# EDGAR Filing Document

**Accession Number:** 0000912029
**File Stem:** 0001193125-25-144353
**Filing Date:** 2025-6
**Character Count:** 165271
**Document Hash:** b5e9971564875493749df4148234fb44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144353.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144353

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Summit Municipal Funds, Inc.
- **CENTRAL INDEX KEY:** 0000912029

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07095
- **FILM NUMBER:** 251063448

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20051031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE SUMMIT MUNICIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 19930914

## Series and Classes Contracts Data

### T. Rowe Price Summit Municipal Intermediate Fund (Series ID: S000002156)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000005552 | T. Rowe Price Summit Municipal Intermediate Fund               | PRSMX           |
| C000117203 | T. Rowe Price Summit Municipal Intermediate Fund-Advisor Class | PAIFX           |
| C000211685 | T. Rowe Price Summit Municipal Intermediate Fund-I Class       | PRTMX           |

?xml version='1.0' encoding='ASCII'? Summit Municipal Intermediate Fund_SMT_F83-052

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: 811-07095

T. Rowe Price Summit Municipal Funds, 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: October 31

Date of reporting period: April 30, 2025

------

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

![Image](g911778i5138d096d9c198ce4cce.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Intermediate Fund

#### Investor Class (PRSMX)
This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Summit Municipal Intermediate Fund - Investor Class | $20 | 0.40% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $3964171 |
| Number of Portfolio Holdings | 813 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 11.9% |

---

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

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

---

| | |
|:---|:---|
| New York | 12.2% |
| Virginia | 8.8 |
| Texas | 8.6 |
| Georgia | 6.1 |
| Puerto Rico | 6.0 |
| California | 5.0 |
| Florida | 4.3 |
| Michigan | 4.1 |
| Washington | 4.0 |
| Other | 40.9 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.7% |
| Health Care | 14.9 |
| Special Tax | 13.4 |
| General Obligations - State | 12.4 |
| General Obligations - Local | 5.7 |
| Water & Sewer | 5.2 |
| Electric | 3.7 |
| Industrial & Pollution Control | 3.1 |
| Leasing | 2.8 |
| Other | 16.1 |

---

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

F83-053 6/25

Summit Municipal Intermediate Fund

Investor Class (PRSMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g911778i6df72a33f45a28b90a15.jpg)

![Image](g911778i5138d096d9c198ce4cce.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Intermediate Fund

#### Advisor Class (PAIFX)
This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Summit Municipal Intermediate Fund - Advisor Class | $32 | 0.65% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $3964171 |
| Number of Portfolio Holdings | 813 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 11.9% |

---

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

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

---

| | |
|:---|:---|
| New York | 12.2% |
| Virginia | 8.8 |
| Texas | 8.6 |
| Georgia | 6.1 |
| Puerto Rico | 6.0 |
| California | 5.0 |
| Florida | 4.3 |
| Michigan | 4.1 |
| Washington | 4.0 |
| Other | 40.9 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.7% |
| Health Care | 14.9 |
| Special Tax | 13.4 |
| General Obligations - State | 12.4 |
| General Obligations - Local | 5.7 |
| Water & Sewer | 5.2 |
| Electric | 3.7 |
| Industrial & Pollution Control | 3.1 |
| Leasing | 2.8 |
| Other | 16.1 |

---

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

F283-053 6/25

Summit Municipal Intermediate Fund

Advisor Class (PAIFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g911778i6df72a33f45a28b90a15.jpg)

![Image](g911778i5138d096d9c198ce4cce.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Intermediate Fund

#### I Class (PRTMX)
This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Summit Municipal Intermediate Fund - I Class | $14 | 0.29% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $3964171 |
| Number of Portfolio Holdings | 813 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 11.9% |

---

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

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

---

| | |
|:---|:---|
| New York | 12.2% |
| Virginia | 8.8 |
| Texas | 8.6 |
| Georgia | 6.1 |
| Puerto Rico | 6.0 |
| California | 5.0 |
| Florida | 4.3 |
| Michigan | 4.1 |
| Washington | 4.0 |
| Other | 40.9 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.7% |
| Health Care | 14.9 |
| Special Tax | 13.4 |
| General Obligations - State | 12.4 |
| General Obligations - Local | 5.7 |
| Water & Sewer | 5.2 |
| Electric | 3.7 |
| Industrial & Pollution Control | 3.1 |
| Leasing | 2.8 |
| Other | 16.1 |

---

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

F1217-053 6/25

Summit Municipal Intermediate Fund

I Class (PRTMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g911778i6df72a33f45a28b90a15.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PRSMX

Summit

Municipal

Intermediate

Fund

PAIFX

Summit

Municipal

Intermediate

Fund–

.

Advisor Class

PRTMX

Summit

Municipal

Intermediate

Fund–

.

I Class

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.31 $

10.77 $

10.75 $

12.27 $

12.21 $

12.13 Investment

activities

Net

investment

income

(1)(2)

0.18 0.31 0.28 0.25 0.26 0.29 Net

realized

and

unrealized

gain/

loss

(0.20)

0.54 0.02 (1.52)

0.06 0.08 Total

from

investment

activities

(0.02)

0.85 0.30 (1.27)

0.32 0.37 Distributions

Net

investment

income

(0.18)

(0.31)

(0.28)

(0.25)

(0.26)

(0.29)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) —

Total

distributions

(0.18)

(0.31)

(0.28)

(0.25)

(0.26)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.11

#### $

#### 11.31

#### $

#### 10.77

#### $

#### 10.75

#### $

#### 12.27

#### $

#### 12.21
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### (0.23)%

#### 7.91%

#### 2.75%

#### (10.44)%

#### 2.59%

#### 3.05%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.40%

(5) 0.52%

0.51%

0.52%

0.50%

0.51%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.40%

(5) 0.50%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

3.16%

(5) 2.75%

2.51%

2.18%

2.08%

2.35%

Portfolio

turnover

rate

11.9%

20.8%

22.5%

20.6%

6.6%

15.6%

Net

assets,

end

of

period

(in

millions)

$1,045

$1,178

$2,135

$2,339

$3,253

$3,087

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

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.31 $

10.76 $

10.74 $

12.26 $

12.20 $

12.12 Investment

activities

Net

investment

income

(1)(2)

0.16 0.28 0.25 0.22 0.23 0.25 Net

realized

and

unrealized

gain/

loss

(0.20)

0.55 0.02 (1.52)

0.06 0.08 Total

from

investment

activities

(0.04)

0.83 0.27 (1.30)

0.29 0.33 Distributions

Net

investment

income

(0.16)

(0.28)

(0.25)

(0.22)

(0.23)

(0.25)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) —

Total

distributions

(0.16)

(0.28)

(0.25)

(0.22)

(0.23)

(0.25)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.11

#### $

#### 11.31

#### $

#### 10.76

#### $

#### 10.74

#### $

#### 12.26

#### $

#### 12.20
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### (0.36)%

#### 7.74%

#### 2.50%

#### (10.68)%

#### 2.34%

#### 2.79%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.73%

(5) 0.82%

0.79%

0.81%

0.79%

0.81%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.65%

(5) 0.75%

0.75%

0.75%

0.75%

0.75%

Net

investment

income

2.91%

(5) 2.51%

2.26%

1.94%

1.84%

2.09%

Portfolio

turnover

rate

11.9%

20.8%

22.5%

20.6%

6.6%

15.6%

Net

assets,

end

of

period

(in

thousands)

$3,481

$4,092

$4,002

$4,220

$5,444

$5,299

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

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.30 $

10.76 $

10.74 $

12.26 $

12.20 $

12.12 Investment

activities

Net

investment

income

(1)(2)

0.18 0.33 0.29 0.27 0.27 0.30 Net

realized

and

unrealized

gain/

loss

(0.20)

0.53 0.02 (1.52)

0.06 0.08 Total

from

investment

activities

(0.02)

0.86 0.31 (1.25)

0.33 0.38 Distributions

Net

investment

income

(0.18)

(0.32)

(0.29)

(0.27)

(0.27)

(0.30)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) —

Total

distributions

(0.18)

(0.32)

(0.29)

(0.27)

(0.27)

(0.30)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.10

#### $

#### 11.30

#### $

#### 10.76

#### $

#### 10.74

#### $

#### 12.26

#### $

#### 12.20
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### (0.18)%

#### 8.04%

#### 2.87%

#### (10.34)%

#### 2.72%

#### 3.17%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.29%

(5) 0.38%

0.38%

0.38%

0.37%

0.38%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.29%

(5) 0.38%

0.38%

0.38%

0.37%

0.38%

Net

investment

income

3.27%

(5) 2.88%

2.63%

2.32%

2.20%

2.47%

Portfolio

turnover

rate

11.9%

20.8%

22.5%

20.6%

6.6%

15.6%

Net

assets,

end

of

period

(in

millions)

$2,916

$3,218

$3,064

$3,190

$3,549

$2,783

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

Summit

Municipal

Intermediate

Fund

April

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### MUNICIPAL

#### SECURITIES 99.1%

#### ALABAMA

#### 3.3%
Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31)

29,485

28,922

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

5.00%,

10/1/55

(Tender

9/1/32)

3,165

3,291

Black

Belt

Energy

Gas

Dist.,

Series C,

VRDN,

5.50%,

10/1/54

(Tender

6/1/32)

10,360

11,075

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29)

10,000

10,453

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series D-1,

VRDN,

5.50%,

6/1/49

(Tender

2/1/29)

10,000

10,458

Energy

Southeast

A

Cooperative

Dist.,

Series A-1,

VRDN,

5.50%,

11/1/53

(Tender

1/1/31)

10,695

11,458

Energy

Southeast

A

Cooperative

Dist.,

Series B,

VRDN,

5.25%,

7/1/54

(Tender

6/1/32)

19,000

20,158

Southeast

Energy

Auth.

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31)

29,365

28,870

Southeast

Energy

Auth.

Cooperative

Dist.,

Series B-1,

VRDN,

5.00%,

5/1/53

(Tender

8/1/28)

6,010

6,173

130,858

#### ALASKA

#### 0.1%
Alaska

Housing

Fin.,

Series B,

5.00%,

12/1/31

5,000

5,211

5,211

#### ARIZONA

#### 1.9%
Arizona

Board

of

Regents,

Sustainable

Bonds,

Series A,

5.00%,

7/1/40

1,700

1,832

Arizona

Board

of

Regents,

Sustainable

Bonds,

Series A,

5.00%,

7/1/41

4,240

4,542

Chandler

IDA,

Intel

Corp.

Project,

VRDN,

4.00%,

6/1/49

(Tender

6/1/29) (1)

4,525

4,500

Chandler

IDA,

Intel

Corp.

Project,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27) (1)

18,225

18,509

Maricopa

County

IDA,

Banner

Health,

5.00%,

1/1/32

8,965

9,143

Maricopa

County

IDA,

Honor

Health,

Series A,

5.00%,

9/1/36

1,365

1,402

Maricopa

County

IDA,

Honor

Health,

Series D,

5.00%,

12/1/29

2,725

2,912

Maricopa

County

IDA,

Honor

Health,

Series D,

5.00%,

12/1/30

3,250

3,512

Phoenix

Civic

Improvement,

5.00%,

7/1/33 (1)

630

646

Phoenix

Civic

Improvement,

5.00%,

7/1/35 (1)

4,700

4,794

Phoenix

Civic

Improvement,

5.00%,

7/1/36 (1)

3,715

3,779

Phoenix

Civic

Improvement,

Series B,

5.00%,

7/1/32

1,280

1,323

Phoenix

Civic

Improvement,

Series B,

5.00%,

7/1/34

1,690

1,738

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/39

1,170

1,261

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/40

1,000

1,073

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/41

3,000

3,197

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/25

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/26

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/27

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/28

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/29

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/30

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/31

1,400

1,419

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/32

750

759

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/33

660

666

Salt

River

Agricultural

Improvement

&

Power

Dist.,

Series A,

5.00%,

1/1/30

5,000

5,139

Salt

Verde

Financial,

5.00%,

12/1/37

1,000

1,039

75,211

#### CALIFORNIA

#### 5.0%
California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29)

11,125

11,539

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

6,195

6,437

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30)

11,860

12,696

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series B-1,

VRDN,

4.00%,

2/1/52

(Tender

8/1/31)

9,000

8,898

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series E,

VRDN,

5.00%,

2/1/55

(Tender

9/1/32)

1,500

1,580

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series G,

VRDN,

5.25%,

11/1/54

(Tender

4/1/30)

5,000

5,254

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series H,

VRDN,

5.00%,

1/1/56

(Tender

8/1/33)

10,550

11,287

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35

3,696

3,689

California

Housing

Fin.,

Series 2019-2,

Class

A,

4.00%,

3/20/33

6,954

6,862

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

4.32%,

12/1/50

(Tender

6/1/26)

3,375

3,364

California

Municipal

Fin.

Auth.,

Linxs

APM

Project,

5.00%,

12/31/33 (1)

1,000

1,012

California

Municipal

Fin.

Auth.,

Linxs

APM

Project,

5.00%,

12/31/34 (1)

1,200

1,209

California

PFA,

Enso

Village

Project,

2.375%,

11/15/28 (2)

California

PFA,

Enso

Village

Project,

5.00%,

11/15/36 (2)

750

750

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.25%,

12/1/29

2,630

2,632

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/25 (2)

2,265

2,267

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/27 (2)

1,005

1,018

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/28 (2)

4,235

4,289

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/29 (2)

3,000

3,037

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/30 (2)

6,875

6,958

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/31 (2)

4,275

4,324

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/36 (2)

7,750

7,802

Central

Valley

Energy

Auth.,

VRDN,

5.00%,

12/1/55

(Tender

8/1/35)

11,550

12,197

Los

Angeles

County

Metropolitan

Transportation

Auth.,

Refunding,

Series A,

5.00%,

7/1/34

10,000

10,343

Los

Angeles

Dept.

of

Airports,

5.00%,

5/15/35

(Prerefunded

11/15/31) (1)(3)

Los

Angeles

Dept.

of

Airports,

Unrefunded

Balance,

5.00%,

5/15/31 (1)

6,500

6,919

Los

Angeles

Unified

School

Dist.,

Series A,

GO,

5.00%,

7/1/32

7,500

8,417

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

(3M

TSFR

+

0.2616%)

+

0.72%,

3.775%,

7/1/27

2,060

2,056

Regents

of

the

Univ.

of

California

Medical

Center,

Series P,

5.00%,

5/15/35

6,250

6,823

San

Diego

County

Regional

Airport

Auth.,

Senior

Private

Activity,

Series B,

5.25%,

7/1/36 (1)

3,500

3,799

San

Diego

County

Regional

Airport

Auth.,

Senior

Private

Activity,

Series B,

5.25%,

7/1/37 (1)

1,350

1,456

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series 2023A,

5.00%,

5/1/38 (1)

2,015

2,091

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series A,

5.00%,

5/1/32 (1)

5,710

6,039

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series A,

5.00%,

5/1/39 (1)

8,805

9,129

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series A,

5.25%,

5/1/44 (1)

3,680

3,789

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series C,

5.00%,

5/1/31 (1)

10,000

10,609

San

Joaquin

Valley

Clean

Energy

Auth.,

Clean

Energy

Project,

Series A,

VRDN,

5.50%,

1/1/56

(Tender

7/1/35)

3,925

4,310

Univ.

of

California,

Series BS,

5.00%,

5/15/41

3,000

3,230

198,253

#### COLORADO

#### 3.2%
Colorado,

COP,

6.00%,

12/15/38

3,000

3,459

Colorado,

Series A,

COP,

4.00%,

12/15/40

2,000

1,916

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/41

6,100

6,555

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/42

4,295

4,579

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/43

1,050

1,115

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/44

1,500

1,584

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/45

2,500

2,629

Colorado

HFA,

Adventhealth

Obligated,

VRDN,

5.00%,

11/15/58

(Tender

11/15/28)

4,300

4,504

Colorado

HFA,

Adventhealth

Obligated,

Series A,

VRDN,

5.00%,

11/15/59

(Tender

11/15/29)

2,375

2,518

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/34

7,250

7,543

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/29 (1)

3,100

3,206

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/30 (1)

8,845

9,354

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/32 (1)

5,850

6,011

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/33 (1)

6,550

6,714

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/34 (1)

1,250

1,278

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/35 (1)

20,000

20,387

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/38 (1)

9,000

9,094

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/30 (1)

2,000

2,114

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/38

1,075

1,150

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/39

1,000

1,064

Denver

City

&

County

Airport,

Series B,

5.50%,

11/15/39 (1)

3,700

3,984

Denver

City

&

County

Airport,

Series B,

5.50%,

11/15/41 (1)

3,225

3,439

Public

Highway

Auth.,

Capital

Appreciation,

Series B,

Zero

Coupon,

9/1/29 (4)

8,110

6,946

Regional

Transportation

Dist.

Sales

Tax

Revenue,

Green

Bond

Fastracks

Project,

4.00%,

11/1/40

12,500

12,249

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/26 (5)

575

590

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/29 (5)

630

669

124,651

#### CONNECTICUT

#### 2.2%
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Connecticut,

Series B,

GO,

5.00%,

12/1/31 (6)

4,750

5,250

Connecticut,

Series E,

GO,

5.00%,

9/15/31

12,000

12,613

Connecticut,

Series F,

GO,

5.00%,

11/15/37

8,700

9,570

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/40

11,305

12,390

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/41

5,000

5,439

Connecticut

Special

Tax

Obligation,

Series D,

5.00%,

11/1/34

1,615

1,754

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A,

5.00%,

1/1/32

10,000

10,399

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A-2,

5.00%,

7/1/43

12,505

13,277

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A-2,

5.00%,

7/1/44

13,060

13,795

Connecticut,

Sustainable

Bonds,

Series B,

GO,

3.00%,

1/15/41

3,870

3,128

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)

(7)(8)(9)

87,703

#### DELAWARE

#### 0.3%
Delaware

State

HFA,

Beebe

Medical

Center,

5.00%,

6/1/33

2,780

2,815

Delaware

State

HFA,

Beebe

Medical

Center,

5.00%,

6/1/34

2,500

2,520

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/40

9,655

8,284

13,619

#### DISTRICT

#### OF

#### COLUMBIA

#### 3.7%
District

of

Columbia,

Series A,

GO,

5.00%,

6/1/36

4,550

4,644

District

of

Columbia,

Series A,

GO,

5.00%,

1/1/40

2,000

2,129

District

of

Columbia,

Series A,

GO,

5.00%,

1/1/41

2,500

2,648

District

of

Columbia

Water

&

Sewer

Auth.,

Subordinate

Lien,

Series A,

5.00%,

10/1/42

2,400

2,562

District

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/34

1,800

1,829

District

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/35

3,000

3,042

District

of

Columbia,

Income

Tax

Revenue,

Series A,

5.50%,

7/1/47

5,195

5,511

Metropolitan

Washington

Airports

Auth.,

Series 2016A,

5.00%,

10/1/31 (1)

8,185

8,286

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

5.00%,

10/1/31 (1)

9,490

10,151

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

5.00%,

10/1/35 (1)

3,500

3,651

Metropolitan

Washington

Airports

Auth.,

Series A,

4.00%,

10/1/37 (1)

1,500

1,439

Metropolitan

Washington

Airports

Auth.,

Series A,

4.00%,

10/1/38 (1)

3,470

3,298

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/29 (1)

5,000

5,182

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/30 (1)

3,285

3,401

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/31 (1)

4,675

4,825

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/32 (1)

4,650

4,926

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/34 (1)

7,350

7,419

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/35 (1)

17,795

17,941

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/38 (1)

1,860

1,923

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/40 (1)

1,675

1,722

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/42 (1)

2,500

2,537

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/39 (1)

1,775

1,876

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/40 (1)

2,580

2,717

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/41 (1)

6,780

7,097

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/43 (1)

7,000

7,278

Metropolitan

Washington

Airports

Auth.,

Series B,

5.00%,

10/1/30 (1)

10,280

10,292

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series A,

5.00%,

10/1/30

2,800

2,871

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series B,

4.00%,

10/1/35

1,000

997

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series B,

4.00%,

10/1/36

855

844

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series B,

4.00%,

10/1/37

1,000

968

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/38

3,850

4,144

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/39

7,400

7,913

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/41

2,000

2,108

148,171

#### FLORIDA

#### 4.3%
Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

5.00%,

12/1/32

1,000

1,049

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

5.00%,

12/1/34

2,705

2,819

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

Series B,

5.00%,

12/1/34

12,380

12,380

Brevard

County

HFA,

Health

First,

Series A,

5.00%,

4/1/41

5,000

5,149

Broward

County

Airport,

4.00%,

10/1/44 (1)(10)

3,075

2,766

Broward

County

Airport,

5.00%,

10/1/29 (1)

2,265

2,316

Broward

County

Airport,

5.00%,

10/1/30 (1)

2,250

2,299

Broward

County

Airport,

5.00%,

10/1/31 (1)

1,500

1,531

Broward

County

Airport,

5.00%,

10/1/32 (1)

1,815

1,850

Broward

County

Airport,

5.00%,

10/1/33 (1)

1,295

1,318

Broward

County

Airport,

5.00%,

10/1/34 (1)

1,500

1,524

Broward

County

Airport,

Series A,

5.00%,

10/1/33 (1)

4,840

4,989

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/25

750

752

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/26

1,250

1,269

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/27

1,500

1,537

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/28

1,500

1,549

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29

500

519

Central

Florida

Expressway

Auth.,

4.00%,

7/1/39 (5)

3,070

3,075

Florida

Municipal

Power

Agency,

Series A,

5.00%,

10/1/31

7,910

8,044

Greater

Orlando

Aviation

Auth.,

5.00%,

10/1/35 (1)

1,975

2,107

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/29 (1)

5,285

5,570

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/34 (1)

3,000

3,051

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/35 (1)

6,500

6,597

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.00%,

10/1/44

3,205

3,389

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.00%,

10/1/45

6,180

6,491

Lee

County

IDA,

Health

System,

Series 2019A-1,

4.00%,

4/1/37

1,300

1,248

Lee

County

IDA,

Health

System,

Series 2019A-1,

5.00%,

4/1/34

1,240

1,282

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/33 (1)

20,000

21,303

Miami-Dade

County

Expressway

Auth.,

Series 14A,

5.00%,

7/1/30

2,000

2,003

Miami-Dade

County

Expressway

Auth.,

Series 2013A,

5.00%,

7/1/30

1,250

1,252

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/26

3,900

3,905

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/28

5,565

5,578

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/31

2,000

2,003

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/33

3,000

3,034

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/26

4,530

4,536

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/27

3,850

3,855

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/28

2,775

2,782

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/38 (1)

2,000

2,031

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/39 (1)

2,300

2,333

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/40 (1)

3,000

3,040

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/41 (1)

1,070

1,083

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/42 (1)

2,385

2,403

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/38

850

894

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/42

1,250

1,283

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.00%,

6/1/31

2,150

2,105

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.00%,

6/1/36

2,500

2,345

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/34

6,385

6,537

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/35

9,000

9,194

Tampa

Health

System,

BayCare

Health,

Series A,

5.00%,

11/15/32

1,070

1,084

171,053

#### GEORGIA

#### 6.1%
Atlanta,

Series A-1,

GO,

5.00%,

12/1/35

2,250

2,479

Atlanta

Airport,

Dept.

of

Aviation,

Series B,

4.00%,

7/1/38

2,575

2,542

Atlanta

Airport,

Dept.

of

Aviation,

Series B,

4.00%,

7/1/39

3,750

3,665

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/36

5,585

5,849

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/38

5,000

5,181

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/40

7,000

7,197

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 (8)(9)

2,805

1,122

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 (8)(9)

9,705

3,882

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 (8)(9)

3,065

1,226

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.00%,

7/1/31

4,280

4,287

Atlanta

Water

&

Wastewater,

5.00%,

11/1/31

8,480

8,494

Atlanta

Water

&

Wastewater,

Sustainable

Bond,

5.00%,

11/1/37 (10)

5,925

6,518

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Augusta

Dev.

Auth.,

AU

Health

System,

Inc.

Project,

4.00%,

7/1/37

4,065

3,992

Burke

County

Dev.

Auth.,

Georgia

Power

A

Southern,

First

Series,

VRDN,

PCR,

2.60%,

7/1/49

2,225

2,225

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/31

500

512

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/35

2,250

2,291

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/31

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/32

1,000

1,023

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/33

2,000

2,043

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/34

2,515

2,565

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/29

1,780

1,826

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/30

6,300

6,446

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/35

5,000

5,076

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/37

2,500

2,529

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/31

2,365

2,426

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/32

3,660

3,751

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/33

3,390

3,470

Georgia,

Bidding

Group

2,

Series A,

GO,

5.00%,

7/1/40

10,000

10,842

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/32

1,000

1,023

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/34

1,205

1,229

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/35

1,000

1,018

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/26

2,350

2,375

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/33

5,000

5,108

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/34

5,000

5,082

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27)

31,870

31,849

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

6/1/53

(Tender

6/1/30)

1,960

2,028

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

5/1/54

(Tender

9/1/31)

5,125

5,389

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29)

2,500

2,584

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/54

(Tender

3/1/32)

7,700

8,082

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30)

6,000

6,273

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

12/1/54

(Tender

12/1/31)

14,915

15,432

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28)

20,000

19,915

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/29

9,290

9,669

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/30

1,870

1,944

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/31

1,965

2,042

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/32

1,060

1,100

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/33

665

689

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/30

2,675

2,781

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/31

1,560

1,621

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/33

1,845

1,911

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/34

2,005

2,073

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/35

3,415

3,526

Municipal

Electric

Auth.

of

Georgia,

Project

One,

Series A,

5.00%,

1/1/35

4,275

4,594

243,206

#### HAWAII

#### 0.6%
Hawaii

Airports

System,

Series A,

5.00%,

7/1/36 (1)

7,620

7,977

Hawaii

Airports

System,

Series A,

5.00%,

7/1/43 (1)

2,100

2,108

Hawaii

Airports

System,

Series B,

5.00%,

7/1/43

2,425

2,563

Hawaii

Airports

System,

Series B,

5.00%,

7/1/44

3,120

3,280

Hawaii

Airports

System,

Series D,

4.00%,

7/1/37

7,500

7,453

Hawaii

Airports

System,

Series D,

5.00%,

7/1/45

2,000

2,095

25,476

#### IDAHO

#### 0.3%
Idaho

HFA,

Trinity

Health,

Series D,

5.50%,

12/1/29

2,185

2,188

Idaho

Housing

&

Fin.

Assn.,

Series A,

5.00%,

8/15/39

1,840

1,991

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Idaho

Housing

&

Fin.

Assn.,

Series A,

5.00%,

8/15/40

2,750

2,962

Idaho

Housing

&

Fin.

Assn.,

Series A,

5.00%,

8/15/41

2,490

2,664

9,805

#### ILLINOIS

#### 3.6%
Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/30 (1)

5,000

5,238

Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/31 (1)

27,535

28,995

Chicago

O'Hare

Int'l.

Airport,

Series D,

5.25%,

1/1/34

8,450

8,656

Chicago

Wastewater,

Series A,

5.00%,

1/1/32

4,045

4,126

Chicago

Wastewater,

Series A,

5.00%,

1/1/33

4,250

4,330

Chicago

Wastewater,

Series A,

5.00%,

1/1/34

4,460

4,537

Illinois,

GO,

4.00%,

6/1/32

530

519

Illinois,

GO,

4.00%,

6/1/35

2,075

1,987

Illinois,

Series 2022A,

GO,

5.00%,

3/1/27

3,000

3,080

Illinois,

Series A,

GO,

5.00%,

12/1/27

7,685

7,956

Illinois,

Series A,

GO,

5.00%,

3/1/28

3,375

3,503

Illinois,

Series A,

GO,

5.00%,

3/1/29

2,350

2,461

Illinois,

Series A,

GO,

5.00%,

5/1/29

5,230

5,424

Illinois,

Series B,

GO,

5.00%,

5/1/28

2,500

2,599

Illinois,

Series B,

GO,

5.00%,

5/1/30

2,000

2,115

Illinois,

Series B,

GO,

5.00%,

10/1/30

7,000

7,275

Illinois,

Series C,

GO,

5.00%,

11/1/29

16,500

17,004

Illinois,

Series C,

GO,

5.00%,

5/1/30

5,775

6,092

Illinois,

Series D,

GO,

5.00%,

7/1/28

6,250

6,507

Illinois,

Series D,

GO,

5.00%,

11/1/28

5,000

5,161

Illinois,

Series D,

GO,

5.00%,

7/1/30

10,730

11,358

Illinois

Fin.

Auth.,

Series A,

4.00%,

7/15/38

2,125

2,065

Illinois

State

Toll

Highway

Auth.,

Series C,

5.00%,

1/1/28

1,150

1,151

142,139

#### KANSAS

#### 0.3%
Kansas

DFA,

Series B,

VR,

5.00%,

11/15/54

(Prerefunded

11/15/28) (3)

Kansas

DFA,

Adventhealth

Obligated,

Series B,

VRDN,

5.00%,

11/15/54

(Tender

11/15/31)

2,750

2,990

Kansas

DFA,

Unrefunded

Balance,

Series B,

VRDN,

5.00%,

11/15/54

(Tender

11/15/28)

3,835

4,061

Lenexa

Health

Care

Fac.,

Lakeview

Village,

Series A,

5.00%,

5/15/25

1,000

1,000

Lenexa

Health

Care

Fac.,

Lakeview

Village,

Series A,

5.00%,

5/15/26

1,045

1,045

Lenexa

Health

Care

Fac.,

Lakeview

Village,

Series A,

5.00%,

5/15/28

2,300

2,301

11,586

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### KENTUCKY

#### 1.5%
Ashland,

Ashland

Medical

Center,

5.00%,

2/1/27

660

673

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/29

805

834

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/30

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/31

920

937

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/32

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/28

3,105

3,152

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/29

5,250

5,325

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/31

1,000

1,013

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/32

3,250

3,288

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

5.00%,

5/1/55

16,655

17,296

Kentucky

Public

Energy

Auth.,

Series B,

VRDN,

5.00%,

1/1/55

(Tender

8/1/32)

14,450

15,131

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28)

11,350

11,329

59,490

#### LOUISIANA

#### 0.3%
Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series A,

4.15%,

9/1/27

1,000

1,002

Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series A,

VRDN,

4.20%,

9/1/33

(Tender

9/1/28)

4,705

4,693

Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series C,

VRDN,

4.20%,

9/1/34

(Tender

9/1/28)

6,785

6,760

12,455

#### MARYLAND

#### 2.8%
Baltimore

County,

Consolidated

Public

Improvement,

GO,

3.00%,

3/1/38

5,190

4,525

Baltimore

County,

Metropolitan

Dist.

Bonds,

84th

Issue,

GO,

5.00%,

3/1/41

5,960

6,386

Frederick

County,

Public

Facilities

Project,

GO,

5.00%,

4/1/40

3,420

3,691

Gaithersburg,

Asbury

Obligated

Group,

Series A,

4.50%,

1/1/26

2,645

2,643

Maryland

DOT,

Baltimore,

Series A,

5.00%,

8/1/35 (1)(11)

2,000

2,127

Maryland

DOT,

Baltimore,

Series A,

5.00%,

8/1/36 (1)(11)

2,625

2,776

Maryland

DOT,

Baltimore,

Series B,

5.00%,

8/1/31 (1)

2,400

2,553

Maryland

DOT,

Baltimore,

Series B,

5.00%,

8/1/32 (1)

2,500

2,645

Maryland

DOT,

Baltimore,

Series B,

5.00%,

8/1/34 (1)

2,105

2,204

Maryland

DOT,

Baltimore,

Series B,

5.00%,

8/1/35 (1)

2,000

2,084

Maryland

Economic

Dev.,

Morgan

State

Univ.,

Series A,

5.375%,

7/1/38

1,350

1,430

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/26

2,135

2,164

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27

1,140

1,167

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28

1,000

1,034

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/29

2,000

2,050

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/30

2,180

2,231

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/31

1,950

1,993

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/29

10,365

10,396

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/30

2,785

2,788

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/31

1,670

1,672

Maryland

HHEFA,

MedStar

Health,

Series B,

5.00%,

8/15/26

2,500

2,503

Maryland

HHEFA,

MedStar

Health,

Series B,

5.00%,

8/15/28

4,000

4,004

Maryland

State

Transportation

Auth.,

Passenger

Fac.

Charge

Revenue,

Baltimore/Washington

Int'l.

Airport,

5.00%,

6/1/30 (1)

1,000

1,044

Maryland

State

Transportation

Auth.,

Passenger

Fac.

Charge

Revenue,

Baltimore/Washington

Int'l.

Airport,

5.00%,

6/1/31 (1)

3,570

3,707

Maryland

State

Transportation

Auth.,

Transportation

Fac.

Project,

Series A,

5.00%,

7/1/40

1,375

1,481

Maryland

State

Transportation

Auth.,

Transportation

Fac.

Project,

Series A,

5.00%,

7/1/41

17,800

19,036

Rockville,

Ingleside

at

King

Farm,

Series A-1,

5.00%,

11/1/27

1,465

1,474

Rockville,

Ingleside

at

King

Farm,

Series A-1,

5.00%,

11/1/29

1,075

1,081

Univ.

System

of

Maryland,

Series A,

4.00%,

4/1/43

5,365

5,167

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/25

1,000

1,000

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/31

1,000

995

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36

2,825

2,718

Washington

Suburban

Sanitary

Commission,

2.25%,

6/1/40

9,655

7,070

109,839

#### MASSACHUSETTS

#### 1.8%
Massachusetts,

Series A,

GO,

5.00%,

1/1/41

9,500

10,188

Massachusetts,

Series A,

GO,

5.00%,

1/1/42

10,000

10,654

Massachusetts,

Series C,

GO,

5.00%,

8/1/41

10,325

11,020

Massachusetts

Bay

Transportation

Auth.,

Series A,

5.00%,

7/1/42

7,500

7,972

Massachusetts

Bay

Transportation

Auth.,

Series A-1,

5.00%,

7/1/40

7,210

7,758

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Massachusetts

Bay

Transportation

Auth.,

Series A-1,

5.00%,

7/1/41

6,000

6,392

Massachusetts

Clean

Water

Trust,

Sustainable

Development

Bonds,

5.00%,

2/1/43

4,000

4,192

Massachusetts

Dev.

Fin.

Agency,

Harvard

Univ.

Issue,

Series A-2,

VRDN,

5.00%,

5/15/55

(Tender

11/15/35)

6,430

7,197

Massachusetts

Housing

Finance

Agency,

Sustainable

Bonds,

Series B-3,

3.55%,

12/1/29

6,325

6,290

71,663

#### MICHIGAN

#### 4.1%
Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.00%,

7/1/37

1,000

1,093

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.00%,

7/1/38

1,725

1,876

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.25%,

7/1/39

2,205

2,390

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series B,

5.00%,

7/1/32

3,500

3,549

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series B,

5.00%,

7/1/33

14,085

14,265

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series C,

5.00%,

7/1/36

17,950

18,094

Great

Lakes

Water

Auth.

Water

Supply,

Series 2024A,

5.00%,

7/1/37

3,240

3,541

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/36

1,000

1,098

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/37

1,755

1,918

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/38

2,000

2,175

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.25%,

7/1/39

2,605

2,829

Great

Lakes

Water

Auth.

Water

Supply,

Series C,

5.00%,

7/1/31

5,540

5,626

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Water

Supply,

Series C,

5.00%,

7/1/35

1,000

997

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/28

8,890

9,089

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/30

11,880

12,120

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/31

3,000

3,056

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/32

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/34

9,505

9,638

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/28

2,505

2,508

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/29

1,000

1,001

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/30

850

851

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/31

2,250

2,252

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

5.50%,

12/1/29

5,000

5,008

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/34

4,000

4,098

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/35

5,750

5,878

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/37

5,000

5,090

Michigan

State

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

5.00%,

12/1/32

1,325

1,362

Michigan

State

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/31

1,050

1,081

Wayne

County,

Series C,

5.00%,

12/1/37 (1)(2)(5)

14,615

14,757

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/27 (1)

1,810

1,865

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/28 (1)

800

821

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/29 (1)

600

614

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/30 (1)

1,360

1,386

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/31 (1)

800

812

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/32 (1)

1,450

1,468

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/38 (1)

1,595

1,633

Wayne

County

Airport

Auth.,

Series E,

4.00%,

12/1/26 (1)

8,065

8,127

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/26 (1)

3,850

3,851

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/34 (1)

3,500

3,505

161,810

#### MINNESOTA

#### 0.5%
Hennepin

County,

Series A,

GO,

5.00%,

12/1/36

5,000

5,601

Hennepin

County,

Series A,

GO,

5.00%,

12/1/37

5,515

6,061

Hennepin

County,

Series A,

GO,

5.00%,

12/1/42

2,245

2,395

Minnesota,

Series B,

GO,

1.50%,

8/1/36

5,735

4,059

18,116

#### MISSOURI

#### 1.0%
Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/38 (1)

6,400

6,048

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

5.00%,

3/1/31 (1)

3,720

3,888

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series A,

5.00%,

3/1/36 (1)

4,950

5,050

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series B,

5.00%,

3/1/33 (1)

2,550

2,623

Missouri

HEFA,

Series C,

VRDN,

5.00%,

5/1/52

(Tender

5/1/28)

20,000

20,856

Missouri

HEFA,

SSM

Health

Care,

Series G,

VRDN,

2.50%,

6/1/44

2,500

2,500

40,965

#### MONTANA

#### 0.1%
Kalispell,

Immanuel

Lutheran,

Series A,

5.00%,

5/15/25

925

925

Kalispell,

Immanuel

Lutheran,

Series A,

5.00%,

5/15/26

970

963

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/28

1,060

1,047

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/31

1,250

1,219

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/32

4,586

#### NEVADA

#### 0.0%
Truckee

Meadows

Water

Auth.,

5.00%,

7/1/35

#### NEW

#### HAMPSHIRE

#### 0.8%
New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34

15,418

15,275

New

Hampshire

Business

Fin.

Auth.,

Series 2024-2,

Class

A,

3.625%,

8/20/39

11,883

10,872

New

Hampshire

Business

Fin.

Auth.,

Sustainable

Bonds,

Series 2025-1,

Class

A-1,

VR,

4.168%,

1/20/41

6,975

6,622

32,769

#### NEW

#### JERSEY

#### 1.5%
New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (1)

2,000

2,000

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/34

2,025

2,036

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/49

5,800

5,249

New

Jersey

EFA,

Princeton

Univ.,

Series A-2,

5.00%,

3/1/38

15,000

16,518

New

Jersey

EFA,

Princeton

Univ.,

Series A-2,

5.00%,

3/1/41

10,890

11,765

New

Jersey

General

Obligation

Bonds,

GO,

5.00%,

6/1/39

3,935

4,117

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/38

3,750

3,634

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/36

10,000

10,875

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/40

2,000

2,102

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

4.00%,

6/15/39

3,000

2,869

61,165

#### NEW

#### YORK

#### 12.2%
Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series A,

4.00%,

3/15/42

4,200

3,942

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series A,

5.00%,

3/15/43

4,050

4,265

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series B,

5.00%,

2/15/35

23,225

23,770

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Bid

Group

2,

Series A,

5.00%,

3/15/43

25,000

26,449

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/34

5,000

5,080

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/42

4,360

4,629

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series B,

5.00%,

3/15/43

7,500

7,947

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series B,

5.00%,

3/15/44

5,000

5,275

Empire

State

Dev.,

Personal

Income

Tax,

Series C-2,

5.00%,

3/15/33

18,775

19,300

Empire

State

Dev.,

Sales

Tax,

Series A,

5.00%,

3/15/44

4,000

4,201

Metropolitan

Transportation

Auth.,

Series C-1,

5.00%,

11/15/35

10,000

10,139

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41 (2)(8)(9)

680

680

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58 (8)(9)

1,224

Nassau

County

Local

Economic

Assistance,

Catholic

Health

Services

of

Long

Island,

5.00%,

7/1/27

1,650

1,651

New

York

City,

Series B-1,

GO,

5.00%,

12/1/31

2,000

2,039

New

York

City,

Series B-1,

GO,

5.00%,

10/1/35

1,785

1,832

New

York

City,

Series B-1,

GO,

5.00%,

10/1/37

3,070

3,134

New

York

City,

Series C,

GO,

5.00%,

8/1/38

4,020

4,229

New

York

City,

Series E,

GO,

5.00%,

8/1/35

6,305

7,016

New

York

City,

Series F-1,

GO,

3.00%,

3/1/41

10,000

8,018

New

York

City,

Series I-4,

GO,

5.00%,

4/1/36

5,000

5,509

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A-2,

VRDN,

3.73%,

5/1/63

(Tender

12/29/28)

5,500

5,504

New

York

City

Housing

Dev.,

Sustainablity

Bonds,

Series C,

2.25%,

11/1/41

8,400

5,919

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA,

5.00%,

6/15/37

19,000

19,331

New

York

City

Municipal

Water

Fin.

Auth.,

Series BB-1,

3.00%,

6/15/44

12,810

9,616

New

York

City

Municipal

Water

Fin.

Auth.,

Series EE,

4.00%,

6/15/39

5,000

4,943

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-1,

5.00%,

7/15/32

16,155

16,643

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-2,

5.00%,

7/15/32

7,715

7,948

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

4.00%,

5/1/39

4,505

4,383

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

5.00%,

8/1/34

5,160

5,342

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series A-1,

4.00%,

11/1/38

4,000

3,901

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series A-1,

5.00%,

11/1/39

4,000

4,328

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series A-2,

5.00%,

8/1/36

16,840

17,071

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series B-1,

4.00%,

8/1/45

4,000

3,681

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C-1,

5.00%,

5/1/41

5,755

5,999

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D,

5.00%,

5/1/42

7,000

7,421

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D,

5.25%,

5/1/43

7,750

8,367

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.00%,

11/1/39

4,000

4,314

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.00%,

11/1/40

5,000

5,370

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.50%,

11/1/45

6,365

6,853

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series E,

5.00%,

11/1/42

10,000

10,601

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-1,

5.00%,

5/1/34

2,000

2,034

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-3,

5.00%,

2/1/31

7,450

7,522

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.00%,

11/1/44

10,170

10,684

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.25%,

11/1/45

3,150

3,368

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series B,

5.00%,

5/1/40

5,830

6,241

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series B,

5.00%,

5/1/41

3,000

3,196

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series F-1,

5.00%,

2/1/41

5,125

5,470

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series F-1,

5.00%,

2/1/42

9,360

9,887

New

York

City

Transitional

Fin.

Auth.,

Subordinate

Future

Tax,

Series D,

5.00%,

5/1/37

9,500

10,483

New

York

City

Transitional

Fin.

Auth.,

Subordinate

Future

Tax,

Series G-1,

5.00%,

5/1/42

13,000

13,747

New

York

State

Housing

Fin.

Agency,

West

62nd

Street

Housing,

Series A-1,

VRDN,

3.60%,

11/1/44

(Tender

4/1/32)

3,675

3,636

New

York

State

Housing

Fin.

Agency,

West

38th

Street

Housing,

Series A,

VRDN,

3.57%,

5/1/42

(Tender

11/1/31)

6,850

6,641

New

York

State

Housing

Fin.

Agency,

Sustainable

Bonds,

Series A-2,

VRDN,

3.50%,

11/1/64

(Tender

5/1/30)

9,000

8,930

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (1)

3,405

3,405

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (1)

4,980

4,981

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/27 (1)

3,500

3,544

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/31 (1)

11,230

11,378

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.25%,

6/30/38 (1)

3,125

3,263

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.25%,

6/30/39 (1)(5)

1,325

1,404

New

York

Transportation

Dev.,

Terminal

JFK

Int'l.

Airport

Project,

Series A,

5.00%,

12/1/34 (1)

1,115

1,151

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/27 (1)

9,880

10,203

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/30 (1)

8,155

8,315

Port

Auth.

of

New

York

&

New

Jersey,

Series 244,

5.00%,

7/15/41

1,450

1,556

Port

Auth.

of

New

York

&

New

Jersey,

Series 246,

5.00%,

9/1/37 (1)

3,380

3,557

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 218,

5.00%,

11/1/36 (1)

3,030

3,101

Triborough

Bridge

&

Tunnel

Auth.,

Senior

Green

Bonds,

Series C,

5.00%,

11/15/41

11,065

11,832

Triborough

Bridge

&

Tunnel

Auth.,

Senior

Green

Bonds,

Series C,

5.25%,

11/15/40

2,000

2,193

Utility

Debt

Securitization

Auth.,

Series TE-1,

5.00%,

12/15/40

7,000

7,658

Utility

Debt

Securitization

Auth.,

Series TE-1,

5.00%,

12/15/41

8,500

9,217

485,349

#### NORTH

#### CAROLINA

#### 1.8%
Charlotte-Mecklenburg

Hosp.

Auth.,

Atrium

Healthcare,

VRDN,

5.00%,

1/15/49

(Tender

12/1/31)

16,385

17,791

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare,

5.00%,

1/15/38

3,000

3,015

Forsyth

County,

Series B,

GO,

2.00%,

3/1/40

5,660

3,959

Guilford

County,

GO,

5.00%,

3/1/38

6,000

6,689

North

Carolina

Capital

Fac.

Fin.

Agency,

Wake

Forest

Univ.,

5.00%,

1/1/33

5,205

5,294

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/25

North

Carolina

Municipal

Power

Agency

No.

1,

Catawba

Electric,

Series A,

5.00%,

1/1/31

10,025

10,106

North

Carolina

Municipal

Power

Agency

No.

1,

Unrefunded

Balance,

Series C,

5.00%,

1/1/30

8,370

8,439

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/37

1,600

1,764

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/38

1,950

2,135

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/39

1,525

1,661

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/40

2,815

3,040

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/41

1,400

1,497

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/33 (1)

1,500

1,567

Wake

County,

Series A,

GO,

5.00%,

6/1/41

3,455

3,756

71,198

#### OHIO

#### 0.5%
Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55

10,000

8,726

Franklin

County,

Nationwide

Children's

Hosp.,

5.00%,

11/1/32

1,600

1,650

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/26

550

552

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/31

1,500

1,506

Ohio

Hosp.

Fac.,

Cleveland

Clinic

Health,

VRDN,

2.75%,

1/1/52

(Tender

5/1/28)

4,500

4,389

Ohio

Hosp.

Fac.,

Cleveland

Clinic

Health,

Series A,

5.00%,

1/1/33

2,735

2,829

19,652

#### OKLAHOMA

#### 0.3%
Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/41

5,500

5,895

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/43

4,785

5,070

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/44

1,620

1,710

12,675

#### OREGON

#### 0.5%
Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/25

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/27

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/28

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/29

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/30

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/31

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/32

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/33

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Oregon,

Article

XI-Q

State

Projects,

Series A,

GO,

5.00%,

5/1/39

1,060

1,150

Oregon,

Article

XI-Q

State

Projects,

Series A,

GO,

5.00%,

5/1/43

6,175

6,515

Port

of

Portland

Airport,

Series 24-B,

5.00%,

7/1/30 (1)

3,185

3,233

Port

of

Portland

Airport,

Series 24-B,

5.00%,

7/1/31 (1)

1,685

1,710

Port

of

Portland

Airport,

Series 24-B,

5.00%,

7/1/32 (1)

1,135

1,151

Port

of

Portland

Airport,

Series 28,

4.00%,

7/1/36 (1)

2,000

1,938

18,468

#### PENNSYLVANIA

#### 1.4%
Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/27 (1)(5)

850

869

Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/28 (1)(5)

1,000

1,035

Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/30 (1)(5)

2,380

2,499

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/28

600

619

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/30

650

677

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

City

Center,

5.00%,

5/1/28 (2)

1,405

1,426

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

City

Center,

5.00%,

5/1/33 (2)

2,895

2,922

Chester

County

IDA,

Longwood,

4.00%,

12/1/39

2,880

2,764

Chester

County

IDA,

Longwood,

4.00%,

12/1/40

2,250

2,183

Cumberland

County

Municipal

Auth.,

Asbury

Obligated

Group,

4.50%,

1/1/36 (2)

4,005

3,746

Pennsylvania

Higher

EFA,

Trustees

of

the

Univ.,

Series A,

5.00%,

2/15/35

3,725

4,216

Pennsylvania,

Bid

Group

C,

GO,

4.00%,

9/1/42

5,000

4,784

Philadelphia

Airport,

Private

Activity,

4.00%,

7/1/41 (1)(5)

1,000

932

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/35 (5)

3,250

3,434

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/36 (5)

2,000

2,101

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/37 (5)

1,605

1,678

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/31 (5)

9,160

9,264

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/32 (5)

10,000

10,096

55,245

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### PUERTO

#### RICO

#### 6.0%
Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (12)

10,842

6,478

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (2)

6,450

6,557

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (2)

7,470

7,578

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/28 (2)

3,250

3,315

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/33 (2)

13,455

13,753

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33

11,134

7,461

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

15,705

14,995

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

3,161

2,942

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

9,528

8,734

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

2,757

2,347

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25

1,462

1,464

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

6,348

6,472

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29

19,854

20,637

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

49,272

52,238

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (9)

(13) 130

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (9)(13)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (9)(13)

500

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (9)

(13) 630

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (9)

(13) 2,380

1,321

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (9)

(13) 830

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (9)

(13) 985

547

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (9)

(13) 130

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (9)

(13) 70

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (9)

(13) 6,525

3,621

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (9)

(13) 535

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (9)

(13) 215

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (9)

(13) 610

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (9)

(13) 480

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (9)

(13) 150

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (9)

(13) 265

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (9)

(13) 190

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (9)

(13) 1,890

1,049

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (9)

(13) 530

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (9)

(13) 225

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

45,780

32,141

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40

31,928

29,979

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2-

Converted,

4.329%,

7/1/40

10,827

10,166

236,937

#### RHODE

#### ISLAND

#### 0.1%
Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (8)(9)

980

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/25

1,425

1,423

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/26

1,630

1,635

3,440

#### SOUTH

#### CAROLINA

#### 0.8%
Lexington

County

Health

Services

Dist.,

Lexington

Medical

Center,

5.00%,

11/1/29

3,010

3,122

South

Carolina

Jobs-Economic

Dev.

Auth.,

Bon

Secours

Mercy

Health,

Series A,

5.25%,

11/1/42 (6)

1,930

2,031

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/32

7,185

7,400

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/34

8,370

8,562

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/35

1,135

1,156

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/36

2,000

2,031

South

Carolina

Public

Service

Auth.,

Series A,

5.00%,

12/1/43

1,250

1,273

South

Carolina

Public

Service

Auth.,

Series A,

5.00%,

12/1/45

1,800

1,816

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/44

3,250

3,291

30,682

#### SOUTH

#### DAKOTA

#### 0.1%
South

Dakota

HEFA,

Sanford

Health

Group,

Series B,

5.00%,

11/1/34

4,300

4,303

4,303

#### TENNESSEE

#### 1.7%
Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/25

1,300

1,304

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/26

1,000

1,004

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/27

1,050

1,054

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/28

1,000

1,004

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/29

1,000

1,003

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

5.00%,

7/1/35

2,925

2,985

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

5.00%,

7/1/37

10,325

10,473

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

4.00%,

7/1/40

5,445

5,097

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

5.00%,

7/1/36

3,465

3,524

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/35 (10)

600

644

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/36 (10)

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/37 (10)

800

853

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/38 (10)

850

902

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/39 (10)

800

840

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/40 (10)

825

860

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

5.00%,

7/1/31

6,780

7,260

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/33

10,000

10,865

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/28 (1)

2,870

2,974

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/26

4,945

5,018

Tennessee

Energy

Acquisition,

Series A,

VRDN,

5.00%,

5/1/52

(Tender

11/1/31)

7,550

7,870

66,014

#### TEXAS

#### 8.6%
Arlington

Special

Tax

Revenue,

Senior

Lien,

Series A,

5.00%,

2/15/35 (5)

2,500

2,578

Austin

Airport,

North

Terminal

Project,

Series 2019B,

5.00%,

11/15/33 (1)

2,000

2,062

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/29 (1)

1,200

1,217

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/31 (1)

1,550

1,571

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/33 (1)

1,130

1,143

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/36 (1)

1,000

1,021

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/37 (1)

2,680

2,725

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/26

1,790

1,791

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/30

2,455

2,450

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/31

1,800

1,795

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/33

2,450

2,424

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/34

1,000

983

Central

Texas

Regional

Mobility

Auth.,

Series D,

4.00%,

1/1/37

1,640

1,610

Central

Texas

Regional

Mobility

Auth.,

Series D,

4.00%,

1/1/38

3,750

3,643

Central

Texas

Regional

Mobility

Auth.,

Series E,

4.00%,

1/1/34

1,150

1,158

Central

Texas

Regional

Mobility

Auth.,

Series E,

4.00%,

1/1/36

1,250

1,239

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/36

6,325

6,839

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/42

4,020

4,188

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

5.75%,

8/15/33

10,000

10,003

Conroe

Independent

School

Dist.,

GO,

5.00%,

2/15/43

5,000

5,267

Cypress-Fairbanks

Independent

School

Dist.,

Series B,

GO,

5.00%,

2/15/37

3,435

3,789

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Dallas

Independent

School

Dist.,

Series B,

GO,

5.00%,

2/15/42

4,300

4,574

Dallas

Independent

School

Dist.,

Series B,

GO,

5.00%,

2/15/44

5,000

5,247

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/37

1,000

1,084

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/38

625

673

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/39

850

910

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/40

2,625

2,797

Denton,

GO,

4.00%,

2/15/42

4,000

3,768

Denton

Independent

School

Dist.,

GO,

1.75%,

8/15/36

8,595

6,317

Denton

Independent

School

Dist.,

GO,

5.00%,

8/15/36

1,505

1,650

Denton

Independent

School

Dist.,

GO,

5.00%,

8/15/41

7,050

7,507

Grand

Parkway

Transportation,

Tela

Supported,

Series A,

5.00%,

10/1/34

8,495

8,775

Harris

County,

GO,

5.00%,

9/15/42

1,000

1,054

Harris

County,

Series A,

GO,

5.00%,

9/15/42

3,410

3,593

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

System,

Series B,

5.00%,

7/1/31

8,000

8,704

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/34

1,250

1,305

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/35

1,590

1,653

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/36

2,155

2,228

Houston

Airport,

Subordinate

Lien,

Series A,

5.25%,

7/1/40 (1)

(5) 5,000

5,316

Houston

Airport,

United

Airlines,

Series B,

5.50%,

7/15/35 (1)

9,150

9,339

Houston

Airport,

United

Airlines,

Series B-1,

4.00%,

7/15/41 (1)

4,000

3,593

Houston

Airport,

United

Airlines,

Series B-1,

5.00%,

7/15/35 (1)

8,350

8,211

Houston

Airport,

United

Airlines,

Terminal

E,

5.00%,

7/1/29 (1)

10,200

10,200

Lower

Colorado

River

Auth.,

LCRA

Transmission

Services

Project,

Series A,

5.25%,

5/15/40

2,265

2,412

Lower

Colorado

River

Auth.,

LCRA

Transmission

Services

Project,

Series D,

5.00%,

5/15/30

4,450

4,455

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31 (1)(2)

10,700

10,610

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/25

750

752

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/26

2,045

2,053

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/27

2,145

2,156

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/29

780

784

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/30

835

839

North

Texas

Tollway

Auth.,

1st

Tier,

Series 2016A,

5.00%,

1/1/31

3,750

3,780

North

Texas

Tollway

Auth.,

1st

Tier,

Series A,

5.00%,

1/1/38

15,055

15,598

North

Texas

Tollway

Auth.,

2nd

Tier,

Series B,

5.00%,

1/1/33

3,910

3,982

North

Texas

Tollway

Auth.,

Unrefunded

Balance,

Series A,

5.00%,

1/1/26

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

North

Texas

Tollway

Auth.,

Unrefunded

Balance,

Series B,

5.00%,

1/1/26

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series A,

5.00%,

7/1/40

8,775

9,401

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series A,

5.00%,

7/1/44

4,500

4,784

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

1.875%,

1/1/26 (1)(2)

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

2.00%,

1/1/27 (1)(2)

550

528

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

2.125%,

1/1/28 (1)(2)

525

Prosper

Independent

School

Dist.,

GO,

5.00%,

2/15/36

5,000

5,565

San

Antonio

Electric

&

Gas,

Refunding

Balance,

5.00%,

2/1/33

2,265

2,318

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Baylor

Health

Care

System

Project,

VRDN,

2.10%,

11/15/50

4,000

4,000

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources,

Series A,

5.00%,

2/15/34

3,615

3,669

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26

10,890

11,191

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31

17,950

18,741

Texas

Municipal

Gas

Acquisition

&

Supply

V,

VRDN,

5.00%,

1/1/55

(Tender

1/1/34)

13,325

13,852

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/32

1,000

1,051

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/34

1,500

1,564

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/35

5,000

5,194

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/36

4,735

4,904

Texas

Transportation

Commission,

GO,

5.00%,

4/1/41

4,500

4,774

Texas

Transportation

Commission,

Mobility

Fund,

Series A,

GO,

5.00%,

10/1/33

4,500

4,657

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/33

19,495

20,176

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/34

18,475

19,075

341,958

#### UTAH

#### 2.2%
Intermountain

Power

Agency,

Series A,

5.00%,

7/1/39

4,500

4,702

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/40

3,500

3,632

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/41

2,000

2,066

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

5.50%,

6/15/39 (2)

1,725

1,700

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Salt

Lake

City

Airport,

Series 2017A,

5.00%,

7/1/32 (1)

3,925

3,995

Salt

Lake

City

Airport,

Series 2018A,

5.00%,

7/1/31 (1)

3,500

3,595

Salt

Lake

City

Airport,

Series 2018A,

5.00%,

7/1/32 (1)

1,825

1,871

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/32 (1)

3,750

3,935

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/33 (1)

6,110

6,386

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/35 (1)

11,070

11,450

Salt

Lake

City

Airport,

Series 2023A,

5.00%,

7/1/34 (1)

5,000

5,298

Salt

Lake

City

Airport,

Series A,

4.00%,

7/1/41 (1)(10)

10,435

9,612

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/30 (1)

3,370

3,436

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/31 (1)

2,560

2,609

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/33 (1)

5,050

5,167

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/35 (1)

3,500

3,564

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/36 (1)

6,000

6,094

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/38 (1)

5,665

5,723

Vineyard

Redev.

Agency,

4.00%,

5/1/34 (5)

Vineyard

Redev.

Agency,

4.00%,

5/1/36 (5)

Vineyard

Redev.

Agency,

4.00%,

5/1/38 (5)

Vineyard

Redev.

Agency,

4.00%,

5/1/39 (5)

85,877

#### VIRGINIA

#### 8.8%
Alexandria,

Series A,

GO,

1.75%,

12/15/35

7,160

5,390

Alexandria,

Series A,

GO,

1.875%,

12/15/36

7,160

5,288

Arlington

County,

GO,

5.00%,

6/15/38

9,585

10,392

Arlington

County,

GO,

5.00%,

6/15/39

2,040

2,202

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/33

3,080

3,274

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/34

2,565

2,713

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/35

1,000

1,051

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31)

21,180

22,542

Chesterfield

County

Economic

Dev.

Auth.,

County

Mobility

Projects,

5.00%,

4/1/42

1,905

2,015

Chesterfield

County

Economic

Dev.

Auth.,

County

Mobility

Projects,

5.00%,

4/1/43

1,490

1,566

Fairfax

County,

Series A,

GO,

2.00%,

10/1/39

12,225

8,671

Fairfax

County,

Series A,

GO,

4.00%,

10/1/38

10,000

10,001

Fairfax

County,

Series A,

GO,

4.00%,

10/1/41

7,345

7,190

Fairfax

County

IDA,

Inova

Health,

3.50%,

5/15/39

5,890

5,459

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/32

10,000

11,016

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/35

3,500

3,807

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/36

2,825

3,057

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/37

3,130

3,377

Fairfax

County

IDA,

Inova

Health,

Series B-2,

VRDN,

5.00%,

5/15/57

(Tender

5/15/30)

10,000

10,706

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Fairfax

County

Redev.

&

Housing

Auth.,

Dominion

Square

North

Project,

VRDN,

5.00%,

1/1/45

(Tender

1/1/28)

3,875

3,991

Fairfax

County

Redev.

&

Housing

Auth.,

Wedgewood

Affordable

Housing,

5.00%,

10/1/34

3,715

3,880

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/30

1,645

1,646

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/31

1,000

1,000

Halifax

County

IDA,

Virginia

Electric

&

Power

Company

Project,

Series A,

VRDN,

3.80%,

12/1/41

(Tender

5/28/27)

8,100

8,164

Loudoun

County,

Series A,

GO,

5.00%,

12/1/41

3,030

3,237

Loudoun

County

Economic

Dev.

Auth.,

Public

facilities,

Series A,

3.00%,

12/1/37

5,000

4,265

Loudoun

County

Sanitation

Auth.,

5.00%,

1/1/36

5,800

6,560

Loudoun

County

Sanitation

Auth.,

5.00%,

1/1/37

5,845

6,568

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

VRDN,

5.00%,

11/1/48

(Tender

11/1/28)

4,420

4,650

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic,

VRDN,

5.00%,

7/1/53

(Tender

7/1/30)

8,000

8,521

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic,

Series A,

5.00%,

7/1/47

5,835

6,178

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/30

1,300

1,318

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35

1,000

1,009

Virginia

Beach,

Series A,

GO,

4.00%,

2/1/41

7,160

7,092

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.00%,

2/1/40

2,035

2,168

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.00%,

2/1/41

3,050

3,252

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.25%,

2/1/41

5,000

5,383

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

Series A,

4.00%,

2/1/41

13,345

12,903

Virginia

Commonwealth

Transportation

Board,

4.00%,

5/15/41

4,000

3,932

Virginia

Commonwealth

Transportation

Board,

Series A,

5.00%,

5/15/32

7,075

7,345

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/38

600

650

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/40

1,600

1,711

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/41

2,950

3,137

Virginia

Public

Building

Auth.,

Series A,

5.00%,

8/1/38

11,500

12,387

Virginia

Public

Building

Auth.,

Series A,

5.00%,

8/1/45

3,000

3,167

Virginia

Public

School

Auth.,

5.00%,

8/1/40

2,125

2,320

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Virginia

Public

School

Auth.,

5.00%,

8/1/42

2,220

2,389

Virginia

Public

School

Auth.,

5.00%,

8/1/43

1,880

2,011

Virginia

Public

School

Auth.,

School

Technology

&

Security

Notes,

Series XIII,

5.00%,

4/15/29 (6)

5,000

5,359

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/30 (1)

2,000

1,973

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/32 (1)

2,940

2,872

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/32 (1)

7,875

7,667

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/33 (1)

1,250

1,212

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/33 (1)

4,380

4,229

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/34 (1)

5,000

4,784

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/35 (1)

4,815

4,583

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/35 (1)

4,125

3,910

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/36 (1)

2,500

2,359

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/37 (1)

8,625

8,074

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/38 (1)

3,000

2,784

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/39 (1)

1,250

1,151

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/40 (1)

1,250

1,132

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/32 (1)

6,225

6,471

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/33 (1)

5,000

5,166

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/34 (1)

3,000

3,087

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/35 (1)

4,540

4,649

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/36 (1)

2,250

2,300

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/37 (1)

2,000

2,033

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/37 (1)

6,090

6,181

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/38 (1)

2,095

2,120

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

Senior

Lien

Elizabeth

River

Crossing,

4.00%,

1/1/31 (1)

2,955

2,903

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/30

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/31

2,275

2,292

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/33

3,000

3,019

York

County

Economic

Dev.

Auth.,

Electric

&

Power

Company

Project,

VRDN,

3.65%,

5/1/33

(Tender

10/1/27)

4,345

4,369

347,482

#### WASHINGTON

#### 4.0%
Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/36

6,730

7,306

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/39

10,865

11,722

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/40

7,000

7,514

Port

of

Seattle,

Series C,

5.00%,

8/1/37 (1)

10,605

11,002

Port

of

Seattle,

Intermediate

Lien,

5.00%,

8/1/29 (1)

8,610

9,026

Port

of

Seattle,

Intermediate

Lien,

5.00%,

4/1/36 (1)

1,500

1,536

Port

of

Seattle,

Intermediate

Lien,

Series B,

5.00%,

7/1/36 (1)

4,375

4,617

Seattle

Municipal

Light

&

Power

Revenue,

Series A,

5.00%,

3/1/42

4,950

5,215

Washington,

Series A,

GO,

5.00%,

8/1/42

5,000

5,233

Washington,

Series B,

GO,

5.00%,

6/1/39

14,945

16,165

Washington,

Series B,

GO,

5.00%,

2/1/40

10,190

10,934

Washington,

Series B,

GO,

5.00%,

6/1/40

1,900

2,044

Washington,

Bid

Group

1,

Series 2024A,

GO,

5.00%,

8/1/39

9,000

9,737

Washington,

Bid

Group

2,

Series 2025A,

GO,

5.00%,

8/1/44

3,710

3,903

Washington,

Bid

Group

3,

Series B,

GO,

5.00%,

2/1/45

10,000

10,433

Washington,

Motor

Vehicle

Fuel

Tax

&

Vehicle

Related

Fees,

Series D,

GO,

5.00%,

6/1/43

5,000

5,316

Washington,

Various

Purpose,

Series A,

GO,

5.00%,

8/1/34

15,540

15,957

Washington,

Various

Purpose,

Series A,

GO,

5.00%,

8/1/35

5,910

6,059

Washington,

Various

Purpose,

Series C,

GO,

5.00%,

2/1/35

5,630

5,824

Washington,

Various

Purpose,

Series R-2017A,

GO,

5.00%,

8/1/33

4,500

4,577

Washington,

Various

Purpose,

Series R-2017A,

GO,

5.00%,

8/1/34

5,000

5,081

159,201

#### WEST

#### VIRGINIA

#### 0.1%
West

Virginia

Hosp.

Fin.

Auth.,

University

Health

System

Obligated

Group,

Series A,

5.00%,

6/1/39

1,225

1,285

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

West

Virginia

Hosp.

Fin.

Auth.,

University

Health

System

Obligated

Group,

Series A,

5.00%,

6/1/40

1,900

1,979

3,264

#### WISCONSIN

#### 0.7%
Wisconsin,

Series B,

GO,

5.00%,

5/1/39

10,035

10,814

Wisconsin

DOT,

Series 1,

5.00%,

7/1/38

3,450

3,855

Wisconsin

HEFA,

Advocate

Aurora

Health

Credit

Group,

Series B-3,

VRDN,

5.00%,

8/15/54

4,500

4,750

Wisconsin

HEFA,

Advocate

Aurora

Health

Credit

Group,

Series C-4,

VRDN,

5.00%,

8/15/54

4,000

4,223

Wisconsin

PFA,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/27 (2)

1,950

1,949

Wisconsin

PFA,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/31 (2)

1,220

1,224

26,815

#### SHORT-TERM

#### INVESTMENTS 0.0%

#### MONEY

#### MARKET

#### FUNDS

#### 0.0%
T. Rowe

Price

Government

Reserve

Fund,

4.38% (14)(15)

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $9)

#### 9

#### Total

#### Investments

#### in

#### Securities

#### 99.1%

#### of

#### Net

#### Assets

#### (Cost

#### $4,009,711)

#### $

#### 3,928,729
‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Interest

subject

to

alternative

minimum

tax.

(2) 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

$102,056

and

represents

2.6%

of

net

assets.

(3) Prerefunded

date

is

used

in

determining

portfolio

maturity.

(4) Insured

by

National

Public

Finance

Guarantee

Corporation

(5) Insured

by

Assured

Guaranty

Municipal

Corporation

(6) When-issued

security

(7) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8) Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(9) Non-income

producing

(10) Insured

by

Build

America

Mutual

Assurance

Company

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

.

.

.

.

.

.

.

.

.

.

(11) Insured

by

Assured

Guaranty

Corporation

(12) Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board's

Certified

Fiscal

Plan.

(13) Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14) Seven-day

yield

(15) Affiliated

Companies

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PCR

Pollution

Control

Revenue

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

RAC

Revenue

Anticipation

Certificate

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

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

Summit

Municipal

Intermediate

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

April

30,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

4.38%

$

—#

$

—

$

60+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 10/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 4/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.38%

$

¤

¤

$

9^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$60

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

$9.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

April

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$4,009,711)

$

3,928,729

Interest

receivable

55,200

Receivable

for

shares

sold

1,824

Receivable

for

investment

securities

sold

Cash

Other

assets

Total

assets

3,986,272

#### Liabilities
Payable

for

investment

securities

purchased

12,575

Payable

for

shares

redeemed

5,540

Investment

management

fees

payable

887

Due

to

affiliates

Payable

to

directors

Other

liabilities

3,088

Total

liabilities

22,101

Commitments

and

Contingent

Liabilities

(note

5)

#### NET

#### ASSETS

#### $

#### 3,964,171
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

April

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(305,896)

Paid-in

capital

applicable

to

356,926,950

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

4,270,067

#### NET

#### ASSETS

#### $

#### 3,964,171

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,045,025;

#### Shares

#### outstanding:

#### 94,049,853)

#### $

#### 11.11

#### Advisor

#### Class

#### (Net

#### assets:

#### $3,481;

#### Shares

#### outstanding:

#### 313,380)

#### $

#### 11.11

#### I

#### Class

#### (Net

#### assets:

#### $2,915,665;

#### Shares

#### outstanding:

#### 262,563,717)

#### $

#### 11.10
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

4/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

$

74,297

Dividend

Total

income

74,357

Expenses

Investment

management

5,640

Shareholder

servicing

Investor

Class

$

614

Advisor

Class

I

Class

661

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Legal

and

audit

Custody

and

accounting

Registration

Directors

Miscellaneous

Repaid

to

Price

Associates

Total

expenses

6,719

Net

investment

income

67,638

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

loss

on

securities

(17,759)

Change

in

net

unrealized

gain

/

loss

on

securities

(55,590)

Net

realized

and

unrealized

gain

/

loss

(73,349)

#### DECREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### (5,711)
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

4/30/25

Year

Ended

10/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

67,638

$

147,399

Net

realized

loss

(17,759)

(52,705)

Change

in

net

unrealized

gain

/

loss

(55,590)

324,749

Increase

(decrease)

in

net

assets

from

operations

(5,711)

419,443

Distributions

to

shareholders

Net

earnings

Investor

Class

(17,321)

(52,445)

Advisor

Class

(56) (99) I

Class

(49,767)

(93,026)

Decrease

in

net

assets

from

distributions

(67,144)

(145,570)

Capital

share

transactions

\*

Shares

sold

Investor

Class

92,574

361,602

Advisor

Class

I

Class

368,008

933,050

Distributions

reinvested

Investor

Class

14,006

44,974

Advisor

Class

I

Class

35,802

69,036

Shares

redeemed

Investor

Class

(219,592)

(1,482,441)

Advisor

Class

(678) (452) I

Class

(652,454)

(1,003,668)

Decrease

in

net

assets

from

capital

share

transactions

(362,195)

(1,077,553)

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

4/30/25

Year

Ended

10/31/24

#### Net

#### Assets
Decrease

during

period

(435,050)

(803,680)

Beginning

of

period

4,399,221

5,202,901

#### End

#### of

#### period

#### $

#### 3,964,171

#### $

#### 4,399,221
\*Share

information

(000s)

Shares

sold

Investor

Class

8,220

31,960

Advisor

Class

I

Class

32,695

82,612

Distributions

reinvested

Investor

Class

1,241

3,966

Advisor

Class

I

Class

3,173

6,090

Shares

redeemed

Investor

Class

(19,512)

(130,070)

Advisor

Class

(61) (41) I

Class

(57,921)

(88,810)

Decrease

in

shares

outstanding

(32,153)

(94,262)

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Summit

Municipal

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Summit

Municipal

Intermediate

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks the

highest

level

of

income

exempt

from

federal

income

taxes

consistent

with

moderate

price

fluctuation.

The

fund

has three classes

of

shares:

the

Summit

Municipal

Intermediate

Fund

(Investor

Class),

the

Summit

Municipal

Intermediate

Fund–Advisor

Class

(Advisor

Class)

and

the

Summit

Municipal

Intermediate

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

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

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

April

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Mortgage-Backed

#### Securities
The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Municipal

Securities

$

—

$

3,928,720

$

—

$

3,928,720

Short-Term

Investments

—

—

Total

$

$

3,928,720

$

—

$

3,928,729

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### When-Issued

#### Securities
The fund

enters

into

when-issued

purchase

or

sale

commitments,

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

an

authorized

but

not

yet

issued

security

for

a

fixed

unit

price,

with

payment

and

delivery

not

due

until

issuance

of

the

security

on

a

scheduled

future

date.

When-issued

securities

may

be

new

securities

or

securities

issued

through

a

corporate

action,

such

as

a

reorganization

or

restructuring.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

when-issued

security.

Amounts

realized

on

when-issued

transactions

are

included

in

realized

gain/loss

on

securities

in

the

accompanying

financial

statements.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $497,061,000 and

$838,985,000,

respectively,

for

the

six

months ended

April

30,

2025. #### NOTE

#### 4

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-

end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

October

31,

2024,

the

fund

had

$216,385,000

of

available

capital

loss

carryforwards.

At

April

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$4,009,981,000.

Net

unrealized

loss

aggregated

$81,252,000

at

period-end,

of

which

$19,074,000

related

to

appreciated

investments

and

$100,326,000

related

to

depreciated

investments.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### 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 0.27%

of

the

fund's

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The

Investor

Class,

Advisor

Class

and I

Class are

each

subject

to

a

permanent

contractual

expense

limitation,

pursuant

to

which

Price

Associates

is

required

to

waive or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses; and,

with

respect

to

any

class

other

than

the

Investor

Class,

12b-1

fees)

that

would

otherwise

cause

the

class's

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

agreement

may

only

be

terminated

with

approval

by

the

fund's

shareholders.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the

class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended April

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/

paid

by

Price

Associates

in

the

amount

of $1,157,000 remain

subject

to

repayment

by

the

fund

at

April

30,

2025. 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

April

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$59,000

for

Price

Associates

and

$88,000

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

0.40%

0.40%

0.40%

I

Class

Limit

N/A

N/A

0.05%

Expense

limitation

date

N/A

N/A

12/31/26

(Waived)/repaid

during

the

period

($000s)

$20

$(2)

$—

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

April

30,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

4,260,499

shares

of

the

Investor

Class,

representing

5%

of

the

Investor

Class's

net

assets,

and

9,504,981

shares

of

the

I

Class,

representing

4%

of

the

I

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

Purchases

and

sales

cross

trades

aggregated

$52,275,000

and

$35,355,000,

respectively,

with

net

realized

gain

of

$0

for

the

six

months

ended

April

30,

2025. #### NOTE

#### 6

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia's

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

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.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

Board

noted

that

the

fund's

individual

fund

fee

rate

was

reduced

effective

November

1,

2024. 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

a

contractual

expense

limitation

that

requires

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund's

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

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* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F83-051

6/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d911778dex99cert.htm) |

---

------

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

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d911778dex99906ce.htm)

------

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

---

| | |
|:---|:---|
| T. Rowe Price Summit Municipal Funds, Inc. | T. Rowe Price Summit Municipal Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | June 17, 2025 |

---

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

---

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

---

---

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

---

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Summit
Municipal Intermediate Fund;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Summit
Municipal Intermediate Fund;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

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

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price Summit Municipal Intermediate Fund

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: June 17, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: June 17, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---