# EDGAR Filing Document

**Accession Number:** 0000912029
**File Stem:** 0001193125-25-144347
**Filing Date:** 2025-6
**Character Count:** 168725
**Document Hash:** 333e1376ef67a43ff1f69ffcbda1a7fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144347.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144347

**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:** 251063428

**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 Income Fund (Series ID: S000002157)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000005553 | T. Rowe Price Summit Municipal Income Fund               | PRINX           |
| C000117204 | T. Rowe Price Summit Municipal Income Fund-Advisor Class | PAIMX           |
| C000211686 | T. Rowe Price Summit Municipal Income Fund-I Class       | PRIMX           |

?xml version='1.0' encoding='ASCII'? Summit Municipal Income Fund_SMI_F84-052

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](g940555iec5c48a6e1115e00ca21.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Income Fund

#### Investor Class (PRINX)
This semi-annual shareholder report contains important information about Summit Municipal Income 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 Income Fund - Investor Class | $22 | 0.45% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2975565 |
| Number of Portfolio Holdings | 878 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.2% |

---

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

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

---

| | |
|:---|:---|
| Texas | 11.5% |
| New York | 10.9 |
| California | 9.5 |
| Georgia | 5.6 |
| Florida | 5.1 |
| Maryland | 4.9 |
| Puerto Rico | 3.9 |
| Virginia | 3.7 |
| District of Columbia | 3.4 |
| Other | 41.5 |

---

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

---

| | |
|:---|:---|
| Transportation | 28.7% |
| Health Care | 13.9 |
| Special Tax | 9.9 |
| Water & Sewer | 6.3 |
| Housing | 6.0 |
| Education | 5.8 |
| General Obligations - State | 5.1 |
| General Obligations - Local | 4.8 |
| Leasing | 3.5 |
| Other | 16.0 |

---

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

F84-053 6/25

Summit Municipal Income Fund

Investor Class (PRINX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g940555if9838e977cef271d7ca9.jpg)

![Image](g940555iec5c48a6e1115e00ca21.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Income Fund

#### Advisor Class (PAIMX)
This semi-annual shareholder report contains important information about Summit Municipal Income 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 Income Fund - Advisor Class | $34 | 0.70% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2975565 |
| Number of Portfolio Holdings | 878 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.2% |

---

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

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

---

| | |
|:---|:---|
| Texas | 11.5% |
| New York | 10.9 |
| California | 9.5 |
| Georgia | 5.6 |
| Florida | 5.1 |
| Maryland | 4.9 |
| Puerto Rico | 3.9 |
| Virginia | 3.7 |
| District of Columbia | 3.4 |
| Other | 41.5 |

---

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

---

| | |
|:---|:---|
| Transportation | 28.7% |
| Health Care | 13.9 |
| Special Tax | 9.9 |
| Water & Sewer | 6.3 |
| Housing | 6.0 |
| Education | 5.8 |
| General Obligations - State | 5.1 |
| General Obligations - Local | 4.8 |
| Leasing | 3.5 |
| Other | 16.0 |

---

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

F284-053 6/25

Summit Municipal Income Fund

Advisor Class (PAIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g940555if9838e977cef271d7ca9.jpg)

![Image](g940555iec5c48a6e1115e00ca21.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Summit Municipal Income Fund

#### I Class (PRIMX)
This semi-annual shareholder report contains important information about Summit Municipal Income 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 Income Fund - I Class | $17 | 0.35% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2975565 |
| Number of Portfolio Holdings | 878 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.2% |

---

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

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

---

| | |
|:---|:---|
| Texas | 11.5% |
| New York | 10.9 |
| California | 9.5 |
| Georgia | 5.6 |
| Florida | 5.1 |
| Maryland | 4.9 |
| Puerto Rico | 3.9 |
| Virginia | 3.7 |
| District of Columbia | 3.4 |
| Other | 41.5 |

---

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

---

| | |
|:---|:---|
| Transportation | 28.7% |
| Health Care | 13.9 |
| Special Tax | 9.9 |
| Water & Sewer | 6.3 |
| Housing | 6.0 |
| Education | 5.8 |
| General Obligations - State | 5.1 |
| General Obligations - Local | 4.8 |
| Leasing | 3.5 |
| Other | 16.0 |

---

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

F1216-053 6/25

Summit Municipal Income Fund

I Class (PRIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g940555if9838e977cef271d7ca9.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

PRINX

Summit

Municipal

Income

Fund

PAIMX

Summit

Municipal

Income

Fund–

.

Advisor Class

PRIMX

Summit

Municipal

Income

Fund–

.

I Class

T. ROWE

PRICE

Summit

Municipal

Income

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

$

11.28 $

10.36 $

10.43 $

12.42 $

12.11 $

12.19 Investment

activities

Net

investment

income

(1)(2)

0.20 0.37 0.33 0.27 0.28 0.33 Net

realized

and

unrealized

gain/

loss

(0.35)

0.92 (0.06)

(1.99)

0.31 (0.08)

Total

from

investment

activities

(0.15)

1.29 0.27 (1.72)

0.59 0.25 Distributions

Net

investment

income

(0.19)

(0.37)

(0.33)

(0.27)

(0.28)

(0.33)

Net

realized

gain

—

—

(0.01)

—

—

—

(3) Total

distributions

(0.19)

(0.37)

(0.34)

(0.27)

(0.28)

(0.33)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 10.94

#### $

#### 11.28

#### $

#### 10.36

#### $

#### 10.43

#### $

#### 12.42

#### $

#### 12.11
T. ROWE

PRICE

Summit

Municipal

Income

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)

#### (1.32)%

#### 12.47%

#### 2.41%

#### (13.99)%

#### 4.87%

#### 2.10%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.50%

(5) 0.53%

0.53%

0.54%

0.52%

0.52%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.45%

(5) 0.50%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

3.56%

(5) 3.30%

3.03%

2.33%

2.23%

2.73%

Portfolio

turnover

rate

14.2%

16.2%

19.2%

29.7%

23.8%

18.6%

Net

assets,

end

of

period

(in

millions)

$1,164

$1,228

$953

$833

$1,678

$1,690

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

Income

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

$

11.28 $

10.36 $

10.43 $

12.42 $

12.11 $

12.19 Investment

activities

Net

investment

income

(1)(2)

0.18 0.35 0.30 0.25 0.25 0.30 Net

realized

and

unrealized

gain/

loss

(0.34)

0.91 (0.06)

(1.99)

0.31 (0.08)

Total

from

investment

activities

(0.16)

1.26 0.24 (1.74)

0.56 0.22 Distributions

Net

investment

income

(0.18)

(0.34)

(0.30)

(0.25)

(0.25)

(0.30)

Net

realized

gain

—

—

(0.01)

—

—

—

(3) Total

distributions

(0.18)

(0.34)

(0.31)

(0.25)

(0.25)

(0.30)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 10.94

#### $

#### 11.28

#### $

#### 10.36

#### $

#### 10.43

#### $

#### 12.42

#### $

#### 12.11
T. ROWE

PRICE

Summit

Municipal

Income

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)

#### (1.44)%

#### 12.19%

#### 2.15%

#### (14.20)%

#### 4.61%

#### 1.84%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.80%

(5) 0.87%

0.93%

0.92%

0.88%

0.90%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.70%

(5) 0.75%

0.75%

0.75%

0.75%

0.75%

Net

investment

income

3.31%

(5) 3.06%

2.77%

2.11%

2.00%

2.48%

Portfolio

turnover

rate

14.2%

16.2%

19.2%

29.7%

23.8%

18.6%

Net

assets,

end

of

period

(in

thousands)

$2,239

$2,087

$315

$554

$927

$1,042

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

Income

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

$

11.29 $

10.36 $

10.44 $

12.42 $

12.11 $

12.20 Investment

activities

Net

investment

income

(1)(2)

0.20 0.38 0.34 0.29 0.29 0.34 Net

realized

and

unrealized

gain/

loss

(0.35)

0.93 (0.07)

(1.98)

0.31 (0.09)

Total

from

investment

activities

(0.15)

1.31 0.27 (1.69)

0.60 0.25 Distributions

Net

investment

income

(0.20)

(0.38)

(0.34)

(0.29)

(0.29)

(0.34)

Net

realized

gain

—

—

(0.01)

—

—

—

(3) Total

distributions

(0.20)

(0.38)

(0.35)

(0.29)

(0.29)

(0.34)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 10.94

#### $

#### 11.29

#### $

#### 10.36

#### $

#### 10.44

#### $

#### 12.42

#### $

#### 12.11
T. ROWE

PRICE

Summit

Municipal

Income

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)

#### (1.35)%

#### 12.70%

#### 2.42%

#### (13.81)%

#### 4.99%

#### 2.13%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.35%

(5) 0.39%

0.39%

0.39%

0.38%

0.39%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.35%

(5) 0.39%

0.39%

0.39%

0.38%

0.39%

Net

investment

income

3.66%

(5) 3.41%

3.14%

2.51%

2.32%

2.84%

Portfolio

turnover

rate

14.2%

16.2%

19.2%

29.7%

23.8%

18.6%

Net

assets,

end

of

period

(in

millions)

$1,809

$1,808

$1,244

$1,167

$1,289

$812

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

Income

Fund

April

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par

#### $

#### Value
(Amounts

in

000s)

‡

#### MUNICIPAL

#### SECURITIES 98.6%

#### ALABAMA

#### 1.3%
Alabama

Corrections

Institution

Fin.

Auth.,

5.25%,

7/1/47

2,500

2,574

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31)

3,305

3,242

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29)

7,775

8,127

Black

Belt

Energy

Gas

Dist.,

Series D,

VRDN,

5.00%,

3/1/55

(Tender

11/1/34)

6,225

6,558

Black

Belt

Energy

Gas

Dist.,

Series D-1,

VRDN,

4.00%,

7/1/52

(Tender

6/1/27)

3,810

3,808

Energy

Southeast

A

Cooperative

Dist.,

Series B,

VRDN,

5.25%,

7/1/54

(Tender

6/1/32)

2,305

2,446

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series A,

5.00%,

6/1/54 (1)

2,875

2,726

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series B,

4.75%,

12/1/54 (1)

2,775

2,528

Southeast

Energy

Auth.,

A

Cooperative

Dist.,

Series B-1,

VRDN,

5.00%,

5/1/53

(Tender

8/1/28)

3,910

4,016

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (2)

3,765

3,671

39,696

#### ARIZONA

#### 1.4%
Arizona

HFA,

Banner

Health,

Series B,

FRN

,

100%

of

SPMUV7DY

+

0.81%,

4.48%,

1/1/37

525

505

Arizona

IDA,

Equitable

School,

Series A,

5.00%,

11/1/44

2,425

2,434

Arizona

IDA,

Equitable

School

Revolving

Fund,

Series A,

5.00%,

11/1/49

2,150

2,119

Chandler

IDA,

Intel

Corp.

Project,

VRDN,

4.00%,

6/1/49

(Tender

6/1/29) (1)

1,025

1,019

Chandler

IDA,

Intel

Corp.

Project,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27) (1)

6,625

6,728

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

5.00%,

7/1/48 (1)

5,575

5,579

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/37 (1)

1,760

1,785

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/38 (1)

1,760

1,781

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/42 (1)

3,000

3,013

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/47 (1)

2,115

2,117

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series B,

5.00%,

7/1/49 (1)

7,415

7,415

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/54

940

873

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/42

3,540

3,427

Sierra

Vista

IDA,

American

Leadership

Academy

Project,

5.00%,

6/15/59 (2)

2,345

2,149

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/50

775

703

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/54

885

792

42,439

#### ARKANSAS

#### 0.2%
Arkansas

DFA,

Green

Bond,

Series A,

6.875%,

7/1/48 (1)(2)

2,500

2,676

Arkansas

DFA,

Green

Bond,

Series B,

7.375%,

7/1/48 (1)(2)

2,500

2,710

5,386

#### CALIFORNIA

#### 9.5%
Bay

Area

Toll

Auth.,

Series S-8,

3.00%,

4/1/54 (3)

5,000

3,611

Burbank-Glendale-Pasadena

Airport

Auth.

Brick

Campaign,

Series B,

5.25%,

7/1/54 (1)

3,250

3,319

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29)

2,480

2,572

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series 2023F,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30)

3,205

3,431

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series A-1,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

1,800

1,870

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series E-1,

VRDN,

5.00%,

2/1/54

(Tender

3/1/31)

5,330

5,585

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series H,

VRDN,

5.00%,

1/1/56

(Tender

8/1/33)

3,775

4,039

California

Community

Housing

Agency,

Junior

Bonds

Street

Flats,

Series A-2,

4.00%,

8/1/50 (2)

2,960

2,238

California

Community

Housing

Agency,

Stoneridge

Apartments,

Series A,

4.00%,

2/1/56 (2)

9,110

6,886

California

EFA,

Stanford

Univ.,

Series V-1,

5.00%,

5/1/49

500

539

California

Enterprise

Dev.

Auth.,

Riverside

County

Mead

Valley

Wellness

Village

Project,

Series A,

5.25%,

11/1/54

13,000

13,863

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51 (3)

4,575

3,335

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/28

600

605

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/33

1,150

1,158

California

HFFA,

Kaiser

Permanente,

Series A-2,

5.00%,

11/1/47

5,500

5,842

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/35

1,060

1,093

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35

519

518

California

Housing

Fin.,

Series 2023-1,

Class

A,

4.375%,

9/20/36

3,813

3,763

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/41

5,875

5,883

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/43

9,000

8,829

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/44

5,000

4,867

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

5.00%,

12/31/36 (1)

2,855

2,872

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

4.00%,

12/31/47 (1)

3,000

2,562

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43 (1)

10,015

10,010

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47 (1)

535

532

California

Municipal

Fin.

Auth.,

Palomar

Health,

Series A,

COP,

5.25%,

11/1/52 (4)

1,775

1,793

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53

2,710

2,822

California

Municipal

Fin.

Auth.,

Waste

Management

Project,

Series A,

VRDN,

3.75%,

10/1/45

(Tender

6/2/25) (1)

3,000

2,999

California

PFA,

Sunrise

of

Manhattan

Beach,

Series A-1,

6.75%,

7/1/65 (2)

7,000

7,273

California

School

Fin.

Auth.,

Aspire

Public

School,

5.00%,

8/1/41

(Prerefunded

8/1/25) (2)(5)

California

School

Fin.

Auth.,

Fortune

School

of

Ed.,

Series A,

5.00%,

6/1/54 (2)

3,225

2,925

California

School

Fin.

Auth.,

Fortune

School

of

Ed.,

Series A,

5.125%,

6/1/59 (2)

1,250

1,142

California

School

Fin.

Auth.,

New

Designs

Charter

School

Project,

Series A,

5.00%,

6/1/64 (2)

1,500

1,363

California

State

Univ.,

Series C,

4.00%,

11/1/45

1,000

944

California

Statewide

CDA,

CHF-Irvine,

Univ.

of

California

Student

Housing

Irvine

East

Campus

Apartments,

Series A,

5.00%,

5/15/47

2,820

2,828

California

Statewide

CDA,

Lancer

Ed.

Student

Housing

Project,

Series A,

5.00%,

6/1/51 (2)

875

810

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54

2,600

2,566

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/48 (2)

600

601

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56 (2)

1,390

1,385

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (2)

1,630

1,640

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41

985

897

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51

1,005

836

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/44

1,150

1,170

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/37

2,000

2,018

Central

Valley

Energy

Auth.,

VRDN,

5.00%,

12/1/55

(Tender

8/1/35)

4,040

4,266

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50 (4)

5,120

4,119

CMFA

Special

Fin.

Agency

VII,

The

Breakwater

Apartments,

Series A-2,

4.00%,

8/1/47 (2)

2,070

1,711

CMFA

Special

Fin.

Agency,

Solana

At

Grand,

Series A-2,

4.00%,

8/1/45 (2)

960

821

CSCDA

Community

Improvement

Auth.,

Altana

Glendale,

Series A-2,

4.00%,

10/1/56 (2)

3,680

2,762

CSCDA

Community

Improvement

Auth.,

City

of

Orange,

Series B,

4.00%,

3/1/57 (2)

3,385

2,359

CSCDA

Community

Improvement

Auth.,

Renaissance

at

City

Center,

Series A,

5.00%,

7/1/51 (2)

680

623

CSCDA

Community

Improvement

Auth.,

The

Link

Glendale,

Series A-2,

4.00%,

7/1/56 (2)

2,826

2,123

Downey

Unified

School

Dist.,

Series A,

GO,

4.00%,

8/1/52

7,000

6,497

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.25%,

9/1/37

2,915

2,937

Irvine

Fac.

Fin.

Auth.,

Series A,

5.25%,

9/1/53 (3)

7,995

8,425

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series D,

5.00%,

3/1/57

1,835

1,836

Lodi

Unified

School

Dist.,

Series 2021,

GO,

3.00%,

8/1/46

5,900

4,571

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/41 (1)

6,400

6,406

Los

Angeles

Dept.

of

Airports,

Green

Bond,

Series G,

4.00%,

5/15/47 (1)

5,475

4,847

Los

Angeles

Dept.

of

Airports,

Los

Angeles

Int'l.,

5.00%,

5/15/43 (1)

5,300

5,317

Los

Angeles

Dept.

of

Airports,

Private

Activity,

Series A,

4.00%,

5/15/41 (1)

2,000

1,875

Los

Angeles

Dept.

of

Airports,

Sustainable

Bonds,

Series A,

5.50%,

5/15/55 (1)

13,350

13,981

Orange

County

Community

Fac.

Dist.

No.

2021-1

Rienda,

Special

Tax,

Series A,

5.00%,

8/15/52

3,750

3,796

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54

6,000

4,923

Riverside

County

Transportation

Commission,

Restructure

Express,

Series B-1,

4.00%,

6/1/37

1,335

1,313

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Riverside

County

Transportation

Commission,

Restructure

Express,

Series B-1,

4.00%,

6/1/46

2,140

1,939

Sacramento

County

Airport,

Series C,

5.00%,

7/1/37 (1)

1,410

1,428

Sacramento,

Greenbriar

Community

Fac.

Dist.

No.

20,

4.00%,

9/1/41

705

651

Sacramento,

Greenbriar

Community

Fac.

Dist.

No.

20,

4.00%,

9/1/46

1,830

1,594

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/42 (2)

1,090

1,114

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/47 (2)

2,455

2,481

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.375%,

9/1/52 (2)

1,655

1,669

San

Diego

County

Regional

Airport

Auth.

Senior

Private

Activity,

Series B,

5.00%,

7/1/48 (1)

3,000

3,031

San

Francisco

Bay

Area

Rapid

Transit

Dist.,

Series C-1,

GO,

4.00%,

8/1/45

800

756

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.00%,

5/1/44 (1)

5,155

5,166

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/40 (1)

6,455

6,809

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/41 (1)

3,500

3,681

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/42 (1)

3,230

3,360

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.50%,

5/1/55 (1)

9,000

9,410

San

Francisco

City

&

County

Int'l.

Airport,

Series C,

5.75%,

5/1/48 (1)

7,055

7,479

San

Francisco

City

&

County

Int'l.

Airport,

Series E,

5.00%,

5/1/50 (1)

5,395

5,372

San

Joaquin

Valley

Clean

Energy

Auth.,

Clean

Energy

Project,

Series A,

VRDN,

5.50%,

1/1/56

(Tender

7/1/35)

1,425

1,565

San

Marcos

Redev.

Agency,

Successor

Agency

Tax,

Series A,

5.00%,

10/1/30

1,090

1,096

San

Marcos

Redev.

Agency,

Successor

Agency

Tax,

Series A,

5.00%,

10/1/33

795

798

Univ.

of

California

Regents,

Series O,

5.50%,

5/15/58

2,575

2,653

283,899

#### COLORADO

#### 3.0%
Colorado,

COP,

6.00%,

12/15/40

9,325

10,670

Colorado,

COP,

6.00%,

12/15/41

11,375

12,895

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Ascent

Classical

Academy,

5.80%,

4/1/54 (2)

1,000

1,007

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Colorado

HFA,

Adventhealth

Obligated

Group,

Series A,

4.00%,

11/15/46

1,500

1,353

Colorado

HFA,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series A,

4.00%,

11/15/48

8,690

7,627

Colorado

HFA,

Children's

Hospital,

VRDN,

2.90%,

12/1/52

4,570

4,570

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/44

7,050

6,994

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45 (2)

1,285

783

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50 (2)

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/47

4,720

4,720

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/51

2,390

2,329

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/56

2,975

2,893

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46

1,340

1,283

Denver

City

&

County

Airport,

Series A,

5.00%,

11/15/47 (1)

3,000

3,011

Denver

City

&

County

Airport,

Series A,

5.25%,

12/1/48 (1)

15,110

15,224

Denver

City

&

County

Pledged

Excise

Tax

Revenue,

Series A-1,

5.00%,

8/1/48

10,000

10,038

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48

500

504

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48

1,072

966

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/38

650

670

Univ.

of

Colorado

Hosp.

Auth.,

VRDN,

2.50%,

11/15/39

500

500

88,306

#### CONNECTICUT

#### 1.0%
Connecticut,

Series B,

GO,

3.00%,

1/15/42 (3)

6,200

4,954

Connecticut,

Series C,

GO,

5.00%,

6/15/32

Connecticut,

Series C,

GO,

5.00%,

6/15/40

700

741

Connecticut

HEFA,

Goodwin

Univ.,

Series A-1,

5.00%,

7/1/44

3,330

3,169

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/39

1,785

1,466

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/44

1,065

829

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/49

705

524

Connecticut

Housing

Fin.

Auth.,

Series B,

5.75%,

11/15/53

3,210

3,395

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/44

6,150

6,587

Connecticut

Special

Tax

Obligation,

Transit

Infrastructure,

Series A,

5.00%,

5/1/32

1,585

1,709

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A,

5.00%,

1/1/33

4,440

4,610

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)

(6)(7)(8)

1,235

28,657

#### DELAWARE

#### 1.1%
Delaware

Economic

Dev.

Auth.,

Acts

Retirement

Communities,

Series B,

5.00%,

11/15/48

4,230

4,080

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43

1,745

1,673

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48

3,385

3,225

Delaware

HFA,

Christiana

Health

Care

System,

5.00%,

10/1/45

12,360

12,557

Delaware

Transportation

Auth.,

Garvee,

5.00%,

9/1/35

1,410

1,485

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/43

6,530

5,350

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/44

3,360

2,725

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.25%,

7/1/44 (2)

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.625%,

7/1/53 (2)

Univ.

of

Delaware,

VRDN,

2.50%,

11/1/35

2,000

2,000

33,900

#### DISTRICT

#### OF

#### COLUMBIA

#### 3.4%
Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.25%,

5/1/48

6,000

6,305

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46

5,640

1,404

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/32

1,790

1,804

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52

935

824

District

of

Columbia,

KIPP

Project,

4.00%,

7/1/39

2,430

2,262

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/48 (1)

7,735

7,741

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/49 (1)

7,000

7,000

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.25%,

10/1/53 (1)

5,000

5,077

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.50%,

10/1/54 (1)

4,400

4,581

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

4.00%,

10/1/52 (4)

14,200

12,429

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/44

7,250

7,322

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44

1,515

1,613

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

4.125%,

7/15/47

8,455

7,795

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.50%,

7/15/51

3,950

4,205

Washington

Metropolitan

Area

Transit

Auth.,

Green

Bonds,

Series A,

4.00%,

7/15/46

7,500

6,735

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Bonds,

Second

Lien,

Series A,

5.25%,

7/15/59

12,790

13,379

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

Series A,

5.25%,

7/15/53

8,225

8,587

99,893

#### FLORIDA

#### 5.1%
Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 (6)(8)

1,835

1,193

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

4.00%,

12/1/49

4,000

3,369

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30

520

543

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/32

Capital

Trust

Auth.,

Florida

Institute

of

Technology

Project,

Series A,

5.25%,

7/1/50 (2)

2,000

1,879

Capital

Trust

Auth.,

Florida

Institute

of

Technology

Project,

Series A,

5.25%,

7/1/55 (2)

1,275

1,180

Central

Florida

Expressway

Auth.,

Series B,

5.00%,

7/1/34

(Prerefunded

7/1/26) (5)

1,270

1,299

Duval

County

Public

Schools,

Series A,

COP,

5.00%,

7/1/34 (4)

2,700

2,867

Everest

GMR

Community

Dev.

Dist.,

6.20%,

5/1/54

2,475

2,505

Florida

Dev.

Fin.,

Waste

Disposal

Revenue

Bonds,

VRDN,

6.125%,

7/1/32

(Tender

7/1/26) (1)(2)

5,500

5,573

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.50%,

6/1/33 (2)

1,410

1,309

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38 (2)

1,515

1,350

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (2)

2,975

2,556

Greater

Orlando

Aviation

Auth.,

5.25%,

10/1/44 (1)

5,350

5,534

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/32 (1)

705

719

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/44 (1)

8,700

8,723

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/47 (1)

5,000

5,005

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/49 (1)

2,350

2,350

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/52 (1)

1,060

1,060

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Hillsborough

County

Aviation

Auth.,

Tampa

Int'l.

Airport,

Series B,

5.50%,

10/1/49 (1)

4,250

4,471

Hillsborough

County

Aviation

Auth.,

Tampa

Int'l.

Airport,

Series F,

5.00%,

10/1/48

1,155

1,165

Hillsborough

County

IDA,

BayCare

Health

System,

Series C,

5.50%,

11/15/54

4,000

4,279

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/30 (1)

580

600

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/31 (1)

600

620

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/46 (1)

3,525

3,515

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (2)

1,960

1,630

JEA

Electric

System,

Series 3A,

4.00%,

10/1/37

3,395

3,349

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.25%,

10/1/55

15,000

15,807

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47

980

987

Lee

County

Florida

Airport

Revenue,

5.25%,

10/1/54 (1)(9)

4,325

4,403

Lee

County

Florida

Airport

Revenue,

Series A,

5.00%,

10/1/27 (1)

3,525

3,626

Lee

County

IDA,

Health

System,

Series 1,

5.00%,

4/1/39

970

984

Manatee

County,

Florida

Revenue

Improvement

Bonds,

5.50%,

10/1/53

6,000

6,463

Miami-Dade

County

Aviation

Revenue,

Series A,

5.00%,

10/1/34 (1)

6,250

6,659

Miami-Dade

County

Aviation

Revenue,

Series A,

5.00%,

10/1/49 (1)

10,700

10,643

Miami-Dade

County

Seaport

Dept.,

Series A,

5.25%,

10/1/52 (1)

3,015

3,045

Orange

County

HFA,

Orlando

Health

Obligated

Group,

4.00%,

10/1/52

6,825

5,868

Palm

Beach

County

HFA,

Active

Retirement

Life

Community,

5.00%,

11/15/45

1,815

1,769

Palm

Beach

County

HFA,

Baptist

Health,

4.00%,

8/15/49

3,000

2,538

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.25%,

6/1/56

3,045

2,422

Sarasota

County

Public

Hosp.

Dist.,

Sarasota

Memorial

Hosp.,

5.00%,

7/1/41

7,000

7,073

South

Miami

HFA,

Baptist

Health

South

Florida,

Series 2017,

4.00%,

8/15/47

7,000

6,051

Village

Community

Dev.

Dist.

No.

14,

5.375%,

5/1/42

1,010

1,030

Village

Community

Dev.

Dist.

No.

14,

5.50%,

5/1/53

2,545

2,581

151,007

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

#### GEORGIA

#### 5.6%
Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/41 (1)

1,100

1,167

Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/43 (1)

8,250

8,626

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 (6)(8)

835

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 (6)(8)

3,405

1,362

Atlanta

Dev.

Auth.,

Gulch

Enterprise

Zone

Project,

Series 1,

Class

A,

STEP,

0.00%,

12/15/48 (2)

6,843

5,890

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/40

1,605

1,606

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/44

7,755

7,756

Atlanta,

Social

Bond,

Series A-1,

GO,

5.00%,

12/1/41

4,920

5,254

Burke

County

Dev.

Auth.,

Georgia

Power

A

Southern,

First

Series,

VRDN,

PCR,

2.60%,

7/1/49

950

950

Cobb

County

Kennestone

Hosp.

Auth.,

Wellstar

Health

System,

RAC,

4.00%,

4/1/52

3,880

3,326

Cobb

County

Kennestone

Hosp.

Auth.,

Wellstar

Health

System,

Series A,

VRDN,

RAC,

3.72%,

4/1/47

8,400

8,400

Coweta

County

Water

&

Sewage

Auth.,

4.25%,

6/1/57

950

884

Dev.

Auth.

of

Appling

County,

Oglethorpe

Power

Corp.

Hatch

Project,

Series A,

VRDN,

PCR,

3.13%,

1/1/38

7,745

7,745

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

4.00%,

4/1/50

2,080

1,802

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/47

1,000

988

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/36

1,850

1,862

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/44

2,590

2,626

Gainesville

&

Hall

County

CDA,

Active

Retirement

Communities,

5.00%,

11/15/33

1,410

1,426

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/46

4,000

3,520

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/51

3,500

2,959

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/36

1,130

1,116

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/54

13,645

11,369

George

L

Smith

II

Congress

Center

Auth.,

5.00%,

1/1/54 (2)

2,690

2,459

Georgia

Ports

Auth.,

5.00%,

7/1/47

5,840

6,026

Georgia

Ports

Auth.,

5.25%,

7/1/52

2,600

2,717

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series 2021A,

3.00%,

7/15/50

5,500

4,016

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series A,

3.00%,

7/15/49

4,810

3,554

Georgia,

Bidding

Group

2,

Series A,

GO,

4.00%,

7/1/42

5,375

5,300

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/37

1,060

1,075

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/31

2,820

2,895

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/32

1,760

1,803

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27)

8,535

8,530

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29)

4,400

4,548

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30)

1,800

1,882

Main

Street

Natural

Gas,

Series E,

VRDN,

5.00%,

5/1/55

(Tender

12/1/32)

19,315

20,046

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26)

4,990

4,991

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/26

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/27

905

932

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/28

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Units

3&4

Project,

Series A,

5.00%,

1/1/49 (3)

5,765

5,765

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/26

2,555

2,582

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/27

1,435

1,477

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/28

1,515

1,583

Municipal

Electric

Auth.

of

Georgia,

Project

One

Subordinated

Bonds,

Series A,

5.25%,

1/1/54 (3)

4,100

4,286

168,181

#### GUAM

#### 0.0%
Guam

Business

Privilege

Tax,

Series F,

4.00%,

1/1/42

1,330

1,206

1,206

#### HAWAII

#### 0.2%
Hawaii

Airports

System,

Series A,

5.00%,

7/1/43 (1)

4,230

4,247

Hawaii

Airports

System,

Series A,

5.50%,

7/1/54 (1)

3,000

3,143

7,390

#### IDAHO

#### 0.2%
Idaho

HFA,

Series A,

5.25%,

8/15/48

3,100

3,272

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51 (2)

2,582

2,300

5,572

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

#### ILLINOIS

#### 2.5%
Chicago,

Series A,

GO,

5.50%,

1/1/49

2,150

2,153

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/48 (1)

2,115

2,105

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

4.50%,

1/1/48 (1)

5,700

5,371

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

5.50%,

1/1/59 (1)

11,675

12,132

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/40

1,500

1,556

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/43

1,125

1,143

Cook

County

Sales

Tax

Revenue,

Series A,

5.25%,

11/15/45

2,850

2,968

Illinois,

GO,

5.00%,

2/1/39

820

858

Illinois,

GO,

5.50%,

5/1/25

960

960

Illinois,

GO,

5.50%,

5/1/26

1,150

1,173

Illinois,

Series A,

GO,

5.00%,

10/1/31

705

732

Illinois,

Series A,

GO,

5.00%,

3/1/33

1,400

1,491

Illinois,

Series A,

GO,

5.00%,

3/1/35

1,900

1,990

Illinois,

Series A,

GO,

5.50%,

3/1/42

1,700

1,787

Illinois,

Series A,

GO,

5.50%,

3/1/47

2,575

2,651

Illinois,

Series B,

GO,

4.00%,

11/1/33

3,525

3,462

Illinois,

Series B,

GO,

5.00%,

10/1/31

1,060

1,100

Illinois,

Series B,

GO,

5.00%,

10/1/32

845

875

Illinois,

Series B,

GO,

5.25%,

5/1/47

900

916

Illinois,

Series B,

GO,

5.25%,

5/1/48

1,000

1,016

Illinois,

Series B,

GO,

5.25%,

5/1/49

1,000

1,014

Illinois,

Series B,

GO,

5.50%,

5/1/47

5,325

5,485

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/34

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/36

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/41

1,310

1,318

Illinois

Fin.

Auth.,

Depaul

College,

5.625%,

8/1/53 (2)

1,100

1,127

Illinois

Fin.

Auth.,

Univ.

of

Chicago

Medical

Center,

Series A,

VRDN,

2.45%,

8/1/44

2,500

2,500

Illinois

State

Toll

Highway

Auth.,

Series A,

5.25%,

1/1/45

6,875

7,261

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

6/15/50

3,365

3,336

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/36

1,180

708

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/40

1,150

542

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/29

800

824

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (10)

1,410

1,578

Regional

Transportation

Auth.,

Series B,

5.50%,

6/1/27 (10)

2,490

2,557

75,455

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

#### INDIANA

#### 0.7%
Indiana

Fin.

Auth.,

Depauw

Univ.

Project,

Series A,

5.50%,

7/1/52

6,000

6,044

Indiana

Fin.

Auth.,

Parkview

Health

System,

Series D,

VRDN,

2.50%,

11/1/39

3,100

3,100

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series 2023A,

5.00%,

6/1/53

4,285

4,167

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.00%,

6/1/43

855

856

Valparaiso,

Pratt

Paper,

4.875%,

1/1/44 (1)(2)

2,025

1,956

Whiting,

BP

Products,

VRDN,

5.00%,

12/1/44

(Tender

6/5/26) (1)

3,825

3,859

19,982

#### KANSAS

#### 0.3%
Overland

Park

Sales

Tax

Revenue,

Bluhawk

Star

Bond

Project,

Series A,

6.50%,

11/15/42 (2)

4,050

4,197

Univ.

of

Kansas

Hosp.

Auth.,

Series A,

5.00%,

9/1/48

4,230

4,269

8,466

#### KENTUCKY

#### 1.4%
Ashland,

Ashland

Medical

Center,

4.00%,

2/1/33

Ashland,

Ashland

Medical

Center,

4.00%,

2/1/35

Ashland,

Ashland

Medical

Center,

4.00%,

2/1/38

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/32

Kentucky

Economic

DFA,

Catholic

Health,

Series C,

VRDN,

3.07%,

5/1/34

9,525

9,525

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37

1,130

1,133

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41

1,000

991

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45

3,030

2,966

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41

1,570

1,575

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50

3,405

3,338

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

5.00%,

5/1/55

3,260

3,386

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

5.25%,

4/1/54

(Tender

2/1/32)

4,295

4,563

Kentucky

Public

Energy

Auth.,

Series B,

VRDN,

5.00%,

1/1/55

(Tender

8/1/32)

7,225

7,565

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28)

5,125

5,116

41,529

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

#### LOUISIANA

#### 1.0%
Louisiana

Gasoline

&

Fuels

Tax,

Second

Lien,

Series A-1,

VRDN,

2.50%,

5/1/43

5,100

5,100

Louisiana

Gasoline

&

Fuels

Tax,

Second

Lien,

Series A-2,

VRDN,

2.50%,

5/1/43

Louisiana

Public

Fac.

Auth.,

Calcasieu

River

Bridge,

5.75%,

9/1/64 (1)

6,190

6,421

Louisiana

Public

Fac.

Auth.,

Waste

Pro

USA

Project,

VRDN,

6.75%,

10/1/53

(Tender

10/1/28) (1)(2)

1,400

1,486

New

Orleans

Aviation

Board,

General

Airport,

Series D-2,

5.00%,

1/1/38 (1)

885

891

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/43

1,315

1,320

New

Orleans

Sewerage

Service,

5.00%,

6/1/40

(Prerefunded

6/1/25) (5)

1,060

1,061

New

Orleans

Sewerage

Service,

5.00%,

6/1/45

(Prerefunded

6/1/25) (5)

950

951

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25) (5)

3,875

3,914

Saint

James

Parish,

Nustar

Logistics,

VRDN,

5.85%,

8/1/41

(Tender

6/1/25) (2)

2,820

2,822

Saint

John

the

Baptist

Parish,

Marathon

Oil,

VRDN,

4.05%,

6/1/37

(Tender

7/1/26)

4,400

4,409

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-3,

VRDN,

2.20%,

6/1/37

(Tender

7/1/26)

1,080

1,060

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series B-2,

VRDN,

2.375%,

6/1/37

(Tender

7/1/26)

705

693

30,278

#### MAINE

#### 0.0%
Fin.

Auth.

of

Maine,

Casella

Waste

Systems,

VRDN,

4.625%,

12/1/47

(Tender

6/1/35) (1)(2)

1,000

989

989

#### MARYLAND

#### 4.9%
Anne

County

Arundel,

GO,

4.00%,

10/1/53

1,000

916

Anne

County

Arundel,

GO,

5.00%,

10/1/46

4,415

4,624

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/36

2,080

2,080

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46

1,575

1,503

Baltimore

City,

Harbor

Point

Project,

4.75%,

6/1/31

2,100

2,088

Baltimore

City,

Wastewater,

Series C,

5.00%,

7/1/33

2,245

2,247

Baltimore

City,

Water,

5.00%,

7/1/31

1,520

1,522

Frederick

County,

Public

Facilities

Project,

Series A,

GO,

2.00%,

10/1/40

9,515

6,594

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Maryland

CDA,

Series A,

4.50%,

9/1/48

1,070

1,081

Maryland

CDA,

Series D,

3.25%,

9/1/50

5,800

5,714

Maryland

DOT,

Series A,

5.25%,

8/1/49 (1)(9)

5,825

5,997

Maryland

DOT,

Series B,

4.00%,

8/1/37 (1)

1,485

1,427

Maryland

DOT,

Series B,

4.00%,

8/1/38 (1)

1,370

1,303

Maryland

DOT,

Series B,

5.00%,

8/1/46 (1)

5,155

5,166

Maryland

Economic

Dev.,

Series A,

5.00%,

11/12/28 (1)

3,700

3,727

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/52 (1)

2,000

1,978

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/55 (1)

10,515

10,393

Maryland

Economic

Dev.,

Annapolis

Mobility

&

Resilience

Project,

5.00%,

12/31/42

2,270

2,303

Maryland

Economic

Dev.,

College

Park

Leonardtown

Project,

5.125%,

7/1/59 (4)

8,225

8,302

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50

810

640

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36

1,020

1,035

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46

4,375

4,390

Maryland

HHEFA,

LifeBridge

Health,

5.00%,

7/1/47

5,000

4,929

Maryland

HHEFA,

LifeBridge

Health,

5.00%,

7/1/54

1,380

1,411

Maryland

HHEFA,

LifeBridge

Health,

5.25%,

7/1/54

3,460

3,598

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/33

3,175

3,178

Maryland

HHEFA,

MedStar

Health,

Series A,

5.00%,

5/15/45

3,790

3,738

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/27

2,155

2,159

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/45

1,315

1,294

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46

1,410

1,197

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51

2,900

2,380

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55

1,295

1,041

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series C-1,

VRDN,

2.60%,

7/1/55

1,100

1,100

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

5.00%,

5/1/35

2,820

2,931

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/42

4,080

4,171

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/47

9,090

9,223

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series B,

5.00%,

5/1/47

1,760

1,876

Maryland

Stadium

Auth.,

Built

to

Learn

Revenue,

Series A,

4.00%,

6/1/52

4,000

3,659

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Montgomery

County,

Consolidated

Public

Improvement

Project,

Series A,

GO,

2.00%,

8/1/41

6,500

4,411

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42

1,760

1,641

Rockville,

Ingleside

at

King

Farm,

Series A-2,

5.00%,

11/1/31

Univ.

System

of

Maryland,

Series A,

4.00%,

4/1/43

2,150

2,071

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36

1,410

1,357

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42

2,115

1,915

Washington

Suburban

Sanitary

Commission,

2.25%,

6/1/39

11,200

8,406

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

4.00%,

6/1/45

3,525

3,322

146,773

#### MASSACHUSETTS

#### 1.2%
Massachusetts,

Series C,

GO,

3.00%,

3/1/47

4,000

2,983

Massachusetts,

Series D,

GO,

5.00%,

10/1/52

5,000

5,163

Massachusetts

Bay

Transportation

Auth.

Sales

Tax

Revenue,

Series B,

5.25%,

7/1/54

9,950

10,506

Massachusetts

Dev.

Fin.

Agency,

Merrimack

College

Student

Housing

Project,

Series A,

5.00%,

7/1/54 (2)

700

674

Massachusetts

Ed.

Fin.

Auth.,

Series B,

4.25%,

7/1/46 (1)

4,825

4,219

Massachusetts

Port

Auth.,

Series B,

4.00%,

7/1/46 (1)

7,500

6,509

Massachusetts

Port

Auth.,

Series C,

5.00%,

7/1/49 (1)

5,000

5,006

35,060

#### MICHIGAN

#### 1.9%
Detroit,

GO,

5.00%,

4/1/27

565

580

Detroit,

GO,

5.50%,

4/1/32

Detroit,

GO,

5.50%,

4/1/34

Detroit,

GO,

5.50%,

4/1/36

Detroit,

GO,

5.50%,

4/1/38

690

726

Detroit,

GO,

5.50%,

4/1/40

Detroit,

GO,

5.50%,

4/1/45

Detroit,

GO,

5.50%,

4/1/50

705

719

Great

Lakes

Water

Auth.,

Sewage

Disposal,

Series A,

5.25%,

7/1/47

7,900

8,379

Great

Lakes

Water

Auth.,

Sewage

Disposal,

Series C,

5.00%,

7/1/36

2,325

2,344

Great

Lakes

Water

Auth.,

Water

Supply,

Series A,

5.25%,

7/1/47

5,885

6,242

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/31

585

559

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/43

885

727

Michigan

Fin.

Auth.

Uni.

of

Detroit

Mercy,

5.625%,

11/1/52

5,450

5,468

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Water

Supply,

Series D-2,

5.00%,

7/1/34

1,585

1,587

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/34

2,275

2,307

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/37

2,470

2,491

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/37

980

1,008

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/38

1,410

1,443

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/39

6,175

6,294

Michigan

Fin.

Auth.,

McLaren

Health

Care,

Series B,

5.00%,

5/15/35

3,525

3,527

Michigan

Trunk

Line

Revenue,

Rebuilding

Michigan

Program,

5.50%,

11/15/49

2,870

3,067

Wayne

County,

Series C,

5.00%,

12/1/37 (1)(2)(4)

7,050

7,118

56,468

#### MINNESOTA

#### 0.9%
Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Private

Activity,

Series B,

5.25%,

1/1/49 (1)

6,000

6,118

Minnesota,

Series B,

GO,

4.00%,

8/1/42

8,000

7,783

Minnesota

Agricultural

&

Economic

Dev.

Board,

Health

Partners

Obligated

Group,

5.25%,

1/1/54

3,425

3,514

Minnesota

Housing

Fin.

Agency,

Series L,

6.50%,

1/1/55

3,135

3,492

Minnesota

Housing

Fin.

Agency,

Series O,

6.25%,

1/1/55

3,000

3,314

Woodbury,

Math

&

Science

Academy,

5.50%,

6/1/55 (2)

2,000

1,886

26,107

#### MISSOURI

#### 0.7%
HEFA

of

Missouri,

Mercy

Health,

3.00%,

6/1/53

4,000

2,791

HEFA

of

Missouri,

Mercy

Health,

5.50%,

12/1/48

2,080

2,187

HEFA

of

Missouri,

SSM

Health,

Series F,

VRDN,

2.50%,

6/1/36

3,400

3,400

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series A,

5.00%,

3/1/57 (1)(4)

5,885

5,849

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48

4,715

4,448

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38

530

533

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48

1,375

1,320

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45

580

517

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47

21,765

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

#### NEBRASKA

#### 0.1%
Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29)

4,035

4,172

4,172

#### NEVADA

#### 0.7%
Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series B,

5.00%,

7/1/27 (1)

4,000

4,124

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/33

1,475

1,552

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/43

7,615

7,688

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40

2,265

2,268

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45

1,790

1,772

Reno-Tahoe

Airport

Auth.,

Reno-Tahoe

Int'l.

Airport,

Series A,

5.25%,

7/1/49 (1)

3,550

3,597

21,001

#### NEW

#### HAMPSHIRE

#### 0.6%
National

Fin.

Auth.,

Series A,

Class

A,

VR,

4.163%,

10/20/51

(Prerefunded

10/20/41) (5)

4,385

4,050

New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34

3,643

3,609

New

Hampshire

Business

Fin.

Auth.,

Series 2023-2,

Class

A,

3.875%,

1/20/38

2,691

2,512

New

Hampshire

Business

Fin.

Auth.,

Series 2024-1,

Class

A,

4.25%,

7/1/51

(Prerefunded

7/20/41) (5)

5,013

4,774

New

Hampshire

Business

Fin.

Auth.,

Series 2024-2,

Class

A,

3.625%,

8/20/39

2,759

2,525

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A-2,

VR,

4.168%,

1/20/41

700

642

18,112

#### NEW

#### JERSEY

#### 2.9%
Hudson

County

Improvement

Auth.,

Hudson

County

Courthouse

Project,

4.00%,

10/1/33

1,410

1,436

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (1)

1,760

1,760

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/39

1,190

1,170

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.00%,

1/1/31 (1)(4)

705

707

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

7/1/42 (1)(4)

775

776

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.375%,

1/1/43 (1)

6,115

6,116

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.625%,

1/1/52 (1)

1,435

1,435

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

New

Jersey

Economic

Dev.

Auth.,

Middlesex

Water,

5.00%,

8/1/59 (1)

705

694

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/37 (1)

4,775

4,818

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47 (1)

3,085

2,990

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/38

705

672

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/44

1,585

1,425

New

Jersey

EFA,

Princeton

Univ.,

Series B,

5.25%,

3/1/54

5,055

5,368

New

Jersey

HCFFA,

Barnabas

Health,

3.00%,

7/1/51

10,100

7,516

New

Jersey

HCFFA,

Hackensack

Meridian

Health,

Series A,

5.25%,

7/1/57

1,410

1,419

New

Jersey

HCFFA,

RWJ

Barnabas

Health,

Series A,

5.00%,

7/1/43

5,625

5,601

New

Jersey

Institute

of

Technology,

Series A,

5.00%,

7/1/40

2,470

2,474

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46

1,260

1,304

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46

(Prerefunded

12/15/32) (5)

1,330

1,516

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42

4,830

4,466

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/41

1,100

1,169

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/42

8,025

8,372

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/46

1,650

1,683

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/42

9,275

8,849

New

Jersey

Turnpike

Auth.,

Series B,

5.25%,

1/1/52

5,050

5,290

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46

7,115

7,143

86,169

#### NEW

#### YORK

#### 10.9%
Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35 (1)

(2) 1,060

1,060

Build

New

York

City

Resource,

Success

Academy

Charter

Schools

Project,

5.00%,

9/1/38

1,485

1,559

Dormitory

Auth.

of

the

State

of

New

York,

Series 2022A,

5.00%,

3/15/46

5,395

5,559

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.00%,

7/1/48

3,800

2,860

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.50%,

3/15/52

2,250

1,761

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

3/15/35

5,150

5,158

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

3/15/51

18,525

19,096

Dormitory

Auth.

of

the

State

of

New

York,

Series B,

4.00%,

3/15/54

8,250

7,527

Dormitory

Auth.

of

the

State

of

New

York,

Series E,

3.00%,

3/15/41

2,000

1,606

Dormitory

Auth.

of

the

State

of

New

York,

Cornell

Univ.,

Series A,

5.50%,

7/1/54

6,625

7,155

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligated

Group,

Series A,

5.00%,

8/1/35

5,175

5,212

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

5.00%,

12/1/27 (2)

1,300

1,300

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series E,

4.00%,

3/15/49

6,000

5,452

Dormitory

Auth.

of

the

State

of

New

York,

School

Dist.,

Unrefunded

Balance,

Series A,

5.00%,

10/1/25

Dormitory

Auth.

of

the

State

of

New

York,

The

New

School,

Series A,

5.00%,

7/1/37

1,840

1,865

Dormitory

Auth.

of

the

State

of

New

York,

Unrefunded

Balance,

Series A,

5.25%,

3/15/52

2,025

2,129

Dormitory

Auth.

of

the

State

of

New

York,

White

Plains

Hosp.

Obligated

Group,

5.25%,

10/1/49

2,100

2,121

Empire

State

Dev.,

Series A,

5.00%,

3/15/50

11,395

11,746

Empire

State

Dev.,

Personal

Income

Tax,

Series C,

5.00%,

3/15/47

3,525

3,614

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56

525

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45

6,060

1,551

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

5.63%,

1/1/55

680

582

Metropolitan

Transportation

Auth.,

Series 2012G-1,

VRDN,

2.55%,

11/1/32

1,655

1,655

Metropolitan

Transportation

Auth.,

Series B,

5.25%,

11/15/26 (4)

2,820

2,904

Metropolitan

Transportation

Auth.,

Green

Bond,

Series A-1,

5.00%,

11/15/49

7,230

7,259

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41 (2)(6)(8)

965

965

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58 (6)(8)

2,097

New

York

City,

Series A-4,

GO,

VRDN,

2.55%,

8/1/44

2,300

2,300

New

York

City,

Series D,

GO,

5.00%,

12/1/42

3,525

3,610

New

York

City,

Series D-1,

GO,

5.50%,

5/1/44

1,175

1,259

New

York

City,

Series D-1,

GO,

5.50%,

5/1/46

1,750

1,864

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

New

York

City

Housing

Dev.,

Spruce

Street,

Series 2024,

Class

E,

4.375%,

12/15/43

(Prerefunded

12/15/31) (5)

2,820

2,846

New

York

City

Housing

Dev.,

Spruce

Street,

Series 2024,

Class

F,

5.25%,

12/15/43

(Prerefunded

12/15/31) (5)

550

556

New

York

City

Housing

Dev.,

Sustainable

Bonds,

Series C,

2.75%,

2/1/51

4,850

3,206

New

York

City

Housing

Dev.,

Sustainable

Bonds,

Series F-1-A,

5.00%,

11/1/54

2,490

2,457

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA,

5.00%,

6/15/51

3,200

3,317

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA-1,

5.25%,

6/15/52

2,750

2,873

New

York

City

Municipal

Water

Fin.

Auth.,

Series BB-2,

VRDN,

2.55%,

6/15/53

18,000

18,000

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC-1,

5.25%,

6/15/54

4,025

4,234

New

York

City

Municipal

Water

Fin.

Auth.,

Series DD,

4.125%,

6/15/46

1,250

1,185

New

York

City

Municipal

Water

Fin.

Auth.,

Series EE,

5.00%,

6/15/40

6,805

6,906

New

York

City

Transitional

Fin.

Auth.,

Series E,

5.00%,

11/1/53

3,625

3,733

New

York

City

Transitional

Fin.

Auth.,

Series F-1,

5.25%,

2/1/53

18,500

19,403

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.25%,

11/1/45

5,000

5,346

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.50%,

11/1/51

2,250

2,419

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

4.00%,

11/1/37

1,060

1,041

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series A-1,

4.00%,

11/1/38

3,210

3,131

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series B-1,

5.00%,

8/1/38

3,525

3,612

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series C-1,

4.00%,

5/1/39

1,175

1,143

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series C-1,

4.00%,

5/1/44

2,370

2,200

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series F-1,

5.25%,

2/1/40

3,500

3,794

New

York

Liberty

Dev.,

World

Trade

Center,

Series 1WTC,

3.00%,

2/15/42

6,525

5,102

New

York

Liberty

Dev.,

World

Trade

Center,

Series 1WTC,

4.00%,

2/15/43

1,030

944

New

York

Liberty

Dev.,

World

Trade

Center,

Series 2,

Class

2,

5.15%,

11/15/34 (2)

1,230

1,230

New

York

Liberty

Dev.,

World

Trade

Center,

Series 2,

Class

2,

5.375%,

11/15/40 (2)

2,470

2,470

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

New

York

Liberty

Dev.,

Bank

of

America

Tower

at

One

Bryant

Park,

Class

3,

2.80%,

9/15/69

2,010

1,835

New

York

State

Dormitory

Auth.,

Series E,

3.00%,

3/15/51

3,000

2,098

New

York

State

Housing

Fin.

Agency,

Series L-2,

0.75%,

11/1/25

(Prerefunded

5/1/25) (5)

1,675

1,675

New

York

State

Housing

Fin.

Agency,

Series M-2,

0.75%,

11/1/25

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/38

13,930

13,716

New

York

State

Thruway

Auth.,

Green

Bond,

Series C,

5.00%,

3/15/53

5,290

5,405

New

York

Transportation

Dev.,

5.00%,

12/1/39 (1)

1,025

1,038

New

York

Transportation

Dev.,

5.00%,

12/1/40 (1)

675

682

New

York

Transportation

Dev.,

5.00%,

12/1/41 (1)

675

678

New

York

Transportation

Dev.,

5.00%,

12/1/42 (1)

675

673

New

York

Transportation

Dev.,

5.125%,

6/30/60 (1)(4)

3,500

3,516

New

York

Transportation

Dev.,

5.25%,

6/30/60 (1)(4)

5,430

5,506

New

York

Transportation

Dev.,

5.375%,

6/30/60 (1)

4,145

4,155

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (1)

1,025

1,025

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/27 (1)

6,000

6,075

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

1/1/34 (1)

2,115

2,132

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35 (1)

6,960

7,055

New

York

Transportation

Dev.,

JFK

Airport

Terminal

Redev.

Project,

Series A,

5.25%,

12/31/54 (1)(9)

19,070

19,362

New

York

Transportation

Dev.,

JFK

Airport

Terminal

Redev.

Project,

Series A,

5.50%,

12/31/60 (1)

8,760

8,892

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

University

Project,

4.00%,

12/1/41

1,900

1,832

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

University

Project,

4.00%,

12/1/49

6,000

5,397

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 206,

5.00%,

11/15/42 (1)

4,475

4,484

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 223,

4.00%,

7/15/61 (1)

3,250

2,726

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 236,

5.00%,

1/15/47 (1)

9,500

9,522

Suffolk

County

Water

Auth.,

Series B,

3.25%,

6/1/42

4,400

3,671

325,763

#### NORTH

#### CAROLINA

#### 2.9%
Charlotte

Water

&

Sewer

System

Revenue,

5.00%,

7/1/54

10,000

10,433

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare

System,

Series B,

VRDN,

2.35%,

1/15/38

4,700

4,700

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare

System,

Series C,

VRDN,

2.35%,

1/15/37

900

900

Forsyth

County,

Series B,

GO,

2.00%,

3/1/37

4,150

3,167

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47 (1)(4)

7,615

7,947

North

Carolina

Housing

Fin.

Agency,

Series A,

4.70%,

7/1/50

4,250

4,222

North

Carolina

Housing

Fin.

Agency,

Series A,

6.25%,

1/1/55

5,315

5,732

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/35

705

692

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/39

1,020

1,012

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/44

1,490

1,417

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/49

705

652

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/40

3,955

3,955

North

Carolina

Municipal

Power

Agency

#1,

Catawba,

Series A,

5.00%,

1/1/28

2,395

2,417

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/40

7,900

8,058

North

Carolina

Turnpike

Auth.,

Triangle

Expressway,

Series A,

5.00%,

1/1/58 (4)

22,000

22,141

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/35 (1)

705

730

Union

County,

Series C,

GO,

2.50%,

9/1/37

4,590

3,733

Union

County,

Series C,

GO,

2.50%,

9/1/38

4,000

3,177

85,085

#### OHIO

#### 1.7%
Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55

17,025

14,855

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/40

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/41

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/51

2,705

2,272

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52

3,395

3,384

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57

2,425

2,399

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/44

2,855

2,663

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/51

3,945

3,567

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/36

1,060

1,063

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/46

2,960

2,871

Hamilton

County,

Life

Enriching

Communities,

Series A,

5.00%,

1/1/52

705

676

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Ohio,

Series A,

5.00%,

1/15/50

5,640

5,607

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.25%,

1/15/38 (1)(2)

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.50%,

1/15/48 (1)(2)

1,090

987

Ohio

Higher

Ed.

Fac.

Commission,

Cleveland

Clinic

Health

System,

Series B-4,

VRDN,

2.45%,

1/1/43

2,800

2,800

Ohio

Housing

Fin.

Agency,

Silver

Birch

Of

Mansfield

Project,

6.00%,

1/1/45 (2)

1,625

1,555

Port

of

Greater

Cincinnati

Dev.

Auth.,

Duke

Energy

Convention

Center

Project,

Series B,

4.375%,

12/1/58 (4)

2,985

2,798

Port

of

Greater

Cincinnati

Dev.

Auth.,

RBM

Phase

Garage

Project,

5.00%,

12/1/44

1,000

952

Port

of

Greater

Cincinnati

Dev.

Auth.,

RBM

Phase

Garage

Project,

5.125%,

12/1/55

49,537

#### OKLAHOMA

#### 1.0%
Oklahoma

County

Fin.

Auth.,

Series EX,

2.00%,

12/1/47

Oklahoma

County

Fin.

Auth.,

Series EX,

5.875%,

12/1/47

768

560

Oklahoma

DFA,

OU

Medicine

Project,

Series B,

5.25%,

8/15/48

1,115

1,120

Oklahoma

Turnpike

Auth.,

Senior,

4.50%,

1/1/53

3,800

3,695

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53

14,760

15,594

Oklahoma

Turnpike

Auth.,

Senior,

Series A,

5.50%,

1/1/54

5,575

6,004

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45

1,640

1,613

28,594

#### OREGON

#### 0.7%
Oregon

Fac.

Auth.,

Legacy

Health,

Series B,

5.00%,

6/1/30

1,700

1,812

Port

of

Portland

Airport,

Series 24B,

5.00%,

7/1/42 (1)

2,115

2,117

Port

of

Portland

Airport,

Series A,

4.00%,

7/1/39 (1)

3,525

3,333

Port

of

Portland

Airport,

Series THIRT,

5.25%,

7/1/54 (1)

12,500

12,719

19,981

#### PENNSYLVANIA

#### 2.2%
Allegheny

County

Airport

Auth.,

Pittsburgh

Int'l.

Airport,

Series A,

5.50%,

1/1/53 (1)(4)

7,500

7,771

Cumberland

County

Municipal

Auth.,

Asbury

Obligated

Group,

4.50%,

1/1/40 (2)

3,035

2,698

Delaware

Valley

Regional

Fin.

Auth.,

Series B,

VRDN,

2.75%,

6/1/42

1,600

1,600

Doylestown

Hosp.

Auth.,

5.00%,

7/1/49

(Prerefunded

7/1/29) (5)

Doylestown

Hosp.

Auth.,

Doylestown

Hosp.,

5.00%,

7/1/49

2,340

2,313

Franklin

County

IDA,

Menno

Haven,

5.00%,

12/1/38

705

668

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/34

1,940

2,003

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/37

1,760

1,798

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44 (1)

2,500

2,504

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/39 (1)

2,250

2,376

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.75%,

6/30/48 (1)

3,935

4,046

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

6.00%,

6/30/61 (1)

6,520

6,818

Pennsylvania

Housing

Fin.

Agency,

Series 144A,

6.00%,

10/1/54

3,460

3,706

Pennsylvania

Housing

Fin.

Agency,

Series 146A,

6.25%,

10/1/54

4,500

4,893

Pennsylvania

Housing

Fin.

Agency,

Series SER-145A,

6.00%,

10/1/54

2,060

2,215

Philadelphia

IDA,

Saint

Josephs

Univ.,

5.25%,

11/1/52

3,565

3,636

Philadelphia

IDA,

The

Children's

Hosp.

of

Philadelphia

Project,

Series A,

5.50%,

7/1/53

8,920

9,583

Philadelphia

IDA,

The

Children's

Hosp.

of

Philadelphia

Project,

Series B-2,

VRDN,

2.40%,

7/1/54

3,840

3,840

State

Public

School

Building

Auth.,

Series A,

5.00%,

6/1/32 (4)

3,525

3,559

66,303

#### PUERTO

#### RICO

#### 3.9%
Puerto

Rico

Commonwealth,

VR,

GO,

11/1/43 (11)

10,427

6,230

Puerto

Rico

Commonwealth,

VR,

GO,

11/1/51 (11)

14,111

8,643

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

4.00%,

7/1/42 (2)

2,285

1,962

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/25 (2)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/33 (2)

1,050

1,073

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

4.00%,

7/1/42 (2)

3,525

3,027

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

5.00%,

7/1/25 (2)

1,165

1,167

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

5.00%,

7/1/33 (2)

3,965

4,058

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/28 (2)

1,205

1,229

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (2)

2,915

2,964

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (2)

5,250

5,326

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/29 (2)

2,225

2,280

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (2)

1,200

1,215

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33

1,569

1,052

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

1,219

1,164

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

1,095

1,019

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

2,265

2,077

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

1,278

1,088

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25

2,333

2,336

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

8,662

8,832

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29

1,324

1,376

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

3,227

3,421

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (8)

(12) 35

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (8)(12)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (8)(12)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (8)(12)

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (8)

(12) 170

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (8)

(12) 660

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (8)

(12) 215

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (8)

(12) 260

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (8)

(12) 1,575

874

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/37 (8)

(12) 500

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (8)

(12) 680

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (8)

(12) 165

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (8)

(12) 140

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (8)

(12) 60

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (8)

(12) 160

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (8)

(12) 125

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (8)

(12) 40

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (8)

(12) 70

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (8)

(12) 55

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (8)

(12) 525

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (8)

(12) 120

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (8)

(12) 60

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40

1,540

1,454

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53

26,172

24,285

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58

13,608

12,993

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27

3,729

3,409

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

5,900

4,142

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46

12,428

3,987

115,610

#### RHODE

#### ISLAND

#### 0.0%
Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (6)(8)

#### SOUTH

#### CAROLINA

#### 0.6%
Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32

1,308

782

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42

3,686

1,050

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51

5,236

666

Patriots

Energy

Group

Fin.

Agency,

Series B-1,

VRDN,

5.25%,

2/1/54

(Tender

3/1/31)

3,525

3,741

South

Carolina

Jobs-Economic

Dev.

Auth.,

Active

Retirement

Community,

Series C,

5.00%,

11/15/47

1,355

1,312

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/35

1,530

1,559

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/36

3,525

3,579

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series C,

VRDN,

2.50%,

5/1/48

South

Carolina

Public

Service

Auth.,

Series A,

4.00%,

12/1/36

4,000

3,905

17,089

#### SOUTH

#### DAKOTA

#### 0.5%
South

Dakota

HEFA,

Avera

Health,

Series A,

4.25%,

7/1/49

9,275

8,752

South

Dakota

HEFA,

Avera

Health,

Series A,

5.25%,

7/1/54

7,125

7,350

16,102

#### TENNESSEE

#### 1.2%
Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

5.00%,

7/1/36

2,290

2,329

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/54 (3)

1,000

1,048

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/59 (3)

1,500

1,563

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series B-1,

5.125%,

7/1/54 (3)

3,030

3,054

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Univ.

of

Tennessee

Project,

Series B-1,

5.00%,

7/1/49 (3)

1,200

1,213

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

The

Vanderbilt

Univ.,

5.00%,

10/1/54

7,500

7,735

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/40

1,090

1,091

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/44 (1)

2,115

2,120

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.50%,

7/1/52 (1)

7,405

7,644

Shelby

County

Health

&

Ed.

Fac.

Board,

Madrone

Memphis

Student

Housing

I,

Series A-1,

5.00%,

6/1/44 (2)

850

818

Tennergy,

Series A,

VRDN,

5.00%,

10/1/54

(Tender

12/1/29)

6,900

7,177

35,792

#### TEXAS

#### 11.5%
Aldine

Independent

School

Dist.,

GO,

4.00%,

2/15/54

3,805

3,404

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.50%,

6/15/44 (2)

500

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.75%,

6/15/49 (2)

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.875%,

6/15/54 (2)

3,370

3,094

Arlington

Higher

Ed.

Fin.,

Harmony

Public

Schools,

4.00%,

2/15/44

12,900

11,917

Arlington

Higher

Ed.

Fin.,

KIPP

Texas,

4.00%,

8/15/42

5,815

5,497

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/47

1,780

1,840

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/52

5,155

5,293

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

4.50%,

8/15/53

4,500

4,293

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

5.00%,

8/15/48

1,300

1,338

Austin

Airport

System

Revenue,

5.00%,

11/15/43 (1)

1,000

1,010

Austin

Airport

System

Revenue,

5.00%,

11/15/52 (1)

2,000

1,989

Austin

Airport

System

Revenue,

5.25%,

11/15/47 (1)

1,555

1,587

Austin

Airport

System

Revenue,

Series B,

5.00%,

11/15/41 (1)

2,770

2,771

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34

915

900

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/26

740

739

Austin

Water

&

Wastewater

System

Revenue,

5.00%,

11/15/53

24,850

25,631

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series A,

3.50%,

8/15/50

8,000

6,508

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

4.00%,

8/15/54

7,425

6,737

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

5.00%,

8/15/49

5,000

5,369

Central

Texas

Regional

Mobility

Auth.,

Series A,

5.00%,

1/1/28

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/46

6,300

6,381

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/36

10,000

10,813

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/39

1,550

1,657

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/41

8,880

9,336

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

6.125%,

8/15/48

3,000

3,000

Conroe

Independent

School

Dist.,

GO,

5.00%,

2/15/49

5,000

5,160

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/29

1,765

1,767

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/31

1,005

1,005

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/32

800

796

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/33

800

791

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.625%,

12/31/55 (2)

1,560

1,473

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.875%,

12/31/45 (2)

575

543

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

6.125%,

12/31/55 (2)

925

868

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Fort

Bend

Independent

School

Dist.,

Series A,

GO,

4.00%,

8/15/49

4,600

4,197

Grand

Parkway

Transportation,

Grand

Parkway

System,

4.00%,

10/1/49 (4)

4,850

4,361

Harris

County

Cultural

Ed.

Fac.

Fin.,

Series C-1,

TECP,

2.55%,

5/1/25

5,500

5,500

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presbyterian

Homes,

Series B,

6.375%,

1/1/33

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.,

Series B,

VRDN,

2.45%,

12/1/59

4,815

4,815

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/31

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/33

4,635

4,739

Harris

County

Toll

Road

Revenue,

Series A,

4.00%,

8/15/49

12,385

11,089

Harris

County

Toll

Road

Revenue,

Series A,

4.00%,

8/15/54

5,950

5,215

Harris

County-Houston

Sports

Auth.,

Second

Lien,

Series B,

5.00%,

11/15/44 (9)

2,025

2,082

Harris

County-Houston

Sports

Auth.,

Second

Lien,

Series B,

5.00%,

11/15/46 (9)

4,000

4,095

Houston

Airport,

Series A,

5.00%,

7/1/36 (1)

775

784

Houston

Airport,

Series A,

5.00%,

7/1/37 (1)

1,495

1,508

Houston

Airport,

Series A,

5.00%,

7/1/41 (1)

2,290

2,296

Houston

Airport,

Series A,

5.25%,

7/1/42 (1)(4)

5,000

5,245

Houston

Airport,

Series A,

5.25%,

7/1/43 (1)(4)

1,550

1,615

Houston

Airport,

Series B-1,

5.00%,

7/15/35 (1)

1,760

1,731

Houston

Airport,

Series C,

5.00%,

7/1/31 (1)

2,115

2,173

Houston

Airport,

Series C,

5.00%,

7/1/32 (1)

2,645

2,712

Houston

Airport

System

Revenue,

United

Airlines,

Series B,

5.50%,

7/15/37 (1)

2,450

2,481

Hurst-Euless-Bedford

Independent

School

Dist.,

GO,

4.00%,

8/15/50

3,600

3,269

Joint

Guadalupe

County

-

Seguin

Hosp.,

Board

of

Managers

Guadalupe

Regional

Medical

Center,

5.00%,

12/1/29

1,200

1,201

Joint

Guadalupe

County

-

Seguin

Hosp.,

Board

of

Managers

Guadalupe

Regional

Medical

Center,

5.00%,

12/1/40

1,330

1,268

Judson

Independent

School

Dist.,

GO,

4.00%,

2/1/53

5,105

4,547

Mansfield

Independent

School

Dist.,

GO,

4.00%,

2/15/54

4,850

4,332

Midland

Independent

School

Dist.,

GO,

5.00%,

2/15/47

4,075

4,195

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31 (1)(2)

4,755

4,715

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36

525

527

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43

855

856

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48

2,485

2,486

New

Braunfels

Independent

School

Dist.,

GO,

4.00%,

2/1/52

2,500

2,235

New

Hope

Cultural

Ed.

Fac.

Fin.,

Exchange

Buckingham

Senior

Living,

Series B,

VR,

2.00%,

11/15/61

(2.00%

PIK) (7)(8)

843

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/35

705

669

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49

1,210

1,081

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/37

3,525

3,573

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/39

5,260

5,275

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/40

7,100

7,455

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/41

6,700

7,069

Northwest

Independent

School

Dist.,

Series A,

GO,

5.00%,

2/15/49

10,000

10,289

Permanent

University

Fund

-

Univ.

of

Texas

System,

Series 2022A,

4.00%,

7/1/42

3,600

3,369

Port

of

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast

Energy

Project,

Series A,

5.125%,

1/1/44 (1)(2)

1,100

1,057

Spring

Branch

Independent

School

Dist.,

GO,

5.00%,

2/1/42

2,370

2,494

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/28

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/37

780

781

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/40

865

853

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/46

1,940

1,831

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

High

School,

Series A,

5.00%,

11/15/45 (8)(13)

1,632

—

Texas,

Series A,

GO,

4.125%,

8/1/46 (1)

8,850

8,033

Texas,

Series A,

GO,

5.00%,

8/1/41 (1)

6,030

6,068

Texas,

Series A,

GO,

5.00%,

8/1/42 (1)

6,335

6,330

Texas

Dept.

of

Housing

&

Community

Affairs,

Series A,

5.75%,

1/1/56

7,000

7,597

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26

Texas

Municipal

Gas

Acquisition

&

Supply

IV,

Series A,

VRDN,

5.50%,

1/1/54

(Tender

1/1/30)

3,500

3,693

Texas

Municipal

Gas

Acquisition

&

Supply

V,

VRDN,

5.00%,

1/1/55

(Tender

1/1/34)

14,950

15,541

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Texas

Private

Activity

Bond

Surface

Transportation,

Segment

3C

Project,

5.00%,

6/30/58 (1)

5,000

4,852

Texas

Private

Activity

Bond

Surface

Transportation,

Senior

Lien,

North

Tarrant

Express

Project,

5.50%,

12/31/58 (1)

5,620

5,761

Texas

Transportation

Commission,

First

Tier

Toll,

State

Highway,

5.00%,

8/1/57

4,090

4,093

341,360

#### UTAH

#### 1.7%
Black

Desert

Public

Infrastructure

Dist.,

Black

Desert

Assessment

Area,

5.625%,

12/1/53 (2)

3,875

3,765

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 1,

5.125%,

6/15/54 (2)

2,175

1,971

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

5.75%,

6/15/44 (2)

940

928

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

6.00%,

6/15/54 (2)

980

981

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/34 (1)

5,000

5,206

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/43 (1)

5,000

5,011

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/47 (1)

14,490

14,483

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/51 (1)

7,000

6,972

Salt

Lake

City

Airport,

Series A,

5.25%,

7/1/53 (1)

3,000

3,030

Salt

Lake

City

Airport,

Series A,

5.50%,

7/1/53 (1)

4,150

4,307

SkyRidge

Pegasus

Infrastructure

Fin.

Dist.,

SkyRidge

Pegasus

Assessment

Area,

5.25%,

12/1/44 (2)

3,087

2,895

49,549

#### VIRGINIA

#### 3.7%
Alexandria,

GO,

4.00%,

12/15/42

5,350

5,218

Arlington

County

IDA,

Virginia

Hosp.

Center,

3.75%,

7/1/50

2,285

1,883

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31)

5,000

5,322

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/41 (4)

3,035

3,054

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/46

5,150

5,144

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/51

2,165

2,141

Fairfax

County,

Series A,

GO,

2.00%,

10/1/41

5,625

3,756

Fairfax

County,

Series A,

GO,

4.00%,

10/1/41

3,345

3,274

Fairfax

County

IDA,

Inova

Health

System,

Series A,

4.00%,

5/15/44

3,500

3,267

Fairfax

County

IDA,

Inova

Health

System,

Series A,

5.00%,

5/15/31

1,410

1,429

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/31

(Prerefunded

6/15/25) (5)

3,265

3,271

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

4.00%,

7/1/52

2,665

2,391

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.00%,

7/1/47

5,755

5,969

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/37

3,080

2,282

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/38

3,075

2,213

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/39

3,075

2,153

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

VRDN,

5.00%,

11/1/48

(Tender

11/1/28)

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic

Obligated

Group,

Series A,

4.00%,

7/1/51

1,660

1,501

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/36

1,460

1,472

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

Series A,

4.00%,

2/1/43

10,740

10,192

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Financing

Program,

Series A,

4.00%,

9/1/43

4,360

4,178

Virginia

Housing

Dev.

Auth.,

Series G,

5.15%,

11/1/52

1,150

1,172

Virginia

Housing

Dev.

Auth.,

Series G,

5.25%,

11/1/57

1,995

2,041

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

3.00%,

1/1/41 (1)

1,950

1,503

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37 (1)

8,890

8,322

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/38 (1)

4,415

4,097

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes

Project,

4.00%,

1/1/42 (1)

1,045

923

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes

Project,

4.00%,

1/1/48 (1)

4,650

3,882

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/49 (1)

705

685

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/52 (1)

6,680

6,402

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/56 (1)

7,220

6,849

Williamsburg

Economic

Dev.

Auth.,

William

and

Mary

Project,

Series A,

4.125%,

7/1/58 (4)

3,945

3,549

109,908

#### WASHINGTON

#### 2.2%
Central

Puget

Sound

Regional

Transit

Auth.,

Series S-1,

5.00%,

11/1/46

3,000

3,253

Energy

Northwest,

Columbia

Generating

Station,

4.00%,

7/1/42

2,000

1,890

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/37

1,620

1,718

Port

of

Seattle,

Intermediate

Lien,

5.00%,

8/1/33 (1)

3,000

3,181

Port

of

Seattle,

Intermediate

Lien,

Series B,

5.25%,

7/1/49 (1)

15,495

15,929

Seattle

Municipal

Light

&

Power

Revenue,

5.00%,

10/1/54

9,530

9,813

Skagit

County

Public

Hosp.

Dist.

No.

1,

5.50%,

12/1/44

1,000

1,031

Washington,

Series C,

GO,

5.00%,

2/1/36

4,700

5,063

Washington

State

Convention

Center

Public

Fac.

Dist.,

Green

Notes,

4.00%,

7/1/31

2,625

2,621

Washington

State

Housing

Fin.

Commission,

Radford

Court

and

Nordheim

Court,

5.00%,

7/1/54

4,085

3,953

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2021-1,

Class

A,

3.50%,

12/20/35

4,829

4,446

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2023-1,

Class

A,

3.375%,

4/20/37

9,869

8,886

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55 (2)

3,525

3,021

64,805

#### WEST

#### VIRGINIA

#### 0.1%
Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37 (2)

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (2)

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

7.00%,

6/1/43 (2)

500

512

West

Virginia

Economic

Dev.

Auth.,

Series RE,

VRDN,

4.70%,

4/1/36

(Tender

6/17/26) (1)

1,150

1,157

2,323

#### WISCONSIN

#### 2.0%
PFA,

Aggie

Apartment

Life

Holding

Corp.

II,

Series A,

5.25%,

6/1/54

1,625

1,602

PFA,

Campus

Real

Estate

Holding,

Series A,

5.00%,

6/1/35 (14)

1,100

1,131

PFA,

CHF

Manoa,

Residences

for

Graduate

Students,

Series A,

5.75%,

7/1/53 (2)

3,000

3,067

PFA,

Eastern

Michigan

Univ.,

Series A-1,

5.375%,

7/1/47 (3)

4,880

4,982

PFA,

Kahala

Nui

Project,

5.25%,

11/15/55

850

868

PFA,

Kahala

Nui

Project,

5.25%,

11/15/61

4,205

4,244

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series A,

5.00%,

6/15/37

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series A,

5.25%,

6/15/45

1,000

1,023

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series A,

5.25%,

6/15/55

1,725

1,737

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par

#### $

#### Value
(Amounts

in

000s)

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series B,

5.50%,

6/15/55

1,475

1,488

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series C,

5.00%,

6/15/35

500

505

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series C,

5.75%,

6/15/55

1,420

1,403

PFA,

Roseman

Univ.,

5.00%,

4/1/40

(Prerefunded

4/1/30) (2)(5)

PFA,

Roseman

Univ.,

5.00%,

4/1/50

(Prerefunded

4/1/30) (2)(5)

PFA,

Unrefunded

Balance,

5.00%,

4/1/40 (2)

PFA,

Unrefunded

Balance,

5.00%,

4/1/50 (2)

670

616

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series C,

VRDN,

2.50%,

4/1/54

14,500

14,500

Wisconsin

HEFA,

Chiara

Housing

and

Services,

5.875%,

7/1/55

2,730

2,647

Wisconsin

Housing

&

Economic

Dev.

Auth.

Home

Ownership

Revenue,

Series B,

6.00%,

3/1/55

3,360

3,610

Wisconsin

Housing

&

Economic

Dev.

Auth.

Home

Ownership

Revenue,

Series C,

3.00%,

9/1/52

3,665

3,565

Wisconsin

PFA,

Celanese,

Series B,

5.00%,

12/1/25 (1)

705

705

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/42

1,205

1,217

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52

2,730

2,641

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.00%,

6/1/52 (2)

2,570

2,289

Wisconsin

PFA,

Southminster,

5.00%,

10/1/43 (2)

2,325

2,205

Wisconsin

PFA,

Southminster,

5.00%,

10/1/48 (2)

705

645

Wisconsin

PFA,

Southminster,

5.00%,

10/1/53 (2)

740

661

Wisconsin

PFA,

Univ.

of

Hawaii

Foundation

Project,

Series A-1,

4.00%,

7/1/61 (2)

1,165

861

58,993

#### Total

#### Municipal

#### Securities

#### (Cost

#### $3,051,080)

#### 2,934,843

#### NON-U.S.

#### GOVERNMENT

#### MORTGAGE-BACKED

#### SECURITIES 0.1%
Freddie

Mac

Multifamily,

Class

A,

2.046%,

6/25/38

4,113

3,376

#### Total

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities

#### (Cost

#### $4,219)

#### 3,376

#### Total

#### Investments

#### in

#### Securities

#### 98.7%

#### of

#### Net

#### Assets

#### (Cost

#### $3,055,299)

#### $

#### 2,938,219
T. ROWE

PRICE

Summit

Municipal

Income

Fund

‡

Par

is

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

$180,579

and

represents

6.1%

of

net

assets.

(3) Insured

by

Build

America

Mutual

Assurance

Company

(4) Insured

by

Assured

Guaranty

Municipal

Corporation

(5) Prerefunded

date

is

used

in

determining

portfolio

maturity.

(6) Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8) Non-income

producing

(9) Insured

by

Assured

Guaranty

Corporation

(10) Insured

by

National

Public

Finance

Guarantee

Corporation

(11) 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.

(12) Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(13) Obligor

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14) When-issued

security

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

HCFFA

Health

Care

Facilities

Financing

Authority

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HFFA

Health

Facility

Financing

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

PCR

Pollution

Control

Revenue

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

RAC

Revenue

Anticipation

Certificate

SPMUV7DY

S&P

Municipal

Day

High

Grade

Yield

T. ROWE

PRICE

Summit

Municipal

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TECP

Tax-Exempt

Commercial

Paper

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

Income

Fund

April

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$3,055,299)

$

2,938,219

Interest

receivable

40,788

Receivable

for

investment

securities

sold

3,100

Receivable

for

shares

sold

2,435

Due

from

affiliates

Cash

Other

assets

Total

assets

2,984,700

#### Liabilities
Payable

for

shares

redeemed

5,498

Payable

for

investment

securities

purchased

1,122

Investment

management

fees

payable

797

Payable

to

directors

Other

liabilities

1,717

Total

liabilities

9,135

Commitments

and

Contingent

Liabilities

(note

5)

#### NET

#### ASSETS

#### $

#### 2,975,565
T. ROWE

PRICE

Summit

Municipal

Income

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)

$

(239,378)

Paid-in

capital

applicable

to

271,932,985

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

3,214,943

#### NET

#### ASSETS

#### $

#### 2,975,565

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,163,969;

#### Shares

#### outstanding:

#### 106,399,421)

#### $

#### 10.94

#### Advisor

#### Class

#### (Net

#### assets:

#### $2,239;

#### Shares

#### outstanding:

#### 204,639)

#### $

#### 10.94

#### I

#### Class

#### (Net

#### assets:

#### $1,809,357;

#### Shares

#### outstanding:

#### 165,328,925)

#### $

#### 10.94
T. ROWE

PRICE

Summit

Municipal

Income

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)

Interest

income

$

60,533

Expenses

Investment

management

4,894

Shareholder

servicing

Investor

Class

$

916

Advisor

Class

I

Class

952

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(281) Total

expenses

5,873

Net

investment

income

54,660

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

loss

on

securities

(19,194)

Change

in

net

unrealized

gain

/

loss

on

securities

(78,710)

Net

realized

and

unrealized

gain

/

loss

(97,904)

#### DECREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### (43,244)
T. ROWE

PRICE

Summit

Municipal

Income

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

$

54,660

$

86,892

Net

realized

loss

(19,194)

(20,629)

Change

in

net

unrealized

gain

/

loss

(78,710)

212,475

Increase

(decrease)

in

net

assets

from

operations

(43,244)

278,738

Distributions

to

shareholders

Net

earnings

Investor

Class

(20,590)

(35,938)

Advisor

Class

(36) (49) I

Class

(33,269)

(49,778)

Decrease

in

net

assets

from

distributions

(53,895)

(85,765)

Capital

share

transactions

\*

Shares

sold

Investor

Class

143,181

402,553

Advisor

Class

1,844

I

Class

353,035

885,238

Distributions

reinvested

Investor

Class

18,904

32,774

Advisor

Class

I

Class

24,986

37,567

Shares

redeemed

Investor

Class

(188,930)

(242,865)

Advisor

Class

(103) (167) I

Class

(317,074)

(468,290)

Increase

in

net

assets

from

capital

share

transactions

34,324

648,703

T. ROWE

PRICE

Summit

Municipal

Income

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
Increase

(decrease)

during

period

(62,815)

841,676

Beginning

of

period

3,038,380

2,196,704

#### End

#### of

#### period

#### $

#### 2,975,565

#### $

#### 3,038,380
\*Share

information

(000s)

Shares

sold

Investor

Class

12,763

35,704

Advisor

Class

I

Class

31,640

78,667

Distributions

reinvested

Investor

Class

1,687

2,911

Advisor

Class

I

Class

2,230

3,334

Shares

redeemed

Investor

Class

(16,888)

(21,718)

Advisor

Class

(9) (15) I

Class

(28,685)

(41,877)

Increase

in

shares

outstanding

2,767

57,176

T. ROWE

PRICE

Summit

Municipal

Income

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

Income

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks a

high

level

of

income

exempt

from

federal

income

taxes.

The

fund

has three classes

of

shares:

the

Summit

Municipal

Income

Fund

(Investor

Class),

the

Summit

Municipal

Income

Fund–Advisor

Class

(Advisor

Class)

and

the

Summit

Municipal

Income

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

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

T. ROWE

PRICE

Summit

Municipal

Income

Fund

penalties,

if

incurred,

are

recorded

as

income

tax

expense. 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.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### 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

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

T. ROWE

PRICE

Summit

Municipal

Income

Fund

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;On

April

30,

2025

,

all

of

the

fund's

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### 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.

#### 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, short-term

and

U.S.

government securities

aggregated $421,519,000 and

$426,098,000,

respectively,

for

the

six

months ended

April

30,

2025. T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### 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

$108,712,000

of

available

capital

loss

carryforwards.

At

April

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$3,055,909,000.

Net

unrealized

loss

aggregated

$117,690,000

at

period-end,

of

which

$8,734,000

related

to

appreciated

investments

and

$126,424,000

related

to

depreciated

investments.

#### NOTE

#### 5

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.04%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

April

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

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.

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 $1,153,000 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.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

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

$62,000

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

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

$35,426,000

and

$15,672,000,

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

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class
Expense

limitation

0.45%

0.45%

0.45%

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)

$(280)

$(1)

$—

T. ROWE

PRICE

Summit

Municipal

Income

Fund

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(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

Income

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

Income

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

Income

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

Income

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

second

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

Income

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.*

F84-051

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. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d940555dex99cert.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.](d940555dex99906ce.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 Income 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 Income 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 Income 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 |

---