0000912029falseN-CSRST. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.N-1A2026-04-300000912029trp:C000005552Member2025-11-012026-04-3000009120292025-11-012026-04-300000912029trp:C000005552Member2026-04-300000912029trp:C000005552Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000005552Membertrp:TexasCTIMember2026-04-300000912029trp:C000005552Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000005552Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000005552Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000005552Membertrp:WashingtonCTIMember2026-04-300000912029trp:C000005552Membertrp:AlabamaCTIMember2026-04-300000912029trp:C000005552Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000005552Membertrp:FloridaCTIMember2026-04-300000912029trp:C000005552Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000005552Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000005552Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000005552Membertrp:GeneralObligationsMinusLocalSectorMember2026-04-300000912029trp:C000005552Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:ElectricRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000005552Membertrp:Other2SectorMember2026-04-300000912029trp:C000117203Member2025-11-012026-04-300000912029trp:C000117203Member2026-04-300000912029trp:C000117203Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000117203Membertrp:TexasCTIMember2026-04-300000912029trp:C000117203Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000117203Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000117203Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000117203Membertrp:WashingtonCTIMember2026-04-300000912029trp:C000117203Membertrp:AlabamaCTIMember2026-04-300000912029trp:C000117203Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000117203Membertrp:FloridaCTIMember2026-04-300000912029trp:C000117203Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000117203Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000117203Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000117203Membertrp:GeneralObligationsMinusLocalSectorMember2026-04-300000912029trp:C000117203Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:ElectricRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000117203Membertrp:Other2SectorMember2026-04-300000912029trp:C000211685Member2025-11-012026-04-300000912029trp:C000211685Member2026-04-300000912029trp:C000211685Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000211685Membertrp:TexasCTIMember2026-04-300000912029trp:C000211685Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000211685Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000211685Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000211685Membertrp:WashingtonCTIMember2026-04-300000912029trp:C000211685Membertrp:AlabamaCTIMember2026-04-300000912029trp:C000211685Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000211685Membertrp:FloridaCTIMember2026-04-300000912029trp:C000211685Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000211685Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000211685Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000211685Membertrp:GeneralObligationsMinusLocalSectorMember2026-04-300000912029trp:C000211685Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:ElectricRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000211685Membertrp:Other2SectorMember2026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07095

T. Rowe Price Summit Municipal Funds, Inc.

 

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

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

Date of fiscal year end: October 31 

Date of reporting period: April 30, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Image

Semi-Annual Shareholder Report

April 30, 2026

Summit Municipal Intermediate Fund

Investor Class (PRSMX)

This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

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

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,877,501
Number of Portfolio Holdings
1,060
Table Summary
Portfolio Turnover Rate
7.3%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
New York
12.1%
Texas
10.3
Virginia
6.5
Puerto Rico
5.6
Georgia
5.2
Washington
4.4
Alabama
4.3
California
4.0
Florida
3.9
Other
43.7

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
21.3%
Health Care
13.8
Special Tax
12.3
General Obligations - State
11.5
General Obligations - Local
7.3
Housing
6.2
Water & Sewer
4.5
Electric
3.7
Education
4.1
Other
15.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F83-053 6/26

Summit Municipal Intermediate Fund 

Investor Class (PRSMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

Summit Municipal Intermediate Fund

Advisor Class (PAIFX)

This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

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

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,877,501
Number of Portfolio Holdings
1,060
Table Summary
Portfolio Turnover Rate
7.3%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
New York
12.1%
Texas
10.3
Virginia
6.5
Puerto Rico
5.6
Georgia
5.2
Washington
4.4
Alabama
4.3
California
4.0
Florida
3.9
Other
43.7

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
21.3%
Health Care
13.8
Special Tax
12.3
General Obligations - State
11.5
General Obligations - Local
7.3
Housing
6.2
Water & Sewer
4.5
Electric
3.7
Education
4.1
Other
15.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F283-053 6/26

Summit Municipal Intermediate Fund 

Advisor Class (PAIFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

Summit Municipal Intermediate Fund

I Class (PRTMX)

This semi-annual shareholder report contains important information about Summit Municipal Intermediate Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Summit Municipal Intermediate Fund - I Class
$15
0.30%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,877,501
Number of Portfolio Holdings
1,060
Table Summary
Portfolio Turnover Rate
7.3%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
New York
12.1%
Texas
10.3
Virginia
6.5
Puerto Rico
5.6
Georgia
5.2
Washington
4.4
Alabama
4.3
California
4.0
Florida
3.9
Other
43.7

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
21.3%
Health Care
13.8
Special Tax
12.3
General Obligations - State
11.5
General Obligations - Local
7.3
Housing
6.2
Water & Sewer
4.5
Electric
3.7
Education
4.1
Other
15.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1217-053 6/26

Summit Municipal Intermediate Fund 

I Class (PRTMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

 

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRSMX
Summit
Municipal
Intermediate
Fund
PAIFX
Summit
Municipal
Intermediate
Fund–
.
Advisor Class
PRTMX
Summit
Municipal
Intermediate
Fund–
.
I Class
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
11.47‌
$
11.31‌
$
10.77‌
$
10.75‌
$
12.27‌
$
12.21‌
Investment
activities
Net
investment
income
(1)(2)
0.19‌
0.36‌
0.31‌
0.28‌
0.25‌
0.26‌
Net
realized
and
unrealized
gain/
loss
(0.03‌)
0.16‌
0.54‌
0.02‌
(1.52‌)
0.06‌
Total
from
investment
activities
0.16‌
0.52‌
0.85‌
0.30‌
(1.27‌)
0.32‌
Distributions
Net
investment
income
(0.18‌)
(0.36‌)
(0.31‌)
(0.28‌)
(0.25‌)
(0.26‌)
Net
realized
gain
—‌
—‌
—‌
—‌
(3)
—‌
(3)
—‌
(3)
Total
distributions
(0.18‌)
(0.36‌)
(0.31‌)
(0.28‌)
(0.25‌)
(0.26‌)
NET
ASSET
VALUE
End
of
period
$
11.45‌
$
11.47‌
$
11.31‌
$
10.77‌
$
10.75‌
$
12.27‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
1.41‌%
4.71‌%
7.91‌%
2.75‌%
(10.44‌)%
2.59‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.43‌%
(5)
0.41‌%
0.52‌%
0.51‌%
0.52‌%
0.50‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.40‌%
(5)
0.41‌%
0.50‌%
0.50‌%
0.50‌%
0.50‌%
Net
investment
income
3.25‌%
(5)
3.22‌%
2.75‌%
2.51‌%
2.18‌%
2.08‌%
Portfolio
turnover
rate
7.3‌%
23.6‌%
20.8‌%
22.5‌%
20.6‌%
6.6‌%
Net
assets,
end
of
period
(in
millions)
$977
$1,022
$1,178
$2,135
$2,339
$3,253
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
11.47‌
$
11.31‌
$
10.76‌
$
10.74‌
$
12.26‌
$
12.20‌
Investment
activities
Net
investment
income
(1)(2)
0.17‌
0.33‌
0.28‌
0.25‌
0.22‌
0.23‌
Net
realized
and
unrealized
gain/
loss
(0.02‌)
0.16‌
0.55‌
0.02‌
(1.52‌)
0.06‌
Total
from
investment
activities
0.15‌
0.49‌
0.83‌
0.27‌
(1.30‌)
0.29‌
Distributions
Net
investment
income
(0.17‌)
(0.33‌)
(0.28‌)
(0.25‌)
(0.22‌)
(0.23‌)
Net
realized
gain
—‌
—‌
—‌
—‌
(3)
—‌
(3)
—‌
(3)
Total
distributions
(0.17‌)
(0.33‌)
(0.28‌)
(0.25‌)
(0.22‌)
(0.23‌)
NET
ASSET
VALUE
End
of
period
$
11.45‌
$
11.47‌
$
11.31‌
$
10.76‌
$
10.74‌
$
12.26‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
1.29‌%
4.45‌%
7.74‌%
2.50‌%
(10.68‌)%
2.34‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.75‌%
(5)
0.73‌%
0.82‌%
0.79‌%
0.81‌%
0.79‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.65‌%
(5)
0.66‌%
0.75‌%
0.75‌%
0.75‌%
0.75‌%
Net
investment
income
3.00‌%
(5)
2.97‌%
2.51‌%
2.26‌%
1.94‌%
1.84‌%
Portfolio
turnover
rate
7.3‌%
23.6‌%
20.8‌%
22.5‌%
20.6‌%
6.6‌%
Net
assets,
end
of
period
(in
thousands)
$3,420
$3,528
$4,092
$4,002
$4,220
$5,444
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
11.46‌
$
11.30‌
$
10.76‌
$
10.74‌
$
12.26‌
$
12.20‌
Investment
activities
Net
investment
income
(1)(2)
0.19‌
0.38‌
0.33‌
0.29‌
0.27‌
0.27‌
Net
realized
and
unrealized
gain/
loss
(0.02‌)
0.15‌
0.53‌
0.02‌
(1.52‌)
0.06‌
Total
from
investment
activities
0.17‌
0.53‌
0.86‌
0.31‌
(1.25‌)
0.33‌
Distributions
Net
investment
income
(0.19‌)
(0.37‌)
(0.32‌)
(0.29‌)
(0.27‌)
(0.27‌)
Net
realized
gain
—‌
—‌
—‌
—‌
(3)
—‌
(3)
—‌
(3)
Total
distributions
(0.19‌)
(0.37‌)
(0.32‌)
(0.29‌)
(0.27‌)
(0.27‌)
NET
ASSET
VALUE
End
of
period
$
11.44‌
$
11.46‌
$
11.30‌
$
10.76‌
$
10.74‌
$
12.26‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
1.46‌%
4.83‌%
8.04‌%
2.87‌%
(10.34‌)%
2.72‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.30‌%
(5)
0.29‌%
0.38‌%
0.38‌%
0.38‌%
0.37‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.30‌%
(5)
0.29‌%
0.38‌%
0.38‌%
0.38‌%
0.37‌%
Net
investment
income
3.36‌%
(5)
3.34‌%
2.88‌%
2.63‌%
2.32‌%
2.20‌%
Portfolio
turnover
rate
7.3‌%
23.6‌%
20.8‌%
22.5‌%
20.6‌%
6.6‌%
Net
assets,
end
of
period
(in
millions)
$3,897
$3,083
$3,218
$3,064
$3,190
$3,549
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
April
30,
2026
Unaudited
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.5%
ALABAMA
 4.3%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31) 
32,970‌
33,411‌
Black
Belt
Energy
Gas
Dist.,
Series A,
5.00%,
12/1/34 
10,225‌
10,731‌
Black
Belt
Energy
Gas
Dist.,
Series B,
5.00%,
12/1/32 
1,295‌
1,386‌
Black
Belt
Energy
Gas
Dist.,
Series B,
5.00%,
12/1/34 
2,825‌
3,040‌
Black
Belt
Energy
Gas
Dist.,
Series C,
VRDN,
5.50%,
10/1/54
(Tender
6/1/32) 
10,360‌
11,165‌
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29) 
10,000‌
10,477‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29) 
10,000‌
10,497‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/27 
350‌
356‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/28 
600‌
618‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/29 
735‌
765‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/35 
15,460‌
16,377‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
6/1/36 
20,200‌
20,815‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series G,
5.00%,
10/1/35 
3,200‌
3,361‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series I,
5.00%,
10/1/33 (1)
11,100‌
11,836‌
Energy
Southeast
A
Cooperative
Dist.,
Series A-1,
VRDN,
5.50%,
11/1/53
(Tender
1/1/31) 
10,765‌
11,562‌
Energy
Southeast
A
Cooperative
Dist.,
Series B,
VRDN,
5.25%,
7/1/54
(Tender
6/1/32) 
19,000‌
20,283‌
Mobile
Alabama,
Ind.
Dev.
Board,
VRDN,
PCR,
2.75%,
7/15/34
(Tender
3/15/29) 
4,525‌
4,483‌
Southeast
Energy
Auth.
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31) 
30,000‌
30,152‌
Southeast
Energy
Auth.
Cooperative
Dist.,
Series B-1,
VRDN,
5.00%,
5/1/53
(Tender
8/1/28) 
6,010‌
6,215‌
207,530‌
ALASKA
 0.0%
Alaska
Housing
Finance,
Veterans
Mortgage
Program,
3.70%,
6/1/34 
1,195‌
1,200‌
Alaska
Housing
Finance,
Veterans
Mortgage
Program,
3.75%,
12/1/34 
1,195‌
1,201‌
2,401‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
ARIZONA
 2.2%
Arizona
Board
of
Regents,
Sustainable
Bonds,
Series A,
5.00%,
7/1/40 
1,700‌
1,886‌
Arizona
Board
of
Regents,
Sustainable
Bonds,
Series A,
5.00%,
7/1/41 
4,240‌
4,679‌
Arizona
IDA,
Doral
Academy
of
Nevada-Fire
Mesa
and
Red
Rock
Campus,
Series A,
5.00%,
7/15/39 
750‌
751‌
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (2)
9,110‌
9,199‌
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.10%,
12/1/37
(Tender
6/15/28) (2)
3,095‌
3,125‌
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (2)
24,850‌
25,157‌
Maricopa
County
IDA,
Banner
Health,
5.00%,
1/1/32 
9,000‌
9,135‌
Maricopa
County
IDA,
Banner
Health,
5.00%,
1/1/38 
3,615‌
3,669‌
Maricopa
County
IDA,
Honor
Health,
Series A,
5.00%,
9/1/36 
1,365‌
1,411‌
Maricopa
County
IDA,
Honor
Health,
Series D,
5.00%,
12/1/29 
2,725‌
2,923‌
Phoenix
Civic
Improvement,
5.00%,
7/1/33 (2)
630‌
653‌
Phoenix
Civic
Improvement,
5.00%,
7/1/35 (2)
4,700‌
4,851‌
Phoenix
Civic
Improvement,
5.00%,
7/1/36 (2)
3,715‌
3,827‌
Phoenix
Civic
Improvement,
Series B,
5.00%,
7/1/34 
1,690‌
1,732‌
Phoenix
Civic
Improvement,
Series C,
5.00%,
7/1/38 
8,195‌
9,335‌
Phoenix
Civic
Improvement,
Junior
Lien
Wastewater
System,
5.00%,
7/1/39 
1,170‌
1,295‌
Phoenix
Civic
Improvement,
Junior
Lien
Wastewater
System,
5.00%,
7/1/40 
1,000‌
1,102‌
Phoenix
Civic
Improvement,
Junior
Lien
Wastewater
System,
5.00%,
7/1/41 
3,000‌
3,301‌
Phoenix
Civic
Improvement,
Junior
Lien
Wastewater
System,
5.25%,
7/1/47 
2,155‌
2,312‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/26 
250‌
250‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/27 
300‌
304‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/28 
450‌
461‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/29 
350‌
358‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/30 
350‌
358‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/31 
1,400‌
1,429‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/32 
750‌
764‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/33 
660‌
671‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/37 
1,750‌
1,767‌
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/47 
5,525‌
5,798‌
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series B,
5.00%,
5/1/39 
5,000‌
5,606‌
Salt
Verde
Financial,
5.00%,
12/1/37 
1,000‌
1,060‌
109,169‌
CALIFORNIA
 4.0%
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29) 
11,125‌
11,608‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
6,195‌
6,474‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
11,775‌
12,855‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31) 
9,000‌
9,084‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series E,
VRDN,
5.00%,
2/1/55
(Tender
9/1/32) 
1,500‌
1,591‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series G,
5.00%,
12/1/35 
7,725‌
8,399‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series G,
VRDN,
5.25%,
11/1/54
(Tender
4/1/30) 
5,000‌
5,294‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series H,
VRDN,
5.00%,
1/1/56
(Tender
8/1/33) 
10,550‌
11,398‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
3,365‌
3,488‌
California
Housing
Fin.,
Series 2019-2,
Class
A,
4.00%,
3/20/33 
6,551‌
6,695‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
3.79%,
12/1/50
(Tender
5/6/26) 
4,550‌
4,550‌
California
Municipal
Fin.
Auth.,
Series 2025-2,
Class
A1,
VR,
4.327%,
11/20/40 
6,971‌
6,910‌
California
Municipal
Fin.
Auth.,
Series A-1,
Class
A-1,
4.05%,
7/20/41 
3,247‌
3,190‌
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
West
Village
Student
Housing
Project,
5.00%,
5/15/26 
650‌
650‌
California
Municipal
Fin.
Auth.,
Linxs
APM
Project,
5.00%,
12/31/33 (2)
1,000‌
1,031‌
California
Municipal
Fin.
Auth.,
Linxs
APM
Project,
5.00%,
12/31/34 (2)
1,200‌
1,235‌
California
Municipal
Fin.
Auth.,
Republic
Services,
Series A,
VRDN,
2.80%,
3/1/56
(Tender
6/15/26) (2)
5,000‌
4,997‌
California
PFA,
Enso
Village
Project,
5.00%,
11/15/36 (3)
750‌
757‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
California
Pollution
Control
Fin.
Auth.,
VRDN,
PCR,
2.875%,
7/1/43
(Tender
8/17/26) (2)(3)
6,455‌
6,445‌
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/35 
175‌
176‌
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/36 
185‌
184‌
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/37 
160‌
158‌
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/38 
310‌
304‌
California
Statewide
CDA,
Series C-2,
4.25%,
9/2/39 
390‌
388‌
California
Statewide
CDA,
Series C-2,
4.25%,
9/2/41 
230‌
226‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.25%,
12/1/29 
2,155‌
2,157‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (3)
1,005‌
1,006‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/28 (3)
4,235‌
4,241‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/29 (3)
3,000‌
3,004‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/30 (3)
6,875‌
6,883‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/31 (3)
5,275‌
5,281‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/36 (3)
8,350‌
8,357‌
Central
Valley
Energy
Auth.,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35) 
11,550‌
12,322‌
Los
Angeles
Dept.
of
Airports,
5.00%,
5/15/35
(Prerefunded
11/15/31) (2)(4)
60‌
66‌
Los
Angeles
Dept.
of
Airports,
5.00%,
5/15/43 (2)
5,300‌
5,435‌
Los
Angeles
Dept.
of
Airports,
Unrefunded
Balance,
5.00%,
5/15/31 (2)
6,500‌
7,092‌
Ontario,
Tevelde
Facilities,
4.00%,
9/1/36 
525‌
515‌
San
Diego
County
Regional
Airport
Auth.,
Senior
Private
Activity,
Series B,
5.25%,
7/1/36 (2)
3,500‌
3,914‌
San
Diego
County
Regional
Airport
Auth.,
Senior
Private
Activity,
Series B,
5.25%,
7/1/37 (2)
1,350‌
1,502‌
San
Francisco
City
&
County
Int'l.
Airport,
San
Francisco
Airport
Commission,
Series 2023A,
5.00%,
5/1/38 (2)
2,015‌
2,179‌
San
Francisco
City
&
County
Int'l.
Airport,
San
Francisco
Airport
Commission,
Series A,
5.00%,
5/1/32 (2)
5,710‌
6,203‌
San
Francisco
City
&
County
Int'l.
Airport,
San
Francisco
Airport
Commission,
Series A,
5.25%,
5/1/44 (2)
3,680‌
3,953‌
San
Joaquin
Valley
Clean
Energy
Auth.,
Clean
Energy
Project,
Series A,
VRDN,
5.50%,
1/1/56
(Tender
7/1/35) 
3,925‌
4,321‌
Univ.
of
California,
Series CF,
5.25%,
11/15/41 
6,000‌
6,909‌
193,427‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
COLORADO
 2.4%
Adams
&
Arapahoe
Counties
Joint
School
Dist.
28J
Aurora,
GO,
5.50%,
12/1/42 
3,000‌
3,462‌
Colorado,
COP,
6.00%,
12/15/38 
3,470‌
4,043‌
Colorado,
Series A,
COP,
4.00%,
12/15/40 
2,000‌
2,021‌
Colorado
Bridge
&
Tunnel
Enterprise,
Series B,
5.00%,
12/1/41 
6,100‌
6,784‌
Colorado
Bridge
&
Tunnel
Enterprise,
Series B,
5.00%,
12/1/42 
4,295‌
4,749‌
Colorado
Bridge
&
Tunnel
Enterprise,
Series B,
5.00%,
12/1/45 
2,500‌
2,702‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Monument
Academy
Project,
Series A,
4.375%,
6/1/36 (1)(3)
2,925‌
2,868‌
Colorado
HFA,
Adventhealth
Obligated,
Series A,
VRDN,
5.00%,
11/15/59
(Tender
11/15/29) 
2,375‌
2,543‌
Colorado
HFA,
Sanford
Health,
Series A,
5.00%,
11/1/34 
4,000‌
4,204‌
Denver
City
&
County
Airport,
Series A,
4.00%,
12/1/33 (2)
4,500‌
4,535‌
Denver
City
&
County
Airport,
Series A,
4.00%,
12/1/43 (2)
4,705‌
4,444‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/29 (2)
3,245‌
3,406‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/30 (2)
2,500‌
2,699‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/33 (2)
3,000‌
3,127‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/34 (2)
1,250‌
1,299‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/35 (2)
20,000‌
20,729‌
Denver
City
&
County
Airport,
Series A,
5.00%,
11/15/36 (2)
3,825‌
4,134‌
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/38 (2)
5,000‌
5,150‌
Denver
City
&
County
Airport,
Series B,
5.00%,
11/15/30 (2)
2,000‌
2,158‌
Denver
City
&
County
Airport,
Series B,
5.00%,
11/15/38 
1,075‌
1,174‌
Denver
City
&
County
Airport,
Series B,
5.00%,
11/15/39 
1,000‌
1,088‌
Denver
City
&
County
Airport,
Series B,
5.50%,
11/15/39 (2)
3,700‌
4,132‌
Denver
City
&
County
Airport,
Series B,
5.50%,
11/15/41 (2)
3,225‌
3,576‌
E-470
Public
Highway
Auth.,
Capital
Appreciation,
Series B,
Zero
Coupon,
9/1/29 (5)
8,110‌
7,407‌
Regional
Transportation
Dist.
Sales
Tax
Revenue,
Green
Bond
Fastracks
Project,
4.00%,
11/1/40 
12,500‌
12,715‌
Univ.
of
Colorado
Hosp.
Auth.,
VRDN,
3.35%,
11/15/39 
1,520‌
1,520‌
116,669‌
CONNECTICUT
 2.4%
Connecticut,
Series E,
GO,
5.00%,
9/15/31 
12,000‌
12,625‌
Connecticut,
Series F,
GO,
5.00%,
11/15/37 
8,700‌
9,811‌
Connecticut
HEFA,
Hartford
Healthcare
Issue,
Series A,
5.00%,
7/1/43 (6)
6,300‌
6,870‌
Connecticut
Housing
Fin.
Auth.,
Series A,
3.75%,
11/15/40 
2,605‌
2,515‌
Connecticut
Housing
Fin.
Auth.,
Series B-2,
VRDN,
2.75%,
11/15/65
(Tender
5/15/29) 
3,045‌
3,023‌
Connecticut
Special
Tax
Obligation,
Series A,
5.00%,
7/1/41 
6,000‌
6,710‌
Connecticut
Special
Tax
Obligation,
Series A,
5.00%,
7/1/42 
1,120‌
1,244‌
Connecticut
Special
Tax
Obligation,
Series A,
5.00%,
7/1/43 
2,000‌
2,205‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Special
Tax
Obligation,
Series A,
5.00%,
7/1/44 
8,975‌
9,808‌
Connecticut
Special
Tax
Obligation,
Series A,
5.25%,
7/1/40 
11,305‌
12,687‌
Connecticut
Special
Tax
Obligation,
Series A,
5.25%,
7/1/41 
5,000‌
5,586‌
Connecticut
Special
Tax
Obligation,
Series A,
5.25%,
7/1/44 
6,150‌
6,742‌
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/32 
5,000‌
5,181‌
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A-2,
5.00%,
7/1/43 
12,505‌
13,674‌
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A-2,
5.00%,
7/1/44 
13,060‌
14,167‌
Connecticut,
Sustainable
Bonds,
Series B,
GO,
3.00%,
1/15/41 
3,870‌
3,392‌
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK)
 (7)(8)(9)
384‌
111‌
116,351‌
DELAWARE
 0.7%
Delaware
State
Economic
Dev.
Auth.,
Delmarva
Power
&
Light
Company
Project,
Series A,
3.60%,
1/1/31 
1,600‌
1,647‌
Delaware
State
HFA,
Beebe
Medical
Center,
5.00%,
6/1/33 
2,780‌
2,863‌
Delaware
State
HFA,
Beebe
Medical
Center,
5.00%,
6/1/34 
2,500‌
2,570‌
Delaware
State
HFA,
Christiana
Care
Health
System,
5.00%,
10/1/39 
2,265‌
2,528‌
Delaware
State
HFA,
Christiana
Care
Health
System,
5.00%,
10/1/42 
4,700‌
5,148‌
Delaware
State
HFA,
Christiana
Care
Health
System,
5.00%,
10/1/43 
2,600‌
2,826‌
Delaware
Transportation
Auth.,
Senior,
3.00%,
7/1/40 
9,655‌
8,821‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/38 
5,885‌
6,610‌
33,013‌
DISTRICT
OF
COLUMBIA
 3.4%
District
of
Columbia,
Series A,
GO,
5.00%,
1/1/40 
2,000‌
2,184‌
District
of
Columbia,
Series A,
GO,
5.00%,
1/1/41 
2,500‌
2,726‌
District
of
Columbia
Water
&
Sewer
Auth.,
Subordinate
Lien,
Series A,
5.00%,
10/1/38 
7,015‌
7,847‌
District
of
Columbia
Water
&
Sewer
Auth.,
Subordinate
Lien,
Series A,
5.00%,
10/1/42 
2,400‌
2,638‌
District
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/34 
1,800‌
1,827‌
District
of
Columbia,
Georgetown
Univ.,
5.00%,
4/1/35 
3,000‌
3,044‌
District
of
Columbia,
Income
Tax
Revenue,
Series A,
5.50%,
7/1/47 
5,195‌
5,574‌
Metropolitan
Washington
Airports
Auth.,
Series 2016A,
5.00%,
10/1/31 (2)
6,410‌
6,452‌
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/31 (2)
9,490‌
10,352‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
5.00%,
10/1/35 (2)
3,500‌
3,758‌
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/38 (2)
3,470‌
3,445‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/30 (2)
3,285‌
3,434‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/31 (2)
4,675‌
4,879‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/32 (2)
4,650‌
5,052‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/33 (2)
6,000‌
6,662‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/34 (2)
8,850‌
8,900‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/35 (2)
17,795‌
17,889‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/38 (2)
1,860‌
1,991‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/40 (2)
1,675‌
1,792‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/42 (2)
2,500‌
2,648‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/39 (2)
1,775‌
1,922‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/40 (2)
2,580‌
2,783‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/41 (2)
6,780‌
7,293‌
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/43 (2)
7,000‌
7,511‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series A,
5.00%,
10/1/44 
5,000‌
5,130‌
Washington
D.C.
Convention
&
Sports
Auth.,
Hotel
Tax,
Series B,
4.00%,
10/1/36 
855‌
871‌
Washington
D.C.
Convention
&
Sports
Auth.,
Hotel
Tax,
Series B,
4.00%,
10/1/37 
1,000‌
1,015‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.00%,
7/15/38 
3,850‌
4,221‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.00%,
7/15/39 
7,400‌
8,074‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.00%,
7/15/41 
2,000‌
2,159‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.00%,
7/15/48 
10,350‌
10,736‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Washington
Metropolitan
Area
Transit
Auth.,
Sustainable
Bonds,
Series A,
4.00%,
7/15/46 
5,000‌
4,773‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainable
Bonds,
Series A,
4.125%,
7/15/47 
5,000‌
4,782‌
164,364‌
FLORIDA
 3.9%
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
5.00%,
12/1/32 
1,000‌
1,057‌
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
5.00%,
12/1/33 
1,915‌
2,018‌
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
5.00%,
12/1/34 
2,705‌
2,844‌
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series B,
5.00%,
12/1/34 
12,380‌
12,396‌
Brevard
County
HFA,
Health
First,
Series A,
5.00%,
4/1/41 
5,000‌
5,264‌
Broward
County
Airport,
4.00%,
10/1/44 (2)(10)
3,075‌
2,920‌
Broward
County
Airport,
5.00%,
10/1/33 (2)
1,295‌
1,323‌
Broward
County
Airport,
5.00%,
10/1/34 (2)
1,500‌
1,531‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/26 
1,250‌
1,257‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/27 
1,500‌
1,531‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/28 
1,500‌
1,552‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29 
500‌
523‌
Capital
Trust
Auth.,
UF
Health
Projects,
Series A,
5.00%,
12/1/35 (6)
5,000‌
5,584‌
Central
Florida
Expressway
Auth.,
Senior
Lien,
Series B,
3.00%,
7/1/36 (6)
540‌
518‌
Central
Florida
Expressway
Auth.,
Senior
Lien,
Series B,
4.00%,
7/1/39 
3,960‌
3,868‌
Greater
Orlando
Aviation
Auth.,
5.00%,
10/1/35 (2)
1,975‌
2,198‌
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/29 (2)
5,285‌
5,626‌
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/34 (2)
3,000‌
3,068‌
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/35 (2)
6,500‌
6,642‌
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/47 (2)
13,545‌
13,571‌
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.00%,
10/1/44 
3,205‌
3,483‌
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.00%,
10/1/45 
6,180‌
6,658‌
Lee
County
Housing
Fin.
Auth.,
VRDN,
2.65%,
12/1/47
(Tender
9/1/29) 
2,355‌
2,316‌
Lee
County
IDA,
Health
System,
Series 2019A-1,
4.00%,
4/1/37 
1,300‌
1,288‌
Lee
County
IDA,
Health
System,
Series 2019A-1,
5.00%,
4/1/34 
1,240‌
1,294‌
Lee
County
IDA,
Health
System,
Series B,
VRDN,
3.35%,
4/1/65 (3)
5,900‌
5,900‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Miami-Dade
County
Aviation,
Series A,
5.00%,
10/1/33 (2)
20,000‌
22,139‌
Miami-Dade
County
Expressway
Auth.,
Series 14A,
5.00%,
7/1/30 
3,000‌
3,004‌
Miami-Dade
County
Expressway
Auth.,
Series 2013A,
5.00%,
7/1/30 
1,250‌
1,252‌
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/26 
3,900‌
3,906‌
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/28 
5,565‌
5,574‌
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/31 
2,000‌
2,003‌
Miami-Dade
County
Expressway
Auth.,
Series A,
5.00%,
7/1/33 
3,000‌
3,008‌
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/26 
4,530‌
4,537‌
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/27 
3,850‌
3,862‌
Miami-Dade
County
Expressway
Auth.,
Series B,
5.00%,
7/1/28 
2,775‌
2,779‌
Miami-Dade
County
Seaport
Dept.,
Series A,
5.00%,
10/1/38 (2)
2,000‌
2,122‌
Miami-Dade
County
Seaport
Dept.,
Series A,
5.00%,
10/1/39 (2)
2,300‌
2,428‌
Miami-Dade
County
Seaport
Dept.,
Series A,
5.00%,
10/1/40 (2)
3,000‌
3,154‌
Miami-Dade
County
Seaport
Dept.,
Series A,
5.00%,
10/1/41 (2)
1,070‌
1,121‌
Miami-Dade
County
Seaport
Dept.,
Series A,
5.00%,
10/1/42 (2)
2,385‌
2,492‌
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/38 
850‌
922‌
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/42 
1,250‌
1,333‌
Osceola
County
Housing
Fin.
Auth.,
Crestwood
Apartments,
Series B,
VRDN,
2.65%,
9/1/43
(Tender
9/1/28) 
1,850‌
1,828‌
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/31 
2,150‌
2,138‌
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/36 
2,500‌
2,398‌
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/41 
1,000‌
906‌
Polk
County
IDA,
Victory
Ridge
Academy
Project,
4.825%,
6/15/35 (3)
1,505‌
1,506‌
South
Miami
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/29 
1,375‌
1,413‌
South
Miami
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/34 
6,385‌
6,538‌
South
Miami
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/35 
9,000‌
9,204‌
South
Miami
HFA,
Baptist
Health
South
Florida,
5.00%,
8/15/47 
3,000‌
3,029‌
Tampa
Health
System,
BayCare
Health,
Series A,
5.00%,
11/15/32 
1,070‌
1,072‌
191,898‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
GEORGIA
 5.2%
Atlanta
Airport,
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/36 
5,585‌
5,903‌
Atlanta
Airport,
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/38 
5,000‌
5,256‌
Atlanta
Airport,
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40 
7,000‌
7,326‌
Atlanta
Airport,
Passenger
Fac.
Charge,
Series D,
4.00%,
7/1/38 (2)
2,000‌
1,980‌
Atlanta
Dept.
of
Aviation,
Sustainable
Bonds,
Series B-1,
5.00%,
7/1/39 (2)
3,500‌
3,802‌
Atlanta
Dept.
of
Aviation,
Sustainable
Bonds,
Series B-1,
5.25%,
7/1/45 (2)
5,000‌
5,334‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (7)(8)
2,805‌
1,262‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (7)(8)
9,705‌
4,367‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (7)(8)
3,065‌
1,379‌
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.00%,
7/1/31 
4,280‌
4,289‌
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
5.25%,
7/1/40 (3)
1,000‌
1,034‌
Atlanta
Water
&
Wastewater,
5.00%,
11/1/31 
8,480‌
8,521‌
Atlanta
Water
&
Wastewater,
Sustainable
Bond,
5.00%,
11/1/37 (10)
5,925‌
6,680‌
Atlanta,
Sustainable
Bond,
Series A-1,
GO,
5.00%,
12/1/35 
2,250‌
2,530‌
Atlanta,
Sustainable
Bond,
Series A-1,
GO,
5.00%,
12/1/41 
4,920‌
5,395‌
Augusta
Dev.
Auth.,
AU
Health
System,
Inc.
Project,
4.00%,
7/1/37 
4,065‌
4,067‌
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/31 
500‌
509‌
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/35 
2,250‌
2,283‌
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/48 
2,655‌
2,747‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/31 
400‌
407‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/32 
1,000‌
1,016‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/33 
2,000‌
2,032‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/34 
2,515‌
2,553‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series A,
5.00%,
2/15/29 
1,780‌
1,810‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series A,
5.00%,
2/15/30 
6,300‌
6,402‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series A,
5.00%,
2/15/35 
5,000‌
5,067‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series A,
5.00%,
2/15/37 
2,500‌
2,530‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series B,
5.00%,
2/15/31 
2,365‌
2,408‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series B,
5.00%,
2/15/32 
3,660‌
3,724‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health,
Series B,
5.00%,
2/15/33 
3,390‌
3,448‌
Georgia
Housing
&
Fin.
Auth.,
Series A,
3.65%,
12/1/37 
1,025‌
1,010‌
Georgia
State
Road
&
Tollway
Auth.,
5.00%,
7/15/40 
2,235‌
2,522‌
Georgia,
Bidding
Group
2,
Series A,
GO,
5.00%,
7/1/40 
4,500‌
4,960‌
Griffin-Spalding
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/32 
1,000‌
1,016‌
Griffin-Spalding
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/34 
1,205‌
1,223‌
Griffin-Spalding
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/35 
1,000‌
1,015‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/26 
2,350‌
2,352‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/33 
5,000‌
5,172‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/34 
5,000‌
5,161‌
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27) 
31,870‌
32,281‌
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
5/1/54
(Tender
9/1/31) 
5,125‌
5,490‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29) 
2,500‌
2,603‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32) 
7,700‌
8,284‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30) 
6,000‌
6,354‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
12/1/54
(Tender
12/1/31) 
14,915‌
15,786‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28) 
15,000‌
15,213‌
Municipal
Electric
Auth.
of
Georgia,
General
Power
Revenue,
5.00%,
1/1/30 
1,870‌
1,938‌
Municipal
Electric
Auth.
of
Georgia,
General
Power
Revenue,
5.00%,
1/1/31 
1,965‌
2,033‌
Municipal
Electric
Auth.
of
Georgia,
General
Power
Revenue,
5.00%,
1/1/32 
1,060‌
1,095‌
Municipal
Electric
Auth.
of
Georgia,
General
Power
Revenue,
5.00%,
1/1/33 
665‌
686‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/30 
2,675‌
2,773‌
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/31 
1,560‌
1,614‌
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/33 
1,845‌
1,904‌
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/34 
2,005‌
2,067‌
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/35 
3,415‌
3,516‌
Municipal
Electric
Auth.
of
Georgia,
Project
One,
Series A,
5.00%,
1/1/35 
4,275‌
4,670‌
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.00%,
9/1/29 
7,000‌
7,526‌
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.25%,
9/1/43 
6,500‌
7,291‌
Savannah
Hosp.
Auth.,
St.
Joseph's/Candler
Health
System,
Series A,
3.125%,
7/1/44 
195‌
164‌
Savannah
Hosp.
Auth.,
St.
Joseph's/Candler
Health
System,
Series A,
4.00%,
7/1/36 
2,335‌
2,325‌
256,105‌
HAWAII
 0.4%
Hawaii,
Series FW,
GO,
5.00%,
1/1/38 
2,685‌
2,807‌
Hawaii
Airports
System,
Series A,
5.00%,
7/1/36 (2)
7,620‌
8,224‌
Hawaii
Airports
System,
Series B,
5.00%,
7/1/43 
2,425‌
2,670‌
Hawaii
Airports
System,
Series B,
5.00%,
7/1/44 
3,120‌
3,407‌
Hawaii
Airports
System,
Series D,
5.00%,
7/1/45 
2,000‌
2,165‌
19,273‌
IDAHO
 0.3%
Idaho
HFA,
St.
Luke's
Health
System
Project,
Series D,
VRDN,
3.35%,
3/1/60 
7,000‌
7,000‌
Idaho
HFA,
Trinity
Health,
Series D,
5.50%,
12/1/29 
2,185‌
2,207‌
Idaho
Housing
&
Fin.
Assn.,
Series A,
5.00%,
8/15/39 
1,840‌
2,035‌
Idaho
Housing
&
Fin.
Assn.,
Series A,
5.00%,
8/15/41 
2,490‌
2,730‌
13,972‌
ILLINOIS
 3.3%
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/30 (2)
2,220‌
2,362‌
Chicago
Midway
Int'l.
Airport,
Series C,
5.00%,
1/1/31 (2)
25,000‌
26,801‌
Chicago
O'Hare
Int'l.
Airport,
Series A,
5.00%,
1/1/37 (2)
5,000‌
5,149‌
Chicago
O'Hare
Int'l.
Airport,
Series E,
5.50%,
1/1/48 (2)
5,000‌
5,303‌
Illinois,
GO,
4.00%,
6/1/32 
530‌
530‌
Illinois,
GO,
4.00%,
6/1/35 
2,215‌
2,215‌
Illinois,
Series 2022A,
GO,
5.00%,
3/1/27 
3,000‌
3,053‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
Series A,
GO,
5.00%,
12/1/27 
7,685‌
7,938‌
Illinois,
Series A,
GO,
5.00%,
3/1/28 
3,375‌
3,503‌
Illinois,
Series A,
GO,
5.00%,
3/1/29 
2,350‌
2,484‌
Illinois,
Series A,
GO,
5.00%,
5/1/29 
5,230‌
5,440‌
Illinois,
Series B,
GO,
5.00%,
5/1/28 
2,500‌
2,603‌
Illinois,
Series B,
GO,
5.00%,
10/1/30 
7,000‌
7,320‌
Illinois,
Series C,
GO,
5.00%,
11/1/29 
20,000‌
20,612‌
Illinois,
Series C,
GO,
5.00%,
5/1/30 
5,775‌
6,219‌
Illinois,
Series D,
GO,
5.00%,
7/1/28 
6,250‌
6,528‌
Illinois,
Series D,
GO,
5.00%,
11/1/28 
3,240‌
3,340‌
Illinois,
Series D,
GO,
5.00%,
7/1/30 
10,730‌
11,574‌
Illinois,
Series E,
GO,
5.00%,
9/1/45 (10)
6,230‌
6,515‌
Illinois
Fin.
Auth.,
5.00%,
7/1/36 
4,325‌
4,650‌
Illinois
Fin.
Auth.,
Series A,
4.00%,
7/15/38 
2,125‌
2,115‌
Illinois
Fin.
Auth.,
Series A,
5.00%,
7/1/39 
1,490‌
1,672‌
Illinois
Fin.
Auth.,
Series A,
5.00%,
7/1/40 
2,030‌
2,264‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/29 
1,700‌
1,728‌
Illinois
Fin.
Auth.,
Univ.
of
Chicago
Medical
Center,
Series D-2,
VRDN,
3.30%,
8/1/43 
300‌
300‌
Illinois
State
Toll
Highway
Auth.,
Series A,
5.00%,
1/1/40 
6,045‌
6,058‌
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45 
7,275‌
7,840‌
Illinois
State
Toll
Highway
Auth.,
Series B,
5.00%,
1/1/40 
2,000‌
2,004‌
Illinois
State
Toll
Highway
Auth.,
Series B,
5.00%,
1/1/41 
120‌
120‌
Illinois
State
Toll
Highway
Auth.,
Series C,
5.00%,
1/1/28 
1,150‌
1,152‌
159,392‌
INDIANA
 1.4%
Indiana
Fin.
Auth.,
Series A,
5.00%,
2/1/40 
2,560‌
2,899‌
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/37 
18,695‌
20,993‌
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/38 
14,245‌
15,898‌
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/42 
3,470‌
3,779‌
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/43 
3,000‌
3,241‌
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series C,
5.25%,
10/1/44 
4,650‌
5,064‌
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series D-2,
VRDN,
5.00%,
10/1/63
(Tender
10/1/31) 
12,060‌
13,242‌
Indiana
Fin.
Auth.,
Republic
Services,
VRDN,
2.90%,
5/1/28
(Tender
6/1/26) (2)
410‌
410‌
Indiana
Fin.
Auth.,
Republic
Services,
Series A,
VRDN,
2.90%,
5/1/28
(Tender
6/1/26) (2)
3,715‌
3,714‌
69,240‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
KANSAS
 0.2%
Kansas
DFA,
Series B,
VR,
5.00%,
11/15/54
(Prerefunded
11/15/28) (4)
180‌
189‌
Kansas
DFA,
Adventhealth
Obligated,
Series B,
VRDN,
5.00%,
11/15/54
(Tender
11/15/31) 
2,750‌
3,016‌
Lenexa
Health
Care
Fac.,
Lakeview
Village,
Series A,
5.00%,
5/15/26 
1,045‌
1,045‌
Lenexa
Health
Care
Fac.,
Lakeview
Village,
Series A,
5.00%,
5/15/28 
2,300‌
2,328‌
Univ.
of
Kansas
Hosp.
Auth.,
Series A,
5.25%,
3/1/45 
1,500‌
1,630‌
Univ.
of
Kansas
Hosp.
Auth.,
Series A,
5.25%,
3/1/46 
1,150‌
1,238‌
9,446‌
KENTUCKY
 1.6%
Ashland,
Ashland
Medical
Center,
5.00%,
2/1/29 
805‌
843‌
Ashland,
Ashland
Medical
Center,
5.00%,
2/1/30 
370‌
392‌
Ashland,
Ashland
Medical
Center,
5.00%,
2/1/31 
920‌
976‌
Ashland,
Ashland
Medical
Center,
5.00%,
2/1/32 
125‌
132‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26 
4,065‌
4,069‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/28 
3,105‌
3,145‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/29 
5,250‌
5,317‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/31 
1,000‌
1,010‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/32 
3,250‌
3,280‌
Kentucky
Economic
DFA,
Republic
Services,
Series A,
VRDN,
2.90%,
4/1/31
(Tender
6/1/26) (2)
1,645‌
1,645‌
Kentucky
Public
Energy
Auth.,
Series A,
VRDN,
5.00%,
5/1/55 
16,655‌
17,480‌
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32) 
14,450‌
15,317‌
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28) 
11,350‌
11,463‌
Louisville
&
Jefferson
County
Metropolitan
Gov't.,
Norton
Healthcare,
VRDN,
3.45%,
10/1/53 
11,300‌
11,300‌
76,369‌
LOUISIANA
 0.7%
Louisiana
Gasoline
&
Fuels
Tax,
Second
Lien,
Series A-1,
VRDN,
3.35%,
5/1/43 
11,260‌
11,260‌
Louisiana
Offshore
Terminal
Auth.,
Loop
LLC
Project,
Series A,
4.15%,
9/1/27 
1,000‌
1,011‌
Louisiana
Offshore
Terminal
Auth.,
Loop
LLC
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28) 
4,705‌
4,777‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Louisiana
Offshore
Terminal
Auth.,
Loop
LLC
Project,
Series C,
VRDN,
4.20%,
9/1/34
(Tender
9/1/28) 
6,785‌
6,888‌
St.
John
the
Baptist
Parish,
Marathon
Oil
Project,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26) 
9,000‌
8,991‌
32,927‌
MARYLAND
 2.5%
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/38 
5,190‌
4,862‌
Frederick
County,
Public
Facilities
Project,
GO,
5.00%,
4/1/40 
3,420‌
3,754‌
Housing
Opportunities
Commission
Of
Montgomery
County,
Tender
Option
Bond
Trust
Receipts,
Series 2026-XX1457,
VRTR,
3.12%,
7/1/66 (3)
5,200‌
5,200‌
Howard
County,
Public
Improvement,
Series A,
GO,
5.00%,
8/15/39 
2,025‌
2,295‌
Maryland
CDA,
Sustainable
Bond,
Park
Place
at
Addison
Road
Metro,
Series C-2,
3.70%,
1/1/29 
2,750‌
2,779‌
Maryland
DOT,
Baltimore,
Series A,
5.00%,
8/1/35 (2)(6)
2,000‌
2,208‌
Maryland
DOT,
Baltimore,
Series A,
5.00%,
8/1/36 (2)(6)
2,625‌
2,878‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/33 (6)
65‌
71‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/34 (6)
150‌
166‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/35 (6)
220‌
244‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/36 (6)
345‌
383‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/37 (6)
325‌
360‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/38 (6)
350‌
386‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/39 (6)
350‌
383‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/40 (6)
345‌
377‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.00%,
7/1/41 (6)
325‌
353‌
Maryland
Economic
Dev.,
Morgan
State
Univ.,
Series A,
5.375%,
7/1/38 
1,350‌
1,449‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/26 
2,135‌
2,138‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27 
1,140‌
1,157‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28 
1,000‌
1,038‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/29 
2,000‌
2,030‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/30 
2,180‌
2,213‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/31 
1,950‌
1,978‌
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.00%,
7/1/35 
515‌
563‌
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.00%,
7/1/36 
750‌
815‌
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.00%,
7/1/37 
680‌
734‌
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.00%,
7/1/39 
1,320‌
1,406‌
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.00%,
7/1/41 
1,050‌
1,105‌
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26 
1,250‌
1,253‌
Maryland
Stadium
Auth.,
Tender
Option
Bond
Trust
Receipts,
Series 2024-XF1758,
VRTR,
3.14%,
6/1/32 (3)
1,700‌
1,700‌
Maryland
State
Transportation
Auth.,
Passenger
Fac.
Charge
Revenue,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/31 (2)
3,570‌
3,742‌
Maryland
State
Transportation
Auth.,
Transportation
Fac.
Project,
Series A,
5.00%,
7/1/40 
1,375‌
1,524‌
Maryland
State
Transportation
Auth.,
Transportation
Fac.
Project,
Series A,
5.00%,
7/1/41 
17,800‌
19,638‌
Rockville,
Ingleside
at
King
Farm,
Series A-1,
5.00%,
11/1/27 
1,465‌
1,486‌
Rockville,
Ingleside
at
King
Farm,
Series A-1,
5.00%,
11/1/29 
1,075‌
1,090‌
Univ.
System
of
Maryland,
Series A,
4.00%,
4/1/43 
5,365‌
5,365‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31 
1,000‌
1,017‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
2,825‌
2,823‌
Washington
Suburban
Sanitary
Commission,
2.25%,
6/1/40 
9,655‌
7,592‌
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/38 
3,000‌
3,424‌
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/43 
12,080‌
13,471‌
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/44 
13,065‌
14,437‌
121,887‌
MASSACHUSETTS
 2.1%
Massachusetts,
Series C,
GO,
2.00%,
9/1/38 
3,000‌
2,377‌
Massachusetts,
Series C,
GO,
5.00%,
8/1/41 
10,500‌
11,499‌
Massachusetts,
Series C,
GO,
5.00%,
6/1/44 
5,000‌
5,457‌
Massachusetts
Bay
Transportation
Auth.,
Series A,
5.00%,
7/1/42 
7,500‌
8,301‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Massachusetts
Bay
Transportation
Auth.,
Series A-1,
5.00%,
7/1/40 
7,210‌
7,975‌
Massachusetts
Bay
Transportation
Auth.,
Series A-1,
5.00%,
7/1/41 
6,000‌
6,609‌
Massachusetts
Clean
Water
Trust,
Series 27,
5.00%,
2/1/43 
4,945‌
5,546‌
Massachusetts
Clean
Water
Trust,
Series 27,
5.00%,
2/1/44 
2,360‌
2,623‌
Massachusetts
Clean
Water
Trust,
Sustainable
Dev.
Bonds,
5.00%,
2/1/43 
4,000‌
4,306‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
Series N,
5.00%,
7/1/35 (6)
1,020‌
1,168‌
Massachusetts
Dev.
Fin.
Agency,
Harvard
Univ.
Issue,
Series A,
4.00%,
2/15/36 
2,300‌
2,494‌
Massachusetts
Dev.
Fin.
Agency,
Harvard
Univ.
Issue,
Series A-2,
VRDN,
5.00%,
5/15/55
(Tender
11/15/35) 
5,215‌
6,029‌
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series E-1,
VRDN,
3.20%,
7/1/52 
100‌
100‌
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series G,
VRDN,
3.25%,
7/1/62 
100‌
100‌
Massachusetts
Housing
Fin.
Agency,
Series 218,
2.10%,
12/1/35 
400‌
343‌
Massachusetts
Housing
Fin.
Agency,
Sustainable
Bonds,
Series B-3,
3.55%,
12/1/29 
6,325‌
6,431‌
Massachusetts
Port
Auth.,
Series B,
5.00%,
7/1/43 (2)
5,000‌
5,002‌
Massachusetts,
Consolidated
Loan,
Series A,
GO,
5.00%,
1/1/41 
9,500‌
10,449‌
Massachusetts,
Consolidated
Loan,
Series A,
GO,
5.00%,
1/1/42 
10,000‌
10,935‌
Massachusetts,
Consolidated
Loan,
Series C,
GO,
5.25%,
10/1/47 
2,000‌
2,121‌
Massachusetts,
Consolidated
Loan,
Series I,
GO,
5.00%,
12/1/49 
2,585‌
2,711‌
102,576‌
MICHIGAN
 3.1%
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.00%,
7/1/37 
5,395‌
6,014‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.00%,
7/1/38 
1,725‌
1,912‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/39 
2,205‌
2,419‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series C,
5.00%,
7/1/36 
14,585‌
14,629‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series C,
5.00%,
7/1/41 
1,095‌
1,196‌
Great
Lakes
Water
Auth.
Water
Supply,
Series 2024A,
5.00%,
7/1/37 
3,240‌
3,614‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.00%,
7/1/36 
1,000‌
1,121‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.00%,
7/1/37 
1,755‌
1,958‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.00%,
7/1/38 
2,000‌
2,217‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/39 
2,605‌
2,858‌
Michigan
Fin.
Auth.,
Beaumont
Health
Credit,
5.00%,
11/1/44 
6,800‌
6,801‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/28 
4,305‌
4,352‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/30 
16,605‌
16,774‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/31 
4,180‌
4,220‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/32 
735‌
742‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/34 
9,505‌
9,584‌
Michigan
Fin.
Auth.,
McLaren
Healthcare,
5.00%,
5/15/28 
2,505‌
2,514‌
Michigan
Fin.
Auth.,
McLaren
Healthcare,
5.00%,
5/15/29 
1,000‌
1,004‌
Michigan
Fin.
Auth.,
McLaren
Healthcare,
5.00%,
5/15/30 
850‌
853‌
Michigan
Fin.
Auth.,
McLaren
Healthcare,
5.00%,
5/15/31 
2,250‌
2,258‌
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
5.50%,
12/1/29 
5,000‌
5,052‌
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/34 
4,565‌
4,692‌
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/35 
6,195‌
6,362‌
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37 
5,000‌
5,121‌
Michigan
State
HDA,
Series A,
3.50%,
12/1/33 
4,000‌
3,979‌
Michigan
State
HDA,
Series A,
3.70%,
6/1/34 
2,170‌
2,181‌
Michigan
State
HDA,
Series A,
3.95%,
12/1/35 
1,510‌
1,519‌
Michigan
State
HDA,
Series A,
4.30%,
10/1/40 
1,955‌
1,955‌
Michigan
State
HDA,
Hom
Flats
at
28
West
Project,
VRDN,
2.70%,
10/1/43
(Tender
10/1/28) 
2,875‌
2,845‌
Michigan
State
Hosp.
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series C,
5.00%,
12/1/31 
1,050‌
1,084‌
Michigan
State
Housing
Dev.
Auth.,
Series A-1,
3.55%,
10/1/31 
5,315‌
5,308‌
Wayne
County,
Series C,
5.00%,
12/1/37 (2)(3)(6)
14,615‌
14,882‌
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/28 (2)
800‌
822‌
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/29 (2)
600‌
616‌
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/30 (2)
3,160‌
3,241‌
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/31 (2)
800‌
820‌
Wayne
County
Airport
Auth.,
Series B,
5.00%,
12/1/32 (2)
1,450‌
1,484‌
149,003‌
MINNESOTA
 0.8%
Hennepin
County,
Series 2023A,
GO,
5.00%,
12/1/42 
2,245‌
2,468‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Hennepin
County,
Series A,
GO,
5.00%,
12/1/37 
5,515‌
6,182‌
Hennepin
County,
Series A,
GO,
5.00%,
12/1/38 
5,000‌
5,709‌
Hennepin
County,
Series A,
GO,
5.00%,
12/1/42 
5,580‌
6,193‌
Minnesota,
Series B,
GO,
1.50%,
8/1/36 
5,735‌
4,518‌
Minnesota
Housing
Fin.
Agency,
Series A,
3.00%,
7/1/52 
1,790‌
1,760‌
Minnesota,
Bidding
Group
2,
Series A,
GO,
5.00%,
8/1/41 
5,485‌
6,101‌
Rochester,
Mayo
Clinic,
Series A,
5.00%,
11/15/38 
4,930‌
5,570‌
38,501‌
MISSISSIPPI
 0.0%
Warren
County,
Int'l.
Paper
Company
Project,
4.00%,
9/1/32 
1,325‌
1,355‌
1,355‌
MISSOURI
 0.4%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/38 (2)
6,000‌
5,900‌
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
Series A,
5.00%,
3/1/36 (2)
4,950‌
5,122‌
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
Series B,
5.00%,
3/1/33 (2)
2,550‌
2,657‌
Missouri
HEFA,
BJC
Health
System,
Series B-1,
VRDN,
0.01%,
5/1/51 (1)
1,000‌
1,000‌
Missouri
HEFA,
BJC
Health
System,
Series B-2,
Class
B,
VRDN,
3.30%,
5/1/51 
1,000‌
1,000‌
Missouri
HEFA,
BJC
Health
System,
Series B-3,
Class
B,
VRDN,
3.25%,
5/1/51 
1,000‌
1,000‌
Missouri
HEFA,
SSM
Health
Care,
Series G,
VRDN,
3.45%,
6/1/44 
2,500‌
2,500‌
19,179‌
NEBRASKA
 0.0%
Central
Plains
Energy
Project,
Series A-1,
VRDN,
5.00%,
8/1/55
(Tender
8/1/31) 
1,170‌
1,252‌
1,252‌
NEVADA
 0.0%
Nevada
Housing
Division,
VRDN,
2.95%,
5/1/44 
1,000‌
1,000‌
1,000‌
NEW
HAMPSHIRE
 1.0%
New
Hampshire
Business
Fin.
Auth.,
Series 1,
4.125%,
4/20/43
(Tender
3/1/36) 
7,120‌
6,982‌
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34 
15,109‌
15,327‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39 
13,738‌
13,050‌
New
Hampshire
Business
Fin.
Auth.,
Series 2026-1,
Class
A1,
4.25%,
7/20/41 
9,475‌
9,257‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
New
Hampshire
Business
Fin.
Auth.,
Sustainable
Bonds,
Series 2025-1,
Class
A-1,
VR,
4.167%,
1/20/41 
6,906‌
6,757‌
51,373‌
NEW
JERSEY
 1.4%
New
Jersey
Economic
Dev.
Auth.,
American
Water,
Series A,
VRDN,
2.20%,
10/1/39
(Tender
12/3/29) (2)
2,000‌
1,897‌
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (2)
2,000‌
2,003‌
New
Jersey
Economic
Dev.
Auth.,
Cranes
Mill
Project,
5.00%,
1/1/34 
2,025‌
2,074‌
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (2)(3)
6,245‌
6,550‌
New
Jersey
EFA,
Princeton
Univ.,
Series A-2,
5.00%,
3/1/38 
10,000‌
11,271‌
New
Jersey
EFA,
Princeton
Univ.,
Series A-2,
5.00%,
3/1/41 
10,890‌
12,096‌
New
Jersey
General
Obligation
Bonds,
GO,
5.00%,
6/1/39 
3,935‌
4,211‌
New
Jersey
HCFFA,
Barnabas
Health,
Series A,
4.00%,
7/1/36 
2,000‌
1,980‌
New
Jersey
HCFFA,
Barnabas
Health,
Series A,
5.00%,
7/1/33 
3,005‌
3,014‌
New
Jersey
HCFFA,
Barnabas
Health,
Series A,
5.00%,
7/1/43 
5,915‌
5,923‌
New
Jersey
HCFFA,
St.
Joseph's
Health
System,
3.00%,
7/1/32 
2,325‌
2,195‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/38 
3,750‌
3,753‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.00%,
6/15/36 
10,000‌
11,280‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/40 
2,000‌
2,172‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/26 
85‌
85‌
70,504‌
NEW
MEXICO
 0.1%
New
Mexico
Mortgage
Fin.
Auth.,
Single
Family
Mortgage
Program,
Series A,
4.25%,
9/1/43 
700‌
696‌
New
Mexico
Mortgage
Fin.
Auth.,
Single
Family
Mortgage
Program,
Series C,
3.85%,
9/1/42 
2,840‌
2,728‌
3,424‌
NEW
YORK
 12.1%
Battery
Park
City
Auth.,
Sustainable
Bonds,
5.00%,
11/1/45 
1,600‌
1,748‌
Battery
Park
City
Auth.,
Sustainable
Bonds,
5.00%,
11/1/46 
1,350‌
1,454‌
Build
New
York
City
Resource,
261
Walton
Faciility
-
Zeta
Charter
Schools
Project,
Series B,
5.00%,
6/1/36 (3)
12,300‌
12,722‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
4.00%,
3/15/42 
4,200‌
4,145‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
3/15/43 
4,440‌
4,798‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series B,
5.00%,
2/15/35 
23,225‌
23,779‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
3.25%,
3/15/36 
2,750‌
2,663‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Bid
Group
2,
Series A,
5.00%,
3/15/43 
25,000‌
27,214‌
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series A,
5.00%,
3/15/42 
4,360‌
4,820‌
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series B,
5.00%,
3/15/44 
5,575‌
6,069‌
Dormitory
Auth.
of
the
State
of
New
York,
Sales
Tax,
Series E,
5.00%,
3/15/37 
5,340‌
5,574‌
Empire
State
Dev.,
Personal
Income
Tax,
Series A,
5.00%,
3/15/40 
7,415‌
7,687‌
Empire
State
Dev.,
Personal
Income
Tax,
Series C-2,
5.00%,
3/15/33 
18,775‌
19,298‌
Empire
State
Dev.,
Sales
Tax,
Series A,
5.00%,
3/15/44 
4,000‌
4,340‌
Metropolitan
Transportation
Auth.,
Series C-1,
5.00%,
11/15/35 
10,000‌
10,079‌
Nassau
County
IDA,
EC,
5.00%,
5/19/25 (11)
1,224‌
—‌
Nassau
County
Local
Economic
Assistance,
Catholic
Health
Services
of
Long
Island,
5.00%,
7/1/27 
1,650‌
1,658‌
New
York
City,
Series B-1,
GO,
5.00%,
12/1/31 
2,000‌
2,024‌
New
York
City,
Series B-1,
GO,
5.00%,
10/1/35 
1,785‌
1,826‌
New
York
City,
Series C,
GO,
5.00%,
8/1/38 
4,020‌
4,254‌
New
York
City,
Series F-1,
GO,
3.00%,
3/1/41 
10,000‌
8,448‌
New
York
City,
Series I-4,
GO,
5.00%,
4/1/36 
5,000‌
5,601‌
New
York
City
Housing
Dev.,
Series A-1,
3.80%,
11/15/39 
1,580‌
1,539‌
New
York
City
Housing
Dev.,
Series A-1,
3.95%,
11/15/44 
1,260‌
1,179‌
New
York
City
Housing
Dev.,
Series C,
4.20%,
11/1/44 
1,600‌
1,576‌
New
York
City
Housing
Dev.,
Sustainable
Bonds,
Series B,
VRDN,
3.10%,
11/1/45
(Tender
2/1/31) 
3,325‌
3,306‌
New
York
City
Housing
Dev.,
Sustainable
Bonds,
Series C-1,
3.85%,
11/1/43 
505‌
484‌
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A,
2.70%,
8/1/37 
1,650‌
1,435‌
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.25%,
11/1/65
(Tender
2/1/30) 
6,000‌
6,023‌
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series A-2,
VRDN,
3.73%,
5/1/63
(Tender
12/29/28) 
6,500‌
6,503‌
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series C-2,
VRDN,
3.75%,
5/1/65
(Tender
7/2/29) 
2,725‌
2,755‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
3.45%,
11/1/37 
255‌
249‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
3.55%,
11/1/42 
440‌
404‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
3.95%,
11/1/43 
1,000‌
967‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
4.15%,
11/1/46 
1,200‌
1,153‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series 1B,
3.85%,
11/1/43 
2,810‌
2,695‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series C-1-A,
3.15%,
11/1/36 
535‌
504‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series D,
3.65%,
11/1/41 
570‌
534‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
Series G,
3.45%,
11/1/37 
3,180‌
3,030‌
New
York
City
Housing
Dev.,
Sustainablity
Bonds,
Series C,
2.25%,
11/1/41 
8,400‌
6,282‌
New
York
City
Housing
Dev.,
Tender
Option
Bond
Trust
Receipts,
Series 2026-XX1455,
VRTR,
3.12%,
5/1/56 (3)
1,300‌
1,300‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.00%,
6/15/37 
19,000‌
19,436‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series BB-1,
3.00%,
6/15/44 
12,810‌
10,604‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series EE,
4.00%,
6/15/39 
5,000‌
5,025‌
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/32 
10,000‌
10,262‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
4.00%,
5/1/39 
4,505‌
4,535‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
5.00%,
8/1/34 
5,160‌
5,377‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series A-1,
4.00%,
11/1/38 
4,000‌
4,050‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series B-1,
4.00%,
8/1/45 
4,000‌
3,810‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series C-1,
5.00%,
5/1/41 
5,755‌
6,043‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D,
5.00%,
5/1/42 
7,120‌
7,756‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D,
5.25%,
5/1/43 
7,750‌
8,569‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.00%,
11/1/37 
4,805‌
5,356‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.00%,
11/1/39 
4,000‌
4,412‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.00%,
11/1/40 
5,130‌
5,633‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.25%,
11/1/48 
10,165‌
10,637‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.50%,
11/1/45 
6,365‌
6,892‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series E,
5.00%,
11/1/42 
10,000‌
10,888‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series F-1,
5.00%,
5/1/34 
2,000‌
2,043‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series F-1,
5.00%,
11/1/38 
2,550‌
2,854‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series F-1,
5.25%,
2/1/47 
11,445‌
12,052‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series H-1,
5.00%,
11/1/44 
10,170‌
11,013‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series H-1,
5.25%,
11/1/45 
3,150‌
3,431‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series I-1,
5.00%,
5/1/44 
1,000‌
1,083‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
Series F-1,
5.00%,
2/1/44 
2,315‌
2,465‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Subordinate
Bonds,
Series E,
5.00%,
5/1/31 
1,485‌
1,642‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Subordinate
Bonds,
Series E,
5.00%,
5/1/32 
2,220‌
2,483‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Subordinate
Bonds,
Series F-1,
5.50%,
2/1/48 
10,000‌
10,931‌
New
York
City
Transitional
Fin.
Auth.,
Multi-Modal
Subordinate
Bonds,
Series B,
5.00%,
5/1/40 
5,830‌
6,387‌
New
York
City
Transitional
Fin.
Auth.,
Multi-Modal
Subordinate
Bonds,
Series B,
5.00%,
5/1/41 
3,000‌
3,272‌
New
York
City
Transitional
Fin.
Auth.,
Multi-Modal
Subordinate
Bonds,
Series F-1,
5.00%,
2/1/41 
5,125‌
5,577‌
New
York
City
Transitional
Fin.
Auth.,
Multi-Modal
Subordinate
Bonds,
Series F-1,
5.00%,
2/1/42 
9,360‌
10,127‌
New
York
City
Transitional
Fin.
Auth.,
Subordinate
Future
Tax,
Series D,
5.00%,
5/1/37 
9,500‌
10,675‌
New
York
City
Transitional
Fin.
Auth.,
Subordinate
Future
Tax,
Series G-1,
5.00%,
5/1/42 
13,000‌
14,102‌
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 239,
2.20%,
10/1/36 
400‌
335‌
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 242,
3.00%,
10/1/40 
5,000‌
4,363‌
New
York
State
Housing
Fin.
Agency,
Series C,
3.05%,
11/1/36 
815‌
750‌
New
York
State
Housing
Fin.
Agency,
Series G,
3.85%,
11/1/43 
2,250‌
2,158‌
New
York
State
Housing
Fin.
Agency,
160
West
62nd
Street
Housing,
Series A-1,
VRDN,
3.60%,
11/1/44
(Tender
4/1/32) 
9,120‌
9,189‌
New
York
State
Housing
Fin.
Agency,
320
West
38th
Street
Housing,
Series A,
VRDN,
3.57%,
5/1/42
(Tender
11/1/31) 
6,850‌
6,887‌
New
York
State
Housing
Fin.
Agency,
Affordable
Housing,
Series D,
3.20%,
11/1/46 
425‌
343‌
New
York
State
Housing
Fin.
Agency,
Affordable
Housing,
Series G,
3.75%,
11/1/40 
500‌
483‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
New
York
State
Housing
Fin.
Agency,
Affordable
Housing
Sustainable
Bonds,
Series K,
3.30%,
11/1/37 
1,875‌
1,783‌
New
York
State
Housing
Fin.
Agency,
Sustainable
Bonds,
Series A-2,
VRDN,
3.50%,
11/1/64
(Tender
5/1/30) 
9,000‌
9,067‌
New
York
State
Housing
Fin.
Agency,
Sustainable
Bonds,
Series B-2,
VRDN,
3.00%,
11/1/55
(Tender
5/1/30) 
10,000‌
10,009‌
New
York
State
Housing
Fin.
Agency,
Sustainable
Bonds,
Series D-2,
VRDN,
3.375%,
5/1/65
(Tender
11/1/31) 
7,300‌
7,326‌
New
York
State
Housing
Fin.
Agency,
Tender
Option
Bond
Trust
Receipts,
Series 2026-CF7082,
VRTR,
3.12%,
5/1/55 (3)
3,100‌
3,100‌
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (2)
2,190‌
2,191‌
New
York
Transportation
Dev.,
Delta
Airlines,
5.00%,
1/1/27 (2)
3,500‌
3,547‌
New
York
Transportation
Dev.,
Delta
Airlines,
5.00%,
1/1/31 (2)
11,230‌
11,514‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
5.25%,
6/30/38 (2)
3,125‌
3,341‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
5.25%,
6/30/39 (2)(6)
1,325‌
1,426‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/40 (2)
1,250‌
1,408‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/41 (2)
2,000‌
2,243‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/42 (2)
1,675‌
1,868‌
New
York
Transportation
Dev.,
Laguardia
Airport
Terminal
B
Redevelopment
Project,
Series A,
4.00%,
7/1/33 (2)
2,840‌
2,831‌
New
York
Transportation
Dev.,
Terminal
4
JFK
Int'l.
Airport
Project,
Series A,
5.00%,
12/1/34 (2)
1,415‌
1,493‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 197,
5.00%,
11/15/36 (2)
2,925‌
2,948‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/27 (2)
9,880‌
10,171‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 207,
5.00%,
9/15/30 (2)
8,155‌
8,434‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 218,
5.00%,
11/1/44 (2)
6,000‌
6,185‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 231ST,
5.00%,
8/1/37 (2)
1,250‌
1,341‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 231ST,
5.00%,
8/1/38 (2)
1,800‌
1,928‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 244,
5.00%,
7/15/41 
1,450‌
1,616‌
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
Bonds,
Series 218,
5.00%,
11/1/36 (2)
3,030‌
3,183‌
Triborough
Bridge
&
Tunnel
Auth.,
Senior
Green
Bonds,
Series C,
5.00%,
11/15/41 
11,065‌
12,163‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Triborough
Bridge
&
Tunnel
Auth.,
Senior
Green
Bonds,
Series C,
5.25%,
11/15/40 
2,000‌
2,248‌
Utility
Debt
Securitization
Auth.,
Series TE-1,
5.00%,
12/15/40 
7,000‌
7,858‌
Utility
Debt
Securitization
Auth.,
Series TE-1,
5.00%,
12/15/41 
8,500‌
9,510‌
Utility
Debt
Securitization
Auth.,
Sustainable
Bonds,
Series TE-
1,
5.00%,
12/15/46 
2,300‌
2,484‌
Utility
Debt
Securitization
Auth.,
Sustainable
Bonds,
Series TE-
1,
5.00%,
12/15/47 
1,870‌
2,002‌
591,267‌
NORTH
CAROLINA
 2.6%
Charlotte
North
Carolina
Water
&
Sewer
System
Revenue,
5.00%,
7/1/39 
3,075‌
3,498‌
Charlotte
North
Carolina
Water
&
Sewer
System
Revenue,
5.00%,
7/1/40 
1,865‌
2,087‌
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Healthcare,
VRDN,
5.00%,
1/15/49
(Tender
12/1/31) 
16,465‌
18,094‌
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
HealthCare
System,
5.00%,
1/15/38 
3,000‌
3,004‌
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
HealthCare
System,
Series B,
VRDN,
3.40%,
1/15/38 
3,200‌
3,200‌
Forsyth
County,
GO,
5.00%,
6/1/38 
1,645‌
1,880‌
Forsyth
County,
GO,
5.00%,
6/1/39 
1,620‌
1,841‌
Forsyth
County,
Series B,
GO,
2.00%,
3/1/40 
5,660‌
4,321‌
Guilford
County,
GO,
5.00%,
3/1/38 
12,000‌
13,664‌
Mecklenburg
County,
Series B,
GO,
5.00%,
2/1/38 
5,000‌
5,702‌
North
Carolina
Capital
Fac.
Fin.
Agency,
Wake
Forest
Univ.,
5.00%,
1/1/33 
5,205‌
5,224‌
North
Carolina
Housing
Fin.
Agency,
3.25%,
1/1/34 
1,000‌
962‌
North
Carolina
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/55 
5,000‌
5,394‌
North
Carolina
Housing
Fin.
Agency,
Series B,
VRDN,
3.42%,
1/1/57 
9,200‌
9,200‌
North
Carolina
Housing
Fin.
Agency,
Harmony
Housing
Dev.
Landura,
VRDN,
3.15%,
2/1/30
(Tender
2/1/29) 
7,000‌
7,006‌
North
Carolina
Medical
Care
Commission,
CaroMont
Health,
Series A,
3.00%,
2/1/33 
1,300‌
1,264‌
North
Carolina
Medical
Care
Commission,
CaroMont
Health,
Series A,
3.00%,
2/1/34 
1,475‌
1,423‌
North
Carolina
Municipal
Power
Agency
No.
1,
Catawba
Electric,
Series A,
5.00%,
1/1/31 
10,075‌
10,143‌
North
Carolina
Municipal
Power
Agency
No.
1,
Unrefunded
Balance,
Series C,
5.00%,
1/1/30 
8,540‌
8,598‌
North
Carolina
Turnpike
Auth.,
Monroe
Expressway
System,
5.00%,
1/1/38 
1,950‌
2,178‌
North
Carolina
Turnpike
Auth.,
Monroe
Expressway
System,
5.00%,
1/1/39 
1,525‌
1,694‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Turnpike
Auth.,
Monroe
Expressway
System,
5.00%,
1/1/40 
2,815‌
3,108‌
North
Carolina
Turnpike
Auth.,
Monroe
Expressway
System,
5.00%,
1/1/41 
1,400‌
1,535‌
Raleigh
Combined
Enterprise
System
Revenue,
5.00%,
12/1/39 
750‌
855‌
Raleigh
Combined
Enterprise
System
Revenue,
5.00%,
12/1/40 
675‌
766‌
Raleigh
Durham
Airport
Auth.,
Series A,
5.00%,
5/1/33 (2)
1,500‌
1,598‌
Raleigh
Housing
Auth.,
Maple
Ridge
Apartments,
VRDN,
3.15%,
1/1/44
(Tender
2/1/29) 
3,315‌
3,324‌
Union
County,
GO,
5.00%,
9/1/37 
3,145‌
3,531‌
125,094‌
OHIO
 0.8%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
10,000‌
7,931‌
Columbus,
Series A,
GO,
5.00%,
10/1/39 
5,000‌
5,648‌
Franklin
County,
Nationwide
Children's
Hospital,
Series B-2,
VRDN,
3.35%,
11/1/65 
8,000‌
8,000‌
Hamilton
County,
Life
Enriching
Community,
5.00%,
1/1/31 
1,500‌
1,501‌
Ohio,
Series A,
GO,
5.00%,
3/1/43 
3,000‌
3,319‌
Ohio,
Series A,
GO,
5.00%,
3/1/44 
7,000‌
7,676‌
Ohio,
Series A,
GO,
5.00%,
3/1/45 
2,210‌
2,401‌
Ohio
Hosp.
Fac.,
Cleveland
Clinic
Health,
Series A,
5.00%,
1/1/33 
2,735‌
2,828‌
Ohio
Housing
Fin.
Agency,
Series K,
3.20%,
9/1/36 
1,245‌
1,184‌
Ohio
Housing
Fin.
Agency,
Series K,
3.35%,
9/1/39 
500‌
461‌
40,949‌
OKLAHOMA
 0.4%
Oklahoma
Turnpike
Auth.,
Series A,
5.00%,
1/1/41 
5,720‌
6,337‌
Oklahoma
Turnpike
Auth.,
Series A,
5.00%,
1/1/42 
5,455‌
5,992‌
Oklahoma
Turnpike
Auth.,
Series A,
5.00%,
1/1/43 
5,140‌
5,605‌
Oklahoma
Turnpike
Auth.,
Series A,
5.00%,
1/1/44 
1,620‌
1,750‌
19,684‌
OREGON
 0.7%
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/27 
305‌
307‌
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/28 
320‌
323‌
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/29 
335‌
338‌
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/30 
355‌
358‌
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/31 
370‌
373‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/32 
390‌
393‌
Clackamas
County
Hosp.
Fac.
Auth.,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/33 
410‌
413‌
Multnomah
County
School
Dist.
No.
1J
Portland,
GO,
5.00%,
6/15/48 
10,000‌
10,585‌
Oregon,
Series L,
GO,
5.00%,
8/1/33 
2,475‌
2,539‌
Oregon
Housing
&
Community
Services
Dept.,
Single-Family
Mortgage
Program,
Series A,
3.00%,
7/1/52 
3,815‌
3,761‌
Oregon,
Article
XI-Q
State
Projects,
Series A,
GO,
5.00%,
5/1/39 
1,060‌
1,169‌
Oregon,
Article
XI-Q
State
Projects,
Series A,
GO,
5.00%,
5/1/43 
6,175‌
6,675‌
Port
of
Portland
Airport,
Series 24-B,
5.00%,
7/1/31 (2)
1,685‌
1,706‌
Port
of
Portland
Airport,
Series 24-B,
5.00%,
7/1/32 (2)
1,135‌
1,148‌
Port
of
Portland
Airport,
Series 28,
4.00%,
7/1/36 (2)
2,000‌
1,990‌
32,078‌
PENNSYLVANIA
 1.7%
Allegheny
County
Airport
Auth.,
Pittsburgh
Airport,
Series A,
5.00%,
1/1/27 (2)(6)
850‌
862‌
Allegheny
County
Airport
Auth.,
Pittsburgh
Airport,
Series A,
5.00%,
1/1/28 (2)(6)
1,000‌
1,031‌
Allegheny
County
Airport
Auth.,
Pittsburgh
Airport,
Series A,
5.00%,
1/1/30 (2)(6)
2,380‌
2,543‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/26 
550‌
550‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28 
600‌
621‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30 
650‌
692‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
City
Center,
5.00%,
5/1/28 (3)
955‌
988‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
City
Center,
5.00%,
5/1/33 (3)
2,895‌
2,969‌
Bucks
County
IDA,
Grand
View
Hospital
Project,
5.00%,
7/1/26 
450‌
451‌
Bucks
County
IDA,
Grand
View
Hospital
Project,
5.00%,
7/1/27 
475‌
484‌
Cumberland
County
Municipal
Auth.,
Asbury
Obligated
Group,
4.50%,
1/1/36 (3)
4,005‌
3,973‌
Pennsylvania,
GO,
3.00%,
9/15/35 
3,750‌
3,613‌
Pennsylvania,
GO,
3.00%,
9/15/36 
1,700‌
1,633‌
Pennsylvania
Economic
DFA,
Series D,
VRDN,
3.35%,
5/15/53 
5,000‌
5,000‌
Pennsylvania
Housing
Fin.
Agency,
Series 125B,
3.65%,
10/1/42 
5,330‌
5,034‌
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/37 
3,145‌
3,578‌
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/38 
4,275‌
4,827‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/39 
1,000‌
1,123‌
Pennsylvania,
Bid
Group
C,
GO,
4.00%,
9/1/42 
5,000‌
5,031‌
Philadelphia
Airport,
Private
Activity,
4.00%,
7/1/41 (2)(6)
1,000‌
972‌
Philadelphia
Hosp.
&
Higher
EFA,
Temple
Univ.
Health
System,
5.00%,
7/1/36 (6)
2,000‌
2,165‌
Philadelphia
Hosp.
&
Higher
EFA,
Temple
Univ.
Health
System,
5.00%,
7/1/37 (6)
1,605‌
1,729‌
Philadelphia
Hosp.
&
Higher
EFA,Temple
Univ.
Health
System,
5.00%,
7/1/29 
400‌
405‌
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series B-1,
VRDN,
3.35%,
7/1/54 
7,100‌
7,100‌
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series B-2,
VRDN,
3.35%,
7/1/54 
4,300‌
4,300‌
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/31 (6)
9,160‌
9,266‌
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/32 (6)
10,000‌
10,112‌
81,052‌
PUERTO
RICO
 5.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (12)
22,672‌
15,417‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (3)
6,450‌
6,669‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (3)
7,470‌
7,784‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (3)
4,370‌
4,471‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/33 (3)
13,455‌
14,068‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
12,659‌
9,171‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33 
15,823‌
15,800‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
3,175‌
3,146‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
9,528‌
9,270‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
2,757‌
2,580‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
6,348‌
6,465‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
19,854‌
20,897‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31 
49,272‌
53,260‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (7)(8)
130‌
92‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (7)(8)
170‌
120‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (7)(8)
500‌
353‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (7)
(8)
630‌
444‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (7)
(8)
2,380‌
1,678‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (7)
(8)
830‌
585‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (7)
(8)
985‌
695‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (7)
(8)
130‌
92‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (7)
(8)
70‌
49‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (7)
(8)
6,525‌
4,600‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (7)
(8)
535‌
377‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (7)
(8)
215‌
152‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (7)
(8)
610‌
430‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (7)
(8)
480‌
338‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (7)
(8)
150‌
106‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (7)
(8)
265‌
187‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (7)
(8)
190‌
134‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (7)
(8)
1,890‌
1,333‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (7)
(8)
530‌
374‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (7)
(8)
225‌
159‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34 
4,420‌
4,420‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
3,171‌
3,174‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
45,780‌
35,205‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40 
33,860‌
33,476‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2-
Converted,
4.329%,
7/1/40 
14,003‌
13,844‌
271,415‌
RHODE
ISLAND
 0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (7)(8)
980‌
382‌
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/26 
1,630‌
1,633‌
2,015‌
SOUTH
CAROLINA
 1.2%
Lexington
County
Health
Services
Dist.,
Lexington
Medical
Center,
5.00%,
11/1/29 
3,010‌
3,103‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Bon
Secours
Mercy
Health,
Series A,
5.25%,
11/1/42 
1,930‌
2,114‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
International
Paper
Company
Project,
Series A,
3.95%,
4/1/33 (2)
1,000‌
996‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/32 
7,185‌
7,451‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/34 
8,370‌
8,656‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35 
1,135‌
1,172‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/36 
5,500‌
5,671‌
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/43 
1,250‌
1,349‌
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/45 
1,800‌
1,909‌
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/44 
3,250‌
3,477‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series A,
5.00%,
12/1/37 
3,000‌
3,351‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series B,
5.00%,
12/1/39 
2,130‌
2,338‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series B,
5.00%,
12/1/42 (6)
305‌
332‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series C,
5.25%,
12/1/38 (6)
2,315‌
2,560‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series E,
5.25%,
12/1/36 (6)
4,345‌
4,850‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series E,
5.25%,
12/1/38 (6)
6,725‌
7,438‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series E,
5.50%,
12/1/39 
730‌
813‌
South
Carolina
Public
Service
Auth.,
Santee
Cooper,
Series E,
5.50%,
12/1/41 
1,390‌
1,539‌
59,119‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
SOUTH
DAKOTA
 0.2%
Lincoln
County,
Augustana
Univ.
Assn.,
5.00%,
8/1/33 
500‌
526‌
Lincoln
County,
Augustana
Univ.
Assn.,
5.00%,
8/1/34 
1,085‌
1,139‌
Lincoln
County,
Augustana
Univ.
Assn.,
5.00%,
8/1/35 
1,150‌
1,202‌
Lincoln
County,
Augustana
Univ.
Assn.,
5.25%,
8/1/36 
1,225‌
1,302‌
Lincoln
County,
Augustana
Univ.
Assn.,
5.25%,
8/1/37 
2,400‌
2,538‌
Lincoln
County,
Augustana
Univ.
Assn.,
5.25%,
8/1/38 
2,625‌
2,752‌
9,459‌
TENNESSEE
 1.8%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI,
5.00%,
10/1/26 
1,000‌
1,000‌
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI,
5.00%,
10/1/27 
1,050‌
1,051‌
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI,
5.00%,
10/1/28 
1,000‌
1,000‌
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI,
5.00%,
10/1/29 
1,000‌
1,000‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/29 
1,570‌
1,633‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35 
2,925‌
3,013‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37 
10,325‌
10,596‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
Series 2018A,
4.00%,
7/1/40 
5,445‌
5,249‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
Series 2018A,
5.00%,
7/1/36 
3,465‌
3,562‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/35 (10)
600‌
662‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/36 (10)
450‌
494‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/37 (10)
800‌
873‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/38 (10)
850‌
923‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/39 (10)
800‌
864‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.00%,
7/1/40 (10)
825‌
888‌
Metropolitan
Gov't.
of
Nashville-Davidson
County,
Water
&
Sewer
Revenue,
5.00%,
7/1/38 
4,950‌
5,539‌
Metropolitan
Gov't.
of
Nashville-Davidson
County,
Water
&
Sewer
Revenue,
5.00%,
7/1/40 
3,435‌
3,805‌
Metropolitan
Gov't.
of
Nashville-Davidson
County,
Water
&
Sewer
Revenue,
5.00%,
7/1/41 
3,225‌
3,556‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville-Davidson
County,
Water
&
Sewer
Revenue,
5.00%,
7/1/42 
2,000‌
2,191‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
5.00%,
7/1/31 
6,780‌
7,339‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/33 
10,000‌
11,157‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/28 (2)
2,870‌
2,984‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/36 (2)
2,000‌
2,227‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/37 (2)
2,000‌
2,212‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/38 (2)
1,525‌
1,676‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/42 (2)
4,750‌
5,113‌
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31) 
7,550‌
8,003‌
88,610‌
TEXAS
 10.3%
Arlington
Higher
Ed.
Fin.,
Kipp
Texas,
2.00%,
8/15/41 
2,325‌
1,639‌
Arlington
Special
Tax
Revenue,
Senior
Lien,
Series A,
5.00%,
2/15/35 (6)
2,500‌
2,582‌
Austin
Airport
System
Revenue,
5.00%,
11/15/42 (2)
2,500‌
2,698‌
Austin
Airport,
North
Terminal
Project,
Series B,
5.00%,
11/15/31 (2)
1,550‌
1,565‌
Austin
Airport,
North
Terminal
Project,
Series B,
5.00%,
11/15/33 (2)
1,130‌
1,140‌
Austin
Airport,
North
Terminal
Project,
Series B,
5.00%,
11/15/37 (2)
2,680‌
2,791‌
Austin
Convention
Enterprises,
Convention
Center,
1st
Tier,
Series A,
5.00%,
1/1/30 
2,455‌
2,467‌
Austin
Convention
Enterprises,
Convention
Center,
1st
Tier,
Series A,
5.00%,
1/1/31 
1,800‌
1,808‌
Austin
Convention
Enterprises,
Convention
Center,
1st
Tier,
Series A,
5.00%,
1/1/33 
2,450‌
2,458‌
Austin
Convention
Enterprises,
Convention
Center,
1st
Tier,
Series A,
5.00%,
1/1/34 
1,000‌
1,003‌
Bexar
Management
And
Dev.,
Miller's
Pond
Apartments,
VRDN,
2.65%,
3/1/29
(Tender
3/1/28) 
1,000‌
991‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
5.00%,
8/15/43 
2,310‌
2,562‌
Central
Texas
Regional
Mobility
Auth.,
Series D,
4.00%,
1/1/37 
1,640‌
1,662‌
Central
Texas
Regional
Mobility
Auth.,
Series E,
4.00%,
1/1/36 
1,250‌
1,268‌
Central
Texas
Turnpike
System,
Series A,
3.00%,
8/15/40 
3,550‌
3,044‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/36 
16,325‌
18,176‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/42 
4,020‌
4,334‌
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/30 
1,000‌
1,083‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/31 
2,250‌
2,464‌
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/36 
1,500‌
1,665‌
Clifton
Higher
Ed.
Fin.,
Idea
Public
Schools,
5.00%,
8/15/38 
1,110‌
1,200‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/35 
3,275‌
3,635‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/36 
8,000‌
8,824‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/37 
10,980‌
12,038‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/39 
2,295‌
2,490‌
Conroe
Independent
School
Dist.,
GO,
5.00%,
2/15/43 
5,000‌
5,460‌
Cypress-Fairbanks
Independent
School
Dist.,
Series A,
GO,
5.00%,
2/15/38 
2,805‌
3,121‌
Dallas
Fort
Worth
Int'l.
Airport,
Series A-1,
5.00%,
11/1/31 (2)
3,520‌
3,836‌
Dallas
Fort
Worth
Int'l.
Airport,
Series A-1,
5.00%,
11/1/36 (2)
4,505‌
4,947‌
Dallas
Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/29) (2)
2,500‌
2,631‌
Dallas
Independent
School
Dist.,
Series B,
GO,
5.00%,
2/15/42 
4,300‌
4,703‌
Dallas
Independent
School
Dist.,
Series B,
GO,
5.00%,
2/15/44 
5,000‌
5,398‌
Dallas/Fort
Worth
Int'l.
Airport,
Series A-1,
5.00%,
11/1/35 (2)
4,750‌
5,251‌
Dallas/Fort
Worth
Int'l.
Airport,
Series A-1,
5.25%,
11/1/37 (2)
8,300‌
9,243‌
Dallas/Fort
Worth
Int'l.
Airport,
Series A-1,
5.25%,
11/1/38 (2)
6,100‌
6,756‌
Dallas/Fort
Worth
Int'l.
Airport,
Series A-1,
5.25%,
11/1/39 (2)
3,450‌
3,801‌
Dallas/Fort
Worth
Int'l.
Airport,
Series A-2,
VRDN,
5.00%,
11/1/50
(Tender
11/1/32) (2)
8,350‌
9,021‌
Dallas/Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/37 
1,000‌
1,108‌
Dallas/Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/38 
655‌
721‌
Dallas/Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/39 
850‌
930‌
Dallas/Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/40 
2,625‌
2,859‌
Denton,
GO,
4.00%,
2/15/42 
4,000‌
3,951‌
Denton
Independent
School
Dist.,
GO,
1.75%,
8/15/36 
8,595‌
6,835‌
Denton
Independent
School
Dist.,
GO,
5.00%,
8/15/36 
1,610‌
1,796‌
Denton
Independent
School
Dist.,
GO,
5.00%,
8/15/41 
7,050‌
7,677‌
Denton
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/38 
2,420‌
2,721‌
Fort
Bend
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/41 
3,280‌
3,550‌
Georgetown
Independent
School
Dist.,
GO,
5.00%,
2/15/38 
2,390‌
2,659‌
Georgetown
Independent
School
Dist.,
GO,
5.50%,
2/15/36 
5,000‌
5,876‌
Georgetown
Independent
School
Dist.,
GO,
5.50%,
2/15/38 
6,495‌
7,532‌
Grand
Parkway
Transportation,
Tela
Supported,
Series A,
5.00%,
10/1/34 
8,495‌
8,815‌
Harris
County,
GO,
5.00%,
9/15/42 
1,000‌
1,094‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
Harris
County,
Series A,
GO,
5.00%,
9/15/42 
3,410‌
3,731‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist,
Series A,
5.00%,
12/1/29 
10,000‌
10,751‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
System,
Series B,
5.00%,
7/1/31 
5,000‌
5,507‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Memorial
Hermann
Health
System,
Series B,
5.00%,
7/1/39 
3,945‌
4,303‌
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/43 
7,080‌
7,619‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
5.00%,
12/1/34 
1,250‌
1,315‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
5.00%,
12/1/35 
1,590‌
1,663‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
5.00%,
12/1/36 
2,155‌
2,241‌
Houston
Airport,
Series A,
5.00%,
7/1/41 (2)
2,500‌
2,547‌
Houston
Airport,
Series C,
5.00%,
7/1/32 (2)
2,645‌
2,738‌
Houston
Airport
System
Revenue,
United
Airlines
Terminal
Improvement
Projects,
Series B,
5.25%,
7/15/27 (2)
5,000‌
5,093‌
Houston
Airport
System
Revenue,
United
Airlines
Terminal
Improvement
Projects,
Series B,
5.25%,
7/15/28 (2)
5,000‌
5,154‌
Houston
Airport
System
Revenue,
United
Airlines
Terminal
Improvement
Projects,
Series B,
5.25%,
7/15/29 (2)
1,500‌
1,560‌
Houston
Airport,
Subordinate
Lien,
Series A,
5.25%,
7/1/40 (2)
(6)
5,000‌
5,423‌
Houston
Airport,
United
Airlines,
Series B,
5.50%,
7/15/35 (2)
9,150‌
9,889‌
Houston
Airport,
United
Airlines,
Series B-1,
4.00%,
7/15/41 (2)
4,000‌
3,705‌
Houston
Airport,
United
Airlines,
Terminal
E,
5.00%,
7/1/29 (2)
8,370‌
8,379‌
Houston
Higher
Ed.
Fin.,
Kipp,
Series A,
4.00%,
2/15/39 
2,915‌
2,894‌
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series A,
5.00%,
9/1/41 
1,700‌
1,876‌
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series A,
5.00%,
9/1/42 
1,250‌
1,370‌
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series A,
5.00%,
9/1/43 
1,715‌
1,868‌
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series A,
5.00%,
9/1/44 
1,275‌
1,380‌
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services
Project,
Series A,
5.25%,
5/15/40 
2,265‌
2,459‌
Mansfield
Independent
School
Dist.,
GO,
5.00%,
2/15/38 
7,570‌
8,481‌
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (2)(3)
9,255‌
9,277‌
Mission
Economic
Dev.,
Sustainable
Bonds,
Graphic
Packaging
Int'l.,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (2)
4,670‌
4,862‌
Montgomery
County
Toll
Road
Auth.,
Senior,
5.00%,
9/15/26 
2,045‌
2,047‌
Montgomery
County
Toll
Road
Auth.,
Senior,
5.00%,
9/15/27 
2,145‌
2,148‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
42
Par/Shares
$
Value
(Amounts
in
000s)
Montgomery
County
Toll
Road
Auth.,
Senior,
5.00%,
9/15/29 
780‌
781‌
Montgomery
County
Toll
Road
Auth.,
Senior,
5.00%,
9/15/30 
835‌
836‌
North
Texas
Tollway
Auth.,
1st
Tier,
Series A,
5.00%,
1/1/37 
590‌
664‌
North
Texas
Tollway
Auth.,
1st
Tier,
Series A,
5.00%,
1/1/38 
15,055‌
15,657‌
North
Texas
Tollway
Auth.,
1st
Tier,
Series A,
5.25%,
1/1/38 
1,200‌
1,314‌
North
Texas
Tollway
Auth.,
2nd
Tier,
Series B,
5.00%,
1/1/33 
3,910‌
3,963‌
Permanent
Univ.
Fund
-
Univ.
of
Texas
System,
Series A,
5.00%,
7/1/40 
8,775‌
9,624‌
Permanent
Univ.
Fund
-
Univ.
of
Texas
System,
Series A,
5.00%,
7/1/44 
4,815‌
5,247‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Cost
Energy,
2.00%,
1/1/27 (2)(3)
550‌
535‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Cost
Energy,
2.125%,
1/1/28 (2)(3)
525‌
491‌
Prosper
Independent
School
Dist.,
GO,
3.00%,
2/15/40 
3,935‌
3,569‌
Prosper
Independent
School
Dist.,
GO,
5.00%,
2/15/36 
5,000‌
5,655‌
San
Angelo
Independent
School
Dist.,
GO,
5.00%,
2/15/41 
2,000‌
2,188‌
San
Antonio
Electric
&
Gas
Systems
Revenue,
VRDN,
1.125%,
12/1/45
(Tender
12/1/26) 
2,255‌
2,216‌
Spring
Independent
School
Dist.,
GO,
5.00%,
8/15/39 
5,315‌
5,929‌
Spring
Independent
School
Dist.,
GO,
5.25%,
8/15/42 
2,220‌
2,472‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
5.00%,
11/15/38 
3,465‌
3,855‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources,
Series A,
5.00%,
2/15/34 
3,615‌
3,636‌
Texas,
GO,
5.00%,
10/1/39 
5,000‌
5,636‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26 
5,700‌
5,815‌
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31 
17,950‌
19,138‌
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34) 
13,325‌
14,207‌
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/32 
1,000‌
1,063‌
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Expressway,
Series A,
5.00%,
12/31/35 
5,000‌
5,240‌
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Expressway,
Series A,
5.00%,
12/31/36 
4,735‌
4,962‌
Texas
Transportation
Commission,
GO,
5.00%,
4/1/41 
4,500‌
4,929‌
Texas
Transportation
Commission,
Mobility
Fund,
Series A,
GO,
5.00%,
10/1/33 
4,500‌
4,632‌
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/33 
19,495‌
20,065‌
Texas
Transportation
Commission,
Mobility
Fund,
Series B,
GO,
5.00%,
10/1/34 
18,475‌
18,999‌
Univ.
of
Houston,
Series B,
VRDN,
3.35%,
2/15/57 
1,000‌
1,000‌
502,477‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
43
Par/Shares
$
Value
(Amounts
in
000s)
UTAH
 2.2%
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.50%,
6/15/39 (3)
1,725‌
1,777‌
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/36 
1,000‌
973‌
Salt
Lake
City
Airport,
Series 2017A,
5.00%,
7/1/32 (2)
3,925‌
4,004‌
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/31 (2)
3,500‌
3,635‌
Salt
Lake
City
Airport,
Series 2018A,
5.00%,
7/1/32 (2)
1,825‌
1,893‌
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/33 (2)
6,110‌
6,587‌
Salt
Lake
City
Airport,
Series 2021A,
5.00%,
7/1/35 (2)
11,070‌
11,843‌
Salt
Lake
City
Airport,
Series 2023A,
5.00%,
7/1/34 (2)
5,000‌
5,506‌
Salt
Lake
City
Airport,
Series A,
4.00%,
7/1/41 (2)(10)
10,435‌
10,197‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/30 (2)
3,370‌
3,443‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/31 (2)
2,560‌
2,614‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/33 (2)
5,050‌
5,229‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/34 (2)
4,700‌
5,049‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/35 (2)
3,500‌
3,611‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/36 (2)
9,125‌
9,397‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/38 (2)
5,665‌
5,814‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (2)
1,500‌
1,524‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (2)
20,100‌
20,547‌
Utah
Housing,
VRDN,
2.65%,
3/1/45
(Tender
3/1/29) 
2,500‌
2,466‌
Vineyard
Redev.
Agency,
4.00%,
5/1/34 (6)
300‌
310‌
Vineyard
Redev.
Agency,
4.00%,
5/1/36 (6)
250‌
257‌
Vineyard
Redev.
Agency,
4.00%,
5/1/39 (6)
225‌
227‌
106,903‌
VIRGINIA
 6.5%
Alexandria,
Series A,
GO,
1.75%,
12/15/35 
7,160‌
5,830‌
Alexandria,
Series A,
GO,
1.875%,
12/15/36 
7,160‌
5,769‌
Arlington
County,
GO,
5.00%,
6/15/38 
4,585‌
5,035‌
Arlington
County,
GO,
5.00%,
6/15/39 
2,040‌
2,230‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/33 
3,080‌
3,294‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/34 
2,565‌
2,735‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/35 
1,000‌
1,063‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31) 
21,180‌
22,621‌
Chesterfield
County
Economic
Dev.
Auth.,
County
Mobility
Projects,
5.00%,
4/1/42 
1,905‌
2,086‌
Chesterfield
County
Economic
Dev.
Auth.,
County
Mobility
Projects,
5.00%,
4/1/43 
1,490‌
1,621‌
Fairfax
County,
Series A,
GO,
2.00%,
10/1/39 
12,225‌
9,335‌
Fairfax
County,
Series A,
GO,
4.00%,
10/1/38 
5,000‌
5,153‌
Fairfax
County,
Series A,
GO,
4.00%,
10/1/41 
4,000‌
4,062‌
Fairfax
County,
Series A,
GO,
5.00%,
10/1/37 
5,000‌
5,565‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
44
Par/Shares
$
Value
(Amounts
in
000s)
Fairfax
County
IDA,
Inova
Health,
3.50%,
5/15/39 
5,890‌
5,731‌
Fairfax
County
IDA,
Inova
Health,
4.00%,
5/15/42 
4,400‌
4,299‌
Fairfax
County
IDA,
Inova
Health,
5.00%,
5/15/32 
10,000‌
11,164‌
Fairfax
County
IDA,
Inova
Health,
5.00%,
5/15/36 
2,850‌
3,132‌
Fairfax
County
IDA,
Inova
Health,
5.00%,
5/15/37 
2,500‌
2,735‌
Fairfax
County
IDA,
Inova
Health,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30) 
7,500‌
8,093‌
Fairfax
County
Redev.
&
Housing
Auth.,
Dominion
Square
North
Project,
VRDN,
5.00%,
1/1/45
(Tender
1/1/28) 
3,875‌
3,960‌
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing,
5.00%,
10/1/34 
3,715‌
3,918‌
Falls
Church,
Series B,
GO,
3.00%,
7/15/45 
2,025‌
1,696‌
Farmville
IDA,
Convocation
Center
Project,
Series AG,
5.375%,
7/1/53
(Tender
7/1/43) (6)
3,000‌
3,160‌
Halifax
County
IDA,
Virginia
Electric
&
Power
Company
Project,
Series A,
VRDN,
3.80%,
12/1/41
(Tender
5/28/27) 
7,325‌
7,384‌
Henrico
County,
Public
Improvement,
GO,
3.25%,
8/1/34 
2,840‌
2,839‌
Loudoun
County,
Series A,
GO,
5.00%,
12/1/41 
3,030‌
3,312‌
Loudoun
County
Economic
Dev.
Auth.,
Public
facilities,
Series A,
3.00%,
12/1/37 
5,000‌
4,580‌
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47 
5,835‌
6,284‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/30 
1,300‌
1,303‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35 
1,000‌
1,002‌
Virginia
Beach,
Series A,
GO,
4.00%,
2/1/41 
7,160‌
7,286‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
5.00%,
2/1/40 
2,035‌
2,201‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
5.00%,
2/1/41 
3,050‌
3,324‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
5.25%,
2/1/41 
5,160‌
5,626‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/41 
13,345‌
13,430‌
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/41 
4,000‌
4,056‌
Virginia
Housing
Dev.
Auth.,
Series G-2,
3.80%,
1/1/36 (1)
2,000‌
1,998‌
Virginia
Housing
Dev.
Auth.,
Series G-2,
3.85%,
7/1/36 (1)
1,435‌
1,434‌
Virginia
Housing
Dev.
Auth.,
Series G-2,
3.90%,
1/1/37 (1)
2,095‌
2,094‌
Virginia
Housing
Dev.
Auth.,
Series G-2,
3.95%,
7/1/37 (1)
2,235‌
2,234‌
Virginia
Housing
Dev.
Auth.,
Series G-2,
4.00%,
1/1/38 (1)
1,100‌
1,101‌
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.00%,
7/1/38 
600‌
663‌
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.00%,
7/1/40 
1,600‌
1,753‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
45
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.00%,
7/1/41 
3,870‌
4,233‌
Virginia
Public
Building
Auth.,
Series A,
5.00%,
8/1/45 
3,000‌
3,232‌
Virginia
Public
School
Auth.,
5.00%,
8/1/38 
3,425‌
3,903‌
Virginia
Public
School
Auth.,
5.00%,
8/1/40 
2,125‌
2,364‌
Virginia
Public
School
Auth.,
5.00%,
8/1/42 
2,220‌
2,455‌
Virginia
Public
School
Auth.,
5.00%,
8/1/43 
1,880‌
2,064‌
Virginia
Resources
Auth.,
Series B,
5.00%,
11/1/38 
2,150‌
2,453‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/30 (2)
2,000‌
2,039‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/32 (2)
2,940‌
2,983‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/32 (2)
7,890‌
7,988‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/33 (2)
1,250‌
1,263‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/33 (2)
4,380‌
4,417‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/34 (2)
5,000‌
5,023‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/35 (2)
4,815‌
4,821‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/35 (2)
4,125‌
4,119‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/36 (2)
2,500‌
2,480‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/37 (2)
13,625‌
13,448‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/38 (2)
3,000‌
2,938‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/39 (2)
1,250‌
1,212‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/40 (2)
1,250‌
1,212‌
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes,
5.00%,
6/30/38 (2)
830‌
871‌
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes,
5.00%,
12/31/39 (2)
1,000‌
1,045‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
4.00%,
7/1/40 (2)
2,050‌
1,978‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/32 (2)
6,225‌
6,701‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/33 (2)
1,945‌
2,089‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/33 (2)
5,000‌
5,361‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
46
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/34 (2)
3,000‌
3,185‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/35 (2)
4,540‌
4,794‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/36 (2)
2,250‌
2,369‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/37 (2)
2,000‌
2,095‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/37 (2)
6,670‌
6,986‌
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien
Elizabeth
River
Crossing,
4.00%,
1/1/31 (2)
2,955‌
3,000‌
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/30 
250‌
250‌
York
County
Economic
Dev.
Auth.,
Electric
&
Power
Company
Project,
VRDN,
3.65%,
5/1/33
(Tender
10/1/27) 
4,400‌
4,437‌
317,999‌
WASHINGTON
 4.4%
Energy
Northwest,
Columbia
Generating
Station,
Series 2023-
A,
5.00%,
7/1/39 
13,880‌
15,308‌
Energy
Northwest,
Columbia
Generating
Station,
Series 2024-
A,
5.00%,
7/1/39 
1,270‌
1,417‌
Energy
Northwest,
Columbia
Generating
Station,
Series 2025-
A,
5.00%,
7/1/38 
4,500‌
5,103‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/38 
2,895‌
3,208‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/40 
7,000‌
7,770‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/43 
14,805‌
16,269‌
Energy
Northwest,
Project
3,
Series A,
5.00%,
7/1/39 
6,340‌
7,148‌
King
County,
GO,
5.00%,
12/1/38 
2,670‌
2,965‌
King
County,
GO,
5.00%,
12/1/40 
2,455‌
2,730‌
King
County,
Series B,
GO,
5.00%,
12/1/42 
1,410‌
1,575‌
King
County,
Series B,
GO,
5.00%,
12/1/43 
3,690‌
4,094‌
King
County,
Series B,
GO,
5.00%,
12/1/44 
2,915‌
3,206‌
Port
of
Seattle,
Series C,
5.00%,
8/1/37 (2)
10,605‌
11,294‌
Port
of
Seattle,
Intermediate
Lien,
5.00%,
8/1/29 (2)
8,610‌
9,156‌
Port
of
Seattle,
Intermediate
Lien,
5.00%,
4/1/32 (2)
2,870‌
3,014‌
Port
of
Seattle,
Intermediate
Lien,
5.00%,
4/1/36 (2)
1,500‌
1,559‌
Port
of
Seattle,
Intermediate
Lien,
Series B,
5.00%,
7/1/36 (2)
4,375‌
4,822‌
Seattle
Municipal
Light
&
Power
Revenue,
Series A,
5.00%,
3/1/42 
4,950‌
5,363‌
Washington,
Series A,
GO,
5.00%,
8/1/42 
5,000‌
5,327‌
Washington,
Series B,
GO,
5.00%,
6/1/39 
14,945‌
16,452‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
47
Par/Shares
$
Value
(Amounts
in
000s)
Washington,
Series B,
GO,
5.00%,
2/1/40 
10,190‌
11,145‌
Washington,
Series B,
GO,
5.00%,
6/1/40 
1,900‌
2,083‌
Washington,
Series C,
GO,
5.00%,
2/1/48 
15,000‌
15,864‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/38 (3)(10)
1,500‌
1,610‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/39 (3)(10)
1,240‌
1,326‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/45 (3)(10)
1,400‌
1,438‌
Washington,
Bid
Group
1,
Series 2024A,
GO,
5.00%,
8/1/39 
9,000‌
9,919‌
Washington,
Bid
Group
2,
Series 2025A,
GO,
5.00%,
8/1/44 
3,710‌
4,017‌
Washington,
Bid
Group
3,
Series B,
GO,
5.00%,
2/1/45 
10,000‌
10,622‌
Washington,
Motor
Vehicle
Fuel
Tax
&
Vehicle
Related
Fees,
Series D,
GO,
5.00%,
6/1/43 
5,000‌
5,495‌
Washington,
Various
Purpose,
Series A,
GO,
5.00%,
8/1/34 
15,540‌
15,933‌
Washington,
Various
Purpose,
Series R-2017A,
GO,
5.00%,
8/1/33 
4,500‌
4,524‌
Washington,
Various
Purpose,
Series R-2017A,
GO,
5.00%,
8/1/34 
5,000‌
5,026‌
216,782‌
WEST
VIRGINIA
 0.2%
West
Virginia
Hosp.
Fin.
Auth.,
Univ.
Health
System
Obligated
Group,
Series A,
5.00%,
6/1/39 
1,225‌
1,323‌
West
Virginia
Hosp.
Fin.
Auth.,
Univ.
Health
System
Obligated
Group,
Series A,
5.00%,
6/1/40 
1,900‌
2,038‌
West
Virginia
Hosp.
Fin.
Auth.,
Univ.
Health
System
Obligated
Group,
Series A,
5.00%,
6/1/42 
1,975‌
1,998‌
West
Virginia
Hosp.
Fin.
Auth.,
Univ.
Health
System
Obligated
Group,
Series B,
VRDN,
5.00%,
6/1/55
(Tender
6/1/33) 
3,060‌
3,318‌
8,677‌
WISCONSIN
 1.0%
PFA,
Kawa
Fund,
Series 1,
Class
A,
VRDN,
3.625%,
6/15/63
(Tender
6/15/31) 
4,675‌
4,651‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/34 (10)
200‌
220‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/35 (10)
250‌
273‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/36 (10)
350‌
380‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/37 (10)
300‌
324‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/38 (10)
300‌
322‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/39 (10)
300‌
320‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
48
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/40 (10)
200‌
212‌
Wisconsin,
Series 2025-2,
GO,
5.00%,
5/1/38 
3,000‌
3,412‌
Wisconsin,
Series A,
GO,
5.00%,
5/1/38 
5,000‌
5,718‌
Wisconsin,
Series B,
GO,
5.00%,
5/1/36 
4,000‌
4,554‌
Wisconsin,
Series B,
GO,
5.00%,
5/1/39 
10,035‌
10,950‌
Wisconsin
DOT,
Series 1,
5.00%,
7/1/38 
3,915‌
4,453‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/33 
410‌
437‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/34 
435‌
464‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/35 
680‌
721‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/40 
1,030‌
1,066‌
Wisconsin
HEFA,
Wisconsin
Museum
of
Nature
&
Culture,
6.50%,
11/1/36 (1)(3)
5,000‌
4,978‌
Wisconsin
PFA,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/27 (3)
1,950‌
1,965‌
Wisconsin
PFA,
Mary's
Woods
at
Marylhurst,
5.00%,
5/15/31 (3)
1,220‌
1,229‌
46,649‌
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
 0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.72% (13)(14)
9‌
9‌
Total
Short-Term
Investments
(Cost
$9)
9‌
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$4,812,182)
$
4,851,838‌
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
When-issued
security
(2)
Interest
subject
to
alternative
minimum
tax.
(3)
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
$158,284
and
represents
3.2%
of
net
assets.
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Insured
by
National
Public
Finance
Guarantee
Corporation
(6)
Insured
by
Assured
Guaranty
Incorporated
(7)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(8)
Non-income
producing
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
49
.
.
.
.
.
.
.
.
.
.
(9)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(10)
Insured
by
Build
America
Mutual
Assurance
Company
(11)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(12)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(13)
Seven-day
yield
(14)
Affiliated
Companies
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HDA
Housing
Development
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer's
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund's
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
50
VRTR
Variable
Rate
Trust
Receipt
is
a
synthetic
variable
rate
instrument
which
entitles
the
holder
to
sell
the
security
to
the
issuer
or
its
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
VRTR
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
51
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
April
30,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
—‌#
$
—‌
$
—‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/25
Purchase
Cost
Sales
Cost
Value
4/30/26
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
9‌
 ¤
 ¤
$
9‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$0
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$9.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
52
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$4,812,182)
$
4,851,838‌
Interest
receivable
64,132‌
Receivable
for
shares
sold
4,139‌
Receivable
for
investment
securities
sold
450‌
Cash
24‌
Due
from
affiliates
18‌
Other
assets
95‌
Total
assets
4,920,696‌
Liabilities
Payable
for
investment
securities
purchased
32,669‌
Payable
for
shares
redeemed
6,052‌
Investment
management
fees
payable
1,080‌
Payable
to
directors
1‌
Other
liabilities
3,393‌
Total
liabilities
43,195‌
Commitments
and
Contingent
Liabilities
(note
5)
NET
ASSETS
$
4,877,501‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
53
($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)
$
(190,188‌)
Paid-in
capital
applicable
to
426,142,898
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
5,067,689‌
NET
ASSETS
$
4,877,501‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$976,792;
Shares
outstanding:
85,301,132)
$
11.45‌
Advisor
Class
(Net
assets:
$3,420;
Shares
outstanding:
298,774)
$
11.45‌
I
Class
(Net
assets:
$3,897,289;
Shares
outstanding:
340,542,992)
$
11.44‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Statement
of
Operations
54
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Investment
Income
(Loss)
Interest
income
$
81,902‌
Expenses
Investment
management
6,040‌
Shareholder
servicing
Investor
Class
$
682‌
Advisor
Class
3‌
I
Class
49‌
734‌
Rule
12b-1
fees
Advisor
Class
4‌
Prospectus
and
shareholder
reports
Investor
Class
15‌
Advisor
Class
1‌
I
Class
20‌
36‌
Proxy
and
annual
meeting
195‌
Custody
and
accounting
131‌
Legal
and
audit
121‌
Registration
61‌
Directors
6‌
Miscellaneous
15‌
Waived
/
paid
by
Price
Associates
(
143‌
)
Total
expenses
7,200‌
Net
investment
income
74,702‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
1,535‌
Change
in
net
unrealized
gain
/
loss
on
securities
(
16,393‌
)
Net
realized
and
unrealized
gain
/
loss
(
14,858‌
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
59,844‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
55
($000s)
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
74,702‌
$
135,660‌
Net
realized
gain
(loss)
1,535‌
(27,731‌)
Change
in
net
unrealized
gain
/
loss
(16,393‌)
81,441‌
Increase
in
net
assets
from
operations
59,844‌
189,370‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(15,924‌)
(33,896‌)
Advisor
Class
(51‌)
(109‌)
I
Class
(57,886‌)
(100,062‌)
Decrease
in
net
assets
from
distributions
(73,861‌)
(134,067‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
71,850‌
172,186‌
Advisor
Class
1‌
102‌
I
Class
1,060,882‌
726,596‌
Distributions
reinvested
Investor
Class
12,470‌
27,419‌
Advisor
Class
51‌
109‌
I
Class
43,170‌
72,387‌
Shares
redeemed
Investor
Class
(127,621‌)
(368,094‌)
Advisor
Class
(155‌)
(814‌)
I
Class
(277,167‌)
(976,378‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
783,481‌
(346,487‌)
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
56
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Net
Assets
Increase
(decrease)
during
period
769,464‌
(291,184‌)
Beginning
of
period
4,108,037‌
4,399,221‌
End
of
period
$
4,877,501‌
$
4,108,037‌
*Share
information
(000s)
Shares
sold
Investor
Class
6,248‌
15,324‌
Advisor
Class
–‌
(1)
9‌
I
Class
91,987‌
64,769‌
Distributions
reinvested
Investor
Class
1,085‌
2,434‌
Advisor
Class
4‌
10‌
I
Class
3,760‌
6,428‌
Shares
redeemed
Investor
Class
(11,103‌)
(32,788‌)
Advisor
Class
(13‌)
(73‌)
I
Class
(24,143‌)
(86,875‌)
Increase
(decrease)
in
shares
outstanding
67,825‌
(30,762‌)
(1)
Amount
rounds
to
less
than
1,000
shares
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
57
T.
Rowe
Price
Summit
Municipal
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Summit
Municipal
Intermediate
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks the
highest
level
of
income
exempt
from
federal
income
taxes
consistent
with
moderate
price
fluctuation.
The
fund
has three classes
of
shares:
the
Summit
Municipal
Intermediate
Fund
(Investor
Class),
the
Summit
Municipal
Intermediate
Fund–Advisor
Class
(Advisor
Class)
and
the
Summit
Municipal
Intermediate
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
T.
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PRICE
Summit
Municipal
Intermediate
Fund
58
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
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
T.
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PRICE
Summit
Municipal
Intermediate
Fund
59
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
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
T.
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PRICE
Summit
Municipal
Intermediate
Fund
60
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
61
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
April
30,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments): 
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—‌
$
4,851,829‌
$
—‌
$
4,851,829‌
Short-Term
Investments
9‌
—‌
—‌
9‌
Total
$
9‌
$
4,851,829‌
$
—‌
$
4,851,838‌
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
62
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements. 
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,050,539,000 and
$321,762,000,
respectively,
for
the
six
months ended
April
30,
2026. 
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,
2025,
the
fund
had
$244,304,000
of
available
capital
loss
carryforwards.
At
April
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$4,812,452,000.
Net
unrealized
gain
aggregated
$39,386,000
at
period-end,
of
which
$67,760,000
related
to
appreciated
investments
and
$28,374,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
63
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.27%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
Investor
Class,
Advisor
Class
and I
Class are
each
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses; acquired
fund
fees
and
expenses;
and,
with
respect
to
any
class
other
than
the
Investor
Class,
12b-1
fees)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
64
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended April
30,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $866,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2026. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
April
30,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$94,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
Investor
Class
Advisor
Class
I
Class
Expense
limitation
0.40%
0.40%
0.40%
I
Class
Limit
N/A  
N/A  
0.05%
Expense
limitation
date
N/A
N/A
12/31/28
(Waived)/repaid
during
the
period
($000s)
$(141)
$(2)
$—
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
65
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
April
30,
2026,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
324,602
shares
of
the
Investor
Class,
representing
less
than
1%
of
the
Investor
Class's
net
assets,
and
12,133,412
shares
of
the
I
Class,
representing
4%
of
the
I
Class's
net
assets. 
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
Purchases
and
sales
cross
trades
aggregated
$341,428,000
and
$1,803,000,
respectively,
with
net
realized
gain
of
$0
for
the
six
months
ended
April
30,
2026. 
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
66
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
67
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).
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
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
and
information
provided
to
it
by
the
Adviser.
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
include,
but
are
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
68
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
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2025,
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
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
69
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
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
based
on
the
fund’s
average
daily
net
assets
and
the
fund
pays
its
own
expenses
of
operations.
Assets
of
the
fund
are
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
rate
for
many
other
T.
Rowe
Price
mutual
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
rate
component
to
its
management
fee,
its
assets
are
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
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
management
fees
and/or
bear
any
operating
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
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
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
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,
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
70
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
for
the
fund’s
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group
and
Expense
Universe).
The
information
provided
to
the
Board
for
the
fund’s
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business. The
Board
considered
information
showing
that
the
Adviser’s
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business. In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Summit
Municipal
Intermediate
Fund
71
Adviser
to
manage
its
registered
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.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F83-051
6/26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

    (2)    

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(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, 2026  

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, 2026  
By  

/s/ Alan S. Dupski

  
  Alan S. Dupski  
  Principal Financial Officer  
Date    June 17, 2026  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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