T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.8%
ALABAMA
2.6%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
8,225
8,097
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,700
5,642
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
1,615
1,599
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
14,450
15,050
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
10,000
9,732
40,120
ALASKA
0.3%
Alaska
HFC,
State
Capital
Project,
Series A,
4.00%,
6/1/26
1,375
1,402
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/26
900
948
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
6/1/27
750
798
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/27
930
998
4,146
ARIZONA
0.9%
Chandler
IDA,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (1)
3,150
3,252
Maricopa
County
IDA,
Banner
Health
Group,
Series C,
FRN,
100%
of
MUNIPSA
+
0.57%,
3.87%,
1/1/35
(Tender
10/18/24)
6,740
6,726
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/24 (1)
1,000
1,008
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/25 (1)
1,250
1,278
Salt
River
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/27
1,500
1,601
13,865
CALIFORNIA
5.5%
California,
GO,
5.00%,
9/1/25
11,720
12,124
California,
GO,
5.00%,
9/1/25
5,775
5,974
California,
GO,
5.00%,
9/1/26
11,750
12,453
California,
GO,
5.00%,
4/1/27
2,030
2,181
California,
GO,
5.00%,
8/1/27
1,050
1,110
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/25
1,600
1,642
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/26
1,000
1,048
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/27
275
294
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.00%,
12/1/50
(Tender
6/1/26)
1,175
1,144
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
California
Infrastructure
&
Economic
Dev.
Bank,
Series D,
FRN,
100%
of
MUNIPSA
+
0.35%,
3.65%,
8/1/47
(Tender
8/1/24)
2,025
2,010
California
Statewide
CDA,
Kaiser
Permanente
Revenue
Bonds,
Series C-1,
VRDN,
5.00%,
4/1/46
(Tender
11/1/29)
4,015
4,442
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/24
600
601
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/25
1,025
1,036
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/26
1,125
1,149
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/25 (2)
4,120
4,243
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/26 (1)
2,468
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (1)
4,000
4,318
Los
Angeles
Dept.
of
Water
&
Power,
Series E,
5.00%,
7/1/26
1,000
1,058
Los
Angeles
Dept.
of
Water
&
Power,
Series E,
5.00%,
7/1/27
750
813
Los
Angeles
Wastewater
System
Revenue,
Series C,
5.00%,
6/1/28
4,000
4,421
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/26
1,300
1,387
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/27
1,000
1,093
Metropolitan
Water
Dist.
of
Southern
California,
Series A,
5.00%,
10/1/28
2,500
2,790
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.51%,
7/1/27
2,645
2,609
Port
of
Oakland,
Series H,
5.00%,
5/1/24 (1)(2)
225
227
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/26
2,700
2,872
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/27
830
904
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series C,
5.00%,
5/1/28 (1)
9,250
9,832
86,243
COLORADO
4.8%
Colorado,
Series A,
COP,
5.00%,
12/15/27
3,000
3,252
Colorado,
Series A,
COP,
5.00%,
12/15/28
9,205
10,161
Colorado
HFA,
Adventhealth
Obligated,
Series 2023A-1,
VRDN,
5.00%,
11/15/58
(Tender
11/15/28)
1,550
1,670
Colorado
HFA,
Adventist
Health
System,
Series 2018B,
VRDN,
5.00%,
11/15/48
(Tender
11/20/25)
4,600
4,732
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/24
630
630
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/25
600
599
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/26
550
549
Colorado
HFA,
Commonspirit
Health,
Series B,
VRDN,
5.00%,
8/1/49
(Tender
8/1/25)
2,450
2,480
Colorado
HFA,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
8,855
9,101
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/25
2,150
2,216
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/27
2,080
2,216
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/29 (1)
5,660
5,966
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/30 (1)
1,000
1,052
Denver
City
&
County
Airport
System
Revenue,
Series 2018A,
5.00%,
11/15/29 (1)
5,000
5,424
Denver
City
&
County
Airport
System
Revenue,
Series 2022A,
5.00%,
11/15/30 (1)
5,000
5,483
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (1)
4,265
4,553
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,971
Denver
City
&
County
Airport
System
Revenue,
Series B,
5.00%,
11/15/29 (1)
2,000
2,159
E-470
Public
Highway
Auth.,
Capital
Appreciation,
Series B,
Zero
Coupon,
9/1/29 (3)
2,500
2,059
E-470
Public
Toll
Highway,
Series A,
5.00%,
9/1/26
1,250
1,317
E-470
Public
Toll
Highway,
Series B,
FRN,
67%
of
SOFR
+
0.35%,
3.914%,
9/1/39
(Tender
9/1/24)
2,750
2,741
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Series B,
5.00%,
11/1/33
2,000
2,143
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Fastracks
Project,
Series A,
5.00%,
11/1/27
2,500
2,713
76,187
CONNECTICUT
2.1%
Connecticut,
Series A,
GO,
5.00%,
4/15/29
3,000
3,207
Connecticut,
Series D,
GO,
5.00%,
9/15/26
1,775
1,879
Connecticut,
Series D,
GO,
5.00%,
9/15/27
1,000
1,082
Connecticut,
Series D,
GO,
5.00%,
9/15/28
1,000
1,104
Connecticut,
Series E,
GO,
5.00%,
9/15/26
1,255
1,329
Connecticut,
Series F,
GO,
5.00%,
11/15/25
2,390
2,486
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
5,182
Connecticut
Special
Tax
Revenue,
Special
Tax
Obligation
Bonds,
Series A,
5.00%,
5/1/26
5,000
5,248
Connecticut
State
HEFA,
5.00%,
7/1/24
375
374
Connecticut
State
HEFA,
Series 2015-A,
VRDN,
0.375%,
7/1/35
(Tender
7/12/24)
3,475
3,395
Connecticut
State
HEFA,
Series A,
VRDN,
2.80%,
7/1/48
(Tender
2/10/26)
2,500
2,458
Connecticut
State
HEFA,
Series C-2,
VRDN,
2.80%,
7/1/57
(Tender
2/3/26)
2,425
2,384
Univ.
of
Connecticut,
Series A,
5.00%,
8/15/29
1,200
1,335
Univ.
of
Connecticut,
Refunding,
Series A,
5.00%,
8/15/29
1,740
1,936
33,399
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
DISTRICT
OF
COLUMBIA
2.4%
Dist.
of
Columbia,
Series D,
GO,
5.00%,
6/1/26
3,500
3,685
Dist.
of
Columbia,
Income
Tax
Revenue,
Series A,
5.00%,
3/1/26
5,000
5,234
Dist.
of
Columbia,
Income
Tax
Revenue,
Series C,
5.00%,
12/1/26
5,250
5,594
Metropolitan
Washington
Airports
Auth.,
Series 2018A,
5.00%,
10/1/24 (1)
1,975
1,994
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/28 (1)
3,000
3,215
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/25 (1)
5,000
5,119
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2021A,
5.00%,
10/1/26 (1)
4,705
4,895
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (1)
7,000
7,399
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series B,
5.00%,
10/1/24
270
274
37,409
FLORIDA
7.2%
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/25
1,225
1,257
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/26
500
521
Alachua
County
HFA,
Shands
Teaching
Hosp.,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,300
6,511
Broward
County
Airport
System,
Series A,
5.00%,
10/1/24 (1)
1,250
1,262
Broward
County
Airport
System,
Series A,
5.00%,
10/1/25 (1)
2,065
2,112
Broward
County
Airport
System,
Series B,
5.00%,
10/1/24 (1)
1,400
1,413
Broward
County
Airport
System,
Series B,
5.00%,
10/1/25 (1)
1,500
1,534
Broward
County
Airport
System,
Series C,
5.00%,
10/1/25 (1)
1,235
1,263
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
1,100
1,104
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/25
500
505
Central
Florida
Expressway
Auth.,
Senior
Lien,
5.00%,
7/1/24
250
253
Duval
County
Public
Schools,
Series A,
COP,
5.00%,
7/1/27 (4)
2,750
2,944
Florida
DOT,
Turnpike
System,
Series A,
4.00%,
7/1/30
4,000
4,014
Florida
Lottery
Revenue,
Series 2016A,
5.00%,
7/1/27
3,696
3,878
Florida
Lottery
Revenue,
Series 2019A,
5.00%,
7/1/27
4,745
5,105
Florida,
Board
of
Ed.,
Capital
Outlay,
Series 2017B,
GO,
5.00%,
6/1/25
7,340
7,558
Florida,
Board
of
Ed.,
Capital
Outlay,
Series 2022B,
GO,
5.00%,
6/1/25
3,000
3,089
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/27
10,000
10,775
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/30
6,180
6,610
Florida,
Board
of
Ed.,
Capital
Outlay,
Series C,
GO,
5.00%,
6/1/25
5,610
5,668
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/25
7,425
7,646
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/31
9,065
9,294
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/24
1,530
1,537
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
2,000
2,018
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31
2,000
2,017
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/25 (5)
4,870
4,920
Orange
County
HFA,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
205
217
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/29
1,230
1,339
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/30
1,750
1,923
Orange
County
HFA,
Unrefunded
Balance,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
3,195
3,352
Orange
County
School
Board,
Series C,
COP,
5.00%,
8/1/28
1,750
1,912
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/24
1,010
1,021
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/25
620
636
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/26
600
626
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
2,510
2,498
112,651
GEORGIA
5.5%
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/25 (1)
2,635
2,697
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/26 (1)
5,095
5,278
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31
5,955
6,098
Atlanta
Water
&
Wastewater,
5.00%,
11/1/32
2,020
2,068
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
2.15%,
10/1/32
(Tender
6/13/24)
7,775
7,660
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
3.50%,
11/1/52
125
125
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/24
650
653
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/25
350
357
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/24
85
85
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/28
1,125
1,209
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/29
1,110
1,208
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/24
500
502
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/25
400
408
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
753
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Georgia,
Series C,
GO,
4.00%,
7/1/25
5,000
5,085
Georgia
Ports
Auth.,
5.00%,
7/1/26
750
790
Georgia
Ports
Auth.,
5.00%,
7/1/27
1,125
1,212
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/24
4,535
4,548
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/25
4,760
4,798
LaGrange-Troup
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/25
500
509
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/24
500
501
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/27
2,500
2,561
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/28
3,890
4,017
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
14,275
14,203
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
4.00%,
8/1/49
(Tender
12/2/24)
6,985
6,970
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
6,865
6,812
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
2,525
2,477
Metro
Atlanta
Rapid
Transit
Auth.,
Series A,
5.00%,
7/1/42
(Prerefunded
7/1/25) (6)
2,000
2,062
85,895
HAWAII
0.2%
Hawaii,
Series FG,
GO,
5.00%,
10/1/30
2,560
2,697
2,697
ILLINOIS
4.7%
Chicago
Midway
Int'l.
Airport,
Series A,
5.00%,
1/1/25 (1)
2,470
2,470
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/26
(Prerefunded
2/6/24) (6)
1,000
1,002
Chicago
O'Hare
Int'l.
Airport,
Series A,
5.00%,
1/1/27 (1)
6,000
6,043
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/26
2,020
2,042
Chicago
O'Hare
Int'l.
Airport,
Series C,
5.00%,
1/1/29
1,565
1,615
Chicago
Waterworks,
5.00%,
11/1/24
3,850
3,901
Chicago
Waterworks,
Series A-1,
5.00%,
11/1/24
460
466
Illinois,
GO,
5.00%,
2/1/25
1,055
1,071
Illinois,
GO,
5.00%,
1/1/28
2,010
2,052
Illinois,
GO,
5.00%,
2/1/29
4,520
4,731
Illinois,
Series A,
GO,
5.00%,
3/1/24
995
998
Illinois,
Series A,
GO,
5.00%,
10/1/25
705
723
Illinois,
Series A,
GO,
5.00%,
11/1/25
4,130
4,239
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,140
2,275
Illinois,
Series A,
GO,
5.00%,
12/1/28
5,000
5,370
Illinois,
Series B,
GO,
5.00%,
9/1/25
5,620
5,754
Illinois,
Series B,
GO,
5.00%,
3/1/26
1,675
1,728
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
Series B,
GO,
5.00%,
5/1/28
2,200
2,344
Illinois,
Series C,
GO,
5.00%,
11/1/29
2,500
2,627
Illinois,
Series D,
GO,
5.00%,
7/1/25
4,920
5,027
Illinois,
Series D,
GO,
5.00%,
11/1/28
3,535
3,743
Illinois
Fin.
Auth.,
Series B-1,
VRDN,
5.00%,
8/15/52
(Tender
8/15/25)
3,000
3,063
Illinois
Fin.
Auth.,
Healthcare
System,
Series B-1,
VRDN,
5.00%,
5/15/50
(Tender
11/15/24)
4,925
4,941
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/24
1,000
1,011
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/25
1,250
1,288
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.22%,
7/15/55
500
500
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/25 (2)
1,140
1,171
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/26 (2)
1,320
1,384
73,579
INDIANA
0.1%
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.00%,
9/15/24
845
852
852
IOWA
0.9%
PEFA,
VRDN,
5.00%,
9/1/49
(Tender
9/1/26)
14,285
14,491
14,491
KENTUCKY
1.1%
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/24
575
576
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/25
610
617
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/26
550
562
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/24
1,115
1,116
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/25
1,400
1,407
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
2,585
2,617
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,305
11,156
18,051
LOUISIANA
0.6%
Lake
Charles
Harbor
&
Terminal
Dist.,
Big
Lake
Fuels
LLC
Project,
VRDN,
1.00%,
12/1/51
(Tender
12/1/24) (1)
2,775
2,670
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,750
1,750
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series 2007A,
4.15%,
9/1/27 (7)
1,000
1,012
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28) (7)
1,600
1,624
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/24 (1)
225
225
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/25 (1)
250
253
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
2,000
1,965
9,499
MARYLAND
7.7%
Anne
Arundel
County,
GO,
5.00%,
4/1/27
1,895
2,035
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/25
3,330
3,418
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/27
3,245
3,485
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/24
1,950
1,946
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/25
2,040
2,040
Baltimore
County,
Series B,
GO,
5.00%,
8/1/27
5,675
5,744
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,008
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
4,310
4,316
Harford
County,
GO,
5.00%,
10/1/27
2,500
2,715
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,000
2,110
Maryland,
GO,
5.00%,
8/1/31
5,000
5,498
Maryland,
Series 2017A,
GO,
5.00%,
3/15/26
4,155
4,354
Maryland,
Series 2020A,
GO,
5.00%,
3/15/26
5,000
5,239
Maryland,
Series A,
GO,
5.00%,
8/1/27
5,000
5,409
Maryland
DOT,
4.00%,
11/1/29
1,235
1,238
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
2,725
2,751
Maryland
HHEFA,
5.00%,
7/1/24
400
403
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.25%,
1/1/25
1,000
1,011
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
2,622
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
2,000
2,041
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/25
665
679
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
1,250
1,297
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
3,435
3,489
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
12,315
12,929
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (2)
795
802
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(Prerefunded
7/1/24) (6)
1,535
1,551
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/34
(Prerefunded
5/1/26) (6)
5,000
5,259
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/35
(Prerefunded
5/1/26) (6)
2,585
2,719
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (6)
4,000
4,207
Maryland
Transportation
Auth.,
Passenger
Facility
Charge
Revenue,
Series 2019,
5.00%,
6/1/25 (1)
3,400
3,453
Montgomery
County,
Series A,
GO,
5.00%,
8/1/29
1,415
1,589
Montgomery
County,
Series C,
GO,
5.00%,
10/1/24
4,285
4,353
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/25
7,000
7,234
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
5,204
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
1,320
1,396
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
3,000
3,146
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/24
635
632
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/25
665
653
121,294
MASSACHUSETTS
1.0%
Massachusetts
Ed.
Fin.
Auth.,
Series J,
5.00%,
7/1/24 (1)
2,000
2,014
Massachusetts
State
College
Building
Auth.,
Series A,
5.00%,
5/1/38
(Prerefunded
5/1/25) (6)
6,450
6,626
Massachusetts
State
College
Building
Auth.,
Series D,
5.00%,
5/1/39
(Prerefunded
5/1/25) (6)
7,575
7,782
16,422
MICHIGAN
2.3%
Detroit
City
School
Dist.,
Series C,
GO,
5.25%,
5/1/25 (8)
3,615
3,683
Detroit
Downtown
Dev.
Auth.,
Series A,
5.00%,
7/1/24 (4)
975
984
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series A,
5.00%,
7/1/25
1,500
1,543
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series D,
5.00%,
7/1/31
1,000
1,037
Great
Lakes
Water
Auth.,
Water
Supply
System,
Senior
Lien,
Series C,
5.00%,
7/1/27
5,800
6,079
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Senior
Lien,
Series C-3,
5.00%,
7/1/29 (4)
2,500
2,515
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
3,980
4,128
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-2,
5.00%,
7/1/27 (4)
2,850
2,870
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-4,
5.00%,
7/1/29
1,500
1,509
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/23
585
585
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/24
995
1,011
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/24
900
902
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/25
860
868
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/23
430
430
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/24
780
793
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/24 (1)
2,385
2,412
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/25 (1)
2,405
2,461
Wayne
County
Airport
Auth.,
Series F,
5.00%,
12/1/31 (1)
1,330
1,341
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/27
425
436
35,587
MINNESOTA
1.2%
Minnesota,
Series A,
GO,
5.00%,
8/1/26
5,320
5,623
Minnesota,
Series D,
GO,
5.00%,
8/1/25
5,000
5,164
Minnesota,
Series D,
GO,
5.00%,
8/1/27
7,875
8,155
18,942
MISSOURI
0.8%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
5.00%,
3/1/25 (1)
1,500
1,522
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
5.00%,
3/1/25
1,050
1,071
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
8,000
8,564
Saint
Louis
Airport,
Series B,
5.00%,
7/1/24 (1)(4)
840
845
Saint
Louis
Airport,
Series B,
5.00%,
7/1/25 (1)(4)
375
381
12,383
NEBRASKA
0.1%
Central
Plains
Energy,
4.00%,
8/1/25
1,550
1,558
1,558
NEVADA
0.4%
Clark
County
Dept.
of
Aviation,
Airport
Improvement,
Series B,
5.00%,
7/1/27 (1)
3,000
3,149
Clark
County
School
Dist.,
Series A,
GO,
3.00%,
6/15/25 (4)
650
649
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/26 (4)
500
524
Nevada
Housing
Division,
VRDN,
5.00%,
12/1/25
(Tender
12/1/24)
1,800
1,818
6,140
NEW
JERSEY
3.5%
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.00%,
6/15/26 (7)
2,000
2,054
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
Series A,
5.00%,
11/1/29
5,065
5,610
New
Jersey
HCFFA,
AHS
Hosp.,
5.00%,
7/1/25
1,405
1,407
New
Jersey
HCFFA,
AHS
Hosp.,
5.00%,
7/1/25
(Prerefunded
1/1/24) (6)
95
95
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/24
3,085
3,112
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/30
2,210
2,302
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/26
825
864
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/27
1,500
1,601
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/32
3,000
3,248
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,703
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2018A,
5.00%,
12/15/26
1,410
1,491
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2019A,
5.00%,
12/15/26
2,525
2,669
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
5.00%,
12/15/24
1,975
2,007
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series D,
5.00%,
12/15/24
1,125
1,144
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
590
594
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
5,000
5,221
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,505
6,694
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/27
6,750
7,224
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/24
1,000
1,006
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26
4,055
4,167
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
1,535
1,615
55,828
NEW
YORK
5.9%
Brooklyn
Arena
Local
Dev.,
Barclays
Center,
Series A,
5.00%,
7/15/24
3,000
3,014
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
10/1/24 (4)
3,260
3,283
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,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/28
(Prerefunded
8/15/27) (6)
7,350
7,930
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/29
9,855
10,518
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series A,
5.00%,
3/15/28
6,985
7,472
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,250
1,169
New
York
City,
Series 1,
GO,
5.00%,
8/1/25
5,400
5,582
New
York
City,
Series C,
GO,
5.00%,
8/1/27
5,000
5,393
New
York
City,
Series F-1,
GO,
5.00%,
8/1/28
1,000
1,102
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Housing
Dev.,
Sustainable
Development
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28)
1,000
990
New
York
City
IDA,
Series A,
5.00%,
1/1/25 (4)
2,000
2,035
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
1,244
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D,
5.00%,
11/1/27
4,130
4,488
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
VRDN,
3.80%,
11/1/62
(Tender
5/1/29)
5,000
5,002
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (1)
1,270
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (1)
7,000
7,053
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/23
1,000
1,000
Port
Auth.
of
New
York
&
New
Jersey,
Series 178,
5.00%,
12/1/25
(Prerefunded
12/14/23) (1)(6)
5,000
5,002
Port
Auth.
of
New
York
&
New
Jersey,
Series 185,
5.00%,
9/1/25 (1)
2,000
2,023
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/26 (1)
5,510
5,727
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/27 (1)
7,300
7,695
Triborough
Bridge
&
Tunnel
Auth.,
Series A,
BAN,
5.00%,
8/15/24
2,425
2,455
92,859
NORTH
CAROLINA
4.4%
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/28
650
713
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/29
800
892
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/30
850
959
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
6,565
7,392
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
2,500
2,717
Charlotte-Mecklenburg
Hosp.
Auth.,
Series B,
VRDN,
3.25%,
1/15/38
300
300
Mecklenburg
County,
GO,
5.00%,
3/1/26
10,000
10,469
North
Carolina
Medical
Care
Commission,
4.00%,
3/1/24
220
219
North
Carolina
Medical
Care
Commission,
4.00%,
3/1/25
265
261
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/26
490
485
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/27
290
286
North
Carolina
Medical
Care
Commission,
Caromont
Health,
Series B,
VRDN,
5.00%,
2/1/51
(Tender
2/1/26)
11,050
11,420
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Retirement
Fac.
First
Meeting,
4.00%,
1/1/25
250
246
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/24
180
180
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/25
125
125
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/28
(Prerefunded
6/1/25) (6)
1,575
1,622
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/23
2,000
2,000
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/27
1,125
1,128
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/25
750
776
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/26
950
1,006
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/27
630
683
Raleigh
Durham
Airport
Auth.,
Series A,
5.00%,
5/1/27 (1)
1,400
1,470
Wake
County,
5.00%,
3/1/27
2,355
2,519
Wake
County,
Series 2021,
GO,
5.00%,
4/1/29
5,000
5,584
Wake
County,
Series C,
GO,
5.00%,
3/1/25
15,760
16,145
69,597
OHIO
1.3%
Cleveland
Airport
System,
Series B,
5.00%,
1/1/24 (1)
1,200
1,201
Columbus,
Series 2,
GO,
5.00%,
8/15/26
945
1,000
Columbus,
Series A,
GO,
5.00%,
8/15/27
1,000
1,082
Columbus,
Series B,
GO,
5.00%,
8/15/27
1,640
1,774
Columbus,
Series B,
GO,
5.00%,
8/15/28
2,390
2,645
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/24
150
150
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/25
200
200
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/26
150
151
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
1,500
1,469
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/26
7,000
7,370
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/27
3,000
3,226
20,268
OKLAHOMA
0.2%
Oklahoma
Turnpike
Auth.,
Series D,
5.00%,
1/1/27
3,310
3,524
3,524
OREGON
1.0%
Oregon,
Series A,
GO,
5.00%,
5/1/25
1,500
1,543
Oregon,
Series A,
GO,
5.00%,
5/1/26
1,625
1,708
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Oregon,
Series A,
GO,
5.00%,
5/1/27
2,000
2,150
Oregon,
Series D,
GO,
5.00%,
6/1/26
1,215
1,280
Oregon,
Series D,
GO,
5.00%,
6/1/27
2,650
2,854
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/29 (1)
6,455
6,940
16,475
PENNSYLVANIA
2.6%
Allegheny
County
Airport
Auth.,
Series A,
5.00%,
1/1/29 (1)(4)
1,400
1,495
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
506
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26
550
563
Bucks
County
IDA,
5.00%,
7/1/25
350
346
Bucks
County
IDA,
5.00%,
7/1/26
450
441
Bucks
County
IDA,
5.00%,
7/1/27
475
464
Butler
County
Hosp.
Auth.,
5.00%,
7/1/24
2,300
2,297
Butler
County
Hosp.
Auth.,
5.00%,
7/1/25
705
703
Commonwealth
Fin.
Auth.,
Tobacco
Settlement,
5.00%,
6/1/24
2,280
2,295
Lehigh,
Lehigh
Valley
Health
Network,
5.00%,
7/1/24
1,700
1,714
Northampton
County
General
Purpose
Auth.,
Saint
Luke's
Health
Univ.,
FRN,
70%
of
1M
USD
LIBOR
+
1.04%,
4.844%,
8/15/48
(Tender
8/15/24)
4,900
4,900
Pennsylvania,
GO,
5.00%,
9/15/25 (4)
715
741
Pennsylvania,
GO,
5.00%,
2/1/26
4,575
4,783
Philadelphia
Airport,
Series A,
5.00%,
7/1/26
1,160
1,214
Philadelphia
Airport,
Series A,
5.00%,
7/1/27
2,000
2,134
Philadelphia
Airport,
Series C,
5.00%,
7/1/25 (1)
8,065
8,225
Philadelphia
Airport,
Series C,
5.00%,
7/1/26 (1)
1,080
1,114
Philadelphia
Airport,
Series C,
5.00%,
7/1/27 (1)
1,135
1,187
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
3.30%,
6/1/35
100
100
Southeastern
Pennsylvania
Transportation
Auth.,
5.00%,
6/1/25
2,290
2,351
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (4)
2,500
2,610
40,384
PUERTO
RICO
5.5%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (9)
6,800
6,882
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (9)
5,000
5,056
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (9)
2,075
2,080
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (9)
1,250
1,265
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
19,435
20,292
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
11,740
12,409
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,581
6,002
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
905
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
13,854
13,738
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
9,628
8,304
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
9,535
6,867
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
4,000
2,617
86,887
RHODE
ISLAND
0.1%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/24
1,290
1,291
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/25
415
416
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
451
2,158
SOUTH
CAROLINA
1.5%
South
Carolina
Jobs
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
VRDN,
5.00%,
12/1/48
(Tender
10/1/25)
10,010
10,257
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/30
1,140
1,197
South
Carolina
Ports
Auth.,
5.00%,
7/1/24 (1)
850
856
South
Carolina
Ports
Auth.,
5.00%,
7/1/25 (1)
1,190
1,214
South
Carolina
Ports
Auth.,
5.25%,
7/1/55
(Prerefunded
7/1/25) (1)(6)
3,240
3,317
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/28
4,700
4,776
Spartanburg
Regional
Health
Services
Dist.,
5.00%,
4/15/29
1,700
1,833
23,450
SOUTH
DAKOTA
0.1%
South
Dakota
HEFA,
Sanford
Obligated
Group,
5.00%,
11/1/29
1,000
1,033
1,033
TENNESSEE
1.2%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/29
1,525
1,614
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville
&
Davidson
County,
GO,
5.00%,
7/1/24
3,000
3,033
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,417
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (1)
690
724
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (1)
1,000
1,064
Tennergy,
Series A,
VRDN,
5.00%,
2/1/50
(Tender
10/1/24)
5,000
5,028
Tennessee
Energy
Acquisition,
Goldman
Sachs,
Series C,
5.00%,
2/1/24
175
175
19,055
TEXAS
8.8%
Austin
Airport
System,
5.00%,
11/15/27 (1)
1,780
1,791
Austin
Airport
System,
Series A,
5.00%,
11/15/26
545
578
Austin
Airport
System,
Series B,
5.00%,
11/15/29 (1)
1,200
1,231
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/26
1,505
1,520
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,655
1,686
Austin
Water
&
Wastewater
System,
5.00%,
11/15/32
2,095
2,195
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/24
1,025
1,026
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/25
1,195
1,213
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/26
1,620
1,667
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/28
1,700
1,752
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/40
(Prerefunded
7/1/25) (6)
4,490
4,625
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/45
(Prerefunded
7/1/25) (6)
1,475
1,519
Central
Texas
Regional
Mobility
Auth.,
Series C,
5.00%,
1/1/27
15,280
15,747
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
5.00%,
8/15/24
3,120
3,114
Dallas,
GO,
5.00%,
2/15/25
5,000
5,111
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/28
1,000
1,103
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/27
2,000
2,021
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/28
2,000
2,020
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
6/1/32
(Tender
12/1/26)
11,665
12,220
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/24)
1,880
1,905
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/26)
1,500
1,571
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,206
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
VRDN,
5.00%,
10/1/41
(Tender
10/1/24)
4,000
4,043
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31
2,305
2,424
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series A-2,
VRDN,
3.20%,
12/1/41
15
15
Houston
Airport
System,
Series A,
5.00%,
7/1/25 (1)
1,250
1,274
Houston
Airport
System,
Series A,
5.00%,
7/1/26 (1)
1,250
1,292
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (1)
2,130
2,291
Houston
Combined
Utility
System
Revenue,
Series A,
Zero
Coupon,
12/1/25 (2)(4)
6,000
5,620
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (1)
855
855
Lower
Colorado
River
Auth.,
5.00%,
5/15/24
120
121
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/24
1,045
1,053
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/27 (4)
2,000
2,141
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/28 (4)
1,500
1,633
Lower
Colorado
River
Auth.,
Transmission
Services,
5.00%,
5/15/24
280
282
Lower
Colorado
River
Auth.,
Transmission
Services,
5.00%,
5/15/25
1,010
1,038
North
Texas
Tollway
Auth.,
Series A,
5.00%,
1/1/28
460
468
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/25
1,140
1,143
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/26
1,800
1,870
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
1,000
1,061
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)(9)
500
462
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
3,200
3,310
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
9,725
10,047
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
2,500
2,556
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/23
2,125
2,125
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/27
4,285
4,402
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/28
1,370
1,412
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
5,100
5,262
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34
6,150
6,527
Texas
Water
Financial
Assistance,
Economically
Distressed
Areas
Program,
Series C,
GO,
5.00%,
8/1/28
3,345
3,674
138,353
UTAH
1.9%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/26
2,000
2,105
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/27
2,000
2,151
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/28
2,250
2,469
Murray
City,
IHC
Health
Services,
Series B,
VRDN,
3.20%,
5/15/37
4,300
4,300
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
4,086
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (1)
5,080
5,324
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/26 (1)
1,155
1,192
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/29 (1)
2,000
2,147
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/26
1,450
1,534
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/27
1,000
1,083
Vineyard
Redev.
Agency,
5.00%,
5/1/27 (4)
615
654
29,173
VIRGINIA
5.2%
Arlington
County
IDA,
Park
Shirlington
Apartments,
Series A,
5.00%,
1/1/26
2,325
2,388
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/24
1,600
1,612
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/28
880
946
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
5,000
5,437
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/27
2,500
2,677
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/32
5,000
5,803
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
5,000
5,499
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,750
1,760
Greater
Richmond
Convention
Center
Auth.,
5.00%,
6/15/24
225
227
Hampton
Roads
Sanitation
Dist.,
Wastewater,
Series A,
5.00%,
8/1/34
(Prerefunded
8/1/26) (6)
4,335
4,566
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
BAN,
5.00%,
7/1/26 (2)
4,850
5,080
Loudoun
County,
Series B,
GO,
5.00%,
12/1/26
3,215
3,424
Louisa
IDA,
Series A,
VRDN,
3.65%,
11/1/35
(Tender
10/1/27)
2,000
1,989
Virginia
College
Building
Auth.,
4.00%,
2/1/29
6,065
6,267
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/26
7,015
7,326
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/27
5,000
5,342
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/28
3,020
3,297
Virginia
Public
Building
Auth.,
Series A-1,
5.00%,
8/1/27
3,000
3,243
Virginia
Public
Building
Auth.,
Series B,
5.00%,
8/1/25
1,325
1,369
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/25
4,625
4,778
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/26
4,845
5,120
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
4.00%,
1/1/30 (1)
3,250
3,241
81,391
WASHINGTON
2.9%
Central
Puget
Sound
Regional
Transit
Auth.,
Series S-1,
5.00%,
11/1/35
(Prerefunded
11/1/25) (6)
13,250
13,743
Central
Puget
Sound
Regional
Transit
Auth.,
Green
Bond,
Series S-1,
4.00%,
11/1/33
(Prerefunded
11/1/25) (6)
2,000
2,038
Energy
Northwest,
Series A,
5.00%,
7/1/27
5,120
5,388
Energy
Northwest,
Series A,
5.00%,
7/1/28
2,900
3,191
King
County,
Series A,
GO,
5.00%,
12/1/25
3,605
3,752
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Port
of
Seattle,
Series C,
5.00%,
8/1/28 (1)
3,000
3,188
Washington,
Series A-1,
GO,
5.00%,
8/1/27
4,130
4,260
Washington,
Series D,
GO,
5.00%,
2/1/32
5,000
5,286
Washington,
Series R,
GO,
4.00%,
7/1/26
5,000
5,138
45,984
WISCONSIN
0.3%
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-4,
VRDN,
5.00%,
8/15/54
(Tender
1/29/25)
5,400
5,483
5,483
SHORT-TERM
INVESTMENTS
0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (10)(11)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
98.8%
(Cost
$1,567,995)
$
1,553,313
Other
Assets
Less
Liabilities
1.2%
18,422
Net
Assets
100.0%
$
1,571,735
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Escrowed
to
maturity
(3)
Insured
by
National
Public
Finance
Guarantee
Corporation
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(7)
When-issued
security
(8)
Insured
by
Financial
Guaranty
Insurance
Company
(9)
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
$15,745
and
represents
1.0%
of
net
assets.
(10)
Seven-day
yield
(11)
Affiliated
Companies
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
20
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
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
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
21
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
nine
months
ended
November
30,
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,
5.42%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/23
Purchase
Cost
Sales
Cost
Value
11/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
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
22
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
23
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
24
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
November
30,
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics, 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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
$
—
$
1,553,312
$
—
$
1,553,312
Short-Term
Investments
1
—
—
1
Total
$
1
$
1,553,312
$
—
$
1,553,313
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
25
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.
F56-054Q3
11/23