# EDGAR Filing Document

**Accession Number:** 0000730200
**File Stem:** 0001193125-25-245996
**Filing Date:** 2025-10
**Character Count:** 124960
**Document Hash:** f753065f2819cf23ac4801ebf3926c8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-245996.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001193125-25-245996

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.
- **CENTRAL INDEX KEY:** 0000730200

**ORGANIZATION NAME:**
- **EIN:** 521316470
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03872
- **FILM NUMBER:** 251408935

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **STREET 2:** OM-2165
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **STREET 2:** OM-2165
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price
- **DATE OF NAME CHANGE:** 20190528

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE TAX FREE SHORT INTERMEDIATE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (Series ID: S000002165)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000005562 | T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.         | PRFSX           |
| C000117196 | T. Rowe Price Tax-Free Short-Intermediate Fund-Advisor Class | PATIX           |
| C000177206 | T. Rowe Price Tax-Free Short-Intermediate Fund-I Class       | TTSIX           |

?xml version='1.0' encoding='ASCII'? Tax-Free Short-Intermediate Fund_TFS

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g14856i8c55f461fccc7bceb9ad.jpg)

#### Semi-Annual Shareholder Report

#### August 31, 2025

#### Tax-Free Short-Intermediate Fund

#### Investor Class (PRFSX)
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. 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 at**www.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.

# **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 | $20 | 0.39% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $1390493 |
| Number of Portfolio Holdings | 414 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.2% |

---

# **What did the fund invest in?** 

# **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Texas | 10.9% |
| New York | 7.3 |
| Illinois | 6.4 |
| Puerto Rico | 6.1 |
| Virginia | 5.8 |
| Colorado | 5.7 |
| Georgia | 4.8 |
| California | 4.6 |
| Florida | 4.5 |
| Other | 43.9 |

---

# **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Transportation | 20.7% |
| Health Care | 17.7 |
| General Obligations - State | 14.2 |
| General Obligations - Local | 6.1 |
| Housing | 5.6 |
| Education | 5.2 |
| Special Tax | 5.0 |
| Water & Sewer | 4.7 |
| Electric | 3.5 |
| Other | 17.3 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F56-053 10/25

Tax-Free Short-Intermediate Fund

Investor Class (PRFSX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14856ia6b5bd228833c0376fb7.jpg)

![Image](g14856i8c55f461fccc7bceb9ad.jpg)

#### Semi-Annual Shareholder Report

#### August 31, 2025

#### Tax-Free Short-Intermediate Fund

#### Advisor Class (PATIX)
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. 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 at**www.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.

# **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 | $40 | 0.78% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $1390493 |
| Number of Portfolio Holdings | 414 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.2% |

---

# **What did the fund invest in?** 

# **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Texas | 10.9% |
| New York | 7.3 |
| Illinois | 6.4 |
| Puerto Rico | 6.1 |
| Virginia | 5.8 |
| Colorado | 5.7 |
| Georgia | 4.8 |
| California | 4.6 |
| Florida | 4.5 |
| Other | 43.9 |

---

# **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Transportation | 20.7% |
| Health Care | 17.7 |
| General Obligations - State | 14.2 |
| General Obligations - Local | 6.1 |
| Housing | 5.6 |
| Education | 5.2 |
| Special Tax | 5.0 |
| Water & Sewer | 4.7 |
| Electric | 3.5 |
| Other | 17.3 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F256-053 10/25

Tax-Free Short-Intermediate Fund

Advisor Class (PATIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14856ia6b5bd228833c0376fb7.jpg)

![Image](g14856i8c55f461fccc7bceb9ad.jpg)

#### Semi-Annual Shareholder Report

#### August 31, 2025

#### Tax-Free Short-Intermediate Fund

#### I Class (TTSIX)
This semi-annual shareholder report contains important information about Tax-Free Short-Intermediate Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. 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 at**www.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.

# **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 | $12 | 0.24% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $1390493 |
| Number of Portfolio Holdings | 414 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.2% |

---

# **What did the fund invest in?** 

# **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Texas | 10.9% |
| New York | 7.3 |
| Illinois | 6.4 |
| Puerto Rico | 6.1 |
| Virginia | 5.8 |
| Colorado | 5.7 |
| Georgia | 4.8 |
| California | 4.6 |
| Florida | 4.5 |
| Other | 43.9 |

---

# **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Transportation | 20.7% |
| Health Care | 17.7 |
| General Obligations - State | 14.2 |
| General Obligations - Local | 6.1 |
| Housing | 5.6 |
| Education | 5.2 |
| Special Tax | 5.0 |
| Water & Sewer | 4.7 |
| Electric | 3.5 |
| Other | 17.3 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F356-053 10/25

Tax-Free Short-Intermediate Fund

I Class (TTSIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14856ia6b5bd228833c0376fb7.jpg)

------

#### 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

August

31,

2025

#### 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)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

5.50 $

5.47 $

5.38 $

5.57 $

5.72 $

5.70 Investment

activities

Net

investment

income

(1)(2)

0.08 0.14 0.11 0.08 0.07 0.08 Net

realized

and

unrealized

gain/

loss

0.03 0.03 0.09 (0.19)

(0.15)

0.02 Total

from

investment

activities

0.11 0.17 0.20 (0.11)

(0.08)

0.10 Distributions

Net

investment

income

(0.08)

(0.14)

(0.11)

(0.08)

(0.07)

(0.08)

Net

realized

gain

—

—

—

—

—

(3) —

Total

distributions

(0.08)

(0.14)

(0.11)

(0.08)

(0.07)

(0.08)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.53

#### $

#### 5.50

#### $

#### 5.47

#### $

#### 5.38

#### $

#### 5.57

#### $

#### 5.72
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2.04%

#### 3.22%

#### 3.85%

#### (1.92)%

#### (1.45)%

#### 1.82%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.39%

(5) 0.47%

0.52%

0.52%

0.50%

0.51%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.39%

(5) 0.47%

0.52%

0.52%

0.50%

0.51%

Net

investment

income

2.97%

(5) 2.62%

2.12%

1.53%

1.20%

1.46%

Portfolio

turnover

rate

16.2%

31.8%

28.8%

36.9%

23.9%

57.8%

Net

assets,

end

of

period

(in

thousands)

$672,453

$689,494

$745,724

$864,097

$1,091,168

$1,470,185

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)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

5.48 $

5.45 $

5.37 $

5.56 $

5.71 $

5.69 Investment

activities

Net

investment

income

(1)(2)

0.07 0.12 0.10 0.07 0.05 0.07 Net

realized

and

unrealized

gain/

loss

0.04 0.03 0.08 (0.19)

(0.15)

0.02 Total

from

investment

activities

0.11 0.15 0.18 (0.12)

(0.10)

0.09 Distributions

Net

investment

income

(0.07)

(0.12)

(0.10)

(0.07)

(0.05)

(0.07)

Net

realized

gain

—

—

—

—

—

(3) —

Total

distributions

(0.07)

(0.12)

(0.10)

(0.07)

(0.05)

(0.07)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.52

#### $

#### 5.48

#### $

#### 5.45

#### $

#### 5.37

#### $

#### 5.56

#### $

#### 5.71
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2.03%

#### 2.80%

#### 3.33%

#### (2.17)%

#### (1.76)%

#### 1.51%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.78%

(5) 0.89%

0.83%

0.77%

0.80%

0.81%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.78%

(5) 0.88%

0.83%

0.77%

0.80%

0.81%

Net

investment

income

2.57%

(5) 2.20%

1.78%

1.21%

0.89%

1.20%

Portfolio

turnover

rate

16.2%

31.8%

28.8%

36.9%

23.9%

57.8%

Net

assets,

end

of

period

(in

thousands)

$941

$1,047

$1,166

$2,565

$10,937

$2,879

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)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

5.50 $

5.47 $

5.39 $

5.58 $

5.72 $

5.71 Investment

activities

Net

investment

income

(1)(2)

0.09 0.15 0.12 0.09 0.07 0.09 Net

realized

and

unrealized

gain/

loss

0.04 0.03 0.08 (0.19)

(0.14)

0.01 Total

from

investment

activities

0.13 0.18 0.20 (0.10)

(0.07)

0.10 Distributions

Net

investment

income

(0.09)

(0.15)

(0.12)

(0.09)

(0.07)

(0.09)

Net

realized

gain

—

—

—

—

—

(3) —

Total

distributions

(0.09)

(0.15)

(0.12)

(0.09)

(0.07)

(0.09)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.54

#### $

#### 5.50

#### $

#### 5.47

#### $

#### 5.39

#### $

#### 5.58

#### $

#### 5.72
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

8/31/25

..

Year

..

..

Ended

.

2/28/25

2/29/24

2/28/23

2/28/22

2/28/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2.30%

#### 3.37%

#### 3.81%

#### (1.77)%

#### (1.16)%

#### 1.74%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.24%

(5) 0.33%

0.38%

0.37%

0.38%

0.41%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.24%

(5) 0.33%

0.38%

0.37%

0.38%

0.41%

Net

investment

income

3.12%

(5) 2.76%

2.27%

1.68%

1.31%

1.56%

Portfolio

turnover

rate

16.2%

31.8%

28.8%

36.9%

23.9%

57.8%

Net

assets,

end

of

period

(in

thousands)

$717,099

$707,074

$801,667

$930,459

$970,206

$677,176

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,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### MUNICIPAL

#### SECURITIES 99.2%

#### ALABAMA

#### 3.9%
Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31)

8,225

8,330

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

10/1/52

(Tender

12/1/26)

5,700

5,759

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

5.00%,

10/1/55

(Tender

9/1/32)

7,855

8,365

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

5.25%,

12/1/53

(Tender

12/1/30)

6,285

6,782

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29)

14,450

15,266

Southeast

Energy

Auth.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31)

10,000

9,958

54,460

#### ARIZONA

#### 1.9%
Arizona

IDA,

Equitable

School

Revolving

Fund,

Series 2019A,

5.00%,

11/1/29

1,005

1,065

Arizona

IDA,

Equitable

School

Revolving

Fund,

Series A,

5.00%,

11/1/29

4,460

4,767

Arizona

IDA,

Sustainable

Bonds,

Series 2019A,

5.00%,

11/1/28

1,180

1,254

Arizona

IDA,

Sustainable

Bonds,

Series A,

5.00%,

11/1/28

9,340

9,835

Chandler

IDA,

Intel

Corp.

Project,

VRDN,

4.00%,

6/1/49

(Tender

6/1/29) (1)

1,335

1,348

Chandler

IDA,

Intel

Corp.

Project,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27) (1)

4,085

4,164

Maricopa

County

IDA,

Banner

Health,

5.00%,

1/1/35

2,205

2,247

Maricopa

County

IDA,

Honor

Health,

Series D,

5.00%,

12/1/29

1,275

1,391

26,071

#### CALIFORNIA

#### 4.6%
California,

GO,

5.00%,

8/1/27

1,050

1,078

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

6,610

6,961

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

3.43%,

12/1/50

(Tender

6/1/26)

1,175

1,169

California

Infrastructure

&

Economic

Dev.

Bank,

Sustainable

Bonds,

Series A,

3.25%,

8/1/29

9,370

9,504

Los

Angeles

Dept.

of

Airports,

5.00%,

5/15/35 (1)

3,350

3,525

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/29 (1)

4,000

4,312

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/30 (1)

5,000

5,448

Los

Angeles

Dept.

of

Airports,

Series C,

5.00%,

5/15/29 (1)

1,960

2,049

Los

Angeles

Unified

School

Dist.,

Series A,

GO,

5.00%,

7/1/28

12,500

13,545

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

(3M

TSFR

+

0.2616%)

+

0.72%,

3.77%,

7/1/27

1,460

1,460

Sacramento

County

Airport

System

Revenue,

Series C,

5.00%,

7/1/30 (1)

1,785

1,876

San

Francisco

City

&

County

Airport

Commission,

San

Francisco

International

Airport,

Series A,

5.00%,

5/1/29 (1)

3,500

3,761

San

Francisco

City

&

County

Airport

Commission,

San

Francisco

International

Airport,

Series C,

5.00%,

5/1/28 (1)

9,250

9,772

64,460

#### COLORADO

#### 5.7%
Colorado,

Series A,

COP,

5.00%,

12/15/28

9,255

10,013

Colorado

HFA,

Adventhealth

Obligated,

Series 2023A-1,

VRDN,

5.00%,

11/15/58

(Tender

11/15/28)

1,550

1,648

Colorado

HFA,

Adventhealth

Obligated,

Series A,

VRDN,

5.00%,

11/15/60

(Tender

11/15/30)

2,000

2,189

Colorado

HFA,

Adventist

Health

System,

Series 2018B,

VRDN,

5.00%,

11/15/48

(Tender

11/20/25)

4,600

4,624

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/26

550

552

Colorado

HFA,

Commonspirit

Health,

Series B-2,

VRDN,

5.00%,

8/1/49

(Tender

8/1/26)

9,020

9,085

Colorado

Housing

&

Fin.

Auth.,

Series I-2,

Class

I,

3.25%,

4/1/29

2,000

2,013

Colorado

Housing

&

Fin.

Auth.,

Albion

Apartments

Project,

VRDN,

3.375%,

7/1/44

(Tender

7/1/28)

1,925

1,948

Denver

City

&

County

Airport

System

Revenue,

Series 2017A,

5.00%,

11/15/30 (1)

1,000

1,037

Denver

City

&

County

Airport

System

Revenue,

Series 2018A,

5.00%,

11/15/29 (1)

8,000

8,663

Denver

City

&

County

Airport

System

Revenue,

Series 2022A,

5.00%,

11/15/30 (1)

5,000

5,471

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

12/1/27 (1)

5,000

5,244

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

12/1/29 (1)

7,335

7,758

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

12/1/31 (1)

5,085

5,321

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

2,157

Public

Highway

Auth.,

Capital

Appreciation,

Series B,

Zero

Coupon,

9/1/29 (2)

2,500

2,247

Park

Creek

Metropolitan

Dist.,

Series A,

5.00%,

12/1/27 (3)

Park

Creek

Metropolitan

Dist.,

Series A,

5.00%,

12/1/28 (3)

Park

Creek

Metropolitan

Dist.,

Series A,

5.00%,

12/1/29 (3)

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Park

Creek

Metropolitan

Dist.,

Series A,

5.00%,

12/1/30 (3)

Park

Creek

Metropolitan

Dist.,

Series A,

5.00%,

12/1/31 (3)

Regional

Transportation

Dist.

Sales

Tax

Revenue,

Series B,

5.00%,

11/1/33

2,000

2,085

Regional

Transportation

Dist.

Sales

Tax

Revenue,

Fastracks

Project,

Series A,

5.00%,

11/1/27

2,500

2,643

78,942

#### CONNECTICUT

#### 3.1%
Connecticut,

Series A,

GO,

5.00%,

4/15/29

3,000

3,120

Connecticut,

Series A,

GO,

5.00%,

3/15/31

2,275

2,552

Connecticut,

Series A,

GO,

5.00%,

4/15/32

1,515

1,624

Connecticut,

Series B,

GO,

5.00%,

12/1/29

2,040

2,253

Connecticut,

Series B,

GO,

5.00%,

12/1/30

3,070

3,437

Connecticut

Housing

Fin.

Auth.,

Series B-1,

2.95%,

11/15/31

5,510

5,309

Connecticut

Special

Tax

Revenue,

Special

Tax

Obligation

Bonds,

Series A,

5.00%,

5/1/26

5,000

5,088

Connecticut

State

HEFA,

Series A,

VRDN,

2.80%,

7/1/48

(Tender

2/10/26)

2,500

2,501

Connecticut

State

HEFA,

Series A-3,

VRDN,

2.95%,

7/1/49

(Tender

7/1/27)

3,220

3,239

Connecticut

State

HEFA,

Series B,

VRDN,

5.00%,

7/1/49

(Tender

7/1/29)

7,115

7,653

Connecticut

State

HEFA,

Series C-2,

VRDN,

2.80%,

7/1/57

(Tender

2/3/26)

2,435

2,436

Univ.

of

Connecticut,

Series A,

5.00%,

8/15/29

1,200

1,317

Univ.

of

Connecticut,

Refunding,

Series A,

5.00%,

8/15/29

1,740

1,910

42,439

#### DELAWARE

#### 0.1%
Delaware

Economic

Dev.

Auth.,

Delmarva

power

&

Light

Project,

Series A,

3.60%,

1/1/31

1,000

1,030

1,030

#### DISTRICT

#### OF

#### COLUMBIA

#### 2.3%
Dist.

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/28

1,560

1,618

Dist.

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/30

1,995

2,063

Dist.

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/31

2,000

2,063

Dist.

of

Columbia,

Housing

Fin.

Agency,

Belmont

Crossing

Phase

II,

Series B,

VRDN,

5.00%,

3/1/29

(Tender

2/1/28)

2,325

2,435

Dist.

of

Columbia,

Housing

Fin.

Agency,

Rhode

Island

Apartment

Project,

Series A,

5.00%,

3/1/28

1,650

1,734

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series 2018A,

5.00%,

10/1/29 (1)

4,295

4,534

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/27 (1)

8,750

9,143

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/29 (1)

5,000

5,404

Washington

Metropolitan

Area

Transit

Auth.,

Series B,

5.00%,

7/1/31

2,190

2,274

31,268

#### FLORIDA

#### 4.5%
Alachua

County

HFA,

Shands

Teaching

Hosp.,

5.00%,

12/1/25

1,225

1,231

Alachua

County

HFA,

Shands

Teaching

Hosp.,

VRDN,

5.00%,

12/1/37

(Tender

12/1/26)

6,310

6,397

Broward

County

Airport

System,

Series A,

5.00%,

10/1/28 (1)

2,330

2,481

Broward

County

Airport

System,

Series B,

5.00%,

10/1/28 (1)

1,980

2,108

Broward

County

Airport

System,

Series Q-1,

5.00%,

10/1/25

4,315

4,320

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/25

500

501

Capital

Trust

Auth.,

UF

Health

Projects,

Series A,

5.00%,

12/1/30 (3)

1,920

2,102

Capital

Trust

Auth.,

UF

Health

Projects,

Series A,

5.00%,

12/1/32

2,500

2,744

Duval

County

Public

Schools,

Series A,

COP,

5.00%,

7/1/27 (3)

2,750

2,879

Florida

Lottery

Revenue,

Series 2016A,

5.00%,

7/1/27

3,696

3,775

Florida,

Board

of

Ed.,

Capital

Outlay,

Series B,

GO,

5.00%,

6/1/27

10,000

10,475

Florida,

Board

of

Ed.,

Capital

Outlay,

Series B,

GO,

5.00%,

6/1/30

6,180

6,428

Greater

Orlando

Aviation

Auth.,

5.00%,

10/1/30 (1)

3,900

4,250

Marion

County

School

Board,

COP,

5.00%,

6/1/27 (3)

1,000

1,042

Marion

County

School

Board,

COP,

5.00%,

6/1/28 (3)

2,750

2,931

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/30

2,000

2,003

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/31

2,000

2,003

Orange

County

HFA,

Series C,

VRDN,

5.00%,

11/15/52

(Tender

11/15/26)

Orange

County

HFA,

Unrefunded

Balance,

Series C,

VRDN,

5.00%,

11/15/52

(Tender

11/15/26)

3,195

3,282

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/26

600

612

Village

Community

Dev.

Dist.

No.

14,

4.00%,

5/1/27

1,255

1,266

63,041

#### GEORGIA

#### 4.8%
Atlanta

Beltline

Project,

Series D,

5.00%,

1/1/30

1,055

1,085

Atlanta

Urban

Residential

Fin.

Auth.,

VRDN,

3.40%,

2/1/29

(Tender

2/1/28)

1,275

1,294

Atlanta

Water

&

Wastewater,

5.00%,

11/1/31

5,955

5,965

Atlanta

Water

&

Wastewater,

5.00%,

11/1/32

2,020

2,023

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Burke

County

Dev.

Auth.,

Fifth

Series

Georgia

Power

Plant,

VRDN,

PCR,

3.70%,

10/1/32

(Tender

6/13/28)

1,900

1,927

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

1,856

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

3.80%,

10/1/32

(Tender

5/21/26)

800

804

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

3.875%,

10/1/32

(Tender

3/6/26)

2,225

2,234

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/35

2,390

2,437

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/28

1,125

1,193

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/29

1,110

1,198

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/27

2,500

2,575

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/28

3,890

4,065

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27)

8,010

8,129

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

6/1/53

(Tender

6/1/30)

1,000

1,058

Main

Street

Natural

Gas,

Series E-1,

VRDN,

5.00%,

12/1/53

(Tender

6/1/31)

1,690

1,809

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28)

15,905

16,133

Monroe

County

Dev.

Auth.,

Georgia

Power

Plant

Scherer

Project,

VRDN,

PCR,

3.35%,

11/1/48

(Tender

3/27/30)

1,000

1,008

Municipal

Electric

Auth.

of

Georgia,

Series A,

5.00%,

1/1/32

830

880

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series 2016A,

5.00%,

1/1/28

2,000

2,041

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series 2021A,

5.00%,

1/1/32

2,175

2,412

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series 2024A,

5.00%,

1/1/29

875

942

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.00%,

9/1/29

3,000

3,283

67,356

#### HAWAII

#### 0.4%
Hawaii,

Series FG,

GO,

5.00%,

10/1/30

2,560

2,621

Hawaii,

Series FT,

GO,

5.00%,

1/1/31

3,105

3,269

5,890

#### ILLINOIS

#### 6.4%
Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/29 (1)

5,000

5,306

Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/30 (1)

9,000

9,670

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

3,244

Chicago

O'Hare

Int'l.

Airport,

Series C,

5.00%,

1/1/27 (1)

7,500

7,724

Chicago

O'Hare

Int'l.

Airport,

Series C,

5.00%,

1/1/29

1,565

1,577

Chicago

O'Hare

Int'l.

Airport,

Series D,

5.00%,

1/1/30 (1)

2,000

2,044

Chicago

O'Hare

Int'l.

Airport,

Series D,

5.00%,

1/1/31

4,910

5,464

Illinois,

GO,

5.00%,

1/1/28

2,010

2,025

Illinois,

GO,

5.00%,

2/1/29

4,520

4,667

Illinois,

GO,

5.00%,

2/1/30

2,750

3,003

Illinois,

Series A,

GO,

5.00%,

11/1/25

4,130

4,146

Illinois,

Series A,

GO,

5.00%,

3/1/28

2,145

2,268

Illinois,

Series A,

GO,

5.00%,

12/1/28

2,500

2,686

Illinois,

Series B,

GO,

5.00%,

9/1/25

5,620

5,620

Illinois,

Series B,

GO,

5.00%,

3/1/27

2,000

2,069

Illinois,

Series B,

GO,

5.00%,

5/1/28

2,200

2,334

Illinois,

Series B,

GO,

5.00%,

5/1/29

2,000

2,159

Illinois,

Series C,

GO,

5.00%,

11/1/29

4,505

4,718

Illinois,

Series D,

GO,

5.00%,

11/1/28

3,535

3,718

Illinois

Fin.

Auth.,

Northwestern

Memorial

Healthcare,

Series C,

VRDN,

3.80%,

7/15/55

4,300

4,300

Illinois

Fin.

Auth.,

OSF

Healthcare

System,

Series C,

VRDN,

3.75%,

11/15/37

5,100

5,100

Illinois

Fin.

Auth.,

Uchicago

Medicine,

Series B-2,

VRDN,

5.00%,

8/15/52

(Tender

8/15/27)

4,695

4,867

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/29

800

834

89,543

#### INDIANA

#### 0.2%
Indiana

Fin.

Auth.,

Indiana

Univ.

Health,

Series D-1,

VRDN,

5.00%,

10/1/64

(Tender

10/1/29)

2,700

2,902

2,902

#### IOWA

#### 0.0%
Iowa

Fin.

Auth.,

UnityPoint

Health,

Series B-2,

VRDN,

3.80%,

2/15/39

Iowa

Fin.

Auth.,

UnityPoint

Health,

Series F,

VRDN,

3.80%,

7/1/41

#### KENTUCKY

#### 1.2%
Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/26

550

554

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/26

4,065

4,105

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

11,478

16,137

#### LOUISIANA

#### 0.6%
Louisiana

Offshore

Terminal

Auth.,

Loop

Project,

Series 2007A,

4.15%,

9/1/27

1,000

1,015

Louisiana

Offshore

Terminal

Auth.,

Loop

Project,

Series A,

VRDN,

4.20%,

9/1/33

(Tender

9/1/28)

1,600

1,615

Saint

John

the

Baptist

Parish,

Marathon

Oil,

VRDN,

2.20%,

6/1/37

(Tender

7/1/26)

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series B-2,

VRDN,

2.375%,

6/1/37

(Tender

7/1/26)

2,225

2,214

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series C,

VRDN,

3.30%,

6/1/37

(Tender

7/3/28)

3,000

3,026

8,163

#### MAINE

#### 0.1%
Maine

Turnpike

Auth.,

5.00%,

7/1/30

1,000

1,112

1,112

#### MARYLAND

#### 3.8%
Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/25

2,040

2,040

Gaithersburg,

Asbury

Maryland

Obligation

Group,

Series B,

5.00%,

1/1/27

1,940

1,960

Howard

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/15/27

3,000

3,159

Maryland,

GO,

5.00%,

8/1/31

9,725

10,325

Maryland

CDA,

Series C,

1.30%,

3/1/28

920

871

Maryland

Dept.

of

Housing

&

Community

Dev.,

Series A,

3.15%,

5/1/27

1,405

1,417

Maryland

DOT,

4.00%,

11/1/29

1,235

1,235

Maryland

DOT,

Series A,

5.00%,

8/1/30 (1)(3)

725

787

Maryland

DOT,

Series A,

5.00%,

8/1/31 (1)(3)

715

778

Maryland

Economic

Dev.,

Constellation

Energy

Group,

Series B,

VRDN,

4.10%,

10/1/36

(Tender

4/3/28)

6,990

7,151

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/26

1,280

1,288

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/27

2,500

2,578

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/26

1,250

1,271

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-2,

VRDN,

5.00%,

7/1/45

(Tender

7/1/27)

7,815

8,020

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series D,

VRDN,

3.90%,

7/1/41

1,200

1,200

Montgomery

County,

Series A,

GO,

5.00%,

8/1/27

2,000

2,104

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Montgomery

County,

Series A,

GO,

5.00%,

8/1/29

1,415

1,557

Prince

George's

County,

Series B,

GO,

5.00%,

9/1/27

1,755

1,850

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

5.00%,

6/1/27

1,860

1,947

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

5.00%,

6/1/29

1,720

1,887

53,425

#### MASSACHUSETTS

#### 1.4%
Massachusetts

Dev.

Fin.

Agency,

Harvard

Univ.,

Series A-1,

VRDN,

5.00%,

5/15/55

(Tender

5/13/32)

6,000

6,771

Massachusetts

Housing

Fin.

Agency,

Series A-3,

3.75%,

6/1/29

5,635

5,779

Massachusetts

Housing

Fin.

Agency,

Sustainable

Bonds,

Series B-3,

3.55%,

12/1/29

6,325

6,421

18,971

#### MICHIGAN

#### 2.4%
Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Senior

Lien,

Series A,

5.00%,

7/1/30

4,140

4,593

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Senior

Lien,

Series A,

5.00%,

7/1/31

6,275

7,031

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Senior

Lien,

Series B,

5.00%,

7/1/29

5,000

5,467

Great

Lakes

Water

Auth.,

Water

Supply

System,

Senior

Lien,

Series C,

5.00%,

7/1/27

3,000

3,061

Michigan

Fin.

Auth.,

Series A-1,

5.00%,

7/20/26

5,000

5,099

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/28

4,130

4,242

Michigan

Trunk

Line

Revenue,

Rebuilding

Michigan

Program,

5.00%,

11/15/35

2,190

2,383

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/31 (1)

1,330

1,332

Wayne

County

Airport

Auth.,

Series G,

5.00%,

12/1/27

33,634

#### MINNESOTA

#### 0.8%
Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Series B,

5.00%,

1/1/30 (1)

3,500

3,793

Minnesota,

Series D,

GO,

5.00%,

8/1/27

7,875

7,891

11,684

#### MISSISSIPPI

#### 0.1%
Mississippi

Business

Fin.,

Chevron

USA

Project,

Series C,

VRDN,

3.93%,

11/1/35

Warren

County,

Int'l.

Paper

Project,

4.00%,

9/1/32

682

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### MISSOURI

#### 0.9%
Missouri

HEFA,

SSM

Health

Care,

Series C,

VRDN,

5.00%,

5/1/52

(Tender

5/1/28)

12,000

12,736

12,736

#### NEBRASKA

#### 0.1%
Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29)

1,945

2,047

2,047

#### NEVADA

#### 0.2%
Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series B,

5.00%,

7/1/27 (1)

3,000

3,119

3,119

#### NEW

#### JERSEY

#### 4.4%
New

Jersey

Economic

Dev.

Auth.,

Series RRR,

5.00%,

3/1/28

1,150

1,220

New

Jersey

Economic

Dev.

Auth.,

Series SSS,

5.00%,

6/15/26

2,000

2,038

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/26

825

841

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/32

3,000

3,184

New

Jersey

Transportation

Trust

Fund

Auth.,

Federal

Highway

Reimbursement,

Series A,

5.00%,

6/15/28

2,115

2,155

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

5.00%,

6/15/29

1,565

1,688

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series 2018A,

5.00%,

12/15/26

1,410

1,454

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/27

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/29

7,630

8,260

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/31

5,050

5,627

New

Jersey

Turnpike

Auth.,

Series B,

5.00%,

1/1/31

5,000

5,571

New

Jersey

Turnpike

Auth.,

Series B,

5.00%,

1/1/32

1,070

1,118

New

Jersey

Turnpike

Auth.,

Series D,

5.00%,

1/1/28

3,775

3,888

New

Jersey

Turnpike

Auth.,

Series E,

5.00%,

1/1/32

2,600

2,717

New

Jersey,

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/27

14,280

14,928

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/26

4,055

4,118

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/28

1,555

1,636

60,653

#### NEW

#### YORK

#### 7.3%
Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

10/1/30 (3)

2,100

2,349

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

10/1/31 (3)

2,775

3,131

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Series C,

5.00%,

3/15/35

1,250

1,301

Long

Island

Power

Auth.,

Series B,

VRDN,

1.50%,

9/1/51

(Tender

9/1/26)

1,250

1,231

Long

Island

Power

Auth.,

Series B,

VRDN,

3.00%,

9/1/49

(Tender

9/1/29)

6,900

6,886

New

York

City,

Series A,

GO,

5.00%,

8/1/30

2,830

3,127

New

York

City,

Series B-1,

GO,

5.00%,

8/1/29

1,710

1,865

New

York

City,

Series B-1,

GO,

5.00%,

10/1/31

1,000

1,084

New

York

City,

Series D,

GO,

5.00%,

4/1/31

2,045

2,268

New

York

City,

Series F-1,

GO,

5.00%,

8/1/28

1,000

1,071

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A-2,

VRDN,

3.25%,

11/1/64

(Tender

7/2/29)

1,900

1,918

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A-2,

VRDN,

3.73%,

5/1/63

(Tender

12/29/28)

3,740

3,759

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series C-2,

VRDN,

3.75%,

5/1/65

(Tender

7/2/29)

2,450

2,493

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series F-2,

VRDN,

3.40%,

11/1/64

(Tender

1/2/29)

3,080

3,107

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured,

Series B-1,

5.25%,

11/1/35

2,720

3,010

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured,

Series G-1,

5.00%,

5/1/28

4,465

4,770

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured,

Series J-1,

5.00%,

11/1/30

2,000

2,233

New

York

State

Housing

Fin.

Agency,

West

38th

Street

Housing,

Series A,

VRDN,

3.57%,

5/1/42

(Tender

11/1/31)

1,100

1,115

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

VRDN,

3.80%,

11/1/62

(Tender

5/1/29)

5,725

5,727

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series A-2,

VRDN,

2.50%,

11/1/60

(Tender

5/1/27)

1,445

1,437

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series A-2,

VRDN,

3.35%,

6/15/54

(Tender

6/15/29)

1,000

1,005

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series A-2,

VRDN,

3.50%,

11/1/64

(Tender

5/1/30)

6,000

6,061

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series B-2,

VRDN,

3.35%,

12/15/54

(Tender

12/15/29)

2,000

2,014

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series B-2,

VRDN,

3.60%,

11/1/64

(Tender

5/1/29)

4,040

4,083

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

Series C-2,

VRDN,

3.30%,

5/1/65

(Tender

5/1/30)

2,700

2,718

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (1)

New

York

Transportation

Dev.,

Delta

Air

Lines

LaGuardia

Airport,

5.00%,

1/1/27 (1)

7,000

7,120

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/27 (1)

7,450

7,772

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/30 (1)

2,350

2,457

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/33 (1)

1,325

1,370

Port

Auth.

of

New

York

&

New

Jersey,

Series 227,

3.00%,

10/1/29 (1)

5,000

4,985

Port

Auth.

of

New

York

&

New

Jersey,

Series 246,

5.00%,

9/1/28 (1)

7,675

8,154

102,066

#### NORTH

#### CAROLINA

#### 3.4%
Charlotte

City,

Gov't.

Fac.,

Series B,

COP,

5.00%,

6/1/28

650

697

Charlotte

City,

Gov't.

Fac.,

Series B,

COP,

5.00%,

6/1/29

800

876

Charlotte

City,

Gov't.

Fac.,

Series B,

COP,

5.00%,

6/1/30

850

947

Charlotte-Mecklenburg

Hosp.

Auth.,

VRDN,

5.00%,

1/15/49

(Tender

12/1/31)

7,000

7,746

Charlotte-Mecklenburg

Hosp.

Auth.,

VRDN,

5.00%,

1/15/50

(Tender

12/1/28)

11,720

12,534

North

Carolina

Medical

Care

Commission,

Caromont

Health,

Series B,

VRDN,

5.00%,

2/1/51

(Tender

2/1/26)

11,155

11,260

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

5.00%,

3/1/26

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

5.00%,

3/1/27

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/25

North

Carolina

Turnpike

Auth.,

Monore

Expressway

System,

5.00%,

1/1/27

1,100

1,140

North

Carolina,

Public

Improvement,

Series A,

GO,

5.00%,

6/1/31

1,500

1,591

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/27 (1)

1,400

1,450

Univ.

of

North

Carolina

at

Chapel

Hill,

Series A,

VRDN,

3.90%,

2/15/31

1,820

1,820

Wake

County,

Series B,

GO,

5.00%,

5/1/29

5,000

5,477

46,650

#### OHIO

#### 1.2%
Allen

County

Hosp.

Fac.

Revenue,

Series A,

5.00%,

8/1/30

4,260

4,481

Columbus,

Series A,

GO,

5.00%,

4/1/31

3,570

4,018

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/26

Ohio

Higher

Ed.

Fac.

Commission,

Cleveland

Clinic

Health

System,

Series B-4,

VRDN,

3.80%,

1/1/43

6,500

6,500

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Ohio

Hosp.

Fac.,

Cleveland

Clinic

Health,

Series C,

VRDN,

2.75%,

1/1/52

(Tender

5/1/28)

2,025

2,018

17,168

#### OKLAHOMA

#### 0.1%
Univ.

of

Oklahoma,

Series A,

5.00%,

7/1/27 (4)

700

732

Univ.

of

Oklahoma,

Series A,

5.00%,

7/1/28 (4)

1,025

1,100

1,832

#### OREGON

#### 1.5%
Oregon,

Article

XI-G

Project,

Series G,

GO,

5.00%,

8/1/31

Oregon,

Article

XI-Q

Project,

Series A,

GO,

5.00%,

5/1/33

1,175

1,213

Oregon,

Interstate

Bridge

Replacement

Project,

Series E,

GO,

5.00%,

5/15/30

1,830

2,040

Oregon,

Interstate

Bridge

Replacement

Project,

Series E,

GO,

5.00%,

5/15/31

1,650

1,820

Oregon,

Interstate

Bridge

Replacement

Project,

Series E,

GO,

5.00%,

5/15/35

2,400

2,576

Port

of

Portland,

Airport

Revenue,

Series 24B,

5.00%,

7/1/28 (1)

2,240

2,297

Port

of

Portland,

Airport

Revenue,

Series 28,

5.00%,

7/1/28 (1)

3,330

3,531

Port

of

Portland,

Airport

Revenue,

Series 28,

5.00%,

7/1/29 (1)

6,515

7,026

20,955

#### PENNSYLVANIA

#### 0.8%
Allegheny

County

Airport

Auth.,

Series A,

5.00%,

1/1/29 (1)(3)

1,400

1,494

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/26

550

555

Bucks

County

IDA,

5.00%,

7/1/26

Bucks

County

IDA,

5.00%,

7/1/27

Pennsylvania

Commonwealth,

BID

Group,

GO,

5.00%,

8/15/31

5,000

5,619

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/33 (3)

2,500

2,550

11,158

#### PUERTO

#### RICO

#### 6.1%
Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/29 (5)

6,800

7,077

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30 (5)

5,000

5,232

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/28 (5)

1,250

1,289

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

19,435

20,095

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29

11,740

12,507

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

5,581

6,120

Puerto

Rico

Ind.

Tourist

Ed.

Medical

&

Environmental

Control

Fac.

Fin.

Auth.,

5.00%,

7/1/27

Puerto

Rico

Ind.

Tourist

Ed.

Medical

&

Environmental

Control

Fac.

Fin.

Auth.,

5.00%,

7/1/29

850

901

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.50%,

7/1/34

13,854

13,853

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27

6,883

6,479

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31

7,000

5,622

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

6,535

4,775

84,413

#### RHODE

#### ISLAND

#### 0.1%
Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/25

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/26

869

#### SOUTH

#### CAROLINA

#### 1.6%
Patriots

Energy

Group

Fin.

Agency,

Series B-1,

VRDN,

5.25%,

2/1/54

(Tender

3/1/31)

1,645

1,778

South

Carolina

Jobs

Economic

Dev.

Auth.,

Bon

Secours

Health

System,

VRDN,

5.00%,

12/1/48

(Tender

10/1/25)

5,010

5,020

South

Carolina

Jobs

Economic

Dev.

Auth.,

Bon

Secours

Health

System,

Series B-1,

VRDN,

5.00%,

11/1/55

(Tender

11/1/30)

2,900

3,171

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/30

1,425

1,505

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/33

575

601

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series C,

VRDN,

3.90%,

5/1/48

6,000

6,000

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/28

1,000

1,079

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/29

1,000

1,097

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/30

1,195

1,322

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/31

700

778

22,351

#### SOUTH

#### DAKOTA

#### 0.2%
South

Dakota

HEFA,

Sanford,

Series C-2,

VRDN,

5.00%,

11/1/51

(Tender

11/1/32)

1,550

1,692

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

South

Dakota

HEFA,

Sanford

Obligated

Group,

5.00%,

11/1/29

(Prerefunded

11/1/25) (6)

1,000

1,004

2,696

#### TENNESSEE

#### 0.8%
Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/29

1,570

1,660

Metropolitan

Gov't.

of

Nashville

&

Davidson

County

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

5.00%,

7/1/31

6,755

7,420

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/27 (1)

690

716

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/28 (1)

1,000

1,060

10,856

#### TEXAS

#### 10.9%
Austin

Airport

System,

5.00%,

11/15/27 (1)

1,780

1,781

Austin

Airport

System,

Series B,

5.00%,

11/15/28 (1)

2,255

2,400

Austin

Airport

System,

Series B,

5.00%,

11/15/29 (1)

1,200

1,223

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/26

1,505

1,509

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/27

1,755

1,778

Austin

Water

&

Wastewater

System,

5.00%,

11/15/32

2,095

2,140

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series A,

5.00%,

8/15/29

2,500

2,743

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series C,

5.00%,

8/15/31

1,000

1,124

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/26

1,620

1,632

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/28

1,700

1,713

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/29

1,250

1,345

Central

Texas

Turnpike

System,

Series C,

5.00%,

8/15/31

3,500

3,893

Clifton

Higher

Ed.

Fin.,

Idea

Public

Schools,

5.00%,

8/15/30

1,000

1,101

Clifton

Higher

Ed.

Fin.,

International

Leadership,

Series A,

5.00%,

2/15/31

4,395

4,818

Cypress-Fairbanks

Independent

School

Dist.,

GO,

5.00%,

2/15/30

7,000

7,733

Cypress-Fairbanks

Independent

School

Dist.,

Series 2019,

GO,

5.00%,

2/15/30

1,750

1,888

Dallas

Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/28

1,000

1,080

Dallas

Hotel

Occupancy

Tax

Revenue,

4.00%,

8/15/27

2,000

2,013

Dallas

Hotel

Occupancy

Tax

Revenue,

4.00%,

8/15/28

2,000

2,012

Harris

County,

GO,

5.00%,

9/15/29

1,370

1,504

Harris

County,

Series A,

GO,

5.00%,

9/15/29

1,790

1,965

Harris

County

Cultural

Ed.

Fac.

Fin.,

Series C-2,

TECP,

3.90%,

9/2/25

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

6/1/32

(Tender

12/1/26)

11,705

12,036

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

7/1/49

(Tender

12/1/26)

1,500

1,542

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

Series B,

5.00%,

7/1/31

7,000

7,838

Harris

County

Cultural

Ed.

Fac.

Fin.,

Texas

Children's

Hosp.,

5.00%,

10/1/28

3,110

3,115

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/31

2,440

2,522

Harris

County

Health

Fac.

Dev.,

Methodist

Hosp.,

Series A-1,

VRDN,

3.95%,

12/1/41

3,200

3,200

Harris

County

Health

Fac.

Dev.,

Methodist

Hosp.,

Series A-2,

VRDN,

3.95%,

12/1/41

4,400

4,400

Houston

Airport

System

Revenue,

Series A,

5.00%,

7/1/29 (1)

2,130

2,286

Houston

Combined

Utility

System

Revenue,

Series A,

Zero

Coupon,

12/1/25 (3)(7)

6,000

5,959

Houston

Combined

Utility

System

Revenue,

First

Lien,

Series A,

5.00%,

11/15/27

2,500

2,641

Houston

Combined

Utility

System

Revenue,

First

Lien,

Series A,

5.00%,

11/15/29

1,500

1,649

Humble

Independent

School

Dist.,

GO,

5.00%,

2/15/36

2,880

3,099

Love

Field

Airport

Modernization,

Southwest

Airlines,

5.00%,

11/1/28 (1)

700

700

Mission

Economic

Dev.,

Graphic

Packaging

International,

VRDN,

5.00%,

12/1/64

(Tender

6/1/30) (1)

1,400

1,423

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/26

1,800

1,815

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/27

1,000

1,035

Permanent

Univ.

Fund

-

Texas

A&M

Univ.

System,

Series A,

5.00%,

7/1/31

1,775

1,993

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series A,

5.00%,

7/1/30

3,135

3,488

Port

Beaumont

Navigation

Dist.,

1.875%,

1/1/26 (1)(5)

500

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Baylor

Scott

&

White

Health

Project,

Series E,

VRDN,

5.00%,

11/15/52

(Tender

5/15/26)

3,400

3,435

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series C,

VRDN,

5.00%,

11/15/64

(Tender

11/15/32)

3,500

3,860

Texas

A&M

Univ.,

Series A,

5.00%,

5/15/27

2,000

2,092

Texas

A&M

Univ.,

Series A,

5.00%,

5/15/28

1,000

1,069

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26

6,745

6,909

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Merrill

Lynch,

Senior

Lien,

Series A,

5.25%,

12/15/25

2,500

2,514

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/27

4,285

4,452

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31

5,100

5,450

Texas

Private

Activity

Bond

Surface

Transportation,

LBJ

Infrastructure

Group,

4.00%,

12/31/31

3,470

3,550

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/34

6,150

6,367

Texas

Water

Financial

Assistance,

Economically

Distressed

Areas

Program,

Series C,

GO,

5.00%,

8/1/28

3,345

3,596

152,126

#### UTAH

#### 1.8%
Downtown

Revitalization

Public

Infrastructure

Dist.,

Seg

Redev.

Project,

Series A,

5.00%,

6/1/30 (3)

700

770

Downtown

Revitalization

Public

Infrastructure

Dist.,

Seg

Redev.

Project,

Series A,

5.00%,

6/1/31 (3)

1,250

1,387

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/26

2,000

2,039

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/27

2,000

2,087

Salt

Lake

City

Airport,

Series 2017A,

5.00%,

7/1/27 (1)

2,030

2,105

Salt

Lake

City

Airport,

Series 2018A,

5.00%,

7/1/29 (1)

2,000

2,106

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/26 (1)

2,610

2,656

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/27 (1)

5,080

5,269

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/29 (1)

1,350

1,453

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/29 (1)

2,000

2,153

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/34 (1)

2,250

2,310

Vineyard

Redev.

Agency,

5.00%,

5/1/27 (3)

615

639

24,974

#### VIRGINIA

#### 5.8%
Arlington

County

IDA,

Park

Shirlington

Apartments,

Series A,

5.00%,

1/1/26

2,325

2,343

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31)

7,500

8,162

Fairfax

County,

Series A,

GO,

5.00%,

10/1/29

2,930

3,049

Fairfax

County

IDA,

Inova

Health

System,

5.00%,

5/15/27

5,670

5,912

Fairfax

County

IDA,

Inova

Health

System,

5.00%,

5/15/32

5,000

5,614

Fairfax

County

IDA,

Inova

Health

System,

Series B-2,

VRDN,

5.00%,

5/15/57

(Tender

5/15/30)

5,000

5,471

Fairfax

County

Redev.

&

Housing

Auth.,

Dominion

Square

North

Project,

VRDN,

5.00%,

1/1/45

(Tender

1/1/28)

1,125

1,167

Hampton

Roads

Sanitation

Dist.,

Series A,

5.00%,

7/15/26

2,775

2,833

Hampton

Roads

Sanitation

Dist.,

Series A,

5.00%,

11/1/27

3,425

3,624

Hampton

Roads

Sanitation

Dist.,

Series A,

5.00%,

11/1/28

3,260

3,531

Loudoun

County,

Series B,

GO,

5.00%,

12/1/26

3,215

3,323

Louisa

IDA,

Virginia

Electric

&

Power

Project,

Series A,

VRDN,

PCR,

3.65%,

11/1/35

(Tender

10/1/27)

2,975

3,026

Louisa

IDA,

Virginia

Electric

&

Power

Project,

Series B,

VRDN,

PCR,

3.125%,

11/1/35

(Tender

10/1/30) (8)

1,000

1,001

Prince

William

County

Service

Auth.,

5.00%,

7/15/30

500

559

Virginia

College

Building

Auth.,

4.00%,

2/1/29

6,065

6,178

Virginia

HDA,

Series A,

3.25%,

9/1/29

820

823

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Virginia

HDA,

Series E,

3.00%,

4/1/29

3,000

3,007

Virginia

HDA,

Series H,

3.625%,

6/1/29

2,550

2,559

Virginia

HDA,

Commonwealth

Mortgage

Bonds,

Series F,

VRDN,

3.625%,

7/1/55

(Tender

4/1/26)

1,165

1,165

Virginia

Public

School

Auth.,

School

Technology

&

Security

Notes,

Series XIII,

5.00%,

4/15/29

5,000

5,461

Virginia

Resources

Auth.

Clean

Water

Revolving

Fund,

5.00%,

10/1/28

4,400

4,755

Virginia

Small

Business

Fin.

Auth.,

Senior

Lien,

4.00%,

1/1/30 (1)

3,250

3,332

Wise

County

IDA,

Virginia

Electric

&

Power,

Series A,

VRDN,

3.80%,

11/1/40

(Tender

5/28/27)

3,000

3,050

79,945

#### WASHINGTON

#### 3.0%
Energy

Northwest,

Series A,

5.00%,

7/1/27

5,120

5,219

Energy

Northwest,

Series A,

5.00%,

7/1/28

2,940

3,155

Energy

Northwest,

Series A,

5.00%,

7/1/30

2,000

2,225

Energy

Northwest,

Series A,

5.00%,

7/1/31

1,100

1,237

Energy

Northwest,

Project

1,

Series B,

5.00%,

7/1/27

3,500

3,669

Port

of

Seattle,

Series B,

5.00%,

7/1/29 (1)

6,150

6,635

Port

of

Seattle,

Series C,

5.00%,

8/1/28 (1)

3,000

3,187

Washington,

Series C,

GO,

Zero

Coupon,

6/1/28 (9)

2,670

2,495

Washington,

Series D,

GO,

5.00%,

2/1/32

5,000

5,154

Washington,

Series E,

GO,

5.00%,

6/1/30

1,385

1,521

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/30 (4)(5)

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/31 (4)(5)

500

541

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/32 (4)(5)

750

812

Washington,

Motor

Vehicle

Fuel

Tax,

Series R,

GO,

5.00%,

7/1/30

4,975

5,551

41,724

#### WEST

#### VIRGINIA

#### 0.2%
West

Virginia

Economic

Dev.

Auth.,

Appalachian

Power

Amos

Project,

Series A,

VRDN,

3.30%,

1/1/41

(Tender

9/1/28) (1)(8)

3,175

3,172

3,172

#### WISCONSIN

#### 0.5%
Wisconsin

HEFA,

Advocate

Aurora

Health

Credit

Group,

Series B-3,

VRDN,

5.00%,

8/15/54

3,500

3,767

Wisconsin

Housing

&

Economic

Dev.

Auth.,

Home

Ownership

Revenue,

Series C,

3.25%,

3/1/28

2,850

2,873

6,640

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### SHORT-TERM

#### INVESTMENTS 0.0%

#### MONEY

#### MARKET

#### FUNDS

#### 0.0%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (10)(11)

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $1)

#### 1

#### Total

#### Investments

#### in

#### Securities

#### 99.2%

#### of

#### Net

#### Assets

#### (Cost

#### $1,360,268)

#### $

#### 1,379,761
‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Interest

subject

to

alternative

minimum

tax.

(2) Insured

by

National

Public

Finance

Guarantee

Corporation

(3) Insured

by

Assured

Guaranty

Incorporated

(4) Insured

by

Build

America

Mutual

Assurance

Company

(5) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$15,770

and

represents

1.1%

of

net

assets.

(6) Prerefunded

date

is

used

in

determining

portfolio

maturity.

(7) Escrowed

to

maturity

(8) When-issued

security

(9) Insured

by

AMBAC

Assurance

Corporation

(10) Seven-day

yield

(11) Affiliated

Companies

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

FRN

Floating

Rate

Note

GO

General

Obligation

HDA

Housing

Development

Authority

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PCR

Pollution

Control

Revenue

RAC

Revenue

Anticipation

Certificate

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

.

.

.

.

.

.

.

.

.

.

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,

2025. 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,

4.37%

$

—#

$

—

$

—+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 2/28/25

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 8/31/25
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

¤

¤

$

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,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$1,360,268)

$

1,379,761

Interest

receivable

14,379

Receivable

for

shares

sold

2,729

Cash

Other

assets

Total

assets

1,396,928

#### Liabilities
Payable

for

investment

securities

purchased

4,175

Payable

for

shares

redeemed

1,258

Investment

management

fees

payable

Due

to

affiliates

Payable

to

directors

Other

liabilities

732

Total

liabilities

6,435

Commitments

and

Contingent

Liabilities

(note

5)

#### NET

#### ASSETS

#### $

#### 1,390,493
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

August

31,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(30,131)

Paid-in

capital

applicable

to

251,171,683

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

1,420,624

#### NET

#### ASSETS

#### $

#### 1,390,493

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $672,453;

#### Shares

#### outstanding:

#### 121,502,526)

#### $

#### 5.53

#### Advisor

#### Class

#### (Net

#### assets:

#### $941;

#### Shares

#### outstanding:

#### 170,487)

#### $

#### 5.52

#### I

#### Class

#### (Net

#### assets:

#### $717,099;

#### Shares

#### outstanding:

#### 129,498,670)

#### $

#### 5.54
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

8/31/25

#### Investment

#### Income
(Loss)

Interest

income

$

23,162

Expenses

Investment

management

1,379

Shareholder

servicing

Investor

Class

$

538

Advisor

Class

I

Class

591

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Total

expenses

2,173

Net

investment

income

20,989

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

loss

on

securities

(733) Change

in

net

unrealized

gain

/

loss

on

securities

9,372

Net

realized

and

unrealized

gain

/

loss

8,639

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 29,628
T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

8/31/25

Year

Ended

2/28/25

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

20,989

$

39,048

Net

realized

loss

(733) (6,568)

Change

in

net

unrealized

gain

/

loss

9,372

14,311

Increase

in

net

assets

from

operations

29,628

46,791

Distributions

to

shareholders

Net

earnings

Investor

Class

(9,933)

(18,523)

Advisor

Class

(13) (22) I

Class

(10,949)

(20,358)

Decrease

in

net

assets

from

distributions

(20,895)

(38,903)

Capital

share

transactions

\*

Shares

sold

Investor

Class

70,712

132,568

Advisor

Class

I

Class

86,705

119,158

Distributions

reinvested

Investor

Class

8,466

16,185

Advisor

Class

I

Class

8,405

15,723

Shares

redeemed

Investor

Class

(100,420)

(208,907)

Advisor

Class

(223) (505) I

Class

(89,611)

(233,430)

Decrease

in

net

assets

from

capital

share

transactions

(15,855)

(158,830)

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

8/31/25

Year

Ended

2/28/25

#### Net

#### Assets
Decrease

during

period

(7,122)

(150,942)

Beginning

of

period

1,397,615

1,548,557

#### End

#### of

#### period

#### $

#### 1,390,493

#### $

#### 1,397,615
\*Share

information

(000s)

Shares

sold

Investor

Class

12,910

24,232

Advisor

Class

I

Class

15,851

21,791

Distributions

reinvested

Investor

Class

1,544

2,961

Advisor

Class

I

Class

1,532

2,876

Shares

redeemed

Investor

Class

(18,360)

(38,221)

Advisor

Class

(41) (92) I

Class

(16,421)

(42,720)

Decrease

in

shares

outstanding

(2,965)

(29,104)

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Tax-Free

Short-Intermediate

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Tax-Free

Short-Intermediate

Fund,

Inc.

(the

fund)

is a

diversified, open-

end

management

investment

company

established

by

the

corporation. 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,

Inc.

(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

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

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

p.m.

Eastern

time,

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.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### 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
&nbsp;&nbsp;&nbsp;&nbsp;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.

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

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

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### 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.

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Municipal

Securities

$

—

$

1,379,760

$

—

$

1,379,760

Short-Term

Investments

—

—

Total

$

$

1,379,760

$

—

$

1,379,761

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $218,033,000 and

$261,458,000,

respectively,

for

the

six

months ended

August

31,

2025. #### NOTE

#### 4

#### -

#### 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

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

28,

2025,

the

fund

had

$49,467,000

of

available

capital

loss

carryforwards.

At

August

31,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,360,268,000.

Net

unrealized

gain

aggregated

$19,493,000

at

period-end,

of

which

$20,341,000

related

to

appreciated

investments

and

$848,000

related

to

depreciated

investments.

#### NOTE

#### 5

#### -

#### 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

equal

to 0.20%

of

the

fund's

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

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

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

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

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.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended August

31,

2025 as

indicated

in

the

table

below.

At

August

31,

2025,

there

were

no

amounts

subject

to

repayment

by

the

fund. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

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,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$63,000

for

Price

Associates

and

$143,000

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.

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,

2025,

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.

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class
Expense

limitation/I

Class

Limit

0.55%

0.80%

0.05%

Expense

limitation

date

04/30/27

04/30/27

04/30/27

(Waived)/repaid

during

the

period

($000s)

$—

$—

(1) $—

(1) Amount

rounds

to

less

than

$1,000

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

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.

Purchases

and

sales

cross

trades

aggregated

$14,505,000

and

$11,302,000,

respectively,

with

net

realized

gain

of

$0

for

the

six

months

ended

August

31,

2025. #### NOTE

#### 6

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

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.

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

12-13,

2025

(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

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

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,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

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,

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,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

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

based

on

the

fund's

average

daily

net

assets

and

the

fund

pays

its

own

expenses

of

operations.

Assets

of

the

fund

are

included

in

the

calculation

of

the

group

fee

rate,

which

serves

as

a

component

of

the

management

fee

for

many

other

T. Rowe

Price

funds

and

declines

at

certain

asset

levels

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund).

Although

the

fund

does

not

have

a

group

fee

component

to

its

management

fee,

its

assets

are

included

in

the

calculation

because

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds.

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

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

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

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group

and

Advisor

Class

Expense

Group)

and

second

quintile

(Expense

Universe),

and

the

fund's

total

expenses

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

third

quintile

(Expense

Universe),

and

first

quintile

(Advisor

Class

Expense

Group).

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.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

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

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

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

registered

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

registered

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.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

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)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*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

10/25

------

#### 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.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d14856dex99cert.htm) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d14856dex99906ce.htm)

------

#### 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 17, 2025 |

---

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 17, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | October 17, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Tax-Free Short-Intermediate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 17, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

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**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Tax-Free Short-Intermediate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: October 17, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Tax-Free Short-Intermediate Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

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| | |
|:---|:---|
| Date: October 17, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: October 17, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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