T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND
November 30, 2020 (Unaudited)
| | | |
| Portfolio of Investments‡ | | Par | $ Value |
| (Amounts in 000s) | | | |
| MUNICIPAL SECURITIES 99.0% | | | |
| ALABAMA 0.8% | | | |
| Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 8/1/47 | | | |
| (Tender 7/1/22) | | 1,040 | 1,095 |
| Black Belt Energy Gas Dist. , Series A, VRDN, 4.00%, 12/1/48 | | | |
| (Tender 12/1/23) | | 10,105 | 11,074 |
| Jefferson County, Series A, GO, 5.00%, 4/1/21 | | 1,500 | 1,523 |
| Jefferson County, Series A, GO, 5.00%, 4/1/22 | | 2,900 | 3,082 |
| | | | 16,774 |
| |
| ALASKA 0.0% | | | |
| Valdez, Marine Terminal, Series C, VRDN, 0.10%, 12/1/33 | | 400 | 400 |
| | | | 400 |
| |
| ARIZONA 1.9% | | | |
| Arizona Dept. of Transportation State Highway Fund Revenue, | | | |
| Sub Highway Revenue, Series A, 5.00%, 7/1/21 | | 2,000 | 2,055 |
| Maricopa County IDA, Banner Health Group, FRN, 100% of | | | |
| MUNIPSA + 0.38%, 0.49%, 1/1/35 (Tender 10/18/22) | | 3,895 | 3,887 |
| Maricopa County IDA, Banner Health Group, FRN, 100% of | | | |
| MUNIPSA + 0.57%, 0.68%, 1/1/35 (Tender 10/18/24) | | 7,445 | 7,408 |
| Maricopa County IDA, Banner Health Group, VRDN, 5.00%, | | | |
| 1/1/46 (Tender 5/15/26) | 7,000 | 8,581 |
| Maricopa County IDA, Banner Health Group, Series B, VRDN, | | | |
| 5.00%, 1/1/48 (Tender 10/18/22) | | 2,325 | 2,519 |
| Maricopa County Pollution Control, Public Service Company of | | | |
| New Mexico, Series A, VRDN, 1.05%, 1/1/38 (Tender 6/1/22) | | 2,000 | 2,013 |
| Phoenix Civic Improvement, Junior Lien, Series B, 5.00%, | | | |
| 7/1/23 (1) | 2,000 | 2,213 |
| Phoenix Civic Improvement, Junior Lien, Series B, 5.00%, | | | |
| 7/1/24 (1) | 1,000 | 1,146 |
| Phoenix Civic Improvement, Junior Lien, Series B, 5.00%, | | | |
| 7/1/25 (1) | 1,250 | 1,480 |
| Phoenix Civic Improvement, Phoenix Sky Harbor Int'l. Airport, | | | |
| Series A, 5.00%, 7/1/21 (1) | | 400 | 409 |
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%, 7/1/22 (1) | | 975 | 1,039 |
| Salt River Agricultural Improvement & Power Dist. , 5.00%, | | | |
| 1/1/24 | | 5,300 | 6,080 |
| Salt River Agricultural Improvement & Power Dist. , Series | | | |
| 2011A, 5.00%, 12/1/28 | | 1,500 | 1,571 |
| | | | 40,401 |
| |
| CALIFORNIA 7.2% | | | |
| California, GO, 5.00%, 9/1/21 | | 5,875 | 6,085 |
| California, GO, 5.00%, 4/1/22 | | 1,185 | 1,261 |
| California, GO, 5.00%, 10/1/22 | | 17,290 | 18,802 |
| California, GO, 5.00%, 10/1/23 | | 2,000 | 2,268 |
| California, GO, 5.00%, 11/1/23 | | 10,500 | 11,946 |
| California, GO, 5.25%, 9/1/22 | | 10,175 | 11,069 |
| California, GO, Refunding, 5.00%, 10/1/22 | | 4,000 | 4,350 |
| California, Various Purpose, GO, 4.00%, 3/1/24 | | 18,780 | 21,046 |
| California, Various Purpose, GO, 4.00%, 3/1/27 | | 10,000 | 12,189 |
| California HFFA, Kaiser Permanente, Series D, VRDN, 5.00%, | | | |
| 11/1/32 (Tender 11/1/22) | 5,975 | 6,508 |
| California Index Floating Rate Bond, Series B, GO, FRN, 70% of | | | |
| 1M USD LIBOR + 0.76%, 0.864%, 12/1/31 (Tender 12/1/21) | | 4,050 | 4,055 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/21 | | 300 | 301 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/22 | | 500 | 522 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/23 | | 500 | 541 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/24 | | 600 | 672 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/25 | | 1,025 | 1,185 |
| California Statewide CDA, Methodist Hosp. of Southern CA, | | | |
| 5.00%, 1/1/26 | | 1,125 | 1,341 |
| California Statewide CDA, Viamonte Senior Living, 3.00%, | | | |
| 7/1/25 | | 3,000 | 3,006 |
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) | | | |
| | Long Beach Harbor Revenue, Series C, 4.00%, 7/15/21 | | 3,000 | 3,070 |
| | Los Angeles County Public Works Fin. Auth. , 5.00%, 8/1/21 | | 750 | 774 |
| | Los Angeles Dept. of Airports, Los Angeles Intern, 5.00%, | | | |
| | 5/15/23 (1) | 3,000 | 3,329 |
| | Northern California Gas Auth. No. 1, Series B, FRN, 67% of 3M | | | |
| | USD LIBOR + 0.72%, 0.871%, 7/1/27 | | 4,000 | 3,976 |
| Port of Oakland, Intermediate Lien, Series H, 5.00%, 5/1/23 | | | |
| (1)(2) | 2,450 | 2,683 |
| Port of Oakland, Intermediate Lien, Series H, 5.00%, 5/1/24 | | | |
| (1)(2) | 3,100 | 3,517 |
| San Diego Assoc. of Gov'ts, Green Bond-Mid Coast Corridor, | | | |
| | 5.00%, 11/15/23 | | 5,000 | 5,461 |
| | San Francisco City & County Int'l. Airport, Series 2018A, 5.00%, | | | |
| | 5/1/22 (1) | 1,025 | 1,090 |
| | San Francisco City & County Int'l. Airport, Series D, 5.00%, | | | |
| | 5/1/22 (1) | 1,325 | 1,409 |
| | San Francisco City & County Int'l. Airport, Series D, 5.00%, | | | |
| | 5/1/23 (1) | 800 | 886 |
| | San Francisco City & County Int'l. Airport, Unrefunded Balance, | | | |
| | Series 2018A, 5.00%, 5/1/23 (1) | | 800 | 886 |
| | Univ. of California Regents, Series AK, VRDN, 5.00%, 5/15/48 | | | |
| | (Tender 5/15/23) | | 14,000 | 15,621 |
| | | | | 149,849 |
| |
| | COLORADO 1.8% | | | |
| | Colorado HFA, Catholic Health Initiatives, Series B-1, 5.00%, | | | |
| | 7/1/26 (Prerefunde d 11/9/22) (3) | 1,745 | 1,901 |
| | Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/21 | | 375 | 376 |
| | Colorado HFA, Christian Living Neighborhoods, 4.00%, 1/1/22 | | 400 | 408 |
| | Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/23 | | 750 | 793 |
| | Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/24 | | 630 | 680 |
| | Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/25 | | 600 | 657 |
| | Colorado HFA, Christian Living Neighborhoods, 5.00%, 1/1/26 | | 550 | 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) | | | |
| Colorado HFA, Commonspirit Health, Series B-2, VRDN, 5.00%, | | | |
| 8/1/49 (Tender 8/1/26) | 1,000 | 1,198 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/22 | | 1,800 | 1,953 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/23 | | 1,600 | 1,803 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/24 | | 1,150 | 1,343 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/25 | | 2,150 | 2,594 |
| Colorado HFA, Sanford Health, Series A, 5.00%, 11/1/27 | | 2,050 | 2,590 |
| Colorado, Series A, 5.00%, 12/15/24 | | 2,830 | 3,357 |
| Denver City & County, Series A, 5.00%, 8/1/22 | | 2,000 | 2,148 |
| Denver City & County, Series A, 5.00%, 8/1/23 | | 2,300 | 2,568 |
| Denver City & County Airport, Series A, 5.00%, 12/1/21 (1) | | 800 | 836 |
| Denver City & County Airport, Series A, 5.25%, 11/15/22 (1) | | 1,540 | 1,609 |
| Denver City & County Airport, Series B, 5.00%, 11/15/25 | | 1,190 | 1,292 |
| Denver Convention Center Hotel Auth. , 4.00%, 12/1/21 | | 500 | 511 |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/22 | | 2,350 | 2,495 |
| E-470 Public Toll Highway, Series A, 5.00%, 9/1/26 | | 1,250 | 1,561 |
| E-470 Public Toll Highway, Series B, FRN, 67% of 1M USD | | | |
| LIBOR + 1.05%, 1.146%, 9/1/39 (Tender 9/1/21) | | 3,075 | 3,077 |
| | | | 36,350 |
| |
| CONNECTICUT 0.2% | | | |
| Connecticut Special Tax Obligation, Transportation | | | |
| Infrastructure, Series A, 5.00%, 9/1/23 | | 3,000 | 3,381 |
| | | | 3,381 |
| |
| DELAWARE 0.2% | | | |
| Delaware Transportation Auth. , 5.00%, 9/1/22 | | 1,110 | 1,202 |
| Delaware Transportation Auth. , 5.00%, 9/1/23 | | 1,750 | 1,975 |
| Delaware Transportation Auth. , 5.00%, 9/1/24 | | 750 | 879 |
| | | | 4,056 |
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) | | | |
| DISTRICT OF COLUMBIA 2.0% | | | |
| Dist. of Columbia, Income Tax, Series A, 5.00%, 3/1/26 | | 3,100 | 3,858 |
| Dist. of Columbia, Income Tax, Series C, 5.00%, 12/1/22 | | 4,620 | 5,062 |
| Dist. of Columbia, Income Tax, Series G, 5.00%, 12/1/29 | | | |
| (Prerefunded 12/1/21) (3) | | 1,250 | 1,309 |
| Dist. of Columbia, Income Tax, Series G, 5.00%, 12/1/29 | | 145 | 151 |
| Metropolitan Washington Airports Auth. , 5.00%, 10/1/24 (1) | | 1,155 | 1,350 |
| Metropolitan Washington Airports Auth. , Series 2018A, 5.00%, | | | |
| 10/1/24 (1) | 3,975 | 4,645 |
| Metropolitan Washington Airports Auth. , Series 2020A, 5.00%, | | | |
| 10/1/24 (1) | 7,000 | 8,179 |
| Metropolitan Washington Airports Auth. , Series A, 5.00%, | | | |
| 10/1/23 (1) | 6,460 | 7,274 |
| Metropolitan Washington Airports Auth. , Series A, 5.00%, | | | |
| 10/1/26 (1) | 1,500 | 1,676 |
| Metropolitan Washington Airports Auth. , Series A, 5.00%, | | | |
| 10/1/28 (1) | 4,300 | 5,559 |
| Metropolitan Washington Airports Auth. , Airport System | | | |
| Revenue, Series A, 5.00%, 10/1/24 (1) | | 2,000 | 2,163 |
| | | | 41,226 |
| |
| FLORIDA 7.9% | | | |
| Alachua County HFA, Shands Teaching Hospital, 5.00%, | | | |
| 12/1/25 | | 1,225 | 1,476 |
| Alachua County HFA, Shands Teaching Hospital, 5.00%, | | | |
| 12/1/26 | | 500 | 619 |
| Alachua County HFA, Shands Teaching Hospital, VRDN, 5.00%, | | | |
| 12/1/37 (Tender 12/1/26) | 1,000 | 1,215 |
| Brevard County HFA, Health First, 5.00%, 4/1/21 | | 1,000 | 1,014 |
| Brevard County HFA, Health First, 5.00%, 4/1/23 | | 1,895 | 2,084 |
| Broward County Airport System Revenue, 5.00%, 10/1/21 (1) | | 550 | 570 |
| Broward County Airport System Revenue, 5.00%, 10/1/22 (1) | | 425 | 458 |
| Broward County Airport System Revenue, 5.00%, 10/1/23 (1) | | 675 | 758 |
| Broward County Airport System Revenue, Series A, 5.00%, | | | |
| 10/1/23 (1) | 1,250 | 1,403 |
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) | | | |
| Broward County Airport System Revenue, Series A, 5.00%, | | | |
| 10/1/24 (1) | 1,250 | 1,453 |
| Broward County Airport System Revenue, Series A, 5.00%, | | | |
| 10/1/25 (1) | 2,065 | 2,480 |
| Broward County Airport System Revenue, Series B, 5.00%, | | | |
| 10/1/23 (1) | 1,375 | 1,543 |
| Broward County Airport System Revenue, Series B, 5.00%, | | | |
| 10/1/24 (1) | 1,400 | 1,628 |
| Broward County Airport System Revenue, Series B, 5.00%, | | | |
| 10/1/25 (1) | 1,500 | 1,801 |
| Broward County Airport System Revenue, Series C, 5.00%, | | | |
| 10/1/25 (1) | 1,235 | 1,483 |
| Broward County Airport System Revenue, Series P-1, 5.00%, | | | |
| 10/1/22 (1) | 2,500 | 2,691 |
| Broward County School Dist. , TAN, 2.00%, 6/30/21 | | 5,000 | 5,053 |
| Broward County Water & Sewer Utility Revenue, Series B, | | | |
| 5.00%, 10/1/22 | | 1,395 | 1,518 |
| Capital Projects Fin. Auth. , Florida Univ. Project, Series A-1, | | | |
| 5.00%, 10/1/24 | | 550 | 600 |
| Capital Projects Fin. Auth. , Florida Univ. Project, Series A-1, | | | |
| 5.00%, 10/1/25 | | 500 | 553 |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/21 | | 325 | 334 |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/22 | | 750 | 803 |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/23 | | 740 | 825 |
| Central Florida Expressway Auth. , Senior Lien, 5.00%, 7/1/24 | | 250 | 290 |
| Florida, Board of Ed. , Capital Outlay, Series B, GO, 5.00%, | | | |
| 6/1/25 | | 7,340 | 8,891 |
| Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%, | | | |
| 6/1/22 | | 11,250 | 12,060 |
| Florida, Board of Ed. , Capital Outlay, Series C, GO, 5.00%, | | | |
| 6/1/25 | | 5,610 | 6,544 |
| Florida, Board of Ed. , Capital Outlay, Series E, GO, 5.00%, | | | |
| 6/1/25 | | 7,425 | 8,994 |
| Florida, Board of Ed. , Capital Outlay, Series E, GO, 5.00%, | | | |
| 6/1/31 | | 9,065 | 10,890 |
| Florida Dept. of Environmental Protection, Series A, 5.00%, | | | |
| 7/1/22 | | 4,800 | 5,163 |
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 DOT, Right of Way Acquisition & Bridge Construction, | | | |
| GO, 5.00%, 7/1/27 | | 4,290 | 5,544 |
| Florida DOT, Right of Way Acquisition & Bridge Construction, | | | |
| Series A, GO, 5.00%, 7/1/21 | | 4,420 | 4,544 |
| Florida DOT, Right of Way Acquisition & Bridge Construction, | | | |
| Series A,GO, 5.00%, 7/1/22 | | 4,655 | 5,007 |
| Florida DOT, Turnpike Auth. , Series A, 5.00%, 7/1/22 | | 11,300 | 12,152 |
| Florida DOT, Turnpike System Revenue, Series A, 4.00%, | | | |
| 7/1/30 | | 4,000 | 4,481 |
| Florida Municipal Power Agency, All-Requirements Power | | | |
| Supply, 5.00%, 10/1/21 | | 685 | 711 |
| Florida Municipal Power Agency, All-Requirements Power | | | |
| Supply, 5.00%, 10/1/22 | | 1,265 | 1,372 |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/23 (1) | | 3,300 | 3,706 |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/25 (1) | | 5,000 | 6,010 |
| Greater Orlando Aviation Auth. , Series A, 5.00%, 10/1/28 (1) | | 3,000 | 3,845 |
| Hillsborough County IDA, Baycare Health System, Series B, | | | |
| VRDN, 0.09%, 11/1/38 | | 3,900 | 3,900 |
| Jacksonville Electric Auth. , Water & Sewer, Series A, 5.00%, | | | |
| 10/1/22 (4) | 1,000 | 1,086 |
| Martin County HFA, Memorial Medical Center, 5.00%, | | | |
| 11/15/22 (4) | 1,445 | 1,577 |
| Miami-Dade County Aviation Revenue, Series A, 5.00%, | | | |
| 10/1/30 (1) | 300 | 347 |
| Miami-Dade County Expressway Auth. , Series 2014A, 5.00%, | | | |
| 7/1/30 | | 2,000 | 2,260 |
| Miami-Dade County Expressway Auth. , Series A, 5.00%, 7/1/24 | | 1,530 | 1,632 |
| Miami-Dade County Expressway Auth. , Series A, 5.00%, 7/1/31 | | 2,000 | 2,254 |
| Miami-Dade County Expressway Auth. , Series B, 5.00%, 7/1/21 | | 2,070 | 2,122 |
| Miami-Dade County Expressway Auth. , Series B, 5.00%, 7/1/22 | | 3,250 | 3,469 |
| Orange County Convention Center, Tourist Dev. Tax, 5.00%, | | | |
| 10/1/23 | | 3,350 | 3,715 |
| Orange County School Board, Series C, 5.00%, 8/1/28 | | 1,750 | 2,289 |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | | |
| 8/15/21 | | 400 | 412 |
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) | | |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | |
| 8/15/22 | 500 | 538 |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | |
| 8/15/23 | 700 | 783 |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | |
| 8/15/24 | 610 | 706 |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | |
| 8/15/25 | 600 | 719 |
| Palm Beach County HFA, Baptist Health South Florida, 5.00%, | | |
| 8/15/26 | 600 | 738 |
| South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/21 | 500 | 516 |
| South Miami HFA, Baptist Health South Florida, 5.00%, 8/15/22 | 580 | 623 |
| Tampa, Baycare Health, Series A, 5.00%, 11/15/25 | 1,500 | 1,597 |
| | | 163,849 |
| |
| GEORGIA 5.6% | | |
| Atlanta Dept. of Aviation, Series B, 5.00%, 7/1/25 (1) | 2,275 | 2,715 |
| Atlanta Dept. of Aviation, Series B, 5.00%, 7/1/26 (1) | 2,685 | 3,296 |
| Atlanta Dept. of Aviation, Series B, 5.00%, 7/1/27 (1) | 3,810 | 4,786 |
| Atlanta Dept. of Aviation, Series B, 5.00%, 7/1/28 (1) | 3,400 | 4,355 |
| Atlanta Water & Wastewater, 5.00%, 11/1/31 | 5,000 | 5,972 |
| Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN, | | |
| 2.15%, 10/1/32 (Tender 6/13/24) | 7,500 | 7,839 |
| Burke County Dev. Auth. , Georgia Power Plant Vogtle, VRDN, | | |
| 2.25%, 10/1/32 (Tender 5/25/23) | 2,450 | 2,538 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | | |
| 4/1/21 | 355 | 360 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | | |
| 4/1/23 | 350 | 386 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | | |
| 4/1/24 | 350 | 401 |
| Cobb County Kennestone Hosp. Auth. , Series A, RAC, 5.00%, | | |
| 4/1/25 | 350 | 415 |
| Forsyth County School Dist. , GO, 5.00%, 2/1/22 | 9,140 | 9,654 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | | |
| 5.00%, 4/1/21 | 160 | 162 |
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) | | |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | | |
| 5.00%, 4/1/22 | 700 | 742 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | | |
| 5.00%, 4/1/24 | 500 | 572 |
| Fulton County Dev. Auth. , WellStar Health. , Series A, RAC, | | |
| 5.00%, 4/1/25 | 400 | 474 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | | |
| System, Series A, 5.00%, 2/15/25 | 245 | 288 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | | |
| System, Series B, 5.00%, 2/15/21 | 705 | 711 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | | |
| System, Series B, 5.00%, 2/15/23 | 500 | 548 |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia Health | | |
| System, Series B, 5.00%, 2/15/24 | 750 | 853 |
| Georgia, Series A-1, GO, 5.00%, 2/1/22 | 4,800 | 5,070 |
| Georgia, Series C, GO, 5.00%, 7/1/23 | 3,600 | 4,046 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | | |
| Health, RAC, 5.00%, 8/1/22 | 1,220 | 1,302 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | | |
| Health, RAC, 5.00%, 8/1/24 | 4,535 | 5,195 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | | |
| Health, RAC, 5.00%, 8/1/25 | 4,760 | 5,610 |
| Glynn-Brunswick Memorial Hosp. Auth. , Southeast Georgia | | |
| Health, RAC, 5.00%, 8/1/27 | 1,500 | 1,755 |
| LaGrange-Troup County Hosp. Auth. , WellStar Health, RAC, | | |
| 5.00%, 4/1/22 | 300 | 318 |
| 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 | 593 |
| Main Street Natural Gas, Series A, 5.00%, 5/15/24 | 500 | 569 |
| Main Street Natural Gas, Series B, VRDN, 4.00%, 8/1/49 | | |
| (Tender 12/2/24) | 8,800 | 10,032 |
| Main Street Natural Gas, Series C, VRDN, 4.00%, 8/1/48 | | |
| (Tender 12/1/23) | 5,050 | 5,547 |
| Main Street Natural Gas, Series D, FRN, 67% of 1M USD LIBOR | | |
| + 0.83%, 0.929%, 8/1/48 (Tender 12/1/23) | 5,200 | 5,218 |
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 E, FRN, 100% of MUNIPSA + | | |
| 0.57%, 0.68%, 8/1/48 (Tender 12/1/23) | 5,000 | 5,012 |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series C, | | |
| VRDN, 4.00%, 3/1/50 (Tender 9/1/26) | 6,040 | 7,053 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | | |
| 5.00%, 1/1/21 | 265 | 266 |
| 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 | 603 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | | |
| Series HH, 5.00%, 1/1/21 | 700 | 703 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | | |
| Series HH, 5.00%, 1/1/22 | 2,085 | 2,189 |
| Municipal Electric Auth. of Georgia, General Power Revenue, | | |
| Series HH, 5.00%, 1/1/23 | 2,925 | 3,205 |
| Municipal Electric Auth. of Georgia, Project One, 5.00%, 1/1/22 | 1,500 | 1,575 |
| Municipal Electric Auth. of Georgia, Project One, 5.00%, 1/1/23 | 2,750 | 3,009 |
| | | 116,690 |
| |
| HAWAII 0.5% | | |
| State of Hawaii, Series FT, GO, 5.00%, 1/1/24 | 4,000 | 4,577 |
| State of Hawaii Airports System Revenue, 5.00%, 7/1/22 | | |
| (Prerefunded 7/1/21) (1)(3) | 5,130 | 5,269 |
| | | 9,846 |
| |
| ILLINOIS 4.4% | | |
| Chicago Midway Int'l Airport, Series A, 5.00%, 1/1/25 (1) | 2,470 | 2,772 |
| Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/22 (1)(4) | 9,000 | 9,449 |
| Chicago O'Hare Int'l. Airport, Series A, 5.00%, 1/1/27 (1) | 6,000 | 6,957 |
| Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/22 (4) | 3,900 | 4,100 |
| Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/23 | 3,750 | 4,109 |
| Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/21 | 1,750 | 1,757 |
| Chicago O'Hare Int'l. Airport, Series C, 5.00%, 1/1/22 | 1,700 | 1,786 |
| Chicago Transit Auth. , Capital Grant, 5.00%, 6/1/21 | 600 | 613 |
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 Wastewater, Series B, 5.00%, 1/1/21 | 1,500 | 1,505 |
| Chicago Wastewater, Series B, 5.00%, 1/1/22 | 1,100 | 1,151 |
| Chicago Wastewater, Series B, 5.00%, 1/1/23 | 1,850 | 2,011 |
| Chicago Wastewater, Series B, 5.00%, 1/1/24 | 2,140 | 2,410 |
| Chicago Wastewater, Series C, 5.00%, 1/1/22 | 1,000 | 1,047 |
| Chicago Waterworks, 5.00%, 11/1/22 | 1,000 | 1,079 |
| Chicago Waterworks, 5.00%, 11/1/23 | 3,750 | 4,186 |
| Chicago Waterworks, 5.00%, 11/1/24 | 3,850 | 4,448 |
| Chicago Waterworks, Series A-1, 5.00%, 11/1/23 | 1,300 | 1,451 |
| Chicago Waterworks, Series A-1, 5.00%, 11/1/24 | 460 | 531 |
| Illinois, GO, 5.00%, 1/1/21 (5) | 220 | 221 |
| Illinois, GO, 5.00%, 2/1/21 | 2,550 | 2,565 |
| Illinois, GO, 5.00%, 2/1/25 | 1,055 | 1,145 |
| Illinois, GO, 5.125%, 5/1/22 | 900 | 940 |
| Illinois, Series A, GO, 5.00%, 10/1/25 | 705 | 772 |
| Illinois, Series A, GO, 5.00%, 11/1/25 | 3,825 | 4,194 |
| Illinois, Series B, GO, 5.00%, 9/1/25 | 5,000 | 5,468 |
| Illinois, Series D, GO, 5.00%, 11/1/21 | 6,300 | 6,426 |
| Illinois, Series D, GO, 5.00%, 11/1/23 | 2,230 | 2,354 |
| Illinois Fin. Auth. , Healthcare System, VRDN, 5.00%, 5/15/50 | | |
| (Tender 11/15/24) | 3,425 | 3,921 |
| Illinois Fin. Auth. , Healthcare System, VRDN, 5.00%, 5/15/50 | | |
| (Tender 11/15/26) | 4,680 | 5,690 |
| Illinois Fin. Auth. , Northshore Univ. Health, 5.00%, 8/15/23 | 1,000 | 1,122 |
| Illinois Fin. Auth. , Northshore Univ. Health, 5.00%, 8/15/24 | 1,000 | 1,167 |
| Illinois Fin. Auth. , Northshore Univ. Health, 5.00%, 8/15/25 | 1,250 | 1,513 |
| Northern Illinois Municipal Power Agency, Series A, 5.00%, | | |
| 12/1/20 | 910 | 910 |
| Railsplitter Tobacco Settlement Auth. , 5.00%, 6/1/23 | 1,800 | 1,998 |
| | | 91,768 |
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) | | |
| INDIANA 0.4% | | |
| Indiana Fin. Auth. , Indiana Univ. , VRDN, 1.65%, 12/1/42 | | |
| (Tender 7/1/22) | 3,700 | 3,751 |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/21 | 1,295 | 1,330 |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/22 | 640 | 679 |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/23 | 815 | 878 |
| Indiana Fin. Auth. , Methodist Hosp. , Series A, 5.00%, 9/15/24 | 845 | 929 |
| | | 7,567 |
| |
| IOWA 1.0% | | |
| Iowa Fin. Auth. , Midwestern Fertilizer, 3.125%, 12/1/22 | 690 | 704 |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/21 | 1,300 | 1,311 |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/22 | 1,200 | 1,264 |
| Iowa Fin. Auth. , Unity Point Health, Series B, 5.00%, 2/15/23 | 1,000 | 1,097 |
| PEFA, VRDN, 5.00%, 9/1/49 (Tender 9/1/26) | 14,285 | 17,442 |
| | | 21,818 |
| |
| KANSAS 0.0% | | |
| Lenexa City, Lakeview Village, Health Care Fac. , Series A, | | |
| 5.00%, 5/15/23 | 650 | 680 |
| | | 680 |
| |
| KENTUCKY 1.7% | | |
| Ashland Medical Center Revenue, DBA King's Daughter's | | |
| Medical Center, Series 2019, 5.00%, 2/1/22 | 500 | 519 |
| Ashland Medical Center Revenue, DBA King's Daughter's | | |
| Medical Center, Series 2019, 5.00%, 2/1/23 | 625 | 669 |
| Ashland Medical Center Revenue, DBA King's Daughter's | | |
| Medical Center, Series 2019, 5.00%, 2/1/24 | 575 | 633 |
| Ashland Medical Center Revenue, DBA King's Daughter's | | |
| Medical Center, Series 2019, 5.00%, 2/1/25 | 610 | 689 |
| Ashland Medical Center Revenue, DBA King's Daughter's | | |
| Medical Center, Series 2019, 5.00%, 2/1/26 | 550 | 635 |
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) | | |
| Kentucky Economic DFA, Owensboro Medical Health, 5.00%, | | |
| 6/1/21 | 1,235 | 1,253 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/21 | 1,200 | 1,217 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/22 | 1,150 | 1,199 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/23 | 2,000 | 2,139 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/24 | 1,115 | 1,222 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/25 | 1,400 | 1,570 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | | |
| 5.00%, 6/1/26 | 2,175 | 2,485 |
| Kentucky Public Energy Auth. , Series A, VRDN, 4.00%, 4/1/48 | | |
| (Tender 4/1/24) | 2,500 | 2,770 |
| Kentucky Public Energy Auth. , Series C, VRDN, 4.00%, 2/1/50 | | |
| (Tender 2/1/28) | 11,305 | 13,408 |
| Louisville & Jefferson County Regional Airport Auth. , Series A, | | |
| VRDN, 0.14%, 1/1/29 (1) | 1,400 | 1,400 |
| Russell, Bon Secours Health System, 5.00%, 11/1/22 (4) | 3,555 | 3,869 |
| | | 35,677 |
| |
| LOUISIANA 0.4% | | |
| Louisiana Offshore Terminal Auth. , Loop Project, Series A, | | |
| VRDN, 1.65%, 9/1/27 (Tender 12/1/23) | 1,750 | 1,757 |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/21 (1) | 525 | 527 |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/22 (1) | 325 | 339 |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/23 (1) | 250 | 272 |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/24 (1) | 225 | 253 |
| New Orleans Aviation Board, Series B, 5.00%, 1/1/25 (1) | 250 | 291 |
| Saint John the Baptist Parish, Marathon Oil, Series A-2, VRDN, | | |
| 2.10%, 6/1/37 (Tender 7/1/24) | 2,000 | 2,033 |
| Tobacco Settlement Fin. , Series A, 5.00%, 5/15/22 | 1,685 | 1,801 |
| Tobacco Settlement Fin. , Series A, 5.00%, 5/15/23 | 1,000 | 1,114 |
| | | 8,387 |
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 5.0% | | | |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/22 | | 1,100 | 1,049 |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/23 | | 500 | 472 |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/24 | | 1,950 | 1,823 |
| Baltimore City, Convention Center Hilton Hotel, 5.00%, 9/1/25 | | 2,040 | 1,887 |
| Baltimore City, Water, Series C, 5.00%, 7/1/21 | | 1,555 | 1,598 |
| Baltimore County, Series B, GO, 5.00%, 8/1/27 | | 5,675 | 6,643 |
| Gaithersburg, Economic Dev. , Asbury Maryland Obligated | | | |
| Group, Series B, 5.00%, 1/1/27 | | 6,040 | 6,564 |
| Howard County, Consolidated Public Improvement, Series B, | | | |
| GO, 5.00%, 2/15/23 | | 4,475 | 4,949 |
| Maryland, Series B, GO, 5.00%, 8/1/24 | | 5,800 | 6,809 |
| Maryland DOT, 5.00%, 2/1/22 | | 5,805 | 6,131 |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | | | |
| 5.00%, 6/1/21 | | 500 | 505 |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | | | |
| 5.00%, 6/1/22 | | 395 | 407 |
| Maryland Economic Dev. , Ports America Chesapeake, Series A, | | | |
| 5.00%, 6/1/23 | | 370 | 399 |
| Maryland Economic Dev. , Purple Line Light Rail, Series A, | | | |
| 5.00%, 3/31/24 (1) | | 7,955 | 8,112 |
| Maryland Economic Dev. , Purple Line Light Rail, Series D, | | | |
| 5.00%, 9/30/24 (1) | | 250 | 255 |
| Maryland Economic Dev. , Purple Line Light Rail, Series D, | | | |
| 5.00%, 3/31/29 (1) | | 790 | 805 |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.25%, | | | |
| 1/1/25 | | 1,000 | 1,135 |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | | | |
| 1/1/26 | | 1,230 | 1,445 |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | | | |
| 1/1/27 | | 2,500 | 2,999 |
| Maryland HHEFA, Greater Baltimore Medical Center, 5.25%, | | | |
| 7/1/24 (Prerefunded 7/1/21) (3) | 65 | 67 |
| Maryland HHEFA, Greater Baltimore Medical Center, | | | |
| Unrefunded Balance, Series C, 5.25%, 7/1/24 | | 335 | 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) | | | |
| Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A, | | | |
| 5.00%, 7/1/25 (Prerefunded 7/1/22) (3) | | 500 | 536 |
| Maryland HHEFA, LifeBridge Health, Carroll Hosp. , Series A, | | | |
| 5.00%, 7/1/27 (Prerefunded 7/1/22) (3) | | 500 | 536 |
| Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/25 | | 2,000 | 2,354 |
| Maryland HHEFA, Peninsula Regional Health System, 5.00%, | | | |
| 7/1/23 | | 350 | 386 |
| Maryland HHEFA, Peninsula Regional Health System, 5.00%, | | | |
| 7/1/24 | | 350 | 400 |
| Maryland HHEFA, Peninsula Regional Health System, 5.00%, | | | |
| 7/1/25 | | 665 | 785 |
| Maryland HHEFA, Peninsula Regional Health System, 5.00%, | | | |
| 7/1/26 | | 1,250 | 1,518 |
| Maryland HHEFA, Univ. of Maryland Medical, VRDN, 5.00%, | | | |
| 7/1/45 (Tender 7/1/25) | 2,530 | 2,964 |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/21 (4) | | 4,040 | 4,150 |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/22 (4) | | 2,615 | 2,807 |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/23 (4) | | 9,000 | 10,069 |
| Maryland HHEFA, Western Maryland Health, 5.00%, 7/1/24 (4) | | 795 | 925 |
| Maryland HHEFA, Western Maryland Health, 5.25%, 7/1/26 | | | |
| (Prerefunded 7/1/24) (3) | | 1,535 | 1,800 |
| Montgomery County, Series C, GO, 5.00%, 10/1/24 | | 4,285 | 5,070 |
| Prince George's County, Consolidated Public Improvement, | | | |
| Series A, GO, 5.00%, 7/15/21 | | 7,330 | 7,550 |
| Prince George's County, Consolidated Public Improvement, | | | |
| Series A, GO, 5.00%, 9/15/22 | | 5,000 | 5,430 |
| Prince George's County, Consolidated Public Improvement, | | | |
| Series C, GO, 5.00%, 8/1/23 | | 1,740 | 1,962 |
| | | | 103,640 |
| |
| MASSACHUSETTS 1.8% | | | |
| Commonwealth of Massachusetts, Series C, GO, 5.00%, 7/1/27 | | | |
| (Prerefunded 7/1/22) (3) | | 8,640 | 9,296 |
| Commonwealth of Massachusetts, Series E, GO, 5.00%, 9/1/25 | | | |
| (Prerefunded 9/1/22) (3) | | 7,390 | 8,010 |
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) | | | |
| Commonwealth of Massachusetts, Series F, GO, 5.00%, | | | |
| 11/1/25 (Prerefunded 11/1/22) (3) | 10,000 | 10,914 |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/21 (1) | | 1,610 | 1,652 |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/22 (1) | | 2,000 | 2,129 |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/23 (1) | | 2,000 | 2,205 |
| Massachusetts Ed. Fin. Auth. , Series J, 5.00%, 7/1/24 (1) | | 2,000 | 2,270 |
| | | | 36,476 |
| |
| MICHIGAN 3.4% | | | |
| Detroit City School Dist. , Series C, GO, 5.25%, 5/1/25 (6) | | 8,395 | 9,337 |
| Detroit City Water Supply System Revenue, Senior Lien, Series | | | |
| A, 5.25%, 7/1/27 (Prerefunded 7/1/21) (3) | | 2,775 | 2,857 |
| Detroit Downtown Dev. Auth. , Series A, 5.00%, 7/1/24 (5) | | 975 | 1,123 |
| Great Lakes Water Auth. Water Supply System Revenue, | | | |
| Series A, 5.00%, 7/1/25 | | 1,500 | 1,777 |
| Great Lakes Water Auth. Water Supply System Revenue, Senior | | | |
| Lien, Series C, 5.00%, 7/1/23 | | 2,780 | 3,108 |
| Great Lakes Water Auth. Water Supply System Revenue, Senior | | | |
| Lien, Series C, 5.00%, 7/1/27 | | 5,800 | 7,261 |
| Michigan Building Auth. , Series I, 5.00%, 10/15/21 | | 1,000 | 1,042 |
| Michigan Building Auth. , Series I, 5.00%, 4/15/22 | | 750 | 800 |
| Michigan, City of Detroit, GO, 5.00%, 4/1/21 | | 1,000 | 1,012 |
| Michigan, City of Detroit, GO, 5.00%, 4/1/22 | | 850 | 884 |
| Michigan, City of Detroit, GO, 5.00%, 4/1/23 | | 500 | 529 |
| Michigan, City of Detroit, GO, 5.00%, 4/1/24 | | 900 | 964 |
| Michigan, City of Detroit, GO, 5.00%, 4/1/25 | | 860 | 936 |
| Michigan Fin. Auth. , Series A-2, 4.00%, 8/20/21 | | 2,550 | 2,620 |
| Michigan Fin. Auth. , Series C-2, 5.00%, 7/1/44 (Prerefunded | | | |
| 7/1/22) (1)(3) | | 1,000 | 1,073 |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Senior Lien, | | | |
| Series C, 5.00%, 7/1/29 (5) | | 2,500 | 2,879 |
| Michigan Fin. Auth. , Henry Ford Health System, 5.00%, | | | |
| 11/15/21 | | 925 | 963 |
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 Fin. Auth. , Henry Ford Health System, 5.00%, | | | |
| 11/15/22 | | 1,475 | 1,601 |
| Michigan Fin. Auth. , Local Gov't Loan Program, 5.00%, | | | |
| 7/1/27 (5) | 2,850 | 3,287 |
| Michigan Fin. Auth. , Local Gov't Loan Program, 5.00%, 7/1/29 | | 1,500 | 1,724 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | | | |
| 5.00%, 12/1/20 | | 775 | 775 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | | | |
| 5.00%, 12/1/21 | | 775 | 810 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | | | |
| 5.00%, 12/1/22 | | 500 | 545 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | | | |
| 5.00%, 12/1/23 | | 550 | 624 |
| Michigan Hosp. Fin. Auth. , Trinity Health Credit Group, Series C, | | | |
| 5.00%, 12/1/24 | | 975 | 1,149 |
| Wayne County Airport Auth. , Series A, 4.00%, 12/1/20 (1)(5) | | 2,665 | 2,665 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/22 | | 2,220 | 2,408 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/23 | | 430 | 484 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/24 | | 500 | 583 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/20 (1) | | 550 | 550 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/21 (1) | | 1,185 | 1,239 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/22 (1) | | 1,215 | 1,313 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/23 (1) | | 2,195 | 2,460 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/24 (1) | | 2,385 | 2,762 |
| Wayne County Airport Auth. , Series B, 5.00%, 12/1/25 (1) | | 2,405 | 2,870 |
| Wayne County Airport Auth. , Series C, 5.00%, 12/1/22 | | 3,000 | 3,010 |
| | | | 70,024 |
| |
| MINNESOTA 2.0% | | | |
| Minnesota, Series A, GO, 5.00%, 8/1/23 | | 4,000 | 4,511 |
| Minnesota, Series A, GO, 5.00%, 8/1/24 | | 5,000 | 5,876 |
| Minnesota, Series A, GO, 5.00%, 8/1/26 | | 5,320 | 6,728 |
| Minnesota, Series D, GO, 5.00%, 10/1/24 | | 8,675 | 10,263 |
| Minnesota, Series D, GO, 5.00%, 8/1/21 | | 3,220 | 3,324 |
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, Series D, GO, 5.00%, 10/1/21 | | 2,120 | 2,205 |
| Minnesota, Series D, GO, 5.00%, 8/1/27 | | 7,875 | 9,587 |
| | | | 42,494 |
| |
| MISSOURI 0.4% | | | |
| Kansas City Ind. Dev. Auth. , Kansas City Int'l Airport, 5.00%, | | | |
| 3/1/25 (1) | 1,500 | 1,757 |
| Kansas City Ind. Dev. Auth. , Kansas City Int'l Airport, 5.00%, | | | |
| 3/1/25 | | 1,050 | 1,241 |
| Missouri HEFA, SSM Health Care, Series A, 5.00%, 6/1/26 | | 1,665 | 1,908 |
| Missouri HEFA, Washington Univ. , Series B, VRDN, 0.12%, | | | |
| 3/1/40 | | 1,300 | 1,300 |
| Saint Louis Airport, Series B, 5.00%, 7/1/21 (1)(5) | | 400 | 410 |
| Saint Louis Airport, Series B, 5.00%, 7/1/22 (1)(5) | | 450 | 480 |
| Saint Louis Airport, Series B, 5.00%, 7/1/23 (1)(5) | | 215 | 238 |
| Saint Louis Airport, Series B, 5.00%, 7/1/24 (1)(5) | | 840 | 961 |
| Saint Louis Airport, Series B, 5.00%, 7/1/25 (1)(5) | | 375 | 443 |
| | | | 8,738 |
| |
| MONTANA 0.1% | | | |
| Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/21 | | 760 | 763 |
| Kalispell, Immanuel Lutheran, Series A, 5.00%, 5/15/22 | | 685 | 694 |
| | | | 1,457 |
| |
| NEBRASKA 0.9% | | | |
| Central Plains Energy, Nebraska Gas, VRDN, 4.00%, 12/1/49 | | | |
| (Tender 8/1/25) | | 3,500 | 4,040 |
| Central Plains Energy, Project No. 3, 5.00%, 9/1/42 | | 4,070 | 4,371 |
| Central Plains Energy, Project No. 3, 5.00%, 9/1/32 | | 3,000 | 3,222 |
| Central Plains Energy, Project No. 4, VRDN, 5.00%, 3/1/50 | | | |
| (Tender 1/1/24) | | 5,375 | 6,056 |
| | | | 17,689 |
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) | | | |
| NEVADA 0.8% | | | |
| Clark County, Transportation Improvement, Series B, GO, | | | |
| 5.00%, 12/1/22 | | 6,495 | 7,109 |
| Clark County Dept. of Aviation, Airport Improvement, Series A, | | | |
| 5.00%, 7/1/21 | | 3,000 | 3,080 |
| Clark County Dept. of Aviation, Airport Improvement, Las Vegas- | | | |
| McCarran Int'l. , Series A-1, 5.00%, 7/1/22 (1) | | 1,700 | 1,822 |
| 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 | 2,469 |
| Clark County School Dist. , Series A, GO, 3.00%, 6/15/23 (5) | | 450 | 477 |
| Clark County School Dist. , Series A, GO, 3.00%, 6/15/24 (5) | | 405 | 439 |
| Clark County School Dist. , Series A, GO, 3.00%, 6/15/25 (5) | | 650 | 718 |
| Clark County School Dist. , Series A, GO, 5.00%, 6/15/26 (5) | | 500 | 616 |
| | | | 16,730 |
| |
| NEW JERSEY 2.0% | | | |
| New Jersey, Covid-19 Emergency Bonds, GO, 5.00%, 6/1/24 | | 9,465 | 10,887 |
| New Jersey, Covid-19 Emergency Bonds, GO, 5.00%, 6/1/25 | | 4,685 | 5,566 |
| New Jersey Economic Dev. Auth. , The Goethals, 5.00%, | | | |
| 7/1/22 (1) | 1,650 | 1,754 |
| New Jersey EFA, Princeton Univ. , Series B, 5.00%, 7/1/21 | | 2,660 | 2,735 |
| New Jersey HCFFA, Barnabas Health, Series A, 5.00%, 7/1/25 | | 5,500 | 5,889 |
| New Jersey Transportation Trust Fund Auth. , Federal Highway | | | |
| Reimbursement, Series A, 5.00%, 6/15/24 | | 3,085 | 3,501 |
| New Jersey Transportation Trust Fund Auth. , Transportation | | | |
| System, Series A, 5.00%, 12/15/24 | | 1,775 | 2,033 |
| New Jersey Transportation Trust Fund Auth. , Transportation | | | |
| System, Series A, 5.00%, 12/15/26 | | 2,000 | 2,382 |
| New Jersey Transportation Trust Fund Auth. , Transportation | | | |
| System, Series D, 5.00%, 12/15/24 | | 1,125 | 1,288 |
| New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/35 | | | |
| (Prerefunded 1/1/22) (3) | | 3,500 | 3,682 |
| Tobacco Settlement Fin. , Series A, 5.00%, 6/1/22 | | 1,760 | 1,882 |
| | | | 41,599 |
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 MEXICO 0.3% | | |
| Farmington PCR, Public Services of New Mexico, San Juan | | |
| Project, VRDN, 1.10%, 6/1/40 (Tender 6/1/23) | 1,250 | 1,263 |
| New Mexico Hosp. Equipment Loan Council, Series B, VRDN, | | |
| 5.00%, 8/1/49 (Tender 8/1/25) | 4,850 | 5,665 |
| | | 6,928 |
| |
| NEW YORK 11.0% | | |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | | |
| 5.00%, 7/15/21 | 1,700 | 1,722 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | | |
| 5.00%, 7/15/22 | 975 | 1,022 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | | |
| 5.00%, 7/15/23 | 1,250 | 1,344 |
| Brooklyn Arena Local Dev. Corp. , Barclays Center, Series A, | | |
| 5.00%, 7/15/24 | 3,000 | 3,300 |
| Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/21 | 3,750 | 3,839 |
| Metropolitan Transportation Auth. , Series D-1, BAN, 5.00%, | | |
| 9/1/22 | 14,780 | 15,407 |
| Nassau County Local Economy Assistance Corp. , Winthrop | | |
| Univ. Hosp. , 5.00%, 7/1/22 | 1,000 | 1,070 |
| New York City, Series 1, GO, 5.00%, 8/1/25 | 5,400 | 6,529 |
| New York City, Series B, GO, 5.00%, 8/1/23 | 6,370 | 7,152 |
| New York City, Series C, GO, 5.00%, 8/1/22 | 8,755 | 9,424 |
| New York City, Series C, GO, 5.00%, 8/1/23 | 10,000 | 11,227 |
| New York City, Series D, GO, 5.00%, 8/1/28 | 6,085 | 6,680 |
| New York City, Series D, GO, 5.00%, 8/1/24 | 13,145 | 14,442 |
| New York City, Series G, GO, 5.00%, 8/1/21 | 4,400 | 4,538 |
| New York City, Series I-4, GO, VRDN, 0.09%, 4/1/36 | 350 | 350 |
| New York City IDA, Yankee Stadium Project, 5.00%, 3/1/28 (5) | 1,315 | 1,674 |
| New York City Transitional Fin. Auth. Future Tax Secured, | | |
| Series A, 5.00%, 11/1/31 | 4,550 | 6,157 |
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. , Future Tax Secured, | | | |
| Series F1, 5.00%, 5/1/22 | | 10,000 | 10,670 |
| |
| New York State Dormitory Auth. , Bidding Group, 5.00%, | | | |
| 3/15/24 (4) | 5 | 6 |
| |
| New York State Dormitory Auth. , Bidding Group 2, Unrefunded | | | |
| Balance, 5.00%, 3/15/24 | | 9,795 | 11,276 |
| |
| New York State Dormitory Auth. , Orange Regional Medical | | | |
| Center, 4.00%, 12/1/21 (7) | | 1,500 | 1,540 |
| |
| New York State Dormitory Auth. , Orange Regional Medical | | | |
| Center, 5.00%, 12/1/25 (7) | | 1,000 | 1,170 |
| |
| New York State Dormitory Auth. , Orange Regional Medical | | | |
| Center, 5.00%, 12/1/26 (7) | | 1,300 | 1,577 |
| |
| New York State Dormitory Auth. , Personal Income Tax General | | | |
| Purpose Bond, Series A, 5.00%, 12/15/23 | | 3,400 | 3,728 |
| |
| New York State Dormitory Auth. , Personal Income Tax General | | | |
| Purpose Bond, Series B, 5.00%, 2/15/28 | | 7,350 | 9,431 |
| |
| New York State Dormitory Auth. , Personal Income Tax General | | | |
| Purpose Bond, Series B, 5.00%, 2/15/29 | | 9,855 | 12,567 |
| |
| New York State Dormitory Auth. Personal Income Tax General | | | |
| Purpose Bond, Series B, RAN, 5.00%, 3/31/21 | | 6,460 | 6,564 |
| |
| New York State Dormitory Auth. , Sales Tax Revenue, Series A, | | | |
| 5.00%, 3/15/28 | | 6,985 | 8,848 |
| |
| New York State Transportation Dev. , American Airlines, 5.00%, | | | |
| 8/1/26 (1) | 2,020 | 2,038 |
| |
| New York State Transportation Dev. , American Airlines, John F. | | | |
| Kennedy Int'l. Airport, 5.00%, 8/1/21 (1) | | 2,200 | 2,222 |
| |
| New York State Transportation Dev. , Delta Airlines, 5.00%, | | | |
| 1/1/22 (1) | 2,520 | 2,604 |
| |
| New York State Transportation Dev. , Terminal One Group, | | | |
| 5.00%, 1/1/23 (1) | | 4,055 | 4,354 |
| |
| New York State Urban Dev. , Personal Income Tax, Series A, | | | |
| 5.00%, 3/15/23 | | 7,100 | 7,859 |
| |
| New York State Urban Dev. , Personal Income Tax, Series A, | | | |
| 5.00%, 3/15/24 | | 3,275 | 3,772 |
| |
| Port Auth. of New York & New Jersey, Series 178, 5.00%, | | | |
| 12/1/25 (1) | 5,000 | 5,625 |
| |
| Port Auth. of New York & New Jersey, Series 178, 5.00%, | | | |
| 12/1/30 (1) | 9,920 | 11,097 |
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) | | | |
| Port Auth. of New York & New Jersey, Series 186, 5.00%, | | | |
| 10/15/22 (1) | 6,850 | 7,443 |
| Port Auth. of New York & New Jersey, Series 207, 5.00%, | | | |
| 9/15/26 (1) | 10,030 | 12,387 |
| Sales Tax Asset Receivable Corp. , Series A, 5.00%, 10/15/22 | | 3,310 | 3,609 |
| Sales Tax Asset Receivable Corp. , Series A, 5.00%, 10/15/30 | | 2,000 | 2,337 |
| | | | 228,601 |
| |
| NORTH CAROLINA 2.3% | | | |
| New Hanover County, Regional Medical Center, 5.00%, 10/1/28 | | 1,560 | 1,609 |
| North Carolina Eastern Municipal Power Agency, Series D, | | | |
| 5.00%, 1/1/23 (Prerefunded 7/1/22) (3) | | 10,430 | 11,213 |
| North Carolina Medical Care Commission, Cape Fear Valley | | | |
| Health System, 5.00%, 10/1/23 (Prerefunded 10/1/22) (3) | | 9,785 | 10,633 |
| North Carolina Medical Care Commission, Retirement Fac. First | | | |
| Meeting, 4.00%, 1/1/25 | | 250 | 257 |
| North Carolina Medical Care Commission, Southminster, | | | |
| 5.00%, 10/1/21 | | 120 | 122 |
| North Carolina Medical Care Commission, Southminster, | | | |
| 5.00%, 10/1/22 | | 215 | 222 |
| North Carolina Medical Care Commission, Southminster, | | | |
| 5.00%, 10/1/23 | | 150 | 157 |
| North Carolina Medical Care Commission, Southminster, | | | |
| 5.00%, 10/1/24 | | 180 | 191 |
| North Carolina Medical Care Commission, Southminster, | | | |
| 5.00%, 10/1/25 | | 125 | 134 |
| North Carolina Medical Care Commission, United Methodist | | | |
| Retirement Home, 5.00%, 10/1/27 | | 175 | 191 |
| North Carolina Medical Care Commission, United Methodist | | | |
| Retirement Home, Series A, 5.00%, 10/1/22 | | 350 | 368 |
| North Carolina Medical Care Commission, United Methodist | | | |
| Retirement Home, Series A, 5.00%, 10/1/23 | | 400 | 430 |
| North Carolina Medical Care Commission, United Methodist | | | |
| Retirement Home, Series A, 5.00%, 10/1/24 | | 950 | 1,042 |
| North Carolina Medical Care Commission, United Methodist | | | |
| Retirement Home, Series A, 5.00%, 10/1/26 | | 750 | 822 |
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, Vidant Health, | | |
| 5.00%, 6/1/28 | 1,575 | 1,866 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | | |
| 5.00%, 12/1/27 | 1,125 | 1,226 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | | |
| Series B, 5.00%, 12/1/23 | 2,000 | 2,177 |
| North Carolina Municipal Power Agency #1, Catawba Electric, | | |
| Series E, 5.00%, 1/1/23 | 1,500 | 1,632 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/21 | 900 | 903 |
| North Carolina Turnpike Auth. , BAN, 5.00%, 2/1/24 | 5,400 | 6,110 |
| Wake County, Series C, GO, 5.00%, 3/1/23 | 6,200 | 6,871 |
| | | 48,176 |
| |
| OHIO 0.8% | | |
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/22 (1) | 900 | 937 |
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/23 (1) | 1,200 | 1,302 |
| Cleveland Airport System Revenue, Series B, 5.00%, 1/1/24 (1) | 1,200 | 1,349 |
| Columbus, Series A, GO, 5.00%, 4/1/24 | 1,810 | 2,098 |
| Columbus, Series A, GO, 5.00%, 4/1/25 | 3,445 | 4,148 |
| Hamilton County, Life Enriching Community, 4.00%, 1/1/21 | 150 | 150 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/22 | 100 | 103 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/23 | 100 | 106 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/24 | 150 | 162 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/25 | 200 | 220 |
| Hamilton County, Life Enriching Community, 5.00%, 1/1/26 | 150 | 168 |
| Ohio State Univ. , Series B-1, VRDN, 0.07%, 12/1/34 | 3,465 | 3,465 |
| Ohio State Univ. , Series B-1, VRDN, 0.07%, 12/1/44 | 3,000 | 3,000 |
| | | 17,208 |
| |
| OKLAHOMA 0.5% | | |
| Grand River Dam Auth. , Series A, 5.00%, 6/1/23 | 2,000 | 2,235 |
| Norman Regional Hosp. Auth. , 5.00%, 9/1/21 | 1,675 | 1,721 |
| Norman Regional Hosp. Auth. , 5.00%, 9/1/22 | 2,060 | 2,190 |
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) | | |
| Oklahoma Turnpike Auth. , Series A, 5.00%, 1/1/24 | 2,375 | 2,718 |
| Oklahoma Turnpike Auth. , Series A, 5.00%, 1/1/25 | 450 | 536 |
| | | 9,400 |
| |
| OREGON 0.5% | | |
| Multnomah County School Dist. No 1, GO, 5.00%, 6/15/24 | 8,250 | 9,629 |
| | | 9,629 |
| |
| PENNSYLVANIA 3.9% | | |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | | |
| Center, 5.00%, 7/15/21 | 1,000 | 1,028 |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | | |
| Center, 5.00%, 7/15/22 | 1,050 | 1,127 |
| Butler County Hosp. Auth. , 4.00%, 7/1/21 | 325 | 330 |
| Butler County Hosp. Auth. , 5.00%, 7/1/22 | 405 | 427 |
| Butler County Hosp. Auth. , 5.00%, 7/1/23 | 355 | 387 |
| Butler County Hosp. Auth. , 5.00%, 7/1/24 | 2,230 | 2,510 |
| Butler County Hosp. Auth. , 5.00%, 7/1/25 | 620 | 718 |
| Butler County Hosp. Auth. , 5.00%, 7/1/26 | 450 | 520 |
| Butler County Hosp. Auth. , 5.00%, 7/1/27 | 490 | 563 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/21 | 6,500 | 6,644 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/22 | 1,000 | 1,066 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/23 | 1,000 | 1,110 |
| Commonwealth Fin. Auth., Tobacco Settlement, 5.00%, 6/1/24 | 2,000 | 2,306 |
| Delaware River Port Auth. , Series B, 5.00%, 1/1/22 | 6,690 | 7,013 |
| Delaware River Port Auth. , Series B, 5.00%, 1/1/23 | 2,250 | 2,457 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/22 | 1,300 | 1,390 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/23 | 1,300 | 1,447 |
| Lehigh, Lehigh Valley Health Network, 5.00%, 7/1/24 | 1,700 | 1,958 |
| Northampton County General Purpose Auth. , St. Luke's Health | | |
| Univ. , FRN, 70% of 1M USD LIBOR + 1.04%, 1.143%, 8/15/48 | | |
| (Tender 8/15/24) | 4,900 | 4,900 |
| Pennsylvania, GO, 5.00%, 9/15/22 | 10,250 | 11,121 |
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, Series 2, GO, 5.00%, 10/15/21 | 2,850 | 2,968 |
| Philadelphia, Series A, 4.00%, 6/30/21 | 3,800 | 3,883 |
| Philadelphia, Series A, GO, 5.00%, 8/1/21 | 1,500 | 1,544 |
| Philadelphia, Series A, GO, 5.00%, 8/1/22 | 1,660 | 1,783 |
| Philadelphia, Series A, GO, 5.00%, 8/1/23 | 1,270 | 1,417 |
| Philadelphia Airport Revenue, Series A, 5.00%, 7/1/26 | 1,160 | 1,431 |
| Philadelphia Airport Revenue, Series A, 5.00%, 7/1/27 | 1,400 | 1,769 |
| Philadelphia Airport Revenue, Series A, 5.00%, 7/1/28 | 1,750 | 2,255 |
| Philadelphia Airport Revenue, Series C, 5.00%, 7/1/26 (1) | 1,080 | 1,298 |
| Philadelphia Airport Revenue, Series C, 5.00%, 7/1/27 (1) | 1,135 | 1,409 |
| Philadelphia Airport Revenue, Series C, 5.00%, 7/1/28 (1) | 2,970 | 3,750 |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | | |
| 5.00%, 7/1/21 | 975 | 995 |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | | |
| 5.00%, 7/1/22 | 1,175 | 1,239 |
| Philadelphia Hosp. & Higher EFA, Temple Univ. Health System, | | |
| 5.00%, 7/1/23 | 1,175 | 1,277 |
| Southeastern Pennsylvania Transportation Auth. , 5.00%, 6/1/23 | 750 | 834 |
| Southeastern Pennsylvania Transportation Auth. , 5.00%, 6/1/24 | 750 | 866 |
| Southeastern Pennsylvania Transportation Auth. , 5.00%, 6/1/25 | 1,000 | 1,197 |
| Southeastern Pennsylvania Transportation Auth. , 5.00%, 6/1/26 | 1,605 | 1,981 |
| | | 80,918 |
| |
| PUERTO RICO 1.4% | | |
| Puerto Rico Sales Tax Fin. , Series A-1, 4.50%, 7/1/34 | 13,854 | 14,819 |
| Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/27 | 9,628 | 8,434 |
| Puerto Rico Sales Tax Fin. , Series A-1, Zero Coupon, 7/1/31 | 7,000 | 5,344 |
| | | 28,597 |
| |
| RHODE ISLAND 0.3% | | |
| Rhode Island Commerce Corp. , GAN, Series A, 5.00%, 6/15/21 | 3,125 | 3,203 |
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) | | | |
| Rhode Island Health & Ed. Building, Care New England, Series | | | |
| B, 5.00%, 9/1/22 | | 550 | 566 |
| Rhode Island Health & Ed. Building, Care New England, Series | | | |
| B, 5.00%, 9/1/23 | | 550 | 574 |
| Rhode Island Health & Ed. Building, Care New England, Series | | | |
| B, 5.00%, 9/1/24 | | 1,290 | 1,364 |
| Rhode Island Health & Ed. Building, Care New England, Series | | | |
| B, 5.00%, 9/1/25 | | 415 | 444 |
| Rhode Island Health & Ed. Building, Care New England, Series | | | |
| B, 5.00%, 9/1/26 | | 450 | 486 |
| | | | 6,637 |
| |
| SOUTH CAROLINA 1.9% | | | |
| Patriots Energy Group Fin. Agency, Series A, VRDN, 4.00%, | | | |
| 10/1/48 (Tender 2/1/24) | 15,745 | 17,376 |
| Piedmont Municipal Power Agency, Electric, Series A, 5.00%, | | | |
| 1/1/23 | | 2,080 | 2,268 |
| South Carolina Jobs Economic Dev. Auth. , Bon Secours Health | | | |
| System, 5.00%, 11/1/24 (Prerefunded 11/1/22) (3) | | 3,000 | 3,271 |
| South Carolina Jobs Economic Dev. Auth. , Bon Secours Health | | | |
| System, VRDN, 5.00%, 12/1/48 (Tender 10/1/25) | | 4,575 | 5,453 |
| South Carolina Ports Auth. , 5.00%, 7/1/21 (1) | | 3,650 | 3,745 |
| South Carolina Ports Auth. , 5.00%, 7/1/23 (1) | | 2,555 | 2,837 |
| South Carolina Ports Auth. , 5.00%, 7/1/24 (1) | | 850 | 977 |
| South Carolina Ports Auth. , 5.25%, 7/1/55 (Prerefunded | | | |
| 7/1/25) (1)(3) | | 3,240 | 3,951 |
| | | | 39,878 |
| |
| SOUTH DAKOTA 0.1% | | | |
| South Dakota HEFA, Sanford Obligated Group, 5.00%, 11/1/29 | | 1,000 | 1,195 |
| | | | 1,195 |
| |
| TENNESSEE 2.7% | | | |
| Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I, | | | |
| 5.00%, 10/1/22 | | 1,045 | 1,076 |
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) | | | |
| Chattanooga Health Ed. Housing Fac. Board, CDFI Phase I, | | | |
| 5.00%, 10/1/23 | | 650 | 678 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | | | |
| Group, Series A, 5.00%, 7/1/21 | | 1,250 | 1,280 |
| 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 | 4,625 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligated | | | |
| Group, Series A, 5.00%, 7/1/24 | | 3,025 | 3,332 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | | | |
| Group, Series 2018A, 5.00%, 7/1/31 | | 1,510 | 1,645 |
| Memphis-Shelby County Airport Auth. , Series B, 5.00%, | | | |
| 7/1/24 (1) | 3,330 | 3,832 |
| Metropolitan Gov't. of Nashville & Davidson County, | | | |
| Improvement, GO, 5.00%, 7/1/24 | | 17,760 | 20,753 |
| Metropolitan Gov't. of Nashville & Davidson County, Unrefunded | | | |
| Balance, GO, 5.00%, 7/1/23 | | 5,065 | 5,447 |
| Metropolitan Nashville Airport, Series B, 5.00%, 7/1/25 (1) | | 500 | 591 |
| Metropolitan Nashville Airport, Series B, 5.00%, 7/1/26 (1) | | 1,695 | 2,057 |
| Tennergy Corp. , Series A, VRDN, 5.00%, 2/1/50 (Tender | | | |
| 10/1/24) | 5,000 | 5,820 |
| Tennessee Energy Acquisition, Series A, VRDN, 4.00%, 5/1/48 | | | |
| (Tender 5/1/23) | | 345 | 372 |
| Tennessee Energy Acquisition, Goldman Sachs, Gas, Series C, | | | |
| 5.00%, 2/1/23 | | 1,410 | 1,539 |
| Tennessee Energy Acquisition, Goldman Sachs, Gas, Series C, | | | |
| 5.00%, 2/1/24 | | 150 | 169 |
| | | | 56,673 |
| |
| TEXAS 10.8% | | | |
| Austin Airport System Revenue, 5.00%, 11/15/27 (1) | | 1,780 | 2,054 |
| Austin Airport System Revenue, Series B, 5.00%, 11/15/22 (1) | | 620 | 674 |
| Austin Airport System Revenue, Series B, 5.00%, 11/15/23 (1) | | 700 | 789 |
| Austin Airport System Revenue, Series B, 5.00%, 11/15/29 (1) | | 1,200 | 1,451 |
| Austin Water & Wastewater System Revenue, 5.00%, 11/15/32 | | 2,095 | 2,604 |
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) | | |
| Board of Regents of the Univ. of Texas System, Series B, VRDN, | | |
| 0.06%, 8/1/25 | 2,000 | 2,000 |
| 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 | 1,398 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/26 | 1,605 | 1,939 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/28 | 1,700 | 2,025 |
| Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/21 | 500 | 502 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | | |
| 8/15/21 | 670 | 687 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | | |
| 8/15/22 | 1,000 | 1,061 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | | |
| 8/15/23 | 1,505 | 1,646 |
| Clifton Higher Ed. Fin. , Intl. Leadership, Series D, 5.00%, | | |
| 8/15/24 | 3,120 | 3,508 |
| Dallas Independent School Dist. , Series A, GO, 5.00%, 2/15/23 | 8,615 | 9,524 |
| Dallas/Fort Worth Int'l. Airport, VRDN, 0.16%, 5/1/32 (1) | 500 | 500 |
| Dallas/Fort Worth Int'l. Airport, Series B, 5.00%, 11/1/22 (1) | 1,785 | 1,935 |
| Garland Independent School Dist. , GO, 5.00%, 2/15/23 | | |
| (Prerefunded 2/15/21) (3) | 11,470 | 11,584 |
| Grand Parkway Transportation, BAN, 5.00%, 2/1/23 | 5,035 | 5,490 |
| Harris County Cultural Ed. Fac. Fin. , 5.00%, 6/1/23 | 1,385 | 1,538 |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | | |
| 5.00%, 12/1/24 | 1,865 | 2,030 |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | | |
| 5.00%, 12/1/25 (Prerefunded 12/1/22) (3) | 2,780 | 3,042 |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | | |
| 5.00%, 12/1/26 | 1,515 | 1,891 |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | | |
| VRDN, 5.00%, 7/1/49 (Tender 12/1/22) | 1,825 | 1,984 |
| Harris County Cultural Ed. Fac. Fin., Memorial Hermann Health, | | |
| VRDN, 5.00%, 7/1/49 (Tender 12/1/24) | 1,880 | 2,202 |
| Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp., | | |
| 5.00%, 10/1/28 | 3,110 | 3,721 |
| Harris County Cultural Ed. Fac. Fin., Texas Children's Hosp., | | |
| VRDN, 5.00%, 10/1/41 (Tender 10/1/24) | 4,000 | 4,684 |
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) | | | |
| Harris County Metropolitan Transit Auth. , Sales & Use Tax, | | | |
| Series B, 5.00%, 11/1/22 | | 10,915 | 11,900 |
| Houston, Series A, GO, 5.00%, 3/1/21 | | 1,375 | 1,391 |
| Houston, Series A, GO, 5.00%, 3/1/22 | | 725 | 768 |
| Houston Airport System Revenue, Series A, 5.00%, 7/1/22 | | | |
| (Prerefunded 7/1/21) (1)(3) | | 2,605 | 2,674 |
| Houston Combined Utility System, Series B, 4.00%, 11/15/21 | | 800 | 829 |
| Houston Combined Utility System, Series B, 5.00%, 11/15/22 | | 800 | 875 |
| Houston Combined Utility System, Series B, 5.00%, 11/15/23 | | 975 | 1,111 |
| Houston Hotel Occupancy Tax & Special Revenue, 5.00%, | | | |
| 9/1/21 | | 3,000 | 3,068 |
| Houston Hotel Occupancy Tax & Special Revenue, 5.00%, | | | |
| 9/1/22 | | 2,500 | 2,642 |
| Houston Independent School Dist. , Permanent School Fund, | | | |
| GO, 5.00%, 2/15/25 | | 3,830 | 4,584 |
| Love Field Airport Modernization, Southwest Airlines, 5.00%, | | | |
| 11/1/28 (1) | 1,000 | 1,073 |
| Lower Colorado River Auth. , 5.00%, 5/15/21 | | 1,725 | 1,763 |
| Lower Colorado River Auth. , 5.00%, 5/15/22 | | 2,180 | 2,227 |
| Lower Colorado River Auth. , 5.00%, 5/15/23 | | 725 | 808 |
| Lower Colorado River Auth. , 5.00%, 5/15/24 | | 1,045 | 1,210 |
| Lower Colorado River Auth. , Series A, 5.00%, 5/15/21 | | 2,025 | 2,069 |
| Lower Colorado River Auth. , Transmission Services, 5.00%, | | | |
| 5/15/24 | | 270 | 313 |
| Lower Colorado River Auth. , Transmission Services, 5.00%, | | | |
| 5/15/25 | | 1,000 | 1,202 |
| North Texas Tollway Auth. , 1st Tier, Series 2014-A, 5.00%, | | | |
| 1/1/22 (4) | 1,200 | 1,262 |
| North Texas Tollway Auth. , 1st Tier, Series 2016-A, 5.00%, | | | |
| 1/1/22 | | 2,000 | 2,102 |
| North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/23 | | 2,320 | 2,544 |
| North Texas Tollway Auth. , 1st Tier, Series A, 5.00%, 1/1/27 | | 4,600 | 5,209 |
| North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/21 | | 350 | 351 |
| North Texas Tollway Auth. , 1st Tier, Series B, 5.00%, 1/1/22 | | 500 | 525 |
| North Texas Tollway Auth. , 2nd Tier, Series B, 5.00%, 1/1/24 | | 4,670 | 5,101 |
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 Texas Tollway Auth. , Series A, 5.00%, 1/1/23 | | 2,400 | 2,632 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/24 | | 10,000 | 10,949 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/28 | | 125 | 147 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/30 | | 1,650 | 1,928 |
| North Texas Tollway Auth. , Series A, 5.50%, 9/1/41 | | | |
| (Prerefunded 9/1/21) (3) | | 2,000 | 2,079 |
| North Texas Tollway Auth. , Special Projects, Series D, 5.00%, | | | |
| 9/1/29 (Prerefunded 9/1/21) (3) | 3,285 | 3,402 |
| Plano Independent School Dist. , Permanent School Fund, | | | |
| Series A, GO, 5.00%, 2/15/22 | | 1,775 | 1,878 |
| San Antonio, GO, 5.00%, 2/1/23 | | 5,880 | 6,487 |
| San Antonio Electric & Gas, 5.00%, 2/1/23 | | 4,380 | 4,829 |
| Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/21 | | 925 | 956 |
| Tarrant County Cultural Ed. Fac. Fin. , Series A, 5.00%, 11/15/22 | | 885 | 945 |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | | | |
| Series A, 5.25%, 12/15/25 | | 2,500 | 3,041 |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | | | |
| Series D, 6.25%, 12/15/26 | | 17,145 | 20,113 |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/25 | | 1,340 | 1,452 |
| Texas Municipal Gas Acquisition & Supply III, Macquarie Group, | | | |
| 5.00%, 12/15/24 | | 5,090 | 5,523 |
| Texas Municipal Gas Acquisition & Supply III, Macquarie Group, | | | |
| 5.00%, 12/15/27 | | 7,185 | 7,745 |
| Texas State Univ. System, Series A, 5.00%, 3/15/22 | | 2,000 | 2,124 |
| Texas State Univ. System, Series A, 5.00%, 3/15/23 | | 1,000 | 1,107 |
| Texas Transportation Commission, 1st Tier, 5.00%, 10/1/23 | | 7,325 | 8,310 |
| Texas Transportation Commission State Highway Fund, Series | | | |
| A, 5.00%, 4/1/23 | | 4,000 | 4,444 |
| Univ. of Texas, Series I, VRDN, 5.00%, 8/15/21 | | 3,000 | 3,102 |
| | | | 224,416 |
| |
| UTAH 0.7% | | | |
| Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/23 (1) | | 4,975 | 5,517 |
| Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/26 (1) | | 1,000 | 1,219 |
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 Lake City Airport Revenue, Series A, 5.00%, 7/1/27 (1) | | 2,030 | 2,526 |
| Utah, Series B, GO, 5.00%, 7/1/24 | | 4,250 | 4,979 |
| | | | 14,241 |
| |
| VIRGINIA 6.1% | | | |
| Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/23 | | 375 | 417 |
| Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/24 | | 825 | 953 |
| Arlington County IDA, Virginia Hospital Center, 5.00%, 7/1/28 | | 880 | 1,135 |
| Chesapeake Bay Bridge & Tunnel Dist. , BAN, 5.00%, 11/1/23 | | 11,290 | 12,621 |
| Fairfax County IDA, Inova Health, 5.00%, 8/15/23 | | 6,100 | 6,596 |
| Fairfax County IDA, Inova Health, VRDN, 5.00%, 5/15/57 | | | |
| (Tender 5/15/23) | | 3,600 | 4,002 |
| Fairfax County IDA, Inova Health, Series D, 5.00%, 5/15/27 | | 4,000 | 4,265 |
| Fredericksburg Economic Dev. Auth. , Mary Washington | | | |
| Healthcare, 5.00%, 6/15/27 | | 1,750 | 1,988 |
| Halifax County IDA, Electric and Power Company Project, | | | |
| Series A, VRDN, 0.45%, 12/1/41 (Tender 4/1/22) | | 3,175 | 3,174 |
| Hampton Roads Sanitation Dist. , Wastewater, Series A, 5.00%, | | | |
| 7/1/22 | | 850 | 915 |
| Hampton Roads Transportation Accountability Commission, | | | |
| Series A, BAN, 5.00%, 7/1/22 | | 15,550 | 16,702 |
| Norfolk Water, 5.00%, 11/1/22 | | 5,000 | 5,461 |
| Prince William County IDA, Novant Health, 5.00%, 11/1/26 | | 1,870 | 2,020 |
| Richmond Public Utility, Series A, 5.00%, 1/15/22 | | 1,500 | 1,581 |
| Virginia College Building Auth. , 5.00%, 2/1/26 (Prerefunded | | | |
| 2/1/22) (3) | 11,140 | 11,763 |
| Virginia College Building Auth. , 21st Century College & | | | |
| Equipment Programs, Series B, 5.00%, 2/1/24 | | 9,400 | 10,804 |
| Virginia College Building Auth. , Public Higher Ed. Fin. Program, | | | |
| 5.00%, 9/1/21 | | 1,195 | 1,238 |
| Virginia College Building Auth. , Public Higher Ed. Fin. Program, | | | |
| 5.00%, 9/1/21 (4) | | 850 | 880 |
| Virginia College Building Auth. , Public Higher Ed. Fin. Program, | | | |
| Series B, 5.00%, 9/1/23 | | 4,000 | 4,519 |
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) | | | |
| Virginia Commonwealth Transportation Board, GAN, 5.00%, | | | |
| 9/15/21 | | 1,975 | 2,050 |
| Virginia Public Building Auth. , Series B, 5.00%, 8/1/24 | | 3,000 | 3,523 |
| Virginia Public Building Auth. , Series B, 5.00%, 8/1/25 | | 1,325 | 1,618 |
| Virginia Public Building Auth. , Series B, 5.00%, 8/1/26 | | 2,000 | 2,524 |
| Virginia Public School Auth. , 5.00%, 8/1/27 | | 4,000 | 4,859 |
| Virginia Public School Auth. , 1997 Resolution, Series 2016B, | | | |
| 5.00%, 8/1/22 | | 3,255 | 3,514 |
| Virginia Public School Auth. , 1997 Resolution, Series 2018B, | | | |
| 5.00%, 8/1/22 | | 2,825 | 3,050 |
| Virginia Public School Auth. , 1997 Resolution, Series B, 5.00%, | | | |
| 8/1/21 | | 2,800 | 2,889 |
| Virginia Transportation Board, Capital Projects, Series A, 5.00%, | | | |
| 5/15/22 | | 775 | 829 |
| Virginia Transportation Board, Federal Highway, GAN, 5.00%, | | | |
| 9/15/23 | | 10,000 | 11,324 |
| | | | 127,214 |
| |
| WASHINGTON 1.9% | | | |
| Energy Northwest, Columbia Generating, Series A, 5.00%, | | | |
| 7/1/23 | | 6,745 | 6,933 |
| Port of Seattle, Series C, 5.00%, 4/1/21 (1) | | 1,125 | 1,142 |
| Univ. of Washington, Series A, VRDN, 5.00%, 5/1/48 (Tender | | | |
| 5/1/22) | 10,400 | 10,850 |
| Washington, Series A-1, GO, 5.00%, 8/1/27 | | 4,130 | 5,021 |
| Washington, Various Purpose, Series A, GO, 5.00%, 8/1/21 | | 3,450 | 3,561 |
| Washington Health Care Fac. Auth. , Commonspirit Health, | | | |
| Series B-2, VRDN, 5.00%, 8/1/49 (Tender 8/1/25) | | 2,450 | 2,855 |
| Washington Health Care Fac. Auth. , Commonspirit Health, | | | |
| Series B-3, VRDN, 5.00%, 8/1/49 (Tender 8/1/26) | | 6,900 | 8,266 |
| | | | 38,628 |
| |
| WISCONSIN 1.4% | | | |
| Wisconsin, Series 2, GO, 5.00%, 11/1/21 | | 1,400 | 1,462 |
| Wisconsin, Series 2011-2, GO, 5.00%, 11/1/22 | | 11,250 | 11,746 |
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) | | | | |
| |
| Wisconsin, Series 2017-2, GO, 5.00%, 11/1/22 | | 5,470 | 5,974 |
| |
| Wisconsin, Series A, GO, 5.00%, 5/1/23 | | 4,175 | 4,655 |
| |
| Wisconsin Clean Water Fund Leveraged Loan Portfolio, 5.00%, | | | |
| 6/1/25 (Prerefunded 6/1/24) (3) | 5,000 | 5,819 |
| |
| Wisconsin HEFA, UnityPoint Health, Series A, 5.00%, 12/1/20 | | 400 | 400 |
| |
| | | | | 30,056 |
| |
| |
| Total Investments in Securities 99.0% | | | |
| (Cost $1,988,400) | | | $ | 2,055,961 |
| Other Assets Less Liabilities 1.0% | | | 19,803 |
| Net Assets 100.0% | | | $ | 2,075,764 |
| |
| |
| ‡ | 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) | Insured by Financial Guaranty Insurance Company | | | |
| (7) | Security was purchased pursuant to Rule 144A under the Securities Act of |
| | 1933 and may be resold in transactions exempt from registration only to |
| | qualified institutional buyers. Total value of such securities at period-end |
| | amounts to $4,287 and represents 0.2% of net assets. | | | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND
| |
| 1M USD LIBOR | One month USD LIBOR (London interbank offered rate) |
| 3M USD LIBOR | Three 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 |
| PCR | Pollution Control Revenue |
| RAC | Revenue Anticipation Certificate |
| RAN | Revenue Anticipation Note |
| TAN | Tax 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 policies and procedures used in valuing financial instruments, including those which
cannot be valued in accordance with normal procedures or using pricing vendors; determines pricing techniques, sources,
and persons eligible to effect fair value pricing actions; evaluates the services and performance of the pricing vendors;
oversees the pricing process to ensure policies and procedures are being followed; and provides guidance on internal
controls and valuation-related matters. The Valuation Committee provides periodic reporting to the Board on valuation
matters.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs (including the fund's own assumptions in determining fair value)
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
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.
Investments for which market quotations or market-based valuations are not readily available or deemed unreliable are
valued at fair value as determined in good faith by the Valuation Committee, in accordance with fair valuation policies and
procedures. 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. Factors used in determining fair
value vary by type of investment and may include market or investment specific considerations. 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
market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same
issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular
basis and updated as information becomes available, including actual purchase and sale transactions of the investment.
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.
Valuation Inputs
On November 30, 2020, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to
determine their fair values.
