T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
May
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.6%
ALABAMA
2.0%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
5,000
4,957
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,700
5,637
Black
Belt
Energy
Gas
Dist.,
Series A-1,
VRDN,
4.00%,
12/1/49
(Tender
12/1/25)
2,500
2,486
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
1,615
1,597
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
4.00%,
7/1/52
(Tender
6/1/27)
4,890
4,869
Lower
Alabama
Gas
Dist.,
VRDN,
4.00%,
12/1/50
(Tender
12/1/25)
11,950
11,892
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
3,850
3,776
35,214
ALASKA
0.2%
Alaska
HFC,
State
Capital
Project,
Series A,
4.00%,
6/1/26
1,375
1,401
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/26
900
951
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
6/1/27
750
799
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/27
930
1,000
4,151
ARIZONA
0.8%
Chandler
IDA,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (1)
3,150
3,229
Maricopa
County
IDA,
Banner
Health
Group,
Series C,
FRN,
100%
of
MUNIPSA
+
0.57%,
3.98%,
1/1/35
(Tender
10/18/24)
6,740
6,718
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/24 (1)
1,000
1,012
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/25 (1)
1,250
1,277
Salt
River
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/27
1,500
1,604
13,840
CALIFORNIA
6.3%
California,
GO,
5.00%,
9/1/25
11,720
12,198
California,
GO,
5.00%,
9/1/25
5,775
6,010
California,
GO,
5.00%,
9/1/26
11,750
12,488
California,
GO,
5.00%,
4/1/27
2,030
2,190
California,
GO,
5.00%,
8/1/27
1,050
1,116
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/25
1,600
1,653
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/26
1,000
1,053
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/27
275
295
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.11%,
12/1/50
(Tender
6/1/26)
1,175
1,141
California
Infrastructure
&
Economic
Dev.
Bank,
Series D,
FRN,
100%
of
MUNIPSA
+
0.35%,
3.76%,
8/1/47
(Tender
8/1/24)
2,025
2,000
California
Statewide
CDA,
Kaiser
Permanente
Revenue
Bonds,
Series C-1,
VRDN,
5.00%,
4/1/46
(Tender
11/1/29)
6,515
7,272
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/24
600
606
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/25
1,025
1,039
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/26
1,125
1,151
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/25 (2)
4,120
4,280
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/29
(
Prerefunded
6/1/27) (3)
20,045
21,763
Golden
State
Tobacco
Securitization,
Asset
Backed,
5.00%,
6/1/40
(
Prerefunded
6/1/25) (3)
5,000
5,205
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/26 (1)
2,385
2,480
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (1)
4,000
4,305
Los
Angeles
Dept.
of
Water
&
Power,
Series E,
5.00%,
7/1/26
1,000
1,063
Los
Angeles
Dept.
of
Water
&
Power,
Series E,
5.00%,
7/1/27
750
815
Los
Angeles
Wastewater
System
Revenue,
Series C,
5.00%,
6/1/28
4,000
4,433
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/26
1,300
1,392
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/27
1,000
1,096
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/28
2,500
2,805
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.188%,
7/1/27
3,145
3,111
Port
of
Oakland,
Series H,
5.00%,
5/1/24 (1)(2)
225
228
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/25
750
782
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/26
2,700
2,878
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/27
830
905
107,753
COLORADO
3.3%
Colorado,
Series A,
COP,
5.00%,
12/15/27
3,000
3,256
Colorado,
Series A,
COP,
5.00%,
12/15/28
9,205
10,165
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/24
630
628
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/25
600
594
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/26
550
541
Colorado
HFA,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
1,385
1,425
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/23
1,600
1,610
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/25
2,150
2,224
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/27
2,080
2,223
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/29 (1)
5,660
5,970
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/30 (1)
1,000
1,054
Denver
City
&
County
Airport
System
Revenue,
Series 2018A,
5.00%,
11/15/29 (1)
5,000
5,384
Denver
City
&
County
Airport
System
Revenue,
Series 2022A,
5.00%,
11/15/30 (1)
5,000
5,430
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (1)
4,265
4,549
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/31 (1)
2,000
2,132
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,970
E-470
Public
Toll
Highway,
Series A,
5.00%,
9/1/26
1,250
1,322
E-470
Public
Toll
Highway,
Series B,
FRN,
67%
of
SOFR
+
0.35%,
3.74%,
9/1/39
(Tender
9/1/24)
2,750
2,734
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Series B,
5.00%,
11/1/33
2,000
2,162
56,373
CONNECTICUT
1.7%
Connecticut,
Series A,
GO,
5.00%,
4/15/29
3,000
3,217
Connecticut,
Series D,
GO,
5.00%,
9/15/26
1,775
1,882
Connecticut,
Series D,
GO,
5.00%,
9/15/27
1,000
1,082
Connecticut,
Series D,
GO,
5.00%,
9/15/28
1,000
1,102
Connecticut,
Series E,
GO,
5.00%,
9/15/26
1,255
1,330
Connecticut,
Series F,
GO,
5.00%,
11/15/25
2,390
2,494
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
5,119
Connecticut
Special
Tax
Revenue,
Special
Tax
Obligation
Bonds,
Series A,
5.00%,
5/1/26
5,000
5,269
Connecticut
State
HEFA,
5.00%,
7/1/24
375
375
Connecticut
State
HEFA,
Series 2015-A,
VRDN,
0.375%,
7/1/35
(Tender
7/12/24)
3,475
3,341
Connecticut
State
HEFA,
Series A,
VRDN,
2.80%,
7/1/48
(Tender
2/10/26)
2,500
2,443
Connecticut
State
HEFA,
Series C-2,
VRDN,
2.80%,
7/1/57
(Tender
2/3/26)
2,425
2,372
30,026
DELAWARE
0.3%
Delaware
Transportation
Auth.,
5.00%,
7/1/24
5,000
5,093
Delaware
Transportation
Auth.,
5.00%,
9/1/24
750
765
5,858
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
DISTRICT
OF
COLUMBIA
2.9%
Dist.
of
Columbia,
Series A,
5.00%,
3/1/26
5,000
5,261
Dist.
of
Columbia,
Series C,
5.00%,
12/1/26
5,250
5,611
Dist.
of
Columbia,
Series D,
GO,
5.00%,
6/1/26
3,500
3,703
District
of
Columbia,
Income
Tax,
Series A,
5.00%,
3/1/26
3,100
3,262
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/24 (1)
1,400
1,421
Metropolitan
Washington
Airports
Auth.,
Series 2018A,
5.00%,
10/1/24 (1)
3,975
4,034
Metropolitan
Washington
Airports
Auth.,
Series 2018A,
5.00%,
10/1/28 (1)
4,300
4,566
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/28 (1)
3,000
3,186
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/25 (1)
5,000
5,140
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/26 (1)
1,500
1,507
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2021A,
5.00%,
10/1/26 (1)
4,705
4,897
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (1)
7,000
7,370
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series B,
5.00%,
10/1/24
270
275
50,233
FLORIDA
6.4%
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/25
1,225
1,268
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/26
500
526
Alachua
County
HFA,
Shands
Teaching
Hosp.,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,300
6,524
Brevard
County
HFA,
Health
First,
5.00%,
4/1/26
220
222
Broward
County
Airport
System,
5.00%,
10/1/23 (1)
675
677
Broward
County
Airport
System,
Series A,
5.00%,
10/1/23 (1)
1,250
1,254
Broward
County
Airport
System,
Series A,
5.00%,
10/1/24 (1)
1,250
1,268
Broward
County
Airport
System,
Series A,
5.00%,
10/1/25 (1)
2,065
2,115
Broward
County
Airport
System,
Series B,
5.00%,
10/1/23 (1)
1,375
1,380
Broward
County
Airport
System,
Series B,
5.00%,
10/1/24 (1)
1,400
1,421
Broward
County
Airport
System,
Series B,
5.00%,
10/1/25 (1)
1,500
1,537
Broward
County
Airport
System,
Series C,
5.00%,
10/1/25 (1)
1,235
1,265
Broward
County
Airport
System,
Series Q-1,
5.00%,
10/1/25
4,315
4,319
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/24
550
554
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/25
500
507
Central
Florida
Expressway
Auth.,
Senior
Lien,
5.00%,
7/1/23
740
741
Central
Florida
Expressway
Auth.,
Senior
Lien,
5.00%,
7/1/24
250
254
Duval
County
Public
Schools,
Series A,
COP,
5.00%,
7/1/27 (4)
2,750
2,946
Florida
DOT,
Turnpike
System,
Series A,
4.00%,
7/1/30
4,000
4,044
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Florida
Lottery
Revenue,
Series 2016A,
5.00%,
7/1/27
3,696
3,887
Florida
Lottery
Revenue,
Series 2019A,
5.00%,
7/1/27
4,745
5,142
Florida,
Board
of
Ed.,
Capital
Outlay,
Series 2017B,
GO,
5.00%,
6/1/25
7,340
7,611
Florida,
Board
of
Ed.,
Capital
Outlay,
Series 2022B,
GO,
5.00%,
6/1/25
3,000
3,111
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/30
6,180
6,678
Florida,
Board
of
Ed.,
Capital
Outlay,
Series C,
GO,
5.00%,
6/1/25
5,610
5,721
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/25
7,425
7,699
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/31
9,065
9,380
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/23 (1)(2)
2,000
2,006
Greater
Orlando
Aviation
Auth.,
Unrefunded
Balance,
5.00%,
10/1/23 (1)
1,455
1,460
Miami-Dade
County
Aviation,
Series A,
5.00%,
10/1/30 (1)
300
306
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/24
1,530
1,534
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
2,000
2,020
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31
2,000
2,020
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/25 (5)
4,870
4,951
Orange
County
HFA,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
205
218
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/29
1,230
1,358
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/30
1,750
1,948
Orange
County
HFA,
Unrefunded
Balance,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
3,195
3,346
Orange
County
School
Board,
Series C,
COP,
5.00%,
8/1/28
1,750
1,920
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/23
800
802
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/24
1,010
1,028
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/25
620
638
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/26
600
628
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
2,535
2,521
110,755
GEORGIA
5.4%
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/25 (1)
2,635
2,691
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/26 (1)
5,095
5,273
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/28 (1)
6,800
7,197
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31
7,585
7,844
Atlanta
Water
&
Wastewater,
5.00%,
11/1/32
2,020
2,089
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle
,
VRDN,
2.15%,
10/1/32
(Tender
6/13/24)
7,775
7,569
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle
,
VRDN,
4.25%,
11/1/52
600
600
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/24
650
656
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/25
350
358
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/24
85
85
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/24
500
505
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/25
400
409
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/25
245
249
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.00%,
2/15/24
750
758
Georgia,
Series C,
GO,
4.00%,
7/1/25
5,000
5,092
Georgia
Ports
Auth.,
5.00%,
7/1/26
750
793
Georgia
Ports
Auth.,
5.00%,
7/1/27
1,125
1,215
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/24
4,535
4,573
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/25
4,760
4,843
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/27
1,500
1,522
LaGrange-Troup
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/25
500
512
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/24
500
502
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
9,385
9,342
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
4.00%,
8/1/49
(Tender
12/2/24)
10,210
10,235
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
6,050
6,056
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
6,865
6,839
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
2,525
2,505
Metro
Atlanta
Rapid
Transit
Auth.,
Series A,
5.00%,
7/1/42
(
Prerefunded
7/1/25) (3)
2,000
2,076
92,388
IDAHO
0.4%
Idaho
HFA,
Saint
Luke's
Health,
Series C,
VRDN,
3.92%,
3/1/48
7,700
7,700
7,700
ILLINOIS
5.1%
Chicago
Midway
Int'l.
Airport,
Series A,
5.00%,
1/1/25 (1)
2,470
2,486
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/26
1,000
1,001
Chicago
O'Hare
Int'l
Airport,
Series C,
5.00%,
1/1/29
1,565
1,631
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Chicago
O'Hare
Int'l.
Airport,
Series A,
5.00%,
1/1/27 (1)
6,000
6,074
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/26
2,020
2,068
Chicago
Wastewater,
Series B,
5.00%,
1/1/24
2,140
2,157
Chicago
Waterworks,
5.00%,
11/1/23
3,750
3,773
Chicago
Waterworks,
5.00%,
11/1/24
3,850
3,925
Chicago
Waterworks,
Series A-1,
5.00%,
11/1/23
1,300
1,308
Chicago
Waterworks,
Series A-1,
5.00%,
11/1/24
460
469
Illinois,
GO,
5.00%,
2/1/25
1,055
1,077
Illinois,
GO,
5.00%,
1/1/28
2,010
2,086
Illinois,
GO,
5.00%,
2/1/29
4,520
4,765
Illinois,
Series A,
GO,
5.00%,
3/1/24
995
1,004
Illinois,
Series A,
GO,
5.00%,
10/1/25
705
727
Illinois,
Series A,
GO,
5.00%,
11/1/25
4,130
4,263
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,140
2,294
Illinois,
Series A,
GO,
5.00%,
12/1/28
5,000
5,417
Illinois,
Series B,
GO,
5.00%,
3/1/24
1,325
1,337
Illinois,
Series B,
GO,
5.00%,
9/1/25
5,620
5,786
Illinois,
Series B,
GO,
5.00%,
3/1/26
1,675
1,738
Illinois,
Series B,
GO,
5.00%,
5/1/28
2,200
2,365
Illinois,
Series C,
GO,
5.00%,
11/1/29
2,500
2,659
Illinois,
Series D,
GO,
5.00%,
11/1/27
4,920
5,248
Illinois
Fin.
Auth.,
Series B-1,
VRDN,
5.00%,
8/15/52
(Tender
8/15/25)
3,000
3,080
Illinois
Fin.
Auth.,
Healthcare
System,
Series B-1,
VRDN,
5.00%,
5/15/50
(Tender
11/15/24)
4,925
4,966
Illinois
Fin.
Auth.,
Healthcare
System,
Series B-2,
VRDN,
5.00%,
5/15/50
(Tender
11/15/26)
8,680
8,981
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/24
1,000
1,016
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/25
1,250
1,295
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/25
1,140
1,172
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/26
1,320
1,380
87,548
INDIANA
0.1%
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.00%,
9/15/23
815
817
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.00%,
9/15/24
845
854
1,671
IOWA
0.8%
PEFA,
VRDN,
5.00%,
9/1/49
(Tender
9/1/26)
14,285
14,584
14,584
KENTUCKY
1.5%
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/24
575
579
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/25
610
619
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/26
550
563
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/23
2,000
2,000
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/24
1,115
1,126
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/25
1,400
1,424
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
2,510
2,577
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
4.00%,
8/1/52
(Tender
8/1/30)
6,150
5,987
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,305
11,207
26,082
LOUISIANA
0.5%
Lake
Charles
Harbor
&
Terminal
Dist.,
Big
Lake
Fuels
LLC
Project,
VRDN,
1.00%,
12/1/51
(Tender
12/1/24) (1)
2,775
2,613
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,750
1,727
Louisiana
Stadium
&
Exposition
Dist.,
BAN,
4.00%,
7/3/23
1,040
1,040
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/24 (1)
225
226
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/25 (1)
250
255
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
2,000
1,956
7,817
MARYLAND
6.9%
Anne
Arundel
County,
GO,
5.00%,
4/1/27
1,895
2,038
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/25
3,330
3,440
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/27
3,245
3,490
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/23
500
499
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/24
1,950
1,931
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/25
2,040
2,012
Baltimore
County,
Series B,
GO,
5.00%,
8/1/27
5,675
5,786
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
5.00%,
3/1/27
1,415
1,519
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,014
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
4,865
4,868
Harford
County,
GO,
5.00%,
10/1/27
2,500
2,718
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,000
2,120
Maryland,
GO,
5.00%,
8/1/31
5,000
5,546
Maryland,
Series A,
GO,
5.00%,
3/15/26
5,000
5,266
Maryland,
Series A,
GO,
5.00%,
3/15/26
4,155
4,376
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Maryland,
Series A,
GO,
5.00%,
8/1/27
5,000
5,416
Maryland,
Series B,
GO,
5.00%,
8/1/24
5,800
5,917
Maryland
DOT,
4.00%,
11/1/29
1,235
1,250
Maryland
DOT,
Series A,
5.00%,
12/1/26
1,600
1,706
Maryland
DOT,
Series B,
5.00%,
12/1/28
2,500
2,772
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
2,725
2,762
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/23
370
370
Maryland
HHEFA,
5.00%,
7/1/24
400
405
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.25%,
1/1/25
1,000
1,014
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/26
1,280
1,319
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/27
2,500
2,611
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
2,000
2,037
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/23
350
350
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/25
665
682
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
1,250
1,300
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
3,435
3,502
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
7,000
7,324
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (2)
795
807
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(
Prerefunded
7/1/24) (3)
1,535
1,562
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/27
(
Prerefunded
7/1/24) (3)
3,000
3,053
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(
Prerefunded
5/1/26) (3)
4,000
4,217
Montgomery
County,
Series C,
GO,
5.00%,
10/1/24
4,285
4,385
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/25
7,000
7,281
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
4,810
5,210
Prince
County
George's,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/26
1,000
1,061
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
3,000
3,157
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/24
635
629
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/25
665
650
119,372
MASSACHUSETTS
1.0%
Massachusetts
Ed.
Fin.
Auth.,
Series J,
5.00%,
7/1/24 (1)
2,000
2,018
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Massachusetts
State
College
Building
Auth.,
Series A,
5.00%,
5/1/38
(
Prerefunded
5/1/25) (3)
6,450
6,690
Massachusetts
State
College
Building
Auth.,
Series D,
5.00%,
5/1/39
(
Prerefunded
5/1/25) (3)
7,575
7,856
16,564
MICHIGAN
2.2%
Detroit
City
School
Dist.,
Series C,
GO,
5.25%,
5/1/25 (6)
3,615
3,712
Detroit
Downtown
Dev.
Auth.,
Series A,
5.00%,
7/1/24 (4)
975
989
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series A,
5.00%,
7/1/25
1,500
1,547
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series D,
5.00%,
7/1/31
1,000
1,053
Great
Lakes
Water
Auth.,
Water
Supply
System,
Senior
Lien,
Series C,
5.00%,
7/1/27
5,800
6,143
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Senior
Lien,
Series C-3,
5.00%,
7/1/29 (4)
2,500
2,535
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
3,980
4,133
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-2,
5.00%,
7/1/27 (4)
2,850
2,894
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-4,
5.00%,
7/1/29
1,500
1,520
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/23
585
589
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/24
995
1,019
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/24
900
905
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/25
860
865
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/23
430
433
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/24
780
796
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/23 (1)
2,195
2,205
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/24 (1)
2,385
2,420
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/25 (1)
2,405
2,469
Wayne
County
Airport
Auth.,
Series F,
5.00%,
12/1/31 (1)
1,330
1,362
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/27
425
441
38,030
MINNESOTA
1.6%
Minnesota,
Series A,
GO,
5.00%,
8/1/24
5,000
5,100
Minnesota,
Series A,
GO,
5.00%,
8/1/26
5,320
5,648
Minnesota,
Series D,
GO,
5.00%,
10/1/24
8,675
8,877
Minnesota,
Series D,
GO,
5.00%,
8/1/27
7,875
8,186
27,811
MISSOURI
0.8%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
5.00%,
3/1/25 (1)
1,500
1,524
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
5.00%,
3/1/25
1,050
1,078
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Missouri
HEFA,
SSM
Health
Care,
Series A,
5.00%,
6/1/26
(
Prerefunded
6/1/24) (3)
1,740
1,761
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
8,000
8,604
Saint
Louis
Airport,
Series B,
5.00%,
7/1/23 (1)(4)
215
215
Saint
Louis
Airport,
Series B,
5.00%,
7/1/24 (1)(4)
840
850
Saint
Louis
Airport,
Series B,
5.00%,
7/1/25 (1)(4)
375
383
14,415
NEBRASKA
0.1%
Central
Plains
Energy,
4.00%,
8/1/25
1,550
1,554
1,554
NEVADA
0.4%
Clark
County
Dept.
of
Aviation,
Airport
Improvement,
Series B,
5.00%,
7/1/26 (1)
3,000
3,105
Clark
County
School
Dist.,
Series A,
GO,
3.00%,
6/15/23 (4)
450
450
Clark
County
School
Dist.,
Series A,
GO,
3.00%,
6/15/25 (4)
650
645
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/26 (4)
500
527
Nevada
Housing
Division,
VRDN,
5.00%,
12/1/25
(Tender
12/1/24)
1,800
1,821
6,548
NEW
JERSEY
3.6%
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.00%,
6/15/26
2,000
2,036
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
Series A,
5.00%,
11/1/29
5,065
5,555
New
Jersey
HCFFA,
AHS
Hosp.,
5.00%,
7/1/25
1,405
1,419
New
Jersey
HCFFA,
AHS
Hosp.,
5.00%,
7/1/25
(
Prerefunded
1/1/24) (3)
95
96
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/24
3,085
3,132
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/30
2,210
2,308
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/26 (7)
825
862
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/27 (7)
1,500
1,592
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/32
3,000
3,221
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,692
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
5.00%,
12/15/24
1,975
2,011
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
5.00%,
12/15/26
2,525
2,659
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
5.00%,
12/15/26
1,410
1,485
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series D,
5.00%,
12/15/24
1,125
1,145
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
590
599
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
5,000
5,263
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
5,815
5,901
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,505
6,715
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/27
6,750
7,231
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/24
1,000
1,012
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26
4,055
4,237
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
1,535
1,647
61,818
NEW
MEXICO
0.5%
Farmington
PCR,
Public
Services
of
New
Mexico,
San
Juan
Project,
Series D,
VRDN,
1.10%,
6/1/40
(Tender
6/1/23)
2,750
2,750
New
Mexico
Hosp.
Equipment
Loan
Council,
Series B,
VRDN,
5.00%,
8/1/49
(Tender
8/1/25)
4,850
4,989
7,739
NEW
YORK
6.3%
Brooklyn
Arena
Local
Dev.,
Barclays
Center,
Series A,
5.00%,
7/15/23
1,250
1,252
Brooklyn
Arena
Local
Dev.,
Barclays
Center,
Series A,
5.00%,
7/15/24
3,000
3,035
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
10/1/24 (4)
3,260
3,290
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
10/1/24
3,050
3,117
Dormitory
Auth.
of
the
State
of
New
York,
Bidding
Group,
Series C,
5.00%,
3/15/24 (2)
5
5
Dormitory
Auth.
of
the
State
of
New
York,
Bidding
Group,
Series E,
5.00%,
3/15/28
5,000
5,442
Dormitory
Auth.
of
the
State
of
New
York,
Orange
Regional
Medical
Center,
5.00%,
12/1/25 (8)
1,000
1,000
Dormitory
Auth.
of
the
State
of
New
York,
Orange
Regional
Medical
Center,
5.00%,
12/1/26 (8)
1,300
1,305
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/28
7,350
7,950
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/29
9,855
10,663
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series A,
5.00%,
3/15/28
6,985
7,473
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,250
1,151
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
4.00%,
11/15/50
2,970
2,970
New
York
City,
Series 1,
GO,
5.00%,
8/1/25
5,400
5,597
New
York
City,
Series C,
GO,
5.00%,
8/1/27
5,000
5,385
New
York
City
IDA,
Series A,
5.00%,
1/1/24 (4)
1,250
1,259
New
York
City
IDA,
Series A,
5.00%,
1/1/25 (4)
2,000
2,044
New
York
City
IDA,
Yankee
Stadium
Project,
5.00%,
3/1/28 (4)
1,315
1,407
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series A-1,
5.00%,
11/1/26
1,170
1,246
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D,
5.00%,
11/1/27
4,130
4,478
New
York
State
Urban
Dev.,
Personal
Income
Tax,
Series A,
5.00%,
3/15/24
3,275
3,318
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (1)
1,655
1,657
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (1)
3,500
3,596
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/23
1,000
1,005
Port
Auth.
of
New
York
&
New
Jersey,
Series 178,
5.00%,
12/1/25 (1)
5,000
5,029
Port
Auth.
of
New
York
&
New
Jersey,
Series 185,
5.00%,
9/1/25 (1)
2,000
2,032
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/24 (1)
3,000
3,044
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/26 (1)
10,030
10,436
Triborough
Bridge
&
Tunnel
Auth.,
Series A,
5.00%,
8/15/24
2,425
2,465
Triborough
Bridge
&
Tunnel
Auth.,
Series B,
FRN,
67%
of
SOFR
+
0.38%,
3.77%,
1/1/32
(Tender
2/1/24)
6,240
6,193
108,844
NORTH
CAROLINA
4.4%
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
6,565
7,383
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
2,500
2,723
Mecklenburg
County,
GO,
5.00%,
3/1/26
10,000
10,528
North
Carolina
Medical
Care
Commission,
4.00%,
3/1/24
220
218
North
Carolina
Medical
Care
Commission,
4.00%,
3/1/25
265
260
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/26
490
487
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/27
290
287
North
Carolina
Medical
Care
Commission,
Caromont
Health,
Series B,
VRDN,
5.00%,
2/1/51
(Tender
2/1/26)
11,050
11,530
North
Carolina
Medical
Care
Commission,
Retirement
Fac.
First
Meeting,
4.00%,
1/1/25
250
246
North
Carolina
Medical
Care
Commission,
Southminster
,
5.00%,
10/1/23
150
150
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Southminster
,
5.00%,
10/1/24
180
179
North
Carolina
Medical
Care
Commission,
Southminster
,
5.00%,
10/1/25
125
124
North
Carolina
Medical
Care
Commission,
United
Methodist
Retirement
Home,
Series A,
5.00%,
10/1/23 (2)
400
402
North
Carolina
Medical
Care
Commission,
United
Methodist
Retirement
Home,
Series A,
5.00%,
10/1/24
(
Prerefunded
10/1/23) (3)
950
983
North
Carolina
Medical
Care
Commission,
United
Methodist
Retirement
Home,
Series A,
5.00%,
10/1/26
(
Prerefunded
10/1/23) (3)
750
776
North
Carolina
Medical
Care
Commission,
United
Methodist
Retirement
Home,
Series A,
5.00%,
10/1/27
(
Prerefunded
10/1/23) (3)
175
181
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/28
(
Prerefunded
6/1/25) (3)
1,575
1,632
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/23
2,000
2,002
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/27
1,125
1,128
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/24 (4)
1,180
1,189
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24 (2)
13,455
13,596
Wake
County,
5.00%,
3/1/27
2,355
2,526
Wake
County,
Series A,
5.00%,
12/1/29
1,150
1,226
Wake
County,
Series C,
GO,
5.00%,
3/1/25
15,760
16,259
76,015
OHIO
1.5%
Allen
County
Hosp.
Fac.,
Catholic
Healthcare,
Series C,
VRDN,
3.98%,
6/1/34
1,000
1,000
Cleveland
Airport
System,
Series B,
5.00%,
1/1/24 (1)
1,200
1,206
Columbus,
Series 2,
GO,
5.00%,
8/15/26
945
1,002
Columbus,
Series A,
GO,
5.00%,
4/1/25
3,445
3,556
Columbus,
Series A,
GO,
5.00%,
8/15/27
1,000
1,082
Columbus,
Series B,
GO,
5.00%,
8/15/27
1,640
1,775
Columbus,
Series B,
GO,
5.00%,
8/15/28
2,390
2,638
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/24
150
150
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/25
200
201
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/26
150
150
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic,
Series B-4,
VRDN,
3.97%,
1/1/43
1,500
1,500
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
1,500
1,453
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/26
7,000
7,400
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/27
3,000
3,238
26,351
OKLAHOMA
0.2%
Oklahoma
Turnpike
Auth.,
Series A,
5.00%,
1/1/25
450
462
Oklahoma
Turnpike
Auth.,
Series D,
5.00%,
1/1/27
3,310
3,523
3,985
OREGON
1.0%
Multnomah
County
School
Dist.
No.
1,
GO,
5.00%,
6/15/24
8,250
8,397
Oregon,
Series A,
GO,
5.00%,
5/1/25
1,500
1,552
Oregon,
Series A,
GO,
5.00%,
5/1/26
1,625
1,715
Oregon,
Series A,
GO,
5.00%,
5/1/27
2,000
2,155
Oregon,
Series D,
GO,
5.00%,
6/1/26
1,215
1,284
Oregon,
Series D,
GO,
5.00%,
6/1/27
2,650
2,860
17,963
PENNSYLVANIA
2.9%
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/24
200
201
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/25
500
507
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26
550
562
Bucks
County
IDA,
5.00%,
7/1/25
350
348
Bucks
County
IDA,
5.00%,
7/1/26
450
447
Bucks
County
IDA,
5.00%,
7/1/27
475
471
Butler
County
Hosp.
Auth.,
5.00%,
7/1/23
355
355
Butler
County
Hosp.
Auth.,
5.00%,
7/1/24
2,300
2,326
Butler
County
Hosp.
Auth.,
5.00%,
7/1/25
705
716
Butler
County
Hosp.
Auth.,
5.00%,
7/1/26
460
460
Butler
County
Hosp.
Auth.,
5.00%,
7/1/27
585
580
Commonwealth
Fin.
Auth.,
Tobacco
Settlement,
5.00%,
6/1/24
2,280
2,308
Lehigh,
Lehigh
Valley
Health
Network,
5.00%,
7/1/23
1,300
1,301
Lehigh,
Lehigh
Valley
Health
Network,
5.00%,
7/1/24
1,700
1,723
Northampton
County
General
Purpose
Auth.,
Saint
Luke's
Health
Univ.,
FRN,
70%
of
1M
USD
LIBOR
+
1.04%,
4.564%,
8/15/48
(Tender
8/15/24)
4,900
4,904
Pennsylvania,
GO,
5.00%,
9/15/25 (4)
715
745
Pennsylvania,
GO,
5.00%,
2/1/26
4,575
4,792
Philadelphia,
Series A,
GO,
5.00%,
8/1/23
2,270
2,275
Philadelphia
Airport,
Series A,
5.00%,
7/1/26
1,160
1,221
Philadelphia
Airport,
Series A,
5.00%,
7/1/27
2,000
2,143
Philadelphia
Airport,
Series C,
5.00%,
7/1/25 (1)
12,465
12,728
Philadelphia
Airport,
Series C,
5.00%,
7/1/26 (1)
1,080
1,117
Philadelphia
Airport,
Series C,
5.00%,
7/1/27 (1)
1,135
1,189
Philadelphia
HHEFA,
Temple
Univ.
Health
System,
5.00%,
7/1/23
1,175
1,175
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Southeastern
Pennsylvania
Transportation
Auth.,
5.00%,
6/1/25
2,290
2,365
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (4)
2,500
2,616
49,575
PUERTO
RICO
4.6%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (8)
6,800
6,914
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (8)
5,000
5,074
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (8)
2,075
2,094
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (8)
1,250
1,274
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
17,594
18,390
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
9,000
9,533
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,581
6,009
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/27
450
470
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/29
850
912
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
13,854
13,854
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
9,628
8,094
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
9,535
6,603
79,221
RHODE
ISLAND
0.2%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/23
550
551
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/24
1,290
1,288
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/25
415
413
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
445
2,697
SOUTH
CAROLINA
0.8%
South
Carolina
Jobs
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
VRDN,
5.00%,
12/1/48
(Tender
10/1/25)
5,160
5,296
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/30
1,140
1,199
South
Carolina
Ports
Auth.,
5.00%,
7/1/24 (1)
850
860
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
South
Carolina
Ports
Auth.,
5.00%,
7/1/25 (1)
1,190
1,217
South
Carolina
Ports
Auth.,
5.25%,
7/1/55
(
Prerefunded
7/1/25) (1)(3)
3,240
3,339
Spartanburg
Regional
Health
Services
Dist.,
5.00%,
4/15/29
1,700
1,837
13,748
SOUTH
DAKOTA
0.1%
South
Dakota
HEFA,
Sanford
Obligated
Group,
5.00%,
11/1/29
1,000
1,043
1,043
TENNESSEE
2.7%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing
-
CDFI
Phase
I,
CDFI,
5.00%,
10/1/23
650
651
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/24
(
Prerefunded
7/1/23) (3)
3,025
3,028
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/29
1,525
1,629
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/25
(
Prerefunded
7/1/23) (3)
1,000
1,001
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/31
(
Prerefunded
7/1/23) (3)
1,760
1,762
Memphis-Shelby
County
Airport
Auth.,
Series B,
5.00%,
7/1/24 (1)
3,330
3,361
Metropolitan
Gov't.
of
Nashville
&
Davidson
County,
GO,
5.00%,
7/1/24
17,760
18,097
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,392
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/25 (1)
515
526
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/26 (1)
1,695
1,752
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (1)
690
723
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (1)
1,000
1,059
Tennergy
,
Series A,
VRDN,
5.00%,
2/1/50
(Tender
10/1/24)
5,000
5,070
Tennessee
Energy
Acquisition,
Goldman
Sachs,
Series C,
5.00%,
2/1/24
175
175
46,226
TEXAS
10.1%
Austin
Airport
System,
5.00%,
11/15/27 (1)
1,780
1,799
Austin
Airport
System,
Series A,
5.00%,
11/15/26
545
579
Austin
Airport
System,
Series B,
5.00%,
11/15/23 (1)
715
717
Austin
Airport
System,
Series B,
5.00%,
11/15/29 (1)
1,200
1,246
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/26
1,505
1,515
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,655
1,676
Austin
Water
&
Wastewater
System,
5.00%,
11/15/32
2,095
2,215
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/24
1,025
1,031
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/25
1,195
1,215
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/26
1,620
1,665
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/28
1,700
1,747
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/40
(
Prerefunded
7/1/25) (3)
4,490
4,656
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/45
(
Prerefunded
7/1/25) (3)
1,475
1,530
Central
Texas
Regional
Mobility
Auth.,
Series C,
5.00%,
1/1/27
15,280
15,906
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
5.00%,
8/15/23
1,505
1,503
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
5.00%,
8/15/24
3,120
3,103
Dallas,
GO,
5.00%,
2/15/25
5,000
5,149
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/27
2,000
2,020
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/28
2,000
2,021
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
6/1/32
(Tender
12/1/26)
11,665
12,249
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/24)
1,880
1,913
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/26)
1,250
1,313
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,242
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
VRDN,
5.00%,
10/1/41
(Tender
10/1/24)
4,000
4,067
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31
2,305
2,484
Houston
Airport
System,
Series A,
5.00%,
7/1/23 (1)
825
825
Houston
Airport
System,
Series A,
5.00%,
7/1/25 (1)
1,250
1,276
Houston
Airport
System,
Series A,
5.00%,
7/1/26 (1)
1,250
1,294
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (1)
2,130
2,279
Houston
Combined
Utility
System
Revenue,
Series A,
Zero
Coupon,
12/1/25 (2)(4)
6,000
5,531
Houston
Independent
School
Dist.,
GO,
5.00%,
2/15/26
3,010
3,158
Houston
Independent
School
Dist.,
Permanent
School
Fund,
GO,
5.00%,
2/15/25
4,660
4,795
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (1)
1,000
1,000
Lower
Colorado
River
Auth.,
5.00%,
5/15/24
120
122
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/24
1,045
1,061
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/27 (4)
2,000
2,148
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/28 (4)
1,500
1,640
Lower
Colorado
River
Auth.,
Transmission
Services,
5.00%,
5/15/24
280
284
Lower
Colorado
River
Auth.,
Transmission
Services,
5.00%,
5/15/25
1,010
1,043
North
Texas
Tollway
Auth.,
Series 2016A,
5.00%,
1/1/28
2,705
2,831
North
Texas
Tollway
Auth.,
Series A,
5.00%,
1/1/26
9,710
9,787
North
Texas
Tollway
Auth.,
Series A,
5.00%,
1/1/28
460
472
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/25
1,140
1,151
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
8,430
8,500
North
Texas
Tollway
Auth.,
Unrefunded
Balance,
Series A,
5.00%,
1/1/24
1,130
1,131
Port
Beaumont
Navigation
Dist.,
1.875%,
1/1/26 (1)(8)
500
453
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
3,200
3,321
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
12,440
12,927
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series Class A,
5.25%,
12/15/25
2,500
2,554
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/23
2,125
2,132
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/27
4,285
4,367
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/28
7,750
7,963
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/29
6,100
6,298
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34
6,150
6,658
173,562
UTAH
1.6%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/26
2,000
2,118
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/27
2,000
2,163
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/28
2,250
2,486
Salt
Lake
City
Airport,
Series 2017A,
5.00%,
7/1/27 (1)
2,030
2,128
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/26 (1)
3,960
4,094
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (1)
5,080
5,325
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/26 (1)
1,155
1,194
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/26
1,450
1,535
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/27
1,000
1,080
Utah
County,
Series B,
VRDN,
5.00%,
5/15/60
(Tender
8/1/26)
4,050
4,252
Vineyard
Redev
.
Agency,
5.00%,
5/1/27 (4)
615
656
27,031
VIRGINIA
4.4%
Alexandria,
Series A,
GO,
5.00%,
12/15/25
4,800
5,031
Arlington
County
IDA,
Park
Shirlington
Apartments,
Series A,
5.00%,
1/1/26
2,325
2,395
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/23
410
410
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/24
1,600
1,621
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/28
880
947
Chesapeake
Expressway
Toll
Road,
Series A,
5.00%,
7/15/23
105
105
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
8/15/23
2,130
2,136
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/27
2,500
2,682
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,750
1,765
Greater
Richmond
Convention
Center
Auth.,
5.00%,
6/15/24
225
229
Hampton
Roads
Sanitation
Dist.,
Wastewater,
Series A,
5.00%,
8/1/34
(
Prerefunded
8/1/26) (3)
4,335
4,601
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
BAN,
5.00%,
7/1/26 (2)
4,850
5,131
Louisa
IDA,
Series A,
VRDN,
3.65%,
11/1/35
(Tender
10/1/27) (7)
2,000
1,985
Virginia
College
Building
Auth.,
4.00%,
2/1/29
6,065
6,287
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/26
7,015
7,375
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/27 (7)
5,000
5,374
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/28 (7)
3,000
3,282
Virginia
Public
Building
Auth.,
Series A-1,
5.00%,
8/1/27
3,000
3,246
Virginia
Public
Building
Auth.,
Series B,
5.00%,
8/1/24
3,000
3,060
Virginia
Public
Building
Auth.,
Series B,
5.00%,
8/1/25
1,325
1,376
Virginia
Public
School
Auth.,
5.00%,
8/1/27
4,000
4,159
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/25
4,625
4,800
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/26
4,845
5,129
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
4.00%,
1/1/30 (1)
3,250
3,224
76,350
WASHINGTON
3.1%
Central
Puget
Sound
Regional
Transit
Auth.,
Series S-1,
5.00%,
11/1/35
(
Prerefunded
11/1/25) (3)
13,250
13,828
Central
Puget
Sound
Regional
Transit
Auth.,
Green
Bond,
Series S-1,
4.00%,
11/1/33
(
Prerefunded
11/1/25) (3)
2,000
2,041
Energy
Northwest,
Series A,
5.00%,
7/1/27
5,120
5,422
King
County,
Series A,
GO,
5.00%,
12/1/25
3,605
3,771
Port
of
Seattle,
Series C,
5.00%,
8/1/28 (1)
3,000
3,193
Washington,
Series A,
GO,
5.00%,
8/1/27
5,000
5,416
Washington,
Series A-1,
GO,
5.00%,
8/1/27
4,130
4,282
Washington,
Series R,
GO,
4.00%,
7/1/26
5,000
5,141
Washington
Health
Care
Fac.
Auth.,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/25)
2,450
2,497
Washington
Health
Care
Fac.
Auth.,
Commonspirit
Health,
Series B-3,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
6,900
7,100
52,691
WISCONSIN
0.9%
Wisconsin
Clean
Water
Fund
Leveraged
Loan
Portfolio,
Series 1,
5.00%,
6/1/25
(
Prerefunded
6/1/24) (3)
5,000
5,071
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-4,
VRDN,
5.00%,
8/15/54
(Tender
1/29/25)
10,000
10,222
15,293
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
SHORT-TERM
INVESTMENTS
0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.11% (9)(10)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
99.6%
(Cost
$1,753,633)
$
1,716,440
Other
Assets
Less
Liabilities
0.4%
6,530
Net
Assets
100.0%
$
1,722,970
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Escrowed
to
maturity
(3)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Insured
by
Financial
Guaranty
Insurance
Company
(7)
When-issued
security
(8)
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
$18,114
and
represents
1.1%
of
net
assets.
(9)
Seven-day
yield
(10)
Affiliated
Companies
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
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFC
Housing
Finance
Corporation
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
22
.
.
.
.
.
.
.
.
.
.
PCR
Pollution
Control
Revenue
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
23
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
May
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.11%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/23
Purchase
Cost
Sales
Cost
Value
05/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.11%
$
1
¤
¤
$
1^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$0
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Unaudited
Notes
to
Portfolio
of
Investments
24
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
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
25
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
26
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
May
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,716,439
$
—
$
1,716,439
Short-Term
Investments
1
—
—
1
Total
$
1
$
1,716,439
$
—
$
1,716,440
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
27
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F56-054Q1
05/23