# EDGAR Filing Document

**Accession Number:** 0000912029
**File Stem:** 0001193125-25-329887
**Filing Date:** 2025-12
**Character Count:** 198470
**Document Hash:** b5dfc61c442cfc9414ca366bbe2569b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329887.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329887

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07095
- **FILM NUMBER:** 251595499

**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

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: October 31, 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](g830294g68a61.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Income Fund

# Investor Class (PRINX)
This annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 2024 to October 31, 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 year?** (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 | $46 | 0.45% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended October 31, 2025, as solid investor demand absorbed record levels of tax-exempt bond issuance during the period. Fixed income performance was supported by Federal Reserve rate cuts, falling Treasury yields across most of the curve, and generally resilient economic data.

* Compared with the Bloomberg Municipal Bond Index, the fund's positioning around market volatility contributed positively to performance, as municipal bond prices fluctuated less than anticipated. The fund's longer-than-benchmark average duration profile also contributed, and coupon payments generated by the portfolio's holdings further boosted performance.

* Conversely, security selection within the revenue sector detracted from relative results as selection decisions in the dedicated tax, lease/appropriation, and airport revenue segments weighed on performance. The fund's positioning along the yield curve also detracted, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened.

* The fund seeks a high level of income exempt from federal income taxes. We maintained a preference for revenue bonds over general obligation debt as a result of our concerns about the fiscal challenges and political uncertainty that many state and local governments face, with overweight allocations to airport, toll road, and industrial revenue/pollution control revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $25,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph.](g830294g16h50.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Regulatory/Strategy Benchmark** |
| **2015** | 25000 | 25000 |
| **2016** | 25634 | 25577 |
| **2016** | 26039 | 25888 |
| **2016** | 26594 | 26387 |
| **2016** | 26254 | 26015 |
| **2017** | 25571 | 25505 |
| **2017** | 25981 | 25925 |
| **2017** | 26548 | 26454 |
| **2017** | 26761 | 26585 |
| **2018** | 26702 | 26404 |
| **2018** | 26615 | 26328 |
| **2018** | 26978 | 26717 |
| **2018** | 26609 | 26449 |
| **2019** | 27263 | 27266 |
| **2019** | 28031 | 27950 |
| **2019** | 28758 | 28669 |
| **2019** | 29079 | 28940 |
| **2020** | 29741 | 29624 |
| **2020** | 27667 | 28554 |
| **2020** | 29812 | 30205 |
| **2020** | 29688 | 29980 |
| **2021** | 30835 | 30813 |
| **2021** | 30937 | 30766 |
| **2021** | 31573 | 31199 |
| **2021** | 31134 | 30770 |
| **2022** | 30691 | 30231 |
| **2022** | 28629 | 28340 |
| **2022** | 29065 | 29038 |
| **2022** | 26780 | 27084 |
| **2023** | 28977 | 29249 |
| **2023** | 28899 | 29155 |
| **2023** | 29094 | 29307 |
| **2023** | 27425 | 27800 |
| **2024** | 30097 | 30098 |
| **2024** | 29911 | 29762 |
| **2024** | 30700 | 30404 |
| **2024** | 30845 | 30496 |
| **2025** | 30980 | 30724 |
| **2025** | 30439 | 30257 |
| **2025** | 30248 | 30403 |
| **2025** | 31873 | 31767 |

---

202501-4140694, 202512-4880947

F84-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Summit Municipal Income Fund (Investor Class) | 3.33% | 1.43% | 2.46% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.17 | 1.16 | 2.42 |

---

The preceding line graph shows the value of a hypothetical $25,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$3,180,992

* Number of Portfolio Holdings914

* Investment Advisory Fees Paid (000s)$9,348

* Portfolio Turnover Rate30.1%

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

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

---

| | |
|:---|:---|
| Texas | 11.6% |
| New York | 10.8 |
| California | 9.1 |
| Georgia | 6.1 |
| Florida | 5.0 |
| Maryland | 4.3 |
| Puerto Rico | 4.0 |
| District of Columbia | 3.6 |
| Virginia | 3.5 |
| Other | 42.0 |

---

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

---

| | |
|:---|:---|
| Transportation | 25.0% |
| Health Care | 12.3 |
| Special Tax | 12.1 |
| Housing | 7.4 |
| Education | 6.8 |
| General Obligations - Local | 6.6 |
| General Obligations - State | 5.8 |
| Water & Sewer | 4.1 |
| Leasing | 3.1 |
| Other | 16.8 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Summit Municipal Income Fund

Investor Class (PRINX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g830294g06d96.jpg)

![Image](g830294g68a61.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Income Fund

# Advisor Class (PAIMX)
This annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 2024 to October 31, 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 year?** (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 | $71 | 0.70% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended October 31, 2025, as solid investor demand absorbed record levels of tax-exempt bond issuance during the period. Fixed income performance was supported by Federal Reserve rate cuts, falling Treasury yields across most of the curve, and generally resilient economic data.

* Compared with the Bloomberg Municipal Bond Index, the fund's positioning around market volatility contributed positively to performance, as municipal bond prices fluctuated less than anticipated. The fund's longer-than-benchmark average duration profile also contributed, and coupon payments generated by the portfolio's holdings further boosted performance.

* Conversely, security selection within the revenue sector detracted from relative results as selection decisions in the dedicated tax, lease/appropriation, and airport revenue segments weighed on performance. The fund's positioning along the yield curve also detracted, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened.

* The fund seeks a high level of income exempt from federal income taxes. We maintained a preference for revenue bonds over general obligation debt as a result of our concerns about the fiscal challenges and political uncertainty that many state and local governments face, with overweight allocations to airport, toll road, and industrial revenue/pollution control revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $25,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph.](g830294g85t37.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Regulatory/Strategy Benchmark** |
| **2015** | 25000 | 25000 |
| **2016** | 25618 | 25577 |
| **2016** | 26006 | 25888 |
| **2016** | 26563 | 26387 |
| **2016** | 26186 | 26015 |
| **2017** | 25489 | 25505 |
| **2017** | 25882 | 25925 |
| **2017** | 26430 | 26454 |
| **2017** | 26625 | 26585 |
| **2018** | 26549 | 26404 |
| **2018** | 26446 | 26328 |
| **2018** | 26791 | 26717 |
| **2018** | 26407 | 26449 |
| **2019** | 27040 | 27266 |
| **2019** | 27785 | 27950 |
| **2019** | 28488 | 28669 |
| **2019** | 28788 | 28940 |
| **2020** | 29424 | 29624 |
| **2020** | 27380 | 28554 |
| **2020** | 29482 | 30205 |
| **2020** | 29318 | 29980 |
| **2021** | 30432 | 30813 |
| **2021** | 30513 | 30766 |
| **2021** | 31121 | 31199 |
| **2021** | 30669 | 30770 |
| **2022** | 30214 | 30231 |
| **2022** | 28167 | 28340 |
| **2022** | 28578 | 29038 |
| **2022** | 26314 | 27084 |
| **2023** | 28455 | 29249 |
| **2023** | 28362 | 29155 |
| **2023** | 28535 | 29307 |
| **2023** | 26880 | 27800 |
| **2024** | 29481 | 30098 |
| **2024** | 29282 | 29762 |
| **2024** | 30035 | 30404 |
| **2024** | 30158 | 30496 |
| **2025** | 30270 | 30724 |
| **2025** | 29724 | 30257 |
| **2025** | 29519 | 30403 |
| **2025** | 31085 | 31767 |

---

202501-4140694, 202512-4880947

F284-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Summit Municipal Income Fund (Advisor Class) | 3.07% | 1.18% | 2.20% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.17 | 1.16 | 2.42 |

---

The preceding line graph shows the value of a hypothetical $25,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$3,180,992

* Number of Portfolio Holdings914

* Investment Advisory Fees Paid (000s)$9,348

* Portfolio Turnover Rate30.1%

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

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

---

| | |
|:---|:---|
| Texas | 11.6% |
| New York | 10.8 |
| California | 9.1 |
| Georgia | 6.1 |
| Florida | 5.0 |
| Maryland | 4.3 |
| Puerto Rico | 4.0 |
| District of Columbia | 3.6 |
| Virginia | 3.5 |
| Other | 42.0 |

---

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

---

| | |
|:---|:---|
| Transportation | 25.0% |
| Health Care | 12.3 |
| Special Tax | 12.1 |
| Housing | 7.4 |
| Education | 6.8 |
| General Obligations - Local | 6.6 |
| General Obligations - State | 5.8 |
| Water & Sewer | 4.1 |
| Leasing | 3.1 |
| Other | 16.8 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Summit Municipal Income Fund

Advisor Class (PAIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g830294g06d96.jpg)

![Image](g830294g68a61.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Income Fund

# I Class (PRIMX)
This annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 2024 to October 31, 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 year?** (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 | $36 | 0.35% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended October 31, 2025, as solid investor demand absorbed record levels of tax-exempt bond issuance during the period. Fixed income performance was supported by Federal Reserve rate cuts, falling Treasury yields across most of the curve, and generally resilient economic data.

* Compared with the Bloomberg Municipal Bond Index, the fund's positioning around market volatility contributed positively to performance, as municipal bond prices fluctuated less than anticipated. The fund's longer-than-benchmark average duration profile also contributed, and coupon payments generated by the portfolio's holdings further boosted performance.

* Conversely, security selection within the revenue sector detracted from relative results as selection decisions in the dedicated tax, lease/appropriation, and airport revenue segments weighed on performance. The fund's positioning along the yield curve also detracted, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened.

* The fund seeks a high level of income exempt from federal income taxes. We maintained a preference for revenue bonds over general obligation debt as a result of our concerns about the fiscal challenges and political uncertainty that many state and local governments face, with overweight allocations to airport, toll road, and industrial revenue/pollution control revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph.](g830294g55l39.jpg)

---

| | | |
|:---|:---|:---|
| | **I Class** | **Regulatory/Strategy Benchmark** |
| **3/1/19** | 500000 | 500000 |
| **4/30/19** | 511957 | 510196 |
| **7/31/19** | 525801 | 523323 |
| **10/31/19** | 531824 | 528261 |
| **1/31/20** | 543641 | 540743 |
| **4/30/20** | 506318 | 521225 |
| **7/31/20** | 545688 | 551364 |
| **10/31/20** | 543150 | 547245 |
| **1/31/21** | 564296 | 562449 |
| **4/30/21** | 566771 | 561597 |
| **7/31/21** | 578590 | 569504 |
| **10/31/21** | 570270 | 561672 |
| **1/31/22** | 562803 | 551837 |
| **4/30/22** | 524712 | 517319 |
| **7/31/22** | 532831 | 530049 |
| **10/31/22** | 491541 | 494389 |
| **1/31/23** | 531511 | 533903 |
| **4/30/23** | 530224 | 532190 |
| **7/31/23** | 534425 | 534971 |
| **10/31/23** | 503438 | 507460 |
| **1/31/24** | 552634 | 549397 |
| **4/30/24** | 549379 | 543273 |
| **7/31/24** | 564525 | 554995 |
| **10/31/24** | 567362 | 556664 |
| **1/31/25** | 569484 | 560832 |
| **4/30/25** | 559686 | 552308 |
| **7/31/25** | 556321 | 554980 |
| **10/31/25** | 586358 | 579872 |

---

202501-4140694, 202512-4880947

F1216-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/1/19** |
| Summit Municipal Income Fund (I Class) | 3.35% | 1.54% | 2.42% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.17 | 1.16 | 2.25 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$3,180,992

* Number of Portfolio Holdings914

* Investment Advisory Fees Paid (000s)$9,348

* Portfolio Turnover Rate30.1%

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

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

---

| | |
|:---|:---|
| Texas | 11.6% |
| New York | 10.8 |
| California | 9.1 |
| Georgia | 6.1 |
| Florida | 5.0 |
| Maryland | 4.3 |
| Puerto Rico | 4.0 |
| District of Columbia | 3.6 |
| Virginia | 3.5 |
| Other | 42.0 |

---

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

---

| | |
|:---|:---|
| Transportation | 25.0% |
| Health Care | 12.3 |
| Special Tax | 12.1 |
| Housing | 7.4 |
| Education | 6.8 |
| General Obligations - Local | 6.6 |
| General Obligations - State | 5.8 |
| Water & Sewer | 4.1 |
| Leasing | 3.1 |
| Other | 16.8 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Summit Municipal Income Fund

I Class (PRIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g830294g06d96.jpg)

------

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

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | 2024 |
|  Audit Fees | $34043 | $33841 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

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

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,541,000 and $846,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

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

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

October

31,

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.28 $

10.36 $

10.43 $

12.42 $

12.11 Investment

activities

Net

investment

income

(1)(2)

0.41 0

.37

0.33 0.27 0.28 Net

realized

and

unrealized

gain/loss

(0.05)

0.92 (0.06)

(1.99)

0.31 Total

from

investment

activities

0.36 1.29 0.27 (1.72)

0.59 Distributions

Net

investment

income

(0.40)

(0.37)

(0.33)

(0.27)

(0.28)

Net

realized

gain

—

—

(0.01)

—

—

Total

distributions

(0.40)

(0.37)

(0.34)

(0.27)

(0.28)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.24

#### $

#### 11.28

#### $

#### 10.36

#### $

#### 10.43

#### $

#### 12.42

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.33%

#### 12.47%

#### 2.41%

#### (13.99)%

#### 4.87%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.50%

0.53%

0.53%

0.54%

0.52%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.45%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

3.67%

3.30%

3.03%

2.33%

2.23%

Portfolio

turnover

rate

30.1%

16.2%

19.2%

29.7%

23.8%

Net

assets,

end

of

period

(in

millions)

$1,208

$1,228

$953

$833

$1,678

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) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.28 $

10.36 $

10.43 $

12.42 $

12.11 Investment

activities

Net

investment

income

(1)(2)

0.38 0.35 0.30 0.25 0.25 Net

realized

and

unrealized

gain/loss

(0.05)

0.91 (0.06)

(1.99)

0.31 Total

from

investment

activities

0.33 1.26 0.24 (1.74)

0.56 Distributions

Net

investment

income

(0.37)

(0.34)

(0.30)

(0.25)

(0.25)

Net

realized

gain

—

—

(0.01)

—

—

Total

distributions

(0.37)

(0.34)

(0.31)

(0.25)

(0.25)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.24

#### $

#### 11.28

#### $

#### 10.36

#### $

#### 10.43

#### $

#### 12.42

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.07%

#### 12.19%

#### 2.15%

#### (14.20)%

#### 4.61%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.81%

0.87%

0.93%

0.92%

0.88%

Net

expenses

after

waivers/payments

by

Price

Associates

0.70%

0.75%

0.75%

0.75%

0.75%

Net

investment

income

3.42%

3.06%

2.77%

2.11%

2.00%

Portfolio

turnover

rate

30.1%

16.2%

19.2%

29.7%

23.8%

Net

assets,

end

of

period

(in

thousands)

$1,820

$2,087

$315

$554

$927

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) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

11.29 $

10.36 $

10.44 $

12.42 $

12.11 Investment

activities

Net

investment

income

(1)(2)

0.42 0.38 0.34 0.29 0.29 Net

realized

and

unrealized

gain/loss

(0.06)

0.93 (0.07)

(1.98)

0.31 Total

from

investment

activities

0.36 1.31 0.27 (1.69)

0.60 Distributions

Net

investment

income

(0.41)

(0.38)

(0.34)

(0.29)

(0.29)

Net

realized

gain

—

—

(0.01)

—

—

Total

distributions

(0.41)

(0.38)

(0.35)

(0.29)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.24

#### $

#### 11.29

#### $

#### 10.36

#### $

#### 10.44

#### $

#### 12.42

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.35%

#### 12.70%

#### 2.42%

#### (13.81)%

#### 4.99%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.35%

0.39%

0.39%

0.39%

0.38%

Net

expenses

after

waivers/payments

by

Price

Associates

0.35%

0.39%

0.39%

0.39%

0.38%

Net

investment

income

3.78%

3.41%

3.14%

2.51%

.32%

Portfolio

turnover

rate

30.1%

16.2%

19.2%

29.7%

23.8%

Net

assets,

end

of

period

(in

millions)

$1,971

$1,808

$1,244

$1,167

$1,289

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) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

October

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### COMMON

#### STOCKS 0.0%
Nassau

County

IDA,

EC,

5.00%,

1/1/58 (1)

2,097

—

#### Total

#### Common

#### Stocks

#### (Cost

#### $–)

#### —

#### MUNICIPAL

#### SECURITIES 99.0%

#### ALABAMA

#### 1.7%
Alabama

Corrections

Institution

Fin.

Auth.,

5.25%,

7/1/47

2,500

2,627

Alabama

State

Univ.,

5.50%,

9/1/45 (2)

1,700

1,847

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31)

3,305

3,414

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29)

7,775

8,289

Black

Belt

Energy

Gas

Dist.,

Series D,

VRDN,

5.00%,

3/1/55

(Tender

11/1/34)

6,225

6,750

Black

Belt

Energy

Gas

Dist.,

Series D-1,

VRDN,

4.00%,

7/1/52

(Tender

6/1/27)

3,810

3,856

Energy

Southeast

A

Cooperative

Dist.,

Series B,

VRDN,

5.25%,

7/1/54

(Tender

6/1/32)

2,305

2,531

Lower

Alabama

Gas

Dist.,

Series A,

5.00%,

12/1/33

4,500

4,787

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series A,

5.00%,

6/1/54 (3)

2,875

2,789

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series B,

4.75%,

12/1/54 (3)

2,775

2,590

Selma

Ind.

Dev.

Board,

Int'l.

Paper,

Series A,

4.20%,

5/1/34

3,000

3,098

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series B-1,

VRDN,

5.00%,

5/1/53

(Tender

8/1/28)

3,910

4,070

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series D,

5.00%,

9/1/35

2,925

3,240

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (4)

3,765

3,789

53,677

#### ARIZONA

#### 1.0%
Arizona

HFA,

Banner

Health,

Series B,

FRN,

100%

of

SPMUV7DY

+

0.81%,

2.87%,

1/1/37

525

515

Arizona

IDA,

Equitable

School,

Series A,

5.00%,

11/1/44

2,425

2,446

Arizona

IDA,

Equitable

School

Revolving

Fund,

Series A,

5.00%,

11/1/49

2,150

2,184

Chandler

IDA,

Intel

Corp.

Project,

VRDN,

4.00%,

6/1/49

(Tender

6/1/29) (3)

1,025

1,045

Chandler

IDA,

Intel

Corp.

Project,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27) (3)

6,625

6,736

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/37 (3)

1,760

1,817

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/38 (3)

1,760

1,812

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/42 (3)

3,000

3,031

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/47 (3)

2,115

2,124

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/54

940

922

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/42

4,540

4,570

Sierra

Vista

IDA,

American

Leadership

Academy

Project,

5.00%,

6/15/59 (4)

2,345

2,118

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/50

775

702

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/54

885

790

Tempe

IDA,

Friendship

Village,

Series A,

5.625%,

12/1/60

2,000

2,003

32,815

#### ARKANSAS

#### 0.2%
Arkansas

DFA,

Green

Bond,

Series A,

6.875%,

7/1/48 (3)(4)

2,500

2,694

Arkansas

DFA,

Green

Bond,

Series B,

7.375%,

7/1/48 (3)(4)

2,500

2,717

5,411

#### CALIFORNIA

#### 9.1%
Bay

Area

Toll

Auth.,

Series S-8,

3.00%,

4/1/54 (5)

5,000

3,746

Burbank-Glendale-Pasadena

Airport

Auth.

Brick

Campaign,

Series B,

5.25%,

7/1/54 (3)

3,250

3,385

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series 2023F,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30)

3,180

3,498

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series A,

VRDN,

5.00%,

5/1/54

(Tender

4/1/32)

2,480

2,701

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series A-1,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

1,800

1,918

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series B,

VRDN,

5.00%,

3/1/56

(Tender

11/1/35)

9,450

10,373

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series E-1,

VRDN,

5.00%,

2/1/54

(Tender

3/1/31)

5,330

5,754

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series H,

VRDN,

5.00%,

1/1/56

(Tender

8/1/33)

3,775

4,210

California

Community

Housing

Agency,

Junior

Bonds

Street

Flats,

Series A-2,

4.00%,

8/1/50 (4)

2,960

2,329

California

Community

Housing

Agency,

Stoneridge

Apartments,

Series A,

4.00%,

2/1/56 (4)

10,000

7,572

California

Community

Housing

Agency,

Verdant

at

Green

Valley,

Series A,

5.00%,

8/1/49 (4)

680

628

California

EFA,

Stanford

Univ.,

Series V-1,

5.00%,

5/1/49

500

573

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

California

Enterprise

Dev.

Auth.,

Riverside

County

Mead

Valley

Wellness

Village

Project,

Series A,

5.25%,

11/1/54

13,000

13,806

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51 (5)

4,575

3,569

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/28

600

601

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/33

1,150

1,152

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/35

1,060

1,102

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35

514

532

California

Housing

Fin.,

Series 2023-1,

Class

A,

4.375%,

9/20/36

3,789

3,917

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/41

5,875

6,011

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/43

9,000

9,052

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/44

5,000

4,999

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

5.00%,

12/31/36 (3)

2,855

2,909

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

4.00%,

12/31/47 (3)

3,000

2,631

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43 (3)

10,015

10,072

California

Municipal

Fin.

Auth.,

Palomar

Health,

Series A,

COP,

5.25%,

11/1/52 (2)

1,775

1,829

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53

2,710

2,801

California

Municipal

Fin.

Auth.,

Waste

Management

Project,

Series A,

VRDN,

3.80%,

10/1/45

(Tender

12/1/25) (3)

3,750

3,749

California

PFA,

Sunrise

of

Manhattan

Beach,

Series A-1,

6.75%,

7/1/65 (4)

6,070

6,495

California

School

Fin.

Auth.,

Fortune

School

of

Ed.,

Series A,

5.00%,

6/1/54 (4)

3,225

2,916

California

School

Fin.

Auth.,

Fortune

School

of

Ed.,

Series A,

5.125%,

6/1/59 (4)

1,250

1,137

California

School

Fin.

Auth.,

New

Designs

Charter

School

Project,

Series A,

5.00%,

6/1/64 (4)

1,500

1,364

California

State

Univ.,

Series C,

4.00%,

11/1/45

1,000

978

California

Statewide

CDA,

CHF-Irvine,

Univ.

of

California

Student

Housing

Irvine

East

Campus

Apartments,

Series A,

5.00%,

5/15/47

2,820

2,836

California

Statewide

CDA,

Lancer

Ed.

Student

Housing

Project,

Series A,

5.00%,

6/1/51 (4)

875

826

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54

2,600

2,600

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/48 (4)

600

602

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56 (4)

1,390

1,381

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (4)

1,630

1,636

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41

985

939

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51

1,005

873

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/44

1,150

1,177

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/37

2,000

2,040

Central

Valley

Energy

Auth.,

VRDN,

5.00%,

12/1/55

(Tender

8/1/35)

4,040

4,469

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50 (2)

5,120

4,256

CMFA

Special

Fin.

Agency

VII,

The

Breakwater

Apartments,

Series A-2,

4.00%,

8/1/47 (4)

2,035

1,866

CMFA

Special

Fin.

Agency,

Solana

At

Grand,

Series A-2,

4.00%,

8/1/45 (4)

960

845

CSCDA

Community

Improvement

Auth.,

Altana

Glendale,

Series A-2,

4.00%,

10/1/56 (4)

3,680

2,841

CSCDA

Community

Improvement

Auth.,

City

of

Orange,

Series B,

4.00%,

3/1/57 (4)

3,385

2,501

CSCDA

Community

Improvement

Auth.,

The

Link

Glendale,

Series A-2,

4.00%,

7/1/56 (4)

2,826

2,184

Downey

Unified

School

Dist.,

Series A,

GO,

4.00%,

8/1/52

7,000

6,596

Golden

State

Tobacco

Securitization,

Series B-2,

Zero

Coupon,

6/1/66

10,000

1,059

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 (5)

5,270

5,607

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series D,

5.00%,

3/1/57

1,835

1,843

Lodi

Unified

School

Dist.,

Series 2021,

GO,

3.00%,

8/1/46

5,900

4,712

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/41 (3)

6,400

6,426

Los

Angeles

Dept.

of

Airports,

Green

Bond,

Series G,

4.00%,

5/15/47 (3)

5,475

5,066

Los

Angeles

Dept.

of

Airports,

Los

Angeles

Int'l.,

5.00%,

5/15/43 (3)

5,300

5,424

Los

Angeles

Dept.

of

Airports,

Private

Activity,

Series A,

4.00%,

5/15/41 (3)

2,000

1,956

Los

Angeles

Dept.

of

Airports,

Sustainable

Bonds,

Series A,

5.50%,

5/15/55 (3)

13,350

14,362

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Orange

County

Community

Fac.

Dist.

No.

2021-1

Rienda,

Special

Tax,

Series A,

5.00%,

8/15/52

3,750

3,834

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54

6,000

5,024

Riverside

County

Transportation

Commission,

Restructure

Express,

Series B-1,

4.00%,

6/1/37

1,335

1,357

Riverside

County

Transportation

Commission,

Restructure

Express,

Series B-1,

4.00%,

6/1/46

2,140

1,956

Sacramento

County

Airport,

Series C,

5.00%,

7/1/37 (3)

1,410

1,457

Sacramento,

Greenbriar

Community

Fac.

Dist.

No.

20,

4.00%,

9/1/41

705

681

Sacramento,

Greenbriar

Community

Fac.

Dist.

No.

20,

4.00%,

9/1/46

1,830

1,652

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/42 (4)

2,090

2,142

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/47 (4)

2,455

2,479

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.375%,

9/1/52 (4)

1,655

1,668

San

Diego

County

Regional

Airport

Auth.

Senior

Private

Activity,

Series B,

5.25%,

7/1/43 (3)

1,700

1,843

San

Diego

County

Regional

Airport

Auth.

Senior

Private

Activity,

Series B,

5.50%,

7/1/55 (3)

3,050

3,283

San

Francisco

Bay

Area

Rapid

Transit

Dist.,

Series C-1,

GO,

4.00%,

8/1/45

800

789

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.00%,

5/1/44 (3)

5,155

5,258

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/40 (3)

6,455

7,086

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/41 (3)

3,500

3,806

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.25%,

5/1/42 (3)

3,230

3,481

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.50%,

5/1/55 (3)

9,000

9,680

San

Francisco

City

&

County

Int'l.

Airport,

Series C,

5.75%,

5/1/48 (3)

7,055

7,590

San

Joaquin

Valley

Clean

Energy

Auth.,

Clean

Energy

Project,

Series A,

VRDN,

5.50%,

1/1/56

(Tender

7/1/35)

1,425

1,647

Univ.

of

California

Regents,

Series O,

5.50%,

5/15/58

2,575

2,657

287,872

#### COLORADO

#### 2.5%
Adams

&

Arapahoe

Counties

Joint

School

Dist.

28J

Aurora,

GO,

5.50%,

12/1/44

2,875

3,248

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Adams

&

Arapahoe

Counties

Joint

School

Dist.

28J

Aurora,

GO,

5.50%,

12/1/45

1,575

1,769

Colorado,

COP,

6.00%,

12/15/40

9,325

10,819

Colorado,

COP,

6.00%,

12/15/41

12,435

14,312

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Ascent

Classical

Academy,

5.80%,

4/1/54 (4)

1,000

990

Colorado

HFA,

Adventhealth

Obligated

Group,

Series A,

4.00%,

11/15/46

1,500

1,401

Colorado

HFA,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series A,

4.00%,

11/15/48

8,690

7,912

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45 (4)

1,285

948

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50 (4)

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/47

4,720

4,703

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/51

2,390

2,365

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/56

2,975

2,951

Colorado

Housing

&

Fin.

Auth.,

Albion

Apartments

Project,

VRDN,

3.375%,

7/1/44

(Tender

7/1/28)

2,125

2,136

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46

1,340

1,341

Denver

City

&

County

Airport,

Series A,

5.25%,

12/1/48 (3)

11,110

11,294

Denver

City

&

County

Pledged

Excise

Tax

Revenue,

Series A-1,

5.00%,

8/1/48

10,000

10,007

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48

500

503

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48

1,072

1,022

Parterre

Metropolitan

Dist.

No.

5,

Series A,

GO,

5.875%,

12/1/45

1,000

1,046

Univ.

of

Colorado

Hosp.

Auth.,

VRDN,

4.00%,

11/15/39

500

500

79,583

#### CONNECTICUT

#### 0.8%
Connecticut,

Series B,

GO,

3.00%,

1/15/42 (5)

6,200

5,322

Connecticut,

Series C,

GO,

5.00%,

6/15/32

Connecticut,

Series C,

GO,

5.00%,

6/15/40

700

764

Connecticut

HEFA,

Goodwin

Univ.,

Series A-1,

5.00%,

7/1/44

3,330

3,275

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/39

1,785

1,534

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/44

1,065

848

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/49

705

531

Connecticut

Housing

Fin.

Auth.,

Series B,

5.75%,

11/15/53

3,130

3,324

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/44

6,150

6,713

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Connecticut

Special

Tax

Obligation,

Transit

Infrastructure,

Series A,

5.00%,

5/1/32

1,585

1,747

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)

(6)(7)(8)

1,235

24,768

#### DELAWARE

#### 1.1%
Delaware

Economic

Dev.

Auth.,

Acts

Retirement

Communities,

Series B,

5.00%,

11/15/48

4,230

4,176

Delaware

HFA,

Bayhealth

Medical

Center

Project,

Series A,

4.00%,

7/1/40

1,825

1,812

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43

1,745

1,729

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48

3,385

3,294

Delaware

HFA,

Christiana

Health

Care

System,

5.00%,

10/1/45

12,360

12,674

Delaware

Transportation

Auth.,

Garvee,

5.00%,

9/1/35

1,410

1,531

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/43

6,530

5,653

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/44

3,360

2,853

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.25%,

7/1/44 (4)

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.625%,

7/1/53 (4)

34,534

#### DISTRICT

#### OF

#### COLUMBIA

#### 3.6%
Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.00%,

6/1/42

6,125

6,699

Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.00%,

6/1/43

3,425

3,714

Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.25%,

5/1/48

6,000

6,403

Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.25%,

6/1/50

12,600

13,615

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46

5,640

1,307

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/32

1,790

1,817

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

866

District

of

Columbia,

KIPP

Project,

4.00%,

7/1/39

2,430

2,344

Metropolitan

Washington

Airports

Auth.

Aviation

Revenue,

Series A,

5.50%,

10/1/43 (3)

1,200

1,328

Metropolitan

Washington

Airports

Auth.

Aviation

Revenue,

Series A,

5.50%,

10/1/44 (3)

4,050

4,447

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.25%,

10/1/53 (3)

5,000

5,192

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.50%,

10/1/54 (3)

4,400

4,656

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

4.00%,

10/1/52 (2)

14,200

12,776

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/44

7,250

7,447

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44

1,515

1,619

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

4.125%,

7/15/47

8,455

8,125

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.25%,

7/15/50

3,000

3,210

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.50%,

7/15/51

3,950

4,233

Washington

Metropolitan

Area

Transit

Auth.,

Green

Bonds,

Series A,

4.00%,

7/15/46

7,500

7,138

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Bonds,

Second

Lien,

Series A,

5.25%,

7/15/59

3,090

3,267

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

Series A,

5.25%,

7/15/53

13,925

14,658

115,716

#### FLORIDA

#### 5.0%
Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 (6)(8)

569

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

4.00%,

12/1/49

4,000

3,581

Braddock

Lakes

Community

Dev.

Dist.,

5.55%,

5/1/45

700

700

Braddock

Lakes

Community

Dev.

Dist.,

5.75%,

5/1/55

1,425

1,422

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30

520

555

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 (4)

3,500

3,446

Capital

Trust

Auth.,

Florida

Institute

of

Technology

Project,

Series A,

5.25%,

7/1/55 (4)

1,275

1,237

Central

Florida

Expressway

Auth.,

Series B,

5.00%,

7/1/34

(Prerefunded

7/1/26) (9)

1,270

1,289

Duval

County

Public

Schools,

Series A,

COP,

5.00%,

7/1/34 (2)

2,700

2,942

East

Nassau

Stewardship

Dist.,

PDP

No.

Project,

Series 2025,

6.00%,

5/1/45

4,100

4,255

Everest

GMR

Community

Dev.

Dist.,

6.20%,

5/1/54

2,475

2,549

Florida

Dev.

Fin.,

Renaissance

Charter

School

Projects,

Series A,

6.00%,

6/15/45 (4)

1,600

1,654

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Florida

Dev.

Fin.,

Renaissance

Charter

School

Projects,

Series A,

6.125%,

6/15/50 (4)

875

903

Florida

Dev.

Fin.,

Waste

Disposal

Revenue

Bonds,

VRDN,

6.125%,

7/1/32

(Tender

7/1/26) (3)(4)

5,500

5,546

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.50%,

6/1/33 (4)

1,410

1,361

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38 (4)

1,515

1,399

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (4)

2,975

2,582

Greater

Orlando

Aviation

Auth.,

5.25%,

10/1/44 (3)

5,350

5,725

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/32 (3)

705

729

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/44 (3)

8,700

8,843

Hillsborough

County

Aviation

Auth.,

Tampa

Int'l.

Airport,

Series B,

5.50%,

10/1/49 (3)

4,250

4,569

Hillsborough

County

Aviation

Auth.,

Tampa

Int'l.

Airport,

Series E,

5.00%,

10/1/48 (3)

4,500

4,543

Hillsborough

County

IDA,

BayCare

Health

System,

Series C,

5.50%,

11/15/54

4,000

4,302

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/30 (3)

580

607

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/31 (3)

600

630

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/46 (3)

3,525

3,572

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (4)

1,960

1,640

JEA

Electric

System,

Series 3A,

4.00%,

10/1/37

3,395

3,444

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.25%,

10/1/55

15,000

16,097

KD52

Community

Dev.

Dist.

No.

1,

5.875%,

5/1/45

710

713

KD52

Community

Dev.

Dist.

No.

1,

6.125%,

5/1/56

1,720

1,728

Kingston

One

Community

Dev.

Dist.,

Assessment

Area

One

-

2025

Project,

6.00%,

5/1/57

5,000

5,144

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47

980

985

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

Southeast,

5.80%,

5/1/45

1,700

1,765

Lee

County

Florida

Airport

Revenue,

5.25%,

10/1/54 (2)(3)

4,325

4,467

Lee

County

Florida

Airport

Revenue,

Series A,

5.00%,

10/1/27 (3)

3,525

3,649

Lee

County

IDA,

Health

System,

Series 1,

5.00%,

4/1/39

970

1,004

Manatee

County,

Florida

Revenue

Improvement

Bonds,

5.50%,

10/1/53

6,000

6,543

Miami-Dade

County

Aviation

Revenue,

Series A,

5.00%,

10/1/34 (3)

6,250

7,049

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Miami-Dade

County

Aviation

Revenue,

Series A,

5.50%,

10/1/55 (3)

5,000

5,306

Orange

County

HFA,

Orlando

Health

Obligated

Group,

4.00%,

10/1/52

6,825

6,002

Palm

Beach

County

HFA,

Active

Retirement

Life

Community,

5.00%,

11/15/45

1,815

1,815

Palm

Beach

County

HFA,

Baptist

Health,

4.00%,

8/15/49

3,000

2,694

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.25%,

6/1/56

3,045

2,461

Sarasota

County

Public

Hosp.

Dist.,

Sarasota

Memorial

Hosp.,

5.00%,

7/1/41

7,000

7,157

South

Miami

HFA,

Baptist

Health

South

Florida,

Series 2017,

4.00%,

8/15/47

7,000

6,279

Village

Community

Dev.

Dist.

No.

14,

5.375%,

5/1/42

1,000

1,031

Village

Community

Dev.

Dist.

No.

14,

5.50%,

5/1/53

2,520

2,565

158,912

#### GEORGIA

#### 6.1%
Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/41 (3)

1,100

1,194

Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/43 (3)

8,250

8,813

Atlanta

Dept.

of

Aviation,

Series B-1,

5.25%,

7/1/45 (3)

8,990

9,569

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

1,941

Atlanta

Dev.

Auth.,

Gulch

Enterprise

Zone

Project,

Series 1,

Class

A,

STEP,

0.00%,

12/15/48 (4)

6,843

6,099

Atlanta

Dev.

Auth.,

PRG

CAU

Properties

LLC

Project,

Series A,

5.00%,

7/1/35 (4)

1,515

1,578

Atlanta

Dev.

Auth.,

PRG

CAU

Properties

LLC

Project,

Series A,

6.00%,

7/1/50 (4)

1,525

1,583

Atlanta

Dev.

Auth.,

PRG

CAU

Properties

LLC

Project,

Series A,

6.00%,

7/1/55 (4)

5,250

5,424

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/40

1,605

1,607

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/44

7,755

7,758

Atlanta,

Social

Bond,

Series A-1,

GO,

5.00%,

12/1/41

4,920

5,325

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

4.00%,

7/1/44

5,385

5,153

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

First

Series,

VRDN,

PCR,

3.95%,

7/1/49

950

950

Cobb

County

Kennestone

Hosp.

Auth.,

Wellstar

Health

System,

RAC,

4.00%,

4/1/52

3,880

3,414

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

4.00%,

4/1/50

2,080

1,863

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/47

1,000

1,007

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/36

1,850

1,861

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/44

2,590

2,625

Gainesville

&

Hall

County

CDA,

Active

Retirement

Communities,

5.00%,

11/15/33

1,410

1,428

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/46

4,000

3,739

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/51

3,500

3,088

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/36

1,130

1,118

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/54

14,565

12,441

George

L

Smith

II

Congress

Center

Auth.,

5.00%,

1/1/54 (4)

4,545

4,310

Georgia

Ports

Auth.,

5.00%,

7/1/47

5,840

6,118

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series 2021A,

3.00%,

7/15/50

5,500

4,149

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series A,

3.00%,

7/15/49

4,810

3,671

Georgia,

Bidding

Group

2,

Series A,

GO,

4.00%,

7/1/42

5,375

5,457

Georgia,

Group

3,

Series A,

GO,

3.00%,

8/1/40

6,500

5,866

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/37

1,060

1,081

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/31

2,820

2,953

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/32

1,760

1,843

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27)

8,535

8,656

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29)

4,400

4,622

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30)

1,800

1,926

Main

Street

Natural

Gas,

Series E,

VRDN,

5.00%,

5/1/55

(Tender

12/1/32)

19,315

20,976

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26)

4,990

5,033

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

927

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 (5)

3,265

3,280

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/26

2,555

2,563

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/27

1,435

1,471

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/28

1,515

1,590

Municipal

Electric

Auth.

of

Georgia,

Project

One

Subordinated

Bonds,

Series A,

5.25%,

1/1/54 (5)

4,100

4,306

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.25%,

9/1/43

6,500

7,222

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel,

Series B,

6.00%,

6/1/50 (4)

1,625

1,617

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel,

Series C,

5.00%,

6/1/58 (2)

1,200

1,234

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel,

Series C,

5.50%,

6/1/50 (2)

1,000

1,076

192,744

#### GUAM

#### 0.0%
Guam

Business

Privilege

Tax,

Series F,

4.00%,

1/1/42

1,330

1,269

1,269

#### HAWAII

#### 0.2%
Hawaii

Airports

System,

Series A,

5.00%,

7/1/43 (3)

4,230

4,296

Hawaii

Airports

System,

Series A,

5.50%,

7/1/54 (3)

3,000

3,239

7,535

#### IDAHO

#### 0.2%
Idaho,

Series A,

5.25%,

8/15/48

3,100

3,341

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51 (4)

2,485

2,365

5,706

#### ILLINOIS

#### 3.2%
Chicago,

Series A,

GO,

5.50%,

1/1/49

2,150

2,115

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

4.50%,

1/1/48 (3)

5,700

5,548

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

5.50%,

1/1/59 (3)

6,675

7,050

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/40

1,500

1,550

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/43

1,125

1,136

Cook

County

Sales

Tax

Revenue,

5.00%,

11/15/46

14,770

15,494

Cook

County

Sales

Tax

Revenue,

Series A,

5.25%,

11/15/45

2,850

3,027

Illinois,

GO,

5.00%,

2/1/39

820

893

Illinois,

GO,

5.50%,

5/1/26

1,150

1,164

Illinois,

Series A,

GO,

5.00%,

10/1/31

705

744

Illinois,

Series A,

GO,

5.00%,

3/1/33

1,400

1,553

Illinois,

Series A,

GO,

5.00%,

3/1/35

1,900

2,055

Illinois,

Series A,

GO,

5.50%,

3/1/42

4,990

5,382

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Illinois,

Series A,

GO,

5.50%,

3/1/47

2,575

2,708

Illinois,

Series B,

GO,

4.00%,

11/1/33

3,525

3,592

Illinois,

Series B,

GO,

5.00%,

10/1/31

1,060

1,118

Illinois,

Series B,

GO,

5.00%,

10/1/32

845

889

Illinois,

Series B,

GO,

5.25%,

5/1/47

900

937

Illinois,

Series B,

GO,

5.25%,

5/1/48

1,000

1,038

Illinois,

Series B,

GO,

5.25%,

5/1/49

1,000

1,038

Illinois,

Series B,

GO,

5.50%,

5/1/47

5,325

5,604

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/34

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/34

(Prerefunded

2/15/27) (9)

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/36

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/36

(Prerefunded

2/15/27) (9)

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/41

680

689

Illinois

Fin.

Auth.,

Series C,

5.00%,

2/15/41

(Prerefunded

2/15/27) (9)

630

649

Illinois

Fin.

Auth.,

Depaul

College,

5.625%,

8/1/53 (4)

1,100

1,127

Illinois

Fin.

Auth.,

Northwestern

Memorial

Healthcare,

Series C,

VRDN,

3.85%,

7/15/55

Illinois

Fin.

Auth.,

OSF

Healthcare

System,

Series C,

VRDN,

3.75%,

11/15/37

20,000

20,000

Illinois

State

Toll

Highway

Auth.,

Series A,

5.25%,

1/1/45

6,875

7,327

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/36

1,180

789

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/40

1,150

618

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/29

800

830

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (10)

1,410

1,636

Regional

Transportation

Auth.,

Series B,

5.50%,

6/1/27 (10)

1,705

1,755

101,027

#### INDIANA

#### 0.9%
Indiana

Fin.

Auth.,

Depauw

Univ.

Project,

Series A,

5.50%,

7/1/52

6,000

6,128

Indiana

Fin.

Auth.,

Indiana

Univ.

Health,

Series C,

5.25%,

10/1/44

4,650

5,075

Indiana

Fin.

Auth.,

Republic

Services

Project,

VRDN,

3.80%,

5/1/28

(Tender

12/1/25) (3)

1,720

1,719

Indiana

Fin.

Auth.,

Republic

Services

Project,

Series A,

VRDN,

3.80%,

5/1/28

(Tender

12/1/25) (3)

2,880

2,879

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series 2023A,

5.00%,

6/1/53

4,285

4,249

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.00%,

6/1/43

855

866

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Indiana

Housing

&

Community

Development

Auth.,

Series C-1,

4.85%,

7/1/45

4,850

4,933

Valparaiso,

Pratt

Paper,

4.875%,

1/1/44 (3)(4)

2,025

2,042

27,891

#### IOWA

#### 0.1%
Iowa

Fin.

Auth.,

Presbyterian

Homes

Mill

Pond

Project,

5.875%,

10/1/65

1,800

1,825

1,825

#### KANSAS

#### 0.1%
Overland

Park

Sales

Tax

Revenue,

Bluhawk

Star

Bond

Project,

Series A,

6.50%,

11/15/42 (4)

4,050

4,259

4,259

#### KENTUCKY

#### 1.1%
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

Henderson,

Pratt

Paper

Project,

Series A,

4.70%,

1/1/52 (3)(4)

1,000

945

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37

1,130

1,142

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41

1,000

1,004

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45

3,030

3,034

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41

1,570

1,584

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50

3,405

3,405

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

5.00%,

5/1/55

3,260

3,464

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

5.25%,

4/1/54

(Tender

2/1/32)

4,295

4,736

Kentucky

Public

Energy

Auth.,

Series B,

VRDN,

5.00%,

1/1/55

(Tender

8/1/32)

7,225

7,848

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28)

5,125

5,212

33,806

#### LOUISIANA

#### 0.4%
Louisiana

Public

Fac.

Auth.,

Waste

Pro

USA

Project,

VRDN,

6.75%,

10/1/53

(Tender

10/1/28) (3)(4)

1,400

1,483

New

Orleans

Aviation

Board,

General

Airport,

Series D-2,

5.00%,

1/1/38 (3)

885

892

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/43

1,315

1,324

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25) (9)

3,875

3,881

Saint

John

the

Baptist

Parish,

Marathon

Oil,

VRDN,

4.05%,

6/1/37

(Tender

7/1/26)

4,400

4,432

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-3,

VRDN,

2.20%,

6/1/37

(Tender

7/1/26)

1,080

1,075

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series B-2,

VRDN,

2.375%,

6/1/37

(Tender

7/1/26)

705

703

13,790

#### MAINE

#### 0.0%
Fin.

Auth.

of

Maine,

Casella

Waste

Systems,

VRDN,

4.625%,

12/1/47

(Tender

6/1/35) (3)(4)

1,000

1,010

1,010

#### MARYLAND

#### 4.3%
Anne

County

Arundel,

GO,

4.00%,

10/1/53

1,000

947

Anne

County

Arundel,

GO,

5.00%,

10/1/46

4,415

4,687

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/36

2,080

2,100

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46

1,575

1,550

Baltimore

City,

Harbor

Point

Project,

4.75%,

6/1/31

2,100

2,112

Baltimore

City,

Wastewater,

Series C,

5.00%,

7/1/33

2,245

2,248

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

7,086

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36

Maryland

CDA,

Series A,

4.50%,

9/1/48

900

912

Maryland

CDA,

Series D,

3.25%,

9/1/50

5,125

5,079

Maryland

DOT,

Series A,

5.25%,

8/1/49 (2)(3)

5,825

6,155

Maryland

DOT,

Series B,

4.00%,

8/1/37 (3)

1,485

1,492

Maryland

DOT,

Series B,

4.00%,

8/1/38 (3)

1,370

1,371

Maryland

Economic

Dev.,

Series A,

5.00%,

11/12/28 (3)

3,700

3,727

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/52 (3)

2,500

2,487

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/55 (3)

6,600

6,507

Maryland

Economic

Dev.,

Annapolis

Mobility

&

Resilience

Project,

5.00%,

12/31/42

2,270

2,343

Maryland

Economic

Dev.,

College

Park

Leonardtown

Project,

5.125%,

7/1/59 (2)

8,225

8,420

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50

810

689

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36

1,020

1,040

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46

4,375

4,425

Maryland

HHEFA,

LifeBridge

Health,

5.00%,

7/1/47

5,000

5,001

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Maryland

HHEFA,

LifeBridge

Health,

5.00%,

7/1/54

1,380

1,417

Maryland

HHEFA,

LifeBridge

Health,

5.25%,

7/1/54

3,460

3,661

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/33

3,175

3,179

Maryland

HHEFA,

MedStar

Health,

Series A,

5.00%,

5/15/45

3,790

3,823

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46

1,410

1,245

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51

2,900

2,485

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55

1,295

1,090

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

5.00%,

5/1/35

2,820

2,955

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/42

4,080

4,186

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/47

9,090

9,240

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series B,

5.00%,

5/1/47

1,760

1,936

Maryland

Stadium

Auth.,

Built

to

Learn

Revenue,

Series A,

4.00%,

6/1/52

4,290

3,929

Montgomery

County,

Consolidated

Public

Improvement

Project,

Series A,

GO,

2.00%,

8/1/41

6,500

4,699

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42

1,760

1,698

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

2,148

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36

1,410

1,411

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42

2,115

1,989

Washington

Suburban

Sanitary

Commission,

2.25%,

6/1/39

11,200

9,072

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

4.00%,

6/1/45

3,525

3,495

136,301

#### MASSACHUSETTS

#### 1.3%
Massachusetts,

Series C,

GO,

3.00%,

3/1/47

4,000

3,125

Massachusetts,

Series C,

GO,

5.00%,

6/1/44

5,000

5,413

Massachusetts

Bay

Transportation

Auth.

Sales

Tax

Revenue,

Series B,

5.25%,

7/1/54

9,950

10,660

Massachusetts

Dev.

Fin.

Agency,

Beth

Israel

Lahey

Health

Issue,

Series N,

5.50%,

7/1/50 (2)

5,150

5,569

Massachusetts

Dev.

Fin.

Agency,

Mass

General

Brigham

Issue,

Series E-1,

VRDN,

3.10%,

7/1/52

5,000

5,000

Massachusetts

Dev.

Fin.

Agency,

Merrimack

College

Student

Housing

Project,

Series A,

5.00%,

7/1/54 (4)

700

668

Massachusetts

Ed.

Fin.

Auth.,

Series B,

4.25%,

7/1/46 (3)

4,825

4,372

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Massachusetts

Port

Auth.,

Series B,

4.00%,

7/1/46 (3)

7,500

6,888

41,695

#### MICHIGAN

#### 1.9%
Detroit,

GO,

5.00%,

4/1/27

565

578

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

738

Detroit,

GO,

5.50%,

4/1/40

502

Detroit,

GO,

5.50%,

4/1/45

Detroit,

GO,

5.50%,

4/1/50

705

725

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.25%,

7/1/47

7,900

8,405

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series C,

5.00%,

7/1/36

1,885

1,907

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.25%,

7/1/47

5,885

6,261

Great

Lakes

Water

Auth.

Water

Supply,

Second

Lien,

Series D,

5.25%,

7/1/42

3,580

3,979

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/31

585

585

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/43

885

761

Michigan

Fin.

Auth.

Uni.

of

Detroit

Mercy,

5.625%,

11/1/52

5,450

5,558

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/34

2,275

2,318

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/37

2,470

2,508

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/37

980

1,030

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/38

1,410

1,475

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/39

6,175

6,436

Michigan

Fin.

Auth.,

McLaren

Health

Care,

Series B,

5.00%,

5/15/35

3,525

3,529

Michigan

Trunk

Line

Revenue,

Rebuilding

Michigan

Program,

5.50%,

11/15/49

2,870

3,123

Wayne

County,

Series C,

5.00%,

12/1/37 (2)(3)(4)

7,050

7,202

59,026

#### MINNESOTA

#### 0.8%
Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Private

Activity,

Series B,

5.25%,

1/1/49 (3)

6,000

6,283

Minnesota,

Series B,

GO,

4.00%,

8/1/42

8,000

8,069

Minnesota

Housing

Fin.

Agency,

Series L,

6.50%,

1/1/55

3,080

3,467

Minnesota

Housing

Fin.

Agency,

Series O,

6.25%,

1/1/55

2,945

3,294

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Shakopee

MN

Senior

Housing

Revenue,

Benedictine

Senior

Living

Obligated

Group

-

Windermere

Way

Project,

5.875%,

11/1/65

1,500

1,511

Woodbury,

Math

&

Science

Academy,

5.50%,

6/1/55 (4)

2,000

1,883

24,507

#### MISSISSIPPI

#### 0.0%
Warren

County,

Int'l.

Paper,

4.00%,

9/1/32

1,000

1,029

1,029

#### MISSOURI

#### 0.7%
HEFA

of

Missouri,

Mercy

Health,

3.00%,

6/1/53

4,000

2,874

HEFA

of

Missouri,

Mercy

Health,

5.50%,

12/1/48

2,080

2,230

Missouri

HEFA,

SSM

Health

Care,

Series F,

VRDN,

3.95%,

6/1/44

6,050

6,050

Phelps

County,

Phelps

Health,

5.75%,

12/1/45

1,500

1,627

Phelps

County,

Phelps

Health,

6.00%,

12/1/55

2,875

3,092

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48

4,715

4,584

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38

530

538

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48

1,375

1,360

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45

580

527

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

23,614

#### NEBRASKA

#### 0.6%
Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29)

4,035

4,256

Central

Plains

Energy

Project,

Series A-1,

VRDN,

5.00%,

8/1/55

(Tender

8/1/31)

14,075

15,202

19,458

#### NEVADA

#### 0.7%
Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series B,

5.00%,

7/1/27 (3)

4,000

4,128

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/33

1,475

1,583

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/43

7,615

7,788

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40

2,265

2,272

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45

1,790

1,791

Reno-Tahoe

Airport

Auth.,

Reno-Tahoe

Int'l.

Airport,

Series A,

5.25%,

7/1/49 (3)

3,550

3,708

21,270

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### NEW

#### HAMPSHIRE

#### 0.8%
New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34

3,607

3,680

New

Hampshire

Business

Fin.

Auth.,

Series 2023-2,

Class

A,

3.875%,

1/20/38

2,672

2,578

New

Hampshire

Business

Fin.

Auth.,

Series 2024-1,

Class

A,

4.25%,

7/1/51

(Prerefunded

7/20/41) (9)

4,982

4,966

New

Hampshire

Business

Fin.

Auth.,

Series 2024-2,

Class

A,

3.625%,

8/20/39

2,748

2,629

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A,

4.75%,

6/20/41

(Tender

6/1/35)

6,142

6,372

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A-2,

VR,

4.086%,

1/20/41

696

651

New

Hampshire

Business

Fin.

Auth.,

Series A,

Class

A,

VR,

4.034%,

10/20/51

(Prerefunded

10/1/51) (9)

4,372

4,303

New

Hampshire

Business

Fin.

Auth.,

The

Wildflower

Project,

Zero

Coupon,

12/15/33 (4)

875

543

25,722

#### NEW

#### JERSEY

#### 2.7%
Hudson

County

Improvement

Auth.,

Hudson

County

Courthouse

Project,

4.00%,

10/1/33

1,410

1,488

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (3)

1,760

1,760

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/39

1,190

1,197

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.00%,

1/1/31 (2)(3)

705

706

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

7/1/42 (2)(3)

775

776

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.375%,

1/1/43 (3)

6,115

6,120

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.625%,

1/1/52 (3)

1,435

1,436

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/37 (3)

4,775

4,849

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47 (3)

3,085

3,087

New

Jersey

Economic

Dev.

Auth.,

Repauno

Port

&

Rail

Terminal

Project,

6.375%,

1/1/35 (3)(4)

New

Jersey

Economic

Dev.

Auth.,

Repauno

Port

&

Rail

Terminal

Project,

6.625%,

1/1/45 (3)(4)

1,200

1,247

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/38

705

713

New

Jersey

EFA,

Princeton

Univ.,

Series B,

5.25%,

3/1/54

5,055

5,481

New

Jersey

HCFFA,

Barnabas

Health,

3.00%,

7/1/51

10,100

7,746

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

Jersey

HCFFA,

RWJ

Barnabas

Health,

Series A,

5.00%,

7/1/43

5,625

5,663

New

Jersey

Housing

&

Mortgage

Fin.

Agency,

Series A,

4.80%,

11/1/45

1,775

1,783

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46

1,260

1,340

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46

(Prerefunded

12/15/32) (9)

1,330

1,563

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42

4,830

4,764

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/41

1,100

1,214

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/42

3,025

3,287

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/46

1,650

1,732

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/42

9,275

9,207

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/43

4,750

5,181

New

Jersey

Turnpike

Auth.,

Series B,

5.25%,

1/1/52

5,050

5,349

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46

7,115

7,133

85,185

#### NEW

#### YORK

#### 10.8%
Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35 (3)

(4) 1,020

1,021

Build

New

York

City

Resource,

Success

Academy

Charter

Schools

Project,

5.00%,

9/1/38

1,485

1,583

Dormitory

Auth.

of

the

State

of

New

York,

Series 2022A,

5.00%,

3/15/46

5,395

5,598

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.00%,

7/1/48

3,800

2,863

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.50%,

3/15/52

2,250

1,855

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

3/15/35

5,150

5,346

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

3/15/54

9,395

8,686

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

3/15/44

1,000

1,080

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

3/15/45

700

751

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

3/15/51

18,525

19,367

Dormitory

Auth.

of

the

State

of

New

York,

Series B,

5.00%,

3/15/51

10,000

10,486

Dormitory

Auth.

of

the

State

of

New

York,

Series E,

3.00%,

3/15/41

2,000

1,718

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Dormitory

Auth.

of

the

State

of

New

York,

Cornell

Univ.,

Series A,

5.50%,

7/1/54

6,625

7,245

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligated

Group,

Series A,

5.00%,

8/1/35

5,175

5,278

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

5.00%,

12/1/27 (4)

1,300

1,314

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series E,

4.00%,

3/15/49

6,000

5,610

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

2,149

Dormitory

Auth.

of

the

State

of

New

York,

White

Plains

Hosp.

Obligated

Group,

5.25%,

10/1/49

2,100

2,139

Empire

State

Dev.,

Series A,

5.00%,

3/15/50

11,395

11,942

Empire

State

Dev.,

Personal

Income

Tax,

Series C,

5.00%,

3/15/47

3,525

3,630

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

1,739

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

5.63%,

1/1/55

680

617

Metropolitan

Transportation

Auth.,

Series B,

5.25%,

11/15/26 (2)

2,820

2,889

Metropolitan

Transportation

Auth.,

Green

Bond,

Series A-1,

5.00%,

11/15/49

2,230

2,271

New

York

City,

Series C-1,

GO,

5.00%,

9/1/42

4,615

4,996

New

York

City,

Series C-1,

GO,

5.25%,

9/1/45

5,850

6,313

New

York

City,

Series D,

GO,

5.00%,

12/1/42

3,525

3,644

New

York

City,

Series D-1,

GO,

5.50%,

5/1/44

1,175

1,270

New

York

City,

Series D-1,

GO,

5.50%,

5/1/46

1,750

1,876

New

York

City,

Series E,

GO,

5.00%,

8/1/44

5,000

5,333

New

York

City

Housing

Dev.,

Spruce

Street,

Series 2024,

Class

E,

4.375%,

12/15/43

(Prerefunded

12/15/31) (9)

2,820

2,885

New

York

City

Housing

Dev.,

Spruce

Street,

Series 2024,

Class

F,

5.25%,

12/15/43

(Prerefunded

12/15/31) (9)

550

567

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series C,

2.75%,

2/1/51

4,850

3,336

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series C-2,

VRDN,

3.75%,

5/1/65

(Tender

7/2/29)

2,725

2,765

New

York

City

Housing

Dev.,

Sustainable

Neighborhood

Bonds,

3.95%,

11/1/43

1,945

1,890

New

York

City

IDA,

Queens

Baseball

Stadium

Project,

Series A,

3.00%,

1/1/46 (2)

3,750

2,912

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA-1,

5.25%,

6/15/52

2,750

2,904

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC-1,

5.25%,

6/15/54

4,025

4,283

New

York

City

Municipal

Water

Fin.

Auth.,

Series DD,

4.125%,

6/15/46

1,250

1,218

New

York

City

Municipal

Water

Fin.

Auth.,

Second

General

Resolution,

Series EE,

5.00%,

6/15/40

6,805

7,006

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

4.00%,

11/1/37

1,060

1,078

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series A-1,

4.00%,

11/1/38

3,210

3,252

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series A-1,

5.25%,

5/1/47

18,000

19,427

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series A-1,

5.50%,

5/1/50

5,250

5,739

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series B-1,

5.00%,

8/1/38

3,525

3,683

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series C-1,

4.00%,

5/1/39

1,175

1,187

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series C-1,

4.00%,

5/1/44

2,370

2,272

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series F-1,

5.25%,

2/1/40

3,500

3,874

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series H-1,

5.25%,

11/1/45

5,000

5,429

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series H-1,

5.50%,

11/1/51

2,250

2,449

New

York

Liberty

Dev.,

World

Trade

Center,

Series 1WTC,

2.75%,

2/15/44

1,750

1,317

New

York

Liberty

Dev.,

World

Trade

Center,

Series 1WTC,

3.00%,

2/15/42

6,525

5,578

New

York

Liberty

Dev.,

World

Trade

Center,

Series 1WTC,

4.00%,

2/15/43

1,030

1,007

New

York

Liberty

Dev.,

World

Trade

Center,

Series 2,

Class

2,

5.15%,

11/15/34 (4)

1,230

1,231

New

York

Liberty

Dev.,

World

Trade

Center,

Series 2,

Class

2,

5.375%,

11/15/40 (4)

2,470

2,470

New

York

Liberty

Dev.,

World

Trade

Center,

3.00%,

9/15/43

3,750

3,085

New

York

Liberty

Dev.,

Bank

of

America

Tower

at

One

Bryant

Park,

Class

3,

2.80%,

9/15/69

2,010

1,877

New

York

Power

Auth.,

Series A,

4.00%,

11/15/45

2,210

2,110

New

York

State

Dormitory

Auth.,

Series E,

3.00%,

3/15/51

3,000

2,215

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

14,026

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

Transportation

Dev.,

5.125%,

6/30/60 (2)(3)

3,500

3,517

New

York

Transportation

Dev.,

5.375%,

6/30/60 (3)

4,145

4,165

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (3)

1,025

1,025

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/27 (3)

6,000

6,117

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

1/1/34 (3)

2,115

2,162

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35 (3)

6,960

7,281

New

York

Transportation

Dev.,

JFK

Airport

Terminal

Redev.

Project,

Series A,

5.25%,

12/31/54 (2)(3)

24,500

25,227

New

York

Transportation

Dev.,

John

F. Kennedy

Int'l.

Airport

New

Terminal

One

Project,

5.50%,

6/30/54 (3)

8,760

8,955

New

York

Transportation

Dev.,

John

F. Kennedy

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/55 (3)

2,475

2,643

New

York

Transportation

Dev.,

John

F. Kennedy

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/59 (3)

9,375

9,970

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

University

Project,

4.00%,

12/1/49

6,000

5,529

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 206,

5.00%,

11/15/42 (3)

4,475

4,538

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 236,

5.00%,

1/15/47 (3)

5,500

5,668

Suffolk

County

Water

Auth.,

Series B,

3.25%,

6/1/42

4,400

3,914

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series A,

5.00%,

5/15/52

5,500

6,169

342,950

#### NORTH

#### CAROLINA

#### 2.3%
Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare

System,

Series C,

VRDN,

3.90%,

1/15/37

Forsyth

County,

Series B,

GO,

2.00%,

3/1/37

4,150

3,480

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47 (2)(3)

7,615

7,996

North

Carolina

Housing

Fin.

Agency,

Series A,

4.55%,

7/1/45 (11)

3,250

3,251

North

Carolina

Housing

Fin.

Agency,

Series A,

4.70%,

7/1/50

4,250

4,283

North

Carolina

Housing

Fin.

Agency,

Series A,

6.25%,

1/1/55

5,210

5,643

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/35

705

705

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/39

1,020

1,029

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/44

1,490

1,450

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/49

705

662

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/40

3,955

3,958

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/40

10,900

11,256

North

Carolina

Turnpike

Auth.,

Triangle

Expressway,

Series A,

5.00%,

1/1/58 (2)

19,000

19,479

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/35 (3)

705

754

Union

County,

Series C,

GO,

2.50%,

9/1/37

4,590

4,088

Union

County,

Series C,

GO,

2.50%,

9/1/38

4,000

3,486

71,920

#### OHIO

#### 1.5%
Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55

17,025

14,268

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

2,370

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52

3,395

3,397

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57

2,425

2,413

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/44

2,855

2,837

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/51

3,945

3,775

Hamilton

County,

Cincinnati

Children's

Hosp.,

Series CC,

5.00%,

11/15/49

2,750

2,989

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/36

1,060

1,061

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/46

2,960

2,862

Hamilton

County,

Life

Enriching

Communities,

Series A,

5.00%,

1/1/52

705

664

Ohio,

Series A,

5.00%,

1/15/50

5,640

5,691

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.25%,

1/15/38 (3)(4)

Ohio

Housing

Fin.

Agency,

Silver

Birch

Of

Mansfield

Project,

6.00%,

1/1/45 (4)

1,625

1,626

Port

of

Greater

Cincinnati

Dev.

Auth.,

Duke

Energy

Convention

Center

Project,

Series B,

4.375%,

12/1/58 (2)

2,985

2,886

Port

of

Greater

Cincinnati

Dev.

Auth.,

RBM

Phase

Garage

Project,

5.00%,

12/1/44

1,000

1,001

Port

of

Greater

Cincinnati

Dev.

Auth.,

RBM

Phase

Garage

Project,

5.125%,

12/1/55

48,993

#### OKLAHOMA

#### 0.8%
Oklahoma

County

Fin.

Auth.,

Series EX,

2.00%,

12/1/47

Oklahoma

County

Fin.

Auth.,

Series EX,

5.875%,

12/1/47

768

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Oklahoma

DFA,

OU

Medicine

Project,

Series B,

5.25%,

8/15/48

1,115

1,116

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53

14,760

15,741

Oklahoma

Turnpike

Auth.,

Senior,

Series A,

5.50%,

1/1/54

5,575

6,069

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45

1,640

1,640

24,991

#### OREGON

#### 0.2%
Oregon

Fac.

Auth.,

Legacy

Health,

Series B,

5.00%,

6/1/30

1,700

1,844

Port

of

Portland

Airport,

Series 24B,

5.00%,

7/1/42 (3)

2,115

2,129

Port

of

Portland

Airport,

Series A,

4.00%,

7/1/39 (3)

3,525

3,494

7,467

#### PENNSYLVANIA

#### 2.2%
Allegheny

County

Airport

Auth.,

Pittsburgh

Int'l.

Airport,

Series A,

5.50%,

1/1/53 (2)(3)

7,500

7,873

Cumberland

County

Municipal

Auth.,

Asbury

Obligated

Group,

4.50%,

1/1/40 (4)

3,035

2,863

Doylestown

Hosp.

Auth.,

5.00%,

7/1/49

(Prerefunded

7/1/29) (9)

Franklin

County

IDA,

Menno

Haven,

5.00%,

12/1/38

705

706

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/34

1,940

2,036

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/37

1,760

1,833

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44 (3)

2,500

2,501

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.25%,

6/30/53 (3)

3,895

3,945

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/39 (3)

2,250

2,400

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.75%,

6/30/48 (3)

3,935

4,103

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

6.00%,

6/30/61 (3)

6,520

6,895

Pennsylvania

Higher

Ed.

Assistance

Agency,

Series 1A,

5.00%,

6/1/34 (3)

2,150

2,297

Pennsylvania

Housing

Fin.

Agency,

Series 144A,

6.00%,

10/1/54

3,335

3,605

Pennsylvania

Housing

Fin.

Agency,

Series 146A,

6.25%,

10/1/54

4,410

4,835

Pennsylvania

Housing

Fin.

Agency,

Series SER-145A,

6.00%,

10/1/54

2,005

2,175

Pennsylvania

State

Univ.,

Series A,

5.00%,

9/1/44

5,450

5,887

Philadelphia

IDA,

Saint

Josephs

Univ.,

5.25%,

11/1/52

3,565

3,688

Philadelphia

IDA,

The

Children's

Hosp.

of

Philadelphia

Project,

Series A,

5.50%,

7/1/53

8,920

9,639

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

State

Public

School

Building

Auth.,

Series A,

5.00%,

6/1/32 (2)

3,525

3,586

71,146

#### PUERTO

#### RICO

#### 4.0%
Puerto

Rico

Commonwealth,

VR,

GO,

11/1/43 (12)

14,395

9,195

Puerto

Rico

Commonwealth,

VR,

GO,

11/1/51 (12)

31,690

21,390

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/33 (4)

1,050

1,097

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

5.00%,

7/1/33 (4)

3,965

4,159

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/28 (4)

1,205

1,234

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (4)

2,915

3,016

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (4)

5,250

5,455

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/29 (4)

2,225

2,299

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (4)

1,200

1,241

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33

1,569

1,132

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

1,219

1,205

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

1,095

1,076

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

2,265

2,168

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

4,804

4,409

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

8,662

8,905

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29

1,324

1,414

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

3,227

3,578

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (6)(8)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (6)(8)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (6)(8)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (6)(8)

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (6)

(8) 170

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (6)

(8) 660

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (6)

(8) 215

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (6)

(8) 260

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (6)

(8) 1,575

1,039

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/37 (6)

(8) 500

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (6)

(8) 680

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (6)

(8) 165

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (6)

(8) 140

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (6)

(8) 60

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (6)

(8) 160

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (6)

(8) 125

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (6)

(8) 40

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (6)

(8) 70

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (6)

(8) 55

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (6)

(8) 525

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (6)

(8) 120

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (6)

(8) 60

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40

1,540

1,527

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53

26,172

24,746

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58

13,608

13,217

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27

2,666

2,522

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

5,900

4,467

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46

12,428

4,325

127,921

#### RHODE

#### ISLAND

#### 0.0%
Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (6)(8)

#### SOUTH

#### CAROLINA

#### 1.0%
Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32

5,838

4,146

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42

3,686

1,279

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51

5,236

831

Patriots

Energy

Group

Fin.

Agency,

Series B-1,

VRDN,

5.25%,

2/1/54

(Tender

3/1/31)

3,525

3,834

South

Carolina

Jobs-Economic

Dev.

Auth.,

Active

Retirement

Community,

Series C,

5.00%,

11/15/47

1,355

1,341

South

Carolina

Jobs-Economic

Dev.

Auth.,

Libertas

Woodruff

Project,

7.15%,

8/15/55 (4)

2,000

1,992

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/35

1,530

1,596

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/36

3,525

3,668

South

Carolina

Jobs-Economic

Dev.

Auth.,

Rolling

Green

Village

Project,

Series A,

5.75%,

12/1/60 (11)

1,100

1,069

South

Carolina

Public

Service

Auth.,

Series A,

4.00%,

12/1/36

4,000

4,065

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series E,

5.25%,

12/1/38 (2)

4,500

4,984

South

Carolina

State

Housing

Fin.

&

Dev.

Auth.,

Series C,

4.80%,

7/1/45

3,800

3,843

32,648

#### SOUTH

#### DAKOTA

#### 0.5%
South

Dakota

HEFA,

Avera

Health,

Series A,

4.25%,

7/1/49

9,275

9,049

South

Dakota

HEFA,

Avera

Health,

Series A,

5.25%,

7/1/54

7,125

7,530

16,579

#### TENNESSEE

#### 1.4%
Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

5.00%,

7/1/36

2,290

2,364

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/54 (5)

1,000

1,057

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/59 (5)

1,500

1,585

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series B-1,

5.125%,

7/1/54 (5)

3,030

3,121

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Univ.

of

Tennessee

Project,

Series B-1,

5.00%,

7/1/49 (5)

1,200

1,233

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

The

Vanderbilt

Univ.,

5.00%,

10/1/54

515

544

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/40

1,090

1,097

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/44 (3)

2,115

2,150

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.50%,

7/1/52 (3)

10,405

10,910

Shelby

County

Health

&

Ed.

Fac.

Board,

Madrone

Memphis

Student

Housing

I,

Series A-1,

5.00%,

6/1/44 (4)

850

829

Tennergy,

Series A,

VRDN,

5.00%,

10/1/54

(Tender

12/1/29)

6,900

7,362

Tennessee

Energy

Acquisition

Corp,

Series A,

5.00%,

12/1/35

11,025

11,999

44,251

#### TEXAS

#### 11.6%
Aldine

Independent

School

Dist.,

GO,

4.00%,

2/15/54

3,805

3,485

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.50%,

6/15/44 (4)

500

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.75%,

6/15/49 (4)

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.875%,

6/15/54 (4)

3,370

3,054

Arlington

Higher

Ed.

Fin.,

Harmony

Public

Schools,

4.00%,

2/15/44

12,900

12,379

Arlington

Higher

Ed.

Fin.,

KIPP

Texas,

4.00%,

8/15/42

5,815

5,748

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/47

1,780

1,847

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/52

5,155

5,302

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

4.50%,

8/15/53

4,500

4,496

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

5.00%,

8/15/48

1,300

1,359

Austin

Airport

System

Revenue,

5.00%,

11/15/43 (3)

1,000

1,040

Austin

Airport

System

Revenue,

Series B,

5.00%,

11/15/41 (3)

2,770

2,785

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34

915

921

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/26

740

740

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series A,

3.50%,

8/15/50

8,000

6,712

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

4.00%,

8/15/54

7,425

6,906

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

5.00%,

8/15/42

4,675

5,159

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

5.00%,

8/15/49

2,250

2,534

Central

Texas

Regional

Mobility

Auth.,

Series A,

5.00%,

1/1/28

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/36

10,000

11,258

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/39

1,550

1,702

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/41

8,880

9,595

Clifton

Higher

Ed.

Fin.,

IDEA

Public

Schools,

5.00%,

8/15/37

7,175

7,965

Clifton

Higher

Ed.

Fin.,

IDEA

Public

Schools,

5.00%,

8/15/38

2,000

2,203

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.00%,

2/15/40

7,415

7,971

Dallas

Fort

Worth

Int'l.

Airport,

Series A-1,

5.25%,

11/1/43 (3)

7,000

7,519

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/29

1,765

1,774

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/31

1,005

1,010

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/32

800

804

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/33

800

804

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.625%,

12/31/55 (4)

1,560

1,611

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.875%,

12/31/45 (4)

575

593

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

6.125%,

12/31/55 (4)

925

957

Grand

Parkway

Transportation,

Grand

Parkway

System,

First

Tier,

4.00%,

10/1/49

4,500

4,177

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presbyterian

Homes,

Series B,

6.375%,

1/1/33

Harris

County

Cultural

Ed.

Fac.

Fin.,

The

Methodist

Hospital

System,

Series C-2,

TECP,

3.90%,

11/3/25

3,300

3,300

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/31

Harris

County

Hosp.

Dist.,

GO,

5.00%,

2/15/43

7,050

7,493

Harris

County

Hosp.

Dist.,

GO,

5.00%,

2/15/44

7,200

7,598

Harris

County

Toll

Road

Revenue,

Series A,

4.00%,

8/15/49

7,685

7,220

Harris

County-Houston

Sports

Auth.,

Second

Lien,

Series B,

5.00%,

11/15/44 (2)

2,025

2,121

Harris

County-Houston

Sports

Auth.,

Second

Lien,

Series B,

5.00%,

11/15/46 (2)

4,000

4,173

Houston

Airport,

Series A,

5.00%,

7/1/36 (3)

775

802

Houston

Airport,

Series A,

5.00%,

7/1/37 (3)

1,495

1,543

Houston

Airport,

Series A,

5.00%,

7/1/41 (3)

2,290

2,334

Houston

Airport,

Series A,

5.25%,

7/1/42 (2)(3)

5,000

5,338

Houston

Airport,

Series A,

5.25%,

7/1/43 (2)(3)

1,550

1,642

Houston

Airport,

Series A,

5.50%,

7/1/44 (3)

2,000

2,184

Houston

Airport,

Series A,

5.50%,

7/1/45 (3)

2,000

2,175

Houston

Airport,

Series B-1,

5.00%,

7/15/35 (3)

1,760

1,760

Houston

Airport,

Series C,

5.00%,

7/1/31 (3)

2,115

2,215

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Houston

Airport,

Series C,

5.00%,

7/1/32 (3)

2,645

2,765

Houston

Airport

System

Revenue,

United

Airlines,

Series B,

5.50%,

7/15/37 (3)

2,450

2,677

Hurst-Euless-Bedford

Independent

School

Dist.,

GO,

4.00%,

8/15/50

3,600

3,358

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

1,326

Judson

Independent

School

Dist.,

GO,

4.00%,

2/1/53

5,105

4,714

Klein

Independent

School

Dist.,

GO,

4.00%,

8/1/47

5,000

4,766

Leander

Independent

School

Dist.,

Series A,

GO,

5.00%,

8/15/40

3,000

3,356

Leander

Independent

School

Dist.,

Series A,

GO,

5.00%,

8/15/41

950

1,052

Longview

Independent

School

Dist.,

GO,

4.00%,

2/15/49

7,500

7,101

Mansfield

Independent

School

Dist.,

GO,

4.00%,

2/15/49

4,700

4,417

Mansfield

Independent

School

Dist.,

GO,

5.25%,

2/15/55

5,000

5,358

Midland

Independent

School

Dist.,

GO,

5.00%,

2/15/47

4,075

4,273

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31 (3)(4)

4,440

4,455

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

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36

525

526

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43

855

855

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48

2,485

2,486

New

Hope

Cultural

Ed.

Fac.

Fin.,

Children's

Health

System,

Series A,

5.50%,

8/15/49

4,250

4,664

New

Hope

Cultural

Ed.

Fac.

Fin.,

Exchange

Buckingham

Senior

Living,

Series B,

VR,

2.00%,

11/15/61

(2.00%

PIK) (7)(8)

852

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

707

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49

1,210

1,138

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/37

3,525

3,597

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/39

(Prerefunded

1/1/26) (9)

855

858

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/40

7,100

7,630

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/41

6,700

7,280

Northwest

Independent

School

Dist.,

GO,

5.25%,

2/15/55

5,000

5,342

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Permanent

Univ.

Fund

-

Texas

A&M

Univ.

System,

Series A,

5.00%,

7/1/54

5,000

5,281

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series 2022A,

4.00%,

7/1/42

3,600

3,576

Port

of

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast

Energy

Project,

Series A,

4.00%,

1/1/50 (3)(4)

1,000

770

Port

of

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast

Energy

Project,

Series A,

5.125%,

1/1/44 (3)(4)

1,750

1,717

Prosper

Independent

School

Dist.,

GO,

4.00%,

2/15/54

6,070

5,578

San

Antonio

Water

System,

Junior

Lien,

Series B,

5.00%,

5/15/45

5,250

5,586

Spring

Branch

Independent

School

Dist.,

GO,

5.00%,

2/1/42

2,370

2,518

Spring

Independent

School

Dist.,

GO,

5.25%,

8/15/45

3,500

3,847

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

785

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/40

865

867

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/46

1,940

1,870

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

High

School,

Series A,

5.00%,

11/15/45 (6)(8)

1,632

—

Texas,

Series A,

GO,

4.125%,

8/1/46 (3)

8,850

8,459

Texas,

Series A,

GO,

5.00%,

8/1/41 (3)

6,030

6,364

Texas,

Series A,

GO,

5.00%,

8/1/42 (3)

6,335

6,624

Texas

Dept.

of

Housing

&

Community

Affairs,

Series A,

5.75%,

1/1/56

7,000

7,727

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

3,752

Texas

Municipal

Gas

Acquisition

&

Supply

V,

VRDN,

5.00%,

1/1/55

(Tender

1/1/34)

14,950

16,455

Texas

Private

Activity

Bond

Surface

Transportation,

Segment

3C

Project,

5.00%,

6/30/58 (3)

5,000

4,974

Texas

Private

Activity

Bond

Surface

Transportation,

Senior

Lien,

North

Tarrant

Express

Project,

5.50%,

12/31/58 (3)

5,620

5,846

Texas

Transportation

Fin.,

Series A,

5.50%,

10/1/55

8,300

9,085

367,637

#### UTAH

#### 2.1%
Black

Desert

Public

Infrastructure

Dist.,

Black

Desert

Assessment

Area,

5.625%,

12/1/53 (4)

4,715

4,763

Downtown

Revitalization

Public

Infrastructure

Dist.,

SEG

Redevelopment

Project,

Series A,

5.00%,

6/1/39 (2)

1,300

1,374

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Downtown

Revitalization

Public

Infrastructure

Dist.,

SEG

Redevelopment

Project,

Series A,

5.25%,

6/1/43 (2)

1,900

2,099

Downtown

Revitalization

Public

Infrastructure

Dist.,

SEG

Redevelopment

Project,

Series C,

5.00%,

7/15/35 (4)

1,250

1,260

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 1,

5.125%,

6/15/54 (4)

2,175

2,162

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

5.75%,

6/15/44 (4)

940

961

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

6.00%,

6/15/54 (4)

1,880

1,935

Point

Phase

Public

Infrastructure

Dist.

No.

1,

Series A-1,

5.875%,

3/1/45

585

604

Point

Phase

Public

Infrastructure

Dist.

No.

1,

Series A-1,

6.125%,

3/1/55

11,374

11,857

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/34 (3)

5,000

5,455

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/43 (3)

5,000

5,064

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/47 (3)

4,490

4,506

Salt

Lake

City

Airport,

Series A,

5.25%,

7/1/53 (3)

3,000

3,099

Salt

Lake

City

Airport,

Series A,

5.50%,

7/1/53 (3)

4,150

4,382

SkyRidge

Pegasus

Infrastructure

Fin.

Dist.,

SkyRidge

Pegasus

Assessment

Area,

5.25%,

12/1/44 (4)

3,087

3,048

Tech

Ridge

Public

Infrastructure

Dist.,

Tech

Ridge

Assessment

Area,

6.25%,

12/1/54 (4)

2,700

2,779

Utah

County,

IHC

Health

Services,

Inc.,

5.00%,

5/15/41

5,000

5,026

Utah

Transit

Auth.,

5.00%,

12/15/43

4,700

5,144

65,518

#### VIRGINIA

#### 3.5%
Alexandria,

GO,

4.00%,

12/15/42

5,350

5,409

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31)

5,000

5,422

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/41 (2)

3,035

3,053

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/46

5,150

5,160

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/51

2,165

2,168

Fairfax

County,

Series A,

GO,

2.00%,

10/1/41

5,625

4,061

Fairfax

County,

Series A,

GO,

4.00%,

10/1/41

3,345

3,403

Fairfax

County

IDA,

Inova

Health

System,

Series A,

4.00%,

5/15/44

3,500

3,418

Fairfax

County

IDA,

Inova

Health

System,

Series A,

5.00%,

5/15/31

1,410

1,426

Farmville

IDA,

Convocation

Center

Project,

Series AG,

5.375%,

7/1/53

(Tender

7/1/43) (2)

4,300

4,574

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

4.00%,

7/1/52

2,665

2,502

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.00%,

7/1/47

5,755

6,031

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/37

3,080

2,516

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/38

3,075

2,443

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/39

3,075

2,371

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

1,542

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/36

1,460

1,474

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

Series A,

4.00%,

2/1/43

10,740

10,650

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Financing

Program,

Series A,

4.00%,

9/1/43

4,360

4,311

Virginia

Housing

Dev.

Auth.,

Series G,

5.15%,

11/1/52

1,150

1,181

Virginia

Housing

Dev.

Auth.,

Series G,

5.25%,

11/1/57

1,995

2,068

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

3.00%,

1/1/41 (3)

1,950

1,594

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37 (3)

6,890

6,830

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/38 (3)

5,000

4,934

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes

Project,

4.00%,

1/1/42 (3)

1,045

968

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes

Project,

4.00%,

1/1/48 (3)

5,650

4,998

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/49 (3)

705

696

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/52 (3)

6,680

6,570

Virginia

Small

Business

Fin.

Auth.,

Transform

P3

Project,

5.00%,

12/31/56 (3)

7,220

7,028

Williamsburg

Economic

Dev.

Auth.,

William

and

Mary

Project,

Series A,

4.125%,

7/1/58 (2)

3,945

3,721

112,898

#### WASHINGTON

#### 3.3%
Central

Puget

Sound

Regional

Transit

Auth.,

Series S-1,

5.00%,

11/1/46

3,000

3,439

Energy

Northwest,

Columbia

Generating

Station,

4.00%,

7/1/42

2,000

1,978

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/37

1,620

1,747

King

County,

GO,

5.00%,

12/1/43

3,310

3,596

Port

of

Seattle,

Intermediate

Lien,

5.00%,

8/1/33 (3)

3,000

3,346

Port

of

Seattle,

Intermediate

Lien,

Series B,

5.25%,

10/1/43 (3)

7,500

8,134

Port

of

Seattle,

Intermediate

Lien,

Series B,

5.25%,

7/1/49 (3)

12,750

13,428

Seattle

Municipal

Light

&

Power

Revenue,

5.00%,

10/1/54

9,530

9,971

Seattle

Municipal

Light

&

Power

Revenue,

5.25%,

2/1/55

5,150

5,537

Skagit

County

Public

Hosp.

Dist.

No.

1,

5.50%,

12/1/44

1,000

1,035

Washington,

Series C,

GO,

5.00%,

2/1/36

4,700

5,179

Washington

State

Convention

Center

Public

Fac.

Dist.,

Green

Notes,

4.00%,

7/1/31

2,625

2,704

Washington

State

Housing

Fin.

Commission,

Series 2025-1,

Class

A-1,

VR,

3.95%,

8/20/63

(Prerefunded

11/20/41) (9)

4,168

4,011

Washington

State

Housing

Fin.

Commission,

Series 2025-1,

Class

A-2,

VR,

3.95%,

8/20/63

(Prerefunded

11/20/41) (9)

3,270

3,093

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/40 (4)(5)

1,000

1,056

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/45 (4)(5)

4,750

4,836

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.25%,

7/1/55 (4)(5)

6,115

6,227

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.50%,

7/1/50 (4)

3,975

4,023

Washington

State

Housing

Fin.

Commission,

Radford

Court

and

Nordheim

Court,

5.00%,

7/1/54

5,535

5,365

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2021-1,

Class

A,

3.50%,

12/20/35

4,787

4,655

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2023-1,

Class

A,

3.375%,

4/20/37

9,807

9,266

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55 (4)

3,525

3,197

105,823

#### WEST

#### VIRGINIA

#### 0.1%
Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37 (4)

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (4)

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

7.00%,

6/1/43 (4)

West

Virginia

Economic

Dev.

Auth.,

Series RE,

VRDN,

4.70%,

4/1/36

(Tender

6/17/26) (3)

1,150

1,156

2,103

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### WISCONSIN

#### 2.6%
PFA,

Aggie

Apartment

Life

Holding

Corp.

II,

Series A,

5.25%,

6/1/54

1,625

1,648

PFA,

Campus

Real

Estate

Holding,

Series A,

5.00%,

6/1/35

1,100

1,177

PFA,

CHF

Manoa,

Residences

for

Graduate

Students,

Series A,

5.75%,

7/1/53 (4)

3,000

3,024

PFA,

Eastern

Michigan

Univ.,

Series A-1,

5.375%,

7/1/47 (5)

4,880

5,103

PFA,

Georgia

SR

Express

Lanes

Project,

5.75%,

6/30/60 (3)

12,390

12,795

PFA,

Georgia

SR

Express

Lanes

Project,

5.75%,

12/31/65 (3)

10,850

11,238

PFA,

Georgia

SR

Express

Lanes

Project,

6.50%,

6/30/60 (3)

2,300

2,535

PFA,

Georgia

SR

Express

Lanes

Project,

6.50%,

12/31/65 (3)

3,875

4,256

PFA,

Heritage

Bend

Project,

Zero

Coupon,

12/15/42 (4)

17,500

5,308

PFA,

Kahala

Nui

Project,

5.25%,

11/15/55

850

861

PFA,

Kahala

Nui

Project,

5.25%,

11/15/61

4,205

4,243

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

1,042

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series A,

5.25%,

6/15/55

1,725

1,770

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series B,

5.50%,

6/15/55

1,475

1,515

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series C,

5.00%,

6/15/35

500

519

PFA,

KSU

Bixby

Real

Estate

Foundation,

Series C,

5.75%,

6/15/55

1,420

1,418

PFA,

Roseman

Univ.,

5.00%,

4/1/40

(Prerefunded

4/1/30) (4)(9)

PFA,

Roseman

Univ.,

5.00%,

4/1/50

(Prerefunded

4/1/30) (4)(9)

PFA,

Unrefunded

Balance,

5.00%,

4/1/40 (4)

PFA,

Unrefunded

Balance,

5.00%,

4/1/50 (4)

670

622

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series C,

VRDN,

3.85%,

4/1/48

3,000

3,000

Wisconsin

HEFA,

Chiara

Housing

and

Services,

5.875%,

7/1/55

2,730

2,740

Wisconsin

Housing

&

Economic

Dev.

Auth.

Home

Ownership

Revenue,

Series B,

6.00%,

3/1/55

3,285

3,559

Wisconsin

Housing

&

Economic

Dev.

Auth.

Home

Ownership

Revenue,

Series C,

3.00%,

9/1/52

3,120

3,064

Wisconsin

PFA,

Celanese,

Series B,

5.00%,

12/1/25 (3)

705

705

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/42

1,205

1,243

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52

2,730

2,732

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.00%,

6/1/52 (4)

2,570

2,294

Wisconsin

PFA,

Southminster,

5.00%,

10/1/43 (4)

2,325

2,309

Wisconsin

PFA,

Southminster,

5.00%,

10/1/48 (4)

705

674

Wisconsin

PFA,

Southminster,

5.00%,

10/1/53 (4)

740

694

Wisconsin

PFA,

Univ.

of

Hawaii

Foundation

Project,

Series A-1,

4.00%,

7/1/61 (4)

1,165

872

83,766

#### Total

#### Municipal

#### Securities

#### (Cost

#### $3,156,436)

#### 3,148,759

#### NON-U.S.

#### GOVERNMENT

#### MORTGAGE-BACKED

#### SECURITIES 0.1%
Freddie

Mac

Multifamily,

Class

A,

2.046%,

6/25/38

4,081

3,408

#### Total

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities

#### (Cost

#### $4,179)

#### 3,408

#### Total

#### Investments

#### in

#### Securities

#### 99.1%

#### of

#### Net

#### Assets

#### (Cost

#### $3,160,615)

#### $

#### 3,152,167
‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) See

Note

2. Level

in

fair

value

hierarchy.

(2) Insured

by

Assured

Guaranty

Incorporated

(3) Interest

subject

to

alternative

minimum

tax.

(4) 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

$222,914

and

represents

7.0%

of

net

assets.

(5) Insured

by

Build

America

Mutual

Assurance

Company

(6) Obligor

has

failed

to

make

a

scheduled

interest

and/or

principal

payment

or

is

in

default.

(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) Prerefunded

date

is

used

in

determining

portfolio

maturity.

(10) Insured

by

National

Public

Finance

Guarantee

Corporation

(11) When-issued

security

(12) Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board's

Certified

Fiscal

Plan.

CDA

Community

Development

Administration/Authority

T. ROWE

PRICE

Summit

Municipal

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

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

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

October

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$3,160,615)

$

3,152,167

Interest

receivable

44,004

Receivable

for

shares

sold

1,500

Receivable

for

investment

securities

sold

Due

from

affiliates

Other

assets

Total

assets

3,197,843

#### Liabilities
Payable

for

investment

securities

purchased

10,086

Payable

for

shares

redeemed

4,530

Investment

management

fees

payable

872

Payable

to

directors

Other

liabilities

1,362

Total

liabilities

16,851

Commitments

and

Contingent

Liabilities

(note

5)

#### NET

#### ASSETS

#### $

#### 3,180,992
T. ROWE

PRICE

Summit

Municipal

Income

Fund

October

31,

2025

#### 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)

$

(150,395)

Paid-in

capital

applicable

to

282,969,654

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

3,331,387

#### NET

#### ASSETS

#### $

#### 3,180,992

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,208,043;

#### Shares

#### outstanding:

#### 107,490,188)

#### $

#### 11.24

#### Advisor

#### Class

#### (Net

#### assets:

#### $1,820;

#### Shares

#### outstanding:

#### 161,972)

#### $

#### 11.24

#### I

#### Class

#### (Net

#### assets:

#### $1,971,129;

#### Shares

#### outstanding:

#### 175,317,494)

#### $

#### 11.24
T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/25

#### Investment

#### Income
(Loss)

Interest

income

$

125,928

Expenses

Investment

management

9,882

Shareholder

servicing

Investor

Class

$

1,796

Advisor

Class

I

Class

1,874

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

(534)

Total

expenses

11,851

Net

investment

income

114,077

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

loss

on

securities

(42,850)

Change

in

net

unrealized

gain

/

loss

on

securities

29,922

Net

realized

and

unrealized

gain

/

loss

(12,928)

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 101,149
T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/25

10/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

114,077

$

86,892

Net

realized

loss

(42,850)

(20,629)

Change

in

net

unrealized

gain

/

loss

29,922

212,475

Increase

in

net

assets

from

operations

101,149

278,738

Distributions

to

shareholders

Net

earnings

Investor

Class

(42,626)

(35,938)

Advisor

Class

(73) (49) I

Class

(69,737)

(49,778)

Decrease

in

net

assets

from

distributions

(112,436)

(85,765)

Capital

share

transactions

\*

Shares

sold

Investor

Class

270,669

402,553

Advisor

Class

1,844

I

Class

733,065

885,238

Distributions

reinvested

Investor

Class

39,449

32,774

Advisor

Class

I

Class

53,957

37,567

Shares

redeemed

Investor

Class

(325,409)

(242,865)

Advisor

Class

(617) (167) I

Class

(617,578)

(468,290)

Increase

in

net

assets

from

capital

share

transactions

153,899

648,703

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/25

10/31/24

#### Net

#### Assets
Increase

during

period

142,612

841,676

Beginning

of

period

3,038,380

2,196,704

#### End

#### of

#### period

#### $

#### 3,180,992

#### $

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

information

(000s)

Shares

sold

Investor

Class

24,472

35,704

Advisor

Class

I

Class

66,490

78,667

Distributions

reinvested

Investor

Class

3,564

2,911

Advisor

Class

I

Class

4,876

3,334

Shares

redeemed

Investor

Class

(29,383)

(21,718)

Advisor

Class

(55) (15) I

Class

(56,193)

(41,877)

Increase

in

shares

outstanding

13,803

57,176

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### 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. Dividend

income is

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

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

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T. ROWE

PRICE

Summit

Municipal

Income

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

are

generally traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

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

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

T. ROWE

PRICE

Summit

Municipal

Income

Fund

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;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

October

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

—

$

—

$

—

$

—

Fixed

Income

Securities

—

3,152,167

—

3,152,167

Total

$

—

$

3,152,167

$

—

$

3,152,167

Includes

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### 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 $1,100,950,000 and

$897,782,000,

respectively,

for

the

year ended

October

31,

2025. #### NOTE

#### 4

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

T. ROWE

PRICE

Summit

Municipal

Income

Fund

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

differences

between

book/tax

amortization

policies

and

the

character

of

income

on

certain

derivative

contracts.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

October

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

October

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

($000s)

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024
Tax-exempt

income

$

112,436

$

85,765

($000s)

Cost

of

investments

$

3,151,742

Unrealized

appreciation

$

56,397

Unrealized

depreciation

(55,972)

Net

unrealized

appreciation

(depreciation)

$

($000s)

Undistributed

ordinary

income

$

Undistributed

tax-exempt

income

758

Net

unrealized

appreciation

(depreciation)

Loss

carryforwards

and

deferrals

(151,627)

Total

distributable

earnings

(loss)

$

(150,395)

T. ROWE

PRICE

Summit

Municipal

Income

Fund

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

recognition

of

market

discount

and

premium

amortization

and

the

character

of

income

on

certain

derivatives

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

#### 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

0.26%

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

October

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

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

T. ROWE

PRICE

Summit

Municipal

Income

Fund

time

such

amounts

were

waived;

or

(2) the

class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended October

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,188,000 remain

subject

to

repayment

by

the

fund

at

October

31,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

#### 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)

$(532)

$(2)

$—

T. ROWE

PRICE

Summit

Municipal

Income

Fund

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

For

the

year

ended

October

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$124,000

for

Price

Associates

and

$132,000

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

$36,526,000

and

$28,672,000,

respectively,

with

net

realized

gain

of

$0

for

the

year

ended

October

31,

2025. #### NOTE

#### 6

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### Summit

#### Municipal

#### Funds,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Summit

#### Municipal

#### Income

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Summit

Municipal

Income

Fund

(one

of

the

funds

constituting

T. Rowe

Price

Summit

Municipal

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Summit

Municipal

Income

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

18,

2025&nbsp;&nbsp;&nbsp;&nbsp;

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Summit

Municipal

Income

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 10/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included

$111,041,000

which

qualified

as

exempt-interest

dividends.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F84-050

12/25

------

#### 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 attached.](d830294dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d830294dex99cert.htm) |
| (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.](d830294dex99906ce.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 | December 18, 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 | December 18, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | December 18, 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: December 18, 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: December 18, 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.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: December 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

------

the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

------

***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

------

**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer