T. Rowe Price Tax-Free Short-Intermediate Fund Inc.
10/21/2026 | Press release | Distributed by Public on 10/21/2026 07:28
Semi-Annual Report by Investment Company (Form 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)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: August 31, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2026
Short-Intermediate Municipal Bond Fund
Investor Class (PRFSX)
This semi-annual shareholder report contains important information about Short-Intermediate Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Short-Intermediate Municipal Bond Fund - Investor Class
|
$23
|
0.46%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$1,177,997
|
|
Number of Portfolio Holdings
|
536
|
Table Summary
|
Portfolio Turnover Rate
|
27.0%
|
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Texas
|
12.4%
|
|
New York
|
10.5
|
|
Alabama
|
8.1
|
|
Puerto Rico
|
6.0
|
|
Virginia
|
5.1
|
|
Colorado
|
5.0
|
|
Illinois
|
4.5
|
|
California
|
3.9
|
|
Florida
|
3.2
|
|
Other
|
41.3
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
19.9%
|
|
Transportation
|
16.8
|
|
Housing
|
14.7
|
|
General Obligations - State
|
7.2
|
|
Education
|
5.8
|
|
Special Tax
|
5.3
|
|
Industrial & Pollution Control
|
5.3
|
|
General Obligations - Local
|
4.9
|
|
Electric
|
3.4
|
|
Other
|
16.7
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
F56-053 10/26
Short-Intermediate Municipal Bond Fund
Investor Class (PRFSX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
August 31, 2026
Short-Intermediate Municipal Bond Fund
Advisor Class (PATIX)
This semi-annual shareholder report contains important information about Short-Intermediate Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Short-Intermediate Municipal Bond Fund - Advisor Class
|
$40
|
0.80%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$1,177,997
|
|
Number of Portfolio Holdings
|
536
|
Table Summary
|
Portfolio Turnover Rate
|
27.0%
|
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Texas
|
12.4%
|
|
New York
|
10.5
|
|
Alabama
|
8.1
|
|
Puerto Rico
|
6.0
|
|
Virginia
|
5.1
|
|
Colorado
|
5.0
|
|
Illinois
|
4.5
|
|
California
|
3.9
|
|
Florida
|
3.2
|
|
Other
|
41.3
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
19.9%
|
|
Transportation
|
16.8
|
|
Housing
|
14.7
|
|
General Obligations - State
|
7.2
|
|
Education
|
5.8
|
|
Special Tax
|
5.3
|
|
Industrial & Pollution Control
|
5.3
|
|
General Obligations - Local
|
4.9
|
|
Electric
|
3.4
|
|
Other
|
16.7
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
F256-053 10/26
Short-Intermediate Municipal Bond Fund
Advisor Class (PATIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
August 31, 2026
Short-Intermediate Municipal Bond Fund
I Class (TTSIX)
This semi-annual shareholder report contains important information about Short-Intermediate Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Short-Intermediate Municipal Bond Fund - I Class
|
$13
|
0.25%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$1,177,997
|
|
Number of Portfolio Holdings
|
536
|
Table Summary
|
Portfolio Turnover Rate
|
27.0%
|
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Texas
|
12.4%
|
|
New York
|
10.5
|
|
Alabama
|
8.1
|
|
Puerto Rico
|
6.0
|
|
Virginia
|
5.1
|
|
Colorado
|
5.0
|
|
Illinois
|
4.5
|
|
California
|
3.9
|
|
Florida
|
3.2
|
|
Other
|
41.3
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
19.9%
|
|
Transportation
|
16.8
|
|
Housing
|
14.7
|
|
General Obligations - State
|
7.2
|
|
Education
|
5.8
|
|
Special Tax
|
5.3
|
|
Industrial & Pollution Control
|
5.3
|
|
General Obligations - Local
|
4.9
|
|
Electric
|
3.4
|
|
Other
|
16.7
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
F356-053 10/26
Short-Intermediate Municipal Bond Fund
I Class (TTSIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
August
31,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFSX
Short-Intermediate
Municipal
Bond
Fund
PATIX
Short-Intermediate
Municipal
Bond
Fund-
.
Advisor Class
TTSIX
Short-Intermediate
Municipal
Bond
Fund-
.
I Class
(Formerly
T.
Rowe
Price
Tax-Free
Short-
Intermediate
Fund)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.59
$
5.50
$
5.47
$
5.38
$
5.57
$
5.72
Investment
activities
Net
investment
income
(1)(2)
0.08
0.16
0.14
0.11
0.08
0.07
Net
realized
and
unrealized
gain/
loss
(0.10)
0.09
0.03
0.09
(0.19)
(0.15)
Total
from
investment
activities
(0.02)
0.25
0.17
0.20
(0.11)
(0.08)
Distributions
Net
investment
income
(0.08)
(0.16)
(0.14)
(0.11)
(0.08)
(0.07)
Net
realized
gain
-
-
-
-
-
-
(3)
Total
distributions
(0.08)
(0.16)
(0.14)
(0.11)
(0.08)
(0.07)
NET
ASSET
VALUE
End
of
period
$
5.49
$
5.59
$
5.50
$
5.47
$
5.38
$
5.57
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(4)
(0.31)%
4.69%
3.22%
3.85%
(1.92)%
(1.45)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.46%
(5)
0.39%
0.47%
0.52%
0.52%
0.50%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.46%
(5)
0.39%
0.47%
0.52%
0.52%
0.50%
Net
investment
income
3.02%
(5)
2.99%
2.62%
2.12%
1.53%
1.20%
Portfolio
turnover
rate
27.0%
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$442,641
$624,830
$689,494
$745,724
$864,097
$1,091,168
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.58
$
5.48
$
5.45
$
5.37
$
5.56
$
5.71
Investment
activities
Net
investment
income
(1)(2)
0.07
0.14
0.12
0.10
0.07
0.05
Net
realized
and
unrealized
gain/
loss
(0.10)
0.10
0.03
0.08
(0.19)
(0.15)
Total
from
investment
activities
(0.03)
0.24
0.15
0.18
(0.12)
(0.10)
Distributions
Net
investment
income
(0.07)
(0.14)
(0.12)
(0.10)
(0.07)
(0.05)
Net
realized
gain
-
-
-
-
-
-
(3)
Total
distributions
(0.07)
(0.14)
(0.12)
(0.10)
(0.07)
(0.05)
NET
ASSET
VALUE
End
of
period
$
5.48
$
5.58
$
5.48
$
5.45
$
5.37
$
5.56
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(4)
(0.48)%
4.46%
2.80%
3.33%
(2.17)%
(1.76)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.89%
(5)
0.82%
0.89%
0.83%
0.77%
0.80%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.80%
(5)
0.80%
0.88%
0.83%
0.77%
0.80%
Net
investment
income
2.68%
(5)
2.58%
2.20%
1.78%
1.21%
0.89%
Portfolio
turnover
rate
27.0%
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$920
$949
$1,047
$1,166
$2,565
$10,937
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
5.60
$
5.50
$
5.47
$
5.39
$
5.58
$
5.72
Investment
activities
Net
investment
income
(1)(2)
0.09
0.17
0.15
0.12
0.09
0.07
Net
realized
and
unrealized
gain/
loss
(0.11)
0.10
0.03
0.08
(0.19)
(0.14)
Total
from
investment
activities
(0.02)
0.27
0.18
0.20
(0.10)
(0.07)
Distributions
Net
investment
income
(0.09)
(0.17)
(0.15)
(0.12)
(0.09)
(0.07)
Net
realized
gain
-
-
-
-
-
-
(3)
Total
distributions
(0.09)
(0.17)
(0.15)
(0.12)
(0.09)
(0.07)
NET
ASSET
VALUE
End
of
period
$
5.49
$
5.60
$
5.50
$
5.47
$
5.39
$
5.58
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(4)
(0.38)%
5.04%
3.37%
3.81%
(1.77)%
(1.16)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.31%
(5)
0.24%
0.33%
0.38%
0.37%
0.38%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.25%
(5)
0.24%
0.33%
0.38%
0.37%
0.38%
Net
investment
income
3.23%
(5)
3.14%
2.76%
2.27%
1.68%
1.31%
Portfolio
turnover
rate
27.0%
36.0%
31.8%
28.8%
36.9%
23.9%
Net
assets,
end
of
period
(in
thousands)
$734,436
$754,340
$707,074
$801,667
$930,459
$970,206
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
August
31,
2026
Unaudited
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 98.9%
ALABAMA
8.1%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
5,000
5,041
Black
Belt
Energy
Gas
Dist.,
Series A,
5.00%,
12/1/30
1,000
1,039
Black
Belt
Energy
Gas
Dist.,
Series A,
5.00%,
12/1/31
2,135
2,218
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.00%,
10/1/55
(Tender
9/1/32)
8,975
9,337
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
6,370
6,750
Black
Belt
Energy
Gas
Dist.,
Series C,
VRDN,
5.00%,
5/1/55
(Tender
7/1/31)
2,000
2,089
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
14,450
15,050
Black
Belt
Energy
Gas
Dist.,
Series F,
5.00%,
6/1/30
1,140
1,178
Black
Belt
Energy
Gas
Dist.,
Series H-2-1,
5.00%,
12/1/31
2,500
2,602
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
VRDN,
4.00%,
10/1/52
(Tender
9/1/26)
5,700
5,739
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/29
500
516
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
5/1/32
4,770
4,969
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
6/1/31
2,000
2,070
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
6/1/32
2,000
2,068
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/33
3,290
3,439
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series G,
5.00%,
6/1/31
13,775
14,414
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series J,
5.00%,
11/1/32
2,975
3,100
Mobile
Alabama
Ind.
Dev.
Board,
Alabama
Power,
Barry
Plant
Project,
VRDN,
PCR,
2.75%,
7/15/34
(Tender
3/15/29)
1,910
1,894
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
10,000
9,956
Southeast
Energy
Auth.,
Series E,
5.00%,
10/1/30
2,120
2,244
95,713
ALASKA
0.2%
Alaska
HFC,
Veterans
Mortgage
Program,
3.55%,
6/1/33
1,175
1,158
Alaska
HFC,
Veterans
Mortgage
Program,
3.60%,
12/1/33
1,060
1,046
2,204
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
ARIZONA
3.2%
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series 2019A,
5.00%,
11/1/28
1,180
1,232
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series 2019A,
5.00%,
11/1/29
1,005
1,046
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.00%,
11/1/29
4,645
4,879
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.00%,
11/1/31
155
166
Arizona
IDA,
Sustainable
Bonds,
Series A,
5.00%,
11/1/28
10,055
10,398
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (1)
3,060
3,075
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.10%,
12/1/37
(Tender
6/15/28) (1)
1,130
1,145
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
5.00%,
9/1/42
(Tender
9/1/27) (1)
320
323
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (1)
5,380
5,433
Maricopa
County
IDA,
Banner
Health,
5.00%,
1/1/33
340
342
Maricopa
County
IDA,
Banner
Health,
5.00%,
1/1/34
150
151
Maricopa
County
IDA,
Banner
Health,
Series A,
5.00%,
1/1/32
4,000
4,330
Maricopa
County
IDA,
Honor
Health,
Series D,
5.00%,
12/1/29
1,275
1,349
Phoenix
Civic
Improvement,
Senior
Lien,
5.00%,
7/1/31 (1)
1,795
1,849
Phoenix
Civic
Improvement,
Senior
Lien,
5.00%,
7/1/32 (1)
1,585
1,630
37,348
CALIFORNIA
3.9%
California,
GO,
3.00%,
10/1/32
890
870
California,
GO,
4.00%,
9/1/34
245
245
California,
GO,
5.00%,
8/1/31 (2)
1,150
1,259
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E,
5.00%,
7/1/29
180
188
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E,
5.00%,
7/1/30
185
195
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E,
5.00%,
7/1/32
500
534
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
5.00%,
8/15/33
225
225
California
HFFA,
Cedars-Sinai
Health
System,
Series B,
5.00%,
8/15/35
125
125
California
Housing
Fin.
Agency,
Series A-2,
VRDN,
3.20%,
8/1/63
(Tender
8/1/32)
1,975
1,950
California
Infrastructure
&
Economic
Dev.
Bank,
Los
Angeles
County
Museum
of
Art
Project,
3.25%,
6/1/33
2,035
2,012
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
California
Infrastructure
&
Economic
Dev.
Bank,
Sustainable
Bonds,
Series A,
3.25%,
8/1/29
5,780
5,793
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
West
Village
Student
Housing
Project,
5.00%,
5/15/27
485
492
California
Pollution
Control
Fin.
Auth.,
Waste
Management,
Series A-2,
PCR,
3.625%,
7/1/27 (1)
230
230
California
State
Univ.,
Series B-2,
VRDN,
2.90%,
11/1/49
(Tender
11/1/29)
2,000
1,995
California
Statewide
CDA,
Series C-1,
5.00%,
9/2/34
375
398
California
Statewide
CDA,
Series C-1,
5.00%,
9/2/35
310
328
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/32
185
185
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/33
215
213
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/34
245
241
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/27
60
61
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/28
110
114
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/29
80
84
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/30
100
105
California
Statewide
CDA,
Series C-2,
5.00%,
9/2/31
85
90
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/27
15
15
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/28
50
52
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/29
50
52
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/30
55
58
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/31
70
74
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series A-2,
5.00%,
9/2/32
50
53
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
4.00%,
9/1/27
45
45
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
4.00%,
9/1/31
110
109
Eastern
Municipal
Water
District
Community
Fac.
Dist.
No.2014-65,
Menifee,
5.00%,
9/1/33
115
120
Irvine
Unified
School
Dist.
Fin.
Auth.,
5.00%,
9/1/30 (3)
350
377
Irvine
Unified
School
Dist.
Fin.
Auth.,
5.00%,
9/1/31 (3)
400
436
Irvine
Unified
School
Dist.
Fin.
Auth.,
5.00%,
9/1/32 (3)
430
473
Los
Angeles
Dept.
of
Airports,
5.00%,
5/15/35 (1)
3,350
3,528
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/29 (1)
4,000
4,196
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/30 (1)
5,000
5,301
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/32 (1)(2)
3,000
3,254
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/35 (1)
2,000
2,068
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Northern
California
Energy
Auth.,
VRDN,
5.00%,
12/1/54
(Tender
8/1/30)
2,655
2,762
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/27
10
10
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/28
70
72
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/29
100
104
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/30
115
120
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/31
150
157
Orange
County
Community
Fac.
Dist.,
Improvement
Area
No.
1,
Series A,
5.00%,
8/15/32
200
209
Sacramento
County
Airport
System
Revenue,
Series C,
5.00%,
7/1/30 (1)
1,785
1,845
Southern
California
Public
Power
Auth.,
Clean
Energy
II
Project,
Series A,
5.00%,
11/1/31
1,000
1,047
Southern
California
Public
Power
Auth.,
Clean
Energy
II
Project,
Series A,
5.00%,
11/1/32
950
997
45,466
COLORADO
5.0%
Colorado
HFA,
Adventhealth
Obligated,
Series 2023A-1,
VRDN,
5.00%,
11/15/58
(Tender
11/15/28)
1,690
1,761
Colorado
HFA,
Adventhealth
Obligated,
Series A,
5.00%,
11/15/29
2,500
2,639
Colorado
HFA,
Adventhealth
Obligated,
Series A,
VRDN,
5.00%,
11/15/60
(Tender
11/15/30)
2,525
2,713
Colorado
HFA,
Children's
Hosp.
Colorado
Project,
Series A,
5.00%,
12/1/27
425
436
Colorado
HFA,
Children's
Hosp.
Colorado
Project,
Series A,
5.00%,
12/1/29
1,000
1,061
Colorado
HFA,
CommonSpirit
Health,
Series A,
5.00%,
8/1/27
1,085
1,105
Colorado
HFA,
CommonSpirit
Health,
Series A,
5.00%,
9/1/29
4,375
4,595
Colorado
HFA,
Intermountain
Health,
Series A,
5.00%,
11/15/30
7,950
8,492
Colorado
HFA,
Valley
View
Hosp.,
5.00%,
5/15/30
120
122
Colorado
Housing
&
Fin.
Auth.,
Series I-2,
Class
I,
3.25%,
4/1/29
2,000
1,995
Colorado
Housing
&
Fin.
Auth.,
Albion
Apartments
Project,
VRDN,
3.375%,
7/1/44
(Tender
7/1/28)
1,955
1,962
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
Series A,
GO,
5.00%,
12/1/30 (4)
525
558
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/27 (1)
5,000
5,135
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/29 (1)
7,335
7,625
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/31 (1)
5,085
5,264
Denver
City
&
County
Airport
System
Revenue,
Series B,
4.00%,
11/15/31
2,970
2,974
Denver
City
&
County
Airport
System
Revenue,
Series B,
5.00%,
11/15/29 (1)
2,000
2,105
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/26
1,000
1,004
E-470
Public
Highway
Auth.,
Series B,
FRN,
67%
of
SOFR+0.7%,
3.138%,
9/1/39
(Tender
9/1/28)
1,225
1,223
E-470
Public
Highway
Auth.,
Series B,
Zero
Coupon,
9/1/29
2,365
2,170
E-470
Public
Highway
Auth.,
Series B,
Zero
Coupon,
9/1/29 (5)
135
123
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/27 (4)
200
206
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/28 (4)
200
209
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/29 (4)
200
213
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/30 (4)
300
322
Park
Creek
Metropolitan
Dist.,
Series A,
5.00%,
12/1/31 (4)
275
298
Univ.
of
Colorado
Hosp.
Auth.,
VRDN,
2.90%,
11/15/39
2,600
2,600
58,910
CONNECTICUT
2.1%
Aquarion
Water
Auth.,
Series B,
5.25%,
2/1/31
1,975
2,148
Connecticut,
Series A,
GO,
5.00%,
3/15/31
2,275
2,479
Connecticut,
Series A,
GO,
5.00%,
4/15/32
1,515
1,590
Connecticut,
Series B,
GO,
5.00%,
12/1/29
2,040
2,182
Connecticut,
Series F,
GO,
4.00%,
10/15/30
110
110
Connecticut
Housing
Fin.
Auth.,
Series B-1,
2.95%,
11/15/31
5,510
5,393
Connecticut
Housing
Fin.
Auth.,
Series C-2,
2.20%,
11/15/34 (1)
480
396
Connecticut
Housing
Fin.
Auth.,
Series D-2,
VRDN,
3.10%,
11/15/64
(Tender
11/15/28)
2,285
2,284
Connecticut
State
HEFA,
Series A-3,
VRDN,
2.95%,
7/1/49
(Tender
7/1/27)
3,355
3,361
Connecticut
State
HEFA,
Series B,
VRDN,
5.00%,
7/1/49
(Tender
7/1/29)
3,750
3,949
Univ.
of
Connecticut,
Series A,
5.00%,
8/15/29
1,200
1,277
25,169
DISTRICT
OF
COLUMBIA
2.6%
Dist.
of
Columbia
Housing
Fin.
Agency,
Belmont
Crossing
Phase
II,
Series B,
VRDN,
5.00%,
3/1/29
(Tender
2/1/28)
2,325
2,384
Dist.
of
Columbia
Housing
Fin.
Agency,
Rhode
Island
Apartment
Project,
Series A,
5.00%,
3/1/28
1,650
1,695
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/28
1,560
1,579
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/30
2,215
2,239
Dist.
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/32
295
298
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
5.00%,
10/1/34 (1)
1,285
1,303
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series 2018A,
5.00%,
10/1/29 (1)
4,295
4,463
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/27 (1)
3,500
3,579
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/29 (1)
5,000
5,254
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/31 (1)
130
130
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/34 (1)
2,085
2,087
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.00%,
10/1/36 (1)
3,000
3,075
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/31
2,190
2,225
30,311
FLORIDA
3.2%
Alachua
County
HFA,
Shands
Teaching
Hospital
&
Clinics,
5.00%,
12/1/35
1,145
1,181
Alachua
County
HFA,
Shands
Teaching
Hospital
&
Clinics,
VRDN,
5.00%,
12/1/37
(Tender
12/1/26)
6,325
6,331
Capital
Trust
Auth.,
Marie
Selby
Botanical
Gardens,
4.50%,
6/15/33 (6)
1,000
999
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/30
2,040
2,172
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/30 (4)
1,920
2,062
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/32
3,085
3,331
Florida
Dev.
Fin.,
Cornerstone
Charter
Academy
Project,
5.00%,
10/1/32 (6)
575
581
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/27
250
255
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/28
315
327
Florida
Dev.
Fin.,
Tampa
General
Hospital
Project,
Series A,
5.00%,
8/1/29
200
210
Florida
Dev.
Fin.,
Waste
Pro
USA
Project,
VRDN,
4.35%,
4/1/37
(Tender
4/2/31) (1)
3,275
3,249
Florida
Municipal
Power
Agency,
Series A,
5.00%,
10/1/27
(
Prerefunded
10/1/26) (7)
150
150
Florida
Municipal
Power
Agency,
Series A,
5.00%,
10/1/28
(
Prerefunded
10/1/26) (7)
400
401
Greater
Orlando
Aviation
Auth.,
5.00%,
10/1/30 (1)
3,900
4,141
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/31 (1)
505
514
JEA
Water
&
Sewer
System
Revenue,
Series A,
3.25%,
10/1/36
345
324
Lee
County
Airport
Revenue,
Series A-2,
VRDN,
5.00%,
10/1/56
(Tender
10/1/31) (1)
5,000
5,298
Miami-Dade
County
Aviation
Revenue,
5.00%,
10/1/29
(
Prerefunded
10/1/26) (7)
30
30
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/30
1,000
1,001
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
206
South
Broward
Hosp.
Dist.,
4.00%,
5/1/33
2,000
1,989
South
Miami
HFA,
Baptist
Health
South
Florida,
Series B,
VRDN,
5.00%,
8/15/65
(Tender
8/15/30)
235
248
Village
Community
Dev.
Dist.
No.
14,
4.00%,
5/1/27
630
632
37,635
GEORGIA
2.8%
Atlanta
Beltline
Project,
Series D,
5.00%,
1/1/30
1,055
1,062
Atlanta
Dept.
of
Aviation,
Series B-1,
5.00%,
7/1/36 (1)
1,750
1,880
Atlanta
Urban
Residential
Fin.
Auth.,
VRDN,
3.40%,
2/1/29
(Tender
2/1/28)
1,395
1,400
Bartow
County
Dev.
Auth.,
Georgia
Power
Plant
Bowen
Project,
VRDN,
PCR,
3.95%,
12/1/32
(Tender
3/8/28)
175
177
Burke
County
Dev.
Auth.,
Fifth
Series
Georgia
Power
Plant,
VRDN,
PCR,
3.70%,
10/1/32
(Tender
6/13/28)
1,900
1,919
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
PCR,
2.20%,
10/1/32
1,250
1,108
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.30%,
12/1/49
(Tender
8/21/29)
1,000
1,004
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.375%,
11/1/53
(Tender
3/12/27)
2,300
2,304
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/27
300
304
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/28
275
283
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/29
260
270
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/30
265
277
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/31
325
342
Cobb
County
Dev.
Auth.,
KSU
Housing
Real
Estate
Foundation
Projects,
Series C,
5.00%,
6/15/32
440
464
Cobb
County
Kennestone
Hosp.
Auth.,
RAC,
5.00%,
4/1/35
2,495
2,516
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/28
1,125
1,164
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/29
1,110
1,169
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
3.50%,
7/1/33
240
240
Georgia
Housing
&
Fin.
Auth.,
Series A,
3.60%,
12/1/33
70
69
Georgia
Housing
&
Fin.
Auth.,
Series B,
2.75%,
12/1/34
335
300
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/27
2,500
2,532
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/28
1,380
1,418
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32)
2,560
2,671
Main
Street
Natural
Gas,
Series E-1,
VRDN,
5.00%,
12/1/53
(Tender
6/1/31)
1,690
1,781
Monroe
County
Dev.
Auth.,
Georgia
Power
Plant
Scherer
Project,
VRDN,PCR,
3.35%,
11/1/48
(Tender
3/27/30)
1,335
1,340
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/32
500
516
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
1/1/32
2,130
2,219
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series 2016A,
5.00%,
1/1/28
2,145
2,168
32,897
ILLINOIS
4.5%
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/30 (1)
8,000
8,413
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/30 (1)
2,000
2,012
Illinois,
GO,
4.25%,
1/1/36
320
320
Illinois,
GO,
5.00%,
1/1/28
2,010
2,013
Illinois,
GO,
5.00%,
2/1/29
4,555
4,594
Illinois,
GO,
5.00%,
2/1/30
2,750
2,916
Illinois,
Series A,
GO,
5.00%,
3/1/28
2,145
2,213
Illinois,
Series B,
GO,
5.00%,
5/1/29
2,000
2,102
Illinois,
Series C,
GO,
5.00%,
11/1/29
6,240
6,380
Illinois,
Series D,
GO,
5.00%,
11/1/28
3,535
3,619
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/36
360
362
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/31
860
867
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/33
470
473
Illinois
Fin.
Auth.,
Bradley
University
Project,
5.00%,
8/1/27
215
218
Illinois
Fin.
Auth.,
Bradley
University
Project,
5.00%,
8/1/28
225
232
Illinois
Fin.
Auth.,
Bradley
University
Project,
5.00%,
8/1/29
185
192
Illinois
Fin.
Auth.,
Bradley
University
Project,
5.00%,
8/1/30
375
392
Illinois
Fin.
Auth.,
Clean
Water
Initiative,
Series 2017,
5.00%,
7/1/33
225
226
Illinois
Fin.
Auth.,
Clean
Water
Initiative,
Series 2019,
5.00%,
7/1/33
365
384
Illinois
Fin.
Auth.,
Rush
Univ.
System
For
Health,
Series A,
5.00%,
11/15/30
4,000
4,218
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Uchicago
Medicine,
Series B-2,
VRDN,
5.00%,
8/15/52
(Tender
8/15/27)
6,095
6,180
Illinois
Fin.
Auth.,
Univ.
of
Chicago
Medical
Center,
Series D-1,
VRDN,
2.90%,
8/1/43
4,400
4,400
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29
800
817
53,543
INDIANA
0.5%
Indiana
Fin.
Auth.,
Community
Foundation
of
Northwest
Indiana
Obligated
Group,
5.00%,
9/1/29
460
461
Indiana
Fin.
Auth.,
Community
Foundation
of
Northwest
Indiana
Obligated
Group,
5.00%,
9/1/30
380
381
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series D-1,
VRDN,
5.00%,
10/1/64
(Tender
10/1/29)
3,960
4,155
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series D-2,
VRDN,
5.00%,
10/1/63
(Tender
10/1/31)
320
342
5,339
KANSAS
0.2%
Univ.
of
Kansas
Hosp.
Auth.,
Univ.
of
Kansas
Health
System,
Series B,
VRDN,
5.00%,
3/1/55
(Tender
3/1/30)
2,450
2,590
2,590
KENTUCKY
1.2%
Kentucky
Bond
Dev.,
Collegiate
Housing
Foundation-Bowling
Green
-
Western
Kentucky
University
Project,
Series A,
5.00%,
7/1/32 (4)
165
178
Kentucky
Bond
Dev.,
Collegiate
Housing
Foundation-Bowling
Green
-
Western
Kentucky
University
Project,
Series A,
5.00%,
7/1/33 (4)
375
408
Kentucky
Bond
Dev.,
University
of
Kentucky
Central
Utility
Plant
Project,
Series A,
5.00%,
10/31/30
925
987
Kentucky
Bond
Dev.,
University
of
Kentucky
Central
Utility
Plant
Project,
Series A,
5.00%,
10/31/31
1,090
1,174
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/30
50
50
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,600
11,679
14,476
LOUISIANA
0.7%
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series 2007A,
4.15%,
9/1/27
1,000
1,009
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
1,600
1,613
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series C,
VRDN,
3.30%,
6/1/37
(Tender
7/3/28)
5,460
5,473
8,095
MAINE
0.2%
Maine
State
Housing
Auth.,
Series C,
3.25%,
11/15/30
2,000
1,986
1,986
MARYLAND
3.0%
Frederick
County,
Series A,
4.00%,
7/1/31
3,260
3,293
Gaithersburg,
Asbury
Maryland
Obligation
Group,
Series B,
5.00%,
1/1/27
665
668
Howard
County,
Series E,
GO,
3.00%,
2/15/35
200
189
Maryland
CDA,
Series C,
1.30%,
3/1/28
920
885
Maryland
CDA,
Series C,
2.70%,
9/1/34
1,200
1,064
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
3.15%,
5/1/27
1,405
1,408
Maryland
DOT,
Series A,
5.00%,
8/1/30 (1)(4)
725
773
Maryland
DOT,
Series A,
5.00%,
8/1/31 (1)(4)
715
768
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
7,000
7,121
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/31 (2)
3,500
3,692
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/27
2,500
2,519
Maryland
HHEFA,
MedStar
Health,
Series C,
5.00%,
8/15/29
650
687
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
7,815
7,868
Maryland,
State
&
Local
Facs
.
Loan,
GO,
5.00%,
8/1/31
4,725
4,908
35,843
MASSACHUSETTS
1.8%
Massachusetts
Dev.
Fin.
Agency,
CareGroup
,
Series I,
5.00%,
7/1/27
405
405
Massachusetts
Dev.
Fin.
Agency,
CareGroup
,
Series I,
5.00%,
7/1/28
150
150
Massachusetts
Housing
Fin.
Agency,
Single
Family
Housing,
3.85%,
12/1/34 (1)
655
624
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series A-3,
3.75%,
6/1/29
5,635
5,698
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series B-3,
3.55%,
12/1/29
6,325
6,418
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series C-3,
3.10%,
12/1/29
275
275
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series C-3,
3.15%,
6/1/30
6,230
6,193
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Massachusetts
Port
Auth.,
Series C,
5.00%,
7/1/34 (1)
1,135
1,178
20,941
MICHIGAN
2.3%
Great
Lakes
Water
Auth.
Sewage
Disposal
System,
Senior
Lien,
Series A,
5.00%,
7/1/31
6,275
6,818
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/26
150
151
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/27
(
Prerefunded
11/15/26) (7)
75
75
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28
(
Prerefunded
11/15/26) (7)
4,185
4,205
Michigan
State
HDA,
Series A,
3.25%,
12/1/31
4,765
4,748
Michigan
State
HDA,
Series A,
3.40%,
6/1/32
2,070
2,026
Michigan
State
HDA,
Series A-1,
3.55%,
10/1/31
4,000
3,923
Michigan
State
Hosp.
Fin.
Auth.,
Corewell
Health,
Series B-1,
VRDN,
5.00%,
8/15/55
(Tender
6/1/32)
4,010
4,312
Michigan
State
Hosp.
Fin.
Auth.,
Henry
Ford
Health,
Series A-1,
5.00%,
11/15/32
1,000
1,081
27,339
MINNESOTA
1.1%
Housing
&
Redev
.
Auth.
of
St.
Paul
Minnesota,
Healthpartners
Obligation
Group,
Series A,
4.00%,
7/1/33
3,000
2,952
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series B,
5.00%,
1/1/30 (1)
3,500
3,724
Minnesota
Rural
Water
Fin.
Auth.,
2.875%,
1/1/28
2,500
2,497
St.
Cloud
City,
CentraCare
Health
System,
5.00%,
5/1/30
3,075
3,280
12,453
MISSISSIPPI
0.1%
Warren
County,
Int'l.
Paper
Project,
4.00%,
9/1/32
800
807
807
MISSOURI
1.1%
Missouri
HEFA,
SSM
Health
Care,
Series C,
VRDN,
5.00%,
5/1/52
(Tender
5/1/28)
12,000
12,396
12,396
MONTANA
0.0%
Montana
Fac.
Fin.
Auth.,
St.
Johns
United
Project,
Series B-3,
4.10%,
11/15/31
350
351
351
NEBRASKA
1.1%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,945
2,011
Nebraska
Investment
Fin.
Auth.,
Series D,
3.40%,
3/1/33
2,355
2,300
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Nebraska
Investment
Fin.
Auth.,
Series F,
3.15%,
9/1/27 (1)
1,315
1,316
Nebraska
Investment
Fin.
Auth.,
Series F,
3.20%,
3/1/28 (1)
1,345
1,345
Nebraska
Investment
Fin.
Auth.,
Series F,
3.25%,
9/1/28 (1)
1,000
1,000
Nebraska
Investment
Fin.
Auth.,
Series F,
3.30%,
3/1/29 (1)
655
654
Nebraska
Investment
Fin.
Auth.,
Series F,
3.35%,
9/1/29 (1)
315
314
Nebraska
Investment
Fin.
Auth.,
Series G,
3.00%,
9/1/28
275
275
Nebraska
Investment
Fin.
Auth.,
Series G,
3.10%,
3/1/29
1,070
1,068
Nebraska
Investment
Fin.
Auth.,
Series G,
3.15%,
9/1/29
805
803
Nebraska
Investment
Fin.
Auth.,
Series I,
3.35%,
3/1/28 (1)
865
863
Nebraska
Investment
Fin.
Auth.,
Series I,
3.40%,
9/1/28 (1)
710
709
12,658
NEVADA
0.1%
Sparks
Tourism
Improvement
Dist.
No.
1,
Legends
At
Sparks
Marina,
3.875%,
6/15/28
870
869
869
NEW
JERSEY
2.2%
New
Jersey
Economic
Dev.
Auth.,
American
Water,
Series A,
VRDN,
2.20%,
10/1/39
(Tender
12/3/29) (1)
1,975
1,854
New
Jersey
Economic
Dev.
Auth.,
Seeing
Eye
2017
Project,
5.00%,
6/1/32
640
653
New
Jersey
HCFFA,
Barnabas
Health
Obligated
Group,
Series A,
5.00%,
7/1/30
5,000
5,371
New
Jersey
HCFFA,
Inspira
Health
Obligated
Group,
5.00%,
7/1/30
325
330
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
701
Newark
Avenue
Project,
Series E,
VRDN,
3.15%,
12/1/43
(Tender
12/1/28)
1,680
1,680
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Rowan
Towers,
Series D-2,
VRDN,
3.10%,
7/1/29
(Tender
7/1/28)
345
345
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
5.00%,
6/15/29
1,565
1,640
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/27
210
210
New
Jersey
Turnpike
Auth.,
Series B,
5.00%,
1/1/32
1,070
1,103
New
Jersey
Turnpike
Auth.,
Series D,
5.00%,
1/1/28
2,455
2,498
New
Jersey
Turnpike
Auth.,
Series E,
5.00%,
1/1/32
2,600
2,680
Salem
County
Pollution
Control
Fin.
Auth.,
Atlantic
City
Electric,
PCR,
2.25%,
6/1/29
3,000
2,877
Summit,
GO,
2.00%,
7/15/30
1,250
1,197
Summit,
GO,
2.00%,
7/15/31
1,000
945
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/28
2,450
2,533
25,916
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
NEW
MEXICO
0.0%
New
Mexico
Mortgage
Fin.
Auth.,
Series F,
2.60%,
7/1/34
400
355
355
NEW
YORK
10.5%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
10/1/31 (4)
2,775
3,044
Long
Island
Power
Auth.,
Series B,
VRDN,
1.50%,
9/1/51
(Tender
9/1/26)
1,400
1,400
Long
Island
Power
Auth.,
Series B,
VRDN,
3.00%,
9/1/49
(Tender
9/1/29)
6,900
6,862
Long
Island
Power
Auth.,
Series C,
VRDN,
3.40%,
9/1/51
(Tender
9/1/30)
640
638
New
York
City,
Series A,
GO,
5.00%,
8/1/30
2,830
3,044
New
York
City,
Series B-1,
GO,
5.00%,
8/1/29
1,710
1,814
New
York
City,
Series D,
GO,
5.00%,
4/1/31
2,045
2,219
New
York
City
Housing
Dev.,
Series E,
3.40%,
11/1/29
810
808
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
1.90%,
5/1/33
365
308
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.25%,
11/1/64
(Tender
7/2/29)
3,030
3,033
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.25%,
11/1/65
(Tender
2/1/30)
5,000
4,993
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28)
6,135
6,127
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series C,
VRDN,
3.10%,
11/1/45
(Tender
2/1/31)
2,960
2,903
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series C-2,
VRDN,
3.75%,
5/1/65
(Tender
7/2/29)
2,685
2,709
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series D-1A,
1.85%,
11/1/33
400
331
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series F-2,
VRDN,
3.40%,
11/1/64
(Tender
1/2/29)
3,180
3,190
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series G-2,
VRDN,
3.15%,
5/1/66
(Tender
7/1/30)
2,750
2,737
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series I-1,
2.10%,
11/1/35
525
434
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
2.85%,
11/1/31
205
198
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
2.95%,
11/1/29
1,180
1,174
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series E-1B,
3.15%,
11/1/36
310
280
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series B-1,
5.25%,
11/1/35
4,000
4,377
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series C-1,
5.00%,
2/1/37
2,245
2,377
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series D-1,
5.00%,
11/1/31
10,000
10,904
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series G-1,
5.00%,
11/1/32
975
1,073
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured,
Series J-1,
5.00%,
11/1/30
2,000
2,159
New
York
City,
Fiscal
2018,
Series B-5,
GO,
VRDN,
3.05%,
10/1/46
2,500
2,500
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 244,
2.75%,
4/1/35
650
579
New
York
State
Energy
Research
&
Dev.
Auth.,
Series A,
VRDN,
3.45%,
5/15/45
(Tender
7/1/31) (1)
1,975
1,942
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
1,095
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
VRDN,
3.80%,
11/1/62
(Tender
5/1/29)
5,725
5,727
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
2.50%,
11/1/60
(Tender
5/1/27)
820
815
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
3.35%,
6/15/54
(Tender
6/15/29)
1,000
1,002
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series A-2,
VRDN,
3.50%,
11/1/64
(Tender
5/1/30)
6,000
6,021
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series B-2,
VRDN,
3.35%,
12/15/54
(Tender
12/15/29)
2,410
2,419
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series B-2,
VRDN,
3.60%,
11/1/64
(Tender
5/1/29)
5,150
5,162
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series C-2,
VRDN,
3.20%,
5/1/66
(Tender
11/1/30)
125
124
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series C-2,
VRDN,
3.30%,
5/1/65
(Tender
5/1/30)
2,925
2,917
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series D-2,
VRDN,
3.375%,
5/1/65
(Tender
11/1/31)
5,000
4,949
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series E-2,
VRDN,
3.875%,
11/1/63
(Tender
5/1/28)
345
345
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series G-2,
VRDN,
3.25%,
5/1/66
(Tender
5/1/30)
2,125
2,113
New
York
State
Housing
Fin.
Agency,
Sustainability
Bonds,
Series H,
2.75%,
11/1/34
490
434
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (1)
7,000
7,044
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/33 (1)
1,445
1,475
Port
Auth.
of
New
York
&
New
Jersey,
Series 227,
2.00%,
10/1/32 (1)
2,550
2,248
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Port
Auth.
of
New
York
&
New
Jersey,
Series 227,
3.00%,
10/1/29 (1)
5,000
4,968
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
Bonds,
Series 218,
5.00%,
11/1/36 (1)
1,000
1,029
124,044
NORTH
CAROLINA
1.6%
Charlotte
City,
Gov't.
Fac.,
Series B,
COP,
5.00%,
6/1/29
800
848
Charlotte
City,
Gov't.
Fac.,
Series B,
COP,
5.00%,
6/1/30
850
915
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31)
7,000
7,553
Charlotte-Mecklenburg
Hosp.
Auth.,
VRDN,
5.00%,
1/15/50
(Tender
12/1/28)
9,220
9,638
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/27
485
489
19,443
OHIO
1.6%
Allen
County
Hosp.
Fac.
Revenue,
Series A,
5.00%,
8/1/30
4,260
4,372
Columbus,
Series A,
GO,
5.00%,
4/1/31
3,570
3,887
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series C,
VRDN,
2.75%,
1/1/52
(Tender
5/1/28)
2,265
2,249
Ohio,
Univ.
Hosp.
Health
System,
Series A,
5.00%,
1/15/29
3,360
3,501
Ohio,
University
Hospitals
Health
System,
Series B,
VRDN,
3.00%,
1/15/46
4,930
4,930
18,939
OKLAHOMA
0.1%
Oklahoma
City
Public
Property
Auth.,
5.00%,
6/1/30
1,475
1,583
1,583
OREGON
1.5%
Oregon
Housing
&
Community
Services
Dept.,
Gresham
Civic
Station
Apartments
Project,
Series Q,
VRDN,
3.125%,
7/1/44
(Tender
7/1/28)
1,100
1,100
Oregon,
Article
XI-G
Project,
Series G,
GO,
5.00%,
8/1/31
400
438
Oregon,
Interstate
5
Bridge
Replacement
Project,
Series E,
GO,
5.00%,
5/15/30
1,830
1,972
Oregon,
Interstate
5
Bridge
Replacement
Project,
Series E,
GO,
5.00%,
5/15/31
1,650
1,772
Port
of
Portland,
Airport
Revenue,
Series 24B,
5.00%,
7/1/28 (1)
2,240
2,255
Port
of
Portland,
Airport
Revenue,
Series 24B,
5.00%,
7/1/33 (1)
2,000
2,009
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/28 (1)
1,000
1,036
Port
of
Portland,
Airport
Revenue,
Series 28,
5.00%,
7/1/29 (1)
6,515
6,835
17,417
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
PENNSYLVANIA
1.4%
Allegheny
County
Airport
Auth.,
Series A,
5.00%,
1/1/29 (1)(4)
1,400
1,461
Lehigh
County,
ST.
Luke's
University
Health
Network
Project,
Series A,
5.00%,
8/15/30
1,600
1,701
Lehigh
County,
ST.
Luke's
University
Health
Network
Project,
Series A,
5.00%,
8/15/31
1,200
1,287
Pennsylvania
Economic
DFA,
Waste
Management
Project,
VRDN,
4.25%,
7/1/41
(Tender
7/1/27) (1)
3,520
3,547
Pennsylvania
Housing
Fin.
Agency,
Series 120,
3.10%,
10/1/36
490
439
Pennsylvania
Housing
Fin.
Agency,
Series 121,
3.10%,
10/1/36
500
447
Pennsylvania
Housing
Fin.
Agency,
Fairhill
Phase
I,
VRDN,
3.15%,
1/1/46
(Tender
7/1/29)
2,645
2,644
Philadelphia
Gas
Works,
5.00%,
10/1/31 (2)
1,965
2,135
School
Dist.
of
Philadelphia,
Series B,
GO,
5.00%,
9/1/29
1,925
2,038
School
Dist.
of
Philadelphia,
Series B,
GO,
5.00%,
9/1/30
1,000
1,072
16,771
PUERTO
RICO
6.0%
Municipality
of
San
Juan,
Series A,
GO,
5.00%,
7/1/29
60
63
Municipality
of
San
Juan,
Series A,
GO,
5.00%,
7/1/32
265
283
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (6)
4,800
5,023
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (6)
4,105
4,344
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (6)
1,000
1,032
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
3,550
3,536
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
9,691
9,850
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
12,032
12,639
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
5,857
6,319
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/27
450
455
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Fac.
Fin.
Auth.,
5.00%,
7/1/29
850
881
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
10,000
9,967
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
3,667
3,569
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
1,000
911
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
7,678
6,546
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,579
5,200
70,618
RHODE
ISLAND
0.0%
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26
450
450
450
SOUTH
CAROLINA
1.1%
Medical
Univ.
Hosp.
Auth.,
Nexton
Project,
5.00%,
5/15/31
250
269
Medical
Univ.
Hosp.
Auth.,
Nexton
Project,
5.00%,
11/15/31
300
325
Medical
Univ.
Hosp.
Auth.,
Nexton
Project,
5.25%,
5/15/32
300
330
Medical
Univ.
Hosp.
Auth.,
Nexton
Project,
5.25%,
11/15/32
435
482
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
VRDN,
5.25%,
2/1/54
(Tender
3/1/31)
1,670
1,773
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
3,078
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/33
575
590
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/33
410
410
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/36
490
490
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/29
1,000
1,065
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/30
1,195
1,290
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/31
700
764
South
Carolina
State
Housing
Fin.
&
Dev.
Auth.,
Series A,
6.00%,
7/1/32
1,335
1,524
12,390
SOUTH
DAKOTA
0.3%
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/27
200
202
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/28
200
204
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/29
265
273
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/30
285
294
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/31
450
466
Lincoln
County,
Augustana
Univ.
Assn.
Project,
5.00%,
8/1/32
435
450
South
Dakota
HEFA,
Sanford,
Series C-2,
VRDN,
5.00%,
11/1/51
(Tender
11/1/32)
1,650
1,768
3,657
TENNESSEE
1.6%
Kingsport
Tennessee
Ind.
Dev.
Board,
Stonecrest
Apartments
Project,
VRDN,
2.95%,
9/1/29
(Tender
9/1/28)
3,750
3,737
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31
6,755
7,232
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series B,
5.00%,
7/1/29
5,560
5,837
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/27 (1)
690
700
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (1)
1,000
1,033
18,539
TEXAS
12.4%
Arlington
Higher
Ed.
Fin.,
Life
School
of
Dallas,
Series A,
5.00%,
8/15/31
800
865
Arlington
Higher
Ed.
Fin.,
Life
School
of
Dallas,
Series A,
5.00%,
8/15/32
1,055
1,149
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
1,755
1,760
Austin
Special
Tax
Revenue,
Series A,
5.00%,
11/15/30
525
565
Austin
Special
Tax
Revenue,
Series A,
5.00%,
11/15/31
2,000
2,175
Austin
Special
Tax
Revenue,
Series A,
5.00%,
11/15/32
800
876
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
5.00%,
8/15/29
2,500
2,657
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series C,
5.00%,
8/15/31
1,000
1,091
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/28
1,150
1,185
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/29
1,250
1,313
Central
Texas
Turnpike
System,
Series C,
5.00%,
8/15/31
3,500
3,779
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
4.00%,
8/15/33
2,000
2,012
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
4.00%,
8/15/34
465
467
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/30
1,000
1,076
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
Series T,
4.00%,
8/15/33
1,170
1,193
Clifton
Higher
Ed.
Fin.,
International
Leadership,
Series A,
5.00%,
2/15/29
1,800
1,882
Clifton
Higher
Ed.
Fin.,
International
Leadership,
Series A,
5.00%,
2/15/31
4,660
4,977
Clifton
Higher
Ed.
Fin.,
YES
Prep
Public
Schools,
5.00%,
4/1/30
350
371
Conroe
Independent
School
Dist.,
GO,
5.00%,
2/15/31
900
976
Cypress-Fairbanks
Independent
School
Dist.,
GO,
5.00%,
2/15/30
4,000
4,284
Cypress-Fairbanks
Independent
School
Dist.,
Series 2019,
GO,
5.00%,
2/15/30
1,750
1,843
Dallas
Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/29) (1)
4,400
4,606
Dallas
Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/32) (1)
7,000
7,496
Fort
Bend
Independent
School
Dist.,
Series B,
GO,
VRDN,
3.125%,
8/1/56
(Tender
8/1/29)
4,900
4,863
Harris
County,
Series A,
GO,
5.00%,
9/15/29
1,790
1,908
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist,
Series A,
5.00%,
12/1/31
2,820
3,051
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
VRDN,
5.00%,
7/1/49
(Tender
9/1/26)
1,500
1,512
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
Series A,
5.00%,
7/1/31
5,000
5,420
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
Sys.,
Series B,
5.00%,
7/1/31
7,000
7,558
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
5.00%,
10/1/28
3,110
3,114
Houston
Airport
System
Revenue,
Series A,
5.00%,
7/1/29 (1)
2,130
2,232
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.25%,
7/15/29 (1)
3,850
3,982
Houston
Combined
Utility
System
Revenue,
First
Lien,
Series A,
5.00%,
11/15/29
1,500
1,597
Humble
Independent
School
Dist.,
GO,
5.00%,
2/15/36
2,880
3,089
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (1)
540
541
Mission
Economic
Dev.,
Graphic
Packaging
International,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (1)(2)(6)
125
128
Mission
Economic
Dev.,
Graphic
Packaging
International,
Series 2025,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (1)
1,400
1,438
Mission
Economic
Dev.,
Graphic
Packaging
International,
Series 2026,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (1)
750
770
Mission
Economic
Dev.,
Waste
Management
Project,
VRDN,
3.25%,
11/1/48
(Tender
7/1/27) (1)
1,920
1,920
Northside
Independent
School
Dist.,
Series B,
GO,
VRDN,
3.10%,
8/1/53
(Tender
8/1/29)
2,500
2,486
Permanent
Univ.
Fund
-
Texas
A&M
Univ.
System,
Series A,
5.00%,
7/1/31
1,775
1,937
Prosper
Independent
School
Dist.,
Series B,
GO,
VRDN,
4.00%,
2/15/50
(Tender
8/15/29)
1,975
2,016
San
Antonio
Electric
&
Gas
Systems
Revenue,
Series A,
VRDN,
2.90%,
2/1/55
(Tender
12/1/27)
3,375
3,351
San
Antonio
Electric
&
Gas
Systems
Revenue,
Series B,
VRDN,
3.25%,
2/1/56
(Tender
12/1/28)
475
475
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Ascension
Senior
Credit
Group,
Series C-1,
VRDN,
5.00%,
11/15/51
(Tender
11/15/32)
14,140
15,288
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series C,
VRDN,
5.00%,
11/15/64
(Tender
11/15/32)
3,795
4,104
Texas
A&M
Univ.,
Series A,
5.00%,
5/15/28
1,000
1,042
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
3,590
3,625
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
5,100
5,334
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/30
775
803
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/31
1,000
1,041
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
Series A,
5.00%,
3/1/31
350
365
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
Series A,
5.00%,
3/1/32
850
888
Texas
Private
Activity
Bond
Surface
Transportation,
LBJ
Infrastructure
Group,
4.00%,
12/31/31
3,470
3,500
Texas,
Mobility
Fund,
Series B,
GO,
VRDN,
2.80%,
10/1/41
(Tender
10/1/30)
8,345
8,231
146,207
UTAH
1.3%
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redev
.
Project,
Series A,
5.00%,
6/1/30 (4)
700
751
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redev
.
Project,
Series A,
5.00%,
6/1/31 (4)
1,250
1,357
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/29 (1)
2,000
2,068
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/27 (1)
2,500
2,542
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/29 (1)
1,350
1,420
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/29 (1)
2,000
2,104
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/34 (1)
4,860
4,978
15,220
VIRGINIA
5.1%
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
7,500
7,917
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
5,000
5,315
Fairfax
County
Redev
.
&
Housing
Auth.,
Dominion
Square
North
Project,
VRDN,
5.00%,
1/1/45
(Tender
1/1/28)
1,125
1,143
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series A,
VRDN,
PCR,
3.65%,
11/1/35
(Tender
10/1/27)
3,320
3,345
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series B,
VRDN,
PCR,
3.125%,
11/1/35
(Tender
10/1/30)
1,845
1,830
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series C,
VRDN,
PCR,
3.80%,
11/1/35
(Tender
5/28/27)
285
287
Lynchburg
Economic
Dev.
Auth.,
Centra
Health
Obligated
Group,
Series B,
5.00%,
1/1/29
1,000
1,043
Lynchburg
Economic
Dev.
Auth.,
Centra
Health
Obligated
Group,
Series C,
5.00%,
1/1/32
3,000
3,217
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
5.00%,
1/1/31
135
136
Norfolk,
Series A,
GO,
5.00%,
9/1/36
4,595
4,861
Virginia
HDA,
Series A,
3.00%,
3/1/31
175
172
Virginia
HDA,
Series A,
3.25%,
9/1/29
870
870
Virginia
HDA,
Series C,
2.90%,
6/1/31
4,675
4,567
Virginia
HDA,
Series E,
2.90%,
10/1/29
6,350
6,320
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
HDA,
Series E,
3.00%,
4/1/29
3,000
3,001
Virginia
HDA,
Series E,
3.15%,
1/1/31
1,020
1,020
Virginia
HDA,
Series G-1,
2.55%,
7/1/27
270
269
Virginia
HDA,
Series G-1,
2.60%,
1/1/28
240
239
Virginia
HDA,
Series G-1,
2.65%,
7/1/28
170
169
Virginia
HDA,
Series H,
3.625%,
6/1/29
2,550
2,550
Virginia
HDA,
Series J-1,
3.55%,
1/1/32
1,485
1,480
Virginia
HDA,
Series J-1,
3.60%,
7/1/32
1,400
1,394
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings
Opco
Project,
4.00%,
1/1/30 (1)
3,250
3,286
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings
Opco
Project,
4.00%,
7/1/30 (1)
1,030
1,041
Wise
County
IDA,
Electric
&
Power
Project,
VRDN,
3.125%,
10/1/40
(Tender
10/1/30)
750
746
Wise
County
IDA,
Virginia
Electric
&
Power,
Series A,
VRDN,
3.80%,
11/1/40
(Tender
5/28/27)
3,340
3,361
59,579
WASHINGTON
1.8%
King
County
Public
Hosp.
Dist.
No.
2,
Evergreen
Health,
GO,
5.00%,
12/1/31
1,010
1,091
King
County
Public
Hosp.
Dist.
No.
2,
Evergreen
Health,
GO,
5.00%,
12/1/33
1,160
1,268
Port
of
Seattle,
Series B,
5.00%,
7/1/29 (1)
6,150
6,439
Port
of
Seattle,
Series B,
5.00%,
4/1/30 (1)
1,600
1,689
Port
of
Seattle,
Series B,
5.00%,
4/1/31 (1)
1,500
1,598
Port
of
Seattle,
Series B,
5.00%,
4/1/32 (1)
1,700
1,825
Seattle
Municipal
Light
&
Power
Revenue,
Series B,
VRDN,
2.95%,
8/1/56
1,900
1,900
Washington,
Series C,
GO,
Zero
Coupon,
6/1/28 (8)
2,670
2,545
Washington,
Series E,
GO,
5.00%,
6/1/30
1,385
1,481
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/30 (3)(6)
300
316
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/31 (3)(6)
500
532
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/32 (3)(6)
750
802
21,486
WEST
VIRGINIA
0.4%
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/27 (4)
300
305
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/28 (4)
285
295
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/29 (4)
850
892
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Ohio
County
Special
Dist.
Excise
Tax
Revenue,
Series A,
5.00%,
6/1/33 (4)
475
516
West
Virginia
Economic
Dev.
Auth.,
Appalachian
Power
Amos
Project,
Series A,
VRDN,
3.30%,
1/1/41
(Tender
9/1/28) (1)
3,175
3,167
West
Virginia
Hosp.
Fin.
Auth.,
United
Health
System,
5.00%,
6/1/28
15
15
5,190
WISCONSIN
1.0%
PFA,
Kahala
Nui
Project,
5.00%,
11/15/29
250
263
PFA,
Kahala
Nui
Project,
5.00%,
11/15/30
90
96
PFA,
Kawa
Fund,
Series 1,
Class
A,
VRDN,
3.625%,
6/15/63
(Tender
6/15/31)
1,425
1,405
PFA,
Pinecrest
Academy,
Series A,
4.00%,
7/15/33 (6)
575
567
PFA,
Waste
Management
Project,
2.875%,
5/1/27 (1)
520
518
Wisconsin
HEFA,
Ascension
Health
Credit
Group,
Series A,
5.00%,
11/15/28
25
25
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/27
125
126
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/28
165
169
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/29
200
207
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/30
270
282
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/31
280
294
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/32
340
358
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series A,
2.75%,
9/1/30
1,160
1,141
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series C,
3.25%,
3/1/28
2,850
2,859
Wisconsin
Housing
&
Economic
Dev.
Auth.
Housing
Revenue,
Series B,
VRDN,
3.10%,
11/1/56
(Tender
11/1/28)
4,040
4,039
12,349
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.72% (9)(10)
1
1
Total
Short-Term
Investments
(Cost
$1)
1
Total
Investments
in
Securities
98.9%
of
Net
Assets
(Cost
$1,161,000)
$
1,165,493
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
30
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
When-issued
security
(3)
Insured
by
Build
America
Mutual
Assurance
Company
(4)
Insured
by
Assured
Guaranty
Incorporated
(5)
Escrowed
to
maturity
(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
$14,324
and
represents
1.2%
of
net
assets.
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(8)
Insured
by
AMBAC
Assurance
Corporation
(9)
Seven-day
yield
(10)
Affiliated
Companies
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
HFC
Housing
Finance
Corporation
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer's
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund's
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
31
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,
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,
3.72%
$
-#
$
-
$
-+
Supplementary
Investment
Schedule
Affiliate
Value
2/28/26
Purchase
Cost
Sales
Cost
Value
8/31/26
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
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
Short-Intermediate
Municipal
Bond
Fund
August
31,
2026
Unaudited
Statement
of
Assets
and
Liabilities
32
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$1,161,000)
$
1,165,493
Receivable
for
investment
securities
sold
13,064
Interest
receivable
12,069
Receivable
for
shares
sold
974
Cash
25
Other
assets
57
Total
assets
1,191,682
Liabilities
Payable
for
investment
securities
purchased
10,460
Payable
for
shares
redeemed
1,978
Investment
management
fees
payable
200
Due
to
affiliates
43
Other
liabilities
1,004
Total
liabilities
13,685
Commitments
and
Contingent
Liabilities
(note
5)
NET
ASSETS
$
1,177,997
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(39,504)
Paid-in
capital
applicable
to
214,511,848
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
1,217,501
NET
ASSETS
$
1,177,997
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$442,641;
Shares
outstanding:
80,619,768)
$
5.49
Advisor
Class
(Net
assets:
$920;
Shares
outstanding:
168,032)
$
5.48
I
Class
(Net
assets:
$734,436;
Shares
outstanding:
133,724,048)
$
5.49
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Statement
of
Operations
33
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Investment
Income
(Loss)
Interest
income
$
21,228
Expenses
Investment
management
1,221
Shareholder
servicing
Investor
Class
$
397
Advisor
Class
1
I
Class
50
448
Rule
12b-1
fees
Advisor
Class
1
Prospectus
and
shareholder
reports
Investor
Class
11
I
Class
5
16
Proxy
and
annual
meeting
364
Custody
and
accounting
111
Registration
51
Legal
and
audit
18
Directors
2
Miscellaneous
10
Waived
/
paid
by
Price
Associates
(209)
Total
expenses
2,033
Net
investment
income
19,195
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
on
securities
3,871
Change
in
net
unrealized
gain
/
loss
on
securities
(27,589)
Net
realized
and
unrealized
gain
/
loss
(23,718)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(4,523)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
34
($000s)
6
Months
Ended
8/31/26
Year
Ended
2/28/26
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
19,195
$
42,031
Net
realized
gain
3,871
738
Change
in
net
unrealized
gain
/
loss
(27,589)
21,961
Increase
(decrease)
in
net
assets
from
operations
(4,523)
64,730
Distributions
to
shareholders
Net
earnings
Investor
Class
(7,155)
(19,407)
Advisor
Class
(13)
(25)
I
Class
(11,853)
(22,394)
Decrease
in
net
assets
from
distributions
(19,021)
(41,826)
Capital
share
transactions
*
Shares
sold
Investor
Class
35,700
124,538
Advisor
Class
8
118
I
Class
59,508
183,592
Distributions
reinvested
Investor
Class
6,529
16,982
Advisor
Class
13
25
I
Class
8,935
17,050
Shares
redeemed
Investor
Class
(214,704)
(216,746)
Advisor
Class
(31)
(257)
I
Class
(74,536)
(165,702)
Decrease
in
net
assets
from
capital
share
transactions
(178,578)
(40,400)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
35
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Year
Ended
2/28/26
Net
Assets
Decrease
during
period
(202,122)
(17,496)
Beginning
of
period
1,380,119
1,397,615
End
of
period
$
1,177,997
$
1,380,119
*Share
information
(000s)
Shares
sold
Investor
Class
6,465
22,596
Advisor
Class
2
22
I
Class
10,781
33,318
Distributions
reinvested
Investor
Class
1,185
3,077
Advisor
Class
2
4
I
Class
1,621
3,088
Shares
redeemed
Investor
Class
(38,767)
(39,345)
Advisor
Class
(6)
(47)
I
Class
(13,500)
(30,121)
Decrease
in
shares
outstanding
(32,217)
(7,408)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
36
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Short-Intermediate
Municipal
Bond
Fund,
Inc.
(the
fund),
formerly
the
T.
Rowe
Price
Tax-Free
Short-Intermediate
Fund,
Inc.
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
Short-Intermediate
Municipal
Bond
Fund,
Inc.
(Investor
Class),
the
Short-Intermediate
Municipal
Bond
Fund-Advisor
Class
(Advisor
Class)
and
the
Short-Intermediate
Municipal
Bond
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.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
37
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/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.
New
Accounting
Guidance
In September
2026,
the
FASB
issued
Accounting
Standards
Update
(ASU)
ASU
2026-03,
Fair
Value
Measurement
(Topic
820)
-
Investment
Companies
with
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
requires
investment
companies
within
the
scope
of
ASC
946
to
consider
contractual
sale
restrictions
on
the
sale
of
an
equity
security
when
measuring
the
fair
value
of
the
security
and
to
disclose
the
amount
of
the
discount
attributable
to
the
contractual
sale
restriction.
The
amendments
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
38
under
the
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2027;
however,
early
adoption
is
permitted.
Adoption
of
the
guidance
is
not
expected
to
have
a
material
impact
on
the
fund's
financial
statements.
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)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
39
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
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.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
40
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.
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
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,
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
-
$
1,165,492
$
-
$
1,165,492
Short-Term
Investments
1
-
-
1
Total
$
1
$
1,165,492
$
-
$
1,165,493
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
41
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 $323,264,000 and
$498,104,000,
respectively,
for
the
six
months ended
August
31,
2026.
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,
2026,
the
fund
had
$48,725,000
of
available
capital
loss
carryforwards.
At
August
31,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$1,161,000,000.
Net
unrealized
gain
aggregated
$4,493,000
at
period-end,
of
which
$8,393,000
related
to
appreciated
investments
and
$3,900,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
42
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
by
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval by
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.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
43
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended August
31,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $209,000 remain
subject
to
repayment
by
the
fund
at
August
31,
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
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,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$140,000
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
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)
$(209)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
44
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
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
$0
and
$81,585,000,
respectively,
with
net
realized
gain
of
$29,000
for
the
six
months
ended
August
31,
2026.
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 Group
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
45
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
Short-Intermediate
Municipal
Bond
Fund
46
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund's
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund's
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund's
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
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
include,
but
are
not
limited
to,
directing
the
fund's
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund's
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund's
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser's
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser's
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
47
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
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund's
relative
performance
information
as
of
September
30,
2025,
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
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund's
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund's
performance,
length
of
the
fund's
performance
track
record,
and
how
closely
the
fund's
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund's
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds'
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund's
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser's
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
48
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
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
based
on
the
fund's
average
daily
net
assets
and
the
fund
pays
its
own
expenses
of
operations.
Assets
of
the
fund
are
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
rate
for
many
other
T.
Rowe
Price
mutual
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
rate
component
to
its
management
fee,
its
assets
are
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
The
fund's
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
management
fees
and/or
bear
any
operating
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class's
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
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
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
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,
and
total
expenses
of
the
fund's
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund's
Investor
Class
and
I
Class
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
49
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
for
the
fund's
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund's
total
expenses
ranked
in
the
third
quintile
(Expense
Group
and
Expense
Universe).
The
information
provided
to
the
Board
for
the
fund's
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund's
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser's
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
("registered
fund")
business.
The
Board
considered
information
showing
that
the
Adviser's
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser's
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund's
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Short-Intermediate
Municipal
Bond
Fund
50
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution's
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F56-051
10/26
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 filed with the registrant's annual Form N-CSR. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
|
| (3) |
Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. |
|
| (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 16, 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 | October 16, 2026 | |||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | October 16, 2026 | |||
T. Rowe Price Tax-Free Short-Intermediate Fund Inc. published this content on October 21, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 21, 2026 at 13:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]