T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
May
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.8%
ALABAMA
2.6%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
8,225
8,095
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,700
5,689
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
14,450
15,091
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
10,000
9,810
38,685
ALASKA
0.4%
Alaska
HFC,
State
Capital
Project,
Series A,
4.00%,
6/1/26
1,375
1,383
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/26
900
929
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
6/1/27
1,550
1,613
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/27
1,930
2,024
5,949
ARIZONA
1.4%
Arizona
IDA,
Sustainable
Bonds,
Series 2019A,
5.00%,
11/1/28
1,180
1,236
Arizona
IDA,
Sustainable
Bonds,
Series A,
5.00%,
11/1/28
4,000
4,169
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (1)(2)
1,275
1,263
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (2)
3,150
3,216
Maricopa
County
IDA,
Banner
Health
Group,
Series C,
FRN,
100%
of
MUNIPSA
+
0.57%,
3.93%,
1/1/35
(Tender
10/18/24)
6,480
6,475
Maricopa
County
IDA,
Honor
Health,
Series D,
5.00%,
12/1/29 (1)
1,275
1,352
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/24 (2)
1,000
1,000
Phoenix
Civic
Improvement,
Junior
Lien,
Series B,
5.00%,
7/1/25 (2)
1,250
1,266
Salt
River
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/27
1,500
1,561
21,538
CALIFORNIA
4.8%
California,
GO,
5.00%,
9/1/25
5,775
5,887
California,
GO,
5.00%,
9/1/26
11,750
12,159
California,
GO,
5.00%,
8/1/27
1,050
1,082
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
6,500
6,799
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%,
5/15/26
1,000
1,031
California
HFFA,
Lucile
Salter
Packard
Children's
Hospital,
5.00%,
5/15/27
275
288
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.06%,
12/1/50
(Tender
6/1/26)
1,175
1,170
California
Infrastructure
&
Economic
Dev.
Bank,
Sustainable
Bonds,
Series A,
3.25%,
8/1/29
5,000
4,874
California
Statewide
CDA,
Kaiser
Permanente
Revenue
Bonds,
Series C-1,
VRDN,
5.00%,
4/1/46
(Tender
11/1/29)
4,015
4,294
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/26
1,125
1,153
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/26 (2)
2,385
2,432
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (2)
4,000
4,196
Los
Angeles
Dept.
of
Water
&
Power,
Series E,
5.00%,
7/1/27
750
789
Los
Angeles
Unified
School
Dist.,
Series A,
GO,
5.00%,
7/1/28
7,500
8,015
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.448%,
7/1/27
2,645
2,630
Sacramento
Municipal
Utility
Dist.,
Series J,
5.00%,
8/15/27
830
876
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series A,
5.00%,
5/1/29 (1)(2)
3,500
3,678
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series C,
5.00%,
5/1/28 (2)
9,250
9,611
70,964
COLORADO
5.2%
Colorado,
Series A,
COP,
5.00%,
12/15/27
3,000
3,165
Colorado,
Series A,
COP,
5.00%,
12/15/28
9,205
9,846
Colorado
HFA,
Adventhealth
Obligated,
Series 2023A-1,
VRDN,
5.00%,
11/15/58
(Tender
11/15/28)
1,550
1,622
Colorado
HFA,
Adventist
Health
System,
Series 2018B,
VRDN,
5.00%,
11/15/48
(Tender
11/20/25)
4,600
4,666
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/25
600
602
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/26
550
554
Colorado
HFA,
Commonspirit
Health,
Series B,
VRDN,
5.00%,
8/1/49
(Tender
8/1/25)
1,000
1,010
Colorado
HFA,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
8,855
9,005
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/25
2,150
2,185
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/27
2,080
2,163
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/29 (2)
5,660
5,829
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/30 (2)
1,000
1,030
Denver
City
&
County
Airport
System
Revenue,
Series 2018A,
5.00%,
11/15/29 (2)
8,000
8,450
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Denver
City
&
County
Airport
System
Revenue,
Series 2022A,
5.00%,
11/15/30 (2)
5,000
5,321
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (2)
4,265
4,431
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,947
Denver
City
&
County
Airport
System
Revenue,
Series B,
5.00%,
11/15/29 (2)
2,000
2,104
E-470
Public
Highway
Auth.,
Capital
Appreciation,
Series B,
Zero
Coupon,
9/1/29 (3)
2,500
2,044
E-470
Public
Toll
Highway,
Series A,
5.00%,
9/1/26
1,250
1,288
E-470
Public
Toll
Highway,
Series B,
FRN,
67%
of
SOFR
+
0.35%,
3.921%,
9/1/39
(Tender
9/1/24)
2,750
2,747
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/27 (4)
200
207
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/28 (4)
200
210
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/29 (4)
200
211
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/30 (4)
300
320
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/31 (4)
275
296
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Series B,
5.00%,
11/1/33
2,000
2,084
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Fastracks
Project,
Series A,
5.00%,
11/1/27
2,500
2,637
76,974
CONNECTICUT
2.2%
Connecticut,
Series A,
GO,
5.00%,
4/15/29
3,000
3,127
Connecticut,
Series D,
GO,
5.00%,
9/15/26
1,775
1,834
Connecticut,
Series D,
GO,
5.00%,
9/15/27
1,000
1,049
Connecticut,
Series D,
GO,
5.00%,
9/15/28
1,000
1,065
Connecticut,
Series E,
GO,
5.00%,
9/15/26
1,255
1,296
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
4,872
Connecticut
Special
Tax
Revenue,
Special
Tax
Obligation
Bonds,
Series A,
5.00%,
5/1/26
5,000
5,151
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
3,456
Connecticut
State
HEFA,
Series A,
VRDN,
2.80%,
7/1/48
(Tender
2/10/26)
2,500
2,446
Connecticut
State
HEFA,
Series A-3,
VRDN,
2.95%,
7/1/49
3,000
2,929
Connecticut
State
HEFA,
Series C-2,
VRDN,
2.80%,
7/1/57
(Tender
2/3/26)
2,425
2,374
Univ.
of
Connecticut,
Series A,
5.00%,
8/15/29
1,200
1,300
Univ.
of
Connecticut,
Refunding,
Series A,
5.00%,
8/15/29
1,740
1,884
33,158
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
DISTRICT
OF
COLUMBIA
2.7%
Dist.
of
Columbia,
Series D,
GO,
5.00%,
6/1/26
3,500
3,609
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/28
1,410
1,455
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/31
2,000
2,065
Dist.
of
Columbia,
Income
Tax
Revenue,
Series A,
5.00%,
3/1/26
5,000
5,132
Dist.
of
Columbia,
Income
Tax
Revenue,
Series C,
5.00%,
12/1/26
5,250
5,463
Metropolitan
Washington
Airports
Auth.,
Series 2018A,
5.00%,
10/1/24 (2)
1,975
1,980
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/28 (2)
3,000
3,134
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/25 (2)
5,000
5,073
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2021A,
5.00%,
10/1/26 (2)
4,705
4,831
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (2)
7,000
7,236
39,978
FLORIDA
6.3%
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/25
1,225
1,243
Alachua
County
HFA,
Shands
Teaching
Hosp.,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,300
6,402
Broward
County
Airport
System,
Series A,
5.00%,
10/1/24 (2)
1,250
1,253
Broward
County
Airport
System,
Series A,
5.00%,
10/1/25 (2)
2,065
2,090
Broward
County
Airport
System,
Series A,
5.00%,
10/1/28 (2)
2,330
2,432
Broward
County
Airport
System,
Series B,
5.00%,
10/1/24 (2)
1,400
1,403
Broward
County
Airport
System,
Series B,
5.00%,
10/1/25 (2)
1,500
1,518
Broward
County
Airport
System,
Series B,
5.00%,
10/1/28 (2)
1,980
2,067
Broward
County
Airport
System,
Series C,
5.00%,
10/1/25 (2)
1,235
1,250
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
1,100
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/25
500
502
Central
Florida
Expressway
Auth.,
Senior
Lien,
5.00%,
7/1/24
250
250
Duval
County
Public
Schools,
Series A,
COP,
5.00%,
7/1/27 (4)
2,750
2,878
Florida
Lottery
Revenue,
Series 2016A,
5.00%,
7/1/27
3,696
3,803
Florida
Lottery
Revenue,
Series 2019A,
5.00%,
7/1/27
4,745
4,963
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/27
10,000
10,474
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/30
6,180
6,453
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/31
9,065
9,175
Hillsborough
County
IDA,
BayCare
Health
System,
Series D,
VRDN,
3.90%,
11/15/42
3,500
3,500
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.00%,
10/1/28
1,000
1,067
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.00%,
10/1/29
750
812
Marion
County
School
Board,
COP,
5.00%,
6/1/27 (4)
1,000
1,044
Marion
County
School
Board,
COP,
5.00%,
6/1/28 (4)
2,750
2,915
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/24
1,530
1,531
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
2,000
2,001
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31
2,000
2,001
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/25 (5)
4,870
4,875
Orange
County
HFA,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
205
212
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/29
1,230
1,316
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/30
1,825
1,974
Orange
County
HFA,
Unrefunded
Balance,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
3,195
3,278
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/24
1,010
1,012
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/25
620
628
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/26
600
615
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
1,895
1,897
94,253
GEORGIA
5.7%
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/25 (2)
2,635
2,666
Atlanta
Dept.
of
Aviation,
Series B,
5.00%,
7/1/26 (2)
5,095
5,215
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31
5,955
6,015
Atlanta
Water
&
Wastewater,
5.00%,
11/1/32
2,020
2,040
Burke
County
Dev.
Auth.,
Fifth
Series
Georgia
Power
Plant,
VRDN,
PCR,
3.70%,
10/1/32
(Tender
6/13/28) (1)
1,900
1,900
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
2.15%,
10/1/32
(Tender
6/13/24)
7,775
7,769
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.375%,
11/1/53
(Tender
3/12/27)
1,850
1,825
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/25
350
354
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/28
1,125
1,176
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/29
1,110
1,174
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/25
400
404
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/25
245
246
Georgia
Ports
Auth.,
5.00%,
7/1/26
750
774
Georgia
Ports
Auth.,
5.00%,
7/1/27
1,125
1,180
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/24
4,535
4,532
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/25
4,760
4,760
LaGrange-Troup
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/25
500
505
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/27
2,500
2,523
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/28
3,890
3,942
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
14,275
14,246
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
1,000
1,044
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
4.00%,
8/1/49
(Tender
12/2/24)
6,985
6,982
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
12,310
12,292
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series A,
5.00%,
1/1/28
2,000
2,036
85,600
HAWAII
0.2%
Hawaii,
Series FG,
GO,
5.00%,
10/1/30
2,560
2,634
2,634
ILLINOIS
5.4%
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/29 (2)
5,000
5,200
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/31 (2)
3,000
3,164
Chicago
O'Hare
Int'l.
Airport,
Series A,
5.00%,
1/1/27 (2)
6,000
6,016
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/26
2,020
2,030
Chicago
O'Hare
Int'l.
Airport,
Series C,
5.00%,
1/1/29
1,565
1,594
Chicago
Waterworks,
5.00%,
11/1/24
3,850
3,867
Chicago
Waterworks,
Series A-1,
5.00%,
11/1/24
460
462
Illinois,
GO,
5.00%,
1/1/28
2,010
2,041
Illinois,
GO,
5.00%,
2/1/29
4,520
4,648
Illinois,
Series A,
GO,
5.00%,
10/1/25
705
715
Illinois,
Series A,
GO,
5.00%,
11/1/25
4,130
4,197
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,145
2,236
Illinois,
Series A,
GO,
5.00%,
12/1/28
5,000
5,255
Illinois,
Series B,
GO,
5.00%,
9/1/25
5,620
5,698
Illinois,
Series B,
GO,
5.00%,
5/1/28
2,200
2,297
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
Series B,
GO,
5.00%,
5/1/29
2,000
2,111
Illinois,
Series C,
GO,
5.00%,
11/1/29
3,500
3,627
Illinois,
Series D,
GO,
5.00%,
7/1/25
4,920
4,979
Illinois,
Series D,
GO,
5.00%,
11/1/28
3,535
3,662
Illinois
Fin.
Auth.,
Healthcare
System,
Series B-1,
VRDN,
5.00%,
5/15/50
(Tender
11/15/24)
4,925
4,926
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/24
1,000
1,002
Illinois
Fin.
Auth.,
Northshore
Univ.
Health,
5.00%,
8/15/25
1,250
1,269
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-1,
VRDN,
5.00%,
8/15/52
(Tender
8/15/25)
3,000
3,032
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-2,
VRDN,
5.00%,
8/15/52
(Tender
8/15/27)
4,645
4,810
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/25 (6)
1,140
1,153
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/26 (6)
1,320
1,353
81,344
INDIANA
0.1%
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.00%,
9/15/24
845
846
846
IOWA
0.5%
PEFA,
VRDN,
5.00%,
9/1/49
(Tender
9/1/26)
7,785
7,922
7,922
KENTUCKY
1.3%
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/25
610
612
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/26
550
555
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/24
1,115
1,115
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/25
1,400
1,398
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
4,065
4,087
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,305
11,239
19,006
LOUISIANA
0.5%
Lake
Charles
Harbor
&
Terminal
Dist.,
Big
Lake
Fuels
LLC
Project,
VRDN,
1.00%,
12/1/51
(Tender
12/1/24) (2)
2,775
2,729
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series 2007A,
4.15%,
9/1/27
1,000
992
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
1,600
1,598
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/25 (2)
250
251
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
2,000
1,995
7,565
MARYLAND
9.0%
Anne
Arundel
County,
GO,
5.00%,
4/1/27
1,895
1,981
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/27
3,245
3,392
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/24
1,950
1,948
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/25
2,040
2,037
Baltimore
County,
Series B,
GO,
5.00%,
8/1/27
5,675
5,688
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,001
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
3,155
3,170
Harford
County,
GO,
5.00%,
10/1/27
2,500
2,634
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,000
2,064
Harford
County,
Series B,
GO,
5.00%,
2/1/29
3,080
3,314
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/27
5,110
5,374
Maryland,
GO,
5.00%,
8/1/31
9,725
10,343
Maryland,
Series 2017A,
GO,
5.00%,
3/15/26
4,155
4,271
Maryland,
Series 2020A,
GO,
5.00%,
3/15/26
5,000
5,140
Maryland,
Series A,
GO,
5.00%,
3/15/27
2,280
2,381
Maryland,
Series A,
GO,
5.00%,
8/1/27
5,000
5,255
Maryland
DOT,
4.00%,
11/1/29
1,235
1,208
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
6,990
7,079
Maryland
HHEFA,
5.00%,
7/1/24
400
400
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.25%,
1/1/25
1,000
1,003
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/26
1,280
1,298
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/27
2,500
2,558
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
2,000
2,020
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/25
665
671
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
1,250
1,274
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
3,435
3,455
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
12,315
12,674
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (6)
795
796
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(Prerefunded
7/1/24) (7)
1,535
1,536
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/34
(Prerefunded
5/1/26) (7)
5,000
5,146
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/35
(Prerefunded
5/1/26) (7)
2,585
2,660
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (7)
4,000
4,116
Maryland
Transportation
Auth.,
Passenger
Facility
Charge
Revenue,
Series 2019,
5.00%,
6/1/25 (2)
3,400
3,429
Maryland,
Group
1,
Series A,
GO,
5.00%,
3/15/28
2,595
2,753
Montgomery
County,
Series A,
GO,
5.00%,
8/1/29
1,415
1,535
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/25
7,000
7,125
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
4,810
5,055
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
1,320
1,364
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
3,000
3,081
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/25
665
659
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/27
1,860
1,950
134,838
MICHIGAN
2.0%
Detroit
City
School
Dist.,
Series C,
GO,
5.25%,
5/1/25 (8)
1,855
1,881
Detroit
Downtown
Dev.
Auth.,
Series A,
5.00%,
7/1/24 (4)
975
975
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series A,
5.00%,
7/1/25
1,500
1,522
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series D,
5.00%,
7/1/31
1,000
1,022
Great
Lakes
Water
Auth.,
Water
Supply
System,
Senior
Lien,
Series C,
5.00%,
7/1/27
5,800
5,972
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Senior
Lien,
Series C-3,
5.00%,
7/1/29 (4)
2,500
2,502
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
3,980
4,082
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-2,
5.00%,
7/1/27 (4)
2,850
2,852
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Series D-4,
5.00%,
7/1/29
1,500
1,501
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/24
995
1,001
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/25
860
864
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/24
780
785
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/25 (2)
2,405
2,439
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Wayne
County
Airport
Auth.,
Series F,
5.00%,
12/1/31 (2)
1,330
1,343
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/27
425
431
29,172
MINNESOTA
1.4%
Minnesota,
Series 2023D,
GO,
5.00%,
8/1/27
2,495
2,620
Minnesota,
Series A,
GO,
5.00%,
8/1/26
5,320
5,502
Minnesota,
Series D,
GO,
5.00%,
8/1/25
5,000
5,090
Minnesota,
Series D,
GO,
5.00%,
8/1/27
7,875
8,018
21,230
MISSOURI
1.0%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
5.00%,
3/1/25 (2)
1,500
1,508
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
13,140
13,736
Saint
Louis
Airport,
Series B,
5.00%,
7/1/25 (2)(4)
375
379
15,623
NEBRASKA
0.1%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,945
2,024
2,024
NEVADA
0.8%
Clark
County
Dept.
of
Aviation,
Airport
Improvement,
Series B,
5.00%,
7/1/27 (2)
3,000
3,093
Clark
County
School
Dist.,
Series A,
GO,
3.00%,
6/15/25 (4)
650
643
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/26 (4)
500
515
Clark
County
School
Dist.,
Series B,
GO,
5.00%,
6/15/28 (4)
5,000
5,297
Nevada
Housing
Division,
VRDN,
5.00%,
12/1/25
(Tender
12/1/24)
1,800
1,804
11,352
NEW
JERSEY
4.0%
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.00%,
6/15/26
2,000
2,054
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
Series A,
5.00%,
11/1/29
5,065
5,426
New
Jersey
HCFFA,
AHS
Hosp.,
5.00%,
7/1/25
1,405
1,407
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/30
2,210
2,256
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/26
825
847
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/27
3,305
3,441
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/32
3,000
3,156
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,659
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2018A,
5.00%,
12/15/26
1,410
1,458
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2019A,
5.00%,
12/15/26
2,525
2,610
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
5.00%,
12/15/24
1,975
1,987
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
590
590
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/29 (1)
5,150
5,492
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
5,000
5,103
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/27
14,280
14,912
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/24
1,000
1,000
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26
4,055
4,146
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
1,535
1,613
59,157
NEW
YORK
5.3%
Brooklyn
Arena
Local
Dev.,
Barclays
Center,
Series A,
5.00%,
7/15/24
3,000
3,004
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/29
9,855
10,271
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series A,
5.00%,
3/15/28
6,985
7,271
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,250
1,168
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
4.00%,
11/15/50
1,600
1,600
New
York
City,
Series C,
GO,
5.00%,
8/1/27
5,000
5,244
New
York
City,
Series E,
GO,
5.00%,
8/1/29
5,000
5,381
New
York
City,
Series F-1,
GO,
5.00%,
8/1/28
1,000
1,064
New
York
City
Housing
Dev.,
Sustainable
Development
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28)
1,000
989
New
York
City
IDA,
Yankee
Stadium
Project,
5.00%,
3/1/28 (4)
1,315
1,378
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series A-1,
5.00%,
11/1/26
1,170
1,214
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D,
5.00%,
11/1/27
4,130
4,345
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series G-1,
5.00%,
5/1/28
4,500
4,774
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
VRDN,
3.80%,
11/1/62
(Tender
5/1/29)
5,000
4,885
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (2)
1,270
1,270
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (2)
7,000
7,187
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Port
Auth.
of
New
York
&
New
Jersey,
Series 185,
5.00%,
9/1/25 (2)
2,000
2,004
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/26 (2)
5,510
5,642
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/27 (2)
7,300
7,550
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/30 (2)
2,350
2,428
78,669
NORTH
CAROLINA
3.9%
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/28
650
691
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/29
800
864
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/30
850
932
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
6,825
7,402
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
11,025
11,614
Mecklenburg
County,
GO,
5.00%,
3/1/26
10,000
10,275
North
Carolina
Medical
Care
Commission,
4.00%,
3/1/25
265
264
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/26
490
493
North
Carolina
Medical
Care
Commission,
5.00%,
3/1/27
290
292
North
Carolina
Medical
Care
Commission,
Caromont
Health,
Series B,
VRDN,
5.00%,
2/1/51
(Tender
2/1/26)
11,110
11,312
North
Carolina
Medical
Care
Commission,
Retirement
Fac.
First
Meeting,
4.00%,
1/1/25
250
249
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
126
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/28
(Prerefunded
6/1/25) (7)
1,575
1,598
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/27
1,125
1,127
North
Carolina
Turnpike
Auth.,
Monore
Expressway
System,
5.00%,
1/1/27
1,100
1,145
North
Carolina
Turnpike
Auth.,
Monore
Expressway
System,
5.00%,
1/1/28
1,600
1,693
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/26
950
984
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/27
630
663
Raleigh
Durham
Airport
Auth.,
Series A,
5.00%,
5/1/27 (2)
1,400
1,441
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Wake
County,
Series 2021,
GO,
5.00%,
4/1/29
5,000
5,409
58,754
OHIO
1.3%
Columbus,
Series 2,
GO,
5.00%,
8/15/26
945
977
Columbus,
Series A,
GO,
5.00%,
8/15/27
1,000
1,053
Columbus,
Series B,
GO,
5.00%,
8/15/27
1,640
1,726
Columbus,
Series B,
GO,
5.00%,
8/15/28
2,390
2,558
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/25
200
201
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/26
150
152
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic,
Series B-4,
VRDN,
3.95%,
1/1/43
800
800
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
1,500
1,437
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/26
7,000
7,215
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/27
3,000
3,143
19,262
OKLAHOMA
0.4%
Oklahoma
Turnpike
Auth.,
Series D,
5.00%,
1/1/27
3,310
3,438
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/27 (5)
700
734
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/28 (5)
1,025
1,091
5,263
OREGON
1.0%
Oregon,
Series A,
GO,
5.00%,
5/1/26
1,625
1,671
Oregon,
Series A,
GO,
5.00%,
5/1/27
3,000
3,139
Oregon,
Series D,
GO,
5.00%,
6/1/26
1,215
1,251
Oregon,
Series D,
GO,
5.00%,
6/1/27
2,650
2,776
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/29 (2)
6,455
6,792
15,629
PENNSYLVANIA
2.1%
Allegheny
County
Airport
Auth.,
Series A,
5.00%,
1/1/29 (2)(4)
1,400
1,465
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/25
500
502
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26
550
558
Bucks
County
IDA,
5.00%,
7/1/25
350
346
Bucks
County
IDA,
5.00%,
7/1/26
450
444
Bucks
County
IDA,
5.00%,
7/1/27
475
465
Butler
County
Hosp.
Auth.,
5.00%,
7/1/24
2,300
2,298
Butler
County
Hosp.
Auth.,
5.00%,
7/1/25
705
701
Lehigh,
Lehigh
Valley
Health
Network,
5.00%,
7/1/24
1,700
1,701
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Pennsylvania,
GO,
5.00%,
2/1/26
4,575
4,690
Philadelphia
Airport,
Series A,
5.00%,
7/1/26
1,160
1,192
Philadelphia
Airport,
Series A,
5.00%,
7/1/27
2,000
2,087
Philadelphia
Airport,
Series C,
5.00%,
7/1/25 (2)
8,065
8,148
Philadelphia
Airport,
Series C,
5.00%,
7/1/26 (2)
1,080
1,101
Philadelphia
Airport,
Series C,
5.00%,
7/1/27 (2)
1,135
1,169
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
4.10%,
6/1/35
100
100
Southeastern
Pennsylvania
Transportation
Auth.,
5.00%,
6/1/25
2,290
2,319
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (4)
2,500
2,557
31,843
PUERTO
RICO
5.9%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (9)
6,800
7,091
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (9)
5,000
5,248
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (9)
2,075
2,077
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (9)
1,250
1,295
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
19,435
20,306
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
11,740
12,620
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,581
6,210
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/27
450
457
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/29
850
876
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
13,854
13,880
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
9,628
8,577
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
7,000
5,323
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,535
4,557
88,517
RHODE
ISLAND
0.1%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/24
1,290
1,287
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/25
415
412
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
444
2,143
SOUTH
CAROLINA
1.3%
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
VRDN,
5.25%,
2/1/54
(Tender
3/1/31)
1,585
1,695
South
Carolina
Jobs
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
VRDN,
5.00%,
12/1/48
(Tender
10/1/25)
5,010
5,078
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/30
1,140
1,182
South
Carolina
Ports
Auth.,
5.00%,
7/1/24 (2)
850
850
South
Carolina
Ports
Auth.,
5.00%,
7/1/25 (2)
1,190
1,199
South
Carolina
Ports
Auth.,
5.25%,
7/1/55
(Prerefunded
7/1/25) (2)(7)
3,240
3,288
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/28
4,700
4,734
Spartanburg
Regional
Health
Services
Dist.,
5.00%,
4/15/29
1,700
1,809
19,835
SOUTH
DAKOTA
0.1%
South
Dakota
HEFA,
Sanford
Obligated
Group,
5.00%,
11/1/29
1,000
1,019
1,019
TENNESSEE
0.7%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/29
1,570
1,624
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,302
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (2)
690
711
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (2)
1,000
1,041
10,678
TEXAS
9.0%
Austin
Airport
System,
5.00%,
11/15/27 (2)
1,780
1,782
Austin
Airport
System,
Series A,
5.00%,
11/15/26
545
565
Austin
Airport
System,
Series B,
5.00%,
11/15/28 (2)
2,255
2,357
Austin
Airport
System,
Series B,
5.00%,
11/15/29 (2)
1,200
1,224
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/26
1,505
1,503
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,755
1,755
Austin
Water
&
Wastewater
System,
5.00%,
11/15/32
2,095
2,155
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/25
1,195
1,201
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/26
1,620
1,648
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/28
1,700
1,729
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/45
(Prerefunded
7/1/25) (7)
1,475
1,498
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/29
1,250
1,316
Central
Texas
Regional
Mobility
Auth.,
Series C,
5.00%,
1/1/27
15,280
15,573
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
5.00%,
8/15/24
3,120
3,118
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/28
1,000
1,063
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/27
2,000
1,984
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/28
2,000
1,979
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
6/1/32
(Tender
12/1/26)
11,665
11,960
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/26)
1,500
1,534
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,154
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31
2,305
2,409
Houston
Airport
System,
Series A,
5.00%,
7/1/26 (2)
1,250
1,276
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (2)
2,130
2,233
Houston
Combined
Utility
System
Revenue,
Series A,
Zero
Coupon,
12/1/25 (4)(6)
6,000
5,669
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/27
2,500
2,624
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/29
1,500
1,621
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (2)
855
855
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/27 (4)
2,000
2,080
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/28 (4)
1,500
1,579
Midland
Independent
School
Dist.,
GO,
5.00%,
2/15/30
1,500
1,633
North
Texas
Tollway
Auth.,
Series A,
5.00%,
1/1/28
460
462
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/25
1,140
1,144
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/26
1,800
1,842
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
1,000
1,039
Port
Beaumont
Navigation
Dist.,
1.875%,
1/1/26 (2)(9)
500
480
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
3,200
3,271
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/27
2,000
2,088
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/28
1,000
1,059
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
9,725
9,991
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
2,500
2,526
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/27
4,285
4,367
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
5,100
5,246
Texas
Transportation
Commission,
GO,
5.00%,
4/1/28
9,000
9,549
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34
6,150
6,367
Texas
Water
Financial
Assistance,
Economically
Distressed
Areas
Program,
Series C,
GO,
5.00%,
8/1/28
3,345
3,554
134,062
UTAH
1.9%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/26
2,000
2,062
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/27
2,000
2,095
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/28
3,750
3,983
Salt
Lake
City
Airport,
Series 2017A,
5.00%,
7/1/27 (2)
2,030
2,091
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/29 (2)
2,000
2,065
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/26 (2)
3,960
4,037
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (2)
5,080
5,233
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/26 (2)
1,155
1,177
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/29 (2)
2,000
2,105
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/26
1,450
1,495
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/27
1,000
1,050
Vineyard
Redev.
Agency,
5.00%,
5/1/27 (4)
615
638
28,031
VIRGINIA
6.3%
Arlington
County
IDA,
Park
Shirlington
Apartments,
Series A,
5.00%,
1/1/26
2,325
2,355
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/28
880
926
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
7,500
7,947
Fairfax
County,
Series A,
GO,
5.00%,
10/1/29
2,930
3,053
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/27
5,670
5,924
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/32
5,000
5,581
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
5,000
5,336
Fairfax
County
Redev.
&
Housing
Auth.,
Dominion
Square
North
Project,
VRDN,
5.00%,
1/1/45
(Tender
1/1/28)
1,125
1,151
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,750
1,750
Greater
Richmond
Convention
Center
Auth.,
5.00%,
6/15/24
225
225
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/27
3,425
3,617
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/28
3,260
3,500
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/29
1,000
1,091
Hampton
Roads
Sanitation
Dist.,
Wastewater,
Series A,
5.00%,
8/1/34
(Prerefunded
8/1/26) (7)
4,335
4,474
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
BAN,
5.00%,
7/1/26 (6)
4,850
4,985
Loudoun
County,
Series B,
GO,
5.00%,
12/1/26
3,215
3,342
Louisa
IDA,
Series A,
VRDN,
3.65%,
11/1/35
(Tender
10/1/27)
2,000
1,966
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
4.00%,
2/1/29
6,065
6,078
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/26
7,015
7,192
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/27
5,000
5,199
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/28
3,020
3,187
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/25
4,625
4,707
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/26
4,845
5,006
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
4.00%,
1/1/30 (2)
3,250
3,235
Wise
County
IDA,
Virginia
Electric
&
Power,
Series A,
VRDN,
3.80%,
11/1/40
(Tender
5/28/27)
3,000
2,979
94,806
WASHINGTON
2.6%
Central
Puget
Sound
Regional
Transit
Auth.,
Green
Bond,
Series S-1,
4.00%,
11/1/33
(Prerefunded
11/1/25) (7)
2,000
2,017
Energy
Northwest,
Series A,
5.00%,
7/1/27
5,120
5,282
Energy
Northwest,
Series A,
5.00%,
7/1/28
2,900
3,085
Energy
Northwest,
Series A,
5.00%,
7/1/30
2,000
2,189
Energy
Northwest,
Project
1,
Series B,
5.00%,
7/1/27
3,500
3,667
Port
of
Seattle,
Series C,
5.00%,
8/1/28 (2)
3,000
3,118
Washington,
Series A-1,
GO,
5.00%,
8/1/27
4,130
4,198
Washington,
Series C,
GO,
5.00%,
2/1/28
5,000
5,293
Washington,
Series D,
GO,
5.00%,
2/1/32
5,000
5,187
Washington,
Series R,
GO,
4.00%,
7/1/26
5,000
5,060
39,096
WISCONSIN
0.3%
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-3,
VRDN,
5.00%,
8/15/54
2,500
2,657
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-4,
VRDN,
5.00%,
8/15/54
(Tender
1/29/25)
2,000
2,015
4,672
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (10)(11)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
99.8%
(Cost
$1,512,406)
$
1,492,092
Other
Assets
Less
Liabilities
0.2%
2,415
Net
Assets
100.0%
$
1,494,507
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
19
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
When-issued
security
(2)
Interest
subject
to
alternative
minimum
tax.
(3)
Insured
by
National
Public
Finance
Guarantee
Corporation
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Escrowed
to
maturity
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(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
$16,191
and
represents
1.1%
of
net
assets.
(10)
Seven-day
yield
(11)
Affiliated
Companies
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
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
20
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
189
U.S.
Treasury
Notes
five
year
contracts
9/24
19,996
$
(8)
Net
payments
(receipts)
of
variation
margin
to
date
40
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
32
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
three
months
ended
May
31,
2024.
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,
5.39%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
02/29/24
Purchase
Cost
Sales
Cost
Value
05/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
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.
Futures
contracts
are
valued
at
closing
settlement
prices.
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
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
24
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
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,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,492,091
$
—
$
1,492,091
Short-Term
Investments
1
—
—
1
Total
$
1
$
1,492,091
$
—
$
1,492,092
Liabilities
Futures
Contracts*
$
8
$
—
$
—
$
8
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
25
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F56-054Q1
05/24