# EDGAR Filing Document

**Accession Number:** 0000912029
**File Stem:** 0001193125-25-329875
**Filing Date:** 2025-12
**Character Count:** 194085
**Document Hash:** 68d7c4fd9453084e7ce3a9901c8a37c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329875.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329875

**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:** 251595480

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

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

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? Summit Municipal Intermediate Fund_SMT

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](g73803g77h43.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Intermediate Fund

# Investor Class (PRSMX)
This annual shareholder report contains important information about Summit Municipal Intermediate 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 Intermediate Fund - Investor Class | $42 | 0.41% |

---

## 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 style-specific Bloomberg Municipal 1–15 Year Blend (1–17) Bond Index, the fund's positioning around market volatility contributed to performance, as municipal bond prices fluctuated less than anticipated. Interest rate management also added value in aggregate, supported by the fund's longer-than-benchmark average duration profile and the coupon payments generated by the portfolio's holdings.

* Conversely, the fund's positioning along the yield curve detracted from performance, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened. Security selection decisions in dedicated tax revenue bonds and local and state general obligation (GO) debt also hurt performance.

* The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. We maintained a preference for revenue bonds over GO 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, hospital, and prepaid gas 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. Investor Class 30,870 Regulatory Benchmark 31,767 Strategy Benchmark 31,354](g73803g07v56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 25000 | 25000 | 25000 |
| **2016** | 25543 | 25577 | 25482 |
| **2016** | 25794 | 25888 | 25705 |
| **2016** | 26149 | 26387 | 26070 |
| **2016** | 25842 | 26015 | 25774 |
| **2017** | 25321 | 25505 | 25363 |
| **2017** | 25727 | 25925 | 25758 |
| **2017** | 26130 | 26454 | 26186 |
| **2017** | 26246 | 26585 | 26274 |
| **2018** | 26025 | 26404 | 26048 |
| **2018** | 25920 | 26328 | 25969 |
| **2018** | 26235 | 26717 | 26342 |
| **2018** | 25950 | 26449 | 26134 |
| **2019** | 26733 | 27266 | 26919 |
| **2019** | 27263 | 27950 | 27419 |
| **2019** | 27939 | 28669 | 28086 |
| **2019** | 28083 | 28940 | 28255 |
| **2020** | 28649 | 29624 | 28846 |
| **2020** | 27527 | 28554 | 28067 |
| **2020** | 29037 | 30205 | 29438 |
| **2020** | 28939 | 29980 | 29289 |
| **2021** | 29669 | 30813 | 29897 |
| **2021** | 29658 | 30766 | 29844 |
| **2021** | 30025 | 31199 | 30144 |
| **2021** | 29690 | 30770 | 29810 |
| **2022** | 29182 | 30231 | 29279 |
| **2022** | 27575 | 28340 | 27815 |
| **2022** | 28150 | 29038 | 28594 |
| **2022** | 26589 | 27084 | 27144 |
| **2023** | 28381 | 29249 | 28861 |
| **2023** | 28275 | 29155 | 28788 |
| **2023** | 28326 | 29307 | 28862 |
| **2023** | 27321 | 27800 | 27815 |
| **2024** | 29136 | 30098 | 29596 |
| **2024** | 28920 | 29762 | 29320 |
| **2024** | 29408 | 30404 | 29785 |
| **2024** | 29481 | 30496 | 29909 |
| **2025** | 29742 | 30724 | 30177 |
| **2025** | 29413 | 30257 | 29903 |
| **2025** | 29762 | 30403 | 30376 |
| **2025** | 30870 | 31767 | 31354 |

---

202501-4140694, 202512-4880975

F83-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Summit Municipal Intermediate Fund (Investor Class) | 4.71% | 1.30% | 2.13% |
| Bloomberg Municipal Bond Index (Regulatory Benchmark) | 4.17 | 1.16 | 2.42 |
| Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (Strategy Benchmark) | 4.83 | 1.37 | 2.29 |

---

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)$4,108,037

* Number of Portfolio Holdings825

* Investment Advisory Fees Paid (000s)$10,991

* Portfolio Turnover Rate23.6%

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

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

---

| | |
|:---|:---|
| New York | 12.3% |
| Texas | 10.3 |
| Virginia | 8.0 |
| Puerto Rico | 6.2 |
| Georgia | 5.8 |
| Washington | 4.6 |
| California | 4.5 |
| Florida | 3.9 |
| District of Columbia | 3.6 |
| Other | 40.8 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.8% |
| Health Care | 13.3 |
| Special Tax | 12.9 |
| General Obligations - State | 12.1 |
| General Obligations - Local | 6.3 |
| Water & Sewer | 4.6 |
| Electric | 4.2 |
| Housing | 3.3 |
| Education | 3.2 |
| Other | 17.3 |

---

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 Intermediate Fund

Investor Class (PRSMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g73803g00u61.jpg)

![Image](g73803g77h43.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Intermediate Fund

# Advisor Class (PAIFX)
This annual shareholder report contains important information about Summit Municipal Intermediate 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 Intermediate Fund - Advisor Class | $67 | 0.66% |

---

## 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 style-specific Bloomberg Municipal 1–15 Year Blend (1–17) Bond Index, the fund's positioning around market volatility contributed to performance, as municipal bond prices fluctuated less than anticipated. Interest rate management also added value in aggregate, supported by the fund's longer-than-benchmark average duration profile and the coupon payments generated by the portfolio's holdings.

* Conversely, the fund's positioning along the yield curve detracted from performance, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened. Security selection decisions in dedicated tax revenue bonds and local and state general obligation (GO) debt also hurt performance.

* The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. We maintained a preference for revenue bonds over GO 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, hospital, and prepaid gas 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. Advisor Class 30,108 Regulatory Benchmark 31,767 Strategy Benchmark 31,354](g73803g98q01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 25000 | 25000 | 25000 |
| **2016** | 25506 | 25577 | 25482 |
| **2016** | 25741 | 25888 | 25705 |
| **2016** | 26079 | 26387 | 26070 |
| **2016** | 25777 | 26015 | 25774 |
| **2017** | 25242 | 25505 | 25363 |
| **2017** | 25609 | 25925 | 25758 |
| **2017** | 25994 | 26454 | 26186 |
| **2017** | 26093 | 26585 | 26274 |
| **2018** | 25879 | 26404 | 26048 |
| **2018** | 25737 | 26328 | 25969 |
| **2018** | 26034 | 26717 | 26342 |
| **2018** | 25734 | 26449 | 26134 |
| **2019** | 26494 | 27266 | 26919 |
| **2019** | 27026 | 27950 | 27419 |
| **2019** | 27656 | 28669 | 28086 |
| **2019** | 27781 | 28940 | 28255 |
| **2020** | 28323 | 29624 | 28846 |
| **2020** | 27197 | 28554 | 28067 |
| **2020** | 28695 | 30205 | 29438 |
| **2020** | 28557 | 29980 | 29289 |
| **2021** | 29259 | 30813 | 29897 |
| **2021** | 29230 | 30766 | 29844 |
| **2021** | 29574 | 31199 | 30144 |
| **2021** | 29224 | 30770 | 29810 |
| **2022** | 28706 | 30231 | 29279 |
| **2022** | 27107 | 28340 | 27815 |
| **2022** | 27656 | 29038 | 28594 |
| **2022** | 26104 | 27084 | 27144 |
| **2023** | 27848 | 29249 | 28861 |
| **2023** | 27751 | 29155 | 28788 |
| **2023** | 27759 | 29307 | 28862 |
| **2023** | 26755 | 27800 | 27815 |
| **2024** | 28517 | 30098 | 29596 |
| **2024** | 28287 | 29762 | 29320 |
| **2024** | 28773 | 30404 | 29785 |
| **2024** | 28826 | 30496 | 29909 |
| **2025** | 29036 | 30724 | 30177 |
| **2025** | 28723 | 30257 | 29903 |
| **2025** | 29020 | 30403 | 30376 |
| **2025** | 30108 | 31767 | 31354 |

---

202501-4140694, 202512-4880975

F283-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Summit Municipal Intermediate Fund (Advisor Class) | 4.45% | 1.06% | 1.88% |
| Bloomberg Municipal Bond Index (Regulatory Benchmark) | 4.17 | 1.16 | 2.42 |
| Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (Strategy Benchmark) | 4.83 | 1.37 | 2.29 |

---

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)$4,108,037

* Number of Portfolio Holdings825

* Investment Advisory Fees Paid (000s)$10,991

* Portfolio Turnover Rate23.6%

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

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

---

| | |
|:---|:---|
| New York | 12.3% |
| Texas | 10.3 |
| Virginia | 8.0 |
| Puerto Rico | 6.2 |
| Georgia | 5.8 |
| Washington | 4.6 |
| California | 4.5 |
| Florida | 3.9 |
| District of Columbia | 3.6 |
| Other | 40.8 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.8% |
| Health Care | 13.3 |
| Special Tax | 12.9 |
| General Obligations - State | 12.1 |
| General Obligations - Local | 6.3 |
| Water & Sewer | 4.6 |
| Electric | 4.2 |
| Housing | 3.3 |
| Education | 3.2 |
| Other | 17.3 |

---

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 Intermediate Fund

Advisor Class (PAIFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g73803g00u61.jpg)

![Image](g73803g77h43.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Summit Municipal Intermediate Fund

# I Class (PRTMX)
This annual shareholder report contains important information about Summit Municipal Intermediate 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 Intermediate Fund - I Class | $30 | 0.29% |

---

## 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 style-specific Bloomberg Municipal 1–15 Year Blend (1–17) Bond Index, the fund's positioning around market volatility contributed to performance, as municipal bond prices fluctuated less than anticipated. Interest rate management also added value in aggregate, supported by the fund's longer-than-benchmark average duration profile and the coupon payments generated by the portfolio's holdings.

* Conversely, the fund's positioning along the yield curve detracted from performance, hampered by modest underweights to two- and five-year municipal bonds and overweights in the long end as the curve steepened. Security selection decisions in dedicated tax revenue bonds and local and state general obligation (GO) debt also hurt performance.

* The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. We maintained a preference for revenue bonds over GO 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, hospital, and prepaid gas 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. I Class 579,295 Regulatory Benchmark 579,872 Strategy Benchmark 579,963](g73803g07s51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **3/1/19** | 500000 | 500000 | 500000 |
| **4/30/19** | 508054 | 510196 | 507167 |
| **7/31/19** | 520383 | 523323 | 519507 |
| **10/31/19** | 523238 | 528261 | 522642 |
| **1/31/20** | 533527 | 540743 | 533565 |
| **4/30/20** | 513169 | 521225 | 519164 |
| **7/31/20** | 541515 | 551364 | 544508 |
| **10/31/20** | 539847 | 547245 | 541767 |
| **1/31/21** | 553641 | 562449 | 553002 |
| **4/30/21** | 553601 | 561597 | 552029 |
| **7/31/21** | 560644 | 569504 | 557574 |
| **10/31/21** | 554546 | 561672 | 551406 |
| **1/31/22** | 545225 | 551837 | 541567 |
| **4/30/22** | 515343 | 517319 | 514502 |
| **7/31/22** | 526251 | 530049 | 528913 |
| **10/31/22** | 497190 | 494389 | 502086 |
| **1/31/23** | 530887 | 533903 | 533850 |
| **4/30/23** | 529049 | 532190 | 532488 |
| **7/31/23** | 530156 | 534971 | 533857 |
| **10/31/23** | 511474 | 507460 | 514486 |
| **1/31/24** | 545642 | 549397 | 547441 |
| **4/30/24** | 541751 | 543273 | 542333 |
| **7/31/24** | 551073 | 554995 | 550926 |
| **10/31/24** | 552602 | 556664 | 553229 |
| **1/31/25** | 557647 | 560832 | 558184 |
| **4/30/25** | 551618 | 552308 | 553111 |
| **7/31/25** | 558330 | 554980 | 561858 |
| **10/31/25** | 579295 | 579872 | 579963 |

---

202501-4140694, 202512-4880975

F1217-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/1/19** |
| Summit Municipal Intermediate Fund (I Class) | 4.83% | 1.42% | 2.23% |
| Bloomberg Municipal Bond Index (Regulatory Benchmark) | 4.17 | 1.16 | 2.25 |
| Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (Strategy Benchmark) | 4.83 | 1.37 | 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)$4,108,037

* Number of Portfolio Holdings825

* Investment Advisory Fees Paid (000s)$10,991

* Portfolio Turnover Rate23.6%

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

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

---

| | |
|:---|:---|
| New York | 12.3% |
| Texas | 10.3 |
| Virginia | 8.0 |
| Puerto Rico | 6.2 |
| Georgia | 5.8 |
| Washington | 4.6 |
| California | 4.5 |
| Florida | 3.9 |
| District of Columbia | 3.6 |
| Other | 40.8 |

---

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

---

| | |
|:---|:---|
| Transportation | 22.8% |
| Health Care | 13.3 |
| Special Tax | 12.9 |
| General Obligations - State | 12.1 |
| General Obligations - Local | 6.3 |
| Water & Sewer | 4.6 |
| Electric | 4.2 |
| Housing | 3.3 |
| Education | 3.2 |
| Other | 17.3 |

---

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 Intermediate Fund

I Class (PRTMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g73803g00u61.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> | <u>2024</u> |
|  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

PRSMX

Summit

Municipal

Intermediate

Fund

PAIFX

Summit

Municipal

Intermediate

Fund–

.

Advisor Class

PRTMX

Summit

Municipal

Intermediate

Fund–

.

I Class

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### 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

$

11.31 $

10.77 $

10.75 $

12.27 $

12.21 Investment

activities

Net

investment

income

(1)(2)

0.36 0

.31

0.28 0.25 0.26 Net

realized

and

unrealized

gain/loss

0.16 0.54 0.02 (1.52)

0.06 Total

from

investment

activities

0.52 0.85 0.30 (1.27)

0.32 Distributions

Net

investment

income

(0.36)

(0.31)

(0.28)

(0.25)

(0.26)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) Total

distributions

(0.36)

(0.31)

(0.28)

(0.25)

(0.26)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.47

#### $

#### 11.31

#### $

#### 10.77

#### $

#### 10.75

#### $

#### 12.27
T. ROWE

PRICE

Summit

Municipal

Intermediate

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

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 4.71%

#### 7.91%

#### 2.75%

#### (10.44)%

#### 2.59%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.41%

0.52%

0.51%

0.52%

0.50%

Net

expenses

after

waivers/payments

by

Price

Associates

0.41%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

3.22%

2.75%

2.51%

2.18%

2.08%

Portfolio

turnover

rate

23.6%

20.8%

22.5%

20.6%

6.6%

Net

assets,

end

of

period

(in

millions)

$1,022

$1,178

$2,135

$2,339

$3,253

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Intermediate

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

$

11.31 $

10.76 $

10.74 $

12.26 $

12.20 Investment

activities

Net

investment

income

(1)(2)

0.33 0.28 0.25 0.22 0.23 Net

realized

and

unrealized

gain/loss

0.16 0.55 0.02 (1.52)

0.06 Total

from

investment

activities

0.49 0.83 0.27 (1.30)

0.29 Distributions

Net

investment

income

(0.33)

(0.28)

(0.25)

(0.22)

(0.23)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) Total

distributions

(0.33)

(0.28)

(0.25)

(0.22)

(0.23)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11.47

#### $

#### 11.31

#### $

#### 10.76

#### $

#### 10.74

#### $

#### 12.26

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 4.45%

#### 7.74%

#### 2.50%

#### (10.68)%

#### 2.34%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.73%

0.82%

0.79%

0.81%

0.79%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.66%

0.75%

0.75%

0.75%

0.75%

Net

investment

income

2.97%

2.51%

2.26%

1.94%

1.84%

Portfolio

turnover

rate

23.6%

20.8%

22.5%

20.6%

6.6%

Net

assets,

end

of

period

(in

thousands)

$3,528

$4,092

$4,002

$4,220

$5,444

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Intermediate

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

$

11.30 $

10.76 $

10.74 $

12.26 $

12.20 Investment

activities

Net

investment

income

(1)(2)

0.38 0.33 0.29 0.27 0.27 Net

realized

and

unrealized

gain/loss

0.15 0.53 0.02 (1.52)

0.06 Total

from

investment

activities

0.53 0.86 0.31 (1.25)

0.33 Distributions

Net

investment

income

(0.37)

(0.32)

(0.29)

(0.27)

(0.27)

Net

realized

gain

—

—

—

(3) —

(3) —

(3) Total

distributions

(0.37)

(0.32)

(0.29)

(0.27)

(0.27)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 11

#### .46

#### $

#### 11.30

#### $

#### 10.76

#### $

#### 10.74

#### $

#### 12.26

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 4.83%

#### 8.04%

#### 2.87%

#### (10.34)%

#### 2.72%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.29%

0.38%

0.38%

0.38%

0.37%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.29%

0.38%

0.38%

0.38%

0.37%

Net

investment

income

3.34%

2.88%

2.63%

2.32%

2.20%

Portfolio

turnover

rate

23.6%

20.8%

22.5%

20.6%

6.6%

Net

assets,

end

of

period

(in

millions)

$3,083

$3,218

$3,064

$3,190

$3,549

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Summit

Municipal

Intermediate

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)

1,224

—

#### Total

#### Common

#### Stocks

#### (Cost

#### $–)

#### —

#### MUNICIPAL

#### SECURITIES 98.8%

#### ALABAMA

#### 3.3%
Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31)

29,485

30,461

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

5.00%,

10/1/55

(Tender

9/1/32)

3,165

3,437

Black

Belt

Energy

Gas

Dist.,

Series C,

VRDN,

5.50%,

10/1/54

(Tender

6/1/32)

10,360

11,498

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29)

10,000

10,661

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series D-1,

VRDN,

5.50%,

6/1/49

(Tender

2/1/29)

10,000

10,613

Energy

Southeast

A

Cooperative

Dist.,

Series A-1,

VRDN,

5.50%,

11/1/53

(Tender

1/1/31)

10,695

11,799

Energy

Southeast

A

Cooperative

Dist.,

Series B,

VRDN,

5.25%,

7/1/54

(Tender

6/1/32)

19,000

20,864

Southeast

Energy

Auth.

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31)

30,000

30,877

Southeast

Energy

Auth.

Cooperative

Dist.,

Series B-1,

VRDN,

5.00%,

5/1/53

(Tender

8/1/28)

6,010

6,257

136,467

#### ALASKA

#### 0.1%
Alaska

Housing

Finance,

Veterans

Mortgage

Program,

3.70%,

6/1/34

1,195

1,207

Alaska

Housing

Finance,

Veterans

Mortgage

Program,

3.75%,

12/1/34

1,195

1,207

2,414

#### ARIZONA

#### 2.1%
Arizona

Board

of

Regents,

Sustainable

Bonds,

Series A,

5.00%,

7/1/40

1,700

1,890

Arizona

Board

of

Regents,

Sustainable

Bonds,

Series A,

5.00%,

7/1/41

4,240

4,669

Chandler

IDA,

Intel

Corp.

Project,

VRDN,

4.00%,

6/1/49

(Tender

6/1/29) (2)

4,525

4,613

Chandler

IDA,

Intel

Corp.

Project,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27) (2)

18,225

18,530

Maricopa

County

IDA,

Banner

Health,

5.00%,

1/1/32

8,965

9,183

Maricopa

County

IDA,

Honor

Health,

Series A,

5.00%,

9/1/36

1,365

1,428

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Maricopa

County

IDA,

Honor

Health,

Series D,

5.00%,

12/1/29

2,725

2,952

Maricopa

County

IDA,

Honor

Health,

Series D,

5.00%,

12/1/30

3,250

3,583

Phoenix

Civic

Improvement,

5.00%,

7/1/33 (2)

630

658

Phoenix

Civic

Improvement,

5.00%,

7/1/35 (2)

4,700

4,886

Phoenix

Civic

Improvement,

5.00%,

7/1/36 (2)

3,715

3,851

Phoenix

Civic

Improvement,

Series B,

5.00%,

7/1/34

1,690

1,748

Phoenix

Civic

Improvement,

Series C,

5.00%,

7/1/38

8,195

9,402

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/39

1,170

1,301

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/40

1,000

1,102

Phoenix

Civic

Improvement,

Junior

Lien

Wastewater

System,

5.00%,

7/1/41

3,000

3,276

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/26

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/27

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/28

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/29

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/30

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/31

1,400

1,443

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/32

750

772

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/33

660

678

Salt

River

Project

Agricultural

Improvement

&

Power

Dist.,

Series B,

5.00%,

5/1/39

5,000

5,687

Salt

Verde

Financial,

5.00%,

12/1/37

1,000

1,094

84,490

#### CALIFORNIA

#### 4.5%
California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29)

11,125

11,766

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

6,195

6,602

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30)

11,775

12,952

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series B-1,

VRDN,

4.00%,

2/1/52

(Tender

8/1/31)

9,000

9,193

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series E,

VRDN,

5.00%,

2/1/55

(Tender

9/1/32)

1,500

1,626

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series G,

VRDN,

5.25%,

11/1/54

(Tender

4/1/30)

5,000

5,372

California

Community

Choice

Fin.

Auth.,

Green

Bond,

Series H,

VRDN,

5.00%,

1/1/56

(Tender

8/1/33)

10,550

11,766

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35

3,659

3,791

California

Housing

Fin.,

Series 2019-2,

Class

A,

4.00%,

3/20/33

6,876

7,060

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

3.92%,

12/1/50

(Tender

6/1/26)

3,375

3,368

California

Municipal

Fin.

Auth.,

Series 2025-2,

Class

A1,

VR,

4.325%,

8/15/63

(Prerefunded

11/20/40) (3)

7,000

7,050

California

Municipal

Fin.

Auth.,

Linxs

APM

Project,

5.00%,

12/31/33 (2)

1,000

1,026

California

Municipal

Fin.

Auth.,

Linxs

APM

Project,

5.00%,

12/31/34 (2)

1,200

1,226

California

PFA,

Enso

Village

Project,

5.00%,

11/15/36 (4)

750

753

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.25%,

12/1/29

2,630

2,632

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/25 (4)

2,265

2,266

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/27 (4)

1,005

1,015

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/28 (4)

4,235

4,277

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/29 (4)

3,000

3,029

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/30 (4)

6,875

6,936

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/31 (4)

4,275

4,311

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/36 (4)

7,750

7,794

Central

Valley

Energy

Auth.,

VRDN,

5.00%,

12/1/55

(Tender

8/1/35)

11,550

12,776

Los

Angeles

County

Metropolitan

Transportation

Auth.,

Refunding,

Series A,

5.00%,

7/1/34

7,500

7,827

Los

Angeles

Dept.

of

Airports,

5.00%,

5/15/35

(Prerefunded

11/15/31) (2)(3)

Los

Angeles

Dept.

of

Airports,

Unrefunded

Balance,

5.00%,

5/15/31 (2)

6,500

7,216

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

(3M

TSFR

+

0.2616%)

+

0.72%,

3.565%,

7/1/27

1,445

1,447

Regents

of

the

Univ.

of

California

Medical

Center,

Series P,

5.00%,

5/15/35

6,250

7,094

San

Diego

County

Regional

Airport

Auth.,

Senior

Private

Activity,

Series B,

5.25%,

7/1/36 (2)

3,500

3,959

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

San

Diego

County

Regional

Airport

Auth.,

Senior

Private

Activity,

Series B,

5.25%,

7/1/37 (2)

1,350

1,516

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series 2023A,

5.00%,

5/1/38 (2)

2,015

2,198

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series A,

5.00%,

5/1/32 (2)

5,710

6,283

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series A,

5.25%,

5/1/44 (2)

3,680

3,906

San

Francisco

City

&

County

Int'l.

Airport,

San

Francisco

Airport

Commission,

Series C,

5.00%,

5/1/31 (2)

10,000

11,020

San

Joaquin

Valley

Clean

Energy

Auth.,

Clean

Energy

Project,

Series A,

VRDN,

5.50%,

1/1/56

(Tender

7/1/35)

3,925

4,538

185,657

#### COLORADO

#### 2.9%
Colorado,

COP,

6.00%,

12/15/38

3,470

4,078

Colorado,

Series A,

COP,

4.00%,

12/15/40

2,000

2,022

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/41

6,100

6,762

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/42

4,295

4,715

Colorado

Bridge

&

Tunnel

Enterprise,

Series B,

5.00%,

12/1/45

2,500

2,690

Colorado

HFA,

Adventhealth

Obligated,

Series A,

VRDN,

5.00%,

11/15/59

(Tender

11/15/29)

2,375

2,574

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/34

7,250

7,697

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/29 (2)

3,100

3,282

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/30 (2)

8,845

9,664

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/33 (2)

6,550

6,871

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/34 (2)

1,250

1,308

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/35 (2)

20,000

20,850

Denver

City

&

County

Airport,

Series A,

5.00%,

11/15/36 (2)

3,825

4,182

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/38 (2)

9,000

9,293

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/30 (2)

2,000

2,184

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/38

1,075

1,185

Denver

City

&

County

Airport,

Series B,

5.00%,

11/15/39

1,000

1,094

Denver

City

&

County

Airport,

Series B,

5.50%,

11/15/39 (2)

3,700

4,135

Denver

City

&

County

Airport,

Series B,

5.50%,

11/15/41 (2)

3,225

3,547

Public

Highway

Auth.,

Capital

Appreciation,

Series B,

Zero

Coupon,

9/1/29 (5)

8,110

7,286

Regional

Transportation

Dist.

Sales

Tax

Revenue,

Green

Bond

Fastracks

Project,

4.00%,

11/1/40

12,500

12,740

118,159

#### CONNECTICUT

#### 2.0%
Connecticut,

Series B,

GO,

5.00%,

12/1/31

4,750

5,392

Connecticut,

Series E,

GO,

5.00%,

9/15/31

12,000

12,799

Connecticut,

Series F,

GO,

5.00%,

11/15/37

8,700

9,963

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/40

11,305

12,744

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/41

5,000

5,588

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A,

5.00%,

1/1/32

5,000

5,249

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A-2,

5.00%,

7/1/43

12,505

13,620

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A-2,

5.00%,

7/1/44

13,060

14,124

Connecticut,

Sustainable

Bonds,

Series B,

GO,

3.00%,

1/15/41

3,870

3,359

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)

(6)(7)(8)

82,934

#### DELAWARE

#### 0.4%
Delaware

State

Economic

Dev.

Auth.,

Delmarva

Power

&

Light

Company

Project,

Series A,

3.60%,

1/1/31

2,775

2,862

Delaware

State

HFA,

Beebe

Medical

Center,

5.00%,

6/1/33

2,780

2,862

Delaware

State

HFA,

Beebe

Medical

Center,

5.00%,

6/1/34

2,500

2,567

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/40

9,655

8,897

17,188

#### DISTRICT

#### OF

#### COLUMBIA

#### 3.6%
District

of

Columbia,

Series A,

GO,

5.00%,

1/1/40

2,000

2,180

District

of

Columbia,

Series A,

GO,

5.00%,

1/1/41

2,500

2,705

District

of

Columbia

Water

&

Sewer

Auth.,

Subordinate

Lien,

Series A,

5.00%,

10/1/38

7,015

7,951

District

of

Columbia

Water

&

Sewer

Auth.,

Subordinate

Lien,

Series A,

5.00%,

10/1/42

2,400

2,610

District

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/34

1,800

1,843

District

of

Columbia,

Georgetown

Univ.,

5.00%,

4/1/35

3,000

3,067

District

of

Columbia,

Income

Tax

Revenue,

Series A,

5.00%,

6/1/30

1,000

1,106

District

of

Columbia,

Income

Tax

Revenue,

Series A,

5.00%,

6/1/31

1,900

2,141

District

of

Columbia,

Income

Tax

Revenue,

Series A,

5.50%,

7/1/47

5,195

5,583

Metropolitan

Washington

Airports

Auth.,

Series 2016A,

5.00%,

10/1/31 (2)

8,185

8,303

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

5.00%,

10/1/31 (2)

9,490

10,494

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

5.00%,

10/1/35 (2)

3,500

3,805

Metropolitan

Washington

Airports

Auth.,

Series A,

4.00%,

10/1/38 (2)

3,470

3,470

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/30 (2)

3,285

3,465

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/31 (2)

4,675

4,930

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/32 (2)

4,650

5,130

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/33 (2)

8,750

9,877

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/34 (2)

7,350

7,445

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/35 (2)

17,795

17,998

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/38 (2)

1,860

2,007

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/40 (2)

1,675

1,795

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/42 (2)

2,500

2,632

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/39 (2)

1,775

1,935

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/40 (2)

2,580

2,793

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/41 (2)

6,780

7,281

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/43 (2)

7,000

7,457

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series A,

5.00%,

10/1/30

2,800

2,920

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series B,

4.00%,

10/1/36

855

874

Washington

D.C.

Convention

&

Sports

Auth.,

Hotel

Tax,

Series B,

4.00%,

10/1/37

1,000

1,016

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/38

3,850

4,286

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/39

7,400

8,189

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.00%,

7/15/41

2,000

2,180

149,468

#### FLORIDA

#### 3.9%
Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

5.00%,

12/1/32

1,000

1,063

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

5.00%,

12/1/34

2,705

2,848

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

Series B,

5.00%,

12/1/34

12,380

12,389

Brevard

County

HFA,

Health

First,

Series A,

5.00%,

4/1/41

5,000

5,252

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Broward

County

Airport,

4.00%,

10/1/44 (2)(9)

3,075

2,890

Broward

County

Airport,

5.00%,

10/1/30 (2)

2,250

2,332

Broward

County

Airport,

5.00%,

10/1/31 (2)

1,500

1,553

Broward

County

Airport,

5.00%,

10/1/32 (2)

1,815

1,876

Broward

County

Airport,

5.00%,

10/1/33 (2)

1,295

1,335

Broward

County

Airport,

5.00%,

10/1/34 (2)

1,500

1,543

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/26

1,250

1,266

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/27

1,500

1,541

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/28

1,500

1,562

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29

500

527

Capital

Trust

Auth.,

UF

Health

Projects,

Series A,

5.00%,

12/1/35 (10)

5,000

5,682

Greater

Orlando

Aviation

Auth.,

5.00%,

10/1/35 (2)

1,975

2,223

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/29 (2)

5,285

5,698

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/34 (2)

3,000

3,091

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/35 (2)

6,500

6,683

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.00%,

10/1/44

3,205

3,452

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.00%,

10/1/45

6,180

6,634

Lee

County

IDA,

Health

System,

Series 2019A-1,

4.00%,

4/1/37

1,300

1,300

Lee

County

IDA,

Health

System,

Series 2019A-1,

5.00%,

4/1/34

1,240

1,306

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/33 (2)

20,000

22,412

Miami-Dade

County

Expressway

Auth.,

Series 14A,

5.00%,

7/1/30

2,000

2,003

Miami-Dade

County

Expressway

Auth.,

Series 2013A,

5.00%,

7/1/30

1,250

1,252

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/26

3,900

3,906

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/28

5,565

5,573

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/31

2,000

2,002

Miami-Dade

County

Expressway

Auth.,

Series A,

5.00%,

7/1/33

3,000

3,029

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/26

4,530

4,537

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/27

3,850

3,856

Miami-Dade

County

Expressway

Auth.,

Series B,

5.00%,

7/1/28

2,775

2,779

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/38 (2)

2,000

2,142

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/39 (2)

2,300

2,448

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/40 (2)

3,000

3,168

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/41 (2)

1,070

1,120

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Miami-Dade

County

Seaport

Dept.,

Series A,

5.00%,

10/1/42 (2)

2,385

2,477

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/38

850

936

Orange

County

HFA,

Orlando

Health

Obligated

Group,

Series A,

5.00%,

10/1/42

1,250

1,334

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.00%,

6/1/31

2,150

2,147

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.00%,

6/1/36

2,500

2,402

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/34

6,385

6,594

South

Miami

HFA,

Baptist

Health

South

Florida,

5.00%,

8/15/35

9,000

9,277

Tampa

Health

System,

BayCare

Health,

Series A,

5.00%,

11/15/32

1,070

1,081

160,521

#### GEORGIA

#### 5.8%
Atlanta,

Series A-1,

GO,

5.00%,

12/1/35

2,250

2,551

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/36

5,585

5,950

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/38

5,000

5,287

Atlanta

Airport,

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/40

7,000

7,336

Atlanta

Dept.

of

Aviation,

Series B-1,

5.00%,

7/1/39 (2)

3,500

3,825

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 (7)(8)

2,805

1,599

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 (7)(8)

9,705

5,532

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 (7)(8)

3,065

1,747

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.00%,

7/1/31

4,280

4,290

Atlanta

Water

&

Wastewater,

5.00%,

11/1/31

8,480

8,497

Atlanta

Water

&

Wastewater,

Sustainable

Bond,

5.00%,

11/1/37 (9)

5,925

6,780

Augusta

Dev.

Auth.,

AU

Health

System,

Inc.

Project,

4.00%,

7/1/37

4,065

4,085

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/31

500

514

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/35

2,250

2,302

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/31

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/32

1,000

1,027

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/33

2,000

2,052

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/34

2,515

2,577

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/29

1,780

1,828

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/30

6,300

6,462

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/35

5,000

5,111

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series A,

5.00%,

2/15/37

2,500

2,547

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/31

2,365

2,435

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/32

3,660

3,768

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health,

Series B,

5.00%,

2/15/33

3,390

3,488

Georgia

State

Road

&

Tollway

Auth.,

5.00%,

7/15/40

2,235

2,522

Georgia,

Bidding

Group

2,

Series A,

GO,

5.00%,

7/1/40

4,500

4,988

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/32

1,000

1,027

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/34

1,205

1,235

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/35

1,000

1,023

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/26

2,350

2,368

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/33

5,000

5,249

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/34

5,000

5,257

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27)

31,870

32,322

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

6/1/53

(Tender

6/1/30)

1,960

2,078

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

5/1/54

(Tender

9/1/31)

5,125

5,542

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29)

2,500

2,626

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/54

(Tender

3/1/32)

7,700

8,376

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30)

6,000

6,419

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

12/1/54

(Tender

12/1/31)

14,915

16,049

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28)

20,000

20,405

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/30

1,870

1,962

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/31

1,965

2,057

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/32

1,060

1,108

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

5.00%,

1/1/33

665

693

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/30

2,675

2,806

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/31

1,560

1,633

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/33

1,845

1,924

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/34

2,005

2,087

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/35

3,415

3,548

Municipal

Electric

Auth.

of

Georgia,

Project

One,

Series A,

5.00%,

1/1/35

4,275

4,722

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.00%,

9/1/29

7,000

7,615

239,642

#### HAWAII

#### 0.5%
Hawaii

Airports

System,

Series A,

5.00%,

7/1/36 (2)

7,620

8,319

Hawaii

Airports

System,

Series B,

5.00%,

7/1/43

2,425

2,644

Hawaii

Airports

System,

Series B,

5.00%,

7/1/44

3,120

3,377

Hawaii

Airports

System,

Series D,

4.00%,

7/1/37

4,000

4,081

Hawaii

Airports

System,

Series D,

5.00%,

7/1/45

2,000

2,156

20,577

#### IDAHO

#### 0.2%
Idaho

HFA,

Trinity

Health,

Series D,

5.50%,

12/1/29

2,185

2,195

Idaho

Housing

&

Fin.

Assn.,

Series A,

5.00%,

8/15/39

1,840

2,053

Idaho

Housing

&

Fin.

Assn.,

Series A,

5.00%,

8/15/41

2,490

2,728

6,976

#### ILLINOIS

#### 3.2%
Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/30 (2)

5,000

5,350

Chicago

Midway

Int'l.

Airport,

Series C,

5.00%,

1/1/31 (2)

27,535

29,807

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/37 (2)

5,000

5,175

Chicago

O'Hare

Int'l.

Airport,

Series D,

5.25%,

1/1/34

8,450

8,678

Illinois,

GO,

4.00%,

6/1/32

530

532

Illinois,

GO,

4.00%,

6/1/35

2,075

2,078

Illinois,

Series 2022A,

GO,

5.00%,

3/1/27

3,000

3,080

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Illinois,

Series A,

GO,

5.00%,

12/1/27

7,685

8,002

Illinois,

Series A,

GO,

5.00%,

3/1/28

3,375

3,536

Illinois,

Series A,

GO,

5.00%,

3/1/29

2,350

2,507

Illinois,

Series A,

GO,

5.00%,

5/1/29

5,230

5,496

Illinois,

Series B,

GO,

5.00%,

5/1/28

2,500

2,627

Illinois,

Series B,

GO,

5.00%,

5/1/30

2,000

2,176

Illinois,

Series B,

GO,

5.00%,

10/1/30

7,000

7,404

Illinois,

Series C,

GO,

5.00%,

11/1/29

14,500

15,049

Illinois,

Series C,

GO,

5.00%,

5/1/30

5,775

6,284

Illinois,

Series D,

GO,

5.00%,

7/1/28

6,250

6,588

Illinois,

Series D,

GO,

5.00%,

11/1/28

3,240

3,367

Illinois,

Series D,

GO,

5.00%,

7/1/30

10,730

11,705

Illinois

Fin.

Auth.,

Series A,

4.00%,

7/15/38

2,125

2,137

Illinois

Fin.

Auth.,

Univ.

of

Chicago

Medical

Center,

Series D-1,

VRDN,

3.95%,

8/1/43

Illinois

State

Toll

Highway

Auth.,

Series C,

5.00%,

1/1/28

1,150

1,152

133,130

#### INDIANA

#### 0.3%
Indiana

Fin.

Auth.,

Indiana

Univ.

Health,

Series D-2,

VRDN,

5.00%,

10/1/63

(Tender

10/1/31)

10,800

11,946

11,946

#### IOWA

#### 0.0%
Iowa

Fin.

Auth.,

UnityPoint

Health

Project,

Series B-1,

VRDN,

3.95%,

2/15/39

Iowa

Fin.

Auth.,

UnityPoint

Health

Project,

Series F,

VRDN,

3.95%,

7/1/41

800

800

1,200

#### KANSAS

#### 0.2%
Kansas

DFA,

Series B,

VR,

5.00%,

11/15/54

(Prerefunded

11/15/28) (3)

Kansas

DFA,

Adventhealth

Obligated,

Series B,

VRDN,

5.00%,

11/15/54

(Tender

11/15/31)

2,750

3,079

Lenexa

Health

Care

Fac.,

Lakeview

Village,

Series A,

5.00%,

5/15/26

1,045

1,046

Lenexa

Health

Care

Fac.,

Lakeview

Village,

Series A,

5.00%,

5/15/28

2,300

2,327

6,643

#### KENTUCKY

#### 1.5%
Ashland,

Ashland

Medical

Center,

5.00%,

2/1/27

660

672

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/29

805

844

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/30

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/31

920

964

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/32

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/28

3,105

3,163

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/29

5,250

5,350

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/31

1,000

1,019

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/32

3,250

3,311

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

5.00%,

5/1/55

16,655

17,698

Kentucky

Public

Energy

Auth.,

Series B,

VRDN,

5.00%,

1/1/55

(Tender

8/1/32)

14,450

15,696

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28)

11,350

11,542

60,782

#### LOUISIANA

#### 0.3%
Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series A,

4.15%,

9/1/27

1,000

1,009

Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series A,

VRDN,

4.20%,

9/1/33

(Tender

9/1/28)

4,705

4,789

Louisiana

Offshore

Terminal

Auth.,

Loop

LLC

Project,

Series C,

VRDN,

4.20%,

9/1/34

(Tender

9/1/28)

6,785

6,911

12,709

#### MARYLAND

#### 2.4%
Baltimore

County,

Consolidated

Public

Improvement,

GO,

3.00%,

3/1/38

5,190

4,896

Frederick

County,

Public

Facilities

Project,

GO,

5.00%,

4/1/40

3,420

3,777

Gaithersburg,

Asbury

Obligated

Group,

Series A,

4.50%,

1/1/26

1,335

1,336

Maryland

CDA,

Sustainable

Bond,

Park

Place

at

Addison

Road

Metro,

Series C-2,

3.70%,

1/1/29

2,750

2,785

Maryland

DOT,

Baltimore,

Series A,

5.00%,

8/1/35 (2)(10)

2,000

2,248

Maryland

DOT,

Baltimore,

Series A,

5.00%,

8/1/36 (2)(10)

2,625

2,926

Maryland

Economic

Dev.,

Morgan

State

Univ.,

Series A,

5.375%,

7/1/38

1,350

1,455

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/26

2,135

2,154

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27

1,140

1,165

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28

1,000

1,038

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/29

2,000

2,047

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/30

2,180

2,231

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/31

1,950

1,996

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/29

10,365

10,395

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/30

2,785

2,793

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/31

1,670

1,675

Maryland

HHEFA,

MedStar

Health,

Series B,

5.00%,

8/15/26

2,500

2,503

Maryland

HHEFA,

MedStar

Health,

Series B,

5.00%,

8/15/28

4,000

4,005

Maryland

State

Transportation

Auth.,

Passenger

Fac.

Charge

Revenue,

Baltimore/Washington

Int'l.

Airport,

5.00%,

6/1/31 (2)

3,570

3,785

Maryland

State

Transportation

Auth.,

Transportation

Fac.

Project,

Series A,

5.00%,

7/1/40

1,375

1,534

Maryland

State

Transportation

Auth.,

Transportation

Fac.

Project,

Series A,

5.00%,

7/1/41

17,800

19,668

Rockville,

Ingleside

at

King

Farm,

Series A-1,

5.00%,

11/1/27

1,465

1,483

Rockville,

Ingleside

at

King

Farm,

Series A-1,

5.00%,

11/1/29

1,075

1,090

Univ.

System

of

Maryland,

Series A,

4.00%,

4/1/43

5,365

5,365

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/31

1,000

1,019

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36

2,825

2,827

Washington

Suburban

Sanitary

Commission,

2.25%,

6/1/40

9,655

7,575

Washington

Suburban

Sanitary

Commission,

5.00%,

6/1/38

3,000

3,478

99,249

#### MASSACHUSETTS

#### 1.8%
Massachusetts,

Series A,

GO,

5.00%,

1/1/41

9,500

10,459

Massachusetts,

Series A,

GO,

5.00%,

1/1/42

10,000

10,911

Massachusetts,

Series C,

GO,

5.00%,

8/1/41

10,500

11,483

Massachusetts

Bay

Transportation

Auth.,

Series A,

5.00%,

7/1/42

7,500

8,234

Massachusetts

Bay

Transportation

Auth.,

Series A-1,

5.00%,

7/1/40

7,210

7,966

Massachusetts

Bay

Transportation

Auth.,

Series A-1,

5.00%,

7/1/41

6,000

6,572

Massachusetts

Clean

Water

Trust,

Sustainable

Development

Bonds,

5.00%,

2/1/43

4,000

4,260

Massachusetts

Dev.

Fin.

Agency,

Beth

Israel

Lahey

Health,

Series N,

5.00%,

7/1/35 (10)

1,020

1,180

Massachusetts

Dev.

Fin.

Agency,

Children's

Hosp.

Issue,

Series U-1,

VRDN,

3.95%,

3/1/48

Massachusetts

Dev.

Fin.

Agency,

Harvard

Univ.

Issue,

Series A-2,

VRDN,

5.00%,

5/15/55

(Tender

11/15/35)

6,430

7,522

Massachusetts

Housing

Fin.

Agency,

Sustainable

Bonds,

Series B-3,

3.55%,

12/1/29

6,325

6,414

75,451

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### MICHIGAN

#### 3.4%
Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.00%,

7/1/37

5,395

6,104

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.00%,

7/1/38

1,725

1,932

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.25%,

7/1/39

2,205

2,443

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series C,

5.00%,

7/1/36

14,585

14,755

Great

Lakes

Water

Auth.

Water

Supply,

Series 2024A,

5.00%,

7/1/37

3,240

3,666

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/36

1,000

1,142

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/37

1,755

1,986

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.00%,

7/1/38

2,000

2,240

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.25%,

7/1/39

2,605

2,887

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/28

4,090

4,178

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/30

11,880

12,132

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/31

3,000

3,062

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/32

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/34

9,505

9,683

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/28

2,505

2,509

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/29

1,000

1,002

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/30

850

851

Michigan

Fin.

Auth.,

McLaren

Healthcare,

5.00%,

5/15/31

2,250

2,253

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

5.50%,

12/1/29

5,000

5,035

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/34

4,000

4,153

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/35

5,750

5,955

Michigan

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series A,

5.00%,

12/1/37

5,000

5,153

Michigan

State

Hosp.

Fin.

Auth.,

Trinity

Health

Credit

Group,

Series C,

5.00%,

12/1/31

1,050

1,096

Michigan

State

Housing

Dev.

Auth.,

Series A-1,

3.55%,

10/1/31

5,315

5,317

Wayne

County,

Series C,

5.00%,

12/1/37 (2)(4)(10)

14,615

14,930

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/28 (2)

800

827

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/29 (2)

600

621

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/30 (2)

3,160

3,269

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/31 (2)

800

821

Wayne

County

Airport

Auth.,

Series B,

5.00%,

12/1/32 (2)

1,450

1,486

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Wayne

County

Airport

Auth.,

Series E,

4.00%,

12/1/26 (2)

8,065

8,130

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/26

(Prerefunded

12/5/25) (2)(3)

3,850

3,857

Wayne

County

Airport

Auth.,

Series F,

5.00%,

12/1/34

(Prerefunded

12/5/25) (2)(3)

3,500

3,506

137,471

#### MINNESOTA

#### 0.5%
Hennepin

County,

Series A,

GO,

5.00%,

12/1/37

5,515

6,265

Hennepin

County,

Series A,

GO,

5.00%,

12/1/42

2,245

2,446

Minnesota,

Series B,

GO,

1.50%,

8/1/36

5,735

4,459

Minnesota,

Bidding

Group

2,

Series A,

GO,

5.00%,

8/1/41

5,485

6,102

19,272

#### MISSISSIPPI

#### 0.0%
Warren

County,

Int'l.

Paper

Company

Project,

4.00%,

9/1/32

1,300

1,337

1,337

#### MISSOURI

#### 0.5%
Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/38 (2)

6,000

5,968

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series A,

5.00%,

3/1/36 (2)

4,950

5,140

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series B,

5.00%,

3/1/33 (2)

2,550

2,673

Missouri

HEFA,

Series C,

VRDN,

5.00%,

5/1/52

(Tender

5/1/28)

8,150

8,572

22,353

#### NEW

#### HAMPSHIRE

#### 0.8%
New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34

15,265

15,572

New

Hampshire

Business

Fin.

Auth.,

Series 2024-2,

Class

A,

3.625%,

8/20/39

11,834

11,320

New

Hampshire

Business

Fin.

Auth.,

Sustainable

Bonds,

Series 2025-1,

Class

A-1,

VR,

4.086%,

1/20/41

6,940

6,914

33,806

#### NEW

#### JERSEY

#### 1.8%
New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (2)

2,000

2,000

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/34

2,025

2,066

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/49

5,800

5,346

New

Jersey

Economic

Dev.

Auth.,

Repauno

Port

&

Rail

Terminal

Project,

6.375%,

1/1/35 (2)(4)

1,475

1,532

New

Jersey

EFA,

Princeton

Univ.,

Series A-2,

5.00%,

3/1/38

15,000

17,164

New

Jersey

EFA,

Princeton

Univ.,

Series A-2,

5.00%,

3/1/41

10,890

12,116

New

Jersey

General

Obligation

Bonds,

GO,

5.00%,

6/1/39

3,935

4,185

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/38

3,750

3,827

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.00%,

6/15/36

10,000

11,497

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/40

2,000

2,185

New

Jersey

Turnpike

Auth.,

Series B,

5.00%,

1/1/31

10,000

11,149

73,067

#### NEW

#### YORK

#### 12.3%
Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series A,

4.00%,

3/15/42

4,200

4,128

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series A,

5.00%,

3/15/43

4,440

4,767

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series B,

5.00%,

2/15/35

23,225

24,023

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Bid

Group

2,

Series A,

5.00%,

3/15/43

25,000

27,021

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/40

3,310

3,679

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/42

4,360

4,759

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series B,

5.00%,

3/15/44

5,575

6,000

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series E,

5.00%,

3/15/37

5,340

5,624

Empire

State

Dev.,

Personal

Income

Tax,

Series C-2,

5.00%,

3/15/33

18,775

19,532

Empire

State

Dev.,

Sales

Tax,

Series A,

5.00%,

3/15/44

4,000

4,293

Metropolitan

Transportation

Auth.,

Series C-1,

5.00%,

11/15/35

10,000

10,170

Nassau

County

Local

Economic

Assistance,

Catholic

Health

Services

of

Long

Island,

5.00%,

7/1/27

1,650

1,658

New

York

City,

Series B-1,

GO,

5.00%,

12/1/31

2,000

2,042

New

York

City,

Series B-1,

GO,

5.00%,

10/1/35

1,785

1,850

New

York

City,

Series C,

GO,

5.00%,

8/1/38

4,020

4,301

New

York

City,

Series F-1,

GO,

3.00%,

3/1/41

10,000

8,505

New

York

City,

Series I-4,

GO,

5.00%,

4/1/36

5,000

5,691

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A,

2.70%,

8/1/37

1,650

1,449

New

York

City

Housing

Dev.,

Sustainable

Development

Bonds,

Series A-2,

VRDN,

3.73%,

5/1/63

(Tender

12/29/28)

5,500

5,519

New

York

City

Housing

Dev.,

Sustainable

Neighborhood

Bonds,

3.95%,

11/1/43

1,000

972

New

York

City

Housing

Dev.,

Sustainablity

Bonds,

Series C,

2.25%,

11/1/41

8,400

6,407

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA,

5.00%,

6/15/37

19,000

19,552

New

York

City

Municipal

Water

Fin.

Auth.,

Series BB-1,

3.00%,

6/15/44

12,810

10,308

New

York

City

Municipal

Water

Fin.

Auth.,

Series EE,

4.00%,

6/15/39

5,000

5,097

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-1,

5.00%,

7/15/32

10,000

10,365

New

York

City

Transitional

Fin.

Auth.,

Building

Aid,

Series S-2,

5.00%,

7/15/32

7,715

7,996

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

4.00%,

5/1/39

4,505

4,553

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

5.00%,

8/1/34

5,160

5,451

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series A-1,

4.00%,

11/1/38

4,000

4,052

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series B-1,

4.00%,

8/1/45

4,000

3,812

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C-1,

5.00%,

5/1/41

5,755

6,084

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D,

5.00%,

5/1/42

7,000

7,598

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D,

5.25%,

5/1/43

7,750

8,526

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.00%,

11/1/37

4,805

5,410

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.00%,

11/1/39

4,000

4,447

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.00%,

11/1/40

5,000

5,513

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.25%,

11/1/48

10,165

10,716

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.50%,

11/1/45

6,365

6,891

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series E,

5.00%,

11/1/42

10,000

10,855

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-1,

5.00%,

5/1/34

2,000

2,057

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-1,

5.00%,

11/1/38

2,550

2,889

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-1,

5.25%,

2/1/47

8,630

9,129

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series F-3,

5.00%,

2/1/31

7,450

7,488

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.00%,

11/1/44

10,170

10,897

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series H-1,

5.25%,

11/1/45

3,150

3,420

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series I-1,

5.00%,

5/1/44

1,000

1,071

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series B,

5.00%,

5/1/40

5,830

6,397

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series B,

5.00%,

5/1/41

3,000

3,267

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series F-1,

5.00%,

2/1/41

5,125

5,602

New

York

City

Transitional

Fin.

Auth.,

Multi-Modal

Subordinate

Bonds,

Series F-1,

5.00%,

2/1/42

9,360

10,102

New

York

City

Transitional

Fin.

Auth.,

Subordinate

Future

Tax,

Series D,

5.00%,

5/1/37

9,500

10,802

New

York

City

Transitional

Fin.

Auth.,

Subordinate

Future

Tax,

Series G-1,

5.00%,

5/1/42

13,000

14,055

New

York

State

Housing

Fin.

Agency,

West

62nd

Street

Housing,

Series A-1,

VRDN,

3.60%,

11/1/44

(Tender

4/1/32)

9,120

9,289

New

York

State

Housing

Fin.

Agency,

West

38th

Street

Housing,

Series A,

VRDN,

3.57%,

5/1/42

(Tender

11/1/31)

6,850

6,955

New

York

State

Housing

Fin.

Agency,

Sustainable

Bonds,

Series A-2,

VRDN,

3.50%,

11/1/64

(Tender

5/1/30)

9,000

9,096

New

York

State

Housing

Fin.

Agency,

Sustainable

Bonds,

Series D-2,

VRDN,

3.375%,

5/1/65

(Tender

11/1/31)

7,300

7,272

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (2)

1,745

1,745

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (2)

4,980

4,981

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/27 (2)

3,500

3,568

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/31 (2)

11,230

11,591

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.25%,

6/30/38 (2)

3,125

3,376

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.25%,

6/30/39 (2)(10)

1,325

1,435

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/40 (2)

1,250

1,414

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/41 (2)

1,000

1,121

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/42 (2)

1,675

1,858

New

York

Transportation

Dev.,

Terminal

JFK

Int'l.

Airport

Project,

Series A,

5.00%,

12/1/34 (2)

1,115

1,184

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/27 (2)

9,880

10,229

Port

Auth.

of

New

York

&

New

Jersey,

Series 207,

5.00%,

9/15/30 (2)

8,155

8,494

Port

Auth.

of

New

York

&

New

Jersey,

Series 231ST,

5.00%,

8/1/37 (2)

1,250

1,348

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Port

Auth.

of

New

York

&

New

Jersey,

Series 231ST,

5.00%,

8/1/38 (2)

1,800

1,926

Port

Auth.

of

New

York

&

New

Jersey,

Series 244,

5.00%,

7/15/41

1,450

1,602

Port

Auth.

of

New

York

&

New

Jersey,

Series 246,

5.00%,

9/1/37 (2)

3,380

3,719

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 218,

5.00%,

11/1/36 (2)

3,030

3,174

Triborough

Bridge

&

Tunnel

Auth.,

Senior

Green

Bonds,

Series C,

5.00%,

11/15/41

11,065

12,111

Triborough

Bridge

&

Tunnel

Auth.,

Senior

Green

Bonds,

Series C,

5.25%,

11/15/40

2,000

2,252

Utility

Debt

Securitization

Auth.,

Series TE-1,

5.00%,

12/15/40

7,000

7,912

Utility

Debt

Securitization

Auth.,

Series TE-1,

5.00%,

12/15/41

8,500

9,515

503,959

#### NORTH

#### CAROLINA

#### 2.4%
Charlotte

North

Carolina

Water

&

Sewer

System

Revenue,

5.00%,

7/1/39

3,075

3,541

Charlotte

North

Carolina

Water

&

Sewer

System

Revenue,

5.00%,

7/1/40

1,865

2,096

Charlotte-Mecklenburg

Hosp.

Auth.,

Atrium

Healthcare,

VRDN,

5.00%,

1/15/49

(Tender

12/1/31)

16,465

18,338

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare,

5.00%,

1/15/38

3,000

3,009

Forsyth

County,

GO,

5.00%,

6/1/38

1,645

1,897

Forsyth

County,

GO,

5.00%,

6/1/39

1,620

1,849

Forsyth

County,

Series B,

GO,

2.00%,

3/1/40

5,660

4,308

Guilford

County,

GO,

5.00%,

3/1/38

12,000

13,835

Mecklenburg

County,

Series B,

GO,

5.00%,

2/1/38

5,000

5,745

North

Carolina

Capital

Fac.

Fin.

Agency,

Wake

Forest

Univ.,

5.00%,

1/1/33

5,205

5,263

North

Carolina

Housing

Fin.

Agency,

3.25%,

1/1/34

1,000

982

North

Carolina

Municipal

Power

Agency

No.

1,

Catawba

Electric,

Series A,

5.00%,

1/1/31

10,075

10,107

North

Carolina

Municipal

Power

Agency

No.

1,

Unrefunded

Balance,

Series C,

5.00%,

1/1/30

8,540

8,567

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/38

1,950

2,206

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/39

1,525

1,713

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/40

2,815

3,116

North

Carolina

Turnpike

Auth.,

Monroe

Expressway

System,

5.00%,

1/1/41

1,400

1,536

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/33 (2)

1,500

1,617

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Union

County,

GO,

5.00%,

9/1/37

3,145

3,572

Wake

County,

Series A,

GO,

5.00%,

6/1/41

3,455

3,820

97,117

#### OHIO

#### 0.4%
Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55

10,000

8,381

Franklin

County,

Nationwide

Children's

Hosp.,

5.00%,

11/1/32

1,600

1,673

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/26

550

551

Hamilton

County,

Life

Enriching

Community,

5.00%,

1/1/31

1,500

1,503

Ohio

Hosp.

Fac.,

Cleveland

Clinic

Health,

Series A,

5.00%,

1/1/33

2,735

2,854

Ohio

Hosp.

Fac.,

University

Hospitals

Health,

Series B,

VRDN,

3.85%,

1/15/46

1,000

1,000

15,962

#### OKLAHOMA

#### 0.5%
Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/41

5,720

6,307

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/42

5,455

6,005

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/43

4,785

5,220

Oklahoma

Turnpike

Auth.,

Series A,

5.00%,

1/1/44

1,620

1,754

19,286

#### OREGON

#### 0.4%
Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/27

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/28

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/29

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/30

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/31

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/32

Clackamas

County

Hosp.

Fac.

Auth.,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/33

Oregon,

Article

XI-Q

State

Projects,

Series A,

GO,

5.00%,

5/1/39

1,060

1,182

Oregon,

Article

XI-Q

State

Projects,

Series A,

GO,

5.00%,

5/1/43

6,175

6,647

Port

of

Portland

Airport,

Series 24-B,

5.00%,

7/1/31 (2)

1,685

1,723

Port

of

Portland

Airport,

Series 24-B,

5.00%,

7/1/32 (2)

1,135

1,159

Port

of

Portland

Airport,

Series 28,

4.00%,

7/1/36 (2)

2,000

2,013

15,235

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### PENNSYLVANIA

#### 1.5%
Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/27 (2)(10)

850

867

Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/28 (2)(10)

1,000

1,040

Allegheny

County

Airport

Auth.,

Pittsburgh

Airport,

Series A,

5.00%,

1/1/30 (2)(10)

2,380

2,553

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/28

600

623

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/30

650

694

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

City

Center,

5.00%,

5/1/28 (4)

1,405

1,442

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

City

Center,

5.00%,

5/1/33 (4)

2,895

2,981

Chester

County

IDA,

Longwood,

4.00%,

12/1/39

2,880

2,905

Chester

County

IDA,

Longwood,

4.00%,

12/1/40

2,250

2,265

Cumberland

County

Municipal

Auth.,

Asbury

Obligated

Group,

4.50%,

1/1/36 (4)

4,005

3,969

Pennsylvania

State

Univ.,

Series A,

5.00%,

9/1/37

3,145

3,636

Pennsylvania

State

Univ.,

Series A,

5.00%,

9/1/38

4,275

4,896

Pennsylvania

State

Univ.,

Series A,

5.00%,

9/1/39

1,000

1,135

Pennsylvania,

Bid

Group

C,

GO,

4.00%,

9/1/42

5,000

5,000

Philadelphia

Airport,

Private

Activity,

4.00%,

7/1/41 (2)(10)

1,000

963

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/35 (10)

3,250

3,622

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/36 (10)

2,000

2,210

Philadelphia

Hosp.

&

Higher

EFA,

Temple

Univ.

Health

System,

5.00%,

7/1/37 (10)

1,605

1,759

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/31 (10)

9,160

9,331

State

Public

School

Building

Auth.,

Philadelphia

School

Dist.,

Series A,

5.00%,

6/1/32 (10)

10,000

10,174

62,065

#### PUERTO

#### RICO

#### 6.2%
Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

24,322

15,535

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (4)

6,450

6,672

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (4)

7,470

7,761

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/28 (4)

3,250

3,329

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/33 (4)

13,455

14,056

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33

11,134

8,032

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

15,705

15,526

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

3,161

3,105

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

9,528

9,118

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

2,757

2,530

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

6,348

6,526

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29

19,854

21,203

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

49,272

54,634

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (7)(8)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (7)(8)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (7)(8)

500

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (7)

(8) 630

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (7)

(8) 2,380

1,571

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (7)

(8) 830

548

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (7)

(8) 985

650

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (7)

(8) 130

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (7)

(8) 70

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (7)

(8) 6,525

4,306

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (7)

(8) 535

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (7)

(8) 215

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (7)

(8) 610

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (7)

(8) 480

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (7)

(8) 150

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (7)

(8) 265

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (7)

(8) 190

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (7)

(8) 1,890

1,247

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (7)

(8) 530

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (7)

(8) 225

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

45,780

34,664

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40

31,928

30,954

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2-

Converted,

4.329%,

7/1/40

10,827

10,497

255,652

#### RHODE

#### ISLAND

#### 0.1%
Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (7)(8)

980

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/26

1,630

1,637

2,019

#### SOUTH

#### CAROLINA

#### 1.1%
Lexington

County

Health

Services

Dist.,

Lexington

Medical

Center,

5.00%,

11/1/29

3,010

3,135

South

Carolina

Jobs-Economic

Dev.

Auth.,

Bon

Secours

Mercy

Health,

Series A,

5.25%,

11/1/42

1,930

2,131

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/32

7,185

7,535

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/34

8,370

8,754

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/35

1,135

1,184

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/36

2,000

2,081

South

Carolina

Public

Service

Auth.,

Series A,

5.00%,

12/1/43

1,250

1,325

South

Carolina

Public

Service

Auth.,

Series A,

5.00%,

12/1/45

1,800

1,886

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/44

3,250

3,420

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series A,

5.00%,

12/1/37

3,000

3,349

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series B,

5.00%,

12/1/39

2,130

2,339

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series C,

5.25%,

12/1/38 (10)

2,315

2,564

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series E,

5.25%,

12/1/38 (10)

2,025

2,243

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series E,

5.50%,

12/1/39

730

814

South

Carolina

Public

Service

Auth.,

Santee

Cooper,

Series E,

5.50%,

12/1/41

1,390

1,529

44,289

#### TENNESSEE

#### 1.9%
Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/26

1,000

1,000

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/27

1,050

1,050

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/28

1,000

1,000

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI,

5.00%,

10/1/29

1,000

1,001

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

5.00%,

7/1/35

2,925

3,029

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

5.00%,

7/1/37

10,325

10,626

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

4.00%,

7/1/40

5,445

5,317

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

5.00%,

7/1/36

3,465

3,576

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/35 (9)

600

665

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/36 (9)

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/37 (9)

800

874

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/38 (9)

850

922

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/39 (9)

800

862

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.00%,

7/1/40 (9)

825

880

Metropolitan

Gov't.

of

Nashville-Davidson

County,

Water

&

Sewer

Revenue,

5.00%,

7/1/38

4,950

5,629

Metropolitan

Gov't.

of

Nashville-Davidson

County,

Water

&

Sewer

Revenue,

5.00%,

7/1/40

3,435

3,833

Metropolitan

Gov't.

of

Nashville-Davidson

County,

Water

&

Sewer

Revenue,

5.00%,

7/1/41

3,225

3,564

Metropolitan

Gov't.

of

Nashville-Davidson

County,

Water

&

Sewer

Revenue,

5.00%,

7/1/42

2,000

2,189

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

5.00%,

7/1/31

6,780

7,430

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/33

10,000

11,308

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/28 (2)

2,870

3,009

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/26

2,725

2,759

Tennessee

Energy

Acquisition,

Series A,

VRDN,

5.00%,

5/1/52

(Tender

11/1/31)

7,550

8,144

79,162

#### TEXAS

#### 10.3%
Arlington

Special

Tax

Revenue,

Senior

Lien,

Series A,

5.00%,

2/15/35 (10)

2,500

2,607

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/29 (2)

1,200

1,222

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/31 (2)

1,550

1,575

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/33 (2)

1,130

1,146

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/36 (2)

1,000

1,056

Austin

Airport,

North

Terminal

Project,

Series B,

5.00%,

11/15/37 (2)

2,680

2,818

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/26

1,790

1,791

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/30

2,455

2,476

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/31

1,800

1,815

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/33

2,450

2,469

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/34

1,000

1,007

Central

Texas

Regional

Mobility

Auth.,

Series D,

4.00%,

1/1/37

1,640

1,677

Central

Texas

Regional

Mobility

Auth.,

Series D,

4.00%,

1/1/38

3,750

3,813

Central

Texas

Regional

Mobility

Auth.,

Series E,

4.00%,

1/1/36

1,250

1,277

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/36

6,325

7,121

Central

Texas

Turnpike

System,

Second

Tier,

Series C,

5.00%,

8/15/42

4,020

4,312

Clifton

Higher

Ed.

Fin.,

Idea

Public

Schools,

5.00%,

8/15/30

1,000

1,098

Clifton

Higher

Ed.

Fin.,

Idea

Public

Schools,

5.00%,

8/15/31

2,250

2,505

Clifton

Higher

Ed.

Fin.,

Idea

Public

Schools,

5.00%,

8/15/36

1,490

1,668

Clifton

Higher

Ed.

Fin.,

Idea

Public

Schools,

5.00%,

8/15/38

1,020

1,109

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.00%,

2/15/35

3,275

3,691

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.00%,

2/15/36

8,000

8,906

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.00%,

2/15/37

10,980

12,102

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.00%,

2/15/39

2,295

2,495

Conroe

Independent

School

Dist.,

GO,

5.00%,

2/15/43

5,000

5,432

Cypress-Fairbanks

Independent

School

Dist.,

Series A,

GO,

5.00%,

2/15/38

2,805

3,149

Dallas

Independent

School

Dist.,

Series B,

GO,

5.00%,

2/15/42

4,300

4,674

Dallas

Independent

School

Dist.,

Series B,

GO,

5.00%,

2/15/44

5,000

5,349

Dallas/Fort

Worth

Int'l.

Airport,

Series A-1,

5.00%,

11/1/35 (2)

4,750

5,335

Dallas/Fort

Worth

Int'l.

Airport,

Series A-1,

5.25%,

11/1/37 (2)

8,300

9,399

Dallas/Fort

Worth

Int'l.

Airport,

Series A-1,

5.25%,

11/1/38 (2)

6,100

6,855

Dallas/Fort

Worth

Int'l.

Airport,

Series A-1,

5.25%,

11/1/39 (2)

1,000

1,114

Dallas/Fort

Worth

Int'l.

Airport,

Series A-2,

VRDN,

5.00%,

11/1/50

(Tender

11/1/32) (2)

8,250

9,027

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/37

1,000

1,122

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/38

655

730

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/39

850

940

Dallas/Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/40

2,625

2,881

Denton,

GO,

4.00%,

2/15/42

4,000

3,966

Denton

Independent

School

Dist.,

GO,

1.75%,

8/15/36

8,595

6,846

Denton

Independent

School

Dist.,

GO,

5.00%,

8/15/36

1,610

1,816

Denton

Independent

School

Dist.,

GO,

5.00%,

8/15/41

7,050

7,645

Denton

Independent

School

Dist.,

Series A,

GO,

5.00%,

8/15/38

2,420

2,751

Fort

Bend

Independent

School

Dist.,

Series A,

GO,

5.00%,

8/15/41

3,280

3,582

Georgetown

Independent

School

Dist.,

GO,

5.00%,

2/15/38

2,390

2,703

Georgetown

Independent

School

Dist.,

GO,

5.50%,

2/15/36

5,000

6,025

Georgetown

Independent

School

Dist.,

GO,

5.50%,

2/15/38

3,220

3,815

Grand

Parkway

Transportation,

Tela

Supported,

Series A,

5.00%,

10/1/34

8,495

8,903

Harris

County,

GO,

5.00%,

9/15/42

1,000

1,082

Harris

County,

Series A,

GO,

5.00%,

9/15/42

3,410

3,690

Harris

County

Cultural

Ed.

Fac.

Fin.,

Memorial

Hermann

Health

System,

Series B,

5.00%,

7/1/31

5,000

5,581

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/34

1,250

1,336

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/35

1,590

1,687

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

5.00%,

12/1/36

2,155

2,270

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Houston

Airport,

Subordinate

Lien,

Series A,

5.25%,

7/1/40 (2)

(10) 5,000

5,430

Houston

Airport,

United

Airlines,

Series B,

5.50%,

7/15/35 (2)

9,150

10,168

Houston

Airport,

United

Airlines,

Series B-1,

4.00%,

7/15/41 (2)

4,000

3,670

Houston

Airport,

United

Airlines,

Series B-1,

5.00%,

7/15/35 (2)

8,350

8,350

Houston

Airport,

United

Airlines,

Terminal

E,

5.00%,

7/1/29 (2)

8,370

8,370

Lower

Colorado

River

Auth.,

LCRA

Transmission

Services

Project,

Series A,

5.25%,

5/15/40

2,265

2,459

Mansfield

Independent

School

Dist.,

GO,

5.00%,

2/15/38

7,570

8,543

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31 (2)(4)

9,990

10,024

Mission

Economic

Dev.,

Sustainable

Bonds,

Graphic

Packaging

Int'l.,

VRDN,

5.00%,

12/1/64

(Tender

6/1/30) (2)

4,670

4,858

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/26

2,045

2,047

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/27

2,145

2,148

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/29

780

781

Montgomery

County

Toll

Road

Auth.,

Senior,

5.00%,

9/15/30

835

836

North

Texas

Tollway

Auth.,

1st

Tier,

Series 2016A,

5.00%,

1/1/31

(Prerefunded

1/1/26) (3)

3,750

3,763

North

Texas

Tollway

Auth.,

1st

Tier,

Series A,

5.00%,

1/1/37 (12)

590

675

North

Texas

Tollway

Auth.,

1st

Tier,

Series A,

5.00%,

1/1/38

15,055

15,820

North

Texas

Tollway

Auth.,

2nd

Tier,

Series B,

5.00%,

1/1/33

3,910

4,005

North

Texas

Tollway

Auth.,

Unrefunded

Balance,

Series A,

5.00%,

1/1/26

North

Texas

Tollway

Auth.,

Unrefunded

Balance,

Series B,

5.00%,

1/1/26

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series A,

5.00%,

7/1/40

8,775

9,683

Permanent

Univ.

Fund

-

Univ.

of

Texas

System,

Series A,

5.00%,

7/1/44

4,500

4,878

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

1.875%,

1/1/26 (2)(4)

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

2.00%,

1/1/27 (2)(4)

550

536

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Cost

Energy,

2.125%,

1/1/28 (2)(4)

525

502

Prosper

Independent

School

Dist.,

GO,

5.00%,

2/15/36

5,000

5,743

San

Angelo

Independent

School

Dist.,

GO,

5.00%,

2/15/41

2,000

2,201

Spring

Independent

School

Dist.,

GO,

5.00%,

8/15/39

5,315

6,031

Spring

Independent

School

Dist.,

GO,

5.25%,

8/15/42

1,685

1,896

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources,

Series A,

5.00%,

2/15/34

3,615

3,673

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26

10,890

11,078

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31

17,950

19,424

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Texas

Municipal

Gas

Acquisition

&

Supply

V,

VRDN,

5.00%,

1/1/55

(Tender

1/1/34)

13,325

14,666

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/35

5,000

5,295

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Expressway,

Series A,

5.00%,

12/31/36

4,735

4,993

Texas

Transportation

Commission,

GO,

5.00%,

4/1/41

4,500

4,911

Texas

Transportation

Commission,

Mobility

Fund,

Series A,

GO,

5.00%,

10/1/33

4,500

4,692

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/33

19,495

20,329

Texas

Transportation

Commission,

Mobility

Fund,

Series B,

GO,

5.00%,

10/1/34

18,475

19,229

423,777

#### UTAH

#### 2.1%
Intermountain

Power

Agency,

Series A,

5.00%,

7/1/39

4,500

4,874

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/40

3,500

3,759

Intermountain

Power

Agency,

Series A,

5.00%,

7/1/41

2,000

2,131

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

5.50%,

6/15/39 (4)

1,725

1,765

Salt

Lake

City

Airport,

Series 2017A,

5.00%,

7/1/32 (2)

3,925

4,044

Salt

Lake

City

Airport,

Series 2018A,

5.00%,

7/1/31 (2)

3,500

3,671

Salt

Lake

City

Airport,

Series 2018A,

5.00%,

7/1/32 (2)

1,825

1,912

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/33 (2)

6,110

6,695

Salt

Lake

City

Airport,

Series 2021A,

5.00%,

7/1/35 (2)

11,070

12,011

Salt

Lake

City

Airport,

Series 2023A,

5.00%,

7/1/34 (2)

5,000

5,598

Salt

Lake

City

Airport,

Series A,

4.00%,

7/1/41 (2)(9)

10,435

10,111

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/30 (2)

3,370

3,477

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/31 (2)

2,560

2,639

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/33 (2)

5,050

5,283

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/35 (2)

3,500

3,643

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/36 (2)

9,125

9,458

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/38 (2)

5,665

5,832

Vineyard

Redev.

Agency,

4.00%,

5/1/34 (10)

Vineyard

Redev.

Agency,

4.00%,

5/1/36 (10)

Vineyard

Redev.

Agency,

4.00%,

5/1/38 (10)

Vineyard

Redev.

Agency,

4.00%,

5/1/39 (10)

87,982

#### VIRGINIA

#### 8.0%
Alexandria,

Series A,

GO,

1.75%,

12/15/35

7,160

5,799

Alexandria,

Series A,

GO,

1.875%,

12/15/36

7,160

5,712

Arlington

County,

GO,

5.00%,

6/15/38

4,585

5,079

Arlington

County,

GO,

5.00%,

6/15/39

2,040

2,245

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/33

3,080

3,355

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/34

2,565

2,782

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/35

1,000

1,080

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31)

21,180

22,968

Chesterfield

County

Economic

Dev.

Auth.,

County

Mobility

Projects,

5.00%,

4/1/42

1,905

2,077

Chesterfield

County

Economic

Dev.

Auth.,

County

Mobility

Projects,

5.00%,

4/1/43

1,490

1,610

Fairfax

County,

Series A,

GO,

2.00%,

10/1/39

12,225

9,354

Fairfax

County,

Series A,

GO,

4.00%,

10/1/38

5,000

5,205

Fairfax

County,

Series A,

GO,

4.00%,

10/1/41

4,000

4,070

Fairfax

County,

Series A,

GO,

5.00%,

10/1/37

5,000

5,647

Fairfax

County

IDA,

Inova

Health,

3.50%,

5/15/39

5,890

5,790

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/32

10,000

11,356

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/35

3,500

3,915

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/36

2,850

3,161

Fairfax

County

IDA,

Inova

Health,

5.00%,

5/15/37

3,130

3,452

Fairfax

County

IDA,

Inova

Health,

Series B-2,

VRDN,

5.00%,

5/15/57

(Tender

5/15/30)

10,000

10,889

Fairfax

County

Redev.

&

Housing

Auth.,

Dominion

Square

North

Project,

VRDN,

5.00%,

1/1/45

(Tender

1/1/28)

3,875

3,991

Fairfax

County

Redev.

&

Housing

Auth.,

Wedgewood

Affordable

Housing,

5.00%,

10/1/34

3,715

3,964

Farmville

IDA,

Convocation

Center

Project,

Series AG,

5.375%,

7/1/53

(Tender

7/1/43) (10)

3,000

3,191

Halifax

County

IDA,

Virginia

Electric

&

Power

Company

Project,

Series A,

VRDN,

3.80%,

12/1/41

(Tender

5/28/27)

7,100

7,183

Loudoun

County,

Series A,

GO,

5.00%,

12/1/41

3,030

3,299

Loudoun

County

Economic

Dev.

Auth.,

Public

facilities,

Series A,

3.00%,

12/1/37

5,000

4,611

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic,

VRDN,

5.00%,

7/1/53

(Tender

7/1/30)

8,000

8,623

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic,

Series A,

5.00%,

7/1/47

5,835

6,398

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/30

1,300

1,316

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35

1,000

1,010

Virginia

Beach,

Series A,

GO,

4.00%,

2/1/41

7,160

7,391

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.00%,

2/1/40

2,035

2,214

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.00%,

2/1/41

3,050

3,332

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

5.25%,

2/1/41

5,000

5,471

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment

Programs,

Series A,

4.00%,

2/1/41

13,345

13,485

Virginia

Commonwealth

Transportation

Board,

4.00%,

5/15/41

4,000

4,039

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/38

600

670

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/40

1,600

1,759

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.00%,

7/1/41

3,870

4,221

Virginia

Public

Building

Auth.,

Series A,

5.00%,

8/1/45

3,000

3,234

Virginia

Public

School

Auth.,

5.00%,

8/1/38

3,425

3,964

Virginia

Public

School

Auth.,

5.00%,

8/1/40

2,125

2,383

Virginia

Public

School

Auth.,

5.00%,

8/1/42

2,220

2,444

Virginia

Public

School

Auth.,

5.00%,

8/1/43

1,880

2,052

Virginia

Public

School

Auth.,

School

Technology

&

Security

Notes,

Series XIII,

5.00%,

4/15/29

5,000

5,409

Virginia

Resources

Auth.,

Series B,

5.00%,

11/1/38

2,150

2,497

Virginia

Resources

Auth.,

Clean

Water

Revolving

Fund,

5.00%,

10/1/28

8,790

9,410

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/30 (2)

2,000

2,040

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/32 (2)

2,940

3,012

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/32 (2)

7,890

8,069

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/33 (2)

1,250

1,276

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/33 (2)

4,380

4,463

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/34 (2)

5,000

5,071

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/35 (2)

4,815

4,865

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/35 (2)

4,125

4,154

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/36 (2)

2,500

2,505

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/37 (2)

8,625

8,550

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/38 (2)

3,000

2,960

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/39 (2)

1,250

1,223

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/40 (2)

1,250

1,205

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/32 (2)

6,225

6,759

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/33 (2)

5,000

5,403

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/34 (2)

3,000

3,225

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/35 (2)

4,540

4,849

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/36 (2)

2,250

2,394

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

1/1/37 (2)

2,000

2,114

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/37 (2)

6,670

7,029

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes,

5.00%,

7/1/38 (2)

2,095

2,194

Virginia

Small

Business

Fin.

Auth.,

Senior

Lien

Elizabeth

River

Crossing,

4.00%,

1/1/31 (2)

2,955

3,020

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/30

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/31

2,275

2,282

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/33

3,000

3,009

York

County

Economic

Dev.

Auth.,

Electric

&

Power

Company

Project,

VRDN,

3.65%,

5/1/33

(Tender

10/1/27)

4,345

4,393

329,422

#### WASHINGTON

#### 4.6%
Energy

Northwest,

Columbia

Generating

Station,

Series 2023-

A,

5.00%,

7/1/39

13,840

15,374

Energy

Northwest,

Columbia

Generating

Station,

Series 2024-

A,

5.00%,

7/1/39

1,270

1,434

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/30

1,925

2,136

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/38

2,895

3,239

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/40

7,000

7,810

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/43

9,460

10,344

Energy

Northwest,

Project

3,

Series A,

5.00%,

7/1/31

2,900

3,279

Energy

Northwest,

Project

3,

Series A,

5.00%,

7/1/39

6,340

7,243

King

County,

GO,

5.00%,

12/1/38

2,670

2,985

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

King

County,

GO,

5.00%,

12/1/40

2,455

2,745

Port

of

Seattle,

Series C,

5.00%,

8/1/37 (2)

10,605

11,391

Port

of

Seattle,

Intermediate

Lien,

5.00%,

8/1/29 (2)

8,610

9,242

Port

of

Seattle,

Intermediate

Lien,

5.00%,

4/1/36 (2)

1,500

1,573

Port

of

Seattle,

Intermediate

Lien,

Series B,

5.00%,

7/1/36 (2)

4,375

4,896

Seattle

Municipal

Light

&

Power

Revenue,

Series A,

5.00%,

3/1/42

4,950

5,335

Washington,

Series A,

GO,

5.00%,

8/1/42

5,000

5,345

Washington,

Series B,

GO,

5.00%,

6/1/39

14,945

16,596

Washington,

Series B,

GO,

5.00%,

2/1/40

10,190

11,157

Washington,

Series B,

GO,

5.00%,

6/1/40

1,900

2,088

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/38 (4)(9)

1,500

1,614

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/39 (4)(9)

1,240

1,324

Washington

State

Housing

Fin.

Commission,

Blakeley

and

Laurel

Villages,

Series A,

5.00%,

7/1/45 (4)(9)

1,400

1,425

Washington,

Bid

Group

1,

Series 2024A,

GO,

5.00%,

8/1/39

9,000

10,000

Washington,

Bid

Group

2,

Series 2025A,

GO,

5.00%,

8/1/44

3,710

3,994

Washington,

Bid

Group

3,

Series B,

GO,

5.00%,

2/1/45

10,000

10,589

Washington,

Motor

Vehicle

Fuel

Tax

&

Vehicle

Related

Fees,

Series D,

GO,

5.00%,

6/1/43

5,000

5,468

Washington,

Various

Purpose,

Series A,

GO,

5.00%,

8/1/34

15,540

16,109

Washington,

Various

Purpose,

Series C,

GO,

5.00%,

2/1/35

5,630

5,869

Washington,

Various

Purpose,

Series R-2017A,

GO,

5.00%,

8/1/33

4,500

4,573

Washington,

Various

Purpose,

Series R-2017A,

GO,

5.00%,

8/1/34

5,000

5,077

190,254

#### WEST

#### VIRGINIA

#### 0.2%
West

Virginia

Hosp.

Fin.

Auth.,

Univ.

Health

System

Obligated

Group,

Series A,

5.00%,

6/1/39

1,225

1,333

West

Virginia

Hosp.

Fin.

Auth.,

Univ.

Health

System

Obligated

Group,

Series A,

5.00%,

6/1/40

1,900

2,046

West

Virginia

Hosp.

Fin.

Auth.,

Univ.

Health

System

Obligated

Group,

Series B,

VRDN,

5.00%,

6/1/55

(Tender

6/1/33)

3,060

3,353

6,732

#### WISCONSIN

#### 0.8%
Wisconsin,

Series 2025-2,

GO,

5.00%,

5/1/38

3,000

3,460

Wisconsin,

Series B,

GO,

5.00%,

5/1/36

4,000

4,670

Wisconsin,

Series B,

GO,

5.00%,

5/1/39

10,035

11,080

Wisconsin

DOT,

Series 1,

5.00%,

7/1/38

3,915

4,536

Wisconsin

HEFA,

Advocate

Aurora

Health

Credit

Group,

Series C-4,

VRDN,

5.00%,

8/15/54

(Tender

6/22/29)

4,000

4,274

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Wisconsin

PFA,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/27 (4)

1,950

1,968

Wisconsin

PFA,

Mary's

Woods

at

Marylhurst,

5.00%,

5/15/31 (4)

1,220

1,234

31,222

#### Total

#### Municipal

#### Securities

#### (Cost

#### $4,000,995)

#### 4,057,044

#### SHORT-TERM

#### INVESTMENTS 0.0%

#### MONEY

#### MARKET

#### FUNDS

#### 0.0%
T. Rowe

Price

Government

Reserve

Fund,

4.12% (13)(14)

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $9)

#### 9

#### Total

#### Investments

#### in

#### Securities

#### 98.8%

#### of

#### Net

#### Assets

#### (Cost

#### $4,001,004)

#### $

#### 4,057,053
‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) See

Note

2. Level

in

fair

value

hierarchy.

(2) Interest

subject

to

alternative

minimum

tax.

(3) Prerefunded

date

is

used

in

determining

portfolio

maturity.

(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

$107,744

and

represents

2.6%

of

net

assets.

(5) Insured

by

National

Public

Finance

Guarantee

Corporation

(6) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(7) Obligor

has

failed

to

make

a

scheduled

interest

and/or

principal

payment

or

is

in

default.

(8) Non-income

producing

(9) Insured

by

Build

America

Mutual

Assurance

Company

(10) Insured

by

Assured

Guaranty

Incorporated

(11) Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board's

Certified

Fiscal

Plan.

(12) When-issued

security

(13) Seven-day

yield

(14) Affiliated

Companies

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

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

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

RAC

Revenue

Anticipation

Certificate

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer's

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund's

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

October

31,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

4.12%

$

—

#

$

—

$

+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 10/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 10/31/25
T. Rowe

Price

Government

Reserve

Fund,

4.12%

$

¤

¤

$

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$60

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$9.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

October

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$4,001,004)

$

4,057,053

Interest

receivable

56,938

Receivable

for

shares

sold

1,830

Receivable

for

investment

securities

sold

Cash

Other

assets

Total

assets

4,116,059

#### Liabilities
Payable

for

shares

redeemed

3,660

Investment

management

fees

payable

940

Payable

for

investment

securities

purchased

674

Due

to

affiliates

Payable

to

directors

Other

liabilities

2,724

Total

liabilities

8,022

Commitments

and

Contingent

Liabilities

(note

5)

#### NET

#### ASSETS

#### $

#### 4,108,037
T. ROWE

PRICE

Summit

Municipal

Intermediate

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)

$

(176,171)

Paid-in

capital

applicable

to

358,318,027

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

4,284,208

#### NET

#### ASSETS

#### $

#### 4,108,037

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,021,649;

#### Shares

#### outstanding:

#### 89,071,132)

#### $

#### 11.47

#### Advisor

#### Class

#### (Net

#### assets:

#### $3,528;

#### Shares

#### outstanding:

#### 307,722)

#### $

#### 11.47

#### I

#### Class

#### (Net

#### assets:

#### $3,082,860;

#### Shares

#### outstanding:

#### 268,939,173)

#### $

#### 11.46
T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/25

#### Investment

#### Income
(Loss)

Income

.

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

$

148,762

Dividend

Total

income

148,822

Expenses

Investment

management

11,075

Shareholder

servicing

Investor

Class

$

1,297

Advisor

Class

I

Class

1,401

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(84)

Total

expenses

13,162

Net

investment

income

135,660

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

loss

on

securities

(27,731)

Change

in

net

unrealized

gain

/

loss

on

securities

81,441

Net

realized

and

unrealized

gain

/

loss

53,710

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 189,370
T. ROWE

PRICE

Summit

Municipal

Intermediate

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

$

135,660

$

147,399

Net

realized

loss

(27,731)

(52,705)

Change

in

net

unrealized

gain

/

loss

81,441

324,749

Increase

in

net

assets

from

operations

189,370

419,443

Distributions

to

shareholders

Net

earnings

Investor

Class

(33,896)

(52,445)

Advisor

Class

(109)

(99)

I

Class

(100,062)

(93,026)

Decrease

in

net

assets

from

distributions

(134,067)

(145,570)

Capital

share

transactions

\*

Shares

sold

Investor

Class

172,186

361,602

Advisor

Class

I

Class

726,596

933,050

Distributions

reinvested

Investor

Class

27,419

44,974

Advisor

Class

I

Class

72,387

69,036

Shares

redeemed

Investor

Class

(368,094)

(1,482,441)

Advisor

Class

(814)

(452)

I

Class

(976,378)

(1,003,668)

Decrease

in

net

assets

from

capital

share

transactions

(346,487)

(1,077,553)

T. ROWE

PRICE

Summit

Municipal

Intermediate

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
Decrease

during

period

(291,184)

(803,680)

Beginning

of

period

4,399,221

5,202,901

#### End

#### of

#### period

#### $

#### 4,108,037

#### $

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

information

(000s)

Shares

sold

Investor

Class

15,324

31,960

Advisor

Class

I

Class

64,769

82,612

Distributions

reinvested

Investor

Class

2,434

3,966

Advisor

Class

I

Class

6,428

6,090

Shares

redeemed

Investor

Class

(32,788)

(130,070)

Advisor

Class

(73)

(41)

I

Class

(86,875)

(88,810)

Decrease

in

shares

outstanding

(30,762)

(94,262)

T. ROWE

PRICE

Summit

Municipal

Intermediate

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

Intermediate

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks the

highest

level

of

income

exempt

from

federal

income

taxes

consistent

with

moderate

price

fluctuation.

The

fund

has three classes

of

shares:

the

Summit

Municipal

Intermediate

Fund

(Investor

Class),

the

Summit

Municipal

Intermediate

Fund–Advisor

Class

(Advisor

Class)

and

the

Summit

Municipal

Intermediate

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. 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

Intermediate

Fund

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

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

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

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

$

—

$

—

$

—

$

—

Municipal

Securities

—

4,057,044

—

4,057,044

Short-Term

Investments

—

—

Total

$

$

4,057,044

$

—

$

4,057,053

T. ROWE

PRICE

Summit

Municipal

Intermediate

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,

and short-term securities

aggregated $961,531,000 and

$1,280,135,000,

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

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.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

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.

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
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

582

$

—

Tax-exempt

income

133,485

145,570

Total

distributions

$

134,067

$

145,570

($000s)

Cost

of

investments

$

3,990,676

Unrealized

appreciation

$

92,653

Unrealized

depreciation

(26,276)

Net

unrealized

appreciation

(depreciation)

$

66,377

($000s)

Undistributed

ordinary

income

$

Undistributed

tax-exempt

income

1,480

Net

unrealized

appreciation

(depreciation)

66,377

Loss

carryforwards

and

deferrals

(244,313)

Total

distributable

earnings

(loss)

$

(176,171)

T. ROWE

PRICE

Summit

Municipal

Intermediate

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

and

straddle

deferrals.

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

equal

to 0.27%

of

the

fund's

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The

Investor

Class,

Advisor

Class

and I

Class are

each

subject

to

a

permanent

contractual

expense

limitation,

pursuant

to

which

Price

Associates

is

required

to

waive or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses; and,

with

respect

to

any

class

other

than

the

Investor

Class,

12b-1

fees)

that

would

otherwise

cause

the

class's

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

agreement

may

only

be

terminated

with

approval

by

the

fund's

shareholders.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the

class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

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 $861,000 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

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

$187,000

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.

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class
Expense

limitation

0.40%

0.40%

0.40%

I

Class

Limit

N/A

N/A

0.05%

Expense

limitation

date

N/A

N/A

12/31/26

(Waived)/repaid

during

the

period

($000s)

$(81)

$(3)

$—

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

October

31,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

2,420,644

shares

of

the

Investor

Class,

representing

3%

of

the

Investor

Class's

net

assets,

and

9,668,323

shares

of

the

I

Class,

representing

4%

of

the

I

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

Purchases

and

sales

cross

trades

aggregated

$52,275,000

and

$35,355,000,

respectively,

with

net

realized

gain

of

$0

for

the

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.

T. ROWE

PRICE

Summit

Municipal

Intermediate

Fund

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

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

Intermediate

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

#### Intermediate

#### 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

Intermediate

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

Intermediate

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,

transfer

agent

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

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

Intermediate

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

$132,919,000

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.*

F83-050

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.](d73803dex99codeeth.htm) |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d73803dex99cert.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.](d73803dex99906ce.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 Intermediate Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 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 Intermediate Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 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 Intermediate Fund

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 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

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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.

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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.

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&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.

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&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

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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**

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***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>** 

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**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