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)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2024

SemiAnnual

Report

Summit

Municipal

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Summit

Municipal

Funds

Go

Paperless

Going

paperless

offers

a

host

of

benefits,

which

include:

Timely

delivery

of

important

documents

Convenient

access

to

your

documents

anytime,

anywhere

Strong

security

protocols

to

safeguard

sensitive

data

Waive

your

account

service

fee

by

going

paperless.*

To

Enroll:

˃

If

you

invest

directly

with

T.

Rowe

Price,

go

to

troweprice.com/paperless

.

If

you

invest

through

a

financial

intermediary

such

as

an

investment

advisor,

a

bank,

or

a

brokerage

firm,

please

contact

that

organization

and

ask

if

it

can

provide

electronic

documentation.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/

help/fees-and-minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Summit

Municipal

Funds

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

positive

results

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

April

30,

2024.

Investor

sentiment

was

bolstered

by

rising

hopes

at

the

end

of

2023

that

central

banks

would

be

able

to

cut

interest

rates

soon;

however,

stronger-than-expected

inflation

data

in

the

first

quarter

of

2024

contributed

to

a

downturn

in

April

that

offset

some

of

the

strong

gains

recorded

earlier

in

the

period.

Growth

stocks

outperformed

value

shares

over

the

six-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period—a

weaker

U.S.

dollar

versus

some

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities,

while

a

downturn

in

the

Japanese

yen

had

the

reverse

effect.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

U.S.-focused

S&P

500

Index,

the

communication

services,

financials, information

technology,

and

industrials sectors

all

recorded

strong

gains,

while

returns

for

energy

companies

were

more

muted

as

oil

prices

dipped

at

the

end

of

2023

before

rebounding

in

the

new

year.

U.S.

Treasury

yields

finished

the

period

lower,

which

supported

broadly

positive

results

in

the

fixed

income

market.

High

yield

corporate

bonds

produced

some

of

the

strongest

returns,

aided

by

the

higher

coupons

that

have

become

available

since

the

Fed

began

hiking

rates

about

two

years

ago,

as

well

as

strength

in

the

economy

that

kept

default

expectations

at

low

levels.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

although

first-quarter

gross

domestic

product

growth—according

to

a

preliminary

estimate—slowed

from

the

level

reported

at

the

end

of

2023.

Meanwhile,

after

flirting

with

a

recession

late

last

year,

growth

in

the

eurozone

appeared

to

be

healthier

in

the

latest

reports,

and

China’s

economy

showed

signs

of

recovery

after

a

sluggish

performance

in

2023.

T.

ROWE

PRICE

Summit

Municipal

Funds

2

The

positive

economic

news

aided

investor

sentiment

following

widespread

expectations

for

a

downturn

last

year.

But

the

outlook

for

monetary

policy

as

global

central

banks

continued

their

fight

against

inflation

was

more

difficult

to

decipher.

After

significant

progress

in

reducing

the

rate

of

price

increases—

12-month

consumer

price

index

inflation

dropped

from

6.4%

to

3.3%

over

the

course

of

2023—Federal

Reserve

policymakers

helped

boost

sentiment

when

their

year-end

economic

projections

indicated

that

three

quarter-point

interest

rate

cuts

were

likely

in

2024,

up

from

the

two

they

had

forecast

previously.

However,

with

inflation

improvements

stalling

so

far

this

year,

Fed

officials

indicated

that

they

will

take

a

patient

approach

to

loosening

monetary

policy,

a

message

that

weighed

on

markets

near

the

end

of

our

reporting

period.

Outside

the

U.S.,

the

European

Central

Bank was

also

facing

sticky

inflation,

but

officials

indicated

that

they

would

like

to

begin

cutting

rates

soon

if

upcoming

reports

are

favorable.

Meanwhile,

moving

in

the

other

direction,

the

Bank

of

Japan

lifted

short-term

interest

rates

from

negative

territory

for

the

first

time

in

over

seven

years

following

a

long

campaign

against

disinflation,

although

Japan’s

monetary

policy

remains

among

the

most

accommodative

in

the

world.

Global

economies

have

displayed

continued

resilience

in

the

year-to-date

period,

but

risks

remain

as

we

look

ahead.

Elevated

geopolitical

tensions,

uncertainty

about

the

path

of

monetary

policy,

and

fading

fiscal

stimulus

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Summit

Municipal

Funds

Portfolio

Summary

3

CREDIT

QUALITY

DIVERSIFICATION

Summit

Municipal

Intermediate

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Summit

Municipal

Funds

4

Note:

Copyright

©

2024

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2024,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/

or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

CREDIT

QUALITY

DIVERSIFICATION

Summit

Municipal

Income

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Summit

Municipal

Funds

5

Note:

Copyright

©

2024,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Summit

Municipal

Funds

6

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

Summit

Municipal

Intermediate

Fund

and

Summit

Municipal

Income

Fund

have

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

T.

ROWE

PRICE

Summit

Municipal

Funds

7

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

SUMMIT

MUNICIPAL

INTERMEDIATE

FUND

Beginning

Account

Value

11/1/23

Ending

Account

Value

4/30/24

Expenses

Paid

During

Period*

11/1/23

to

4/30/24

Investor

Class

Actual

$1,000.00

$1,058.50

$2.56

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.38

  2.51

Advisor

Class

Actual

  1,000.00

  1,057.30

  3.84

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.13

  3.77

I

Class

Actual

  1,000.00

  1,059.20

  1.95

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.97

  1.91

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.50%,

the

2

Advisor Class

was

0.75%,

and

the

3

I Class

was

0.38%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Summit

Municipal

Funds

8

SUMMIT

MUNICIPAL

INCOME

FUND

Beginning

Account

Value

11/1/23

Ending

Account

Value

4/30/24

Expenses

Paid

During

Period*

11/1/23

to

4/30/24

Investor

Class

Actual

$1,000.00

$1,090.70

$2.60

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.38

  2.51

Advisor

Class

Actual

  1,000.00

  1,089.30

  3.90

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.13

  3.77

I

Class

Actual

  1,000.00

  1,091.30

  2.03

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.92

  1.96

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.50%,

the

2

Advisor Class

was

0.75%,

and

the

3

I Class

was

0.39%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

C10-051

6/24

April

30,

2024

SemiAnnual

Report

|

Financial

Statements

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRINX

Summit

Municipal

Income

Fund

–

.

PAIMX

Summit

Municipal

Income

Fund–

.

Advisor  Class

PRIMX

Summit

Municipal

Income

Fund–

.

I Class

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

10.36‌

$

10.43‌

$

12.42‌

$

12.11‌

$

12.19‌

$

11.49‌

Investment

activities

Net

investment

income

(1)(2)

0.18‌

0.33‌

0.27‌

0.28‌

0.33‌

0.35‌

Net

realized

and

unrealized

gain/

loss

0.76‌

(0.06‌)

(1.99‌)

0.31‌

(0.08‌)

0.70‌

Total

from

investment

activities

0.94‌

0.27‌

(1.72‌)

0.59‌

0.25‌

1.05‌

Distributions

Net

investment

income

(0.18‌)

(0.33‌)

(0.27‌)

(0.28‌)

(0.33‌)

(0.35‌)

Net

realized

gain

—‌

(0.01‌)

—‌

—‌

—‌

(3)

—‌

(3)

Total

distributions

(0.18‌)

(0.34‌)

(0.27‌)

(0.28‌)

(0.33‌)

(0.35‌)

NET

ASSET

VALUE

End

of

period

$

11.12‌

$

10.36‌

$

10.43‌

$

12.42‌

$

12.11‌

$

12.19‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(4)

9.07‌%

2.41‌%

(13.99‌)%

4.87‌%

2.10‌%

9.28‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.53‌%

(5)

0.53‌%

0.54‌%

0.52‌%

0.52‌%

0.51‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.50‌%

(5)

0.50‌%

0.50‌%

0.50‌%

0.50‌%

0.50‌%

Net

investment

income

3.28‌%

(5)

3.03‌%

2.33‌%

2.23‌%

2.73‌%

2.98‌%

Portfolio

turnover

rate

11.3‌%

19.2‌%

29.7‌%

23.8‌%

18.6‌%

8.7‌%

Net

assets,

end

of

period

(in

millions)

$1,078

$953

$833

$1,678

$1,690

$1,683

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

10.36‌

$

10.43‌

$

12.42‌

$

12.11‌

$

12.19‌

$

11.49‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.30‌

0.25‌

0.25‌

0.30‌

0.33‌

Net

realized

and

unrealized

gain/

loss

0.76‌

(0.06‌)

(1.99‌)

0.31‌

(0.08‌)

0.69‌

Total

from

investment

activities

0.93‌

0.24‌

(1.74‌)

0.56‌

0.22‌

1.02‌

Distributions

Net

investment

income

(0.17‌)

(0.30‌)

(0.25‌)

(0.25‌)

(0.30‌)

(0.32‌)

Net

realized

gain

—‌

(0.01‌)

—‌

—‌

—‌

(3)

—‌

(3)

Total

distributions

(0.17‌)

(0.31‌)

(0.25‌)

(0.25‌)

(0.30‌)

(0.32‌)

NET

ASSET

VALUE

End

of

period

$

11.12‌

$

10.36‌

$

10.43‌

$

12.42‌

$

12.11‌

$

12.19‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(4)

8.93‌%

2.15‌%

(14.20‌)%

4.61‌%

1.84‌%

9.02‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.89‌%

(5)

0.93‌%

0.92‌%

0.88‌%

0.90‌%

0.80‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.75‌%

(5)

0.75‌%

0.75‌%

0.75‌%

0.75‌%

0.75‌%

Net

investment

income

3.04‌%

(5)

2.77‌%

2.11‌%

2.00‌%

2.48‌%

2.81‌%

Portfolio

turnover

rate

11.3‌%

19.2‌%

29.7‌%

23.8‌%

18.6‌%

8.7‌%

Net

assets,

end

of

period

(in

thousands)

$1,883

$315

$554

$927

$1,042

$926

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

3/1/19

(1)

Through

10/31/19

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

of

period

$

10.36‌

$

10.44‌

$

12.42‌

$

12.11‌

$

12.20‌

$

11.70‌

Investment

activities

Net

investment

income

(2)(3)

0.19‌

0.34‌

0.29‌

0.29‌

0.34‌

0.24‌

Net

realized

and

unrealized

gain/

loss

0.76‌

(0.07‌)

(1.98‌)

0.31‌

(0.09‌)

0.50‌

Total

from

investment

activities

0.95‌

0.27‌

(1.69‌)

0.60‌

0.25‌

0.74‌

Distributions

Net

investment

income

(0.19‌)

(0.34‌)

(0.29‌)

(0.29‌)

(0.34‌)

(0.24‌)

Net

realized

gain

—‌

(0.01‌)

—‌

—‌

—‌

(4)

—‌

Total

distributions

(0.19‌)

(0.35‌)

(0.29‌)

(0.29‌)

(0.34‌)

(0.24‌)

NET

ASSET

VALUE

End

of

period

$

11.12‌

$

10.36‌

$

10.44‌

$

12.42‌

$

12.11‌

$

12.20‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

3/1/19

(1)

Through

10/31/19

10/31/23

10/31/22

10/31/21

10/31/20

Ratios/Supplemental

Data

Total

return

(3)(5)

9.13‌%

2.42‌%

(13.81‌)%

4.99‌%

2.13‌%

6.36‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.39‌%

(6)

0.39‌%

0.39‌%

0.38‌%

0.39‌%

0.38‌%

(6)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.39‌%

(6)

0.39‌%

0.39‌%

0.38‌%

0.39‌%

0.38‌%

(6)

Net

investment

income

3.39‌%

(6)

3.14‌%

2.51‌%

2.32‌%

2.84‌%

2.94‌%

(6)

Portfolio

turnover

rate

11.3‌%

19.2‌%

29.7‌%

23.8‌%

18.6‌%

8.7‌%

Net

assets,

end

of

period

(in

millions)

$1,339

$1,244

$1,167

$1,289

$812

$715

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4)

Amounts

round

to

less

than

$0.01

per

share.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6)

Annualized

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

April

30,

2024

(Unaudited)

17

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES  99.0%

ALABAMA

 1.6%

Alabama

Corrections

Institution

Fin.

Auth.,

5.25%,

7/1/47 

5,000‌

5,362‌

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31) 

3,305‌

3,255‌

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

4.00%,

10/1/52

(Tender

12/1/26) 

2,945‌

2,942‌

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29) 

7,775‌

8,112‌

Black

Belt

Energy

Gas

Dist.,

Series D-1,

VRDN,

4.00%,

7/1/52

(Tender

6/1/27) 

3,810‌

3,821‌

Columbia

Ind.

Dev.

Board,

Alabama

Power

Company

Project,

Series A,

VRDN,

PCR,

4.15%,

12/1/37 

700‌

700‌

Southeast

Alabama

Gas

Supply

Dist.,

Series A,

VRDN,

4.00%,

6/1/49

(Tender

6/1/24) 

8,000‌

7,998‌

Southeast

Energy

Auth.,

A

Cooperative

Dist.,

Series B-1,

VRDN,

5.00%,

5/1/53

(Tender

8/1/28) 

3,910‌

4,034‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44  (1)

3,765‌

3,768‌

39,992‌

ARIZONA

 2.3%

Arizona

HFA,

Banner

Health,

Series B,

FRN

,

67%

of

3M

USD

LIBOR

+

0.81%,

4.52%,

1/1/37 

530‌

502‌

Chandler

IDA,

VRDN,

5.00%,

6/1/49

(Tender

6/3/24)  (2)

8,200‌

8,203‌

Chandler

IDA,

Series 2,

VRDN,

5.00%,

9/1/52

(Tender

9/1/27)  (2)

6,625‌

6,766‌

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

5.00%,

7/1/48  (2)

5,575‌

5,635‌

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/37  (2)

1,760‌

1,828‌

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series 2018,

5.00%,

7/1/38  (2)

1,760‌

1,820‌

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series A,

5.00%,

7/1/47  (2)

2,115‌

2,136‌

Phoenix

Civic

Improvement,

Sky

Harbor

Int'l.

Airport,

Series B,

5.00%,

7/1/49  (2)

7,415‌

7,539‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/54 

940‌

877‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

Series A,

5.00%,

7/1/42 

2,290‌

2,262‌

Salt

River

Project

Agricultural

Improvement

&

Power

Dist.,

Series B,

5.25%,

1/1/53 

15,000‌

16,335‌

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/50 

775‌

700‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

18

Par

$

Value

(Amounts

in

000s)

Tempe

IDA,

Friendship

Village,

5.00%,

12/1/54 

885‌

785‌

55,388‌

ARKANSAS

 0.4%

Arkansas

DFA,

Baptist

Health,

5.00%,

12/1/47 

3,525‌

3,635‌

Arkansas

DFA,

Green

Bond,

Series A,

6.875%,

7/1/48  (1)(2)

2,500‌

2,702‌

Arkansas

DFA,

Green

Bond,

Series B,

7.375%,

7/1/48  (1)(2)

2,500‌

2,719‌

9,056‌

CALIFORNIA

 10.5%

Bay

Area

Toll

Auth.,

Series S-8,

3.00%,

4/1/54  (3)

5,000‌

3,654‌

California,

Series CU,

GO,

5.50%,

12/1/52 

3,935‌

4,271‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29) 

2,480‌

2,600‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series 2023F,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30) 

3,225‌

3,496‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series A-1,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29) 

1,800‌

1,885‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series E-1,

VRDN,

5.00%,

2/1/54

(Tender

3/1/31) 

9,330‌

9,825‌

California

Community

Housing

Agency,

Junior

Bonds

Street

Flats,

Series A-2,

4.00%,

8/1/50  (1)

2,960‌

2,269‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51  (3)

4,575‌

3,664‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/28 

600‌

615‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/32 

130‌

133‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/33 

1,150‌

1,179‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/35 

1,060‌

1,118‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/41

(Prerefunded

11/15/25)  (4)

3,000‌

3,076‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

529‌

518‌

California

Housing

Fin.,

Series 2023-1,

Class

A,

4.375%,

9/20/36 

3,851‌

3,695‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/41 

5,875‌

6,081‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/43 

9,000‌

9,230‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/44 

5,000‌

5,105‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/39 

495‌

496‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/49 

1,355‌

1,356‌

California

Municipal

Fin.

Auth.,

Community

Health

System,

Series A,

4.00%,

2/1/51 

1,445‌

1,245‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

19

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

5.00%,

12/31/36  (2)

2,855‌

2,818‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

4.00%,

12/31/47  (2)

3,000‌

2,649‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43  (2)

10,015‌

9,839‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47  (2)

535‌

525‌

California

Municipal

Fin.

Auth.,

Palomar

Health,

Series A,

COP,

5.25%,

11/1/52  (5)

1,775‌

1,878‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53 

2,710‌

2,843‌

California

Pollution

Control

Fin.

Auth.,

Republic

Services,

Series A-1,

VRDN,

PCR,

4.05%,

11/1/42

(Tender

7/15/24)  (1)(2)

2,600‌

2,600‌

California

School

Fin.

Auth.,

Aspire

Public

School,

5.00%,

8/1/41

(Prerefunded

8/1/25)  (1)(4)

100‌

102‌

California

State

Univ.,

Series C,

4.00%,

11/1/45 

1,000‌

992‌

California

Statewide

CDA,

CHF-Irvine,

Univ.

of

California

Student

Housing

Irvine

East

Campus

Apartments,

Series A,

5.00%,

5/15/47 

2,820‌

2,831‌

California

Statewide

CDA,

Huntington

Memorial

Hosp.,

Series B,

5.00%,

7/1/28

(Prerefunded

7/1/24)  (4)

2,050‌

2,054‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54 

2,600‌

2,608‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/48  (1)

600‌

609‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56  (1)

1,390‌

1,396‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58  (1)

1,630‌

1,660‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29 

400‌

406‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41 

985‌

893‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51 

1,005‌

844‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/44 

1,150‌

1,196‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/37 

2,000‌

2,042‌

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50  (5)

5,120‌

4,258‌

CMFA

Special

Fin.

Agency

VII,

The

Breakwater

Apartments,

Series A-2,

4.00%,

8/1/47  (1)

2,295‌

1,839‌

CMFA

Special

Fin.

Agency,

Solana

At

Grand,

Series A-2,

4.00%,

8/1/45  (1)

970‌

791‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

20

Par

$

Value

(Amounts

in

000s)

CSCDA

Community

Improvement

Auth.,

Altana

Glendale,

Series A-2,

4.00%,

10/1/56  (1)

7,790‌

5,907‌

CSCDA

Community

Improvement

Auth.,

City

of

Orange,

Series B,

4.00%,

3/1/57  (1)

3,385‌

2,430‌

CSCDA

Community

Improvement

Auth.,

Renaissance

at

City

Center,

Series A,

5.00%,

7/1/51  (1)

680‌

640‌

CSCDA

Community

Improvement

Auth.,

The

Link

Glendale,

Series A-2,

4.00%,

7/1/56  (1)

2,826‌

2,040‌

Downey

Unified

School

Dist.,

Series A,

GO,

4.00%,

8/1/52 

7,000‌

6,840‌

Golden

State

Tobacco

Securitization,

Asset

Backed,

Series A,

5.00%,

6/1/34

(Prerefunded

6/1/25)  (4)

3,525‌

3,589‌

Golden

State

Tobacco

Securitization,

Asset

Backed,

Series A,

5.00%,

6/1/35

(Prerefunded

6/1/25)  (4)

2,080‌

2,118‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.25%,

9/1/37 

2,915‌

2,930‌

Irvine

Fac.

Fin.

Auth.,

Series A,

5.25%,

9/1/53  (3)

7,995‌

8,784‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series D,

5.00%,

3/1/57 

1,835‌

1,850‌

Lodi

Unified

School

Dist.,

Series 2021,

GO,

3.00%,

8/1/46 

5,900‌

4,677‌

Los

Angeles

County

Public

Works

Fin.

Auth.,

Green

Bond,

Series A,

4.00%,

12/1/38 

1,480‌

1,524‌

Los

Angeles

County

Public

Works

Fin.

Auth.,

Green

Bond,

Series A,

4.00%,

12/1/40 

2,625‌

2,681‌

Los

Angeles

County

Public

Works

Fin.

Auth.,

Green

Bond,

Series A,

4.00%,

12/1/43 

1,605‌

1,624‌

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/41  (2)

6,400‌

6,470‌

Los

Angeles

Dept.

of

Airports,

Series F,

5.00%,

5/15/44  (2)

4,580‌

4,700‌

Los

Angeles

Dept.

of

Airports,

Green

Bond,

Series G,

4.00%,

5/15/47  (2)

5,475‌

5,157‌

Los

Angeles

Dept.

of

Airports,

Los

Angeles

Intern,

5.00%,

5/15/43  (2)

6,300‌

6,477‌

Los

Angeles

Dept.

of

Airports,

Private

Activity,

Series A,

4.00%,

5/15/41  (2)

2,000‌

1,959‌

Los

Angeles

Dept.

of

Water

&

Power,

System

Revenue,

Series D,

5.00%,

7/1/52 

2,405‌

2,590‌

Metropolitan

Water

Dist.

of

Southern

California,

Series C,

FRN,

100%

of

MUNIPSA

+

0.14%,

3.91%,

7/1/47

(Tender

5/21/24) 

705‌

705‌

Metropolitan

Water

Dist.

of

Southern

California,

Series D,

FRN,

100%

of

MUNIPSA

+

0.14%,

3.91%,

7/1/37

(Tender

5/21/24) 

3,525‌

3,524‌

Metropolitan

Water

Dist.

of

Southern

California,

Series E,

FRN,

100%

of

MUNIPSA

+

0.14%,

3.91%,

7/1/37

(Tender

5/21/24) 

2,395‌

2,395‌

Rancho

Cucamonga

Redev.

Agency,

5.00%,

9/1/30  (5)

705‌

708‌

Rancho

Cucamonga

Redev.

Agency,

5.00%,

9/1/31  (5)

1,975‌

1,984‌

Rancho

Cucamonga

Redev.

Agency,

5.00%,

9/1/32  (5)

1,845‌

1,853‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54 

6,000‌

5,085‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

21

Par

$

Value

(Amounts

in

000s)

Riverside

County

Transportation

Commission,

Restructure

91

Express,

Series B-1,

4.00%,

6/1/37 

1,335‌

1,367‌

Riverside

County

Transportation

Commission,

Restructure

91

Express,

Series B-1,

4.00%,

6/1/46 

2,140‌

2,064‌

Sacramento,

4.00%,

9/1/41 

705‌

645‌

Sacramento,

4.00%,

9/1/46 

1,830‌

1,590‌

Sacramento

County

Airport,

Series C,

5.00%,

7/1/37  (2)

1,410‌

1,457‌

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/42  (1)

1,090‌

1,111‌

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.25%,

9/1/47  (1)

2,455‌

2,477‌

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

Special

Tax,

5.375%,

9/1/52  (1)

1,655‌

1,669‌

San

Diego

County

Regional

Airport

Auth.

Senior

Private

Activity,

Series B,

5.00%,

7/1/48  (2)

3,000‌

3,121‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.,

Series C-1,

GO,

4.00%,

8/1/45 

800‌

788‌

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.00%,

5/1/38  (2)

4,405‌

4,633‌

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.00%,

5/1/44  (2)

7,060‌

7,250‌

San

Francisco

City

&

County

Int'l.

Airport,

Series C,

5.75%,

5/1/48  (2)

7,055‌

7,756‌

San

Marcos

Redev.

Agency,

Successor

Agency

Tax,

Series A,

5.00%,

10/1/30 

1,090‌

1,114‌

San

Marcos

Redev.

Agency,

Successor

Agency

Tax,

Series A,

5.00%,

10/1/33 

795‌

812‌

Univ.

of

California

Regents,

Series O,

5.50%,

5/15/58 

10,575‌

11,180‌

253,459‌

COLORADO

 3.4%

Colorado,

COP,

6.00%,

12/15/39 

2,375‌

2,831‌

Colorado,

COP,

6.00%,

12/15/40 

9,325‌

11,008‌

Colorado,

COP,

6.00%,

12/15/41 

11,375‌

13,373‌

Colorado,

Series A,

COP,

4.00%,

12/15/38 

1,620‌

1,638‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Ascent

Classical

Academy,

5.80%,

4/1/54  (1)

1,000‌

1,005‌

Colorado

HFA,

Sanford

Health,

Series A,

5.00%,

11/1/44 

7,050‌

7,326‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45  (1)

1,285‌

866‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50  (1)

440‌

292‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/47 

4,720‌

4,726‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

2,390‌

2,393‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

22

Par

$

Value

(Amounts

in

000s)

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/56 

2,975‌

2,977‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46 

1,340‌

1,317‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.25%,

12/1/48

(Prerefunded

7/24/24)  (4)

925‌

955‌

Denver

City

&

County

Airport,

Series A,

5.00%,

11/15/47  (2)

3,000‌

3,115‌

Denver

City

&

County

Airport,

Series A,

5.25%,

12/1/48  (2)

4,870‌

4,983‌

Denver

City

&

County

Pledged

Excise

Tax

Revenue,

Series A-1,

5.00%,

8/1/48 

10,000‌

10,129‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48 

500‌

500‌

Mirabelle

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/49 

1,750‌

1,575‌

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48 

1,086‌

1,032‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/38 

650‌

617‌

Univ.

of

Colorado

Hosp.

Auth.,

Series B-1,

VRDN,

3.80%,

11/15/39 

8,900‌

8,900‌

81,558‌

CONNECTICUT

 1.1%

Connecticut,

Series B,

GO,

3.00%,

1/15/42  (3)

6,200‌

5,162‌

Connecticut,

Series C,

GO,

5.00%,

6/15/32 

350‌

401‌

Connecticut,

Series C,

GO,

5.00%,

6/15/36 

210‌

238‌

Connecticut,

Series C,

GO,

5.00%,

6/15/37 

50‌

56‌

Connecticut,

Series C,

GO,

5.00%,

6/15/38 

225‌

250‌

Connecticut,

Series C,

GO,

5.00%,

6/15/40 

700‌

768‌

Connecticut,

Series D,

GO,

5.00%,

9/15/32 

225‌

259‌

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/39 

1,785‌

1,455‌

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/44 

1,065‌

813‌

Connecticut

HEFA,

Hartford

Univ.,

4.00%,

7/1/49 

705‌

512‌

Connecticut

Housing

Fin.

Auth.,

Series B,

5.75%,

11/15/53 

3,410‌

3,603‌

Connecticut

Special

Tax

Obligation,

Series A,

5.25%,

7/1/44 

6,150‌

6,885‌

Connecticut

Special

Tax

Obligation,

Transit

Infrastructure,

Series A,

5.00%,

5/1/32 

1,585‌

1,758‌

Connecticut

Special

Tax

Obligation,

Transportation

Infrastructure,

Series A,

5.00%,

1/1/33 

4,440‌

4,711‌

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)

  (6)(7)(8)

1,235‌

275‌

27,146‌

DELAWARE

 0.7%

Delaware

Economic

Dev.

Auth.,

Acts

Retirement

Communities,

Series B,

5.00%,

11/15/48 

4,230‌

4,261‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43 

1,745‌

1,694‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48 

3,385‌

3,230‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

23

Par

$

Value

(Amounts

in

000s)

Delaware

HFA,

Christiana

Health

Care

System,

5.00%,

10/1/45 

4,760‌

4,922‌

Delaware

Transportation

Auth.,

Garvee,

5.00%,

9/1/34 

1,410‌

1,566‌

Delaware

Transportation

Auth.,

Garvee,

5.00%,

9/1/35 

1,410‌

1,557‌

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.25%,

7/1/44  (1)(9)

400‌

412‌

Town

of

Bridgeville,

Heritage

Shores

Special

Dev.

Dist.,

5.625%,

7/1/53  (1)(9)

400‌

414‌

18,056‌

DISTRICT

OF

COLUMBIA

 3.5%

Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.25%,

5/1/48 

6,000‌

6,576‌

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46 

5,640‌

1,313‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/32 

1,290‌

1,298‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

360‌

356‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

495‌

470‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

935‌

829‌

District

of

Columbia,

KIPP

Project,

4.00%,

7/1/39 

2,430‌

2,295‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/29  (2)

4,250‌

4,261‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.00%,

10/1/48  (2)

9,120‌

9,253‌

Metropolitan

Washington

Airports

Auth.,

Aviation

Revenue,

Series A,

5.25%,

10/1/53  (2)

5,000‌

5,245‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

4.00%,

10/1/52  (5)

5,200‌

4,896‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/44 

7,250‌

7,496‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44 

1,515‌

1,653‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

4.125%,

7/15/47 

8,455‌

8,164‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.00%,

7/15/38 

1,760‌

1,895‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.00%,

7/15/39 

3,875‌

4,159‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.50%,

7/15/51 

5,200‌

5,748‌

Washington

Metropolitan

Area

Transit

Auth.,

Green

Bonds,

Series A,

4.00%,

7/15/46 

7,500‌

7,131‌

Washington

Metropolitan

Area

Transit

Auth.,

Green

Bonds,

Series A,

5.00%,

7/15/41 

1,760‌

1,889‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

24

Par

$

Value

(Amounts

in

000s)

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.25%,

7/15/53 

8,225‌

8,889‌

83,816‌

FLORIDA

 6.1%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 

1,835‌

1,373‌

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

4.00%,

12/1/49 

4,000‌

3,614‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30 

520‌

532‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/32 

400‌

408‌

Central

Florida

Expressway

Auth.,

Series B,

5.00%,

7/1/34 

1,270‌

1,292‌

Duval

County

Public

Schools,

Series A,

COP,

5.00%,

7/1/34  (5)

2,700‌

2,976‌

Everest

GMR

Community

Development

Dist.,

6.20%,

5/1/54 

2,500‌

2,531‌

Florida

Dev.

Fin.,

Waste

Disposal

Revenue

Bonds,

VRDN,

6.125%,

7/1/32

(Tender

7/1/26)  (1)(2)

5,500‌

5,611‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.50%,

6/1/33  (1)

1,410‌

1,388‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38  (1)

1,515‌

1,446‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48  (1)

2,975‌

2,718‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/32  (2)

705‌

733‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/44  (2)

8,700‌

8,947‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/47  (2)

5,000‌

5,048‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/49  (2)

2,350‌

2,394‌

Greater

Orlando

Aviation

Auth.,

Series A,

5.00%,

10/1/52  (2)

1,060‌

1,065‌

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/30  (2)

580‌

610‌

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/31  (2)

600‌

631‌

Hillsborough

County

Port

Dist.,

Tampa

Port.

Auth.,

Series B,

5.00%,

6/1/46  (2)

3,525‌

3,549‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53  (1)

1,960‌

1,756‌

JEA

Electric

System,

Series 3A,

4.00%,

10/1/37 

3,525‌

3,529‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47 

980‌

992‌

Lee

County

Florida

Airport

Revenue,

Series A,

5.00%,

10/1/27  (2)

3,525‌

3,664‌

Lee

Memorial

Health

System,

Series A-1,

5.00%,

4/1/39 

970‌

1,008‌

Manatee

County,

Florida

Revenue

Improvement

Bonds,

5.50%,

10/1/53 

6,000‌

6,678‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

25

Par

$

Value

(Amounts

in

000s)

Martin

County

HFA,

Martin

Memorial

Medical

Center,

5.00%,

11/15/45

(Prerefunded

11/15/24)  (4)

2,645‌

2,659‌

Miami-Dade

County

Aviation

Revenue,

Series A,

5.00%,

10/1/34  (2)

4,470‌

4,478‌

Miami-Dade

County

Aviation

Revenue,

Series A,

5.00%,

10/1/49  (2)

10,700‌

10,810‌

Miami-Dade

County

EFA,

Univ.

of

Miami,

Series A,

5.00%,

4/1/40 

8,020‌

8,056‌

Miami-Dade

County

Seaport

Dept.,

Series A,

5.25%,

10/1/52  (2)

3,015‌

3,159‌

Orange

County

HFA,

Orlando

Health,

Series A,

5.00%,

10/1/39 

4,480‌

4,568‌

Orange

County

HFA,

Orlando

Health

Obligated

Group,

4.00%,

10/1/52 

11,040‌

10,191‌

Palm

Beach

County

HFA,

Active

Retirement

Life

Community,

5.00%,

11/15/45 

1,815‌

1,833‌

Palm

Beach

County

HFA,

Baptist

Health,

4.00%,

8/15/49 

9,290‌

8,307‌

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai,

4.25%,

6/1/56 

2,105‌

1,640‌

Sarasota

County

Public

Hosp.

Dist.,

Sarasota

Memorial

Hosp.,

5.00%,

7/1/41 

7,050‌

7,193‌

South

Miami

HFA,

Baptist

Health

South

Florida,

Series 2017,

4.00%,

8/15/47 

7,000‌

6,399‌

Tampa-Hillsborough

County

Expressway

Auth.,

5.00%,

7/1/47 

10,575‌

10,782‌

Village

Community

Dev.

Dist.

No.

14,

5.375%,

5/1/42 

1,035‌

1,076‌

Village

Community

Dev.

Dist.

No.

14,

5.50%,

5/1/53 

2,615‌

2,702‌

148,346‌

GEORGIA

 6.3%

Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/41  (2)

1,100‌

1,199‌

Atlanta

Airport

Passenger

Fac.

Charge,

Subordinate

Lien

Green

Bond,

Series E,

5.25%,

7/1/43  (2)

8,250‌

8,895‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35  (6)(8)

835‌

376‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40  (6)(8)

3,405‌

1,532‌

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/40 

1,605‌

1,628‌

Atlanta

Dev.

Auth.,

Stadium,

Series A-1,

5.25%,

7/1/44 

7,755‌

7,849‌

Atlanta,

Social

Bond,

Series A-1,

GO,

5.00%,

12/1/41 

8,920‌

9,864‌

Burke

County

Dev.

Auth.,

PCR,

Georgia

Power

Plant

Vogtle

Project,

First

Series,

Series 2009,

VRDN,

4.10%,

7/1/49 

4,300‌

4,300‌

Cobb

County

Kennestone

Hosp.

Auth.,

Wellstar

Health

System,

4.00%,

4/1/52 

3,880‌

3,544‌

Coweta

County

Water

&

Sewage

Auth.,

4.25%,

6/1/57  (9)

950‌

931‌

Coweta

County

Water

&

Sewage

Auth.,

5.00%,

6/1/54  (9)

950‌

1,010‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

26

Par

$

Value

(Amounts

in

000s)

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

4.00%,

4/1/50 

2,080‌

1,913‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/47 

1,000‌

1,010‌

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/36 

1,850‌

1,889‌

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/44 

2,590‌

2,673‌

Gainesville

&

Hall

County

CDA,

Active

Retirement

Communities,

5.00%,

11/15/33 

1,410‌

1,451‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/46 

4,000‌

3,751‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/51 

3,500‌

3,215‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.25%,

8/15/49

(Prerefunded

2/15/25)  (4)

7,755‌

7,858‌

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/36 

1,130‌

1,117‌

George

L

Smith

II

Congress

Center

Auth.,

4.00%,

1/1/54 

12,800‌

10,897‌

George

L

Smith

II

Congress

Center

Auth.,

5.00%,

1/1/54  (1)

2,690‌

2,389‌

Georgia

Ports

Auth.,

5.00%,

7/1/47 

5,840‌

6,246‌

Georgia

Ports

Auth.,

5.25%,

7/1/52 

7,600‌

8,210‌

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series 2021A,

3.00%,

7/15/50 

5,500‌

4,075‌

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series A,

3.00%,

7/15/49 

4,810‌

3,596‌

Georgia,

Bidding

Group

2,

Series A,

GO,

4.00%,

7/1/42 

5,375‌

5,436‌

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/37 

1,060‌

1,091‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/31 

2,820‌

2,932‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/32 

1,760‌

1,830‌

Main

Street

Natural

Gas,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27) 

8,535‌

8,521‌

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29) 

4,400‌

4,569‌

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30) 

1,800‌

1,895‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

4.00%,

8/1/49

(Tender

12/2/24) 

1,975‌

1,975‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26) 

11,180‌

11,187‌

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/26 

480‌

491‌

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/27 

905‌

936‌

Municipal

Electric

Auth.

of

Georgia,

General

Power

Revenue,

Series 2018A,

5.00%,

1/1/28 

250‌

262‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

27

Par

$

Value

(Amounts

in

000s)

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 

3,555‌

3,593‌

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/26 

2,555‌

2,612‌

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/27 

1,435‌

1,484‌

Municipal

Electric

Auth.

of

Georgia,

Power

Revenue,

Series HH,

5.00%,

1/1/28 

1,515‌

1,590‌

151,822‌

GUAM

 0.0%

Guam

Business

Privilege

Tax,

Series F,

4.00%,

1/1/42 

1,330‌

1,219‌

1,219‌

HAWAII

 0.2%

Hawaii

Airports

System,

Series A,

5.00%,

7/1/43  (2)

4,230‌

4,310‌

4,310‌

IDAHO

 0.4%

Idaho

HFA,

Series A,

5.25%,

8/15/48 

3,100‌

3,390‌

Idaho

HFA,

Saint

Luke's

Health,

Series A,

5.00%,

3/1/39 

4,465‌

4,465‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51  (1)

2,890‌

2,355‌

10,210‌

ILLINOIS

 3.2%

Chicago,

Series A,

GO,

5.50%,

1/1/49 

2,150‌

2,217‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/24  (5)

705‌

707‌

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/27  (2)

3,525‌

3,535‌

Chicago

O'Hare

Int'l.

Airport,

Series A,

5.00%,

1/1/48  (2)

2,115‌

2,146‌

Chicago

O'Hare

Int'l.

Airport,

Series B,

5.00%,

1/1/28 

1,525‌

1,536‌

Chicago

O'Hare

Int'l.

Airport,

Series C,

5.00%,

1/1/46  (2)

4,275‌

4,275‌

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

4.50%,

1/1/48  (2)

5,700‌

5,593‌

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/40 

1,500‌

1,620‌

Chicago,

Chicago

Works,

Series A,

GO,

5.50%,

1/1/43 

1,125‌

1,183‌

Cook

County

Sales

Tax

Revenue,

Series A,

5.25%,

11/15/45 

2,850‌

3,067‌

Illinois,

GO,

5.50%,

5/1/25 

960‌

975‌

Illinois,

GO,

5.50%,

5/1/26 

1,150‌

1,189‌

Illinois,

Series A,

GO,

5.00%,

3/1/25 

885‌

893‌

Illinois,

Series A,

GO,

5.00%,

10/1/25 

565‌

574‌

Illinois,

Series A,

GO,

5.00%,

10/1/31 

705‌

747‌

Illinois,

Series A,

GO,

5.00%,

3/1/33 

1,400‌

1,537‌

Illinois,

Series A,

GO,

5.00%,

3/1/35 

1,900‌

2,052‌

Illinois,

Series A,

GO,

5.50%,

3/1/42 

1,700‌

1,851‌

Illinois,

Series A,

GO,

5.50%,

3/1/47 

2,575‌

2,750‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

28

Par

$

Value

(Amounts

in

000s)

Illinois,

Series B,

GO,

4.00%,

11/1/33 

3,525‌

3,536‌

Illinois,

Series B,

GO,

5.00%,

10/1/31 

1,060‌

1,124‌

Illinois,

Series B,

GO,

5.00%,

10/1/32 

845‌

893‌

Illinois,

Series B,

GO,

5.50%,

5/1/47 

2,620‌

2,800‌

Illinois,

Series D,

GO,

5.00%,

11/1/24 

3,555‌

3,572‌

Illinois,

Series D,

GO,

5.00%,

11/1/26 

3,590‌

3,702‌

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/34 

305‌

314‌

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/36 

450‌

463‌

Illinois

Fin.

Auth.,

Ascension

Health,

Series C,

5.00%,

2/15/41 

1,310‌

1,325‌

Illinois

Fin.

Auth.,

Depaul

College,

5.625%,

8/1/53  (1)

1,100‌

1,144‌

Illinois

State

Toll

Highway

Auth.,

Series A,

5.25%,

1/1/45 

6,875‌

7,404‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

4.00%,

12/15/42 

1,920‌

1,832‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

4.00%,

6/15/52 

1,840‌

1,613‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

6/15/50 

3,365‌

3,432‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/36 

1,180‌

704‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/40 

1,150‌

538‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33  (10)

1,410‌

1,660‌

Regional

Transportation

Auth.,

Series B,

5.50%,

6/1/27  (10)

3,240‌

3,358‌

77,861‌

INDIANA

 0.6%

Indiana

Fin.

Auth.,

Depauw

University

Project,

Series A,

5.50%,

7/1/52 

6,000‌

6,141‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series 2023A,

5.00%,

6/1/53 

1,000‌

1,007‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.00%,

6/1/43 

855‌

875‌

Valparaiso,

Pratt

Paper,

4.875%,

1/1/44  (1)(2)(9)

2,025‌

2,047‌

Valparaiso,

Pratt

Paper,

6.75%,

1/1/34

(Prerefunded

5/9/24)  (2)

(4)

1,410‌

1,411‌

Valparaiso,

Pratt

Paper,

7.00%,

1/1/44

(Prerefunded

5/9/24)  (2)

(4)

400‌

400‌

Whiting,

BP

Products,

VRDN,

5.00%,

12/1/44

(Tender

6/5/26)  (2)

3,825‌

3,889‌

15,770‌

IOWA

 0.5%

Iowa

Fin.

Auth.,

Unitypoint

Health,

Series F,

VRDN,

3.70%,

7/1/41 

11,900‌

11,900‌

11,900‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

29

Par

$

Value

(Amounts

in

000s)

KANSAS

 0.3%

Overland

Park

Sales

Tax

Revenue,

Bluhawk

Star

Bond,

Series A,

6.50%,

11/15/42  (1)

4,050‌

4,109‌

Univ.

of

Kansas

Hosp.

Auth.,

Series A,

5.00%,

9/1/48 

4,230‌

4,318‌

8,427‌

KENTUCKY

 1.1%

Ashland,

Ashland

Medical

Center,

4.00%,

2/1/33 

415‌

408‌

Ashland,

Ashland

Medical

Center,

4.00%,

2/1/35 

335‌

326‌

Ashland,

Ashland

Medical

Center,

4.00%,

2/1/38 

455‌

427‌

Ashland,

Ashland

Medical

Center,

5.00%,

2/1/32 

230‌

238‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

940‌

954‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

580‌

583‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

3,030‌

3,029‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41 

1,570‌

1,583‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

3,405‌

3,310‌

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

5.25%,

4/1/54

(Tender

2/1/32) 

4,295‌

4,539‌

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28) 

5,125‌

5,111‌

Kentucky

Public

Energy

Auth.,

Gas

Supply,

Series B,

VRDN,

4.00%,

1/1/49

(Tender

1/1/25) 

5,310‌

5,308‌

25,816‌

LOUISIANA

 1.1%

Louisiana

Public

Fac.

Auth.,

Waste

Pro

USA

Project,

VRDN,

6.75%,

10/1/53

(Tender

10/1/28)  (1)(2)

1,400‌

1,490‌

New

Orleans

Aviation

Board,

General

Airport,

Series D-2,

5.00%,

1/1/38  (2)

885‌

902‌

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/43 

1,315‌

1,342‌

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/48 

2,995‌

3,041‌

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series B,

5.00%,

1/1/34  (2)

2,820‌

2,830‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/40

(Prerefunded

6/1/25)  (4)

1,060‌

1,076‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/45

(Prerefunded

6/1/25)  (4)

950‌

964‌

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25)  (4)

3,875‌

3,971‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

30

Par

$

Value

(Amounts

in

000s)

Saint

James

Parish,

Nustar

Logistics,

VRDN,

5.85%,

8/1/41

(Tender

6/1/25)  (1)

2,820‌

2,861‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

VRDN,

4.05%,

6/1/37

(Tender

7/1/26) 

4,400‌

4,354‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-2,

VRDN,

2.10%,

6/1/37

(Tender

7/1/24) 

440‌

438‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series A-3,

VRDN,

2.20%,

6/1/37

(Tender

7/1/26) 

1,060‌

1,009‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series B-1,

VRDN,

2.125%,

6/1/37

(Tender

7/1/24) 

705‌

702‌

Saint

John

the

Baptist

Parish,

Marathon

Oil,

Series B-2,

VRDN,

2.375%,

6/1/37

(Tender

7/1/26) 

705‌

673‌

25,653‌

MARYLAND

 5.4%

Anne

County

Arundel,

GO,

4.00%,

10/1/53 

1,000‌

961‌

Anne

County

Arundel,

GO,

5.00%,

10/1/46 

4,415‌

4,806‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/36 

2,080‌

2,059‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46 

1,575‌

1,419‌

Baltimore

City,

Wastewater,

Series C,

5.00%,

7/1/33 

2,245‌

2,264‌

Baltimore

City,

Water,

5.00%,

7/1/31 

1,520‌

1,533‌

Baltimore,

Harbor

Point

Project,

4.75%,

6/1/31 

2,100‌

2,089‌

Frederick

County,

Public

Facilities

Project,

Series A,

GO,

2.00%,

10/1/40 

9,515‌

6,471‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

310‌

314‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36 

210‌

211‌

Maryland

CDA,

Series A,

4.50%,

9/1/48 

1,435‌

1,434‌

Maryland

DOT,

Series B,

4.00%,

8/1/37  (2)

1,485‌

1,461‌

Maryland

DOT,

Series B,

4.00%,

8/1/38  (2)

1,370‌

1,341‌

Maryland

DOT,

Series B,

5.00%,

8/1/36  (2)

1,375‌

1,477‌

Maryland

DOT,

Series B,

5.00%,

8/1/46  (2)

5,155‌

5,333‌

Maryland

Economic

Dev.,

Series A,

5.00%,

11/12/28  (2)

3,700‌

3,760‌

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/52  (2)

2,000‌

2,052‌

Maryland

Economic

Dev.,

Series B,

5.25%,

6/30/55  (2)

10,515‌

10,758‌

Maryland

Economic

Dev.,

Annapolis

Mobility

&

Resilience

Project,

5.00%,

12/31/42 

2,270‌

2,368‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50 

810‌

641‌

Maryland

HHEFA,

5.00%,

7/1/39

(Prerefunded

7/1/24)  (4)

3,525‌

3,530‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36 

1,020‌

1,046‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

4,375‌

4,399‌

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/33 

3,175‌

3,208‌

Maryland

HHEFA,

MedStar

Health,

Series A,

5.00%,

5/15/45 

3,790‌

3,853‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

31

Par

$

Value

(Amounts

in

000s)

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/27 

2,155‌

2,177‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/45 

1,315‌

1,319‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46 

1,410‌

1,216‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51 

2,900‌

2,475‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55 

1,295‌

1,082‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/34

(Prerefunded

7/1/24)  (4)

1,760‌

1,763‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

5.00%,

5/1/35 

2,820‌

2,989‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/42 

4,080‌

4,227‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series B,

5.00%,

5/1/47 

1,760‌

1,921‌

Maryland

Transportation

Auth.,

4.00%,

7/1/50 

1,445‌

1,373‌

Maryland

Transportation

Auth.,

Baltimore/Washington

Int'l.

Airport,

4.00%,

6/1/33  (2)

2,290‌

2,273‌

Montgomery

County,

Consolidated

Public

Improvement

Project,

Series A,

GO,

2.00%,

8/1/41 

6,500‌

4,330‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

1,760‌

1,649‌

Rockville,

Ingleside

at

King

Farm,

Series A-2,

5.00%,

11/1/31 

210‌

210‌

Univ.

System

of

Maryland,

Series A,

4.00%,

4/1/43 

2,150‌

2,128‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36 

1,410‌

1,168‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42 

2,115‌

1,609‌

Washington

Suburban

Sanitary

Commission,

2.25%,

6/1/39 

11,200‌

8,275‌

Washington

Suburban

Sanitary

Commission,

Series A,

VRDN,

3.85%,

6/1/24 

7,800‌

7,800‌

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

4.00%,

6/1/45 

3,525‌

3,433‌

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

4.00%,

6/1/53 

8,125‌

7,811‌

130,016‌

MASSACHUSETTS

 0.6%

Massachusetts,

Series C,

GO,

3.00%,

3/1/47 

4,000‌

3,051‌

Massachusetts,

Series D,

GO,

5.00%,

10/1/52 

5,000‌

5,335‌

Massachusetts

DOT,

Series A,

DOT,

5.00%,

1/1/32 

5,535‌

5,993‌

14,379‌

MICHIGAN

 2.6%

Detroit,

GO,

5.00%,

4/1/27 

565‌

579‌

Detroit,

GO,

5.50%,

4/1/32 

415‌

448‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

32

Par

$

Value

(Amounts

in

000s)

Detroit,

GO,

5.50%,

4/1/34 

235‌

254‌

Detroit,

GO,

5.50%,

4/1/36 

305‌

327‌

Detroit,

GO,

5.50%,

4/1/38 

690‌

733‌

Detroit,

GO,

5.50%,

4/1/40 

475‌

500‌

Detroit,

GO,

5.50%,

4/1/45 

355‌

369‌

Detroit,

GO,

5.50%,

4/1/50 

705‌

731‌

Detroit

Downtown

Dev.

Auth.,

Catalyst

Dev.

Project,

Series A,

5.00%,

7/1/43  (5)

1,480‌

1,480‌

Detroit

Downtown

Dev.

Auth.,

Catalyst

Dev.

Project,

Series A,

5.00%,

7/1/48  (5)

1,620‌

1,574‌

Great

Lakes

Water

Auth.,

Sewage

Disposal,

Series A,

5.25%,

7/1/47 

7,900‌

8,667‌

Great

Lakes

Water

Auth.,

Sewage

Disposal,

Series C,

5.00%,

7/1/36 

2,325‌

2,383‌

Great

Lakes

Water

Auth.,

Water

Supply,

Series A,

5.25%,

7/1/47 

5,885‌

6,452‌

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/31 

615‌

575‌

Kentwood

Economic

Dev.,

Holland

Home

Obligated

Group,

4.00%,

11/15/43 

885‌

699‌

Michigan

Fin.

Auth.

Uni.

of

Detroit

Mercy,

5.625%,

11/1/52 

5,450‌

5,286‌

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Water

Supply,

Series D-2,

5.00%,

7/1/34 

1,585‌

1,601‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/34 

2,275‌

2,352‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

5.00%,

11/15/37 

2,470‌

2,535‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Great

Lakes,

Series C,

5.00%,

7/1/35 

1,640‌

1,656‌

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/37 

980‌

1,031‌

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/38 

1,410‌

1,470‌

Michigan

Fin.

Auth.,

McLaren

Health

Care,

5.00%,

2/15/39 

6,175‌

6,404‌

Michigan

Fin.

Auth.,

McLaren

Health

Care,

Series B,

5.00%,

5/15/35 

3,525‌

3,561‌

Michigan

Trunk

Line

Revenue,

Rebuilding

Michigan

Program,

5.50%,

11/15/49 

2,870‌

3,179‌

Wayne

County,

Series C,

5.00%,

12/1/37  (1)(2)(5)

7,050‌

7,244‌

62,090‌

MINNESOTA

 0.2%

Minnesota

Agricultural

&

Economic

Dev.

Board,

Health

Partners

Obligated

Group,

5.25%,

1/1/54 

5,625‌

5,986‌

5,986‌

MISSOURI

 1.0%

HEFA

of

Missouri,

Mercy

Health,

3.00%,

6/1/53 

4,000‌

2,905‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

33

Par

$

Value

(Amounts

in

000s)

HEFA

of

Missouri,

Mercy

Health,

5.50%,

12/1/48 

2,080‌

2,278‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series A,

5.00%,

3/1/57  (2)(5)

5,885‌

5,961‌

Missouri

HEFA,

SSM

Health,

Series F,

VRDN,

3.85%,

6/1/36 

1,450‌

1,450‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Plum

Point,

Series A,

5.00%,

1/1/33 

3,525‌

3,540‌

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48 

4,715‌

4,377‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38 

530‌

530‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48 

1,375‌

1,299‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45 

580‌

510‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29 

55‌

49‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35 

415‌

339‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47 

355‌

267‌

23,505‌

NEBRASKA

 0.2%

Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29) 

4,035‌

4,211‌

4,211‌

NEVADA

 0.7%

Clark

County

Dept.

of

Aviation,

Airport

Improvement,

Series B,

5.00%,

7/1/27  (2)

4,000‌

4,160‌

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/33 

1,475‌

1,596‌

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/43 

7,615‌

7,910‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40 

2,265‌

2,284‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45 

1,790‌

1,798‌

17,748‌

NEW

HAMPSHIRE

 0.5%

New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34 

3,713‌

3,568‌

New

Hampshire

Business

Fin.

Auth.,

Series 2023-2,

3.875%,

1/20/38 

2,724‌

2,477‌

New

Hampshire

Business

Fin.

Auth.,

Series 2024-1,

Class

A,

4.25%,

7/1/51

(Prerefunded

7/20/41)  (4)

5,075‌

4,936‌

New

Hampshire

Business

Fin.

Auth.,

Series A,

4.00%,

7/1/51 

2,555‌

2,399‌

13,380‌

NEW

JERSEY

 4.4%

Hudson

County

Improvement

Auth.,

Hudson

County

Courthouse

Project,

4.00%,

10/1/33 

1,410‌

1,471‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30  (2)

1,760‌

1,775‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

34

Par

$

Value

(Amounts

in

000s)

New

Jersey

Economic

Dev.

Auth.,

Cranes

Mill

Project,

5.00%,

1/1/39 

1,190‌

1,086‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.00%,

1/1/31  (2)(5)

705‌

705‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

1/1/34  (2)

1,265‌

1,265‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

7/1/42  (2)(5)

775‌

775‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.375%,

1/1/43  (2)

2,115‌

2,116‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.625%,

1/1/52  (2)

1,435‌

1,436‌

New

Jersey

Economic

Dev.

Auth.,

Middlesex

Water,

5.00%,

8/1/59  (2)

705‌

718‌

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/37  (2)

4,775‌

4,889‌

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47  (2)

4,085‌

4,109‌

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/38 

705‌

702‌

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/44 

1,585‌

1,504‌

New

Jersey

EFA,

Princeton

Univ.,

Series B,

5.25%,

3/1/54 

5,055‌

5,546‌

New

Jersey

HCFFA,

Barnabas

Health,

3.00%,

7/1/51 

10,100‌

7,549‌

New

Jersey

HCFFA,

Barnabas

Health,

Series A,

5.00%,

7/1/44 

2,365‌

2,366‌

New

Jersey

HCFFA,

Hackensack

Meridian

Health,

Series A,

5.25%,

7/1/57 

1,410‌

1,434‌

New

Jersey

HCFFA,

RWJ

Barnabas

Health,

Series A,

5.00%,

7/1/43 

4,160‌

4,229‌

New

Jersey

Institute

of

Technology,

Series A,

5.00%,

7/1/40 

2,470‌

2,489‌

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46 

2,590‌

2,787‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/34 

1,705‌

1,747‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/35 

885‌

902‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/40 

2,045‌

2,014‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42 

4,830‌

4,677‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/41 

1,100‌

1,216‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/36 

1,230‌

1,363‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/37 

935‌

1,027‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

35

Par

$

Value

(Amounts

in

000s)

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/46 

1,650‌

1,750‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.25%,

6/15/50 

3,400‌

3,638‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Federal

Highway

Reimbursement,

Series A,

5.00%,

6/15/31 

2,045‌

2,097‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series AA,

5.25%,

6/15/43 

12,675‌

13,163‌

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/42 

9,275‌

9,337‌

New

Jersey

Turnpike

Auth.,

Series B,

5.25%,

1/1/52 

5,050‌

5,456‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

5.00%,

6/1/26 

2,410‌

2,490‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46 

7,115‌

7,365‌

107,193‌

NEW

MEXICO

 0.1%

Farmington

PCR,

Public

Services

of

New

Mexico,

San

Juan

Project,

Series C,

VRDN,

PCR,

1.15%,

6/1/40

(Tender

6/1/24) 

1,410‌

1,406‌

1,406‌

NEW

YORK

 8.4%

Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35  (1)

(2)

1,060‌

1,065‌

Dormitory

Auth.

of

the

State

of

New

York,

Series 2022A,

5.00%,

3/15/46 

5,395‌

5,749‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.00%,

7/1/48 

3,800‌

2,857‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.50%,

3/15/52 

2,250‌

1,906‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

3/15/35 

5,150‌

5,399‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.25%,

3/15/52 

2,025‌

2,193‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.50%,

7/1/54 

5,375‌

6,037‌

Dormitory

Auth.

of

the

State

of

New

York,

Series E,

3.00%,

3/15/41 

2,000‌

1,670‌

Dormitory

Auth.

of

the

State

of

New

York,

Orange

Regional

Medical

Center,

5.00%,

12/1/27  (1)

1,300‌

1,275‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series E,

4.00%,

3/15/49 

6,000‌

5,711‌

Dormitory

Auth.

of

the

State

of

New

York,

Sales

Tax,

Series A,

5.00%,

3/15/35 

4,265‌

4,394‌

Dormitory

Auth.

of

the

State

of

New

York,

School

Dist.,

Unrefunded

Balance,

Series A,

5.00%,

10/1/25 

40‌

40‌

Dormitory

Auth.

of

the

State

of

New

York,

The

New

School,

Series A,

5.00%,

7/1/37 

1,840‌

1,884‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

36

Par

$

Value

(Amounts

in

000s)

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56 

525‌

429‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45 

6,365‌

1,633‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

5.63%,

1/1/55 

680‌

581‌

Long

Island

Power

Auth.,

Electric,

Series A,

5.00%,

9/1/34 

935‌

938‌

Metropolitan

Transportation

Auth.,

Series B,

5.25%,

11/15/26  (5)

2,820‌

2,958‌

Metropolitan

Transportation

Auth.,

Dedicated

Tax

Fund,

Series A,

5.25%,

11/15/31 

3,525‌

3,679‌

Metropolitan

Transportation

Auth.,

Green

Bond,

Series A-1,

5.00%,

11/15/49 

7,230‌

7,476‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41  (1)(6)(8)

965‌

965‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58  (6)

2,097‌

628‌

New

York

City,

Series B-1,

GO,

5.00%,

10/1/42 

4,935‌

5,214‌

New

York

City,

Series B-5,

GO,

VRDN,

3.85%,

10/1/46 

3,600‌

3,600‌

New

York

City,

Series D,

GO,

5.00%,

12/1/42 

3,525‌

3,704‌

New

York

City,

Series D-1,

GO,

5.50%,

5/1/44 

1,175‌

1,309‌

New

York

City,

Series D-1,

GO,

5.50%,

5/1/46 

1,750‌

1,936‌

New

York

City,

Series J,

GO,

5.00%,

8/1/30 

3,035‌

3,042‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series AA-1,

5.25%,

6/15/52 

2,750‌

2,981‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC-1,

5.25%,

6/15/54 

4,025‌

4,397‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series CC-2,

5.00%,

6/15/26 

1,605‌

1,618‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series DD,

4.125%,

6/15/46 

6,250‌

6,135‌

New

York

City

Transitional

Fin.

Auth.,

Series F-1,

5.25%,

2/1/53 

5,500‌

5,952‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

4.00%,

5/1/44 

2,370‌

2,306‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

4.00%,

11/1/36 

355‌

364‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

4.00%,

11/1/37 

1,060‌

1,076‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series A-1,

4.00%,

11/1/38 

3,210‌

3,246‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series B-1,

5.00%,

8/1/38 

3,525‌

3,688‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series C-1,

4.00%,

5/1/39 

1,175‌

1,180‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured

Revenue,

Series F-1,

5.25%,

2/1/40 

3,500‌

3,936‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

37

Par

$

Value

(Amounts

in

000s)

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1WTC,

3.00%,

2/15/42 

3,500‌

2,882‌

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1WTC,

4.00%,

2/15/43 

1,030‌

1,007‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Series 2,

Class

2,

5.15%,

11/15/34  (1)

1,230‌

1,233‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Series 2,

Class

2,

5.375%,

11/15/40  (1)

2,470‌

2,475‌

New

York

Liberty

Dev.,

Bank

of

America

Tower

at

One

Bryant

Park,

Class

3,

2.80%,

9/15/69 

2,010‌

1,785‌

New

York

State

Dormitory

Auth.,

Series E,

3.00%,

3/15/51 

3,000‌

2,258‌

New

York

State

Housing

Fin.

Agency,

Series L-2,

0.75%,

11/1/25 

2,250‌

2,110‌

New

York

State

Housing

Fin.

Agency,

Series M-2,

0.75%,

11/1/25 

1,390‌

1,304‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/38 

13,930‌

14,075‌

New

York

State

Thruway

Auth.,

Green

Bond,

Series C,

5.00%,

3/15/53 

5,290‌

5,577‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

Series C,

5.00%,

3/15/47 

3,525‌

3,704‌

New

York

Transportation

Dev.,

5.00%,

12/1/39  (2)

1,025‌

1,078‌

New

York

Transportation

Dev.,

5.00%,

12/1/40  (2)

675‌

705‌

New

York

Transportation

Dev.,

5.00%,

12/1/41  (2)

675‌

702‌

New

York

Transportation

Dev.,

5.00%,

12/1/42  (2)

675‌

700‌

New

York

Transportation

Dev.,

5.125%,

6/30/60  (2)(5)

3,500‌

3,617‌

New

York

Transportation

Dev.,

5.375%,

6/30/60  (2)

4,145‌

4,328‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31  (2)

1,025‌

1,025‌

New

York

Transportation

Dev.,

Delta

Airlines,

5.00%,

1/1/27  (2)

6,000‌

6,165‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

1/1/34  (2)

2,115‌

2,172‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35  (2)

6,960‌

7,351‌

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

University

Project,

4.00%,

12/1/41 

1,900‌

1,901‌

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

University

Project,

4.00%,

12/1/49 

6,000‌

5,723‌

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

5.00%,

1/15/47  (2)

9,500‌

9,884‌

Port

Auth.

of

New

York

&

New

Jersey,

Consolidated

Bonds,

Series 214,

4.00%,

9/1/43  (2)

1,375‌

1,290‌

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.50%,

5/1/42 

3,180‌

3,180‌

203,382‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

38

Par

$

Value

(Amounts

in

000s)

NORTH

CAROLINA

 3.0%

Forsyth

County,

Series B,

GO,

2.00%,

3/1/37 

4,150‌

3,171‌

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47  (2)(5)

7,615‌

8,214‌

North

Carolina

Housing

Fin.

Agency,

Series A,

6.25%,

1/1/55 

4,950‌

5,384‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/35 

705‌

674‌

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/39 

1,020‌

945‌

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/44 

1,490‌

1,317‌

North

Carolina

Medical

Care

Commission,

Sharon

Towers,

Series A,

5.00%,

7/1/49 

705‌

607‌

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/40 

3,955‌

3,989‌

North

Carolina

Municipal

Power

Agency

#1,

Catawba,

Series A,

5.00%,

1/1/28 

5,395‌

5,524‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/40 

7,660‌

7,862‌

North

Carolina

Turnpike

Auth.,

Triangle

Expressway,

Series A,

5.00%,

1/1/58  (5)

22,000‌

23,202‌

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/34  (2)

1,515‌

1,627‌

Raleigh

Durham

Airport

Auth.,

Series A,

5.00%,

5/1/35  (2)

705‌

756‌

Union

County,

Series C,

GO,

2.50%,

9/1/37 

4,590‌

3,750‌

Union

County,

Series C,

GO,

2.50%,

9/1/38 

4,000‌

3,187‌

Univ.

of

North

Carolina

at

Chapel

Hill,

Series A,

VRDN,

3.75%,

2/15/31 

2,160‌

2,160‌

72,369‌

OHIO

 2.4%

Allen

County

Hosp.

Fac.,

Catholic

Healthcare,

Series C,

VRDN,

3.75%,

6/1/34 

1,900‌

1,900‌

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series A-2,

Class

1,

4.00%,

6/1/37 

1,835‌

1,830‌

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series A-2,

Class

1,

4.00%,

6/1/38 

1,230‌

1,211‌

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series A-2,

Class

1,

4.00%,

6/1/39 

2,470‌

2,412‌

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55 

20,525‌

18,581‌

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/40 

215‌

211‌

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/41 

245‌

238‌

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/46 

530‌

490‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

39

Par

$

Value

(Amounts

in

000s)

Cleveland-Cuyahoga

County

Port

Auth.,

Museum

of

Natural

History,

4.00%,

7/1/51 

705‌

630‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52 

3,395‌

3,436‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57 

2,425‌

2,452‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/44 

2,855‌

2,713‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/51 

3,945‌

3,681‌

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/36 

1,060‌

1,060‌

Hamilton

County,

Life

Enriching

Communities,

5.00%,

1/1/46 

2,960‌

2,753‌

Hamilton

County,

Life

Enriching

Communities,

Series A,

5.00%,

1/1/52 

705‌

637‌

Ohio,

Series A,

5.00%,

1/15/50 

5,640‌

5,785‌

Ohio

Air

Quality

Dev.

Auth.,

Ohio

Valley

Electric,

3.25%,

9/1/29 

1,375‌

1,299‌

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.25%,

1/15/38  (1)(2)

400‌

392‌

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.50%,

1/15/48  (1)(2)

1,090‌

1,047‌

Ohio

Higher

Ed.

Fac.

Commission,

Cleveland

Clinic,

Series B-4,

VRDN,

3.80%,

1/1/43 

4,800‌

4,800‌

57,558‌

OKLAHOMA

 1.0%

Oklahoma

County

Fin.

Auth.,

Series B,

5.875%,

12/1/47 

768‌

596‌

Oklahoma

County

Fin.

Auth.,

Series C,

2.00%,

12/1/47 

158‌

8‌

Oklahoma

DFA,

OU

Medicine

Project,

Series B,

5.25%,

8/15/48 

1,115‌

1,127‌

Oklahoma

Turnpike

Auth.,

Senior,

4.50%,

1/1/53 

3,800‌

3,847‌

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53 

14,760‌

16,131‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45 

1,640‌

1,603‌

23,312‌

OREGON

 0.4%

Oregon

Fac.

Auth.,

Legacy

Health,

Series A,

5.00%,

6/1/52 

2,175‌

2,246‌

Oregon

Fac.

Auth.,

Legacy

Health,

Series B,

5.00%,

6/1/30 

1,700‌

1,841‌

Port

of

Portland

Airport,

Series 24B,

5.00%,

7/1/42  (2)

2,115‌

2,142‌

Port

of

Portland

Airport,

Series A,

4.00%,

7/1/39  (2)

3,525‌

3,439‌

9,668‌

PENNSYLVANIA

 2.4%

Chester

County

IDA,

4.00%,

12/1/46 

1,605‌

1,533‌

Chester

County

IDA,

4.00%,

12/1/51 

1,520‌

1,427‌

Cumberland

County

Municipal

Auth.,

Asbury

Obligated

Group,

4.50%,

1/1/40  (1)

3,035‌

2,629‌

Doylestown

Hosp.

Auth.,

5.00%,

7/1/49

(Prerefunded

7/1/29)  (4)

260‌

282‌

Doylestown

Hosp.

Auth.,

Doylestown

Hosp.,

5.00%,

7/1/49 

2,340‌

2,160‌

Franklin

County

IDA,

Menno

Haven,

5.00%,

12/1/38 

705‌

631‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

40

Par

$

Value

(Amounts

in

000s)

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/34 

1,940‌

2,028‌

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/37 

1,760‌

1,818‌

Montgomery

County

IDA,

Albert

Einstein

Healthcare,

Series A,

5.25%,

1/15/45

(Prerefunded

1/15/25)  (4)

3,010‌

3,039‌

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44  (2)

2,500‌

2,505‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/39  (2)

2,250‌

2,483‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.75%,

6/30/48  (2)

3,935‌

4,273‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

6.00%,

6/30/61  (2)

6,520‌

7,149‌

Pennsylvania

Higher

EFA,

Thomas

Jefferson

Univ.,

Series A,

5.00%,

9/1/39 

1,060‌

1,064‌

Pennsylvania

Higher

EFA,

Univ.

of

Pennsylvania,

Series A,

4.00%,

8/15/43 

4,000‌

3,867‌

Pennsylvania

Housing

Fin.

Agency,

Series 144A,

6.00%,

10/1/54 

3,525‌

3,805‌

Philadelphia

Auth.

for

Ind.

Dev.,

Saint

Josephs

Univ.,

5.25%,

11/1/52 

3,565‌

3,703‌

Philadelphia

IDA,

Temple

Univ.,

2nd Series 2016,

5.00%,

4/1/34 

5,410‌

5,458‌

Philadelphia

School

Dist.,

Series A,

GO,

5.00%,

9/1/44 

4,370‌

4,533‌

State

Public

School

Building

Auth.,

Series A,

5.00%,

6/1/32  (5)

3,525‌

3,619‌

58,006‌

PUERTO

RICO

 3.9%

Puerto

Rico

Commonwealth,

VR,

GO,

11/1/43  (11)

11,171‌

6,647‌

Puerto

Rico

Commonwealth,

VR,

GO,

11/1/51  (11)

5,467‌

3,280‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

4.00%,

7/1/42  (1)

2,285‌

2,125‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/25  (1)

315‌

319‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/33  (1)

1,050‌

1,115‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

4.00%,

7/1/42  (1)

3,525‌

3,279‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

5.00%,

7/1/25  (1)

1,165‌

1,180‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2022A,

5.00%,

7/1/33  (1)

4,935‌

5,277‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/28  (1)

1,205‌

1,255‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35  (1)

2,915‌

3,059‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

41

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37  (1)

5,250‌

5,504‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

4.00%,

7/1/42  (1)

1,890‌

1,758‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/29  (1)

2,225‌

2,334‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37  (1)

1,200‌

1,252‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

198‌

197‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

1,569‌

1,028‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

1,219‌

1,198‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

1,095‌

1,060‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

2,265‌

2,165‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

1,278‌

1,185‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

4,672‌

4,703‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

8,662‌

9,003‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

1,324‌

1,427‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

3,227‌

3,596‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42  (8)

(12)

35‌

9‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27  (8)(12)

60‌

16‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27  (8)(12)

475‌

125‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28  (8)(12)

130‌

34‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20  (8)

(12)

170‌

45‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24  (8)

(12)

660‌

173‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25  (8)

(12)

215‌

56‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26  (8)

(12)

260‌

68‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27  (8)

(12)

1,575‌

413‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

42

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/37  (8)

(12)

500‌

131‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28  (8)

(12)

680‌

178‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33  (8)

(12)

165‌

43‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18  (8)

(12)

140‌

37‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27  (8)

(12)

60‌

16‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40  (8)

(12)

160‌

42‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36  (8)

(12)

125‌

33‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17  (8)

(12)

40‌

10‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17  (8)

(12)

70‌

18‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28  (8)

(12)

55‌

14‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19  (8)

(12)

525‌

138‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23  (8)

(12)

120‌

32‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24  (8)

(12)

60‌

16‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

1,540‌

1,540‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

15,345‌

14,945‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

961‌

957‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

3,729‌

3,302‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

5,900‌

4,068‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

12,428‌

3,875‌

94,280‌

RHODE

ISLAND

 0.0%

Central

Falls

Detention

Fac.,

7.25%,

7/15/35  (6)(8)

490‌

196‌

196‌

SOUTH

CAROLINA

 0.8%

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32 

1,510‌

900‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42 

3,686‌

1,077‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

43

Par

$

Value

(Amounts

in

000s)

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51 

5,279‌

695‌

Patriots

Energy

Group

Fin.

Agency,

Series B-1,

VRDN,

5.25%,

2/1/54

(Tender

3/1/31) 

3,525‌

3,760‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Active

Retirement

Community,

Series C,

5.00%,

11/15/47 

1,355‌

1,367‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligated

Group,

Series A,

5.00%,

5/1/35 

1,530‌

1,593‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Prisma

Health

Obligation

Group,

Series A,

5.00%,

5/1/36 

3,525‌

3,660‌

South

Carolina

Public

Service

Auth.,

Series A,

4.00%,

12/1/36 

4,000‌

3,992‌

South

Carolina

Public

Service

Auth.,

Series B,

5.00%,

12/1/51 

3,525‌

3,589‌

20,633‌

SOUTH

DAKOTA

 0.8%

South

Dakota

HEFA,

Avera

Health,

Series A,

4.25%,

7/1/49 

9,275‌

8,918‌

South

Dakota

HEFA,

Avera

Health,

Series A,

5.25%,

7/1/54 

9,200‌

9,942‌

18,860‌

TENNESSEE

 0.8%

Greeneville

Health

&

Ed.

Fac.

Board,

Ballad

Health

Obligation

Group,

Series 2018A,

5.00%,

7/1/36 

2,290‌

2,372‌

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/54  (3)

1,000‌

1,073‌

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Series A-1,

5.50%,

7/1/59  (3)

1,500‌

1,601‌

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/35 

1,985‌

2,028‌

Metropolitan

Gov't.

of

Nashville-Davidson

Health

&

Ed.

Fac.

Board,

Vanderbilt

Univ.

Medical

Center,

Series A,

5.00%,

7/1/40 

1,090‌

1,102‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/44  (2)

2,115‌

2,176‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.00%,

7/1/54  (2)

3,455‌

3,496‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.50%,

7/1/52  (2)

4,530‌

4,836‌

18,684‌

TEXAS

 7.5%

Aldine

Independent

School

Dist.,

GO,

4.00%,

2/15/54 

3,500‌

3,264‌

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/47 

1,780‌

1,855‌

Arlington

Higher

Ed.

Fin.,

Riverwalk

Ed.

Foundation,

5.00%,

8/15/52 

5,155‌

5,346‌

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

4.50%,

8/15/53 

4,500‌

4,436‌

Arlington

Higher

Ed.

Fin.,

Trinity

Basin

Preparatory,

5.00%,

8/15/48 

1,300‌

1,357‌

Austin

Airport,

Series B,

5.00%,

11/15/41  (2)

950‌

960‌

Austin

Airport,

Series B,

5.00%,

11/15/44  (2)

3,525‌

3,605‌

Austin

Airport

System

Revenue,

5.00%,

11/15/43  (2)

1,000‌

1,048‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

44

Par

$

Value

(Amounts

in

000s)

Austin

Airport

System

Revenue,

5.25%,

11/15/47  (2)

1,555‌

1,650‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34 

915‌

923‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/26 

740‌

733‌

Central

Texas

Regional

Mobility

Auth.,

Series A,

5.00%,

1/1/28 

395‌

401‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/46 

6,300‌

6,557‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

6.125%,

8/15/48 

3,000‌

3,049‌

Conroe

Independent

School

Dist.,

GO,

5.00%,

2/15/49 

5,000‌

5,359‌

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/29 

1,765‌

1,768‌

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/31 

1,005‌

1,006‌

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/32 

800‌

801‌

Dallas

Hotel

Occupancy

Tax,

4.00%,

8/15/33 

800‌

799‌

Dallas

Independent

School

Dist.,

GO,

4.00%,

2/15/54 

1,500‌

1,392‌

Grand

Parkway

Transportation,

Grand

Parkway

System,

4.00%,

10/1/49  (5)

4,850‌

4,490‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presbyterian

Homes,

Series B,

6.375%,

1/1/33 

100‌

100‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.,

Series C-1,

TECP,

3.80%,

5/1/24 

7,200‌

7,200‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hospital,

Series B,

VRDN,

3.75%,

12/1/59 

245‌

245‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/31 

465‌

487‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Thermal

Energy,

5.00%,

11/15/33 

4,635‌

4,847‌

Harris

County

Health

Fac.

Dev.,

Methodist

Hospital

System,

Series A-2,

VRDN,

3.75%,

12/1/41 

875‌

875‌

Houston

Airport,

Series A,

5.00%,

7/1/36  (2)

775‌

807‌

Houston

Airport,

Series A,

5.00%,

7/1/37  (2)

1,495‌

1,548‌

Houston

Airport,

Series A,

5.00%,

7/1/41  (2)

2,290‌

2,343‌

Houston

Airport,

Series A,

5.25%,

7/1/42  (2)(5)

5,000‌

5,414‌

Houston

Airport,

Series A,

5.25%,

7/1/43  (2)(5)

1,550‌

1,671‌

Houston

Airport,

Series B-1,

5.00%,

7/15/35  (2)

1,760‌

1,763‌

Houston

Airport,

Series C,

5.00%,

7/1/31  (2)

2,115‌

2,217‌

Houston

Airport,

Series C,

5.00%,

7/1/32  (2)

2,645‌

2,770‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

Board

of

Managers

Guadalupe

Regional

Medical

Center,

5.00%,

12/1/29 

1,200‌

1,177‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

Board

of

Managers

Guadalupe

Regional

Medical

Center,

5.00%,

12/1/40 

1,330‌

1,219‌

Midland

Independent

School

Dist.,

GO,

4.00%,

2/15/54 

8,500‌

7,935‌

Midland

Independent

School

Dist.,

GO,

5.00%,

2/15/47 

4,075‌

4,370‌

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31  (1)(2)

4,755‌

4,702‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

45

Par

$

Value

(Amounts

in

000s)

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32 

60‌

61‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33 

65‌

66‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34 

70‌

71‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35 

475‌

481‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36 

525‌

531‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38 

290‌

292‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43 

855‌

860‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48 

2,485‌

2,496‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/35

(Prerefunded

4/1/25)  (4)

295‌

299‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/47

(Prerefunded

4/1/25)  (4)

1,460‌

1,478‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Exchange

Buckingham

Senior

Living,

VR,

2.00%,

11/15/61

(2.00%

PIK)  (8)

827‌

305‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33 

195‌

186‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/35 

705‌

661‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49 

1,210‌

1,030‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/37 

3,525‌

3,634‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/39 

5,260‌

5,347‌

North

Texas

Tollway

Auth.,

First

Tier,

Series A,

5.00%,

1/1/40 

7,100‌

7,717‌

Permanent

University

Fund

-

Univ.

of

Texas

System,

Series 2022A,

4.00%,

7/1/42 

3,600‌

3,481‌

San

Antonio

Water

System,

Series A,

VRDN,

0.01%,

5/1/49

(Tender

5/1/24) 

1,100‌

1,100‌

San

Antonio

Water

System,

Unrefunded

Balance,

Series A,

VRDN,

2.625%,

5/1/49

(Tender

5/1/24) 

485‌

485‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/28 

415‌

417‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/37 

780‌

778‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/40 

865‌

845‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/46 

1,940‌

1,814‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

High

School,

Series A,

5.00%,

11/15/45  (8)(13)

1,632‌

44‌

Texas,

Series A,

GO,

4.125%,

8/1/46  (2)

5,000‌

4,732‌

Texas

Municipal

Gas

Acquisition

&

Supply

I,

Series D,

6.25%,

12/15/26 

280‌

289‌

Texas

Municipal

Gas

Acquisition

&

Supply

IV,

Series A,

VRDN,

5.50%,

1/1/54

(Tender

1/1/30) 

3,500‌

3,745‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

46

Par

$

Value

(Amounts

in

000s)

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/45  (2)

2,470‌

2,473‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/50  (2)

4,510‌

4,515‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/55  (2)

1,440‌

1,442‌

Texas

Private

Activity

Bond

Surface

Transportation,

Segment

3C

Project,

5.00%,

6/30/58  (2)

5,000‌

5,031‌

Texas

Private

Activity

Bond

Surface

Transportation,

Senior

Lien,

North

Tarrant

Express

Project,

5.50%,

12/31/58  (2)

5,620‌

6,023‌

Texas

Transportation

Commission,

Series A,

5.00%,

8/15/39 

4,155‌

4,423‌

Texas

Transportation

Commission,

Central

Texas

Turnpike,

Series C,

5.00%,

8/15/37 

7,850‌

7,863‌

Texas

Transportation

Commission,

First

Tier

Toll,

State

Highway,

5.00%,

8/1/57 

3,990‌

4,026‌

181,530‌

UTAH

 1.3%

Murray

City,

IHC

Health

Services,

Series C,

VRDN,

3.70%,

5/15/36 

25‌

25‌

Murray

City,

IHC

Health

Services,

Series D,

VRDN,

3.80%,

5/15/37 

975‌

975‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/43  (2)

5,000‌

5,099‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/47  (2)

9,690‌

9,758‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/51  (2)

7,000‌

7,121‌

Salt

Lake

City

Airport,

Series A,

5.25%,

7/1/53  (2)

3,000‌

3,148‌

Salt

Lake

City

Airport,

Series A,

5.50%,

7/1/53  (2)

4,150‌

4,442‌

30,568‌

VIRGINIA

 4.5%

Arlington

County

IDA,

Virginia

Hosp.

Center,

3.75%,

7/1/50 

2,285‌

2,060‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

Series A,

VRDN,

5.00%,

7/1/53

(Tender

7/1/31) 

5,000‌

5,382‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/41  (5)

3,035‌

3,093‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/46 

5,150‌

5,172‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/51 

2,165‌

2,167‌

Fairfax

County,

Series A,

GO,

2.00%,

10/1/41 

5,625‌

3,803‌

Fairfax

County,

Series A,

GO,

4.00%,

10/1/41 

3,345‌

3,399‌

Fairfax

County

IDA,

Inova

Health

System,

Series A,

4.00%,

5/15/44 

3,500‌

3,359‌

Fairfax

County

IDA,

Inova

Health

System,

Series A,

5.00%,

5/15/31 

1,410‌

1,456‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

47

Par

$

Value

(Amounts

in

000s)

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/31

(Prerefunded

6/15/25)  (4)

3,265‌

3,312‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

4.00%,

7/1/52 

4,665‌

4,404‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.00%,

7/1/47 

5,755‌

6,168‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.50%,

7/1/57

(Prerefunded

1/1/28)  (4)

5,000‌

5,433‌

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/37 

3,080‌

2,308‌

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/38 

3,075‌

2,234‌

Newport

News

City,

Virginia

Water

Revenue,

Series 2021,

2.00%,

7/15/39 

3,075‌

2,179‌

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

VRDN,

5.00%,

11/1/48

(Tender

11/1/28) 

355‌

377‌

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic

Obligated

Group,

Series A,

4.00%,

7/1/51 

1,660‌

1,554‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/36 

1,460‌

1,483‌

Virginia

College

Building

Auth.,

Public

Higher

Ed.

Financing

Program,

Series A,

4.00%,

9/1/43 

4,360‌

4,276‌

Virginia

Housing

Dev.

Auth.,

Series G,

5.15%,

11/1/52 

1,150‌

1,188‌

Virginia

Housing

Dev.

Auth.,

Series G,

5.25%,

11/1/57 

1,995‌

2,021‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

3.00%,

1/1/41  (2)

1,950‌

1,560‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37  (2)

8,890‌

8,828‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/38  (2)

4,415‌

4,331‌

Virginia

Small

Business

Fin.

Auth.,

I-495

Hot

Lanes

Project,

5.00%,

12/31/47  (2)

5,720‌

5,790‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes

Project,

4.00%,

1/1/42  (2)

1,045‌

953‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes

Project,

4.00%,

1/1/48  (2)

2,650‌

2,331‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/49  (2)

705‌

708‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/52  (2)

6,680‌

6,695‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/56  (2)

7,220‌

7,228‌

Williamsburg

Economic

Dev.

Auth.,

William

and

Mary

Project,

Series A,

4.125%,

7/1/58  (5)

3,945‌

3,673‌

108,925‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

48

Par

$

Value

(Amounts

in

000s)

WASHINGTON

 1.7%

Energy

Northwest,

Columbia

Generating

Station,

4.00%,

7/1/42 

2,000‌

1,973‌

Energy

Northwest,

Columbia

Generating

Station,

Series A,

5.00%,

7/1/37 

1,620‌

1,769‌

Port

of

Seattle,

Intermediate

Lien,

5.00%,

8/1/33  (2)

3,000‌

3,256‌

Skagit

County

Public

Hosp.

Dist.

No.

1,

5.50%,

12/1/44 

1,000‌

1,056‌

Washington,

Series C,

GO,

5.00%,

2/1/36 

9,700‌

10,828‌

Washington,

Series F,

GO,

5.00%,

6/1/39 

730‌

801‌

Washington

State

Convention

Center

Public

Fac.

Dist.,

Green

Notes,

4.00%,

7/1/31 

2,625‌

2,562‌

Washington

State

Housing

Fin.

Commission,

Radford

Court

and

Nordheim

Court,

5.00%,

7/1/54  (9)

4,085‌

4,113‌

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2021-1,

Class

A,

3.50%,

12/20/35 

3,238‌

2,943‌

Washington

State

Housing

Fin.

Commission,

Social

Certificates,

Series 2023-1,

Class

A,

3.375%,

4/20/37 

9,966‌

8,755‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55  (1)

3,525‌

2,643‌

40,699‌

WEST

VIRGINIA

 0.1%

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37  (1)

325‌

330‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43  (1)

325‌

331‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

7.00%,

6/1/43  (1)

650‌

684‌

West

Virginia

Economic

Dev.

Auth.,

Series RE,

VRDN,

4.70%,

4/1/36

(Tender

6/17/26)  (2)

1,150‌

1,163‌

2,508‌

WISCONSIN

 1.0%

PFA,

5.00%,

4/1/40

(Prerefunded

4/1/30)  (1)(4)

25‌

28‌

PFA,

5.00%,

4/1/50

(Prerefunded

4/1/30)  (1)(4)

35‌

39‌

PFA,

Series A-1,

5.375%,

7/1/47  (3)

4,880‌

5,209‌

PFA,

CHF

Manoa,

Residences

for

Graduate

Students,

Series A,

5.75%,

7/1/53  (1)

3,000‌

3,156‌

PFA,

Unrefunded

Balance,

5.00%,

4/1/40  (1)

375‌

380‌

PFA,

Unrefunded

Balance,

5.00%,

4/1/50  (1)

670‌

659‌

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series B,

VRDN,

3.70%,

4/1/48 

3,900‌

3,900‌

Wisconsin

PFA,

Celanese,

Series B,

5.00%,

12/1/25  (2)

705‌

712‌

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/42 

1,205‌

1,221‌

Wisconsin

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52 

1,465‌

1,430‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

49

Par

$

Value

(Amounts

in

000s)

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.00%,

6/1/52  (1)

2,570‌

2,135‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/43  (1)

2,325‌

2,161‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/48  (1)

705‌

630‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/53  (1)

740‌

643‌

Wisconsin

PFA,

Univ.

of

Hawaii

Foundation

Project,

Series A-1,

4.00%,

7/1/61  (1)

1,165‌

903‌

23,206‌

Total

Municipal

Securities

(Cost

$2,469,199)

2,394,103‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES  0.1%

Freddie

Mac

Multifamily,

Class

A,

2.046%,

6/25/38 

4,176‌

3,159‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$4,298)

3,159‌

Total

Investments

in

Securities

99.1%

of

Net

Assets

(Cost

$2,473,497)

$

2,397,262‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

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

$135,238

and

represents

5.6%

of

net

assets.

(2)

Interest

subject

to

alternative

minimum

tax.

(3)

Insured

by

Build

America

Mutual

Assurance

Company

(4)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(5)

Insured

by

Assured

Guaranty

Municipal

Corporation

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8)

Non-income

producing

(9)

When-issued

security

(10)

Insured

by

National

Public

Finance

Guarantee

Corporation

(11)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

50

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

(12)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(13)

Obligor

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

DFA

Development

Finance

Authority

DOT

Department

of

Transportation

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

HCFFA

Health

Care

Facilities

Financing

Authority

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

HFFA

Health

Facility

Financing

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PCR

Pollution

Control

Revenue

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

RAC

Revenue

Anticipation

Certificate

TECP

Tax-Exempt

Commercial

Paper

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

51

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$2,473,497)

$

2,397,262‌

Interest

receivable

32,852‌

Receivable

for

investment

securities

sold

2,909‌

Receivable

for

shares

sold

2,207‌

Cash

28‌

Due

from

affiliates

17‌

Other

assets

102‌

Total

assets

2,435,377‌

Liabilities

Payable

for

investment

securities

purchased

11,764‌

Payable

for

shares

redeemed

2,599‌

Investment

management

fees

payable

724‌

Payable

to

directors

1‌

Other

liabilities

1,405‌

Total

liabilities

16,493‌

Commitments

and

Contingent

Liabilities

(note

5

)

NET

ASSETS

$

2,418,884‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

52

($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)

$

(179,683‌)

Paid-in

capital

applicable

to

217,560,315

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

2,598,567‌

NET

ASSETS

$

2,418,884‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,077,773;

Shares

outstanding:

96,957,674)

$

11.12‌

Advisor

Class

(Net

assets:

$1,883;

Shares

outstanding:

169,427)

$

11.12‌

I

Class

(Net

assets:

$1,339,228;

Shares

outstanding:

120,433,214)

$

11.12‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Statement

of

Operations

53

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Investment

Income

(Loss)

Interest

income

$

44,637‌

Expenses

Investment

management

4,313‌

Shareholder

servicing

Investor

Class

$

744‌

Advisor

Class

2‌

I

Class

31‌

777‌

Rule

12b-1

fees

Advisor

Class

1‌

Prospectus

and

shareholder

reports

Investor

Class

42‌

I

Class

26‌

68‌

Custody

and

accounting

110‌

Registration

67‌

Legal

and

audit

18‌

Proxy

and

annual

meeting

6‌

Directors

4‌

Miscellaneous

20‌

Waived

/

paid

by

Price

Associates

(180‌)

Total

expenses

5,204‌

Net

investment

income

39,433‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(17,750‌)

Change

in

net

unrealized

gain

/

loss

on

securities

174,610‌

Net

realized

and

unrealized

gain

/

loss

156,860‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

196,293‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

54

($000s)

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

39,433‌

$

69,403‌

Net

realized

loss

(17,750‌)

(34,482‌)

Change

in

net

unrealized

gain

/

loss

174,610‌

4,314‌

Increase

in

net

assets

from

operations

196,293‌

39,235‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(16,875‌)

(29,643‌)

Advisor

Class

(18‌)

(11‌)

I

Class

(22,108‌)

(40,163‌)

Decrease

in

net

assets

from

distributions

(39,001‌)

(69,817‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

191,268‌

416,292‌

Advisor

Class

1,590‌

44‌

I

Class

323,518‌

610,391‌

Distributions

reinvested

Investor

Class

15,357‌

27,022‌

Advisor

Class

18‌

11‌

I

Class

16,765‌

30,660‌

Shares

redeemed

Investor

Class

(149,045‌)

(313,480‌)

Advisor

Class

(55‌)

(299‌)

I

Class

(334,528‌)

(543,582‌)

Increase

in

net

assets

from

capital

share

transactions

64,888‌

227,059‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

55

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Net

Assets

Increase

during

period

222,180‌

196,477‌

Beginning

of

period

2,196,704‌

2,000,227‌

End

of

period

$

2,418,884‌

$

2,196,704‌

*

Share

information

(000s)

Shares

sold

Investor

Class

17,075‌

38,404‌

Advisor

Class

142‌

4‌

I

Class

28,997‌

55,809‌

Distributions

reinvested

Investor

Class

1,370‌

2,475‌

Advisor

Class

2‌

1‌

I

Class

1,494‌

2,809‌

Shares

redeemed

Investor

Class

(13,427‌)

(28,789‌)

Advisor

Class

(5‌)

(28‌)

I

Class

(30,078‌)

(50,397‌)

Increase

in

shares

outstanding

5,570‌

20,288‌

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

56

T.

Rowe

Price

Summit

Municipal

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Summit

Municipal

Income

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

a

high

level

of

income

exempt

from

federal

income

taxes.

The

fund

has three classes

of

shares:

the

Summit

Municipal

Income

Fund

(Investor

Class),

the

Summit

Municipal

Income

Fund–Advisor

Class

(Advisor

Class)

and

the

Summit

Municipal

Income

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

T.

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57

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

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

 The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial statements.

T.

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58

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

  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

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

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

3

–

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.

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Summit

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Income

Fund

59

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the  over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

T.

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Summit

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60

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

  On

April

30,

2024,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

When-Issued

Securities

 The fund

enters

into

when-issued

purchase

or

sale

commitments,

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

an

authorized

but

not

yet

issued

security

for

a

fixed

unit

price,

with

payment

and

delivery

not

due

until

issuance

of

the

security

on

a

scheduled

future

date.

When-issued

securities

may

be

new

securities

or

securities

issued

through

a

corporate

action,

such

as

a

reorganization

or

restructuring.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

when-issued

security.

Amounts

realized

on

when-issued

transactions

are

included

in

realized

gain/loss

on

securities

in

the

accompanying

financial

statements. 

T.

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61

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $302,813,000 and

$257,695,000,

respectively,

for

the

six

months ended

April

30,

2024.

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-

end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

October

31,

2023,

the

fund

had

$87,957,000

of

available

capital

loss

carryforwards.

At

April

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$2,473,521,000.

Net

unrealized

loss

aggregated

$76,259,000

at

period-end,

of

which

$17,035,000

related

to

appreciated

investments

and

$93,294,000

related

to

depreciated

investments.

NOTE

5

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.08%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

62

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

April

30,

2024,

the

effective

annual

group

fee

rate

was

0.29%.

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

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses; and,

with

respect

to

any

class

other

than

the

Investor

Class,

12b-1

fees)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

agreement

may

only

be

terminated

with

approval

by

the

fund’s

shareholders.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. 

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended April

30,

2024

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/

paid

by

Price

Associates

in

the

amount

of $1,217,000 remain

subject

to

repayment

by

the

fund

at

April

30,

2024.

Any

repayment

of

expenses

previously

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

63

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

April

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$53,000

for

Price

Associates

and

$55,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

April

30,

2024,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund’s

net

assets

as

of

April

30,

2024.

Investor

Class

Advisor

Class

I

Class

Expense

limitation

0.50%

0.50%

0.50%

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)

$(179)

$(1)

$—

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

64

NOTE

6

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

65

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.

com

.

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

66

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

11–12,

2024

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

67

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

the

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

68

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

total

expenses

of

the

fund

or

the

expenses

of

a

particular

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

fund’s

or

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

69

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group

and

Advisor

Class

Expense

Group)

and

second

quintile

(Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Summit

Municipal

Income

Fund

70

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F84-051

6/24

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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.

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.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	June 17, 2024

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	June 17, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	June 17, 2024