N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03872

T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (410) 345-2000

Date of fiscal year end:  February 29

Date of reporting period:  August 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

August

31,

2023

Semiannual

Report

T.

ROWE

PRICE

Tax-Free

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Tax-Free

Funds

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Tax-Free

Funds

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

August 31,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

in

the

U.S.

were

resilient

as

economic

growth

remained

positive

and

corporate

earnings

results

came

in

stronger

than

expected.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

helped

drive

the

momentum

in

the

equity

market.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

communication

services,

information

technology,

and

consumer

discretionary

sectors

were

all

lifted

by

the

rally

in

tech-related

companies

and

recorded

significant

gains.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

in

negative

territory.

In

terms

of

economic

news,

inflation

remained

a

primary

concern

for

both

investors

and

policymakers.

Price

increases

moderated

during

the

period

but

remained

well

above

the

Federal

Reserve’s

2%

target.

In

response,

the

Fed

continued

to

raise

its

short-term

lending

benchmark

rate,

lifting

it

to

a

target

range

of

5.25%

to

5.50%

by

period-end,

the

highest

level

since

March

2001.

In

the

fixed

income

market,

U.S.

Treasury

yields

increased

as

the

Fed

tightened

monetary

policy

and

investors

priced

in

the

possibility

that

the

central

bank

may

have

to

keep

rates

higher

for

longer

than

previously

anticipated.

In

addition,

Treasuries

were

pressured

by

Fitch

Ratings’

decision

to

downgrade

the

credit

rating

of

U.S.

government

debt

from

the

highest

level,

AAA,

to

AA+

along

with

expectations

for

higher

levels

of

borrowing

by

the

Treasury

Department.

The

yield

on

the

benchmark

10-year

note

climbed

to

4.36%

in

mid-August,

its

highest

intraday

level

since

late

2007,

before

falling

back

to

4.09%

by

month-end.

Despite

rising

yields,

returns

were

positive

across

most

fixed

income

sectors

as

investors

benefited

from

the

higher

coupons

that

have

become

available

over

the

past

year

as

well

as

increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Tax-exempt

municipal

bonds

were

supported

by

limited

issuance

in

the

sector

as

well

as

generally

strong

balance

sheets

at

the

state

and

local

level.

T.

ROWE

PRICE

Tax-Free

Funds

2

Global

economies

and

markets

have

shown

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

the

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Tax-Free

Funds

Portfolio

Summary

3

PORTFOLIO

COMPOSITION

Tax-Exempt

Money

Fund

Percent

of

Net

Assets

8/31/23

Variable

Rate

Demand

Notes

48‌%

Commercial

Paper

22‌ 

Variable

Rate

Trusts

16‌ 

Fixed

Rate

Notes/Bonds

15‌ 

Other

Assets

Less

Liabilities

-1‌ 

Total

100‌%

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Short-Intermediate

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Tax-Free

Funds

4

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Income

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Tax-Free

Funds

5

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

High

Yield

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Tax-Free

Funds

6

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

CREDIT

QUALITY

DIVERSIFICATION

Intermediate

Tax-Free

High

Yield

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Tax-Free

Funds

7

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Tax-Free

Funds

8

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

Intermediate

Tax-Free

High

Yield

Fund,

Tax-Free

High

Yield

Fund,

Tax-Free

Income

Fund,

and

Tax-Free

Short-Intermediate

Fund have

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

the

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

The

Tax-Exempt

Money

Fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

T.

ROWE

PRICE

Tax-Free

Funds

9

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

TAX-EXEMPT

MONEY

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,014.40

$2.08

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.08

  2.08

I

Class

Actual

  1,000.00

  1,015.30

  1.22

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.93

  1.22

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.41%,

and

the

2

I Class

was

0.24%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

10

TAX-FREE

SHORT-INTERMEDIATE

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,011.90

$2.63

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.52

  2.64

Advisor

Class

Actual

  1,000.00

  1,008.60

  4.09

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.06

  4.12

I

Class

Actual

  1,000.00

  1,010.80

  1.92

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.23

  1.93

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.52%,

the

2

Advisor Class

was

0.81%,

and

the

3

I Class

was

0.38%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

11

TAX-FREE

INCOME

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,011.30

$2.68

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.47

  2.69

Advisor

Class

Actual

  1,000.00

  1,009.70

  4.34

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.81

  4.37

I

Class

Actual

  1,000.00

  1,011.60

  2.38

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.77

  2.39

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.53%,

the

2

Advisor Class

was

0.86%,

and

the

3

I Class

was

0.47%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

12

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,013.00

$3.34

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.82

  3.35

Advisor

Class

Actual

  1,000.00

  1,012.20

  5.16

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.01

  5.18

I

Class

Actual

  1,000.00

  1,013.60

  2.78

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.37

  2.80

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.66%,

the

2

Advisor Class

was

1.02%,

and

the

3

I Class

was

0.55%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

13

INTERMEDIATE

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,013.50

$2.43

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.72

  2.44

Advisor

Class

Actual

  1,000.00

  1,007.20

  3.63

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.52

  3.66

I

Class

Actual

  1,000.00

  1,014.80

  2.23

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.92

  2.24

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.48%,

the

2

Advisor Class

was

0.72%,

and

the

3

I Class

was

0.44%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

C03-051

10/23

August

31,

2023

SemiAnnual

Report

|

Financial

Statements

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

16

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

5.38‌

$

5.57‌

$

5.72‌

$

5.70‌

$

5.58‌

$

5.53‌

Investment

activities

Net

investment

income

(1)(2)

0.05‌

0.08‌

0.07‌

0.08‌

0.09‌

0.08‌

Net

realized

and

unrealized

gain/loss

0.01‌

(0.19‌)

(0.15‌)

0.02‌

0.12‌

0.05‌

Total

from

investment

activities

0.06‌

(0.11‌)

(0.08‌)

0.10‌

0.21‌

0.13‌

Distributions

Net

investment

income

(0.05‌)

(0.08‌)

(0.07‌)

(0.08‌)

(0.09‌)

(0.08‌)

Net

realized

gain

—‌

—‌

—‌

(3)

—‌

—‌

—‌

Total

distributions

(0.05‌)

(0.08‌)

(0.07‌)

(0.08‌)

(0.09‌)

(0.08‌)

NET

ASSET

VALUE

End

of

period

$

5.39‌

$

5.38‌

$

5.57‌

$

5.72‌

$

5.70‌

$

5.58‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(4)

1.19‌%

(1.92‌)%

(1.45‌)%

1.82‌%

3.80‌%

2.44‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.52‌%

(5)

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.52‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.52‌%

(5)

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.52‌%

Net

investment

income

1.99‌%

(5)

1.53‌%

1.20‌%

1.46‌%

1.60‌%

1.50‌%

Portfolio

turnover

rate

14.8‌%

36.9‌%

23.9‌%

57.8‌%

17.4‌%

30.1‌%

Net

assets,

end

of

period

(in

thousands)

$799,212

$864,097

$1,091,168

$1,470,185

$1,409,913

$1,473,626

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

for

details

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

18

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

5.37‌

$

5.56‌

$

5.71‌

$

5.69‌

$

5.57‌

$

5.52‌

Investment

activities

Net

investment

income

(1)(2)

0.05‌

0.07‌

0.05‌

0.07‌

0.07‌

0.07‌

Net

realized

and

unrealized

gain/loss

—‌

(3)

(0.19‌)

(0.15‌)

0.02‌

0.12‌

0.05‌

Total

from

investment

activities

0.05‌

(0.12‌)

(0.10‌)

0.09‌

0.19‌

0.12‌

Distributions

Net

investment

income

(0.05‌)

(0.07‌)

(0.05‌)

(0.07‌)

(0.07‌)

(0.07‌)

Net

realized

gain

—‌

—‌

—‌

(3)

—‌

—‌

—‌

Total

distributions

(0.05‌)

(0.07‌)

(0.05‌)

(0.07‌)

(0.07‌)

(0.07‌)

NET

ASSET

VALUE

End

of

period

$

5.37‌

$

5.37‌

$

5.56‌

$

5.71‌

$

5.69‌

$

5.57‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(4)

0.86‌%

(2.17‌)%

(1.76‌)%

1.51‌%

3.47‌%

2.13‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.81‌%

(5)

0.77‌%

0.80‌%

0.81‌%

0.82‌%

0.82‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.81‌%

(5)

0.77‌%

0.80‌%

0.81‌%

0.82‌%

0.82‌%

Net

investment

income

1.71‌%

(5)

1.21‌%

0.89‌%

1.20‌%

1.27‌%

1.20‌%

Portfolio

turnover

rate

14.8‌%

36.9‌%

23.9‌%

57.8‌%

17.4‌%

30.1‌%

Net

assets,

end

of

period

(in

thousands)

$2,660

$2,565

$10,937

$2,879

$8,577

$5,763

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

for

details

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

20

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

5.39‌

$

5.58‌

$

5.72‌

$

5.71‌

$

5.58‌

$

5.53‌

Investment

activities

Net

investment

income

(1)(2)

0.06‌

0.09‌

0.07‌

0.09‌

0.10‌

0.09‌

Net

realized

and

unrealized

gain/loss

—‌

(3)

(0.19‌)

(0.14‌)

0.01‌

0.13‌

0.05‌

Total

from

investment

activities

0.06‌

(0.10‌)

(0.07‌)

0.10‌

0.23‌

0.14‌

Distributions

Net

investment

income

(0.06‌)

(0.09‌)

(0.07‌)

(0.09‌)

(0.10‌)

(0.09‌)

Net

realized

gain

—‌

—‌

—‌

(3)

—‌

—‌

—‌

Total

distributions

(0.06‌)

(0.09‌)

(0.07‌)

(0.09‌)

(0.10‌)

(0.09‌)

NET

ASSET

VALUE

End

of

period

$

5.39‌

$

5.39‌

$

5.58‌

$

5.72‌

$

5.71‌

$

5.58‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Financial

Highlights

21

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(4)

1.08‌%

(1.77‌)%

(1.16‌)%

1.74‌%

4.09‌%

2.55‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.38‌%

(5)

0.37‌%

0.38‌%

0.41‌%

0.41‌%

0.41‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.38‌%

(5)

0.37‌%

0.38‌%

0.41‌%

0.41‌%

0.41‌%

Net

investment

income

2.14‌%

(5)

1.68‌%

1.31‌%

1.56‌%

1.70‌%

1.63‌%

Portfolio

turnover

rate

14.8‌%

36.9‌%

23.9‌%

57.8‌%

17.4‌%

30.1‌%

Net

assets,

end

of

period

(in

thousands)

$844,103

$930,459

$970,206

$677,176

$606,294

$409,333

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

for

details

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,

2023

(Unaudited)

22

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

99.3%

ALABAMA

2.1%

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31) 

5,000‌

4,874‌

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

10/1/52

(Tender

12/1/26) 

5,700‌

5,571‌

Black

Belt

Energy

Gas

Dist.,

Series A-1,

VRDN,

4.00%,

12/1/49

(Tender

12/1/25) 

2,500‌

2,479‌

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

4.00%,

10/1/52

(Tender

12/1/26) 

1,615‌

1,579‌

Black

Belt

Energy

Gas

Dist.,

Series D-1,

VRDN,

4.00%,

7/1/52

(Tender

6/1/27) 

4,890‌

4,837‌

Lower

Alabama

Gas

Dist.,

VRDN,

4.00%,

12/1/50

(Tender

12/1/25) 

11,950‌

11,788‌

Southeast

Energy

Auth.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31) 

3,850‌

3,669‌

34,797‌

ALASKA

0.2%

Alaska

HFC,

State

Capital

Project,

Series A,

4.00%,

6/1/26 

1,375‌

1,394‌

Alaska

HFC,

State

Capital

Project,

Series A,

5.00%,

12/1/26 

900‌

943‌

Alaska

HFC,

State

Capital

Project,

Series A,

5.00%,

6/1/27 

750‌

793‌

Alaska

HFC,

State

Capital

Project,

Series A,

5.00%,

12/1/27 

930‌

992‌

4,122‌

ARIZONA

0.8%

Chandler

IDA,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27)  (1)

3,150‌

3,242‌

Maricopa

County

IDA,

Banner

Health

Group,

Series C,

FRN,

100%

of

MUNIPSA

+

0.57%,

4.63%,

1/1/35

(Tender

10/18/24) 

6,740‌

6,722‌

Phoenix

Civic

Improvement,

Junior

Lien,

Series B,

5.00%,

7/1/24  (1)

1,000‌

1,009‌

Phoenix

Civic

Improvement,

Junior

Lien,

Series B,

5.00%,

7/1/25  (1)

1,250‌

1,275‌

Salt

River

Agricultural

Improvement

&

Power

Dist.,

Series A,

5.00%,

1/1/27 

1,500‌

1,592‌

13,840‌

CALIFORNIA

4.6%

California,

GO,

5.00%,

9/1/25 

11,720‌

12,174‌

California,

GO,

5.00%,

9/1/25 

5,775‌

5,990‌

California,

GO,

5.00%,

9/1/26 

11,750‌

12,426‌

California,

GO,

5.00%,

4/1/27 

2,030‌

2,175‌

California,

GO,

5.00%,

8/1/27 

1,050‌

1,111‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/25 

1,600‌

1,643‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/26 

1,000‌

1,045‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

California

HFFA,

Lucile

Salter

Packard

Children's

Hospital,

5.00%,

5/15/27 

275‌

293‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

4.76%,

12/1/50

(Tender

6/1/26) 

1,175‌

1,144‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series D,

FRN,

100%

of

MUNIPSA

+

0.35%,

4.41%,

8/1/47

(Tender

8/1/24) 

2,025‌

2,006‌

California

Statewide

CDA,

Kaiser

Permanente

Revenue

Bonds,

Series C-1,

VRDN,

5.00%,

4/1/46

(Tender

11/1/29) 

4,015‌

4,437‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/24 

600‌

603‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/25 

1,025‌

1,036‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/26 

1,125‌

1,145‌

Golden

State

Tobacco

Securitization,

Series A-1,

5.00%,

6/1/25  (2)

4,120‌

4,254‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/26  (1)

2,385‌

2,469‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/29  (1)

4,000‌

4,297‌

Los

Angeles

Dept.

of

Water

&

Power,

Series E,

5.00%,

7/1/26 

1,000‌

1,057‌

Los

Angeles

Dept.

of

Water

&

Power,

Series E,

5.00%,

7/1/27 

750‌

809‌

Los

Angeles

Wastewater

System

Revenue,

Series C,

5.00%,

6/1/28 

4,000‌

4,390‌

Metropolitan

Water

Dist.

of

Southern

California,

Series A,

5.00%,

10/1/26 

1,300‌

1,381‌

Metropolitan

Water

Dist.

of

Southern

California,

Series A,

5.00%,

10/1/27 

1,000‌

1,087‌

Metropolitan

Water

Dist.

of

Southern

California,

Series A,

5.00%,

10/1/28 

2,500‌

2,771‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.72%,

4.411%,

7/1/27 

2,645‌

2,625‌

Port

of

Oakland,

Series H,

5.00%,

5/1/24  (1)(2)

225‌

228‌

Sacramento

Municipal

Utility

Dist.,

Series J,

5.00%,

8/15/26 

2,700‌

2,857‌

Sacramento

Municipal

Utility

Dist.,

Series J,

5.00%,

8/15/27 

830‌

898‌

76,351‌

COLORADO

3.7%

Colorado,

Series A,

COP,

5.00%,

12/15/27 

3,000‌

3,226‌

Colorado,

Series A,

COP,

5.00%,

12/15/28 

9,205‌

10,074‌

Colorado

HFA,

Adventhealth

Obligated,

Series 2023A-1,

VRDN,

5.00%,

11/15/58

(Tender

11/15/28) 

1,550‌

1,667‌

Colorado

HFA,

Adventist

Health

System,

Series 2018B,

VRDN,

5.00%,

11/15/48

(Tender

11/20/25) 

4,600‌

4,739‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/24 

630‌

629‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/25 

600‌

597‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/26 

550‌

545‌

Colorado

HFA,

Commonspirit

Health,

Series B-2,

VRDN,

5.00%,

8/1/49

(Tender

8/1/26) 

1,385‌

1,418‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/23 

1,600‌

1,603‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/25 

2,150‌

2,211‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/27 

2,080‌

2,205‌

Denver

City

&

County

Airport

System

Revenue,

Series 2017A,

5.00%,

11/15/29  (1)

5,660‌

5,925‌

Denver

City

&

County

Airport

System

Revenue,

Series 2017A,

5.00%,

11/15/30  (1)

1,000‌

1,047‌

Denver

City

&

County

Airport

System

Revenue,

Series 2018A,

5.00%,

11/15/29  (1)

5,000‌

5,348‌

Denver

City

&

County

Airport

System

Revenue,

Series 2022A,

5.00%,

11/15/30  (1)

5,000‌

5,402‌

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

12/1/29  (1)

4,265‌

4,500‌

Denver

City

&

County

Airport

System

Revenue,

Series B,

4.00%,

11/15/31 

2,970‌

2,971‌

E-470

Public

Toll

Highway,

Series A,

5.00%,

9/1/26 

1,250‌

1,313‌

E-470

Public

Toll

Highway,

Series B,

FRN,

67%

of

SOFR

+

0.35%,

3.901%,

9/1/39

(Tender

9/1/24) 

2,750‌

2,743‌

Regional

Transportation

Dist.

Sales

Tax

Revenue,

Series B,

5.00%,

11/1/33 

2,000‌

2,136‌

60,299‌

CONNECTICUT

1.8%

Connecticut,

Series A,

GO,

5.00%,

4/15/29 

3,000‌

3,195‌

Connecticut,

Series D,

GO,

5.00%,

9/15/26 

1,775‌

1,870‌

Connecticut,

Series D,

GO,

5.00%,

9/15/27 

1,000‌

1,073‌

Connecticut,

Series D,

GO,

5.00%,

9/15/28 

1,000‌

1,094‌

Connecticut,

Series E,

GO,

5.00%,

9/15/26 

1,255‌

1,322‌

Connecticut,

Series F,

GO,

5.00%,

11/15/25 

2,390‌

2,478‌

Connecticut

Housing

Fin.

Auth.,

Series B-1,

2.95%,

11/15/31 

5,510‌

5,067‌

Connecticut

Special

Tax

Revenue,

Special

Tax

Obligation

Bonds,

Series A,

5.00%,

5/1/26 

5,000‌

5,230‌

Connecticut

State

HEFA,

5.00%,

7/1/24 

375‌

374‌

Connecticut

State

HEFA,

Series 2015-A,

VRDN,

0.375%,

7/1/35

(Tender

7/12/24) 

3,475‌

3,353‌

Connecticut

State

HEFA,

Series A,

VRDN,

2.80%,

7/1/48

(Tender

2/10/26) 

2,500‌

2,440‌

Connecticut

State

HEFA,

Series C-2,

VRDN,

2.80%,

7/1/57

(Tender

2/3/26) 

2,425‌

2,367‌

29,863‌

DELAWARE

0.3%

Delaware

Transportation

Auth.,

5.00%,

7/1/24 

5,000‌

5,070‌

Delaware

Transportation

Auth.,

5.00%,

9/1/24 

750‌

762‌

5,832‌

DISTRICT

OF

COLUMBIA

2.6%

Dist.

of

Columbia,

Series A,

5.00%,

3/1/26 

5,000‌

5,223‌

Dist.

of

Columbia,

Series C,

5.00%,

12/1/26 

5,250‌

5,567‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

Dist.

of

Columbia,

Series D,

GO,

5.00%,

6/1/26 

3,500‌

3,674‌

Metropolitan

Washington

Airports

Auth.,

5.00%,

10/1/24  (1)

1,400‌

1,417‌

Metropolitan

Washington

Airports

Auth.,

Series 2018A,

5.00%,

10/1/24  (1)

3,975‌

4,017‌

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

5.00%,

10/1/28  (1)

3,000‌

3,186‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/25  (1)

5,000‌

5,106‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/26

(Prerefunded

10/1/23)  (1)(3)

1,500‌

1,501‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series 2021A,

5.00%,

10/1/26  (1)

4,705‌

4,878‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/27  (1)

7,000‌

7,347‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series B,

5.00%,

10/1/24 

270‌

275‌

42,191‌

FLORIDA

6.6%

Alachua

County

HFA,

Shands

Teaching

Hosp.,

5.00%,

12/1/25 

1,225‌

1,260‌

Alachua

County

HFA,

Shands

Teaching

Hosp.,

5.00%,

12/1/26 

500‌

522‌

Alachua

County

HFA,

Shands

Teaching

Hosp.,

VRDN,

5.00%,

12/1/37

(Tender

12/1/26) 

6,300‌

6,485‌

Brevard

County

HFA,

Health

First,

5.00%,

4/1/26 

220‌

221‌

Broward

County

Airport

System,

5.00%,

10/1/23  (1)

675‌

675‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/23  (1)

1,250‌

1,251‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/24  (1)

1,250‌

1,262‌

Broward

County

Airport

System,

Series A,

5.00%,

10/1/25  (1)

2,065‌

2,105‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/23  (1)

1,375‌

1,376‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/24  (1)

1,400‌

1,413‌

Broward

County

Airport

System,

Series B,

5.00%,

10/1/25  (1)

1,500‌

1,529‌

Broward

County

Airport

System,

Series C,

5.00%,

10/1/25  (1)

1,235‌

1,259‌

Broward

County

Airport

System,

Series Q-1,

5.00%,

10/1/25 

4,315‌

4,318‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/24 

550‌

553‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/25 

500‌

505‌

Central

Florida

Expressway

Auth.,

Senior

Lien,

5.00%,

7/1/24 

250‌

253‌

Duval

County

Public

Schools,

Series A,

COP,

5.00%,

7/1/27  (4)

2,750‌

2,922‌

Florida

DOT,

Turnpike

System,

Series A,

4.00%,

7/1/30 

4,000‌

4,028‌

Florida

Lottery

Revenue,

Series 2016A,

5.00%,

7/1/27 

3,696‌

3,864‌

Florida

Lottery

Revenue,

Series 2019A,

5.00%,

7/1/27 

4,745‌

5,069‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series 2017B,

GO,

5.00%,

6/1/25 

7,340‌

7,562‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series 2022B,

GO,

5.00%,

6/1/25 

3,000‌

3,091‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series B,

GO,

5.00%,

6/1/30 

6,180‌

6,622‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

Florida,

Board

of

Ed.,

Capital

Outlay,

Series C,

GO,

5.00%,

6/1/25 

5,610‌

5,683‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series E,

GO,

5.00%,

6/1/25 

7,425‌

7,649‌

Florida,

Board

of

Ed.,

Capital

Outlay,

Series E,

GO,

5.00%,

6/1/31 

9,065‌

9,291‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/23  (1)(2)

2,000‌

2,001‌

Greater

Orlando

Aviation

Auth.,

Unrefunded

Balance,

5.00%,

10/1/23  (1)

1,455‌

1,456‌

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/30  (1)

300‌

304‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/24 

1,530‌

1,537‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/30 

2,000‌

2,022‌

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/31 

2,000‌

2,023‌

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/25  (5)

4,870‌

4,930‌

Orange

County

HFA,

Series C,

VRDN,

5.00%,

11/15/52

(Tender

11/15/26) 

205‌

216‌

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/29 

1,230‌

1,343‌

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/30 

1,750‌

1,932‌

Orange

County

HFA,

Unrefunded

Balance,

Series C,

VRDN,

5.00%,

11/15/52

(Tender

11/15/26) 

3,195‌

3,333‌

Orange

County

School

Board,

Series C,

COP,

5.00%,

8/1/28 

1,750‌

1,900‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/24 

1,010‌

1,024‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/25 

620‌

635‌

Palm

Beach

County

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/26 

600‌

624‌

Village

Community

Dev.

Dist.

No.

14,

4.00%,

5/1/27 

2,535‌

2,528‌

108,576‌

GEORGIA

5.9%

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/25  (1)

2,635‌

2,681‌

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/26  (1)

5,095‌

5,255‌

Atlanta

Dept.

of

Aviation,

Series B,

5.00%,

7/1/28  (1)

6,800‌

7,198‌

Atlanta

Water

&

Wastewater,

5.00%,

11/1/31 

7,585‌

7,807‌

Atlanta

Water

&

Wastewater,

5.00%,

11/1/32 

2,020‌

2,079‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

2.15%,

10/1/32

(Tender

6/13/24) 

7,775‌

7,601‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

4.50%,

11/1/52 

125‌

125‌

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/24 

650‌

654‌

Cobb

County

Kennestone

Hosp.

Auth.,

RAC,

5.00%,

4/1/25 

350‌

356‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/24 

85‌

85‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/24 

500‌

503‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/25 

400‌

407‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/25 

245‌

248‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.00%,

2/15/24 

750‌

755‌

Georgia,

Series C,

GO,

4.00%,

7/1/25 

5,000‌

5,071‌

Georgia

Ports

Auth.,

5.00%,

7/1/26 

750‌

788‌

Georgia

Ports

Auth.,

5.00%,

7/1/27 

1,125‌

1,205‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/24 

4,535‌

4,564‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/25 

4,760‌

4,825‌

LaGrange-Troup

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/25 

500‌

509‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/24 

500‌

502‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/27 

2,500‌

2,524‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/28 

3,890‌

3,943‌

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27) 

9,385‌

9,304‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

4.00%,

8/1/49

(Tender

12/2/24) 

10,210‌

10,190‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

8/1/48

(Tender

12/1/23) 

6,050‌

6,048‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26) 

6,865‌

6,771‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28) 

2,525‌

2,459‌

Metro

Atlanta

Rapid

Transit

Auth.,

Series A,

5.00%,

7/1/42

(Prerefunded

7/1/25)  (3)

2,000‌

2,063‌

96,520‌

HAWAII

0.2%

Hawaii,

Series FG,

GO,

5.00%,

10/1/30 

2,560‌

2,690‌

2,690‌

ILLINOIS

4.7%

Chicago

Midway

Int'l.

Airport,

Series A,

5.00%,

1/1/25  (1)

2,470‌

2,474‌

Chicago

Midway

Int'l.

Airport,

Series B,

5.00%,

1/1/26 

1,000‌

1,001‌

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/27  (1)

6,000‌

6,060‌

Chicago

O'Hare

Int'l.

Airport,

Series B,

5.00%,

1/1/26 

2,020‌

2,053‌

Chicago

O'Hare

Int'l.

Airport,

Series C,

5.00%,

1/1/29 

1,565‌

1,619‌

Chicago

Wastewater,

Series B,

5.00%,

1/1/24 

2,140‌

2,148‌

Chicago

Waterworks,

5.00%,

11/1/23 

3,750‌

3,757‌

Chicago

Waterworks,

5.00%,

11/1/24 

3,850‌

3,904‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/23 

1,300‌

1,302‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/24 

460‌

467‌

Illinois,

GO,

5.00%,

2/1/25 

1,055‌

1,073‌

Illinois,

GO,

5.00%,

1/1/28 

2,010‌

2,064‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Illinois,

GO,

5.00%,

2/1/29 

4,520‌

4,709‌

Illinois,

Series A,

GO,

5.00%,

3/1/24 

995‌

1,001‌

Illinois,

Series A,

GO,

5.00%,

10/1/25 

705‌

723‌

Illinois,

Series A,

GO,

5.00%,

11/1/25 

4,130‌

4,238‌

Illinois,

Series A,

GO,

5.00%,

3/1/28 

2,140‌

2,261‌

Illinois,

Series A,

GO,

5.00%,

12/1/28 

5,000‌

5,332‌

Illinois,

Series B,

GO,

5.00%,

9/1/25 

5,620‌

5,756‌

Illinois,

Series B,

GO,

5.00%,

3/1/26 

1,675‌

1,726‌

Illinois,

Series B,

GO,

5.00%,

5/1/28 

2,200‌

2,330‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

2,500‌

2,627‌

Illinois,

Series D,

GO,

5.00%,

11/1/27 

4,920‌

5,177‌

Illinois

Fin.

Auth.,

Series B-1,

VRDN,

5.00%,

8/15/52

(Tender

8/15/25) 

3,000‌

3,062‌

Illinois

Fin.

Auth.,

Healthcare

System,

Series B-1,

VRDN,

5.00%,

5/15/50

(Tender

11/15/24) 

4,925‌

4,958‌

Illinois

Fin.

Auth.,

Northshore

Univ.

Health,

5.00%,

8/15/24 

1,000‌

1,012‌

Illinois

Fin.

Auth.,

Northshore

Univ.

Health,

5.00%,

8/15/25 

1,250‌

1,287‌

Railsplitter

Tobacco

Settlement

Auth.,

5.00%,

6/1/25 

1,140‌

1,167‌

Railsplitter

Tobacco

Settlement

Auth.,

5.00%,

6/1/26 

1,320‌

1,372‌

76,660‌

INDIANA

0.2%

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/23 

815‌

815‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.00%,

9/15/24 

845‌

853‌

Indiana

Fin.

Auth.,

Parkview

Health

System,

Series B,

VRDN,

3.80%,

11/1/39 

1,500‌

1,500‌

3,168‌

IOWA

0.9%

PEFA,

VRDN,

5.00%,

9/1/49

(Tender

9/1/26) 

14,285‌

14,420‌

14,420‌

KENTUCKY

1.5%

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/24 

575‌

577‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/25 

610‌

617‌

Ashland

Medical

Center,

DBA

King's

Daughter,

Series 2019,

5.00%,

2/1/26 

550‌

561‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/24 

1,115‌

1,123‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/25 

1,400‌

1,419‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/26 

2,510‌

2,565‌

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

4.00%,

8/1/52

(Tender

8/1/30) 

6,150‌

6,041‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28) 

11,305‌

11,218‌

24,121‌

LOUISIANA

0.4%

Lake

Charles

Harbor

&

Terminal

Dist.,

Big

Lake

Fuels

LLC

Project,

VRDN,

1.00%,

12/1/51

(Tender

12/1/24)  (1)

2,775‌

2,638‌

Louisiana

Offshore

Terminal

Auth.,

Loop

Project,

VRDN,

1.65%,

9/1/27

(Tender

12/1/23) 

1,750‌

1,736‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/24  (1)

225‌

226‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/25  (1)

250‌

253‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-2,

VRDN,

2.10%,

6/1/37

(Tender

7/1/24) 

2,000‌

1,964‌

6,817‌

MARYLAND

8.1%

Anne

Arundel

County,

GO,

5.00%,

4/1/27 

1,895‌

2,025‌

Anne

Arundel

County,

Consolidated

General

Improvement,

GO,

5.00%,

4/1/25 

3,330‌

3,420‌

Anne

Arundel

County,

Consolidated

General

Improvement,

GO,

5.00%,

4/1/27 

3,245‌

3,467‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/23 

500‌

500‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/24 

1,950‌

1,937‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/25 

2,040‌

2,017‌

Baltimore

County,

Series B,

GO,

5.00%,

8/1/27 

5,675‌

5,756‌

Baltimore

County,

Metropolitan

Dist.

80th

Issue,

GO,

5.00%,

3/1/27 

1,415‌

1,509‌

Frederick

County,

Series A,

5.00%,

7/1/24 

1,000‌

1,011‌

Gaithersburg,

Asbury

Maryland

Obligation

Group,

Series B,

5.00%,

1/1/27 

4,310‌

4,320‌

Harford

County,

GO,

5.00%,

10/1/27 

2,500‌

2,698‌

Harford

County,

Series B,

GO,

5.00%,

7/1/26 

2,000‌

2,104‌

Maryland,

GO,

5.00%,

8/1/31 

5,000‌

5,459‌

Maryland,

Series 2017A,

GO,

5.00%,

3/15/26 

4,155‌

4,347‌

Maryland,

Series 2020A,

GO,

5.00%,

3/15/26 

5,000‌

5,231‌

Maryland,

Series A,

GO,

5.00%,

8/1/27 

5,000‌

5,377‌

Maryland,

Series B,

GO,

5.00%,

8/1/24 

5,800‌

5,890‌

Maryland

DOT,

4.00%,

11/1/29 

1,235‌

1,244‌

Maryland

DOT,

Series B,

5.00%,

12/1/28 

3,500‌

3,849‌

Maryland

Economic

Dev.,

Constellation

Energy

Group,

Series B,

VRDN,

4.10%,

10/1/36

(Tender

4/3/28) 

2,725‌

2,748‌

Maryland

HHEFA,

5.00%,

7/1/24 

400‌

404‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.25%,

1/1/25 

1,000‌

1,012‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/26 

1,280‌

1,316‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/27 

2,500‌

2,608‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/25 

2,000‌

2,029‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/25 

665‌

678‌

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/26 

1,250‌

1,292‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-1,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25) 

3,435‌

3,490‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-2,

VRDN,

5.00%,

7/1/45

(Tender

7/1/27) 

12,315‌

12,859‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/24  (2)

795‌

804‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/26

(Prerefunded

7/1/24)  (3)

1,535‌

1,555‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/27

(Prerefunded

7/1/24)  (3)

3,000‌

3,039‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/34

(Prerefunded

5/1/26)  (3)

5,000‌

5,232‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/35

(Prerefunded

5/1/26)  (3)

2,585‌

2,705‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/46

(Prerefunded

5/1/26)  (3)

4,000‌

4,186‌

Maryland

Transportation

Auth.,

Passenger

Facility

Charge

Revenue,

Series 2019,

5.00%,

6/1/25  (1)

3,400‌

3,468‌

Montgomery

County,

Series C,

GO,

5.00%,

10/1/24 

4,285‌

4,361‌

Montgomery

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/1/25 

7,000‌

7,226‌

Montgomery

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/1/27 

4,810‌

5,174‌

Prince

George's

County,

Series A,

GO,

5.00%,

8/1/26 

1,320‌

1,391‌

Univ.

System

of

Maryland,

Series A,

5.00%,

4/1/26 

3,000‌

3,136‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/24 

635‌

630‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/25 

665‌

652‌

134,156‌

MASSACHUSETTS

1.0%

Massachusetts

Ed.

Fin.

Auth.,

Series J,

5.00%,

7/1/24  (1)

2,000‌

2,017‌

Massachusetts

State

College

Building

Auth.,

Series A,

5.00%,

5/1/38

(Prerefunded

5/1/25)  (3)

6,450‌

6,633‌

Massachusetts

State

College

Building

Auth.,

Series D,

5.00%,

5/1/39

(Prerefunded

5/1/25)  (3)

7,575‌

7,790‌

16,440‌

MICHIGAN

2.3%

Detroit

City

School

Dist.,

Series C,

GO,

5.25%,

5/1/25  (6)

3,615‌

3,690‌

Detroit

Downtown

Dev.

Auth.,

Series A,

5.00%,

7/1/24  (4)

975‌

986‌

Great

Lakes

Water

Auth.,

Water

Supply

System,

Series A,

5.00%,

7/1/25 

1,500‌

1,540‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

Great

Lakes

Water

Auth.,

Water

Supply

System,

Series D,

5.00%,

7/1/31 

1,000‌

1,038‌

Great

Lakes

Water

Auth.,

Water

Supply

System,

Senior

Lien,

Series C,

5.00%,

7/1/27 

5,800‌

6,066‌

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Senior

Lien,

Series C-3,

5.00%,

7/1/29  (4)

2,500‌

2,526‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/28 

3,980‌

4,117‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Series D-2,

5.00%,

7/1/27  (4)

2,850‌

2,883‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Series D-4,

5.00%,

7/1/29 

1,500‌

1,515‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/23 

585‌

587‌

Michigan

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/24 

995‌

1,014‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/24 

900‌

903‌

Michigan,

City

of

Detroit,

GO,

5.00%,

4/1/25 

860‌

869‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/23 

430‌

431‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/24 

780‌

792‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/23  (1)

2,195‌

2,200‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/24  (1)

2,385‌

2,413‌

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/25  (1)

2,405‌

2,454‌

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/31  (1)

1,330‌

1,347‌

Wayne

County

Airport

Auth.,

Series G,

5.00%,

12/1/27 

425‌

438‌

37,809‌

MINNESOTA

2.0%

Minnesota,

Series A,

GO,

5.00%,

8/1/24 

5,000‌

5,077‌

Minnesota,

Series A,

GO,

5.00%,

8/1/26 

5,320‌

5,610‌

Minnesota,

Series D,

GO,

5.00%,

10/1/24 

8,675‌

8,834‌

Minnesota,

Series D,

GO,

5.00%,

8/1/25 

5,000‌

5,166‌

Minnesota,

Series D,

GO,

5.00%,

8/1/27 

7,875‌

8,137‌

32,824‌

MISSOURI

0.9%

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

5.00%,

3/1/25  (1)

1,500‌

1,519‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

5.00%,

3/1/25 

1,050‌

1,072‌

Missouri

HEFA,

SSM

Health

Care,

Series A,

5.00%,

6/1/26

(Prerefunded

6/1/24)  (3)

1,740‌

1,759‌

Missouri

HEFA,

SSM

Health

Care,

Series C,

VRDN,

5.00%,

5/1/52

(Tender

5/1/28) 

8,000‌

8,548‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/24  (1)(4)

840‌

847‌

Saint

Louis

Airport,

Series B,

5.00%,

7/1/25  (1)(4)

375‌

382‌

14,127‌

NEBRASKA

0.1%

Central

Plains

Energy,

4.00%,

8/1/25 

1,550‌

1,551‌

1,551‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

NEVADA

0.4%

Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series B,

5.00%,

7/1/26  (1)

3,000‌

3,087‌

Clark

County

School

Dist.,

Series A,

GO,

3.00%,

6/15/25  (4)

650‌

644‌

Clark

County

School

Dist.,

Series A,

GO,

5.00%,

6/15/26  (4)

500‌

523‌

Nevada

Housing

Division,

VRDN,

5.00%,

12/1/25

(Tender

12/1/24) 

1,800‌

1,817‌

6,071‌

NEW

JERSEY

3.7%

New

Jersey

Economic

Dev.

Auth.,

Series SSS,

5.00%,

6/15/26  (7)

2,000‌

2,042‌

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

Series A,

5.00%,

11/1/29 

5,065‌

5,521‌

New

Jersey

HCFFA,

AHS

Hosp.,

5.00%,

7/1/25 

1,405‌

1,412‌

New

Jersey

HCFFA,

AHS

Hosp.,

5.00%,

7/1/25

(Prerefunded

1/1/24)  (3)

95‌

95‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/24 

3,085‌

3,119‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/30 

2,210‌

2,300‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/26 

825‌

858‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/27 

1,500‌

1,586‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/32 

3,000‌

3,210‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

5.00%,

6/15/29 

1,565‌

1,685‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series 2018A,

5.00%,

12/15/26 

1,410‌

1,479‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series 2019A,

5.00%,

12/15/26 

2,525‌

2,648‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

5.00%,

12/15/24 

1,975‌

2,008‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series D,

5.00%,

12/15/24 

1,125‌

1,144‌

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/27 

590‌

597‌

New

Jersey

Turnpike

Auth.,

Series D,

5.00%,

1/1/28 

5,000‌

5,201‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/24 

5,815‌

5,886‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/25 

6,505‌

6,692‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/27 

6,750‌

7,184‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/24 

1,000‌

1,009‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/26 

4,055‌

4,206‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/28 

1,535‌

1,641‌

61,523‌

NEW

YORK

6.8%

Brooklyn

Arena

Local

Dev.,

Barclays

Center,

Series A,

5.00%,

7/15/24 

3,000‌

3,020‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

10/1/24  (4)

3,260‌

3,283‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

10/1/24 

3,050‌

3,106‌

Dormitory

Auth.

of

the

State

of

New

York,

Bidding

Group,

Series C,

5.00%,

3/15/24  (2)

5‌

5‌

Dormitory

Auth.

of

the

State

of

New

York,

Bidding

Group,

Series E,

5.00%,

3/15/28 

5,000‌

5,404‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax

General

Purpose

Bond,

Series B,

5.00%,

2/15/28 

7,350‌

7,853‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax

General

Purpose

Bond,

Series B,

5.00%,

2/15/29 

9,855‌

10,523‌

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/28 

6,985‌

7,405‌

Long

Island

Power

Auth.,

Series B,

VRDN,

1.50%,

9/1/51

(Tender

9/1/26) 

1,250‌

1,153‌

New

York

City,

Series 1,

GO,

5.00%,

8/1/25 

5,400‌

5,582‌

New

York

City,

Series C,

GO,

5.00%,

8/1/27 

5,000‌

5,360‌

New

York

City,

Series F-1,

GO,

5.00%,

8/1/28 

1,000‌

1,090‌

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A-2,

VRDN,

3.73%,

5/1/63

(Tender

12/29/28) 

1,000‌

995‌

New

York

City

IDA,

Series A,

5.00%,

1/1/25  (4)

2,000‌

2,038‌

New

York

City

IDA,

Yankee

Stadium

Project,

5.00%,

3/1/28  (4)

1,315‌

1,399‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured,

Series A-1,

5.00%,

11/1/26 

1,170‌

1,239‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured,

Series D,

5.00%,

11/1/27 

4,130‌

4,460‌

New

York

State

Housing

Fin.

Agency,

Sustainability

Bonds,

VRDN,

3.80%,

11/1/62

(Tender

5/1/29) 

5,000‌

4,946‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

Series A,

5.00%,

3/15/24 

3,275‌

3,305‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26  (1)

1,270‌

1,273‌

New

York

Transportation

Dev.,

Delta

Air

Lines

LaGuardia

Airport,

5.00%,

1/1/27  (1)

3,500‌

3,575‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/23 

1,000‌

1,003‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 178,

5.00%,

12/1/25  (1)

5,000‌

5,008‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 185,

5.00%,

9/1/25  (1)

2,000‌

2,020‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/24  (1)

3,000‌

3,044‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/26  (1)

10,030‌

10,392‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/27  (1)

4,300‌

4,510‌

Triborough

Bridge

&

Tunnel

Auth.,

Series A,

BAN,

5.00%,

8/15/24 

2,425‌

2,462‌

Triborough

Bridge

&

Tunnel

Auth.,

Series B,

FRN,

67%

of

SOFR

+

0.38%,

3.931%,

1/1/32

(Tender

2/1/24) 

6,240‌

6,211‌

111,664‌

NORTH

CAROLINA

4.9%

Charlotte-Mecklenburg

Hosp.

Auth.,

VRDN,

5.00%,

1/15/49

(Tender

12/1/31) 

6,565‌

7,350‌

Charlotte-Mecklenburg

Hosp.

Auth.,

VRDN,

5.00%,

1/15/50

(Tender

12/1/28) 

2,500‌

2,698‌

Mecklenburg

County,

GO,

5.00%,

3/1/26 

10,000‌

10,453‌

North

Carolina

Medical

Care

Commission,

4.00%,

3/1/24 

220‌

219‌

North

Carolina

Medical

Care

Commission,

4.00%,

3/1/25 

265‌

260‌

North

Carolina

Medical

Care

Commission,

5.00%,

3/1/26 

490‌

487‌

North

Carolina

Medical

Care

Commission,

5.00%,

3/1/27 

290‌

287‌

North

Carolina

Medical

Care

Commission,

Caromont

Health,

Series B,

VRDN,

5.00%,

2/1/51

(Tender

2/1/26) 

11,050‌

11,445‌

North

Carolina

Medical

Care

Commission,

Retirement

Fac.

First

Meeting,

4.00%,

1/1/25 

250‌

246‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/23 

150‌

150‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/24 

180‌

181‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/25 

125‌

126‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/23  (2)

400‌

400‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/24

(Prerefunded

10/1/23)  (3)

950‌

980‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/26

(Prerefunded

10/1/23)  (3)

750‌

773‌

North

Carolina

Medical

Care

Commission,

United

Methodist

Retirement

Home,

Series A,

5.00%,

10/1/27

(Prerefunded

10/1/23)  (3)

175‌

180‌

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/28

(Prerefunded

6/1/25)  (3)

1,575‌

1,622‌

North

Carolina

Medical

Care

Commission,

Wake

Forest

Baptist,

Series B,

5.00%,

12/1/23 

2,000‌

2,002‌

North

Carolina

Medical

Care

Commission,

Wake

Forest

Baptist,

Series B,

5.00%,

12/1/27 

1,125‌

1,127‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

North

Carolina

Turnpike

Auth.,

BAN,

5.00%,

2/1/24  (2)

13,455‌

13,529‌

Raleigh

City,

Combined

Enterprise

System

Revenue,

Series 2023,

5.00%,

9/1/25 

750‌

776‌

Raleigh

City,

Combined

Enterprise

System

Revenue,

Series 2023,

5.00%,

9/1/26 

950‌

1,003‌

Raleigh

City,

Combined

Enterprise

System

Revenue,

Series 2023,

5.00%,

9/1/27 

630‌

679‌

Wake

County,

5.00%,

3/1/27 

2,355‌

2,507‌

Wake

County,

Series 2021,

GO,

5.00%,

4/1/29 

5,000‌

5,548‌

Wake

County,

Series C,

GO,

5.00%,

3/1/25 

15,760‌

16,161‌

81,189‌

OHIO

1.2%

Cleveland

Airport

System,

Series B,

5.00%,

1/1/24  (1)

1,200‌

1,203‌

Columbus,

Series 2,

GO,

5.00%,

8/15/26 

945‌

997‌

Columbus,

Series A,

GO,

5.00%,

8/15/27 

1,000‌

1,075‌

Columbus,

Series B,

GO,

5.00%,

8/15/27 

1,640‌

1,764‌

Columbus,

Series B,

GO,

5.00%,

8/15/28 

2,390‌

2,619‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/24 

150‌

150‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/25 

200‌

201‌

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/26 

150‌

150‌

Ohio

Hosp.

Fac.,

Cleveland

Clinic

Health,

Series C,

VRDN,

2.75%,

1/1/52

(Tender

5/1/28) 

1,500‌

1,452‌

Ohio

Water

Dev.

Auth.

Water

Pollution

Control

Loan

Fund,

Series A,

5.00%,

6/1/26 

7,000‌

7,348‌

Ohio

Water

Dev.

Auth.

Water

Pollution

Control

Loan

Fund,

Series A,

5.00%,

6/1/27 

3,000‌

3,211‌

20,170‌

OKLAHOMA

0.2%

Oklahoma

Turnpike

Auth.,

Series D,

5.00%,

1/1/27 

3,310‌

3,506‌

3,506‌

OREGON

0.6%

Oregon,

Series A,

GO,

5.00%,

5/1/25 

1,500‌

1,543‌

Oregon,

Series A,

GO,

5.00%,

5/1/26 

1,625‌

1,704‌

Oregon,

Series A,

GO,

5.00%,

5/1/27 

2,000‌

2,139‌

Oregon,

Series D,

GO,

5.00%,

6/1/26 

1,215‌

1,276‌

Oregon,

Series D,

GO,

5.00%,

6/1/27 

2,650‌

2,839‌

9,501‌

PENNSYLVANIA

2.3%

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/24 

200‌

201‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/25 

500‌

505‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/26 

550‌

561‌

Bucks

County

IDA,

5.00%,

7/1/25 

350‌

344‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

36

Par/Shares

$

Value

(Amounts

in

000s)

Bucks

County

IDA,

5.00%,

7/1/26 

450‌

445‌

Bucks

County

IDA,

5.00%,

7/1/27 

475‌

470‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/24 

2,300‌

2,292‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/25 

705‌

700‌

Commonwealth

Fin.

Auth.,

Tobacco

Settlement,

5.00%,

6/1/24 

2,280‌

2,302‌

Lehigh,

Lehigh

Valley

Health

Network,

5.00%,

7/1/24 

1,700‌

1,717‌

Northampton

County

General

Purpose

Auth.,

Saint

Luke's

Health

Univ.,

FRN,

70%

of

1M

USD

LIBOR

+

1.04%,

4.843%,

8/15/48

(Tender

8/15/24) 

4,900‌

4,900‌

Pennsylvania,

GO,

5.00%,

9/15/25  (4)

715‌

740‌

Pennsylvania,

GO,

5.00%,

2/1/26 

4,575‌

4,769‌

Philadelphia

Airport,

Series A,

5.00%,

7/1/26 

1,160‌

1,212‌

Philadelphia

Airport,

Series A,

5.00%,

7/1/27 

2,000‌

2,125‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/25  (1)

8,065‌

8,208‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/26  (1)

1,080‌

1,111‌

Philadelphia

Airport,

Series C,

5.00%,

7/1/27  (1)

1,135‌

1,182‌

Southeastern

Pennsylvania

Transportation

Auth.,

5.00%,

6/1/25 

2,290‌

2,351‌

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/33  (4)

2,500‌

2,595‌

38,730‌

PUERTO

RICO

5.0%

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/29  (8)

6,800‌

6,961‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30  (8)

5,000‌

5,122‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/24  (8)

2,075‌

2,084‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/28  (8)

1,250‌

1,278‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

17,594‌

18,331‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

9,000‌

9,508‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

5,581‌

6,024‌

Puerto

Rico

Ind.

Tourist

Ed.

Medical

&

Environmental

Control

Fac.

Fin.

Auth.,

5.00%,

7/1/27 

450‌

467‌

Puerto

Rico

Ind.

Tourist

Ed.

Medical

&

Environmental

Control

Fac.

Fin.

Auth.,

5.00%,

7/1/29 

850‌

898‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.50%,

7/1/34 

13,854‌

13,819‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

9,628‌

8,229‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31 

9,535‌

6,804‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

37

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

4,000‌

2,584‌

82,109‌

RHODE

ISLAND

0.2%

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/23 

550‌

550‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/24 

1,290‌

1,288‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/25 

415‌

414‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/26 

450‌

448‌

2,700‌

SOUTH

CAROLINA

1.4%

South

Carolina

Jobs

Economic

Dev.

Auth.,

Bon

Secours

Health

System,

VRDN,

5.00%,

12/1/48

(Tender

10/1/25) 

10,010‌

10,236‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/30 

1,140‌

1,190‌

South

Carolina

Ports

Auth.,

5.00%,

7/1/24  (1)

850‌

857‌

South

Carolina

Ports

Auth.,

5.00%,

7/1/25  (1)

1,190‌

1,212‌

South

Carolina

Ports

Auth.,

5.25%,

7/1/55

(Prerefunded

7/1/25)  (1)(3)

3,240‌

3,321‌

South

Carolina

Public

Service

Auth.,

Series A,

5.00%,

12/1/28 

4,700‌

4,798‌

Spartanburg

Regional

Health

Services

Dist.,

5.00%,

4/15/29 

1,700‌

1,816‌

23,430‌

SOUTH

DAKOTA

0.1%

South

Dakota

HEFA,

Sanford

Obligated

Group,

5.00%,

11/1/29 

1,000‌

1,035‌

1,035‌

TENNESSEE

2.4%

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing

-

CDFI

Phase

I,

CDFI,

5.00%,

10/1/23 

650‌

650‌

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligated

Group,

5.00%,

7/1/29 

1,525‌

1,605‌

Memphis-Shelby

County

Airport

Auth.,

Series B,

5.00%,

7/1/24  (1)

3,330‌

3,353‌

Metropolitan

Gov't.

of

Nashville

&

Davidson

County,

GO,

5.00%,

7/1/24 

17,760‌

18,006‌

Metropolitan

Gov't.

of

Nashville

&

Davidson

County

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

5.00%,

7/1/31 

6,755‌

7,346‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/25  (1)

515‌

524‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/26  (1)

1,695‌

1,743‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/27  (1)

690‌

719‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/28  (1)

1,000‌

1,054‌

Tennergy,

Series A,

VRDN,

5.00%,

2/1/50

(Tender

10/1/24) 

5,000‌

5,036‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

38

Par/Shares

$

Value

(Amounts

in

000s)

Tennessee

Energy

Acquisition,

Goldman

Sachs,

Series C,

5.00%,

2/1/24 

175‌

175‌

40,211‌

TEXAS

9.8%

Austin

Airport

System,

5.00%,

11/15/27  (1)

1,780‌

1,795‌

Austin

Airport

System,

Series A,

5.00%,

11/15/26 

545‌

575‌

Austin

Airport

System,

Series B,

5.00%,

11/15/23  (1)

715‌

716‌

Austin

Airport

System,

Series B,

5.00%,

11/15/29  (1)

1,200‌

1,240‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/26 

1,505‌

1,513‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/27 

1,655‌

1,673‌

Austin

Water

&

Wastewater

System,

5.00%,

11/15/32 

2,095‌

2,200‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/24 

1,025‌

1,029‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/25 

1,195‌

1,212‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/26 

1,620‌

1,658‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/28 

1,700‌

1,739‌

Central

Texas

Regional

Mobility

Auth.,

Series A,

5.00%,

1/1/40

(Prerefunded

7/1/25)  (3)

4,490‌

4,611‌

Central

Texas

Regional

Mobility

Auth.,

Series A,

5.00%,

1/1/45

(Prerefunded

7/1/25)  (3)

1,475‌

1,515‌

Central

Texas

Regional

Mobility

Auth.,

Series C,

5.00%,

1/1/27 

15,280‌

15,774‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

5.00%,

8/15/24 

3,120‌

3,106‌

Dallas,

GO,

5.00%,

2/15/25 

5,000‌

5,121‌

Dallas

Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/28  (7)

1,000‌

1,086‌

Dallas

Hotel

Occupancy

Tax

Revenue,

4.00%,

8/15/27 

2,000‌

2,010‌

Dallas

Hotel

Occupancy

Tax

Revenue,

4.00%,

8/15/28 

2,000‌

2,011‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

6/1/32

(Tender

12/1/26) 

11,665‌

12,179‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

7/1/49

(Tender

12/1/24) 

1,880‌

1,906‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

Sys.,

VRDN,

5.00%,

7/1/49

(Tender

12/1/26) 

1,250‌

1,305‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.,

Series C-1,

TECP,

4.10%,

9/1/23 

3,900‌

3,900‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Texas

Children's

Hosp.,

5.00%,

10/1/28 

3,110‌

3,214‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Texas

Children's

Hosp.,

VRDN,

5.00%,

10/1/41

(Tender

10/1/24) 

4,000‌

4,053‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/31 

2,305‌

2,445‌

Houston

Airport

System,

Series A,

5.00%,

7/1/25  (1)

1,250‌

1,271‌

Houston

Airport

System,

Series A,

5.00%,

7/1/26  (1)

1,250‌

1,286‌

Houston

Airport

System

Revenue,

Series A,

5.00%,

7/1/29  (1)

2,130‌

2,263‌

Houston

Combined

Utility

System

Revenue,

Series A,

Zero

Coupon,

12/1/25  (2)(4)

6,000‌

5,538‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

39

Par/Shares

$

Value

(Amounts

in

000s)

Love

Field

Airport

Modernization,

Southwest

Airlines,

5.00%,

11/1/28  (1)

1,000‌

1,000‌

Lower

Colorado

River

Auth.,

5.00%,

5/15/24 

120‌

121‌

Lower

Colorado

River

Auth.,

Series A,

5.00%,

5/15/24 

1,045‌

1,056‌

Lower

Colorado

River

Auth.,

Series A,

5.00%,

5/15/27  (4)

2,000‌

2,119‌

Lower

Colorado

River

Auth.,

Series A,

5.00%,

5/15/28  (4)

1,500‌

1,614‌

Lower

Colorado

River

Auth.,

Transmission

Services,

5.00%,

5/15/24 

280‌

283‌

Lower

Colorado

River

Auth.,

Transmission

Services,

5.00%,

5/15/25 

1,010‌

1,038‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/26 

9,710‌

9,752‌

North

Texas

Tollway

Auth.,

Series A,

5.00%,

1/1/28 

460‌

467‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/25 

1,140‌

1,145‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/27 

8,430‌

8,468‌

North

Texas

Tollway

Auth.,

Unrefunded

Balance,

Series A,

5.00%,

1/1/24 

1,130‌

1,131‌

Port

Beaumont

Navigation

Dist.,

1.875%,

1/1/26  (1)(8)

500‌

457‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series E,

VRDN,

5.00%,

11/15/52

(Tender

5/15/26) 

3,200‌

3,303‌

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26 

12,440‌

12,880‌

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Merrill

Lynch,

Senior

Lien,

Series A,

5.25%,

12/15/25 

2,500‌

2,548‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/23 

2,125‌

2,129‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/27 

4,285‌

4,354‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/28 

1,370‌

1,395‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31 

5,100‌

5,218‌

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/34 

6,150‌

6,534‌

Texas

Water

Financial

Assistance,

Economically

Distressed

Areas

Program,

Series C,

GO,

5.00%,

8/1/28 

3,345‌

3,639‌

160,595‌

UTAH

1.4%

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/26 

2,000‌

2,099‌

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/27 

2,000‌

2,137‌

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/28 

2,250‌

2,449‌

Salt

Lake

City

Airport,

Series 2017A,

5.00%,

7/1/27  (1)

2,030‌

2,115‌

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/26  (1)

3,960‌

4,074‌

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/27  (1)

5,080‌

5,293‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/26  (1)

1,155‌

1,188‌

Univ.

of

Utah,

Green

Bond,

Series B,

5.00%,

8/1/26 

1,450‌

1,522‌

Univ.

of

Utah,

Green

Bond,

Series B,

5.00%,

8/1/27 

1,000‌

1,070‌

Vineyard

Redev.

Agency,

5.00%,

5/1/27  (4)

615‌

651‌

22,598‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

40

Par/Shares

$

Value

(Amounts

in

000s)

VIRGINIA

4.2%

Arlington

County

IDA,

Park

Shirlington

Apartments,

Series A,

5.00%,

1/1/26 

2,325‌

2,382‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/24 

1,600‌

1,616‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/28 

880‌

939‌

Fairfax

County

IDA,

Inova

Health

System,

5.00%,

5/15/27 

2,500‌

2,659‌

Fairfax

County

IDA,

Inova

Health

System,

Series B-2,

VRDN,

5.00%,

5/15/57

(Tender

5/15/30) 

5,000‌

5,490‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/27 

1,750‌

1,762‌

Greater

Richmond

Convention

Center

Auth.,

5.00%,

6/15/24 

225‌

228‌

Hampton

Roads

Sanitation

Dist.,

Wastewater,

Series A,

5.00%,

8/1/34

(Prerefunded

8/1/26)  (3)

4,335‌

4,559‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

BAN,

5.00%,

7/1/26  (2)

4,850‌

5,092‌

Louisa

IDA,

Series A,

VRDN,

3.65%,

11/1/35

(Tender

10/1/27) 

2,000‌

1,973‌

Virginia

College

Building

Auth.,

4.00%,

2/1/29 

6,065‌

6,234‌

Virginia

College

Building

Auth.,

Series A,

5.00%,

2/1/26 

7,015‌

7,315‌

Virginia

College

Building

Auth.,

Series A,

5.00%,

2/1/27 

5,000‌

5,315‌

Virginia

College

Building

Auth.,

Series A,

5.00%,

2/1/28 

3,000‌

3,249‌

Virginia

Public

Building

Auth.,

Series A-1,

5.00%,

8/1/27 

3,000‌

3,219‌

Virginia

Public

Building

Auth.,

Series B,

5.00%,

8/1/24 

3,000‌

3,046‌

Virginia

Public

Building

Auth.,

Series B,

5.00%,

8/1/25 

1,325‌

1,369‌

Virginia

Public

School

Auth.,

Series A,

5.00%,

8/1/25 

4,625‌

4,777‌

Virginia

Public

School

Auth.,

Series A,

5.00%,

8/1/26 

4,845‌

5,104‌

Virginia

Small

Business

Fin.

Auth.,

Senior

Lien,

4.00%,

1/1/30  (1)

3,250‌

3,205‌

69,533‌

WASHINGTON

3.2%

Central

Puget

Sound

Regional

Transit

Auth.,

Series S-1,

5.00%,

11/1/35

(Prerefunded

11/1/25)  (3)

13,250‌

13,735‌

Central

Puget

Sound

Regional

Transit

Auth.,

Green

Bond,

Series S-1,

4.00%,

11/1/33

(Prerefunded

11/1/25)  (3)

2,000‌

2,032‌

Energy

Northwest,

Series A,

5.00%,

7/1/27 

5,120‌

5,376‌

King

County,

Series A,

GO,

5.00%,

12/1/25 

3,605‌

3,745‌

Port

of

Seattle,

Series C,

5.00%,

8/1/28  (1)

3,000‌

3,166‌

Washington,

Series A-1,

GO,

5.00%,

8/1/27 

4,130‌

4,254‌

Washington,

Series D,

GO,

5.00%,

2/1/32 

5,000‌

5,295‌

Washington,

Series R,

GO,

4.00%,

7/1/26 

5,000‌

5,120‌

Washington

Health

Care

Fac.

Auth.,

Commonspirit

Health,

Series B-2,

VRDN,

5.00%,

8/1/49

(Tender

8/1/25) 

2,450‌

2,485‌

Washington

Health

Care

Fac.

Auth.,

Commonspirit

Health,

Series B-3,

VRDN,

5.00%,

8/1/49

(Tender

8/1/26) 

6,900‌

7,065‌

52,273‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

41

Par/Shares

$

Value

(Amounts

in

000s)

WISCONSIN

0.6%

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio,

Series 1,

5.00%,

6/1/25

(Prerefunded

6/1/24)  (3)

5,000‌

5,054‌

Wisconsin

HEFA,

Advocate

Aurora

Health

Credit

Group,

Series B-4,

VRDN,

5.00%,

8/15/54

(Tender

1/29/25) 

5,400‌

5,497‌

10,551‌

SHORT-TERM

INVESTMENTS

0.0%

MONEY

MARKET

FUNDS

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.40%  (9)(10)

1‌

1‌

Total

Short-Term

Investments

(Cost

$1)

1‌

Total

Investments

in

Securities

99.3%

of

Net

Assets

(Cost

$1,666,566)

$

1,634,564‌

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Interest

subject

to

alternative

minimum

tax.

(2)

Escrowed

to

maturity

(3)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(4)

Insured

by

Assured

Guaranty

Municipal

Corporation

(5)

Insured

by

Build

America

Mutual

Assurance

Company

(6)

Insured

by

Financial

Guaranty

Insurance

Company

(7)

When-issued

security

(8)

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

$15,902

and

represents

1.0%

of

net

assets.

(9)

Seven-day

yield

(10)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

BAN

Bond

Anticipation

Note

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

FRN

Floating

Rate

Note

GO

General

Obligation

HCFFA

Health

Care

Facilities

Financing

Authority

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

42

.

.

.

.

.

.

.

.

.

.

HFC

Housing

Finance

Corporation

HFFA

Health

Facility

Financing

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

RAC

Revenue

Anticipation

Certificate

SOFR

Secured

overnight

financing

rate

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

43

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,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌#

$

—‌

$

—‌+

Supplementary

Investment

Schedule

Affiliate

Value

02/28/23

Purchase

Cost

Sales

Cost

Value

08/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

1‌

 ¤

  ¤

$

1‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$0

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$1.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

August

31,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

44

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,666,566)

$

1,634,564‌

Interest

receivable

18,854‌

Receivable

for

investment

securities

sold

6,286‌

Receivable

for

shares

sold

1,112‌

Cash

87‌

Other

assets

63‌

Total

assets

1,660,966‌

Liabilities

Payable

for

investment

securities

purchased

8,410‌

Payable

for

shares

redeemed

5,257‌

Investment

management

fees

payable

474‌

Due

to

affiliates

40‌

Payable

to

directors

1‌

Other

liabilities

809‌

Total

liabilities

14,991‌

NET

ASSETS

$

1,645,975‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

August

31,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

45

($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)

$

(69,303‌)

Paid-in

capital

applicable

to

305,529,671

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

1,715,278‌

NET

ASSETS

$

1,645,975‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$799,212;

Shares

outstanding:

148,396,064)

$

5.39‌

Advisor

Class

(Net

assets:

$2,660;

Shares

outstanding:

495,082)

$

5.37‌

I

Class

(Net

assets:

$844,103;

Shares

outstanding:

156,638,525)

$

5.39‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Statement

of

Operations

46

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

8/31/23

Investment

Income

(Loss)

Interest

income

$

21,876‌

Expenses

Investment

management

2,930‌

Shareholder

servicing

Investor

Class

$

622‌

Advisor

Class

3‌

I

Class

44‌

669‌

Rule

12b-1

fees

Advisor

Class

3‌

Prospectus

and

shareholder

reports

Investor

Class

33‌

I

Class

11‌

44‌

Custody

and

accounting

109‌

Registration

71‌

Proxy

and

annual

meeting

32‌

Legal

and

audit

20‌

Directors

3‌

Miscellaneous

15‌

Total

expenses

3,896‌

Net

investment

income

17,980‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(11,288‌)

Change

in

net

unrealized

gain

/

loss

on

securities

13,203‌

Net

realized

and

unrealized

gain

/

loss

1,915‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

19,895‌

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

47

($000s)

6

Months

Ended

8/31/23

Year

Ended

2/28/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

17,980‌

$

30,970‌

Net

realized

loss

(11,288‌)

(20,859‌)

Change

in

net

unrealized

gain

/

loss

13,203‌

(49,193‌)

Increase

(decrease)

in

net

assets

from

operations

19,895‌

(39,082‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(8,344‌)

(14,166‌)

Advisor

Class

(23‌)

(49‌)

I

Class

(9,553‌)

(16,702‌)

Decrease

in

net

assets

from

distributions

(17,920‌)

(30,917‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

58,019‌

398,040‌

Advisor

Class

318‌

4,823‌

I

Class

63,817‌

478,839‌

Distributions

reinvested

Investor

Class

7,279‌

12,688‌

Advisor

Class

23‌

49‌

I

Class

7,062‌

12,513‌

Shares

redeemed

Investor

Class

(131,075‌)

(604,161‌)

Advisor

Class

(246‌)

(13,039‌)

I

Class

(158,318‌)

(494,943‌)

Decrease

in

net

assets

from

capital

share

transactions

(153,121‌)

(205,191‌)

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

48

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

8/31/23

Year

Ended

2/28/23

Net

Assets

Decrease

during

period

(151,146‌)

(275,190‌)

Beginning

of

period

1,797,121‌

2,072,311‌

End

of

period

$

1,645,975‌

$

1,797,121‌

*Share

information

(000s)

Shares

sold

Investor

Class

10,717‌

73,679‌

Advisor

Class

59‌

890‌

I

Class

11,797‌

87,990‌

Distributions

reinvested

Investor

Class

1,345‌

2,347‌

Advisor

Class

4‌

9‌

I

Class

1,305‌

2,313‌

Shares

redeemed

Investor

Class

(24,207‌)

(111,304‌)

Advisor

Class

(46‌)

(2,389‌)

I

Class

(29,224‌)

(91,547‌)

Decrease

in

shares

outstanding

(28,250‌)

(38,012‌)

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

49

T.

Rowe

Price

Tax-Free

Short-Intermediate

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. The

fund

seeks

to

provide,

consistent

with

modest

price

fluctuation,

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

short-

and

intermediate-term

investment-grade

municipal

securities.

The

fund

has

three classes

of

shares:

the

Tax-Free

Short-Intermediate

Fund

(Investor

Class),

the

Tax-Free

Short-Intermediate

Fund–Advisor

Class

(Advisor

Class)

and

the

Tax-Free

Short-Intermediate

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

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/

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

50

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. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial statements.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

51

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

52

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

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

53

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2023

(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

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold.

Amounts

realized

on

when-

issued

transactions

are

included

in

realized

gain/loss

on

securities

in

the

accompanying

financial

statements. 

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $253,215,000 and

$378,065,000,

respectively,

for

the

six

months ended

August

31,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Municipal

Securities

$

—‌

$

1,634,563‌

$

—‌

$

1,634,563‌

Short-Term

Investments

1‌

—‌

—‌

1‌

Total

$

1‌

$

1,634,563‌

$

—‌

$

1,634,564‌

T.

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PRICE

Tax-Free

Short-Intermediate

Fund

54

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,

2023,

the

fund

had

$26,299,000 of

available

capital

loss

carryforwards.

At

August

31,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,666,566,000.

Net

unrealized

loss

aggregated

$32,002,000

at

period-end,

of

which $2,404,000

related

to

appreciated

investments

and $34,406,000

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,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.05%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

August

31,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

Effective

June

1,

2023,

the Advisor Class is subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

55

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.

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,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates

and

$122,000

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.

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.94%

0.05%

Expense

limitation

date

06/30/25

06/30/25

(Waived)/repaid

during

the

period

($000s)

$—

$—

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

56

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,

2023,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

1,020,436

shares

of

the

Investor

Class,

representing

less

than

1%

of

the

Investor

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

August

31,

2023,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund’s

net

assets

as

of

August

31,

2023.

NOTE

6

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

T.

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PRICE

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Short-Intermediate

Fund

57

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

58

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

180,086,891

1,334,519

Mark

J.

Parrell

179,795,126

1,616,400

Kellye

L.

Walker

180,010,107

1,407,471

Eric

L.

Veiel

179,947,895

1,464,013

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

59

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

60

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

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

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

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

61

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

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.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

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.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

62

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

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

second

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

fourth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

third

quintile

(Advisor

Class

Expense

Group),

and

the

fund’s

total

expenses

ranked

in

the

fifth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Adviser

provided

the

Board

with

additional

information

with

respect

to

the

Investor

Class’s

actual

management

fee

and

total

expenses

ranking

in

the

fourth

and

fifth

quintiles.

The

Board

reviewed

and

considered

the

information

provided

relating

to

the

fund,

including

other

funds

in

the

peer

group,

and

other

factors

that

the

Board

determined

to

be

relevant.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

63

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

64

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Tax-Free

Short-Intermediate

Fund

65

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F56-051

10/23

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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.
(2)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	October 18, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	October 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	October 18, 2023

EX-99.CERT

Item 13. (a)(2)

CERTIFICATIONS

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:

(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;

(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;

(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

(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):

(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

(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 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer

CERTIFICATIONS

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:

(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;

(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;

(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

(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):

(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

(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 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer

EX-99.906CE

Item 13. (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:

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

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

Date: October 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date: October 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer