UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03872
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: August 31, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2024
Tax-Free Short-Intermediate Fund
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Short-Intermediate Fund - Investor Class | $26 | 0.52% |
What are some fund statistics?
| Total Net Assets (000s) | $1,419,990 |
| Number of Portfolio Holdings | 419 |
| |
| Portfolio Turnover Rate | 16.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 18.5% |
| AA Rated | 39.0 |
| A Rated | 30.6 |
| BBB Rated | 3.6 |
| BB Rated and Below | 0.6 |
| Not Rated | 7.0 |
| Reserves | 0.7 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| General Obligations - State | 19.1% |
| Health Care | 17.6 |
| Transportation | 15.5 |
| General Obligations - Local | 7.6 |
| Special Tax | 7.3 |
| Water & Sewer | 5.0 |
| Leasing | 3.4 |
| Electric | 3.3 |
| Education | 2.9 |
| Other | 18.3 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to restructure the fund’s investment management fees to lower the fund’s total investment management fee to 0.20% and lower the class’s total expense limit to 0.55%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Short-Intermediate Fund
Investor Class (PRFSX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
Tax-Free Short-Intermediate Fund
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Short-Intermediate Fund - Advisor Class | $46 | 0.90% |
What are some fund statistics?
| Total Net Assets (000s) | $1,419,990 |
| Number of Portfolio Holdings | 419 |
| |
| Portfolio Turnover Rate | 16.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 18.5% |
| AA Rated | 39.0 |
| A Rated | 30.6 |
| BBB Rated | 3.6 |
| BB Rated and Below | 0.6 |
| Not Rated | 7.0 |
| Reserves | 0.7 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| General Obligations - State | 19.1% |
| Health Care | 17.6 |
| Transportation | 15.5 |
| General Obligations - Local | 7.6 |
| Special Tax | 7.3 |
| Water & Sewer | 5.0 |
| Leasing | 3.4 |
| Electric | 3.3 |
| Education | 2.9 |
| Other | 18.3 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to restructure the fund’s investment management fees to lower the fund’s total investment management fee to 0.20% and lower the class’s total expense limit to 0.80%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Short-Intermediate Fund
Advisor Class (PATIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
Tax-Free Short-Intermediate Fund
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Short-Intermediate Fund - I Class | $19 | 0.37% |
What are some fund statistics?
| Total Net Assets (000s) | $1,419,990 |
| Number of Portfolio Holdings | 419 |
| |
| Portfolio Turnover Rate | 16.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 18.5% |
| AA Rated | 39.0 |
| A Rated | 30.6 |
| BBB Rated | 3.6 |
| BB Rated and Below | 0.6 |
| Not Rated | 7.0 |
| Reserves | 0.7 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| General Obligations - State | 19.1% |
| Health Care | 17.6 |
| Transportation | 15.5 |
| General Obligations - Local | 7.6 |
| Special Tax | 7.3 |
| Water & Sewer | 5.0 |
| Leasing | 3.4 |
| Electric | 3.3 |
| Education | 2.9 |
| Other | 18.3 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to restructure the fund’s investment management fees to lower the fund’s total investment management fee to 0.20%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Short-Intermediate Fund
I Class (TTSIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFSX
Tax-Free
Short-
Intermediate
Fund
–!
PATIX
Tax-Free
Short-
Intermediate
Fund–
.
Advisor Class
TTSIX
Tax-Free
Short-
Intermediate
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
5
.47
$
5
.38
$
5
.57
$
5
.72
$
5
.70
$
5
.58
Investment
activities
Net
investment
income
(1)(2)
0
.07
0
.11
0
.08
0
.07
0
.08
0
.09
Net
realized
and
unrealized
gain/
loss
0
.03
0
.09
(
0
.19
)
(
0
.15
)
0
.02
0
.12
Total
from
investment
activities
0
.10
0
.20
(
0
.11
)
(
0
.08
)
0
.10
0
.21
Distributions
Net
investment
income
(
0
.07
)
(
0
.11
)
(
0
.08
)
(
0
.07
)
(
0
.08
)
(
0
.09
)
Net
realized
gain
—
—
—
—
(3)
—
—
Total
distributions
(
0
.07
)
(
0
.11
)
(
0
.08
)
(
0
.07
)
(
0
.08
)
(
0
.09
)
NET
ASSET
VALUE
End
of
period
$
5
.50
$
5
.47
$
5
.38
$
5
.57
$
5
.72
$
5
.70
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.83
%
3
.85
%
(
1
.92
)
%
(
1
.45
)
%
1
.82
%
3
.80
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.52
%
(5)
0
.52
%
0
.52
%
0
.50
%
0
.51
%
0
.51
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.52
%
(5)
0
.52
%
0
.52
%
0
.50
%
0
.51
%
0
.51
%
Net
investment
income
2
.48
%
(5)
2
.12
%
1
.53
%
1
.20
%
1
.46
%
1
.60
%
Portfolio
turnover
rate
16
.9
%
28
.8
%
36
.9
%
23
.9
%
57
.8
%
17
.4
%
Net
assets,
end
of
period
(in
thousands)
$704,230
$745,724
$864,097
$1,091,168
$1,470,185
$1,409,913
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
5
.45
$
5
.37
$
5
.56
$
5
.71
$
5
.69
$
5
.57
Investment
activities
Net
investment
income
(1)(2)
0
.06
0
.10
0
.07
0
.05
0
.07
0
.07
Net
realized
and
unrealized
gain/
loss
0
.04
0
.08
(
0
.19
)
(
0
.15
)
0
.02
0
.12
Total
from
investment
activities
0
.10
0
.18
(
0
.12
)
(
0
.10
)
0
.09
0
.19
Distributions
Net
investment
income
(
0
.06
)
(
0
.10
)
(
0
.07
)
(
0
.05
)
(
0
.07
)
(
0
.07
)
Net
realized
gain
—
—
—
—
(3)
—
—
Total
distributions
(
0
.06
)
(
0
.10
)
(
0
.07
)
(
0
.05
)
(
0
.07
)
(
0
.07
)
NET
ASSET
VALUE
End
of
period
$
5
.49
$
5
.45
$
5
.37
$
5
.56
$
5
.71
$
5
.69
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.81
%
3
.33
%
(
2
.17
)
%
(
1
.76
)
%
1
.51
%
3
.47
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.90
%
(5)
0
.83
%
0
.77
%
0
.80
%
0
.81
%
0
.82
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.90
%
(5)
0
.83
%
0
.77
%
0
.80
%
0
.81
%
0
.82
%
Net
investment
income
2
.10
%
(5)
1
.78
%
1
.21
%
0
.89
%
1
.20
%
1
.27
%
Portfolio
turnover
rate
16
.9
%
28
.8
%
36
.9
%
23
.9
%
57
.8
%
17
.4
%
Net
assets,
end
of
period
(in
thousands)
$997
$1,166
$2,565
$10,937
$2,879
$8,577
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
5
.47
$
5
.39
$
5
.58
$
5
.72
$
5
.71
$
5
.58
Investment
activities
Net
investment
income
(1)(2)
0
.07
0
.12
0
.09
0
.07
0
.09
0
.10
Net
realized
and
unrealized
gain/
loss
0
.03
0
.08
(
0
.19
)
(
0
.14
)
0
.01
0
.13
Total
from
investment
activities
0
.10
0
.20
(
0
.10
)
(
0
.07
)
0
.10
0
.23
Distributions
Net
investment
income
(
0
.07
)
(
0
.12
)
(
0
.09
)
(
0
.07
)
(
0
.09
)
(
0
.10
)
Net
realized
gain
—
—
—
—
(3)
—
—
Total
distributions
(
0
.07
)
(
0
.12
)
(
0
.09
)
(
0
.07
)
(
0
.09
)
(
0
.10
)
NET
ASSET
VALUE
End
of
period
$
5
.50
$
5
.47
$
5
.39
$
5
.58
$
5
.72
$
5
.71
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.90
%
3
.81
%
(
1
.77
)
%
(
1
.16
)
%
1
.74
%
4
.09
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.37
%
(5)
0
.38
%
0
.37
%
0
.38
%
0
.41
%
0
.41
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.37
%
(5)
0
.38
%
0
.37
%
0
.38
%
0
.41
%
0
.41
%
Net
investment
income
2
.62
%
(5)
2
.27
%
1
.68
%
1
.31
%
1
.56
%
1
.70
%
Portfolio
turnover
rate
16
.9
%
28
.8
%
36
.9
%
23
.9
%
57
.8
%
17
.4
%
Net
assets,
end
of
period
(in
thousands)
$714,763
$801,667
$930,459
$970,206
$677,176
$606,294
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
August
31,
2024
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.3%
ALABAMA
2.8%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
8,225
8,305
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,700
5,739
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
14,450
15,397
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
10,000
10,015
39,456
ALASKA
0.4%
Alaska
HFC,
State
Capital
Project,
Series A,
4.00%,
6/1/26
1,375
1,402
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/26
900
943
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
6/1/27
1,550
1,642
Alaska
HFC,
State
Capital
Project,
Series A,
5.00%,
12/1/27
1,930
2,064
6,051
ARIZONA
1.5%
Arizona
IDA,
Sustainable
Bonds,
Series 2019A,
5.00%,
11/1/28
1,180
1,272
Arizona
IDA,
Sustainable
Bonds,
Series A,
5.00%,
11/1/28
4,740
5,059
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (1)
1,275
1,291
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (1)
4,060
4,179
Maricopa
County
IDA,
Banner
Health
Group,
Series C,
FRN,
100%
of
MUNIPSA
+
0.57%,
3.49%,
1/1/35
(Tender
10/18/24)
6,480
6,479
Maricopa
County
IDA,
Honor
Health,
Series D,
5.00%,
12/1/29 (2)
1,275
1,413
Salt
River
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/27
1,500
1,585
21,278
CALIFORNIA
4.9%
California,
GO,
5.00%,
9/1/25
3,000
3,072
California,
GO,
5.00%,
9/1/26
7,000
7,329
California,
GO,
5.00%,
8/1/27
1,050
1,099
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
6,500
6,879
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
3.62%,
12/1/50
(Tender
6/1/26)
1,175
1,174
California
Infrastructure
&
Economic
Dev.
Bank,
Sustainable
Bonds,
Series A,
3.25%,
8/1/29
9,370
9,406
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Kaiser
Permanente
Revenue
Bonds,
Series C-1,
VRDN,
5.00%,
4/1/46
(Tender
11/1/29)
4,015
4,471
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/26 (1)
2,385
2,463
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (1)
4,000
4,313
Los
Angeles
Unified
School
Dist.,
Series A,
GO,
5.00%,
7/1/28
12,500
13,742
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.467%,
7/1/27
2,085
2,089
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series A,
5.00%,
5/1/29 (1)
3,500
3,772
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series C,
5.00%,
5/1/28 (1)
9,250
9,840
69,649
COLORADO
5.4%
Colorado,
Series A,
COP,
5.00%,
12/15/27
3,000
3,231
Colorado,
Series A,
COP,
5.00%,
12/15/28
9,205
10,099
Colorado
HFA,
Adventhealth
Obligated,
Series 2023A-1,
VRDN,
5.00%,
11/15/58
(Tender
11/15/28)
1,550
1,671
Colorado
HFA,
Adventist
Health
System,
Series 2018B,
VRDN,
5.00%,
11/15/48
(Tender
11/20/25)
4,600
4,703
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/25
600
601
Colorado
HFA,
Christian
Living
Neighborhoods,
5.00%,
1/1/26
550
553
Colorado
HFA,
Commonspirit
Health,
Series B,
VRDN,
5.00%,
8/1/49
(Tender
8/1/25)
1,000
1,007
Colorado
HFA,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
8,855
9,047
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/25
2,150
2,202
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/27
2,080
2,215
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/29 (1)
5,660
5,939
Denver
City
&
County
Airport
System
Revenue,
Series 2017A,
5.00%,
11/15/30 (1)
1,000
1,047
Denver
City
&
County
Airport
System
Revenue,
Series 2018A,
5.00%,
11/15/29 (1)
8,000
8,653
Denver
City
&
County
Airport
System
Revenue,
Series 2022A,
5.00%,
11/15/30 (1)
5,000
5,449
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (1)
4,265
4,521
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,971
Denver
City
&
County
Airport
System
Revenue,
Series B,
5.00%,
11/15/29 (1)
2,000
2,155
E-470
Public
Highway
Auth.,
Capital
Appreciation,
Series B,
Zero
Coupon,
9/1/29 (3)
2,500
2,129
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/27 (4)
200
212
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/28 (4)
200
215
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/29 (4)
200
218
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/30 (4)
300
331
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/31 (4)
275
306
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Series B,
5.00%,
11/1/33
2,000
2,129
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Fastracks
Project,
Series A,
5.00%,
11/1/27
2,500
2,685
Univ.
of
Colorado
Hosp.
Auth.,
VRDN,
3.80%,
11/15/35
2,000
2,000
76,289
CONNECTICUT
2.4%
Connecticut,
Series A,
GO,
5.00%,
4/15/29
3,000
3,178
Connecticut,
Series D,
GO,
5.00%,
9/15/26
1,775
1,862
Connecticut,
Series D,
GO,
5.00%,
9/15/27
1,000
1,072
Connecticut,
Series D,
GO,
5.00%,
9/15/28
1,000
1,095
Connecticut,
Series E,
GO,
5.00%,
9/15/26
1,255
1,316
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
5,116
Connecticut
Special
Tax
Revenue,
Special
Tax
Obligation
Bonds,
Series A,
5.00%,
5/1/26
5,000
5,202
Connecticut
State
HEFA,
Series A,
VRDN,
2.80%,
7/1/48
(Tender
2/10/26)
2,500
2,498
Connecticut
State
HEFA,
Series A-3,
VRDN,
2.95%,
7/1/49
3,000
3,002
Connecticut
State
HEFA,
Series B,
VRDN,
5.00%,
7/1/49
(Tender
7/1/29)
3,750
4,097
Connecticut
State
HEFA,
Series C-2,
VRDN,
2.80%,
7/1/57
(Tender
2/3/26)
2,425
2,423
Univ.
of
Connecticut,
Series A,
5.00%,
8/15/29
1,200
1,333
Univ.
of
Connecticut,
Refunding,
Series A,
5.00%,
8/15/29
1,740
1,934
34,128
DISTRICT
OF
COLUMBIA
2.9%
Dist.
of
Columbia,
Series D,
GO,
5.00%,
6/1/26
3,500
3,649
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/28
1,410
1,475
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/30
1,795
1,871
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/31
2,000
2,078
Dist.
of
Columbia,
Income
Tax
Revenue,
Series A,
5.00%,
3/1/26
5,000
5,182
Dist.
of
Columbia,
Income
Tax
Revenue,
Series C,
5.00%,
12/1/26
5,250
5,537
Dist.
of
Columbia,
Water
&
Sewer
Auth.,
Series A,
5.00%,
10/1/29
1,050
1,175
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/28 (1)
3,000
3,200
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2021A,
5.00%,
10/1/26 (1)
4,705
4,877
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (1)
7,000
7,359
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/29 (1)
5,000
5,401
41,804
FLORIDA
5.9%
Alachua
County
HFA,
Shands
Teaching
Hosp.,
5.00%,
12/1/25
1,225
1,253
Alachua
County
HFA,
Shands
Teaching
Hosp.,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,300
6,482
Broward
County
Airport
System,
Series A,
5.00%,
10/1/24 (1)
1,250
1,251
Broward
County
Airport
System,
Series A,
5.00%,
10/1/25 (1)
2,065
2,107
Broward
County
Airport
System,
Series A,
5.00%,
10/1/28 (1)
2,330
2,481
Broward
County
Airport
System,
Series B,
5.00%,
10/1/24 (1)
1,400
1,401
Broward
County
Airport
System,
Series B,
5.00%,
10/1/25 (1)
1,500
1,530
Broward
County
Airport
System,
Series B,
5.00%,
10/1/28 (1)
1,980
2,108
Broward
County
Airport
System,
Series C,
5.00%,
10/1/25 (1)
1,235
1,260
Broward
County
Airport
System,
Series Q-1,
5.00%,
10/1/25
4,315
4,321
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/24
1,100
1,101
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/25
500
507
Duval
County
Public
Schools,
Series A,
COP,
5.00%,
7/1/27 (4)
2,750
2,923
Florida
Lottery
Revenue,
Series 2016A,
5.00%,
7/1/27
3,696
3,845
Florida
Lottery
Revenue,
Series 2019A,
5.00%,
7/1/27
4,745
5,053
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/27
10,000
10,666
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/30
6,180
6,534
Florida,
Board
of
Ed.,
Capital
Outlay,
Series E,
GO,
5.00%,
6/1/31
9,065
9,204
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.00%,
10/1/29
750
835
Marion
County
School
Board,
COP,
5.00%,
6/1/27 (4)
1,000
1,062
Marion
County
School
Board,
COP,
5.00%,
6/1/28 (4)
2,750
2,983
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
2,000
2,002
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31
2,000
2,002
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/25 (5)
4,870
4,878
Orange
County
HFA,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
205
215
Orange
County
HFA,
Unrefunded
Balance,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
3,195
3,333
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/25
620
633
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Palm
Beach
County
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/26
600
623
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
1,895
1,914
84,507
GEORGIA
4.7%
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31
5,955
6,029
Atlanta
Water
&
Wastewater,
5.00%,
11/1/32
2,020
2,044
Burke
County
Dev.
Auth.,
Fifth
Series
Georgia
Power
Plant,
VRDN,
PCR,
3.70%,
10/1/32
(Tender
6/13/28)
1,900
1,953
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.30%,
12/1/49
(Tender
8/21/29)
1,000
1,005
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.375%,
11/1/53
(Tender
3/12/27)
1,850
1,863
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/25
350
354
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/35
2,390
2,480
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/28
1,125
1,207
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/29
1,110
1,211
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/25
245
247
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/25
4,760
4,799
LaGrange-Troup
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/25
500
506
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/27
2,500
2,595
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/28
3,890
4,096
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
14,275
14,393
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
1,000
1,063
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
4.00%,
8/1/49
(Tender
12/2/24)
6,985
6,990
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
12,310
12,455
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series A,
5.00%,
1/1/28
2,000
2,069
67,359
HAWAII
0.2%
Hawaii,
Series FG,
GO,
5.00%,
10/1/30
2,560
2,674
2,674
ILLINOIS
6.0%
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/29 (1)
5,000
5,310
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/30 (1)
9,000
9,647
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/31 (1)
3,000
3,239
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/26
2,020
2,031
Chicago
O'Hare
Int'l.
Airport,
Series C,
5.00%,
1/1/29
1,565
1,602
Chicago
Waterworks,
5.00%,
11/1/24
3,850
3,861
Chicago
Waterworks,
Series A-1,
5.00%,
11/1/24
460
461
Illinois,
GO,
5.00%,
1/1/28
2,010
2,059
Illinois,
GO,
5.00%,
2/1/29
4,520
4,735
Illinois,
Series A,
GO,
5.00%,
11/1/25
4,130
4,223
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,145
2,293
Illinois,
Series A,
GO,
5.00%,
12/1/28
5,000
5,412
Illinois,
Series B,
GO,
5.00%,
9/1/25
5,620
5,728
Illinois,
Series B,
GO,
5.00%,
3/1/27
2,000
2,099
Illinois,
Series B,
GO,
5.00%,
5/1/28
2,200
2,358
Illinois,
Series B,
GO,
5.00%,
5/1/29
2,000
2,180
Illinois,
Series C,
GO,
5.00%,
11/1/29
3,500
3,711
Illinois,
Series D,
GO,
5.00%,
7/1/25
4,920
4,998
Illinois,
Series D,
GO,
5.00%,
11/1/28
3,535
3,756
Illinois
Fin.
Auth.,
Healthcare
System,
Series B-1,
VRDN,
5.00%,
5/15/50
(Tender
11/15/24)
4,925
4,928
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-1,
VRDN,
5.00%,
8/15/52
(Tender
8/15/25)
3,000
3,039
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-2,
VRDN,
5.00%,
8/15/52
(Tender
8/15/27)
4,645
4,895
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29 (2)
800
849
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/26 (6)
1,320
1,367
84,781
INDIANA
0.1%
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.00%,
9/15/24 (6)
845
845
845
IOWA
0.6%
PEFA,
VRDN,
5.00%,
9/1/49
(Tender
9/1/26)
7,785
7,952
7,952
KENTUCKY
1.3%
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/25
610
613
Ashland
Medical
Center,
DBA
King's
Daughter,
Series 2019,
5.00%,
2/1/26
550
560
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/25
1,400
1,406
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
4,065
4,144
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,305
11,418
18,141
LOUISIANA
0.5%
Lake
Charles
Harbor
&
Terminal
Dist.,
Big
Lake
Fuels
LLC
Project,
VRDN,
1.00%,
12/1/51
(Tender
12/1/24) (1)
2,775
2,755
Louisiana
Gasoline
&
Fuels
Tax,
Series A-1,
VRDN,
3.80%,
5/1/43
1,050
1,050
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series 2007A,
4.15%,
9/1/27
1,000
1,016
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
1,600
1,625
New
Orleans
Aviation
Board,
Series B,
5.00%,
1/1/25 (1)
250
251
6,697
MARYLAND
8.1%
Anne
Arundel
County,
GO,
5.00%,
4/1/27
1,895
2,015
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/27
3,245
3,450
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/24
1,950
1,950
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/25
2,040
2,053
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
3,155
3,188
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,000
2,092
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/27
5,110
5,481
Maryland,
GO,
5.00%,
8/1/31
9,725
10,503
Maryland,
Series 2017A,
GO,
5.00%,
3/15/26
4,155
4,312
Maryland,
Series 2020A,
GO,
5.00%,
3/15/26
5,000
5,189
Maryland,
Series A,
GO,
5.00%,
3/15/27
2,280
2,422
Maryland,
Series A,
GO,
5.00%,
8/1/27
5,000
5,358
Maryland
DOT,
4.00%,
11/1/29
1,235
1,236
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
6,990
7,170
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.25%,
1/1/25
1,000
1,004
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/26
1,280
1,310
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/27
2,500
2,601
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
2,000
2,029
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/25
665
674
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
1,250
1,290
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
3,435
3,454
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
12,315
12,874
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/34
(Prerefunded
5/1/26) (7)
5,000
5,201
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/35
(Prerefunded
5/1/26) (7)
2,585
2,689
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (7)
4,000
4,161
Maryland,
Group
1,
Series A,
GO,
5.00%,
3/15/28
2,595
2,819
Montgomery
County,
Series A,
GO,
5.00%,
8/1/27
2,000
2,143
Montgomery
County,
Series A,
GO,
5.00%,
8/1/29
1,415
1,581
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
4,810
5,155
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
1,320
1,382
Prince
George's
County,
Series B,
GO,
5.00%,
9/1/27
1,755
1,884
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
3,000
3,111
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/25
665
662
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/27
1,860
1,986
114,429
MASSACHUSETTS
0.4%
Massachusetts
Housing
Fin.
Agency,
Series A-3,
3.75%,
6/1/29
5,635
5,757
5,757
MICHIGAN
1.6%
Detroit
City
School
Dist.,
Series C,
GO,
5.25%,
5/1/25 (8)
1,855
1,883
Great
Lakes
Water
Auth.,
Sewage
Disposal
System,
Series B,
5.00%,
7/1/29
5,000
5,548
Great
Lakes
Water
Auth.,
Water
Supply
System,
Series D,
5.00%,
7/1/31
1,000
1,032
Great
Lakes
Water
Auth.,
Water
Supply
System,
Senior
Lien,
Series C,
5.00%,
7/1/27
5,800
6,048
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
4,060
4,219
Michigan
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/24
995
999
Michigan,
City
of
Detroit,
GO,
5.00%,
4/1/25
860
868
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/24
780
784
Wayne
County
Airport
Auth.,
Series F,
5.00%,
12/1/31 (1)
1,330
1,353
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/27
425
434
23,168
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
MINNESOTA
1.4%
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series B,
5.00%,
1/1/30 (1)
3,500
3,774
Minnesota,
Series 2023D,
GO,
5.00%,
8/1/27
2,495
2,673
Minnesota,
Series A,
GO,
5.00%,
8/1/26
5,320
5,569
Minnesota,
Series D,
GO,
5.00%,
8/1/27
7,875
8,036
20,052
MISSOURI
1.0%
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
13,150
14,115
14,115
NEBRASKA
0.1%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,945
2,043
2,043
NEVADA
0.8%
Clark
County
Dept.
of
Aviation,
Airport
Improvement,
Series B,
5.00%,
7/1/27 (1)
3,000
3,142
Clark
County
School
Dist.,
Series A,
GO,
3.00%,
6/15/25 (4)
650
650
Clark
County
School
Dist.,
Series B,
GO,
5.00%,
6/15/28 (4)
5,000
5,441
Nevada
Housing
Division,
VRDN,
5.00%,
12/1/25
(Tender
12/1/24)
1,800
1,807
11,040
NEW
JERSEY
4.2%
New
Jersey
Economic
Dev.
Auth.,
Series RRR,
5.00%,
3/1/28
1,150
1,240
New
Jersey
Economic
Dev.
Auth.,
Series SSS,
5.00%,
6/15/26
2,000
2,079
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
Series A,
5.00%,
11/1/29
5,065
5,589
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
2,279
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/26
825
858
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/27
3,305
3,506
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/32
3,000
3,220
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,705
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2018A,
5.00%,
12/15/26
1,410
1,481
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series 2019A,
5.00%,
12/15/26
2,525
2,652
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
210
210
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/29
5,150
5,650
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/32
1,070
1,138
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
5,000
5,160
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/27
14,280
15,215
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26
4,055
4,162
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
1,535
1,616
59,167
NEW
YORK
5.5%
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax
General
Purpose
Bond,
Series B,
5.00%,
2/15/29
9,855
10,421
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series A,
5.00%,
3/15/28
6,985
7,354
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,250
1,197
Long
Island
Power
Auth.,
Series B,
VRDN,
3.00%,
9/1/49
(Tender
9/1/29)
6,900
6,802
New
York
City,
Series A,
GO,
5.00%,
8/1/30
2,500
2,821
New
York
City,
Series C,
GO,
5.00%,
8/1/27
5,000
5,343
New
York
City,
Series E,
GO,
5.00%,
8/1/29
5,000
5,540
New
York
City,
Series F-1,
GO,
5.00%,
8/1/28
1,000
1,089
New
York
City
Housing
Dev.,
Sustainable
Development
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28)
1,450
1,465
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series A-1,
5.00%,
11/1/26
1,170
1,231
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D,
5.00%,
11/1/27
4,130
4,449
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series G-1,
5.00%,
5/1/28
4,500
4,904
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
VRDN,
3.80%,
11/1/62
(Tender
5/1/29)
5,000
5,034
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (1)
865
866
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (1)
7,000
7,199
Port
Auth.
of
New
York
&
New
Jersey,
Series 185,
5.00%,
9/1/25 (1)
2,000
2,003
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/27 (1)
7,300
7,728
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/30 (1)
2,350
2,461
77,907
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
NORTH
CAROLINA
4.3%
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/28
650
707
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/29
800
888
Charlotte
City,
Government
Facilities,
Series B,
COP,
5.00%,
6/1/30
850
959
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
6,990
7,810
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
11,360
12,299
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Health,
Series E,
VRDN,
3.97%,
1/15/42
1,600
1,600
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
Healthcare
System,
Series C,
VRDN,
3.95%,
1/15/37
100
100
Mecklenburg
County,
GO,
5.00%,
3/1/26
10,000
10,368
North
Carolina
Medical
Care
Commission,
Caromont
Health,
Series B,
VRDN,
5.00%,
2/1/51
(Tender
2/1/26)
11,110
11,412
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/25
265
265
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/26
490
495
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/27
485
494
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,
Wake
Forest
Baptist,
Series B,
5.00%,
12/1/27
1,125
1,128
North
Carolina
Turnpike
Auth.,
Monore
Expressway
System,
5.00%,
1/1/27
1,100
1,163
North
Carolina
Turnpike
Auth.,
Monore
Expressway
System,
5.00%,
1/1/28
1,600
1,730
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/26
950
996
Raleigh
City,
Combined
Enterprise
System
Revenue,
Series 2023,
5.00%,
9/1/27
630
676
Raleigh
Durham
Airport
Auth.,
Series A,
5.00%,
5/1/27 (1)
1,400
1,462
Wake
County,
Series 2021,
GO,
5.00%,
4/1/29
5,000
5,550
60,657
OHIO
0.9%
Columbus,
Series 2,
GO,
5.00%,
8/15/26
945
990
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/25
200
200
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/26
150
151
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
1,500
1,476
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/26
7,000
7,298
Ohio
Water
Dev.
Auth.
Water
Pollution
Control
Loan
Fund,
Series A,
5.00%,
6/1/27
3,000
3,198
13,313
OKLAHOMA
0.1%
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/27 (5)
700
747
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/28 (5)
1,025
1,117
1,864
OREGON
1.1%
Oregon,
Series A,
GO,
5.00%,
5/1/26
1,625
1,691
Oregon,
Series A,
GO,
5.00%,
5/1/27
3,000
3,191
Oregon,
Series D,
GO,
5.00%,
6/1/26
1,215
1,267
Oregon,
Series D,
GO,
5.00%,
6/1/27
2,650
2,824
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/29 (1)
6,455
6,943
15,916
PENNSYLVANIA
1.0%
Allegheny
County
Airport
Auth.,
Series A,
5.00%,
1/1/29 (1)(4)
1,400
1,496
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/25
500
504
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26
550
564
Bucks
County
IDA,
5.00%,
7/1/25
350
349
Bucks
County
IDA,
5.00%,
7/1/26
450
452
Bucks
County
IDA,
5.00%,
7/1/27
475
481
Butler
County
Hosp.
Auth.,
5.00%,
7/1/25
705
706
Pennsylvania,
GO,
5.00%,
2/1/26
4,575
4,737
Philadelphia
Airport,
Series C,
5.00%,
7/1/26 (1)
1,080
1,118
Philadelphia
Airport,
Series C,
5.00%,
7/1/27 (1)
1,135
1,187
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
3.60%,
6/1/35
100
100
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (4)
2,500
2,584
14,278
PUERTO
RICO
6.1%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (9)
6,800
7,135
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (9)
5,000
5,275
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (9)
1,250
1,301
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
19,435
20,236
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
11,740
12,623
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,581
6,178
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/27
450
472
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/29
850
918
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
13,854
13,873
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
9,628
8,653
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
7,000
5,364
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,535
4,599
86,627
RHODE
ISLAND
0.1%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/24
1,290
1,290
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/25
415
417
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
456
2,163
SOUTH
CAROLINA
1.0%
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
VRDN,
5.25%,
2/1/54
(Tender
3/1/31)
1,585
1,723
South
Carolina
Jobs
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
VRDN,
5.00%,
12/1/48
(Tender
10/1/25)
5,010
5,111
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/30
1,140
1,206
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/28
4,700
4,756
Spartanburg
Regional
Health
Services
Dist.,
5.00%,
4/15/29
1,700
1,851
14,647
SOUTH
DAKOTA
0.1%
South
Dakota
HEFA,
Sanford
Obligated
Group,
5.00%,
11/1/29
1,000
1,025
1,025
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
TENNESSEE
1.0%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/29
1,570
1,663
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,486
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/28
3,000
3,227
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (1)
690
722
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (1)
1,000
1,062
14,160
TEXAS
9.2%
Austin
Airport
System,
5.00%,
11/15/27 (1)
1,780
1,784
Austin
Airport
System,
Series A,
5.00%,
11/15/26
545
573
Austin
Airport
System,
Series B,
5.00%,
11/15/28 (1)
2,255
2,405
Austin
Airport
System,
Series B,
5.00%,
11/15/29 (1)
1,200
1,239
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/26
1,505
1,520
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,755
1,787
Austin
Water
&
Wastewater
System,
5.00%,
11/15/32
2,095
2,173
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/26
1,620
1,665
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/28
1,700
1,741
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/29
1,250
1,352
Central
Texas
Turnpike
System,
Series C,
5.00%,
8/15/31
3,500
3,920
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/28
1,000
1,094
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/27
2,000
2,021
Dallas
Hotel
Occupancy
Tax
Revenue,
4.00%,
8/15/28
2,000
2,020
Harris
County,
GO,
5.00%,
9/15/29
1,370
1,526
Harris
County,
Series A,
GO,
5.00%,
9/15/29
1,790
1,994
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
6/1/32
(Tender
12/1/26)
11,665
12,217
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/26)
1,500
1,571
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
Series B,
5.00%,
7/1/31
7,000
7,896
Harris
County
Cultural
Ed.
Fac.
Fin.,
Methodist
Hospital
Sys.,
Series 9C-1,
TECP,
3.83%,
9/3/24
1,225
1,225
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,180
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31
2,440
2,585
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (1)
2,130
2,293
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Houston
Combined
Utility
System
Revenue,
Series A,
Zero
Coupon,
12/1/25 (4)(6)
6,000
5,784
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/27
2,500
2,684
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/29
1,500
1,669
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (1)
855
855
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/27 (4)
2,000
2,124
Lower
Colorado
River
Auth.,
Series A,
5.00%,
5/15/28 (4)
1,500
1,625
Midland
Independent
School
Dist.,
GO,
5.00%,
2/15/30
1,500
1,682
North
Texas
Tollway
Auth.,
Series A,
5.00%,
1/1/28
460
463
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
1,857
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
1,000
1,054
Port
Beaumont
Navigation
Dist.,
1.875%,
1/1/26 (1)(9)
500
489
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
3,200
3,296
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/27
2,000
2,127
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/28
1,000
1,087
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
9,725
10,058
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
2,500
2,556
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/27
4,285
4,482
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
5,100
5,528
Texas
Transportation
Commission,
GO,
5.00%,
4/1/28
9,000
9,761
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34
6,150
6,483
Texas
Water
Financial
Assistance,
Economically
Distressed
Areas
Program,
Series C,
GO,
5.00%,
8/1/28
3,345
3,640
130,229
UTAH
2.0%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/26
2,000
2,089
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/27
2,000
2,136
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/28
3,750
4,092
Salt
Lake
City
Airport,
Series 2017A,
5.00%,
7/1/27 (1)
2,030
2,125
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/29 (1)
2,000
2,108
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/26 (1)
3,960
4,083
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (1)
5,080
5,318
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/26 (1)
1,155
1,191
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/29 (1)
2,000
2,147
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/26
1,450
1,513
Univ.
of
Utah,
Green
Bond,
Series B,
5.00%,
8/1/27
1,000
1,069
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Vineyard
Redev.
Agency,
5.00%,
5/1/27 (4)
615
649
28,520
VIRGINIA
6.5%
Arlington
County
IDA,
Park
Shirlington
Apartments,
Series A,
5.00%,
1/1/26
2,325
2,390
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/28
880
948
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
7,500
8,184
Fairfax
County,
Series A,
GO,
5.00%,
10/1/29
2,930
3,096
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/27
5,670
6,018
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/32
5,000
5,726
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
5,000
5,523
Fairfax
County
Redev.
&
Housing
Auth.,
Dominion
Square
North
Project,
VRDN,
5.00%,
1/1/45
(Tender
1/1/28)
1,125
1,173
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,750
1,751
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/27
3,425
3,690
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/28
3,260
3,588
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/29
1,000
1,122
Hampton
Roads
Sanitation
Dist.,
Wastewater,
Series A,
5.00%,
8/1/34
(Prerefunded
8/1/26) (7)
4,335
4,536
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
BAN,
5.00%,
7/1/26 (6)
4,850
5,053
Loudoun
County,
Series B,
GO,
5.00%,
12/1/26
3,215
3,391
Louisa
IDA,
Series A,
VRDN,
3.65%,
11/1/35
(Tender
10/1/27)
2,000
2,040
Virginia
College
Building
Auth.,
4.00%,
2/1/29
6,065
6,251
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/26
7,015
7,258
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/27
5,000
5,294
Virginia
College
Building
Auth.,
Series A,
5.00%,
2/1/28
3,020
3,266
Virginia
Public
School
Auth.,
Series A,
5.00%,
8/1/26
4,845
5,068
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
4.00%,
1/1/30 (1)
3,250
3,292
Wise
County
IDA,
Virginia
Electric
&
Power,
Series A,
VRDN,
3.80%,
11/1/40
(Tender
5/28/27)
3,000
3,066
91,724
WASHINGTON
3.0%
Energy
Northwest,
Series A,
5.00%,
7/1/27
5,120
5,338
Energy
Northwest,
Series A,
5.00%,
7/1/28
2,900
3,159
Energy
Northwest,
Series A,
5.00%,
7/1/30
2,000
2,258
Energy
Northwest,
Project
1,
Series B,
5.00%,
7/1/27
3,500
3,733
Port
of
Seattle,
Series B,
5.00%,
7/1/29 (1)
4,250
4,560
Port
of
Seattle,
Series C,
5.00%,
8/1/28 (1)
3,000
3,186
Washington,
Series A-1,
GO,
5.00%,
8/1/27
4,130
4,210
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Washington,
Series C,
GO,
5.00%,
2/1/28
5,000
5,407
Washington,
Series D,
GO,
5.00%,
2/1/32
5,000
5,241
Washington,
Series R,
GO,
4.00%,
7/1/26
5,000
5,134
42,226
WISCONSIN
0.2%
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-3,
VRDN,
5.00%,
8/15/54
2,500
2,732
2,732
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.34% (10)(11)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
99.3%
of
Net
Assets
(Cost
$1,400,077)
$
1,409,371
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
When-issued
security
(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
$14,200
and
represents
1.0%
of
net
assets.
(10)
Seven-day
yield
(11)
Affiliated
Companies
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
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
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
TECP
Tax-Exempt
Commercial
Paper
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
August
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,
5.34%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
02/29/24
Purchase
Cost
Sales
Cost
Value
08/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.34%
$
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
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$1,400,077)
$
1,409,371
Interest
receivable
15,338
Receivable
for
shares
sold
790
Cash
7
Other
assets
53
Total
assets
1,425,559
Liabilities
Payable
for
shares
redeemed
2,331
Payable
for
investment
securities
purchased
2,218
Investment
management
fees
payable
404
Due
to
affiliates
35
Payable
to
directors
1
Other
liabilities
580
Total
liabilities
5,569
NET
ASSETS
$
1,419,990
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(37,843)
Paid-in
capital
applicable
to
258,054,475
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
1,457,833
NET
ASSETS
$
1,419,990
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$704,230;
Shares
outstanding:
128,015,532)
$
5.50
Advisor
Class
(Net
assets:
$997;
Shares
outstanding:
181,601)
$
5.49
I
Class
(Net
assets:
$714,763;
Shares
outstanding:
129,857,342)
$
5.50
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Investment
Income
(Loss)
Interest
income
$
22,542
Expenses
Investment
management
2,514
Shareholder
servicing
Investor
Class
$
548
Advisor
Class
1
I
Class
48
597
Rule
12b-1
fees
Advisor
Class
1
Prospectus
and
shareholder
reports
Investor
Class
23
I
Class
10
33
Custody
and
accounting
110
Registration
47
Legal
and
audit
19
Directors
2
Miscellaneous
10
Total
expenses
3,333
Net
investment
income
19,209
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
4,605
)
Futures
(
41
)
Net
realized
loss
(
4,646
)
Change
in
net
unrealized
gain
/
loss
on
securities
13,484
Net
realized
and
unrealized
gain
/
loss
8,838
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
28,047
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
19,209
$
36,317
Net
realized
loss
(
4,646
)
(
16,616
)
Change
in
net
unrealized
gain
/
loss
13,484
41,015
Increase
in
net
assets
from
operations
28,047
60,716
Distributions
to
shareholders
Net
earnings
Investor
Class
(
8,965
)
(
16,936
)
Advisor
Class
(
12
)
(
39
)
I
Class
(
10,161
)
(
19,215
)
Decrease
in
net
assets
from
distributions
(
19,138
)
(
36,190
)
Capital
share
transactions
*
Shares
sold
Investor
Class
46,957
127,074
Advisor
Class
2
593
I
Class
59,301
148,014
Distributions
reinvested
Investor
Class
7,910
14,729
Advisor
Class
11
39
I
Class
7,862
14,366
Shares
redeemed
Investor
Class
(
100,856
)
(
272,099
)
Advisor
Class
(
188
)
(
2,037
)
I
Class
(
158,475
)
(
303,769
)
Decrease
in
net
assets
from
capital
share
transactions
(
137,476
)
(
273,090
)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Net
Assets
Decrease
during
period
(
128,567
)
(
248,564
)
Beginning
of
period
1,548,557
1,797,121
End
of
period
$
1,419,990
$
1,548,557
*Share
information
(000s)
Shares
sold
Investor
Class
8,617
23,516
Advisor
Class
1
110
I
Class
10,880
27,367
Distributions
reinvested
Investor
Class
1,453
2,721
Advisor
Class
2
7
I
Class
1,443
2,653
Shares
redeemed
Investor
Class
(
18,491
)
(
50,341
)
Advisor
Class
(
35
)
(
381
)
I
Class
(
29,056
)
(
56,191
)
Decrease
in
shares
outstanding
(
25,186
)
(
50,539
)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks
to
provide,
consistent
with
modest
price
fluctuation,
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
short-
and
intermediate-term
investment-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
Short-Intermediate
Fund
(Investor
Class),
the
Tax-Free
Short-
Intermediate
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
Short-
Intermediate
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
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)
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,
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
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.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
August
31,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,409,370
$
—
$
1,409,370
Short-Term
Investments
1
—
—
1
Total
$
1
$
1,409,370
$
—
$
1,409,371
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
As
of
August
31,
2024,
the
fund
held
no
derivative
instruments.
The
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
August
31,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(41)
Total
$
(41)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
August
31,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
2%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $250,124,000 and
$388,864,000,
respectively,
for
the
six
months ended
August
31,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
29,
2024,
the
fund
had
$42,901,000
of
available
capital
loss
carryforwards.
At
August
31,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$1,400,077,000.
Net
unrealized
gain
aggregated
$9,294,000
at
period-end,
of
which
$14,729,000
related
to
appreciated
investments
and
$5,435,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.05%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
August
31,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$60,000
for
Price
Associates
and
$134,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.69%
0.94%
0.05%
Expense
limitation
date
06/30/25
06/30/25
06/30/25
(Waived)/repaid
during
the
period
($000s)
$—
$—
$—
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
August
31,
2024,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
1,020,436
shares
of
the
Investor
Class,
representing
less
than
1%
of
the
Investor
Class's
net
assets.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
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
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
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.
NOTE
8
-
SUBSEQUENT
EVENT
Effective
November
1,
2024,
Price
Associates
has
contractually
agreed
to
lower
the
fund’s
total
investment
management
fee
to
0.20%
and
lower
the
Investor
Class
and
Advisor
Class
total
expense
limits
to
0.55%
and
0.80%,
respectively.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
third
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
third
quintile
(Advisor
Class
Expense
Group),
and
the
fund’s
total
expenses
ranked
in
the
fifth
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
first
quintile
(Advisor
Class
Expense
Group).
The
Adviser
provided
the
Board
with
additional
information
with
respect
to
the
fund’s
relative
actual
management
fees
and
total
expenses
ranking
in
the
fourth
and
fifth
quintiles.
The
Board
reviewed
and
considered
the
information
provided
relating
to
the
fund,
including
other
funds
in
the
peer
group,
and
other
factors
that
the
Board
determined
to
be
relevant.
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F56-051
10/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. |
| | | | |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | October 18, 2024 | | |
