Form N-CSR T. Rowe Price Tax-Free For: Feb 28
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03872
T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: February 28, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| 2026 |
2025 |
|||||||||||||
| Audit Fees |
$ | 34,043 | $ | 33,841 | ||||||||||
| Audit-Related Fees |
- | - | ||||||||||||
| Tax Fees |
- | - | ||||||||||||
| All Other Fees |
- | - | ||||||||||||
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFSX
Tax-Free
Short-
Intermediate
Fund
–!
PATIX
Tax-Free
Short-
Intermediate
Fund–
.
Advisor Class
TTSIX
Tax-Free
Short-
Intermediate
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.50
$
5.47
$
5.38
$
5.57
$
5.72
Investment
activities
Net
investment
income
(1)(2)
0.16
0.14
0.11
0.08
0.07
Net
realized
and
unrealized
gain/loss
0.09
0.03
0.09
(0.19)
(0.15)
Total
from
investment
activities
0.25
0.17
0.20
(0.11)
(0.08)
Distributions
Net
investment
income
(0.16)
(0.14)
(0.11)
(0.08)
(0.07)
Net
realized
gain
—
—
—
—
—
(3)
Total
distributions
(0.16)
(0.14)
(0.11)
(0.08)
(0.07)
NET
ASSET
VALUE
End
of
period
$
5.59
$
5.50
$
5.47
$
5.38
$
5.57
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(4)
4.69%
3.22%
3.85%
(1.92)%
(1.45)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.39%
0.47%
0.52%
0.52%
0.50%
Net
expenses
after
waivers/payments
by
Price
Associates
0.39%
0.47%
0.52%
0.52%
0.50%
Net
investment
income
2.99%
2.62%
2.12%
1.53%
1.20%
Portfolio
turnover
rate
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$624,830
$689,494
$745,724
$864,097
$1,091,168
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.48
$
5.45
$
5.37
$
5.56
$
5.71
Investment
activities
Net
investment
income
(1)(2)
0.14
0.12
0.10
0.07
0.05
Net
realized
and
unrealized
gain/loss
0.10
0.03
0.08
(0.19)
(0.15)
Total
from
investment
activities
0.24
0.15
0.18
(0.12)
(0.10)
Distributions
Net
investment
income
(0.14)
(0.12)
(0.10)
(0.07)
(0.05)
Net
realized
gain
—
—
—
—
—
(3)
Total
distributions
(0.14)
(0.12)
(0.10)
(0.07)
(0.05)
NET
ASSET
VALUE
End
of
period
$
5.58
$
5.48
$
5.45
$
5.37
$
5.56
Ratios/Supplemental
Data
Total
return
(2)(4)
4.46%
2.80%
3.33%
(2.17)%
(1.76)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.82%
0.89%
0.83%
0.77%
0.80%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.80%
0.88%
0.83%
0.77%
0.80%
Net
investment
income
2.58%
2.20%
1.78%
1.21%
0.89%
Portfolio
turnover
rate
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$949
$1,047
$1,166
$2,565
$10,937
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.50
$
5.47
$
5.39
$
5.58
$
5.72
Investment
activities
Net
investment
income
(1)(2)
0.17
0.15
0.12
0.09
0.07
Net
realized
and
unrealized
gain/loss
0.10
0.03
0.08
(0.19)
(0.14)
Total
from
investment
activities
0.27
0.18
0.20
(0.10)
(0.07)
Distributions
Net
investment
income
(0.17)
(0.15)
(0.12)
(0.09)
(0.07)
Net
realized
gain
—
—
—
—
—
(3)
Total
distributions
(0.17)
(0.15)
(0.12)
(0.09)
(0.07)
NET
ASSET
VALUE
End
of
period
$
5.60
$
5.50
$
5.47
$
5.39
$
5.58
Ratios/Supplemental
Data
Total
return
(2)(4)
5.04%
3.37%
3.81%
(1.77)%
(1.16)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.24%
0.33%
0.38%
0.37%
0.38%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.24%
0.33%
0.38%
0.37%
0.38%
Net
investment
income
3.14%
2.76%
2.27%
1.68%
1.31%
Portfolio
turnover
rate
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$754,340
$707,074
$801,667
$930,459
$970,206
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
February
28,
2026
6
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.8%
ALABAMA
5.1%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
8,485
8,856
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,700
5,752
Black
Belt
Energy
Gas
Dist.,
Series B,
5.00%,
12/1/32
1,295
1,425
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.00%,
10/1/55
(Tender
9/1/32)
7,855
8,570
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
6,370
6,975
Black
Belt
Energy
Gas
Dist.,
Series C,
VRDN,
5.00%,
5/1/55
(Tender
7/1/31)
2,000
2,168
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
14,450
15,463
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/29 (1)
500
527
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/33
3,290
3,625
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
10,000
10,459
Southeast
Energy
Auth.,
Series E,
5.00%,
10/1/30
6,000
6,539
70,359
ALASKA
0.2%
Alaska
HFC,
Veterans
Mortgage
Program,
3.55%,
6/1/33
1,175
1,202
Alaska
HFC,
Veterans
Mortgage
Program,
3.60%,
12/1/33
1,060
1,088
2,290
ARIZONA
2.3%
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series 2019A,
5.00%,
11/1/29
1,005
1,071
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.00%,
11/1/29
4,645
4,999
Arizona
IDA,
Sustainable
Bonds,
Series 2019A,
5.00%,
11/1/28
1,180
1,257
Arizona
IDA,
Sustainable
Bonds,
Series A,
5.00%,
11/1/28
10,055
10,592
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (2)
1,790
1,842
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
5.00%,
9/1/42
(Tender
9/1/27) (2)
45
46
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (2)
4,190
4,279
Maricopa
County
IDA,
Banner
Health,
5.00%,
1/1/35
2,805
2,864
Maricopa
County
IDA,
Honor
Health,
Series D,
5.00%,
12/1/29
1,275
1,400
Phoenix
Civic
Improvement,
Senior
Lien,
5.00%,
7/1/31 (2)
1,795
1,890
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Phoenix
Civic
Improvement,
Senior
Lien,
5.00%,
7/1/32 (2)
1,585
1,667
31,907
CALIFORNIA
4.2%
California,
GO,
3.00%,
10/1/32
890
890
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
6,610
7,033
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
5.00%,
8/15/33
225
228
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
2.58%,
12/1/50
(Tender
6/1/26)
1,175
1,173
California
Infrastructure
&
Economic
Dev.
Bank,
Sustainable
Bonds,
Series A,
3.25%,
8/1/29
9,370
9,600
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
West
Village
Student
Housing
Project,
5.00%,
5/15/26
650
653
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
West
Village
Student
Housing
Project,
5.00%,
5/15/27
485
498
California
Statewide
CDA,
Series C-1,
5.00%,
9/2/34
375
419
California
Statewide
CDA,
Series C-1,
5.00%,
9/2/35
310
347
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/32
185
192
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/33
215
223
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/34
245
254
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/27
60
62
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/28
110
116
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/29
80
86
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/30
100
108
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/31
85
93
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
4.00%,
9/1/27
45
46
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
4.00%,
9/1/31
110
113
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
5.00%,
9/1/33
115
124
Los
Angeles
Dept.
of
Airports,
5.00%,
5/15/35 (2)
3,350
3,706
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (2)
4,000
4,325
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/30 (2)
5,000
5,523
Los
Angeles
Dept.
of
Airports,
Series C,
5.00%,
5/15/29 (2)
1,960
2,045
Northern
California
Energy
Auth.,
VRDN,
5.00%,
12/1/54
(Tender
8/1/30)
2,655
2,861
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.72%,
3.348%,
7/1/27
1,460
1,464
Sacramento
County
Airport
System
Revenue,
Series C,
5.00%,
7/1/30 (2)
1,785
1,878
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series A,
5.00%,
5/1/29 (2)
3,500
3,781
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport,
Series C,
5.00%,
5/1/28 (2)
9,250
9,764
57,605
COLORADO
4.7%
Colorado,
Series A,
COP,
5.00%,
12/15/28
9,255
9,970
Colorado
HFA,
Adventhealth
Obligated,
Series 2023A-1,
VRDN,
5.00%,
11/15/58
(Tender
11/15/28)
1,550
1,644
Colorado
HFA,
Adventhealth
Obligated,
Series A,
VRDN,
5.00%,
11/15/60
(Tender
11/15/30)
2,000
2,202
Colorado
HFA,
Commonspirit
Health,
Series B-2,
VRDN,
5.00%,
8/1/49
(Tender
8/1/26)
9,605
9,615
Colorado
HFA,
CommonSpirit
Health,
Series A,
5.00%,
8/1/27
1,010
1,046
Colorado
HFA,
CommonSpirit
Health,
Series A,
5.00%,
9/1/29
4,375
4,720
Colorado
Housing
&
Fin.
Auth.,
Series I-2,
Class
I,
3.25%,
4/1/29
2,000
2,024
Colorado
Housing
&
Fin.
Auth.,
Albion
Apartments
Project,
VRDN,
3.375%,
7/1/44
(Tender
7/1/28)
1,925
1,952
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/27 (2)
5,000
5,208
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (2)
7,335
7,848
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/31 (2)
5,085
5,428
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,973
Denver
City
&
County
Airport
System
Revenue,
Series B,
5.00%,
11/15/29 (2)
2,000
2,171
E-470
Public
Highway
Auth.,
Capital
Appreciation,
Series B,
Zero
Coupon,
9/1/29 (3)
2,500
2,298
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/27 (4)
200
209
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/28 (4)
200
214
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/29 (4)
200
219
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/30 (4)
300
335
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/31 (4)
275
313
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Series B,
5.00%,
11/1/33
2,000
2,089
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Fastracks
Project,
Series A,
5.00%,
11/1/27
2,500
2,622
65,100
CONNECTICUT
2.7%
Connecticut,
Series A,
GO,
5.00%,
3/15/31
2,275
2,578
Connecticut,
Series A,
GO,
5.00%,
4/15/32
1,515
1,639
Connecticut,
Series B,
GO,
5.00%,
12/1/29
2,040
2,250
Connecticut,
Series B,
GO,
5.00%,
12/1/30
3,070
3,458
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
5,510
Connecticut
Housing
Fin.
Auth.,
Series D-2,
VRDN,
3.10%,
11/15/64
(Tender
11/15/28)
2,140
2,144
Connecticut
Special
Tax
Revenue,
Transportation
Infrastructure,
Series A,
5.00%,
7/1/28
4,900
5,223
Connecticut
State
HEFA,
Series A-3,
VRDN,
2.95%,
7/1/49
(Tender
7/1/27)
3,325
3,357
Connecticut
State
HEFA,
Series B,
VRDN,
5.00%,
7/1/49
(Tender
7/1/29)
7,115
7,675
Univ.
of
Connecticut,
Series A,
5.00%,
8/15/29
1,200
1,315
Univ.
of
Connecticut,
Refunding,
Series A,
5.00%,
8/15/29
1,740
1,907
37,056
DELAWARE
0.4%
Delaware
Economic
Dev.
Auth.,
Delmarva
power
&
Light
Project,
Series A,
3.60%,
1/1/31
2,145
2,228
Univ.
of
Delaware,
Series A,
5.00%,
11/1/33
2,790
3,302
5,530
DISTRICT
OF
COLUMBIA
2.9%
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/28
1,560
1,603
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/30
2,040
2,096
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/31
2,105
2,163
Dist.
of
Columbia,
Housing
Fin.
Agency,
Belmont
Crossing
Phase
II,
Series B,
VRDN,
5.00%,
3/1/29
(Tender
2/1/28)
2,325
2,423
Dist.
of
Columbia,
Housing
Fin.
Agency,
Rhode
Island
Apartment
Project,
Series A,
5.00%,
3/1/28
1,650
1,723
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
5.00%,
10/1/34 (2)
1,250
1,291
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2018A,
5.00%,
10/1/29 (2)
4,295
4,555
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (2)
8,750
9,086
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/29 (2)
5,000
5,443
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/33 (2)
4,160
4,797
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/36 (2)
2,940
3,075
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/31
2,190
2,264
40,519
FLORIDA
3.2%
Alachua
County
HFA,
Shands
Teaching
Hospital
&
Clinics,
5.00%,
12/1/35
330
351
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Alachua
County
HFA,
Shands
Teaching
Hospital
&
Clinics,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,325
6,357
Broward
County
Airport
System,
Series A,
5.00%,
10/1/28 (2)
2,330
2,471
Broward
County
Airport
System,
Series B,
5.00%,
10/1/28 (2)
1,980
2,100
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/30 (4)
1,920
2,138
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/32
2,525
2,871
Duval
County
Public
Schools,
Series A,
COP,
5.00%,
7/1/27 (4)
2,750
2,852
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/27
250
259
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/28
160
170
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/29
200
217
Florida
Municipal
Power
Agency,
Series A,
5.00%,
10/1/28
175
178
Florida,
Board
of
Ed.,
Capital
Outlay,
Series B,
GO,
5.00%,
6/1/27
5,000
5,180
Greater
Orlando
Aviation
Auth.,
5.00%,
10/1/30 (2)
3,900
4,322
JEA
Water
&
Sewer
System
Revenue,
Series A,
3.25%,
10/1/36
345
345
Lee
County
Airport
Revenue,
Series A-2,
VRDN,
5.00%,
10/1/56
(Tender
10/1/31) (1)(2)
5,000
5,502
Marion
County
School
Board,
COP,
5.00%,
6/1/27 (4)
1,000
1,032
Marion
County
School
Board,
COP,
5.00%,
6/1/28 (4)
2,750
2,914
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
2,000
2,003
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31
2,000
2,003
Orange
County
HFA,
Series C,
VRDN,
5.00%,
11/15/52
(Tender
11/15/26)
205
209
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
1,240
1,248
44,722
GEORGIA
5.3%
Atlanta
Beltline
Project,
Series D,
5.00%,
1/1/30
1,055
1,079
Atlanta
Dept.
of
Aviation,
Series B-1,
5.00%,
7/1/36 (2)
1,750
1,997
Atlanta
Urban
Residential
Fin.
Auth.,
VRDN,
3.40%,
2/1/29
(Tender
2/1/28)
1,275
1,290
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31
5,955
5,995
Atlanta
Water
&
Wastewater,
5.00%,
11/1/32
2,020
2,033
Burke
County
Dev.
Auth.,
Fifth
Series
Georgia
Power
Plant,
VRDN,
PCR,
3.70%,
10/1/32
(Tender
6/13/28)
1,900
1,945
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
PCR,
2.20%,
10/1/32
1,250
1,147
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
1.85%,
11/1/52
6,800
6,800
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.30%,
12/1/49
(Tender
8/21/29)
1,000
1,014
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.375%,
11/1/53
(Tender
3/12/27)
1,850
1,864
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.80%,
10/1/32
(Tender
5/21/26)
800
802
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.875%,
10/1/32
(Tender
3/6/26)
2,225
2,225
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/35
2,390
2,443
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/28
1,125
1,186
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/29
1,110
1,199
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
3.50%,
7/1/33
200
200
Georgia
Housing
&
Fin.
Auth.,
Series B,
2.75%,
12/1/34
250
241
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/27
2,500
2,566
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/28
3,890
4,061
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
8,010
8,170
Main
Street
Natural
Gas,
Series E-1,
VRDN,
5.00%,
12/1/53
(Tender
6/1/31)
1,690
1,838
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
12,465
12,834
Monroe
County
Dev.
Auth.,
Georgia
Power
Plant
Scherer
Project,
VRDN,
PCR,
3.35%,
11/1/48
(Tender
3/27/30)
1,175
1,196
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
1/1/32
2,130
2,276
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series 2016A,
5.00%,
1/1/28
2,110
2,129
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series 2024A,
5.00%,
1/1/29
875
938
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.00%,
9/1/29
3,000
3,283
72,751
HAWAII
0.4%
Hawaii,
Series FG,
GO,
5.00%,
10/1/30
2,560
2,603
Hawaii,
Series FT,
GO,
5.00%,
1/1/31
3,105
3,263
5,866
ILLINOIS
5.9%
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/29 (2)
2,500
2,666
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/30 (2)
9,000
9,780
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/31 (2)
3,000
3,311
Chicago
O'Hare
Int'l.
Airport,
Series C,
5.00%,
1/1/27 (2)
7,500
7,650
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/30 (2)
2,000
2,038
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/31
4,910
5,503
Illinois,
GO,
4.25%,
1/1/36
320
320
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
GO,
5.00%,
1/1/28
2,010
2,014
Illinois,
GO,
5.00%,
2/1/29
4,555
4,660
Illinois,
GO,
5.00%,
2/1/30
2,750
3,013
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,145
2,255
Illinois,
Series B,
GO,
5.00%,
3/1/27
2,000
2,052
Illinois,
Series B,
GO,
5.00%,
5/1/28
2,200
2,322
Illinois,
Series B,
GO,
5.00%,
5/1/29
2,000
2,158
Illinois,
Series C,
GO,
5.00%,
11/1/29
6,240
6,496
Illinois,
Series D,
GO,
5.00%,
11/1/28
3,535
3,684
Illinois
Fin.
Auth.,
5.00%,
7/1/36
4,325
4,776
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/27
595
609
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/31
715
733
Illinois
Fin.
Auth.,
Clean
Water
Initiative,
Series 2017,
5.00%,
7/1/33
225
230
Illinois
Fin.
Auth.,
Clean
Water
Initiative,
Series 2019,
5.00%,
7/1/33
365
395
Illinois
Fin.
Auth.,
OSF
Healthcare
System,
Series C,
VRDN,
1.80%,
11/15/37
4,000
4,000
Illinois
Fin.
Auth.,
Rush
Univ.
System
For
Health,
Series A,
5.00%,
11/15/30
4,000
4,354
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-2,
VRDN,
5.00%,
8/15/52
(Tender
8/15/27)
5,940
6,110
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29
800
830
81,959
INDIANA
0.3%
Indiana
Fin.
Auth.,
Community
Foundation
of
Northwest
Indiana
Obligated
Group,
5.00%,
9/1/29
350
355
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series D-1,
VRDN,
5.00%,
10/1/64
(Tender
10/1/29)
3,960
4,273
4,628
KENTUCKY
1.1%
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
4,065
4,083
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/30
50
51
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,305
11,580
15,714
LOUISIANA
0.8%
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series 2007A,
4.15%,
9/1/27
1,000
1,019
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
1,600
1,645
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
695
694
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
290
291
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
3,030
3,027
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series C,
VRDN,
3.30%,
6/1/37
(Tender
7/3/28)
4,120
4,192
10,868
MAINE
0.1%
Maine
Turnpike
Auth.,
5.00%,
7/1/30
1,000
1,115
1,115
MARYLAND
4.0%
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
1,310
1,322
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/27
3,000
3,127
Maryland
CDA,
Series C,
1.30%,
3/1/28
920
885
Maryland
CDA,
Series C,
2.70%,
9/1/34
1,200
1,140
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
3.15%,
5/1/27
1,405
1,416
Maryland
DOT,
Series A,
5.00%,
8/1/30 (2)(4)
725
795
Maryland
DOT,
Series A,
5.00%,
8/1/31 (2)(4)
715
796
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
7,000
7,210
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/27
2,500
2,552
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
1,250
1,259
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
7,815
7,956
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
5.00%,
7/1/33
2,775
3,079
Maryland,
State
&
Local
Facs.
Loan,
GO,
5.00%,
8/1/31
9,725
10,366
Montgomery
County,
Series A,
GO,
5.00%,
8/1/27
2,000
2,082
Montgomery
County,
Series A,
GO,
5.00%,
10/1/28
5,000
5,369
Montgomery
County,
Series A,
GO,
5.00%,
8/1/29
1,415
1,551
Prince
George's
County,
Series B,
GO,
5.00%,
9/1/27
1,755
1,831
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/27
1,860
1,927
54,663
MASSACHUSETTS
1.6%
Massachusetts
Dev.
Fin.
Agency,
CareGroup,
Series I,
5.00%,
7/1/27
390
393
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Massachusetts
Dev.
Fin.
Agency,
Harvard
Univ.,
Series A-1,
VRDN,
5.00%,
5/15/55
(Tender
5/13/32)
6,000
6,925
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series A-3,
3.75%,
6/1/29
5,635
5,777
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series B-3,
3.55%,
12/1/29
6,325
6,508
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series C-3,
3.15%,
6/1/30
2,850
2,881
22,484
MICHIGAN
2.3%
Great
Lakes
Water
Auth.
Sewage
Disposal
System,
2nd
Lien,
Series C,
4.00%,
7/1/34 (4)
350
351
Great
Lakes
Water
Auth.
Sewage
Disposal
System,
2nd
Lien,
Series C,
5.00%,
7/1/30
320
323
Great
Lakes
Water
Auth.
Sewage
Disposal
System,
Senior
Lien,
Series A,
5.00%,
7/1/31
6,275
7,134
Great
Lakes
Water
Auth.
Sewage
Disposal
System,
Senior
Lien,
Series B,
5.00%,
7/1/29
5,000
5,451
Michigan
Fin.
Auth.,
Series A-1,
5.00%,
7/20/26
5,000
5,051
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
4,130
4,205
Michigan
State
HDA,
Series A-1,
3.55%,
10/1/31
4,000
4,008
Michigan
State
HDA,
HOM
Flats
At
28
West
Project,
VRDN,
2.70%,
10/1/43
(Tender
10/1/28)
2,875
2,876
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.00%,
11/15/35
2,210
2,495
31,894
MINNESOTA
0.3%
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series B,
5.00%,
1/1/30 (2)
3,500
3,805
3,805
MISSISSIPPI
0.0%
Warren
County,
Int'l.
Paper
Project,
4.00%,
9/1/32
450
476
476
MISSOURI
1.0%
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
12,000
12,666
Missouri
HEFA,
SSM
Health
Care,
Series F,
VRDN,
1.90%,
6/1/44
400
400
13,066
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
NEBRASKA
0.2%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,945
2,070
2,070
NEVADA
0.4%
Clark
County
Dept.
of
Aviation,
Airport
Improvement,
Series B,
5.00%,
7/1/27 (2)
3,000
3,098
Sparks
Tourism
Improvement
Dist.
No.
1,
Legends
At
Sparks
Marina,
3.875%,
6/15/28
1,675
1,689
4,787
NEW
JERSEY
3.5%
New
Jersey
Economic
Dev.
Auth.,
Series RRR,
5.00%,
3/1/28
1,150
1,214
New
Jersey
Economic
Dev.
Auth.,
American
Water,
Series A,
VRDN,
2.20%,
10/1/39
(Tender
12/3/29) (2)
1,975
1,894
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
Series A,
3.50%,
7/1/34
110
110
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
Series A,
5.00%,
7/1/30
45
45
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
Series A,
5.00%,
7/1/33
215
217
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
701
Newark
Avenue
Project,
Series E,
VRDN,
3.15%,
12/1/43
(Tender
12/1/28)
1,680
1,692
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Rowan
Towers,
Series D-2,
VRDN,
3.10%,
7/1/29
(Tender
7/1/28)
335
338
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/32
3,000
3,212
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,683
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
210
210
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/29
4,630
5,000
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/31
5,050
5,694
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/31
5,000
5,638
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/32
1,070
1,121
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
2,455
2,537
New
Jersey
Turnpike
Auth.,
Series E,
5.00%,
1/1/32
2,600
2,725
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/27
9,280
9,629
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26
4,055
4,078
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
1,555
1,637
48,674
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
NEW
MEXICO
0.0%
New
Mexico
Mortgage
Fin.
Auth.,
Series F,
2.60%,
7/1/34
400
379
379
NEW
YORK
9.5%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
10/1/30 (4)
2,100
2,372
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
10/1/31 (4)
2,775
3,206
Dormitory
Auth.
of
the
State
of
New
York,
Series C,
5.00%,
3/15/35
1,250
1,317
Dormitory
Auth.
of
the
State
of
New
York,
Series E,
3.25%,
3/15/36
2,750
2,741
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,400
1,391
Long
Island
Power
Auth.,
Series B,
VRDN,
3.00%,
9/1/49
(Tender
9/1/29)
6,900
6,933
New
York
City,
Series A,
GO,
5.00%,
8/1/30
2,830
3,161
New
York
City,
Series B-1,
GO,
5.00%,
8/1/29
1,710
1,873
New
York
City,
Series B-1,
GO,
5.00%,
10/1/31
1,000
1,089
New
York
City,
Series D,
GO,
5.00%,
4/1/31
2,045
2,311
New
York
City,
Series F-1,
GO,
5.00%,
8/1/28
1,000
1,068
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
1.90%,
5/1/33
365
325
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.25%,
11/1/64
(Tender
7/2/29)
3,030
3,067
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.25%,
11/1/65
(Tender
2/1/30)
3,000
3,042
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28)
4,000
4,011
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series C-2,
VRDN,
3.75%,
5/1/65
(Tender
7/2/29)
2,685
2,745
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series D-1A,
1.85%,
11/1/33
400
350
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series F-2,
VRDN,
3.40%,
11/1/64
(Tender
1/2/29)
3,180
3,218
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series I-1,
2.10%,
11/1/35
330
292
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series E-1B,
3.15%,
11/1/36
310
306
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series B-1,
5.25%,
11/1/35
4,000
4,608
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series C-1,
5.00%,
2/1/37
2,245
2,501
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D-1,
5.00%,
11/1/31
15,000
17,159
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series G-1,
5.00%,
5/1/28
4,465
4,733
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series J-1,
5.00%,
11/1/30
2,000
2,246
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 244,
2.75%,
4/1/35
650
629
New
York
State
Housing
Fin.
Agency,
320
West
38th
Street
Housing,
Series A,
VRDN,
3.57%,
5/1/42
(Tender
11/1/31)
1,100
1,127
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
VRDN,
3.80%,
11/1/62
(Tender
5/1/29)
5,725
5,728
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
2.50%,
11/1/60
(Tender
5/1/27)
1,905
1,903
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
3.35%,
6/15/54
(Tender
6/15/29)
1,000
1,007
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
3.50%,
11/1/64
(Tender
5/1/30)
6,000
6,083
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series B-2,
VRDN,
3.35%,
12/15/54
(Tender
12/15/29)
2,130
2,153
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series B-2,
VRDN,
3.60%,
11/1/64
(Tender
5/1/29)
4,040
4,081
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series C-2,
VRDN,
3.30%,
5/1/65
(Tender
5/1/30)
2,700
2,726
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series D-2,
VRDN,
3.375%,
5/1/65
(Tender
11/1/31)
5,000
5,064
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series H,
2.75%,
11/1/34
440
415
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (2)
445
445
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (2)
7,000
7,120
Port
Auth.
of
New
York
&
New
Jersey,
Series 197,
5.00%,
11/15/36 (2)
2,925
2,963
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/27 (2)
3,150
3,268
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/33 (2)
1,325
1,382
Port
Auth.
of
New
York
&
New
Jersey,
Series 227,
2.00%,
10/1/32 (2)
2,550
2,318
Port
Auth.
of
New
York
&
New
Jersey,
Series 227,
3.00%,
10/1/29 (2)
5,000
5,059
Port
Auth.
of
New
York
&
New
Jersey,
Series 249,
5.00%,
10/15/34 (2)
1,300
1,511
131,047
NORTH
CAROLINA
2.1%
Charlotte,
Series A,
GO,
5.00%,
6/1/33
3,515
3,827
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Charlotte
City,
Gov't.
Fac.,
Series B,
COP,
5.00%,
6/1/28
650
691
Charlotte
City,
Gov't.
Fac.,
Series B,
COP,
5.00%,
6/1/29
800
871
Charlotte
City,
Gov't.
Fac.,
Series B,
COP,
5.00%,
6/1/30
850
948
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
7,000
7,884
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
11,720
12,541
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/26
490
490
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/27
485
494
North
Carolina
Municipal
Power
Agency
No.
1,
Series A,
5.00%,
1/1/28
230
232
Raleigh
Durham
Airport
Auth.,
Series A,
5.00%,
5/1/27 (2)
1,400
1,439
29,417
OHIO
1.0%
Allen
County
Hosp.
Fac.
Revenue,
Series A,
5.00%,
8/1/30
4,260
4,475
Columbus,
Series A,
GO,
5.00%,
4/1/31
3,570
4,051
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
2,265
2,272
Ohio,
Univ.
Hosp.
Health
System,
Series A,
5.00%,
1/15/29
3,360
3,584
14,382
OKLAHOMA
0.1%
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/27 (5)
700
727
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/28 (5)
1,025
1,089
1,816
OREGON
1.6%
Oregon
Housing
&
Community
Services
Dept.,
Gresham
Civic
Station
Apartments
Project,
Series Q,
VRDN,
3.125%,
7/1/44
(Tender
7/1/28)
1,100
1,109
Oregon,
Article
XI-G
Project,
Series G,
GO,
5.00%,
8/1/31
400
458
Oregon,
Article
XI-Q
Project,
Series A,
GO,
5.00%,
5/1/33
1,175
1,212
Oregon,
Interstate
5
Bridge
Replacement
Project,
Series E,
GO,
5.00%,
5/15/30
1,830
2,044
Oregon,
Interstate
5
Bridge
Replacement
Project,
Series E,
GO,
5.00%,
5/15/31
1,650
1,843
Oregon,
Interstate
5
Bridge
Replacement
Project,
Series E,
GO,
5.00%,
5/15/35
2,400
2,649
Port
of
Portland,
Airport
Revenue,
Series 24B,
5.00%,
7/1/28 (2)
2,240
2,285
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/28 (2)
3,330
3,525
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/29 (2)
6,515
7,054
22,179
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
PENNSYLVANIA
0.9%
Allegheny
County
Airport
Auth.,
Series A,
5.00%,
1/1/29 (2)(4)
1,400
1,488
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26
550
551
Bucks
County
IDA,
5.00%,
7/1/26
450
453
Bucks
County
IDA,
5.00%,
7/1/27
475
487
Pennsylvania
Commonwealth,
BID
Group,
GO,
5.00%,
8/15/31
5,000
5,673
Pennsylvania
Economic
DFA,
Waste
Management
Project,
VRDN,
4.25%,
7/1/41
(Tender
7/1/27) (2)
25
26
Pennsylvania
Housing
Fin.
Agency,
Series 120,
3.10%,
10/1/36
490
475
Pennsylvania
Housing
Fin.
Agency,
Series 121,
3.10%,
10/1/36
440
427
Pennsylvania
Housing
Fin.
Agency,
Fairhill
Phase
I,
VRDN,
3.15%,
1/1/46
(Tender
7/1/29)
2,645
2,670
12,250
PUERTO
RICO
6.3%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (6)
6,800
7,157
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (6)
5,000
5,331
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (6)
1,250
1,296
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
19,435
19,887
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
11,753
12,554
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,777
6,416
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/27
450
461
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/29
850
901
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
13,854
13,857
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
6,883
6,607
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
1,000
901
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
7,000
5,883
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,535
5,071
86,322
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
RHODE
ISLAND
0.0%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
452
452
SOUTH
CAROLINA
1.0%
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
VRDN,
5.25%,
2/1/54
(Tender
3/1/31)
1,670
1,828
South
Carolina
Jobs
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
Series B-1,
VRDN,
5.00%,
11/1/55
(Tender
11/1/30)
2,900
3,201
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/33
575
605
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/36
450
452
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/28
1,000
1,073
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/29
1,000
1,097
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/30
1,195
1,338
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/31
700
798
South
Carolina
State
Housing
Fin.
&
Dev.
Auth.,
Series A,
6.00%,
7/1/32 (1)
1,335
1,591
South
Carolina
State
Housing
Fin.
&
Dev.
Auth.,
Series A,
6.00%,
7/1/33 (1)
1,340
1,629
13,612
SOUTH
DAKOTA
0.1%
South
Dakota
HEFA,
Sanford,
Series C-2,
VRDN,
5.00%,
11/1/51
(Tender
11/1/32)
1,650
1,847
1,847
TENNESSEE
1.1%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligated
Group,
5.00%,
7/1/29
1,570
1,661
Ind.
Dev.
Board
Of
The
City
Of
Kingsport
Tennessee,
Stonecrest
Apartments
Project,
VRDN,
2.95%,
9/1/29
(Tender
9/1/28)
3,750
3,772
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,522
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (2)
690
712
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (2)
1,000
1,055
14,722
TEXAS
11.9%
Austin
Airport
System,
Series B,
5.00%,
11/15/28 (2)
2,255
2,398
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,755
1,773
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
5.00%,
8/15/29
2,500
2,737
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
5.00%,
8/15/31
2,000
2,284
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series C,
5.00%,
8/15/31
1,000
1,142
Central
Texas
Regional
Mobility
Auth.,
Series 2025B,
5.00%,
1/1/29
2,130
2,288
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/28
1,150
1,208
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/29
1,250
1,340
Central
Texas
Turnpike
System,
Series C,
5.00%,
8/15/31
3,500
3,954
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/30
1,000
1,106
Clifton
Higher
Ed.
Fin.,
International
Leadership,
Series A,
5.00%,
2/15/31
4,395
4,876
Clifton
Higher
Ed.
Fin.,
YES
Prep
Public
Schools,
5.00%,
4/1/30
350
383
Conroe
Independent
School
Dist.,
GO,
5.00%,
2/15/31
900
1,017
Conroe
Independent
School
Dist.,
GO,
5.00%,
2/15/32
1,200
1,380
Conroe
Independent
School
Dist.,
GO,
5.00%,
2/15/33
1,275
1,485
Cypress-Fairbanks
Independent
School
Dist.,
GO,
5.00%,
2/15/30
4,000
4,433
Cypress-Fairbanks
Independent
School
Dist.,
Series 2019,
GO,
5.00%,
2/15/30
1,750
1,893
Dallas
Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/29) (2)
4,400
4,720
Dallas
Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/32) (2)
5,000
5,602
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/28
1,000
1,072
Forney
Independent
School
Dist.,
GO,
5.00%,
8/15/36
1,500
1,772
Harris
County,
GO,
5.00%,
9/15/29
1,370
1,500
Harris
County,
Series A,
GO,
5.00%,
9/15/29
1,790
1,960
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
6/1/32
(Tender
12/1/26)
7,040
7,171
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
12/1/26)
1,500
1,528
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
Series B,
5.00%,
7/1/31
7,000
7,885
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,114
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31
2,440
2,546
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (2)
2,130
2,295
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.25%,
7/15/29 (2)
3,850
4,083
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/27
2,500
2,620
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/29
1,500
1,651
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Humble
Independent
School
Dist.,
GO,
5.00%,
2/15/36
2,880
3,243
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (2)
540
541
Mission
Economic
Dev.,
Graphic
Packaging
International,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (2)
1,400
1,467
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
1,000
1,024
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/28
3,200
3,369
Permanent
Univ.
Fund
-
Texas
A&M
Univ.
System,
Series A,
5.00%,
7/1/31
1,775
2,022
Permanent
Univ.
Fund
-
Univ.
of
Texas
System,
Series A,
5.00%,
7/1/30
3,135
3,502
San
Antonio
Electric
&
Gas
Systems
Revenue,
Series A,
VRDN,
2.90%,
2/1/55
(Tender
12/1/27)
3,000
3,005
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Ascension
Senior
Credit
Group,
Series C-1,
VRDN,
5.00%,
11/15/51
(Tender
11/15/32)
13,950
15,850
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series D,
VRDN,
1.60%,
11/15/63
4,600
4,600
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series E,
5.00%,
11/15/29
2,400
2,630
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
3,650
3,669
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series C,
VRDN,
5.00%,
11/15/64
(Tender
11/15/32)
3,500
3,952
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/27
2,000
2,069
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/28
1,000
1,061
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
3,505
3,608
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/27
4,285
4,453
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
5,100
5,592
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/30
775
827
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/31
1,000
1,077
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/32
1,000
1,087
Texas
Private
Activity
Bond
Surface
Transportation,
LBJ
Infrastructure
Group,
4.00%,
12/31/31
3,470
3,620
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34
3,000
3,124
Texas
Water
Financial
Assistance,
Economically
Distressed
Areas
Program,
Series C,
GO,
5.00%,
8/1/28
3,345
3,575
164,183
UTAH
1.1%
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redev.
Project,
Series A,
5.00%,
6/1/30 (4)
700
774
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redev.
Project,
Series A,
5.00%,
6/1/31 (4)
1,250
1,408
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/29 (2)
2,000
2,107
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (2)
2,500
2,580
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/29 (2)
1,350
1,454
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/29 (2)
2,000
2,155
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/34 (2)
4,860
5,087
15,565
VIRGINIA
6.1%
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
7,500
8,240
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/27
3,170
3,274
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/32
5,000
5,738
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
5,000
5,487
Fairfax
County
Redev.
&
Housing
Auth.,
Dominion
Square
North
Project,
VRDN,
5.00%,
1/1/45
(Tender
1/1/28)
1,125
1,159
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
7/15/26
2,775
2,804
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/27
3,425
3,587
Hampton
Roads
Sanitation
Dist.,
Series A,
5.00%,
11/1/28
3,260
3,506
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series A,
VRDN,
PCR,
3.65%,
11/1/35
(Tender
10/1/27)
2,975
3,033
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series B,
VRDN,
PCR,
3.125%,
11/1/35
(Tender
10/1/30)
1,430
1,457
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series C,
VRDN,
PCR,
3.80%,
11/1/35
(Tender
5/28/27)
100
102
Norfolk,
Series A,
GO,
5.00%,
9/1/36
4,595
5,059
Prince
William
County
Service
Auth.,
5.00%,
7/15/30
500
560
Virginia
College
Building
Auth.,
4.00%,
2/1/29
6,065
6,148
Virginia
HDA,
Series A,
3.25%,
9/1/29
870
873
Virginia
HDA,
Series E,
2.90%,
10/1/29
6,250
6,258
Virginia
HDA,
Series E,
3.00%,
4/1/29
3,000
3,016
Virginia
HDA,
Series E,
3.15%,
1/1/31
1,020
1,034
Virginia
HDA,
Series G,
VRDN,
3.125%,
7/1/56
(Tender
4/1/27)
3,335
3,335
Virginia
HDA,
Series G-1,
2.55%,
7/1/27
270
270
Virginia
HDA,
Series G-1,
2.60%,
1/1/28
240
241
Virginia
HDA,
Series G-1,
2.65%,
7/1/28
170
170
Virginia
HDA,
Series H,
3.625%,
6/1/29
2,550
2,555
Virginia
Public
School
Auth.,
School
Technology
&
Security
Notes,
Series XIII,
5.00%,
4/15/29
5,000
5,432
Virginia
Resources
Auth.
Clean
Water
Revolving
Fund,
5.00%,
10/1/28
4,400
4,722
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
4.00%,
1/1/30 (2)
3,250
3,352
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Wise
County
IDA,
Virginia
Electric
&
Power,
Series A,
VRDN,
3.80%,
11/1/40
(Tender
5/28/27)
3,020
3,073
84,485
WASHINGTON
2.7%
Energy
Northwest,
Series A,
5.00%,
7/1/27
5,630
5,681
Energy
Northwest,
Series A,
5.00%,
7/1/28
2,940
3,133
Energy
Northwest,
Series A,
5.00%,
7/1/31
1,100
1,254
Energy
Northwest,
Project
1,
Series B,
5.00%,
7/1/27
3,500
3,635
King
County
Sewer
Revenue,
Series A,
5.00%,
7/1/27
5,000
5,194
Port
of
Seattle,
Series B,
5.00%,
7/1/29 (2)
6,150
6,659
Washington,
Series C,
GO,
Zero
Coupon,
6/1/28 (7)
2,670
2,534
Washington,
Series D,
GO,
5.00%,
2/1/32
5,000
5,131
Washington,
Series E,
GO,
5.00%,
6/1/30
1,385
1,531
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/30 (5)(6)
300
326
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/31 (5)(6)
500
551
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/32 (5)(6)
750
837
36,466
WEST
VIRGINIA
0.4%
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/26 (4)
500
503
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/27 (4)
300
308
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/28 (4)
285
300
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/29 (4)
425
456
West
Virginia
Economic
Dev.
Auth.,
Appalachian
Power
Amos
Project,
Series A,
VRDN,
3.30%,
1/1/41
(Tender
9/1/28) (2)
3,175
3,221
West
Virginia
Hosp.
Fin.
Auth.,
United
Health
System,
5.00%,
6/1/28
15
15
4,803
WISCONSIN
1.0%
PFA,
Kawa
Fund,
Series 1,
Class
A,
VRDN,
3.625%,
6/15/63
(Tender
6/15/31)
1,425
1,427
PFA,
Pinecrest
Academy,
Series A,
4.00%,
7/15/33 (6)
575
581
PFA,
Waste
Management
Project,
2.875%,
5/1/27 (2)
345
344
Wisconsin,
Series 2,
GO,
5.00%,
11/1/27
350
362
Wisconsin
HEFA,
Advocate
Aurora
Health
Credit
Group,
Series B-3,
VRDN,
5.00%,
8/15/54
3,500
3,763
Wisconsin
HEFA,
Ascension
Health
Credit
Group,
Series A,
5.00%,
11/15/28
25
25
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series A,
2.75%,
9/1/30
1,160
1,166
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series C,
3.25%,
3/1/28
2,850
2,876
Wisconsin
Housing
&
Economic
Dev.
Auth.
Housing
Revenue,
Series B,
VRDN,
3.10%,
11/1/56
(Tender
11/1/28)
3,595
3,609
14,153
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.73% (8)(9)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
99.8%
of
Net
Assets
(Cost
$1,345,907)
$
1,377,989
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
When-issued
security
(2)
Interest
subject
to
alternative
minimum
tax.
(3)
Insured
by
National
Public
Finance
Guarantee
Corporation
(4)
Insured
by
Assured
Guaranty
Incorporated
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$16,079
and
represents
1.2%
of
net
assets.
(7)
Insured
by
AMBAC
Assurance
Corporation
(8)
Seven-day
yield
(9)
Affiliated
Companies
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HDA
Housing
Development
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
26
.
.
.
.
.
.
.
.
.
.
HFC
Housing
Finance
Corporation
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
RAC
Revenue
Anticipation
Certificate
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
27
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
year
ended
February
28,
2026.
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,
3.73%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
2/28/25
Purchase
Cost
Sales
Cost
Value
2/28/26
T.
Rowe
Price
Government
Reserve
Fund,
3.73%
$
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
February
28,
2026
Statement
of
Assets
and
Liabilities
28
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$1,345,907)
$
1,377,989
Interest
receivable
14,372
Receivable
for
investment
securities
sold
6,019
Receivable
for
shares
sold
574
Other
assets
58
Total
assets
1,399,012
Liabilities
Payable
for
investment
securities
purchased
12,457
Payable
for
shares
redeemed
2,344
Investment
management
fees
payable
210
Due
to
affiliates
39
Payable
to
directors
1
Other
liabilities
3,842
Total
liabilities
18,893
Commitments
and
Contingent
Liabilities
(note
5)
NET
ASSETS
$
1,380,119
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
29
($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)
$
(15,960)
Paid-in
capital
applicable
to
246,729,325
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
1,396,079
NET
ASSETS
$
1,380,119
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$624,830;
Shares
outstanding:
111,737,003)
$
5.59
Advisor
Class
(Net
assets:
$949;
Shares
outstanding:
170,055)
$
5.58
I
Class
(Net
assets:
$754,340;
Shares
outstanding:
134,822,267)
$
5.60
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Statement
of
Operations
30
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
46,350
Expenses
Investment
management
2,739
Shareholder
servicing
Investor
Class
$
1,055
Advisor
Class
3
I
Class
102
1,160
Rule
12b-1
fees
Advisor
Class
2
Prospectus
and
shareholder
reports
Investor
Class
17
Advisor
Class
1
I
Class
10
28
Custody
and
accounting
228
Registration
98
Legal
and
audit
39
Directors
4
Miscellaneous
21
Total
expenses
4,319
Net
investment
income
42,031
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
738
Change
in
net
unrealized
gain
/
loss
on
securities
21,961
Net
realized
and
unrealized
gain
/
loss
22,699
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
64,730
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Statement
of
Changes
in
Net
Assets
31
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
42,031
$
39,048
Net
realized
gain
(loss)
738
(6,568)
Change
in
net
unrealized
gain
/
loss
21,961
14,311
Increase
in
net
assets
from
operations
64,730
46,791
Distributions
to
shareholders
Net
earnings
Investor
Class
(19,407)
(18,523)
Advisor
Class
(25)
(22)
I
Class
(22,394)
(20,358)
Decrease
in
net
assets
from
distributions
(41,826)
(38,903)
Capital
share
transactions
*
Shares
sold
Investor
Class
124,538
132,568
Advisor
Class
118
356
I
Class
183,592
119,158
Distributions
reinvested
Investor
Class
16,982
16,185
Advisor
Class
25
22
I
Class
17,050
15,723
Shares
redeemed
Investor
Class
(216,746)
(208,907)
Advisor
Class
(257)
(505)
I
Class
(165,702)
(233,430)
Decrease
in
net
assets
from
capital
share
transactions
(40,400)
(158,830)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
Statement
of
Changes
in
Net
Assets
32
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Net
Assets
Decrease
during
period
(17,496)
(150,942)
Beginning
of
period
1,397,615
1,548,557
End
of
period
$
1,380,119
$
1,397,615
*Share
information
(000s)
Shares
sold
Investor
Class
22,596
24,232
Advisor
Class
22
65
I
Class
33,318
21,791
Distributions
reinvested
Investor
Class
3,077
2,961
Advisor
Class
4
4
I
Class
3,088
2,876
Shares
redeemed
Investor
Class
(39,345)
(38,221)
Advisor
Class
(47)
(92)
I
Class
(30,121)
(42,720)
Decrease
in
shares
outstanding
(7,408)
(29,104)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
NOTES
TO
FINANCIAL
STATEMENTS
33
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Tax-Free
Short-Intermediate
Fund,
Inc.
(the
fund)
is a
diversified, open-
end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide,
consistent
with
modest
price
fluctuation,
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
short-
and
intermediate-term
investment-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
Short-Intermediate
Fund,
Inc.
(Investor
Class),
the
Tax-Free
Short-Intermediate
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
Short-Intermediate
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
34
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
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.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
35
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
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
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
36
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
are
generally 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
the
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
37
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $485,394,000 and
$522,154,000,
respectively,
for
the
year ended
February
28,
2026.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,377,988
$
—
$
1,377,988
Short-Term
Investments
1
—
—
1
Total
$
1
$
1,377,988
$
—
$
1,377,989
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
38
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.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
($000s)
February
28,
2026
February
28,
2025
Tax-exempt
income
$
41,826
$
38,903
($000s)
Cost
of
investments
$
1,345,386
Unrealized
appreciation
$
32,774
Unrealized
depreciation
(171)
Net
unrealized
appreciation
(depreciation)
$
32,603
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
39
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
During
the
year
ended
February
28,
2026,
the
fund
utilized
$741,000
of
capital
loss
carryforwards.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.20%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
($000s)
Undistributed
tax-exempt
income
$
162
Net
unrealized
appreciation
(depreciation)
32,603
Loss
carryforwards
and
deferrals
(48,725)
Total
distributable
earnings
(loss)
$
(15,960)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
40
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the year
ended February
28,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of less
than
$1,000 remain
subject
to
repayment
by
the
fund
at
February
28,
2026. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
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
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.55%
0.80%
0.05%
Expense
limitation
date
04/30/27
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$—
$—
(1)
$—
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
41
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
year
ended
February
28,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$125,000
for
Price
Associates
and
$287,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
February
28,
2026,
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.
Purchases
and
sales
cross
trades
aggregated
$16,500,000
and
$14,600,000,
respectively,
with
net
realized
gain
of
$0
for
the
year
ended
February
28,
2026.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
42
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
43
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc.
(the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
44
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Tax-Free
Short-Intermediate
Fund
45
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$41,738,000
which
qualified
as
exempt-interest
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F56-050
4/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached. | |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. | |
| (3) | ||
| (b) | ||
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 | April 21, 2026 | |||
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 | April 21, 2026 | |||
| By | /s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | April 21, 2026 | |||
ATTACHMENTS / EXHIBITS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
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