power Agency, Series A, 5.00%,     
12/1/20  910  931 

 

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)      
Railsplitter Tobacco Settlement Auth. , 5.00%, 6/1/23   1,800  1,995 
      85,535 
 
Indiana 0.4%      
Indiana Fin. Auth, Indiana Univ. , VRDN, 1.65%, 12/1/42 (Tender      
7/1/22)  3,700  3,755 
Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/20   655  661 
Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/21   1,295  1,349 
Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/22   640  686 
Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/23   815  897 
Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/24   845  951 
      8,299 
 
Iowa 1.1%      
Iowa Fin. Auth. , Midwestern Fertilizer, 3.125%, 12/1/22   825  816 
Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/21   1,300  1,331 
Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/22   1,200  1,294 
Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/23   1,000  1,104 
PEFA, VRDN, 5.00%, 9/1/49 (Tender 9/1/26)   14,285  16,824 
      21,369 
 
Kansas 0.0%      
Lenexa City, Lakeview Village, Health Care Fac. , Series A,      
5.00%, 5/15/23   650  669 
      669 
 
Kentucky 2.0%      
Ashland Medical Center Revenue, DBA King's Daughter's      
Medical Center, Series 2019, 5.00%, 2/1/22   500  526 
Ashland Medical Center Revenue, DBA King's Daughter's      
Medical Center, Series 2019, 5.00%, 2/1/23   625  677 
Ashland Medical Center Revenue, DBA King's Daughter's      
Medical Center, Series 2019, 5.00%, 2/1/24   575  638 

 

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)     
Ashland Medical Center Revenue, DBA King's Daughter's     
Medical Center, Series 2019, 5.00%, 2/1/25  610  692 
Ashland Medical Center Revenue, DBA King's Daughter's     
Medical Center, Series 2019, 5.00%, 2/1/26  550  634 
Kentucky Economic DFA, Owensboro Medical Health, 5.00%,     
6/1/21  1,235  1,264 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/21  1,200  1,228 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/22  1,150  1,203 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/23  2,000  2,130 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/24  1,115  1,206 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/25  1,400  1,533 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.00%, 6/1/26  2,175  2,401 
Kentucky Economic DFA, Owensboro Medical Health, Series A,     
5.25%, 6/1/20  4,350  4,350 
Kentucky Public Energy Auth. , Series A, VRDN, 4.00%, 4/1/48     
(Tender 4/1/24)  2,500  2,682 
Kentucky Public Energy Auth. , Series C, VRDN, 4.00%, 2/1/50     
(Tender 2/1/28)  11,305  12,556 
Louisville & Jefferson County Regional Airport Auth. , UPS     
Worldwide Forwarding , Series B, VRDN, 0.17%, 1/1/29 (1)  300  300 
Russell, Bon Secours Health System, 5.00%, 11/1/22 (3)  3,555  3,944 
    37,964 
 
Louisiana 0.4%     
Louisiana Offshore Terminal Auth. , Loop Project, Series A,     
VRDN, 1.65%, 9/1/27 (Tender 12/1/23)  1,750  1,728 
New Orleans Aviation Board, Series B, 5.00%, 1/1/21 (1)  525  537 
New Orleans Aviation Board, Series B, 5.00%, 1/1/22 (1)  325  346 
New Orleans Aviation Board, Series B, 5.00%, 1/1/23 (1)  250  273 
New Orleans Aviation Board, Series B, 5.00%, 1/1/24 (1)  225  254 

 

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%, 1/1/25 (1)  250  289 
Saint John the Baptist Parish, Marathon Oil, VRDN, 2.10%,     
6/1/37 (Tender 7/1/24)  2,000  1,831 
Tobacco Settlement Fin. , Series A, 5.00%, 5/15/22  1,685  1,766 
Tobacco Settlement Fin. , Series A, 5.00%, 5/15/23  1,000  1,070 
    8,094 
 
Maryland 5.4%     
Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/20  500  470 
Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/22  1,100  976 
Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/23  500  445 
Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/24  1,950  1,736 
Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/25  2,040  1,818 
Baltimore City, Water, Series C, 5.00%, 7/1/20  1,095  1,099 
Baltimore City, Water, Series C, 5.00%, 7/1/21  1,555  1,633 
Baltimore County, Series B, GO, 5.00%, 8/1/27  5,675  6,701 
Gaithersburg, Economic Dev. , Asbury Maryland Obligated     
Group, Series B, 5.00%, 1/1/27  6,040  6,329 
Howard County, Consolidated Public Improvement, Series B,     
GO, 5.00%, 2/15/23  4,475  5,053 
Maryland, Series B, GO, 5.00%, 8/1/24  5,800  6,921 
Maryland DOT, 5.00%, 2/1/22  5,805  6,273 
Maryland Economic Dev. , Ports America Chesapeake, Series A,     
5.00%, 6/1/21  500  510 
Maryland Economic Dev. , Ports America Chesapeake, Series A,     
5.00%, 6/1/22  395  410 
Maryland Economic Dev. , Ports America Chesapeake, Series A,     
5.00%, 6/1/23  325  342 
Maryland Economic Dev. , Ports America Chesapeake, Series A,     
5.125%, 6/1/20 (3)  350  350 
Maryland Economic Dev. , Purple Line Light Rail, Series A,     
5.00%, 3/31/24 (1)  7,955  7,909 
Maryland Economic Dev. , Purple Line Light Rail, Series D,     
5.00%, 9/30/24 (1)  250  248 

 

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. , Purple Line Light Rail, Series D,      
5.00%, 3/31/29 (1)   790  779 
Maryland HHEFA, Adventist Healthcare, Series A, 5.25%,      
1/1/25   1,000  1,132 
Maryland HHEFA, Adventist Healthcare, Series A, 5.50%,      
1/1/26   1,230  1,430 
Maryland HHEFA, Adventist Healthcare, Series A, 5.50%,      
1/1/27   2,500  2,950 
Maryland HHEFA, Anne Arundel Health, 5.00%, 7/1/20   1,000  1,004 
Maryland HHEFA, Greater Baltimore Medical Center, 5.25%,      
7/1/24 (Prerefunded 7/1/21) (2)  65  68 
Maryland HHEFA, Greater Baltimore Medical Center,      
Unrefunded Balance, Series C, 5.25%, 7/1/24   335  349 
Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A,      
5.00%, 7/1/25 (Prerefunded 7/1/22) (2)   500  548 
Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A,      
5.00%, 7/1/27 (Prerefunded 7/1/22) (2)   500  548 
Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/25   2,000  2,341 
Maryland HHEFA, Peninsula Regional Health System, 5.00%,      
7/1/23   350  388 
Maryland HHEFA, Peninsula Regional Health System, 5.00%,      
7/1/24   350  398 
Maryland HHEFA, Peninsula Regional Health System, 5.00%,      
7/1/25   665  773 
Maryland HHEFA, Peninsula Regional Health System, 5.00%,      
7/1/26   1,250  1,478 
Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/21 (3)   4,040  4,246 
Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/22 (3)   2,615  2,867 
Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/23 (3)   9,000  10,269 
Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/24 (3)   795  938 
Maryland HHEFA, Western Maryland Health, 5.25%, 7/1/26      
(Prerefunded 7/1/24) (2)   1,535  1,826 
Montgomery County, Series C, GO, 5.00%, 10/1/24   4,285  5,143 
Prince George's County, Consolidated Public Improvement,      
Series A, GO, 5.00%, 7/15/21   7,330  7,727 

 

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)      
Prince George's County, Consolidated Public Improvement,      
Series A, GO, 5.00%, 9/15/22   5,000  5,549 
Prince George's County, Consolidated Public Improvement,      
Series C, GO, 5.00%, 8/1/23   1,740  2,001 
Rockville, Ingleside at King Farm, Series C-2, 3.00%, 11/1/25   265  246 
      104,221 
 
Massachusetts 1.9%      
Commonwealth of Massachusetts, Series C, GO, 5.00%, 7/1/27      
(Prerefunded 7/1/22) (2)   8,640  9,502 
Commonwealth of Massachusetts, Series E, GO, 5.00%, 9/1/25      
(Prerefunded 9/1/22) (2)   7,390  8,187 
Commonwealth of Massachusetts, Series F, GO, 5.00%,      
11/1/25 (Prerefunded 11/1/22) (2)  10,000  11,158 
Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/21 (1)   1,610  1,665 
Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/22 (1)   2,000  2,128 
Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/23 (1)   2,000  2,185 
Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/24 (1)   2,000  2,237 
      37,062 
 
Michigan 3.5%      
Detroit City School Dist. , Series C, GO, 5.25%, 5/1/25   8,395  9,468 
Detroit City Water Supply System Revenue, Senior Lien, Series      
A, 5.25%, 7/1/27 (Prerefunded 7/1/21) (2)   2,775  2,924 
Detroit Downtown Dev. Auth. , Series A, 5.00%, 7/1/24 (4)   975  1,138 
Great Lakes Water Auth. Water Supply System Revenue, Series      
A, 5.00%, 7/1/25   1,500  1,781 
Great Lakes Water Auth. Water Supply System Revenue, Senior      
Lien, Series C, 5.00%, 7/1/23   2,780  3,166 
Great Lakes Water Auth. Water Supply System Revenue, Senior      
Lien, Series C, 5.00%, 7/1/27   5,800  7,037 
Michigan Building Auth. , Series I, 5.00%, 10/15/21   1,000  1,065 
Michigan Building Auth. , Series I, 5.00%, 4/15/22   750  817 
Michigan, City of Detroit, GO, 5.00%, 4/1/21   1,000  1,013 
Michigan, City of Detroit, GO, 5.00%, 4/1/22   850  873 

 

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%, 4/1/23   500  519 
Michigan, City of Detroit, GO, 5.00%, 4/1/24   900  942 
Michigan, City of Detroit, GO, 5.00%, 4/1/25   860  907 
Michigan Fin. Auth. , Great Lakes Water Auth. , Senior Lien,      
Series C, 5.00%, 7/1/29 (4)   2,500  2,873 
Michigan Fin. Auth. , Henry Ford Health System, 5.00%,      
11/15/20   325  331 
Michigan Fin. Auth. , Henry Ford Health System, 5.00%,      
11/15/21   925  974 
Michigan Fin. Auth. , Henry Ford Health System, 5.00%,      
11/15/22   1,475  1,605 
Michigan Fin. Auth. , Local Gov't Loan Program, 5.00%, 7/1/27      
(4)  2,850  3,294 
Michigan Fin. Auth. , Local Gov't Loan Program, 5.00%, 7/1/29   1,500  1,702 
Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C,      
5.00%, 12/1/20   775  792 
Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C,      
5.00%, 12/1/21   775  825 
Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C,      
5.00%, 12/1/22   500  550 
Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C,      
5.00%, 12/1/23   550  625 
Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C,      
5.00%, 12/1/24   975  1,139 
Wayne County Airport Auth. , Series A, 4.00%, 12/1/20 (1)(4)   2,665  2,698 
Wayne County Airport Auth. , Series A, 5.00%, 12/1/22   2,220  2,407 
Wayne County Airport Auth. , Series A, 5.00%, 12/1/23   430  479 
Wayne County Airport Auth. , Series A, 5.00%, 12/1/24   500  571 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/20 (1)   550  559 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/21 (1)   1,185  1,245 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/22 (1)   1,215  1,314 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/23 (1)   2,195  2,436 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/24 (1)   2,385  2,706 
Wayne County Airport Auth. , Series B, 5.00%, 12/1/25 (1)   2,405  2,775 

 

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)     
Wayne County Airport Auth. , Series C, 5.00%, 12/1/22  3,000  3,061 
    66,611 
 
Minnesota 2.2%     
Minnesota, Series A, GO, 5.00%, 8/1/23  4,000  4,602 
Minnesota, Series A, GO, 5.00%, 8/1/24  5,000  5,966 
Minnesota, Series A, GO, 5.00%, 8/1/26  5,320  6,745 
Minnesota, Series D, GO, 5.00%, 10/1/24  8,675  10,412 
Minnesota, Series D, GO, 5.00%, 8/1/21  3,220  3,403 
Minnesota, Series D, GO, 5.00%, 10/1/21  2,120  2,257 
Minnesota, Series D, GO, 5.00%, 8/1/27  7,875  9,669 
    43,054 
 
Missouri 0.2%     
Missouri HEFA, SSM Health Care, Series A, 5.00%, 6/1/26  1,620  1,841 
Saint Louis Airport, Series B, 5.00%, 7/1/21 (1)(4)  400  416 
Saint Louis Airport, Series B, 5.00%, 7/1/22 (1)(4)  450  483 
Saint Louis Airport, Series B, 5.00%, 7/1/23 (1)(4)  215  238 
Saint Louis Airport, Series B, 5.00%, 7/1/24 (1)(4)  840  953 
Saint Louis Airport, Series B, 5.00%, 7/1/25 (1)(4)  375  435 
    4,366 
 
Montana 0.1%     
Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/21  760  760 
Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/22  685  685 
    1,445 
 
Nebraska 0.4%     
Central Plains Energy, Project No. 3, 5.00%, 9/1/42  4,070  4,373 
Central Plains Energy, Project No. 3, GO, 5.00%, 9/1/32  3,000  3,224 

 

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 Plains Energy, Project No. 4, GO, VRDN, 5.00%, 3/1/50      
(Tender 1/1/24)   40  44 
      7,641 
 
Nevada 0.8%      
Clark County, Transportation Improvement, Series B, GO,      
5.00%, 12/1/22   6,495  7,260 
Clark County Dept. of Aviation, Airport Improvement, Series A,      
5.00%, 7/1/21   3,000  3,130 
Clark County Dept. of Aviation, Airport Improvement, Las Vegas-      
McCarran Int'l. , Series A-1, 5.00%, 7/1/22 (1)   1,700  1,828 
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  2,503 
      14,721 
 
New Jersey 1.1%      
New Jersey Economic Dev. Auth. , The Goethals, 5.00%,      
7/1/22 (1)  1,650  1,755 
New Jersey EFA, Princeton Univ. , Series B, 5.00%, 7/1/21   2,660  2,802 
New Jersey HCFFA, Barnabas Health, Series A, 5.00%, 7/1/25   5,500  5,895 
New Jersey Transportation Trust Fund Auth. , Federal Highway      
Reimbursement, Series A, 5.00%, 6/15/24   3,085  3,335 
New Jersey Transportation Trust Fund Auth. , Transportation      
System, Series A, 5.00%, 12/15/24   1,775  1,880 
New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/35      
(Prerefunded 1/1/22) (2)   3,500  3,765 
Tobacco Settlement Fin. , Series A, 5.00%, 6/1/22   1,760  1,887 
      21,319 
 
New Mexico 0.3%      
New Mexico Hosp. Equipment Loan Council, Series B, VRDN,      
5.00%, 8/1/49 (Tender 8/1/25)   4,850  5,679 
      5,679 

 

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 10.7%     
Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A,     
5.00%, 7/15/20  760  761 
Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A,     
5.00%, 7/15/21  1,700  1,725 
Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A,     
5.00%, 7/15/22  975  996 
Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A,     
5.00%, 7/15/23  1,250  1,287 
Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A,     
5.00%, 7/15/24  3,000  3,107 
Dormitory Auth. of the State of New York, Orange Regional     
Medical Center, 4.00%, 12/1/21 (5)  1,500  1,551 
Dormitory Auth. of the State of New York, Personal Income Tax     
General Purpose Bond, Series A, 5.00%, 12/15/23  3,400  3,780 
Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/20  5,000  5,033 
Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/21  3,750  3,834 
Metropolitan Transportation Auth. , Series D-1, BAN, 5.00%,     
9/1/22  14,780  15,177 
Nassau County Local Economy Assistance Corp. , Winthrop     
Univ. Hosp. , 5.00%, 7/1/22  1,000  1,084 
New York City, Series 1, GO, 5.00%, 8/1/25  5,400  6,535 
New York City, Series B, GO, 5.00%, 8/1/23  6,370  7,267 
New York City, Series C, GO, 5.00%, 8/1/22  8,755  9,637 
New York City, Series C, GO, 5.00%, 8/1/23  10,000  11,408 
New York City, Series D, GO, 5.00%, 8/1/24  13,145  14,566 
New York City, Series D, GO, 5.00%, 8/1/28  6,085  6,717 
New York City, Series E, GO, 5.00%, 8/1/21  6,000  6,048 
New York City, Series G, GO, 5.00%, 8/1/21  4,400  4,641 
New York City Transitional Fin. Auth. , Building Aid Revenue,     
Unrefunded Balance, Series S-1, 5.00%, 7/15/20  195  196 
New York City Transitional Fin. Auth. , Building Aid Revenue,     
Unrefunded Balance, Series S-2, 5.00%, 7/15/20  170  171 
New York City Transitional Fin. Auth. , Future Tax Secured,     
Series F1, 5.00%, 5/1/22  10,000  10,896 

 

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 State Dormitory Auth. , Bidding Group, GO, 5.00%,      
3/15/24 (3)  5  6 
New York State Dormitory Auth. , Bidding Group 2, Unrefunded      
Balance, GO, 5.00%, 3/15/24   9,795  11,398 
New York State Dormitory Auth. , Personal Income Tax General      
Purpose Bond, Series B, GO, 5.00%, 2/15/28   7,350  9,318 
New York State Dormitory Auth. , Personal Income Tax General      
Purpose Bond, Series B, GO, 5.00%, 2/15/29   9,855  12,425 
New York State Dormitory Auth. , Sales Tax Revenue, Series A,      
GO, 5.00%, 3/15/28   6,985  8,749 
New York State Transportation Dev. , American Airlines, 5.00%,      
8/1/26 (1)  2,020  1,947 
New York State Transportation Dev. , American Airlines, John F.      
Kennedy Int'l. Airport, 5.00%, 8/1/21 (1)   2,200  2,183 
New York State Transportation Dev. , Delta Airlines, 5.00%,      
1/1/22 (1)  2,520  2,551 
New York State Transportation Dev. , Terminal One Group,      
5.00%, 1/1/23 (1)   4,055  4,096 
New York State Urban Dev. , Personal Income Tax, Series A,      
5.00%, 3/15/23   7,100  7,983 
New York State Urban Dev. , Personal Income Tax, Series A,      
5.00%, 3/15/24   3,275  3,816 
Port Auth. of New York & New Jersey, Series 186, 5.00%,      
10/15/22 (1)  6,850  7,489 
Port Auth. of New York & New Jersey, Series 207, 5.00%,      
9/15/26 (1)  10,030  12,113 
Sales Tax Asset Receivable Corp. , Series A, 5.00%, 10/15/22   3,310  3,694 
Sales Tax Asset Receivable Corp. , Series A, GO, 5.00%,      
10/15/30   2,000  2,353 
Suffolk County Economic Dev. Corp. , Catholic Health Services      
of Long Island, 5.00%, 7/1/20   345  346 
      206,884 
 
North Carolina 2.4%      
New Hanover County, Regional Medical Center, 5.00%, 10/1/28   1,560  1,629 
North Carolina Eastern Municipal Power Agency, Series D,      
5.00%, 1/1/23 (Prerefunded 7/1/22) (2)   10,430  11,448 

 

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 Medical Care Commission, Cape Fear Valley     
Health System, 5.00%, 10/1/23  9,785  10,625 
 
North Carolina Medical Care Commission, Retirement Fac. First     
Meeting, 4.00%, 1/1/25  250  247 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/20  105  105 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/21  120  121 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/22  215  217 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/23  150  151 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/24  180  182 
 
North Carolina Medical Care Commission, Southminster,     
5.00%, 10/1/25  125  126 
 
North Carolina Medical Care Commission, United Methodist     
Retirement Home, 5.00%, 10/1/27  175  180 
 
North Carolina Medical Care Commission, United Methodist     
Retirement Home, Series A, 5.00%, 10/1/22  350  357 
 
North Carolina Medical Care Commission, United Methodist     
Retirement Home, Series A, 5.00%, 10/1/23  400  410 
 
North Carolina Medical Care Commission, United Methodist     
Retirement Home, Series A, 5.00%, 10/1/24  950  979 
 
North Carolina Medical Care Commission, United Methodist     
Retirement Home, Series A, 5.00%, 10/1/26  750  777 
 
North Carolina Medical Care Commission, Vidant Health,     
5.00%, 6/1/28  1,575  1,827 
 
North Carolina Medical Care Commission, Wake Forest Baptist,     
5.00%, 12/1/27  1,125  1,212 
 
North Carolina Medical Care Commission, Wake Forest Baptist,     
Series B, 5.00%, 12/1/23  2,000  2,183 
 
North Carolina Medical Care Commission, Wake Forest Baptist,     
Series C, 5.25%, 6/1/25  4,295  4,310 
 
North Carolina Municipal Power Agency #1, Catawba Electric,     
Series E, 5.00%, 1/1/23  1,500  1,662 
 
North Carolina Turnpike Auth. , 5.00%, 1/1/21  900  924 

 

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)     
Wake County, Series C, GO, 5.00%, 3/1/23  6,200  7,011 
    46,683 
 
Ohio 0.6%     
Cleveland Airport System Revenue, Series B, 5.00%, 1/1/22 (1)  900  953 
Cleveland Airport System Revenue, Series B, 5.00%, 1/1/23 (1)  1,200  1,305 
Cleveland Airport System Revenue, Series B, 5.00%, 1/1/24 (1)  1,200  1,338 
Columbus, Series A, GO, 5.00%, 4/1/24  1,810  2,130 
Columbus, Series A, GO, 5.00%, 4/1/25  3,445  4,185 
Hamilton County, Life Enriching Community, 4.00%, 1/1/21  150  150 
Hamilton County, Life Enriching Community, 5.00%, 1/1/22  100  101 
Hamilton County, Life Enriching Community, 5.00%, 1/1/23  100  101 
Hamilton County, Life Enriching Community, 5.00%, 1/1/24  150  152 
Hamilton County, Life Enriching Community, 5.00%, 1/1/25  200  204 
Hamilton County, Life Enriching Community, 5.00%, 1/1/26  150  153 
    10,772 
 
Oklahoma 0.4%     
Grand River Dam Auth. , Series A, 5.00%, 6/1/23  2,000  2,278 
Norman Regional Hosp. Auth. , 5.00%, 9/1/20  1,820  1,835 
Norman Regional Hosp. Auth. , 5.00%, 9/1/21  1,675  1,744 
Norman Regional Hosp. Auth. , 5.00%, 9/1/22  2,060  2,208 
    8,065 
 
Oregon 0.5%     
Multnomah County School Dist. No 1, GO, 5.00%, 6/15/24  8,250  9,778 
    9,778 
 
Pennsylvania 3.3%     
Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical     
Center, 5.00%, 7/15/20  1,200  1,206 

 

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)     
Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical     
Center, 5.00%, 7/15/21  1,000  1,045 
Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical     
Center, 5.00%, 7/15/22  1,050  1,138 
Butler County Hosp. Auth. , 4.00%, 7/1/20  1,175  1,177 
Butler County Hosp. Auth. , 4.00%, 7/1/21  325  333 
Butler County Hosp. Auth. , 5.00%, 7/1/22  315  336 
Butler County Hosp. Auth. , 5.00%, 7/1/23  355  389 
Butler County Hosp. Auth. , 5.00%, 7/1/24  1,550  1,734 
Butler County Hosp. Auth. , 5.00%, 7/1/25  500  570 
Butler County Hosp. Auth. , 5.00%, 7/1/26  450  506 
Butler County Hosp. Auth. , 5.00%, 7/1/27  490  549 
Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/21  6,500  6,754 
Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/22  1,000  1,077 
Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/23  1,000  1,112 
Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/24  2,000  2,292 
Delaware River Port Auth. , Series B, 5.00%, 1/1/22  6,690  7,163 
Delaware River Port Auth. , Series B, 5.00%, 1/1/23  2,250  2,506 
Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/22  1,300  1,402 
Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/23  1,300  1,448 
Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/24  1,700  1,949 
Northampton County General Purpose Auth. , St. Luke's Health     
Univ. , FRN, 70% of 1M USD LIBOR + 1.04%, 1.30%, 8/15/48     
(Tender 8/15/24)  4,900  4,846 
Pennsylvania, GO, 5.00%, 9/15/22  10,250  11,324 
Pennsylvania, Series 2, GO, 5.00%, 10/15/21  2,850  3,034 
Philadelphia, Series A, GO, 5.00%, 8/1/21  1,500  1,575 
Philadelphia, Series A, GO, 5.00%, 8/1/22  1,660  1,812 
Philadelphia, Series A, GO, 5.00%, 8/1/23  1,270  1,436 
Philadelphia Hosp. & Higher EFA, Temple Univ. Health System,     
5.00%, 7/1/20  775  777 
Philadelphia Hosp. & Higher EFA, Temple Univ. Health System,     
5.00%, 7/1/21  975  1,008 

 

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%, 7/1/22   1,175  1,249 
Philadelphia Hosp. & Higher EFA, Temple Univ. Health System,      
5.00%, 7/1/23   1,175  1,279 
      63,026 
 
Puerto Rico 0.9%      
Puerto Rico Sales Tax Fin. , Series A-1, 4.50%, 7/1/34   4,103  4,140 
Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/24   5,000  4,397 
Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/27   6,213  4,900 
Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/31   7,000  4,599 
      18,036 
 
Rhode Island 0.5%      
Rhode Island Commerce Corp. , GAN, Series A, 5.00%, 6/15/20   1,050  1,052 
Rhode Island Commerce Corp. , GAN, Series A, 5.00%, 6/15/21   3,125  3,268 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/20   2,355  2,366 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/22   550  572 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/23   550  580 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/24   1,290  1,375 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/25   415  446 
Rhode Island Health & Ed. Building, Care New England, Series      
B, 5.00%, 9/1/26   450  487 
      10,146 
 
South Carolina 2.1%      
Patriots Energy Group Fin. Agency, Series A, VRDN, 4.00%,      
10/1/48 (Tender 2/1/24)  15,745  17,140 
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%, 11/1/24 (Prerefunded 11/1/22) (2)  3,000  3,340 
South Carolina Jobs Economic Dev. Auth. , Bon Secours Health     
System, VRDN, 5.00%, 12/1/48 (Tender 10/1/25)  4,575  5,335 
South Carolina Ports Auth. , 5.00%, 7/1/21 (1)  3,650  3,800 
South Carolina Ports Auth. , 5.00%, 7/1/23 (1)  2,555  2,811 
South Carolina Ports Auth. , 5.00%, 7/1/24 (1)  850  957 
South Carolina Ports Auth. , 5.25%, 7/1/55 (Prerefunded     
7/1/25) (1)(2)  3,240  4,004 
    39,694 
 
South Dakota 0.1%     
South Dakota HEFA, Sanford Obligated Group, 5.00%, 11/1/29  1,000  1,155 
    1,155 
 
Tennessee 2.8%     
Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I,     
5.00%, 10/1/20  1,270  1,278 
Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I,     
5.00%, 10/1/22  1,045  1,074 
Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I,     
5.00%, 10/1/23  650  673 
Greeneville Health & Ed. Fac. Board, Ballad Health Obligated     
Group, Series A, 5.00%, 7/1/20  1,255  1,259 
Greeneville Health & Ed. Fac. Board, Ballad Health Obligated     
Group, Series A, 5.00%, 7/1/21  1,250  1,302 
Greeneville Health & Ed. Fac. Board, Ballad Health Obligated     
Group, Series A, 5.00%, 7/1/22  3,250  3,457 
Greeneville Health & Ed. Fac. Board, Ballad Health Obligated     
Group, Series A, 5.00%, 7/1/23  4,200  4,577 
Greeneville Health & Ed. Fac. Board, Ballad Health Obligated     
Group, Series A, 5.00%, 7/1/24  3,025  3,274 
Metropolitan Gov't. of Nashville & Davidson County,     
Improvement, GO, 5.00%, 7/1/24  17,760  21,090 
Metropolitan Gov't. of Nashville & Davidson County, Unrefunded     
Balance, GO, 5.00%, 7/1/23  5,065  5,565 

 

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 Nashville Airport, Series B, 5.00%, 7/1/25 (1)  500  584 
Metropolitan Nashville Airport, Series B, 5.00%, 7/1/26 (1)  1,695  2,017 
Tennergy Corp. , Series A, GO, 5.00%, 2/1/50 (Tender 10/1/24)  5,000  5,734 
Tennessee Energy Acquisition, Series A, VRDN, 4.00%, 5/1/48     
(Tender 5/1/23)  345  368 
Tennessee Energy Acquisition, Goldman Sachs, Gas, Series C,     
5.00%, 2/1/23  1,410  1,516 
    53,768 
 
Texas 11.9%     
Austin Airport System Revenue, 5.00%, 11/15/27 (1)  1,780  2,024 
Austin Airport System Revenue, Series B, 5.00%, 11/15/22 (1)  620  672 
Austin Airport System Revenue, Series B, 5.00%, 11/15/23 (1)  600  669 
Austin Airport System Revenue, Series B, 5.00%, 11/15/29 (1)  1,200  1,403 
Austin Water & Wastewater System Revenue, 5.00%, 11/15/32  2,095  2,581 
Central Texas Regional Mobility Auth. , 5.00%, 1/1/24  1,025  1,108 
Central Texas Regional Mobility Auth. , 5.00%, 1/1/25  1,195  1,312 
Central Texas Regional Mobility Auth. , 5.00%, 1/1/26  1,605  1,792 
Central Texas Regional Mobility Auth. , 5.00%, 1/1/28  1,700  1,885 
Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/21  500  508 
Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%,     
8/15/21  670  686 
Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%,     
8/15/22  1,000  1,041 
Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%,     
8/15/23  1,505  1,588 
Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%,     
8/15/24  3,120  3,329 
Dallas Independent School Dist. , Series A, GO, 5.00%, 2/15/23  8,615  9,697 
Dallas/Fort Worth Int'l. Airport, Series B, 5.00%, 11/1/22 (1)  1,785  1,933 
Dallas/Fort Worth Int'l. Airport, Series C, 5.00%, 11/1/20  1,000  1,017 
Garland Independent School Dist. , GO, 5.00%, 2/15/23  11,470  11,848 
Grand Parkway Transportation, BAN, 5.00%, 2/1/23  5,035  5,463 

 

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)      
Gulf Coast Auth. , Series B, VRDN, 0.10%, 6/1/25 (1)   2,485  2,485 
Harris County Cultural Ed. Fac. Fin. , 5.00%, 6/1/23   1,385  1,543 
Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health,      
5.00%, 12/1/24   1,865  2,037 
Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health,      
5.00%, 12/1/25   2,780  3,029 
Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health,      
5.00%, 12/1/26   1,500  1,825 
Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health,      
VRDN, 5.00%, 7/1/49 (Tender 12/1/22)   1,825  1,982 
Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health,      
VRDN, 5.00%, 7/1/49 (Tender 12/1/24)   1,880  2,145 
Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp.,      
5.00%, 10/1/28   3,110  3,704 
Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp.,      
VRDN, 5.00%, 10/1/41 (Tender 10/1/24)   4,000  4,720 
Harris County Metropolitan Transit Auth. , Sales & Use Tax,      
Series B, 5.00%, 11/1/22   10,915  12,123 
Houston, Series A, GO, 5.00%, 3/1/21   1,375  1,424 
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  2,710 
Houston Airport System Revenue, Series B-2, 5.00%,      
7/15/20 (1)  4,750  4,738 
Houston Airport System Revenue, United Airlines, Terminal      
Improvement, Series C, 5.00%, 7/15/20 (1)   4,900  4,887 
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  893 
Houston Combined Utility System, Series B, 5.00%, 11/15/23   975  1,131 
Houston Hotel Occupancy Tax & Special Revenue, 5.00%,      
9/1/21   3,000  2,999 
Houston Hotel Occupancy Tax & Special Revenue, 5.00%,      
9/1/22   2,500  2,503 
Houston Independent School Dist. , Permanent School Fund,      
GO, 5.00%, 2/15/25   3,830  4,613 
Love Field Airport Modernization, Southwest Airlines, 5.00%,      
11/1/28 (1)  1,000  1,013 

 

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)      
Lower Colorado River Auth. , 5.00%, 5/15/21   1,725  1,801 
Lower Colorado River Auth. , 5.00%, 5/15/22   2,180  2,275 
Lower Colorado River Auth. , GO, 5.00%, 5/15/23   725  820 
Lower Colorado River Auth. , GO, 5.00%, 5/15/24   1,045  1,224 
Lower Colorado River Auth. , Series A, 5.00%, 5/15/21   2,025  2,114 
Lower Colorado River Auth. , Transmission Services, GO, 5.00%,      
5/15/24   270  316 
Lower Colorado River Auth. , Transmission Services, GO, 5.00%,      
5/15/25   1,000  1,206 
North Texas Tollway Auth. , 1st Tier, Series 2014-A, 5.00%,      
1/1/22   1,200  1,287 
North Texas Tollway Auth. , 1st Tier, Series 2016-A, 5.00%,      
1/1/22   2,000  2,146 
North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/23   2,320  2,578 
North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/27   4,425  5,031 
North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/21   350  360 
North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/22   500  536 
North Texas Tollway Auth. , Special Projects, Series D, 5.00%,      
9/1/29 (Prerefunded 9/1/21) (2)  3,285  3,478 
North Texas Tollway Auth. , Series A, 5.00%, 1/1/23   2,400  2,667 
North Texas Tollway Auth. , Series A, 5.00%, 1/1/24   10,000  11,125 
North Texas Tollway Auth. , Series A, 5.50%, 9/1/41      
(Prerefunded 9/1/21) (2)   2,000  2,130 
Plano Independent School Dist. , Permanent School Fund,      
Series A, GO, 5.00%, 2/15/22   1,775  1,921 
San Antonio, GO, 5.00%, 2/1/23   5,880  6,631 
San Antonio Electric & Gas, 5.00%, 2/1/23   4,380  4,923 
Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/21   925  960 
Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/22   885  939 
Texas Municipal Gas Acquisition & Supply I, Merrill Lynch,      
Series A, 5.25%, 12/15/25   2,500  2,937 
Texas Municipal Gas Acquisition & Supply I, Merrill Lynch,      
Series D, 6.25%, 12/15/26   19,180  22,033 
Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/25   1,340  1,426 

 

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 Municipal Gas Acquisition & Supply III, Macquarie Group,     
5.00%, 12/15/24  5,090  5,431 
Texas Municipal Gas Acquisition & Supply III, Macquarie Group,     
5.00%, 12/15/27  7,185  7,618 
Texas State Univ. System, Series A, 5.00%, 3/15/22  2,000  2,170 
Texas State Univ. System, Series A, 5.00%, 3/15/23  1,000  1,129 
Texas Transportation Commission, 1st Tier, 5.00%, 10/1/23  7,325  8,457 
Texas Transportation Commission State Highway Fund, Series     
A, 5.00%, 4/1/23  4,000  4,530 
Univ. of Texas, Series I, 5.00%, 8/15/21  3,000  3,175 
    230,063 
 
Utah 0.7%     
Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/23 (1)  4,475  4,939 
Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/26 (1)  1,000  1,181 
Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/27 (1)  2,000  2,401 
Utah, Series B, GO, 5.00%, 7/1/24  4,250  5,066 
    13,587 
 
Virginia 6.5%     
Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/23  375  418 
Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/24  825  945 
Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/28  880  1,097 
Chesapeake Bay Bridge & Tunnel Dist. , BAN, 5.00%, 11/1/23  10,150  10,910 
Fairfax County IDA, Inova Health, 5.00%, 8/15/23  7,945  8,537 
Fairfax County IDA, Inova Health, VRDN, 5.00%, 5/15/57     
(Tender 5/15/23)  3,600  4,067 
Fairfax County IDA, Inova Health, Series D, 5.00%, 5/15/27  4,000  4,297 
Hampton Roads Sanitation Dist. , Wastewater, Series A, 5.00%,     
7/1/22  850  935 
Hampton Roads Transportation Accountability Commission,     
Series A, BAN, 5.00%, 7/1/22  15,550  17,052 
Norfolk Water, 5.00%, 11/1/20  1,000  1,020 

 

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%, 11/1/22   5,000  5,577 
Prince William County IDA, Novant Health, 5.00%, 11/1/26   1,870  2,038 
Richmond Public Utility, Series A, 5.00%, 1/15/22   1,500  1,618 
Virginia College Building Auth. , 5.00%, 2/1/26 (Prerefunded      
2/1/22) (2)  11,140  12,030 
Virginia College Building Auth. , 21st Century College &      
Equipment Programs, Series B, 5.00%, 2/1/24   9,400  10,966 
Virginia College Building Auth. , Public Higher Ed. Fin. Program,      
Series A, 5.00%, 9/1/21   2,045  2,168 
Virginia College Building Auth. , Public Higher Ed. Fin. Program,      
Series B, 5.00%, 9/1/23   4,000  4,598 
Virginia Commonwealth Transportation Board, GAN, 5.00%,      
9/15/21   1,975  2,098 
Virginia Public Building Auth. , Series B, GO, 5.00%, 8/1/24   3,000  3,578 
Virginia Public Building Auth. , Series B, GO, 5.00%, 8/1/25   1,325  1,634 
Virginia Public Building Auth. , Series B, GO, 5.00%, 8/1/26   2,000  2,538 
Virginia Public School Auth. , 5.00%, 8/1/27   4,000  4,900 
Virginia Public School Auth. , 1997 Resolution, Series 2016B,      
5.00%, 8/1/22   3,255  3,574 
Virginia Public School Auth. , 1997 Resolution, Series 2018B,      
5.00%, 8/1/22   2,825  3,102 
Virginia Public School Auth. , 1997 Resolution, Series B, 5.00%,      
8/1/21   2,800  2,958 
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  11,548 
      125,050 
 
Washington 2.0%      
Energy Northwest, Columbia Generating, Series A, 5.00%,      
7/1/23   6,745  7,083 
Port of Seattle, Series C, 5.00%, 4/1/21 (1)   1,125  1,163 
Univ. of Washington, Series A, VRDN, 5.00%, 5/1/48 (Tender      
5/1/22)  10,400  11,086 
Washington, Series A-1, GO, 5.00%, 8/1/27   4,130  5,066 

 

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)        
Washington, Various Purpose, Series A, GO, 5.00%, 8/1/21   3,450    3,646 
Washington Health Care Fac. Auth. , Commonspirit Health,        
Series B2, VRDN, 5.00%, 8/1/49 (Tender 8/1/25)   2,450    2,756 
Washington Health Care Fac. Auth. , Commonspirit Health,        
Series B-3, VRDN, 5.00%, 8/1/49 (Tender 8/1/26)   6,900    7,927 
        38,727 
 
Wisconsin 1.8%        
Univ. of Wisconsin Hosp. & Clinics Auth. , Series C, VRDN,        
0.05%, 4/1/48   2,300    2,300 
Wisconsin, Series 2, GO, 5.00%, 11/1/21   1,400    1,496 
Wisconsin, Series 2011-2, GO, 5.00%, 11/1/22   11,250    12,010 
Wisconsin, Series 2017-2, GO, 5.00%, 11/1/22   5,470    6,109 
Wisconsin, Series A, GO, 5.00%, 5/1/23   4,175    4,760 
Wisconsin Clean Water Fund Leveraged Loan Portfolio, 5.00%,        
6/1/25 (Prerefunded 6/1/24) (2)  5,000    5,924 
Wisconsin HEFA, UnityPoint Health, Series A, 5.00%, 12/1/20   400    407 
Wisconsin PFA, Mary's Woods at Marylhurst, Series A, 5.00%,        
5/15/22 (5)  850    864 
        33,870 
 
Total Investments in Securities 99.2%        
(Cost $1,867,440)     $  1,914,695 
Other Assets Less Liabilities 0.8%       15,163 
Net Assets 100.0%     $  1,929,858 

 

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 )  Prerefunded date is used in determining portfolio maturity. 
(3 )  Escrowed to maturity 
(4 )  Insured by Assured Guaranty Municipal Corporation 
(5 )  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 $2,415 and represents 0.1% 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 
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.

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

 

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND

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 May 31, 2020, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to
determine their fair values.