T. Rowe Price Short-Intermediate Municipal Bond Fund 报告2026年8月31日半年度业绩

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)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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