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T. Rowe Price Tax-Free Short Intermediate (PRFSX) NPORT-PT. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (May 2021 report)

Filed: 26 Jul 21, 2:56pm

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

May

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

100.3%

ALABAMA

0.7%

Black

Belt

Energy

Gas

Dist.,

Series A,

VRDN,

4.00%,

8/1/47

(Tender

7/1/22)

1,120‌

1,161‌

Black

Belt

Energy

Gas

Dist.,

Series A,

VRDN,

4.00%,

12/1/48

(Tender

12/1/23)

10,235‌

11,083‌

Jefferson

County,

Series A,

GO,

5.00%,

4/1/22

2,900‌

3,016‌

15,260‌

ALASKA

0.2%

Alaska

Housing

Fin.,

State

Capital

Project,

Series A,

4.00%,

6/1/26

600‌

700‌

Alaska

Housing

Fin.,

State

Capital

Project,

Series A,

5.00%,

12/1/26

900‌

1,109‌

Alaska

Housing

Fin.,

State

Capital

Project,

Series A,

5.00%,

6/1/27

750‌

935‌

Alaska

Housing

Fin.,

State

Capital

Project,

Series A,

5.00%,

12/1/27

930‌

1,173‌

3,917‌

ARIZONA

1.8%

Arizona

DOT

State

Highway,

Sub

Highway,

Series A,

5.00%,

7/1/21

2,000‌

2,008‌

Arizona

HFA,

Banner

Health

Group,

Series B,

VRDN,

0.01%,

1/1/46

1,100‌

1,100‌

Maricopa

County

IDA,

Banner

Health

Group,

Series B,

FRN,

100%

of

MUNIPSA

+

0.38%,

0.41%,

1/1/35

(Tender

10/18/22)

3,785‌

3,779‌

Maricopa

County

IDA,

Banner

Health

Group,

Series B,

VRDN,

5.00%,

1/1/48

(Tender

10/18/22)

2,325‌

2,475‌

Maricopa

County

IDA,

Banner

Health

Group,

Series C,

FRN,

100%

of

MUNIPSA

+

0.57%,

0.60%,

1/1/35

(Tender

10/18/24)

7,235‌

7,204‌

Maricopa

County

IDA,

Banner

Health

Group,

Series D,

VRDN,

5.00%,

1/1/46

(Tender

5/15/26)

7,000‌

8,485‌

Maricopa

County

Pollution

Control,

Public

Service

of

New

Mexico,

Series A,

VRDN,

1.05%,

1/1/38

(Tender

6/1/22)

2,000‌

2,014‌

Phoenix

Civic

Improvement,

Junior

Lien,

Series B,

5.00%,

7/1/23 (1)

2,000‌

2,191‌

Phoenix

Civic

Improvement,

Junior

Lien,

Series B,

5.00%,

7/1/24 (1)

1,000‌

1,137‌

Phoenix

Civic

Improvement,

Junior

Lien,

Series B,

5.00%,

7/1/25 (1)

1,250‌

1,467‌

Phoenix

Civic

Improvement,

Phoenix

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/21 (1)

400‌

402‌

Phoenix

Civic

Improvement,

Phoenix

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/22 (1)

975‌

1,026‌

Salt

River

Agricultural

Improvement

&

Power

Dist.,

5.00%,

1/1/24

5,300‌

5,952‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

2

Par

$

Value

(Amounts

in

000s)

Salt

River

Agricultural

Improvement

&

Power

Dist.,

Series 2011A,

5.00%,

12/1/28

1,500‌

1,536‌

40,776‌

CALIFORNIA

7.6%

California,

GO,

5.00%,

4/1/22

1,185‌

1,234‌

California,

GO,

5.00%,

10/1/22

17,290‌

18,419‌

California,

GO,

5.00%,

9/1/23 (2)

2,000‌

2,192‌

California,

GO,

5.00%,

10/1/23

2,000‌

2,224‌

California,

GO,

5.00%,

11/1/23

10,500‌

11,716‌

California,

GO,

5.00%,

9/1/24 (2)

3,000‌

3,419‌

California,

GO,

5.00%,

9/1/25 (2)

5,230‌

6,166‌

California,

GO,

5.25%,

9/1/22

10,175‌

10,830‌

California,

GO,

Refunding,

5.00%,

10/1/22

4,000‌

4,261‌

California

HFFA,

Kaiser

Permanente,

Series D,

VRDN,

5.00%,

11/1/32

(Tender

11/1/22)

5,975‌

6,387‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/23 (2)

550‌

574‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/24 (2)

1,200‌

1,302‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/25 (2)

1,600‌

1,796‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/26 (2)

1,000‌

1,155‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/27 (2)

275‌

326‌

California

HFFA,

Providence

St.

Joseph

Health,

VRDN,

5.00%,

10/1/39

(Tender

10/1/25)

3,200‌

3,825‌

California

Index

Floating

Rate

Bond,

Series B,

GO,

FRN,

70%

of

1M

USD

LIBOR

+

0.76%,

0.835%,

12/1/31

(Tender

12/1/21)

4,050‌

4,050‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

0.73%,

12/1/50

(Tender

6/1/26)

1,175‌

1,191‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series D,

FRN,

100%

of

MUNIPSA

+

0.35%,

0.38%,

8/1/47

(Tender

8/1/24)

2,025‌

2,025‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/22

500‌

513‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/23

500‌

535‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/24

600‌

668‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/25

1,025‌

1,181‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/26

1,125‌

1,337‌

California

Statewide

CDA,

Viamonte

Senior

Living,

3.00%,

7/1/25

3,000‌

3,005‌

California,

Various

Purpose,

GO,

4.00%,

3/1/24

18,780‌

20,737‌

California,

Various

Purpose,

GO,

4.00%,

3/1/27

10,000‌

11,911‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

3

Par

$

Value

(Amounts

in

000s)

Los

Angeles

County

Public

Works

Fin.

Auth.,

5.00%,

8/1/21

750‌

756‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/26 (1)

1,200‌

1,451‌

Los

Angeles

Dept.

of

Airports,

Los

Angeles

Intern,

5.00%,

5/15/23 (1)

3,000‌

3,278‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.72%,

0.855%,

7/1/27

4,000‌

4,020‌

Port

of

Oakland,

Intermediate

Lien,

Series H,

5.00%,

5/1/23 (1)

2,450‌

2,658‌

Port

of

Oakland,

Intermediate

Lien,

Series H,

5.00%,

5/1/24 (1)

3,100‌

3,493‌

San

Diego

Assoc.

of

Govt's,

Green

Bond-Mid

Coast

Corridor,

5.00%,

11/15/23

5,000‌

5,349‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/25 (1)

1,000‌

1,176‌

San

Francisco

City

&

County

Int'l.

Airport,

Series 2018A,

5.00%,

5/1/22 (1)(3)

1,025‌

1,070‌

San

Francisco

City

&

County

Int'l.

Airport,

Series D,

5.00%,

5/1/22 (1)(3)

1,325‌

1,383‌

San

Francisco

City

&

County

Int'l.

Airport,

Series D,

5.00%,

5/1/23 (1)

800‌

872‌

San

Francisco

City

&

County

Int'l.

Airport,

Unrefunded

Balance,

Series 2018A,

5.00%,

5/1/23 (1)

800‌

872‌

San

Francisco

Community

College

Dist.,

GO,

5.00%,

6/15/24

2,375‌

2,708‌

Univ.

of

California,

Regents,

Series AK,

VRDN,

5.00%,

5/15/48

(Tender

5/15/23)

14,000‌

15,312‌

167,377‌

COLORADO

2.1%

Colorado,

Series A,

5.00%,

12/15/24

2,830‌

3,292‌

Colorado

HFA,

Catholic

Health

Initiatives,

Series B-1,

5.00%,

7/1/26

(Prerefunded

11/9/22) (4)

1,745‌

1,864‌

Colorado

HFA,

Christian

Living

Neighborhoods,

4.00%,

1/1/22

400‌

406‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/23

750‌

791‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/24

630‌

684‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/25

600‌

661‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/26

550‌

604‌

Colorado

HFA,

Commonspirit

Health,

Series B-2,

VRDN,

5.00%,

8/1/49

(Tender

8/1/26)

1,000‌

1,199‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/22

1,800‌

1,922‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/23

1,600‌

1,780‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/24

1,365‌

1,574‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/25

2,150‌

2,561‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/27

2,050‌

2,580‌

Denver

City

&

County,

Series A,

5.00%,

8/1/22

2,000‌

2,112‌

Denver

City

&

County,

Series A,

5.00%,

8/1/23

2,345‌

2,585‌

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/21 (1)

800‌

819‌

Denver

City

&

County

Airport,

Series A,

5.25%,

11/15/22 (1)

1,540‌

1,575‌

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/25

1,190‌

1,272‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

4

Par

$

Value

(Amounts

in

000s)

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

11/15/29 (1)

4,945‌

6,150‌

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

11/15/30 (1)

1,000‌

1,241‌

Denver

Convention

Center

Hotel

Auth.,

4.00%,

12/1/21

500‌

508‌

Denver

Convention

Center

Hotel

Auth.,

5.00%,

12/1/22

2,350‌

2,501‌

E-470

Public

Toll

Highway,

Series A,

5.00%,

9/1/26

1,250‌

1,522‌

E-470

Public

Toll

Highway,

Series B,

FRN,

67%

of

1M

USD

LIBOR

+

1.05%,

1.124%,

9/1/39

(Tender

9/1/21)

3,075‌

3,075‌

E-470

Public

Toll

Highway,

Series B,

FRN,

67%

of

SOFR

+

0.35%,

0.357%,

9/1/39

(Tender

9/1/24)

2,750‌

2,750‌

46,028‌

CONNECTICUT

0.3%

Connecticut,

Series A,

GO,

3.00%,

1/15/22

275‌

280‌

Connecticut,

Series A,

GO,

3.00%,

1/15/23

2,500‌

2,615‌

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A,

5.00%,

9/1/23

3,000‌

3,322‌

6,217‌

DELAWARE

0.2%

Delaware

Transportation

Auth.,

5.00%,

9/1/22

1,110‌

1,178‌

Delaware

Transportation

Auth.,

5.00%,

9/1/23

1,750‌

1,935‌

Delaware

Transportation

Auth.,

5.00%,

9/1/24

750‌

860‌

3,973‌

DISTRICT

OF

COLUMBIA

2.2%

District

of

Columbia,

Income

Tax,

Series A,

5.00%,

3/1/26

3,100‌

3,755‌

District

of

Columbia,

Income

Tax,

Series B,

5.00%,

10/1/26

6,290‌

7,757‌

District

of

Columbia,

Income

Tax,

Series B,

5.00%,

12/1/26

500‌

536‌

District

of

Columbia,

Income

Tax,

Series C,

5.00%,

12/1/22

4,620‌

4,961‌

District

of

Columbia,

Income

Tax,

Series G,

5.00%,

12/1/29

145‌

148‌

District

of

Columbia,

Income

Tax,

Series G,

5.00%,

12/1/29

(Prerefunded

12/1/21) (4)

1,250‌

1,280‌

Metropolitan

Washington

Airports

Auth.,

5.00%,

10/1/24 (1)

1,355‌

1,558‌

Metropolitan

Washington

Airports

Auth.,

Series 2018A,

5.00%,

10/1/24 (1)

3,975‌

4,572‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/23 (1)

6,460‌

7,166‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/24 (1)

7,135‌

8,206‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/26 (1)

1,500‌

1,657‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/28 (1)

4,300‌

5,513‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

5

Par

$

Value

(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Airport

System,

Series A,

5.00%,

10/1/24 (1)

2,000‌

2,127‌

49,236‌

FLORIDA

7.0%

Alachua

County

HFA,

Shands

Teaching

Hosp.,

5.00%,

12/1/25

1,225‌

1,459‌

Alachua

County

HFA,

Shands

Teaching

Hosp.,

5.00%,

12/1/26

500‌

613‌

Alachua

County

HFA,

Shands

Teaching

Hosp.,

VRDN,

5.00%,

12/1/37

(Tender

12/1/26)

1,000‌

1,194‌

Brevard

County

HFA,

Health

First,

5.00%,

4/1/23

1,895‌

2,059‌

Broward

County

Airport

System,

5.00%,

10/1/21 (1)

550‌

559‌

Broward

County

Airport

System,

5.00%,

10/1/22 (1)

425‌

452‌

Broward

County

Airport

System,

5.00%,

10/1/23 (1)

675‌

747‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/23 (1)

1,250‌

1,383‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/24 (1)

1,250‌

1,434‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/25 (1)

2,065‌

2,443‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/23 (1)

1,375‌

1,521‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/24 (1)

1,400‌

1,606‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/25 (1)

1,500‌

1,774‌

Broward

County

Airport

System,

Series C,

5.00%,

10/1/25 (1)

1,235‌

1,461‌

Broward

County

Airport

System,

Series P-1,

5.00%,

10/1/22 (1)

2,500‌

2,658‌

Broward

County

Airport

System,

Series P-2,

5.00%,

10/1/22

185‌

197‌

Broward

County

Water

&

Sewer

Utility,

Series B,

5.00%,

10/1/22

1,395‌

1,486‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/24

550‌

620‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/25

500‌

579‌

Central

Florida

Expressway

Auth.,

Senior

Lien,

5.00%,

7/1/21

325‌

326‌

Central

Florida

Expressway

Auth.,

Senior

Lien,

5.00%,

7/1/22

750‌

789‌

Central

Florida

Expressway

Auth.,

Senior

Lien,

5.00%,

7/1/23

740‌

813‌

Central

Florida

Expressway

Auth.,

Senior

Lien,

5.00%,

7/1/24

250‌

285‌

Florida

Dept.

of

Environmental

Protection,

Series A,

5.00%,

7/1/22

4,800‌

5,055‌

Florida

DOT,

Federal

Highway

Reimbursement,

Series A,

5.00%,

7/1/24

3,030‌

3,465‌

Florida

DOT,

Right

of

Way

Acquisition

&

Bridge

Construction,

Series A,

GO,

5.00%,

7/1/22

4,655‌

4,900‌

Florida

DOT,

Right

of

Way

Acquisition

&

Bridge

Construction,

Series A,

GO,

5.00%,

7/1/27

4,290‌

5,403‌

Florida

DOT,

Turnpike

Auth.,

Series A,

5.00%,

7/1/22

10,450‌

11,004‌

Florida

DOT,

Turnpike

System,

Series A,

4.00%,

7/1/30

4,000‌

4,425‌

Florida

Municipal

Power

Agency,

All-Requirements

Power

Supply,

5.00%,

10/1/21

685‌

696‌

Florida

Municipal

Power

Agency,

All-Requirements

Power

Supply,

5.00%,

10/1/22

1,265‌

1,345‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series B,

GO,

5.00%,

6/1/25

7,340‌

8,671‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series C,

GO,

5.00%,

6/1/22

11,250‌

11,801‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series C,

GO,

5.00%,

6/1/25

5,610‌

6,407‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

6

Par

$

Value

(Amounts

in

000s)

Florida,

Board

of

Ed.,

Capital

Outlay,

Series E,

GO,

5.00%,

6/1/25

7,425‌

8,772‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series E,

GO,

5.00%,

6/1/31

9,065‌

10,689‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/23 (1)

3,455‌

3,824‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/25 (1)

5,000‌

5,938‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/28 (1)

3,000‌

3,839‌

Jacksonville

Electric

Auth.,

Water

&

Sewer,

Series A,

5.00%,

10/1/22 (3)

1,000‌

1,064‌

Martin

County

HFA,

Memorial

Medical

Center,

5.00%,

11/15/22 (3)

1,445‌

1,547‌

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/23

1,750‌

1,941‌

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/30 (1)

300‌

349‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/24

1,530‌

1,609‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/30

2,000‌

2,267‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/31

2,000‌

2,266‌

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/21

2,070‌

2,078‌

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/22

3,250‌

3,415‌

Orange

County

Convention

Center,

Tourist

Dev.

Tax,

5.00%,

10/1/23

3,350‌

3,709‌

Orange

County

School

Board,

Series C,

5.00%,

8/1/28

1,750‌

2,258‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/21

400‌

404‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/22

500‌

529‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/23

800‌

881‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/24

1,010‌

1,154‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/25

620‌

732‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/26

600‌

731‌

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/21

545‌

550‌

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/22

680‌

719‌

Tampa,

Baycare

Health,

Series A,

5.00%,

11/15/24

1,065‌

1,114‌

Tampa,

Baycare

Health,

Series A,

5.00%,

11/15/25

1,860‌

1,943‌

153,952‌

GEORGIA

5.6%

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/25 (1)

2,275‌

2,680‌

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/26 (1)

2,685‌

3,260‌

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/27 (1)

3,810‌

4,745‌

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/28 (1)

6,800‌

8,655‌

Atlanta

Water

&

Wastewater,

5.00%,

11/1/31

5,000‌

5,848‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

2.15%,

10/1/32

(Tender

6/13/24)

7,775‌

8,159‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

2.25%,

10/1/32

(Tender

5/25/23)

2,450‌

2,538‌

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/23

350‌

380‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

7

Par

$

Value

(Amounts

in

000s)

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/24

350‌

395‌

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/25

350‌

409‌

Forsyth

County

School

Dist.,

GO,

5.00%,

2/1/22

9,140‌

9,438‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/22

700‌

728‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/24

500‌

565‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/25

400‌

468‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/25

245‌

285‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.00%,

2/15/23

500‌

541‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.00%,

2/15/24

750‌

845‌

Georgia,

Series A-1,

GO,

5.00%,

2/1/22

4,800‌

4,957‌

Georgia,

Series C,

GO,

5.00%,

7/1/23

3,600‌

3,965‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/22

1,220‌

1,284‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/24

4,535‌

5,153‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/25

4,760‌

5,584‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/27

1,500‌

1,748‌

LaGrange-Troup

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/22

300‌

312‌

LaGrange-Troup

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/23

325‌

353‌

LaGrange-Troup

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/25

500‌

585‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/24

500‌

565‌

Main

Street

Natural

Gas,

Series E,

FRN,

100%

of

MUNIPSA

+

0.57%,

0.60%,

8/1/48

(Tender

12/1/23)

5,000‌

5,020‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

4.00%,

8/1/49

(Tender

12/2/24)

10,150‌

11,339‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

8/1/48

(Tender

12/1/23)

5,050‌

5,481‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26)

6,040‌

7,004‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series D,

FRN,

67%

of

1M

USD

LIBOR

+

0.83%,

0.892%,

8/1/48

(Tender

12/1/23)

9,200‌

9,276‌

Municipal

Electric

Auth.

of

Georgia,

General

Power,

5.00%,

1/1/22

375‌

385‌

Municipal

Electric

Auth.

of

Georgia,

General

Power,

5.00%,

1/1/23

550‌

591‌

Municipal

Electric

Auth.

of

Georgia,

General

Power,

Series HH,

5.00%,

1/1/22

2,085‌

2,142‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

8

Par

$

Value

(Amounts

in

000s)

Municipal

Electric

Auth.

of

Georgia,

General

Power,

Series HH,

5.00%,

1/1/23

2,925‌

3,141‌

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series A,

5.00%,

1/1/22

1,500‌

1,541‌

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series A,

5.00%,

1/1/23

2,750‌

2,951‌

123,316‌

HAWAII

0.4%

Hawaii,

Series FT,

GO,

5.00%,

1/1/24

4,000‌

4,488‌

Hawaii

Airports

System,

5.00%,

7/1/22

(Prerefunded

7/1/21) (1)(4)

5,130‌

5,150‌

9,638‌

ILLINOIS

4.4%

Chicago

Midway

Int'l.

Airport,

Series A,

5.00%,

1/1/25 (1)

2,470‌

2,750‌

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/22 (1)(3)

9,000‌

9,247‌

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/27 (1)

6,000‌

6,909‌

Chicago

O'Hare

Int'l.

Airport,

Series B,

5.00%,

1/1/22 (3)

3,900‌

4,010‌

Chicago

O'Hare

Int'l.

Airport,

Series B,

5.00%,

1/1/23

6,250‌

6,718‌

Chicago

O'Hare

Int'l.

Airport,

Series C,

5.00%,

1/1/22

1,700‌

1,747‌

Chicago

Transit

Auth.,

Capital

Grant,

5.00%,

6/1/21

600‌

600‌

Chicago

Wastewater,

Series B,

5.00%,

1/1/22

1,100‌

1,129‌

Chicago

Wastewater,

Series B,

5.00%,

1/1/23

1,850‌

1,982‌

Chicago

Wastewater,

Series B,

5.00%,

1/1/24

2,140‌

2,387‌

Chicago

Wastewater,

Series C,

5.00%,

1/1/22

1,000‌

1,027‌

Chicago

Waterworks,

5.00%,

11/1/22

1,000‌

1,067‌

Chicago

Waterworks,

5.00%,

11/1/23

3,750‌

4,157‌

Chicago

Waterworks,

5.00%,

11/1/24

3,850‌

4,424‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/23

1,300‌

1,441‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/24

460‌

529‌

Illinois,

GO,

5.00%,

2/1/25

1,055‌

1,221‌

Illinois,

GO,

5.125%,

5/1/22

900‌

939‌

Illinois,

Series A,

GO,

5.00%,

3/1/24

995‌

1,117‌

Illinois,

Series A,

GO,

5.00%,

10/1/25

705‌

832‌

Illinois,

Series A,

GO,

5.00%,

11/1/25

3,825‌

4,523‌

Illinois,

Series B,

GO,

5.00%,

3/1/24

1,325‌

1,487‌

Illinois,

Series B,

GO,

5.00%,

9/1/25

5,000‌

5,891‌

Illinois,

Series B,

GO,

5.00%,

3/1/26

1,675‌

1,994‌

Illinois,

Series B,

GO,

5.00%,

3/1/27

2,975‌

3,616‌

Illinois,

Series D,

GO,

5.00%,

11/1/21

6,300‌

6,423‌

Illinois,

Series D,

GO,

5.00%,

11/1/23

2,230‌

2,472‌

Illinois

Fin.

Auth.,

Healthcare

System,

Series B-1,

VRDN,

5.00%,

5/15/50

(Tender

11/15/24)

4,925‌

5,574‌

Illinois

Fin.

Auth.,

Healthcare

System,

Series B-2,

VRDN,

5.00%,

5/15/50

(Tender

11/15/26)

4,680‌

5,625‌

Illinois

Fin.

Auth.,

Northshore

Univ.

Health,

5.00%,

8/15/23

1,000‌

1,105‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

9

Par

$

Value

(Amounts

in

000s)

Illinois

Fin.

Auth.,

Northshore

Univ.

Health,

5.00%,

8/15/24

1,000‌

1,149‌

Illinois

Fin.

Auth.,

Northshore

Univ.

Health,

5.00%,

8/15/25

1,250‌

1,486‌

Railsplitter

Tobacco

Settlement

Auth.,

5.00%,

6/1/23

1,800‌

1,966‌

97,544‌

INDIANA

0.3%

Indiana

Fin.

Auth.,

Indiana

Univ.,

VRDN,

1.65%,

12/1/42

(Tender

1/1/22)

3,700‌

3,733‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/21

1,295‌

1,310‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/22

640‌

672‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/23

815‌

887‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/24

845‌

948‌

7,550‌

IOWA

0.9%

Iowa

Fin.

Auth.,

Iowa

Fertilizer,

3.125%,

12/1/22

410‌

418‌

Iowa

Fin.

Auth.,

Unity

Point

Health,

Series B,

5.00%,

2/15/22

1,200‌

1,241‌

Iowa

Fin.

Auth.,

Unity

Point

Health,

Series B,

5.00%,

2/15/23

1,000‌

1,082‌

PEFA,

VRDN,

5.00%,

9/1/49

(Tender

9/1/26)

14,285‌

17,176‌

19,917‌

KANSAS

0.0%

Lenexa

City,

Lakeview

Village,

Health

Care

Fac.,

Series A,

5.00%,

5/15/23

650‌

693‌

693‌

KENTUCKY

2.5%

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/22

500‌

512‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/23

625‌

662‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/24

575‌

628‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/25

610‌

683‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/26

550‌

630‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

5.00%,

6/1/21

1,235‌

1,235‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/21

1,200‌

1,200‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/22

1,150‌

1,196‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/23

2,000‌

2,156‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/24

1,115‌

1,241‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

10

Par

$

Value

(Amounts

in

000s)

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/25

1,400‌

1,601‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/26

2,210‌

2,589‌

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

4.00%,

4/1/48

(Tender

4/1/24)

2,500‌

2,737‌

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28)

11,305‌

13,465‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series A,

VRDN,

0.01%,

1/1/29 (1)

4,700‌

4,700‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series B,

VRDN,

0.02%,

1/1/29 (1)

8,200‌

8,200‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series C,

VRDN,

0.02%,

1/1/29 (1)

7,900‌

7,900‌

Russell,

Bon

Secours

Health

System,

5.00%,

11/1/22 (3)

3,555‌

3,793‌

55,128‌

LOUISIANA

0.5%

Louisiana

Offshore

Terminal

Auth.,

Loop

Project,

VRDN,

1.65%,

9/1/27

(Tender

12/1/23)

1,750‌

1,777‌

Louisiana,

Grant

Anticipation,

Series 2021,

5.00%,

9/1/23

3,635‌

4,027‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/22 (1)

325‌

333‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/23 (1)

450‌

481‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/24 (1)

225‌

251‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/25 (1)

250‌

288‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-2,

VRDN,

2.10%,

6/1/37

(Tender

7/1/24)

2,000‌

2,065‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

5/15/22

1,685‌

1,764‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

5/15/23

1,000‌

1,094‌

12,080‌

MARYLAND

4.8%

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/22

1,100‌

1,117‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/23

500‌

513‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/24

1,950‌

2,021‌

Baltimore

City,

Water,

Series C,

5.00%,

7/1/21

1,555‌

1,561‌

Baltimore

County,

Series B,

GO,

5.00%,

8/1/27

5,675‌

6,493‌

Baltimore,

Convention

Center

Hotel,

5.00%,

9/1/25

2,040‌

2,131‌

Gaithersburg,

Asbury

Maryland

Obligation

Group,

Series B,

5.00%,

1/1/27

6,040‌

6,798‌

Howard

County,

Consolidated

Public

Improvement,

Series B,

GO,

5.00%,

2/15/23

4,475‌

4,845‌

Maryland,

Series B,

GO,

5.00%,

8/1/24

5,800‌

6,661‌

Maryland

DOT,

5.00%,

2/1/22

5,805‌

5,994‌

Maryland

Economic

Dev.,

Potomac

Electric

Power,

1.70%,

9/1/22

5,000‌

5,084‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series A,

5.00%,

3/31/24 (1)

13,580‌

13,884‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

11

Par

$

Value

(Amounts

in

000s)

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

9/30/24 (1)

250‌

282‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

3/31/29 (1)

790‌

934‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/21

500‌

500‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/22

395‌

410‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/23

370‌

402‌

Maryland

HHEFA,

5.00%,

7/1/24

400‌

455‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.25%,

1/1/25

1,000‌

1,153‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/26

1,230‌

1,474‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/27

2,500‌

3,075‌

Maryland

HHEFA,

Greater

Baltimore

Medical

Center,

5.25%,

7/1/24

(Prerefunded

7/1/21) (4)

65‌

65‌

Maryland

HHEFA,

Greater

Baltimore

Medical

Center,

Unrefunded

Balance,

Series C,

5.25%,

7/1/24

335‌

336‌

Maryland

HHEFA,

LifeBridge

Health,

Carroll

Hosp.,

Series A,

5.00%,

7/1/25

(Prerefunded

7/1/22) (4)

500‌

526‌

Maryland

HHEFA,

LifeBridge

Health,

Carroll

Hosp.,

Series A,

5.00%,

7/1/27

(Prerefunded

7/1/22) (4)

500‌

526‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/25

2,000‌

2,358‌

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/23

350‌

383‌

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/25

665‌

779‌

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/26

1,250‌

1,506‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-1,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25)

2,530‌

2,916‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/21 (3)

4,040‌

4,056‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/22 (3)

2,615‌

2,751‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/23 (3)

9,000‌

9,889‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/24 (3)

795‌

908‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/26

(Prerefunded

7/1/24) (4)

1,535‌

1,765‌

Montgomery

County,

Series C,

GO,

5.00%,

10/1/24

4,285‌

4,953‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

9/15/22

5,000‌

5,317‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series C,

GO,

5.00%,

8/1/23

1,740‌

1,923‌

106,744‌

MASSACHUSETTS

1.6%

Commonwealth

of

Massachusetts,

Series C,

GO,

5.00%,

7/1/27

(Prerefunded

7/1/22) (4)

8,640‌

9,097‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

12

Par

$

Value

(Amounts

in

000s)

Commonwealth

of

Massachusetts,

Series E,

GO,

5.00%,

9/1/25

(Prerefunded

9/1/22) (4)

7,390‌

7,841‌

Commonwealth

of

Massachusetts,

Series F,

GO,

5.00%,

11/1/25

(Prerefunded

11/1/22) (4)

10,000‌

10,692‌

Massachusetts

Ed.

Fin.

Auth.,

Series J,

5.00%,

7/1/21 (1)

1,610‌

1,616‌

Massachusetts

Ed.

Fin.

Auth.,

Series J,

5.00%,

7/1/22 (1)

2,000‌

2,104‌

Massachusetts

Ed.

Fin.

Auth.,

Series J,

5.00%,

7/1/23 (1)

2,000‌

2,191‌

Massachusetts

Ed.

Fin.

Auth.,

Series J,

5.00%,

7/1/24 (1)

2,000‌

2,273‌

35,814‌

MICHIGAN

2.9%

Detroit

City

School

Dist.,

Series C,

GO,

5.25%,

5/1/25 (5)

6,885‌

7,623‌

Detroit

City

Water

Supply

System,

Senior

Lien,

Series A,

5.25%,

7/1/27

(Prerefunded

7/1/21) (4)

2,775‌

2,787‌

Detroit

Downtown

Dev.

Auth.,

Series A,

5.00%,

7/1/24 (6)

975‌

1,106‌

Great

Lakes

Water

Auth.

Water

Supply

System,

Series A,

5.00%,

7/1/25

1,500‌

1,761‌

Great

Lakes

Water

Auth.

Water

Supply

System,

Senior

Lien,

Series C,

5.00%,

7/1/23

2,780‌

3,054‌

Great

Lakes

Water

Auth.

Water

Supply

System,

Senior

Lien,

Series C,

5.00%,

7/1/27

5,800‌

7,087‌

Michigan

Building

Auth.,

Series I,

5.00%,

10/15/21

1,000‌

1,018‌

Michigan

Building

Auth.,

Series I,

5.00%,

4/15/22

750‌

782‌

Michigan

Fin.

Auth.,

Series A-2,

4.00%,

8/20/21

2,550‌

2,572‌

Michigan

Fin.

Auth.,

Series C-2,

5.00%,

7/1/44

(Prerefunded

7/1/22) (1)(4)

1,000‌

1,052‌

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Senior

Lien,

Series C-3,

5.00%,

7/1/29 (6)

2,500‌

2,848‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/21

925‌

945‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/22

1,475‌

1,577‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Series D-2,

5.00%,

7/1/27 (6)

2,850‌

3,270‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Series D-4,

5.00%,

7/1/29

1,500‌

1,705‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/21

775‌

794‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/22

500‌

536‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/23

575‌

642‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/24

995‌

1,153‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/22

850‌

878‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/23

500‌

535‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/24

900‌

995‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/25

860‌

976‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/21 (1)

1,300‌

1,331‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

13

Par

$

Value

(Amounts

in

000s)

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/22

2,220‌

2,379‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/23

430‌

480‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/24

780‌

902‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/21 (1)

1,185‌

1,212‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/22 (1)

1,215‌

1,298‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/23 (1)

2,195‌

2,440‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/24 (1)

2,385‌

2,747‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/25 (1)

2,405‌

2,854‌

Wayne

County

Airport

Auth.,

Series C,

5.00%,

12/1/22

3,000‌

3,010‌

Wayne

County

Airport

Auth.,

Series G,

5.00%,

12/1/27

175‌

208‌

64,557‌

MINNESOTA

1.9%

Minnesota,

Series A,

GO,

5.00%,

8/1/23

4,000‌

4,420‌

Minnesota,

Series A,

GO,

5.00%,

8/1/24

5,000‌

5,749‌

Minnesota,

Series A,

GO,

5.00%,

8/1/26

5,320‌

6,541‌

Minnesota,

Series D,

GO,

5.00%,

8/1/21

3,220‌

3,246‌

Minnesota,

Series D,

GO,

5.00%,

10/1/21

2,120‌

2,155‌

Minnesota,

Series D,

GO,

5.00%,

10/1/24

8,675‌

10,036‌

Minnesota,

Series D,

GO,

5.00%,

8/1/27

7,875‌

9,352‌

41,499‌

MISSOURI

0.3%

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

5.00%,

3/1/25 (1)

1,500‌

1,740‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

5.00%,

3/1/25

1,050‌

1,224‌

Missouri

HEFA,

SSM

Health

Care,

Series A,

5.00%,

6/1/26

1,740‌

1,972‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/21 (1)(6)

400‌

402‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/22 (1)(6)

450‌

473‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/23 (1)(6)

215‌

235‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/24 (1)(6)

840‌

955‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/25 (1)(6)

375‌

441‌

7,442‌

MONTANA

0.0%

Kalispell,

Immanuel

Lutheran,

Series A,

5.00%,

5/15/22

685‌

703‌

703‌

NEBRASKA

1.2%

Central

Plains

Energy,

4.00%,

8/1/25

1,000‌

1,140‌

Central

Plains

Energy,

Nebraska

Gas,

VRDN,

4.00%,

12/1/49

(Tender

8/1/25)

9,975‌

11,347‌

Central

Plains

Energy,

Project

No.

3,

5.00%,

9/1/32

(Prerefunded

9/1/22) (4)

3,000‌

3,178‌

Central

Plains

Energy,

Project

No.

3,

5.00%,

9/1/42

(Prerefunded

9/1/22) (4)

4,070‌

4,312‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

14

Par

$

Value

(Amounts

in

000s)

Central

Plains

Energy,

Project

No.

4,

VRDN,

5.00%,

3/1/50

(Tender

1/1/24)

5,465‌

6,059‌

26,036‌

NEVADA

0.7%

Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series A,

5.00%,

7/1/21

3,000‌

3,012‌

Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Las

Vegas-

McCarran

Int'l.,

Series A-1,

5.00%,

7/1/22 (1)

1,735‌

1,824‌

Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Las

Vegas-McCarran

Int'l.,

Passenger

Fac.

Charge,

Series B,

5.00%,

7/1/21 (1)

2,405‌

2,414‌

Clark

County

School

Dist.,

Series A,

GO,

3.00%,

6/15/23 (6)

450‌

475‌

Clark

County

School

Dist.,

Series A,

GO,

3.00%,

6/15/24 (6)

405‌

437‌

Clark

County

School

Dist.,

Series A,

GO,

3.00%,

6/15/25 (6)

650‌

714‌

Clark

County

School

Dist.,

Series A,

GO,

5.00%,

6/15/26 (6)

500‌

608‌

Clark

County,

Transportation

Improvement,

Series B,

GO,

5.00%,

12/1/22

6,495‌

6,971‌

16,455‌

NEW

JERSEY

2.9%

New

Jersey

Economic

Dev.

Auth.,

The

Goethals,

5.00%,

7/1/22 (1)

1,650‌

1,737‌

New

Jersey

EFA,

Princeton

Univ.,

Series B,

5.00%,

7/1/21

2,660‌

2,671‌

New

Jersey

HCFFA,

Barnabas

Health,

Series A,

5.00%,

7/1/25

5,500‌

5,781‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/30

2,070‌

2,451‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/31

8,000‌

10,499‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Federal

Highway

Reimbursement,

Series A,

5.00%,

6/15/24

3,085‌

3,504‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

5.00%,

12/15/24

1,775‌

2,058‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

5.00%,

12/15/26

2,000‌

2,447‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series D,

5.00%,

12/15/24

1,125‌

1,305‌

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/35

(Prerefunded

1/1/22) (4)

3,500‌

3,600‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/24

9,465‌

10,766‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/25

13,505‌

15,884‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/22

1,760‌

1,844‌

64,547‌

NEW

MEXICO

0.4%

Farmington

PCR,

Public

Services

of

New

Mexico,

San

Juan

Project,

Series D,

VRDN,

1.10%,

6/1/40

(Tender

6/1/23)

2,750‌

2,785‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

15

Par

$

Value

(Amounts

in

000s)

New

Mexico

Hosp.

Equipment

Loan

Council,

Series B,

VRDN,

5.00%,

8/1/49

(Tender

8/1/25)

4,850‌

5,712‌

8,497‌

NEW

YORK

11.6%

Brooklyn

Arena

Local

Dev.,

Barclays

Center,

Series A,

5.00%,

7/15/21

1,900‌

1,905‌

Brooklyn

Arena

Local

Dev.,

Barclays

Center,

Series A,

5.00%,

7/15/22

975‌

1,023‌

Brooklyn

Arena

Local

Dev.,

Barclays

Center,

Series A,

5.00%,

7/15/23

1,250‌

1,366‌

Brooklyn

Arena

Local

Dev.,

Barclays

Center,

Series A,

5.00%,

7/15/24

3,000‌

3,398‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

10/1/23 (2)(6)

4,500‌

4,893‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

10/1/24 (2)(6)

3,260‌

3,652‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

12/15/23

1,460‌

1,569‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

12/15/23

(Prerefunded

12/15/22) (4)

1,940‌

2,085‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

10/1/24

3,050‌

3,511‌

Dormitory

Auth.

of

the

State

of

New

York,

Bidding

Group,

Series C,

5.00%,

3/15/24 (3)

5‌

6‌

Dormitory

Auth.

of

the

State

of

New

York,

Bidding

Group

2,

Unrefunded

Balance,

Series C,

5.00%,

3/15/24

9,795‌

11,087‌

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

4.00%,

12/1/21 (7)

1,500‌

1,527‌

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

5.00%,

12/1/25 (7)

1,000‌

1,159‌

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

5.00%,

12/1/26 (7)

1,300‌

1,592‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax

General

Purpose

Bond,

Series B,

5.00%,

2/15/28

7,350‌

9,237‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax

General

Purpose

Bond,

Series B,

5.00%,

2/15/29

9,855‌

12,338‌

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/28

6,985‌

8,696‌

Metropolitan

Transportation

Auth.,

Series B-1,

BAN,

5.00%,

5/15/22

8,185‌

8,553‌

Metropolitan

Transportation

Auth.,

Series D,

5.00%,

11/15/21

3,750‌

3,831‌

Metropolitan

Transportation

Auth.,

Series D-1,

BAN,

5.00%,

9/1/22

14,780‌

15,646‌

Nassau

County

Local

Economic

Assistance,

Winthrop

Univ.

Hosp.,

5.00%,

7/1/22

1,000‌

1,051‌

New

York

City,

Series 1,

GO,

5.00%,

8/1/25

5,400‌

6,411‌

New

York

City,

Series B,

GO,

5.00%,

8/1/23

6,370‌

7,029‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

16

Par

$

Value

(Amounts

in

000s)

New

York

City,

Series C,

GO,

5.00%,

8/1/22

8,755‌

9,254‌

New

York

City,

Series C,

GO,

5.00%,

8/1/23

10,000‌

11,035‌

New

York

City,

Series D,

GO,

5.00%,

8/1/24

13,145‌

14,190‌

New

York

City,

Series D,

GO,

5.00%,

8/1/28

6,085‌

6,556‌

New

York

City,

Series G,

GO,

5.00%,

8/1/21

4,400‌

4,436‌

New

York

City

IDA,

Series A,

5.00%,

1/1/24 (6)

1,250‌

1,401‌

New

York

City

IDA,

Series A,

5.00%,

1/1/25 (6)

2,000‌

2,324‌

New

York

City

IDA,

Yankee

Stadium

Project,

5.00%,

3/1/28 (6)

1,315‌

1,647‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured,

Series A,

5.00%,

11/1/31

4,550‌

6,081‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured,

Series F-1,

5.00%,

5/1/22

10,015‌

10,464‌

New

York

City

Water

&

Sewer

System,

5.00%,

6/15/25

1,535‌

1,819‌

New

York

City

Water

&

Sewer

System,

Series HH,

5.00%,

6/15/26

(Prerefunded

6/15/21) (4)

685‌

686‌

New

York

State

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/22 (1)

2,520‌

2,585‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

Series A,

5.00%,

3/15/23

7,100‌

7,718‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

Series A,

5.00%,

3/15/24

3,275‌

3,703‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (1)

2,020‌

2,035‌

New

York

Transportation

Dev.,

American

Airlines

JFK

Int'l.

Airport,

5.00%,

8/1/21 (1)

2,200‌

2,217‌

New

York

Transportation

Dev.,

Terminal

One

Group,

5.00%,

1/1/23 (1)

4,055‌

4,332‌

Port

Auth.

of

New

York

&

New

Jersey,

5.00%,

9/15/24 (1)

3,000‌

3,442‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 178,

5.00%,

12/1/25 (1)

5,000‌

5,559‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 178,

5.00%,

12/1/30 (1)

9,920‌

11,016‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 186,

5.00%,

10/15/22 (1)

6,850‌

7,298‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/26 (1)

10,030‌

12,213‌

Sales

Tax

Asset

Receivable,

Series A,

5.00%,

10/15/22

3,310‌

3,532‌

Sales

Tax

Asset

Receivable,

Series A,

5.00%,

10/15/30

2,000‌

2,300‌

Triborough

Bridge

&

Tunnel

Auth.,

Series B-4,

FRN,

67%

of

SOFR

+

0.38%,

0.387%,

1/1/32

(Tender

2/1/24)

6,375‌

6,371‌

255,779‌

NORTH

CAROLINA

2.6%

New

Hanover

County,

Regional

Medical

Center,

5.00%,

10/1/28

(Prerefunded

10/1/21) (4)

1,560‌

1,584‌

North

Carolina

Eastern

Municipal

Power

Agency,

Series D,

5.00%,

1/1/23

(Prerefunded

7/1/22) (4)

10,430‌

10,982‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

17

Par

$

Value

(Amounts

in

000s)

North

Carolina

Medical

Care

Commission,

3.00%,

3/1/23 (2)

150‌

154‌

North

Carolina

Medical

Care

Commission,

4.00%,

3/1/24 (2)

220‌

235‌

North

Carolina

Medical

Care

Commission,

4.00%,

3/1/25 (2)

265‌

288‌

North

Carolina

Medical

Care

Commission,

5.00%,

3/1/26 (2)

245‌

281‌

North

Carolina

Medical

Care

Commission,

5.00%,

3/1/27 (2)

290‌

338‌

North

Carolina

Medical

Care

Commission,

Cape

Fear

Valley

Health

System,

Series A,

5.00%,

10/1/23

(Prerefunded

10/1/22) (4)

9,785‌

10,422‌

North

Carolina

Medical

Care

Commission,

Retirement

Fac.

First

Meeting,

4.00%,

1/1/25

250‌

265‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/21

120‌

121‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/22

215‌

225‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/23

150‌

161‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/24

180‌

198‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/25

125‌

139‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/22

350‌

370‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/23

400‌

440‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/24

950‌

1,071‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/26

750‌

841‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/27

175‌

196‌

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/28

(Prerefunded

6/1/25) (4)

1,575‌

1,859‌

North

Carolina

Medical

Care

Commission,

Wake

Forest

Baptist,

Series B,

5.00%,

12/1/23

2,000‌

2,137‌

North

Carolina

Medical

Care

Commission,

Wake

Forest

Baptist,

Series B,

5.00%,

12/1/27

1,125‌

1,199‌

North

Carolina

Municipal

Power

Agency

#1,

Catawba

Electric,

Series E,

5.00%,

1/1/23

1,500‌

1,602‌

North

Carolina

Turnpike

Auth.,

BAN,

5.00%,

2/1/24

5,400‌

6,057‌

Wake

County,

GO,

5.00%,

4/1/25

6,255‌

7,358‌

Wake

County,

Series A,

5.00%,

12/1/29

1,150‌

1,415‌

Wake

County,

Series C,

GO,

5.00%,

3/1/23

6,200‌

6,729‌

56,667‌

OHIO

0.8%

Allen

County

Hosp.

Fac.,

Series A,

5.00%,

8/1/26

4,420‌

5,389‌

Allen

County

Hosp.

Fac.,

Catholic

Healthcare,

Series C,

VRDN,

0.01%,

6/1/34

1,300‌

1,300‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

18

Par

$

Value

(Amounts

in

000s)

Cleveland

Airport

System,

Series B,

5.00%,

1/1/22 (1)

900‌

923‌

Cleveland

Airport

System,

Series B,

5.00%,

1/1/23 (1)

1,200‌

1,283‌

Cleveland

Airport

System,

Series B,

5.00%,

1/1/24 (1)

1,200‌

1,339‌

Columbus,

Series A,

GO,

5.00%,

4/1/24

1,810‌

2,054‌

Columbus,

Series A,

GO,

5.00%,

4/1/25

3,445‌

4,047‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/22

100‌

102‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/23

100‌

106‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/24

150‌

165‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/25

200‌

227‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/26

150‌

175‌

17,110‌

OKLAHOMA

0.4%

Grand

River

Dam

Auth.,

Series A,

5.00%,

6/1/23

2,000‌

2,190‌

Norman

Regional

Hosp.

Auth.,

5.00%,

9/1/21

1,675‌

1,694‌

Norman

Regional

Hosp.

Auth.,

5.00%,

9/1/22

2,060‌

2,179‌

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/24

2,375‌

2,665‌

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/25

450‌

524‌

9,252‌

OREGON

0.4%

Multnomah

County

School

Dist.

No.

1,

GO,

5.00%,

6/15/24

8,250‌

9,427‌

9,427‌

PENNSYLVANIA

4.9%

Allegheny

County

Hosp.

Dev.

Auth.,

Univ.

of

Pittsburgh

Medical

Center,

Series A,

5.00%,

7/15/21

1,000‌

1,006‌

Allegheny

County

Hosp.

Dev.

Auth.,

Univ.

of

Pittsburgh

Medical

Center,

Series A,

5.00%,

7/15/22

1,050‌

1,107‌

Bucks

County

IDA,

5.00%,

7/1/25

350‌

400‌

Bucks

County

IDA,

5.00%,

7/1/26

450‌

526‌

Bucks

County

IDA,

5.00%,

7/1/27

475‌

567‌

Butler

County

Hosp.

Auth.,

4.00%,

7/1/21

325‌

326‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/22

405‌

425‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/23

355‌

387‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/24

2,245‌

2,540‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/25

700‌

818‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/26

450‌

524‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/27

585‌

680‌

Commonwealth

Fin.

Auth.,

Tobacco

Settlement,

5.00%,

6/1/21

6,500‌

6,500‌

Commonwealth

Fin.

Auth.,

Tobacco

Settlement,

5.00%,

6/1/22

1,030‌

1,079‌

Commonwealth

Fin.

Auth.,

Tobacco

Settlement,

5.00%,

6/1/23

1,000‌

1,092‌

Commonwealth

Fin.

Auth.,

Tobacco

Settlement,

5.00%,

6/1/24

2,280‌

2,585‌

Delaware

River

Port

Auth.,

Series B,

5.00%,

1/1/22

6,690‌

6,878‌

Delaware

River

Port

Auth.,

Series B,

5.00%,

1/1/23

2,250‌

2,420‌

Lehigh,

Lehigh

Valley

Health

Network,

5.00%,

7/1/22

1,300‌

1,368‌

Lehigh,

Lehigh

Valley

Health

Network,

5.00%,

7/1/23

1,300‌

1,430‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

19

Par

$

Value

(Amounts

in

000s)

Lehigh,

Lehigh

Valley

Health

Network,

5.00%,

7/1/24

1,700‌

1,944‌

Northampton

County

General

Purpose

Auth.,

Saint

Luke's

Health

Univ.,

FRN,

70%

of

1M

USD

LIBOR

+

1.04%,

1.105%,

8/15/48

(Tender

8/15/24)

4,900‌

4,932‌

Pennsylvania,

GO,

5.00%,

9/15/22

10,250‌

10,885‌

Pennsylvania,

GO,

5.00%,

9/15/25 (6)

715‌

855‌

Pennsylvania,

Series 2,

GO,

5.00%,

10/15/21

2,850‌

2,901‌

Philadelphia,

Series A,

4.00%,

6/30/21

3,800‌

3,812‌

Philadelphia,

Series A,

GO,

5.00%,

8/1/21

1,500‌

1,512‌

Philadelphia,

Series A,

GO,

5.00%,

8/1/22

1,660‌

1,754‌

Philadelphia,

Series A,

GO,

5.00%,

8/1/23

1,270‌

1,397‌

Philadelphia

Airport,

Series A,

5.00%,

6/15/26 (1)

545‌

548‌

Philadelphia

Airport,

Series A,

5.00%,

7/1/26

1,160‌

1,408‌

Philadelphia

Airport,

Series A,

5.00%,

7/1/27

1,400‌

1,743‌

Philadelphia

Airport,

Series A,

5.00%,

7/1/28

1,750‌

2,226‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/25 (1)

12,465‌

14,607‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/26 (1)

1,080‌

1,303‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/27 (1)

1,135‌

1,406‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/28 (1)

2,970‌

3,750‌

Philadelphia

HHEFA,

Children's

Hosp.,

Series B,

VRDN,

0.01%,

7/1/25

4,700‌

4,700‌

Philadelphia

HHEFA,

Children's

Hosp.,

Series B,

VRDN,

0.01%,

7/1/41

(Tender

7/1/21)

2,720‌

2,720‌

Philadelphia

HHEFA,

Temple

Univ.

Health

System,

5.00%,

7/1/21

975‌

978‌

Philadelphia

HHEFA,

Temple

Univ.

Health

System,

5.00%,

7/1/22

1,175‌

1,223‌

Philadelphia

HHEFA,

Temple

Univ.

Health

System,

5.00%,

7/1/23

1,175‌

1,266‌

Southeastern

Pennsylvania

Transportation

Auth.,

5.00%,

6/1/23

750‌

822‌

Southeastern

Pennsylvania

Transportation

Auth.,

5.00%,

6/1/24

750‌

852‌

Southeastern

Pennsylvania

Transportation

Auth.,

5.00%,

6/1/25

1,000‌

1,174‌

Southeastern

Pennsylvania

Transportation

Auth.,

5.00%,

6/1/26

1,605‌

1,944‌

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/33 (6)

2,500‌

3,039‌

108,359‌

PUERTO

RICO

1.3%

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.50%,

7/1/34

13,854‌

15,216‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27

9,628‌

8,641‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31

7,000‌

5,510‌

29,367‌

RHODE

ISLAND

0.3%

Rhode

Island

Commerce,

Series A,

GAN,

5.00%,

6/15/21

3,125‌

3,130‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/22

550‌

576‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

20

Par

$

Value

(Amounts

in

000s)

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/23

550‌

596‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/24

1,290‌

1,440‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/25

415‌

476‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/26

450‌

528‌

6,746‌

SOUTH

CAROLINA

1.8%

Patriots

Energy

Group

Fin.

Agency,

Series A,

VRDN,

4.00%,

10/1/48

(Tender

2/1/24)

15,745‌

17,161‌

Piedmont

Municipal

Power

Agency,

Series A,

5.00%,

1/1/23

2,080‌

2,228‌

South

Carolina

Jobs

Economic

Dev.

Auth.,

Bon

Secours

Health

System,

5.00%,

11/1/24

(Prerefunded

11/1/22) (4)

3,000‌

3,206‌

South

Carolina

Jobs

Economic

Dev.

Auth.,

Bon

Secours

Health

System,

VRDN,

5.00%,

12/1/48

(Tender

10/1/25)

4,575‌

5,390‌

South

Carolina

Ports

Auth.,

5.00%,

7/1/21 (1)

3,650‌

3,663‌

South

Carolina

Ports

Auth.,

5.00%,

7/1/23 (1)

2,555‌

2,795‌

South

Carolina

Ports

Auth.,

5.00%,

7/1/24 (1)

850‌

964‌

South

Carolina

Ports

Auth.,

5.25%,

7/1/55

(Prerefunded

7/1/25) (1)(4)

3,240‌

3,854‌

39,261‌

SOUTH

DAKOTA

0.1%

South

Dakota

HEFA,

Sanford

Obligated

Group,

5.00%,

11/1/29

1,000‌

1,178‌

1,178‌

TENNESSEE

2.6%

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing

-

CDFI

Phase

I,

5.00%,

10/1/22

1,045‌

1,103‌

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing

-

CDFI

Phase

I,

5.00%,

10/1/23

650‌

711‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/21

1,250‌

1,255‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/22

3,250‌

3,415‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/23

4,200‌

4,596‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/24

3,025‌

3,306‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

5.00%,

7/1/31

1,510‌

1,624‌

Memphis-Shelby

County

Airport

Auth.,

Series B,

5.00%,

7/1/24 (1)

3,330‌

3,786‌

Metropolitan

Gov't.

of

Nashville

&

Davidson

County,

Improvement,

GO,

5.00%,

7/1/24

17,760‌

20,322‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

21

Par

$

Value

(Amounts

in

000s)

Metropolitan

Gov't.

of

Nashville

&

Davidson

County,

Unrefunded

Balance,

GO,

5.00%,

7/1/23

(Prerefunded

7/1/22) (4)

5,065‌

5,333‌

Metropolitan

Nashville

Airport,

Series B,

5.00%,

7/1/25 (1)

515‌

603‌

Metropolitan

Nashville

Airport,

Series B,

5.00%,

7/1/26 (1)

1,695‌

2,045‌

Tennergy,

Series A,

VRDN,

5.00%,

2/1/50

(Tender

10/1/24)

5,000‌

5,724‌

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/22

240‌

255‌

Tennessee

Energy

Acquisition,

Series A,

VRDN,

4.00%,

5/1/48

(Tender

5/1/23)

1,045‌

1,113‌

Tennessee

Energy

Acquisition,

Series C,

5.00%,

2/1/23

1,410‌

1,516‌

Tennessee

Energy

Acquisition,

Goldman

Sachs,

Series C,

5.00%,

2/1/24

175‌

195‌

56,902‌

TEXAS

10.2%

Austin

Airport

System,

5.00%,

11/15/23 (1)

5,000‌

5,560‌

Austin

Airport

System,

5.00%,

11/15/27 (1)

1,780‌

2,039‌

Austin

Airport

System,

Series A,

5.00%,

11/15/26

495‌

608‌

Austin

Airport

System,

Series B,

5.00%,

11/15/22 (1)

620‌

662‌

Austin

Airport

System,

Series B,

5.00%,

11/15/23 (1)

700‌

778‌

Austin

Airport

System,

Series B,

5.00%,

11/15/29 (1)

1,200‌

1,449‌

Austin

Water

&

Wastewater

System,

5.00%,

11/15/32

2,095‌

2,590‌

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series I,

5.00%,

8/15/21

3,000‌

3,030‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/24

1,025‌

1,141‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/25

1,195‌

1,376‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/26

1,605‌

1,906‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/28

1,700‌

2,002‌

Central

Texas

Regional

Mobility

Auth.,

Series C,

5.00%,

1/1/27

8,095‌

9,596‌

Clifton

Higher

Ed.

Fin.,

Intl.

Leadership,

Series D,

5.00%,

8/15/23

1,505‌

1,645‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

5.00%,

8/15/21

670‌

676‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

5.00%,

8/15/22

1,000‌

1,052‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

5.00%,

8/15/24

3,120‌

3,525‌

Dallas

Independent

School

Dist.,

Series A,

GO,

5.00%,

2/15/23

8,615‌

9,325‌

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/22 (1)

1,785‌

1,905‌

Dallas/Fort

Worth

Int'l.

Airport

Fac.

Improvement.,

UPS,

VRDN,

0.02%,

5/1/32 (1)

980‌

980‌

Grand

Parkway

Transportation,

BAN,

5.00%,

2/1/23

5,525‌

5,951‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

5.00%,

6/1/23

1,385‌

1,515‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health,

5.00%,

12/1/26

1,600‌

1,966‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health,

Series A,

5.00%,

12/1/24

1,865‌

1,990‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health,

Series A,

5.00%,

12/1/25

(Prerefunded

12/1/22) (4)

2,780‌

2,981‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

7/1/49

(Tender

12/1/22)

1,825‌

1,950‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

22

Par

$

Value

(Amounts

in

000s)

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

7/1/49

(Tender

12/1/24)

1,880‌

2,171‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Texas

Children's

Hosp.,

5.00%,

10/1/28

3,110‌

3,648‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Texas

Children's

Hosp.,

VRDN,

5.00%,

10/1/41

(Tender

10/1/24)

4,000‌

4,606‌

Harris

County

Metropolitan

Transit

Auth.,

Sales

&

Use

Tax,

Series B,

5.00%,

11/1/22

10,915‌

11,656‌

Houston,

Series A,

GO,

5.00%,

3/1/22

725‌

752‌

Houston

Airport

System,

Series A,

5.00%,

7/1/22

(Prerefunded

7/1/21) (1)(4)

2,605‌

2,615‌

Houston

Combined

Utility

System,

Series B,

4.00%,

11/15/21

800‌

814‌

Houston

Combined

Utility

System,

Series B,

5.00%,

11/15/22

800‌

857‌

Houston

Combined

Utility

System,

Series B,

5.00%,

11/15/23

975‌

1,091‌

Houston

Hotel

Occupancy

Tax

&

Special,

5.00%,

9/1/21

3,000‌

3,024‌

Houston

Hotel

Occupancy

Tax

&

Special,

5.00%,

9/1/22

2,500‌

2,631‌

Houston

Independent

School

Dist.,

Permanent

School

Fund,

GO,

5.00%,

2/15/25

4,035‌

4,722‌

Love

Field

Airport

Modernization,

Southwest

Airlines,

5.00%,

11/1/28 (1)

1,000‌

1,062‌

Lower

Colorado

River

Auth.,

5.00%,

5/15/25

2,125‌

2,495‌

Lower

Colorado

River

Auth.,

Series A,

5.00%,

5/15/23

860‌

940‌

Lower

Colorado

River

Auth.,

Series A,

5.00%,

5/15/24

1,045‌

1,187‌

Lower

Colorado

River

Auth.,

Transmission

Services,

5.00%,

5/15/24

280‌

318‌

Lower

Colorado

River

Auth.,

Transmission

Services,

5.00%,

5/15/25

1,000‌

1,174‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/23

2,400‌

2,583‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/24

10,000‌

10,762‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/28

225‌

260‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/30

1,650‌

1,908‌

North

Texas

Tollway

Auth.,

Series A,

5.50%,

9/1/41

(Prerefunded

9/1/21) (4)

2,000‌

2,027‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/22

2,000‌

2,056‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/23

2,100‌

2,260‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/27

4,955‌

5,552‌

North

Texas

Tollway

Auth.,

First

Tier,

Series B,

5.00%,

1/1/22

500‌

514‌

North

Texas

Tollway

Auth.,

Second

Tier,

Series B,

5.00%,

1/1/24

4,670‌

5,021‌

North

Texas

Tollway

Auth.,

Special

Projects,

Series D,

5.00%,

9/1/29

(Prerefunded

9/1/21) (4)

3,285‌

3,325‌

Plano

Independent

School

Dist.,

Permanent

School

Fund,

Series A,

GO,

5.00%,

2/15/22

1,775‌

1,836‌

San

Antonio,

GO,

5.00%,

2/1/23

5,880‌

6,358‌

San

Antonio

Electric

&

Gas,

5.00%,

2/1/23

4,380‌

4,736‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

5.00%,

11/15/21

925‌

944‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

5.00%,

11/15/22

885‌

941‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

23

Par

$

Value

(Amounts

in

000s)

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26

17,145‌

20,099‌

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Merrill

Lynch,

Senior

Lien,

Series A,

5.25%,

12/15/25

2,500‌

2,994‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/21

1,675‌

1,717‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/22

1,375‌

1,473‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/23

2,125‌

2,368‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/24

2,450‌

2,821‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/25

4,335‌

5,143‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/26

5,250‌

6,392‌

Texas

State

Univ.

System,

Series A,

5.00%,

3/15/22

2,000‌

2,077‌

Texas

State

Univ.

System,

Series A,

5.00%,

3/15/23

1,000‌

1,086‌

Texas

Transportation

Commission

State

Highway

Fund,

Series A,

5.00%,

4/1/23

4,000‌

4,357‌

Texas

Transportation

Commission,

First

Tier,

5.00%,

10/1/23

7,325‌

8,151‌

Texas,

Veterans,

GO,VRDN,

0.08%,

12/1/51

2,000‌

2,000‌

225,722‌

UTAH

0.7%

Murray,

IHC

Health

Services,

Series D,

VRDN,

0.01%,

5/15/37

2,130‌

2,130‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/23 (1)

4,975‌

5,444‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/26 (1)

1,155‌

1,394‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/27 (1)

2,030‌

2,514‌

Utah,

Series B,

GO,

5.00%,

7/1/24

4,250‌

4,869‌

16,351‌

VIRGINIA

6.0%

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/23

410‌

450‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/24

1,600‌

1,826‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/28

880‌

1,126‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

BAN,

5.00%,

11/1/23

16,355‌

18,131‌

Chesapeake

Expressway

Toll

Road,

Series A,

5.00%,

7/15/23

105‌

110‌

Fairfax

County

IDA,

Inova

Health,

5.00%,

8/15/23

6,100‌

6,456‌

Fairfax

County

IDA,

Inova

Health

System,

Series B-2,

VRDN,

5.00%,

5/15/57

(Tender

5/15/23)

3,600‌

3,933‌

Fairfax

County

IDA,

Inova

Health

System,

Series D,

5.00%,

5/15/27

4,000‌

4,173‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/27

1,750‌

1,977‌

Greater

Richmond

Convention

Center

Auth.,

5.00%,

6/15/24

225‌

253‌

Halifax

County

IDA,

Electric

&

Power

Project,

Series A,

VRDN,

0.45%,

12/1/41

(Tender

4/1/22)

3,175‌

3,179‌

Hampton

Roads

Sanitation

Dist.,

Wastewater,

Series A,

5.00%,

7/1/22

850‌

896‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

BAN,

5.00%,

7/1/22

15,550‌

16,365‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

24

Par

$

Value

(Amounts

in

000s)

Norfolk

Water,

5.00%,

11/1/22

5,000‌

5,347‌

Prince

William

County

IDA,

Novant

Health,

Series B,

5.00%,

11/1/26

1,870‌

1,986‌

Richmond

Public

Utility,

Series A,

5.00%,

1/15/22

1,500‌

1,546‌

Virginia

College

Building

Auth.,

5.00%,

2/1/26

(Prerefunded

2/1/22) (4)

11,140‌

11,505‌

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

Series B,

5.00%,

2/1/24

9,400‌

10,583‌

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Fin.

Porgram,

Series B,

5.00%,

9/1/23

4,000‌

4,433‌

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Fin.

Program,

Series A,

5.00%,

9/1/21 (3)

1,935‌

1,958‌

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Fin.

Program,

Series A,

5.00%,

9/1/21

110‌

111‌

Virginia

Public

Building

Auth.,

Series B,

5.00%,

8/1/24

3,000‌

3,445‌

Virginia

Public

Building

Auth.,

Series B,

5.00%,

8/1/25

1,325‌

1,576‌

Virginia

Public

Building

Auth.,

Series B,

5.00%,

8/1/26

2,000‌

2,457‌

Virginia

Public

School

Auth.,

5.00%,

8/1/27

4,000‌

4,756‌

Virginia

Public

School

Auth.,

Series B,

5.00%,

8/1/21

2,800‌

2,822‌

Virginia

Public

School

Auth.,

1997

Resolution,

Series B,

5.00%,

8/1/22

3,255‌

3,439‌

Virginia

Public

School

Auth.,

1997

Resolution,

Series B,

5.00%,

8/1/22

2,825‌

2,984‌

Virginia

Transportation

Board,

Capital

Projects,

Series A,

5.00%,

5/15/22

775‌

811‌

Virginia

Transportation

Board,

Federal

Highway,

GAN,

5.00%,

9/15/23

10,000‌

11,095‌

Virginia

Transportation

Board,

Federal

Transportation,

5.00%,

9/15/21

1,975‌

2,003‌

131,732‌

WASHINGTON

1.7%

Energy

Northwest,

Columbia

Generating,

Series A,

5.00%,

7/1/23

(Prerefunded

7/1/21) (4)

6,745‌

6,771‌

Univ.

of

Washington,

Series A,

VRDN,

5.00%,

5/1/48

(Tender

5/1/22)

10,400‌

10,608‌

Washington,

Series A-1,

GO,

5.00%,

8/1/27

4,130‌

4,888‌

Washington

Health

Care

Fac.

Auth.,

Commonspirit

Health,

Series B,

VRDN,

5.00%,

8/1/49

(Tender

8/1/26)

6,900‌

8,273‌

Washington

Health

Care

Fac.

Auth.,

Commonspirit

Health,

Series B-2,

VRDN,

5.00%,

8/1/49

(Tender

8/1/25)

2,450‌

2,849‌

Washington,

Various

Purpose,

Series A,

GO,

5.00%,

8/1/21

3,450‌

3,478‌

36,867‌

WISCONSIN

1.5%

Wisconsin,

Series 2,

GO,

5.00%,

11/1/21

1,400‌

1,429‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

25

Par

$

Value

(Amounts

in

000s)

Wisconsin,

Series 2011-2,

GO,

5.00%,

11/1/22

(Prerefunded

11/1/21) (4)

11,250‌

11,480‌

Wisconsin,

Series 2017-2,

GO,

5.00%,

11/1/22

5,470‌

5,850‌

Wisconsin,

Series A,

GO,

5.00%,

5/1/23

4,175‌

4,563‌

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio,

5.00%,

6/1/25

(Prerefunded

6/1/24) (4)

5,000‌

5,702‌

Wisconsin

HEFA,

VRDN,

5.00%,

8/15/54

(Tender

7/29/26)

4,185‌

5,113‌

34,137‌

Total

Investments

in

Securities

100.3%

(Cost

$2,153,814)

$

2,219,753‌

Other

Assets

Less

Liabilities

(0.3)%

(6,670)

Net

Assets

100.0%

$

2,213,083‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Interest

subject

to

alternative

minimum

tax.

(2)

When-issued

security

(3)

Escrowed

to

maturity

(4)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(5)

Insured

by

Financial

Guaranty

Insurance

Company

(6)

Insured

by

Assured

Guaranty

Municipal

Corporation

(7)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$4,278

and

represents

0.2%

of

net

assets.

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

BAN

Bond

Anticipation

Note

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GAN

Grant

Anticipation

Note

GO

General

Obligation

HCFFA

Health

Care

Facilities

Financing

Authority

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HFFA

Health

Facility

Financing

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PCR

Pollution

Control

Revenue

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

26

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

.

.

.

.

.

.

.

.

.

.

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

Unaudited

Notes

to

Portfolio

of

Investments

27

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

28

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

29

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

On

May

31,

2021,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

F56-054Q1

05/21

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