0000912029falseN-CSRST. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.N-1A2026-04-300000912029trp:C000005553Member2025-11-012026-04-3000009120292025-11-012026-04-300000912029trp:C000005553Member2026-04-300000912029trp:C000005553Membertrp:TexasCTIMember2026-04-300000912029trp:C000005553Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000005553Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000005553Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000005553Membertrp:MarylandCTIMember2026-04-300000912029trp:C000005553Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000005553Membertrp:FloridaCTIMember2026-04-300000912029trp:C000005553Membertrp:DistrictofColumbiaCTIMember2026-04-300000912029trp:C000005553Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000005553Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000005553Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000005553Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000005553Membertrp:GenlObligationsMinusLocalSectorMember2026-04-300000912029trp:C000005553Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:LeaseRevenueSectorMember2026-04-300000912029trp:C000005553Membertrp:Other2SectorMember2026-04-300000912029trp:C000117204Member2025-11-012026-04-300000912029trp:C000117204Member2026-04-300000912029trp:C000117204Membertrp:TexasCTIMember2026-04-300000912029trp:C000117204Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000117204Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000117204Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000117204Membertrp:MarylandCTIMember2026-04-300000912029trp:C000117204Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000117204Membertrp:FloridaCTIMember2026-04-300000912029trp:C000117204Membertrp:DistrictofColumbiaCTIMember2026-04-300000912029trp:C000117204Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000117204Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000117204Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000117204Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000117204Membertrp:GenlObligationsMinusLocalSectorMember2026-04-300000912029trp:C000117204Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:LeaseRevenueSectorMember2026-04-300000912029trp:C000117204Membertrp:Other2SectorMember2026-04-300000912029trp:C000211686Member2025-11-012026-04-300000912029trp:C000211686Member2026-04-300000912029trp:C000211686Membertrp:TexasCTIMember2026-04-300000912029trp:C000211686Membertrp:NewYorkCTIMember2026-04-300000912029trp:C000211686Membertrp:CaliforniaCTIMember2026-04-300000912029trp:C000211686Membertrp:GeorgiaCTIMember2026-04-300000912029trp:C000211686Membertrp:MarylandCTIMember2026-04-300000912029trp:C000211686Membertrp:PuertoRicoCTIMember2026-04-300000912029trp:C000211686Membertrp:FloridaCTIMember2026-04-300000912029trp:C000211686Membertrp:DistrictofColumbiaCTIMember2026-04-300000912029trp:C000211686Membertrp:VirginiaCTIMember2026-04-300000912029trp:C000211686Membertrp:OtherHoldingsGroupingCTIMember2026-04-300000912029trp:C000211686Membertrp:AirSeaTransportationSectorMember2026-04-300000912029trp:C000211686Membertrp:HospitalRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp:DedicatedTaxRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp:HousingFinanceRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp:EducationalRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp:GeneralObligationsMinusStateSectorMember2026-04-300000912029trp:C000211686Membertrp:GenlObligationsMinusLocalSectorMember2026-04-300000912029trp:C000211686Membertrp:WaterSewerRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp:LeaseRevenueSectorMember2026-04-300000912029trp:C000211686Membertrp: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 Income Fund

Investor Class (PRINX)

This semi-annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 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 Income Fund - Investor Class
$23
0.45%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,585,498
Number of Portfolio Holdings
818
Table Summary
Portfolio Turnover Rate
8.5%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
Texas
11.6%
New York
8.6
California
8.3
Georgia
5.1
Maryland
4.8
Puerto Rico
4.7
Florida
4.1
District of Columbia
3.6
Virginia
3.3
Other
45.9

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
23.0%
Health Care
14.2
Special Tax
12.3
Housing
9.4
Education
7.9
General Obligations - State
6.0
General Obligations - Local
5.2
Water & Sewer
2.6
Leasing
2.2
Other
17.2

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

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

202505-4461501

F84-053 6/26

Summit Municipal Income Fund 

Investor Class (PRINX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

Summit Municipal Income Fund

Advisor Class (PAIMX)

This semi-annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 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 Income Fund - Advisor Class
$35
0.70%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,585,498
Number of Portfolio Holdings
818
Table Summary
Portfolio Turnover Rate
8.5%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
Texas
11.6%
New York
8.6
California
8.3
Georgia
5.1
Maryland
4.8
Puerto Rico
4.7
Florida
4.1
District of Columbia
3.6
Virginia
3.3
Other
45.9

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
23.0%
Health Care
14.2
Special Tax
12.3
Housing
9.4
Education
7.9
General Obligations - State
6.0
General Obligations - Local
5.2
Water & Sewer
2.6
Leasing
2.2
Other
17.2

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

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

202505-4461501

F284-053 6/26

Summit Municipal Income Fund 

Advisor Class (PAIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

Summit Municipal Income Fund

I Class (PRIMX)

This semi-annual shareholder report contains important information about Summit Municipal Income Fund (the "fund") for the period of November 1, 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 Income Fund - I Class
$18
0.36%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,585,498
Number of Portfolio Holdings
818
Table Summary
Portfolio Turnover Rate
8.5%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Table Summary
Texas
11.6%
New York
8.6
California
8.3
Georgia
5.1
Maryland
4.8
Puerto Rico
4.7
Florida
4.1
District of Columbia
3.6
Virginia
3.3
Other
45.9

Industry Allocation (as a % of Net Assets)

Table Summary
Transportation
23.0%
Health Care
14.2
Special Tax
12.3
Housing
9.4
Education
7.9
General Obligations - State
6.0
General Obligations - Local
5.2
Water & Sewer
2.6
Leasing
2.2
Other
17.2

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

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

202505-4461501

F1216-053 6/26

Summit Municipal Income Fund 

I Class (PRIMX)

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
PRINX
Summit
Municipal
Income
Fund
PAIMX
Summit
Municipal
Income
Fund–
.
Advisor Class
PRIMX
Summit
Municipal
Income
Fund–
.
I Class
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
Unaudited
Financial
Highlights
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
$
11.24‌
$
11.28‌
$
10.36‌
$
10.43‌
$
12.42‌
$
12.11‌
Investment
activities
Net
investment
income
(1)(2)
0.21‌
0.41‌
0.37‌
0.33‌
0.27‌
0.28‌
Net
realized
and
unrealized
gain/
loss
(0.02‌)
(0.05‌)
0.92‌
(0.06‌)
(1.99‌)
0.31‌
Total
from
investment
activities
0.19‌
0.36‌
1.29‌
0.27‌
(1.72‌)
0.59‌
Distributions
Net
investment
income
(0.21‌)
(0.40‌)
(0.37‌)
(0.33‌)
(0.27‌)
(0.28‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
—‌
Total
distributions
(0.21‌)
(0.40‌)
(0.37‌)
(0.34‌)
(0.27‌)
(0.28‌)
NET
ASSET
VALUE
End
of
period
$
11.22‌
$
11.24‌
$
11.28‌
$
10.36‌
$
10.43‌
$
12.42‌
T.
ROWE
PRICE
Summit
Municipal
Income
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)(3)
1.67‌%
3.33‌%
12.47‌%
2.41‌%
(13.99‌)%
4.87‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.51‌%
(4)
0.50‌%
0.53‌%
0.53‌%
0.54‌%
0.52‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.45‌%
(4)
0.45‌%
0.50‌%
0.50‌%
0.50‌%
0.50‌%
Net
investment
income
3.82‌%
(4)
3.67‌%
3.30‌%
3.03‌%
2.33‌%
2.23‌%
Portfolio
turnover
rate
8.5‌%
30.1‌%
16.2‌%
19.2‌%
29.7‌%
23.8‌%
Net
assets,
end
of
period
(in
millions)
$1,279
$1,208
$1,228
$953
$833
$1,678
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)
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.
(4)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Income
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
$
11.24‌
$
11.28‌
$
10.36‌
$
10.43‌
$
12.42‌
$
12.11‌
Investment
activities
Net
investment
income
(1)(2)
0.20‌
0.38‌
0.35‌
0.30‌
0.25‌
0.25‌
Net
realized
and
unrealized
gain/
loss
(0.04‌)
(0.05‌)
0.91‌
(0.06‌)
(1.99‌)
0.31‌
Total
from
investment
activities
0.16‌
0.33‌
1.26‌
0.24‌
(1.74‌)
0.56‌
Distributions
Net
investment
income
(0.19‌)
(0.37‌)
(0.34‌)
(0.30‌)
(0.25‌)
(0.25‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
—‌
Total
distributions
(0.19‌)
(0.37‌)
(0.34‌)
(0.31‌)
(0.25‌)
(0.25‌)
NET
ASSET
VALUE
End
of
period
$
11.21‌
$
11.24‌
$
11.28‌
$
10.36‌
$
10.43‌
$
12.42‌
T.
ROWE
PRICE
Summit
Municipal
Income
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)(3)
1.46‌%
3.07‌%
12.19‌%
2.15‌%
(14.20‌)%
4.61‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.86‌%
(4)
0.81‌%
0.87‌%
0.93‌%
0.92‌%
0.88‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.70‌%
(4)
0.70‌%
0.75‌%
0.75‌%
0.75‌%
0.75‌%
Net
investment
income
3.57‌%
(4)
3.42‌%
3.06‌%
2.77‌%
2.11‌%
2.00‌%
Portfolio
turnover
rate
8.5‌%
30.1‌%
16.2‌%
19.2‌%
29.7‌%
23.8‌%
Net
assets,
end
of
period
(in
thousands)
$1,827
$1,820
$2,087
$315
$554
$927
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)
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.
(4)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Income
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
$
11.24‌
$
11.29‌
$
10.36‌
$
10.44‌
$
12.42‌
$
12.11‌
Investment
activities
Net
investment
income
(1)(2)
0.22‌
0.42‌
0.38‌
0.34‌
0.29‌
0.29‌
Net
realized
and
unrealized
gain/
loss
(0.03‌)
(0.06‌)
0.93‌
(0.07‌)
(1.98‌)
0.31‌
Total
from
investment
activities
0.19‌
0.36‌
1.31‌
0.27‌
(1.69‌)
0.60‌
Distributions
Net
investment
income
(0.21‌)
(0.41‌)
(0.38‌)
(0.34‌)
(0.29‌)
(0.29‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
—‌
Total
distributions
(0.21‌)
(0.41‌)
(0.38‌)
(0.35‌)
(0.29‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
11.22‌
$
11.24‌
$
11.29‌
$
10.36‌
$
10.44‌
$
12.42‌
T.
ROWE
PRICE
Summit
Municipal
Income
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)(3)
1.72‌%
3.35‌%
12.70‌%
2.42‌%
(13.81‌)%
4.99‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.35‌%
0.39‌%
0.39‌%
0.39‌%
0.38‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.35‌%
0.39‌%
0.39‌%
0.39‌%
0.38‌%
Net
investment
income
3.90‌%
(4)
3.78‌%
3.41‌%
3.14‌%
2.51‌%
2.32‌%
Portfolio
turnover
rate
8.5‌%
30.1‌%
16.2‌%
19.2‌%
29.7‌%
23.8‌%
Net
assets,
end
of
period
(in
millions)
$1,304
$1,971
$1,808
$1,244
$1,167
$1,289
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)
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.
(4)
Annualized
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
April
30,
2026
Unaudited
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 98.8%
ALABAMA
 2.4%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47 
2,500‌
2,614‌
Alabama
State
Univ.,
5.50%,
9/1/45 (1)
1,700‌
1,855‌
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31) 
3,305‌
3,349‌
Black
Belt
Energy
Gas
Dist.,
Series A,
5.00%,
12/1/34 
8,175‌
8,579‌
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
3/1/55
(Tender
11/1/34) 
6,225‌
6,631‌
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35) 
4,125‌
4,372‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
6/1/36 
8,000‌
8,244‌
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series I,
5.00%,
10/1/33 (2)
2,900‌
3,092‌
Energy
Southeast
A
Cooperative
Dist.,
Series B,
VRDN,
5.25%,
7/1/54
(Tender
6/1/32) 
2,305‌
2,461‌
Lower
Alabama
Gas
Dist.,
Series A,
5.00%,
12/1/33 
4,500‌
4,705‌
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series A,
5.00%,
6/1/54 (3)
2,875‌
2,786‌
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series B,
4.75%,
12/1/54 (3)
2,775‌
2,588‌
Selma
Ind.
Dev.
Board,
Int'l.
Paper,
Series A,
4.20%,
5/1/34 
3,000‌
3,103‌
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series D,
5.00%,
9/1/35 
2,925‌
3,150‌
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (4)
3,765‌
3,791‌
61,320‌
ARIZONA
 1.1%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
100%
of
SPMUV7DY
+
0.81%,
3.31%,
1/1/37 
505‌
498‌
Arizona
IDA,
Equitable
School,
Series A,
5.00%,
11/1/44 
2,425‌
2,464‌
Arizona
IDA,
Equitable
School,
Series A,
5.50%,
11/1/51 
4,625‌
4,864‌
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (3)
1,025‌
1,035‌
Phoenix
Civic
Improvement,
Sky
Harbor
Int'l.
Airport,
Series 2018,
5.00%,
7/1/37 (3)
1,760‌
1,809‌
Phoenix
Civic
Improvement,
Sky
Harbor
Int'l.
Airport,
Series 2018,
5.00%,
7/1/38 (3)
1,760‌
1,806‌
Phoenix
Civic
Improvement,
Sky
Harbor
Int'l.
Airport,
Series A,
5.00%,
7/1/42 (3)
3,000‌
3,027‌
Phoenix
Civic
Improvement,
Sky
Harbor
Int'l.
Airport,
Series A,
5.00%,
7/1/47 (3)
2,115‌
2,117‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/54 
940‌
887‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/42 
5,050‌
5,042‌
Sierra
Vista
IDA,
American
Leadership
Academy
Project,
5.00%,
6/15/59 (4)
2,345‌
1,988‌
Tempe
IDA,
Friendship
Village,
5.00%,
12/1/50 
775‌
716‌
Tempe
IDA,
Friendship
Village,
5.00%,
12/1/54 
885‌
807‌
Tempe
IDA,
Friendship
Village,
Series A,
5.625%,
12/1/60 
2,000‌
2,028‌
29,088‌
ARKANSAS
 0.7%
Arkansas
DFA,
Hybar
Steel
Project,
Series A,
6.875%,
7/1/48 (3)(4)
2,500‌
2,689‌
Arkansas
DFA,
Hybar
Steel
Project,
Series B,
7.375%,
7/1/48 (3)(4)
2,500‌
2,709‌
Arkansas
DFA,
U.S.
Steel
Project,
Series A,
VRDN,
4.00%,
9/1/46
(Tender
3/1/33) (3)(4)
12,000‌
11,969‌
17,367‌
CALIFORNIA
 8.3%
Bay
Area
Toll
Auth.,
Series S-8,
3.00%,
4/1/54 (5)
5,000‌
3,662‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series 2023F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
3,180‌
3,472‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series A,
VRDN,
5.00%,
5/1/54
(Tender
4/1/32) 
2,480‌
2,623‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series A-1,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
1,800‌
1,881‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series B,
VRDN,
5.00%,
3/1/56
(Tender
11/1/35) 
9,450‌
10,082‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31) 
5,330‌
5,629‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series H,
VRDN,
5.00%,
1/1/56
(Tender
8/1/33) 
3,775‌
4,078‌
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (4)
2,960‌
2,340‌
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series A,
4.00%,
2/1/56 (4)
10,000‌
7,828‌
California
Community
Housing
Agency,
Verdant
at
Green
Valley,
Series A,
5.00%,
8/1/49 (4)
680‌
629‌
California
EFA,
Stanford
Univ.,
Series V-1,
5.00%,
5/1/49 
500‌
565‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/33 
1,150‌
1,154‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
472‌
490‌
California
Housing
Fin.,
Series 2023-1,
Class
A,
4.375%,
9/20/36 
3,764‌
3,804‌
California
Municipal
Fin.
Auth.,
Clay
Lacy
Aviation
Fac.
John
Wayne
Airport,
5.00%,
1/1/41 (2)(3)(4)
1,000‌
1,002‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
5.00%,
12/31/36 (3)
2,855‌
2,926‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
4.00%,
12/31/47 (3)
3,000‌
2,658‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (3)
5,015‌
5,080‌
California
Municipal
Fin.
Auth.,
Palomar
Health,
Series A,
COP,
5.25%,
11/1/52 (1)
1,775‌
1,787‌
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 
2,710‌
2,796‌
California
Municipal
Fin.
Auth.,
Waste
Management
Project,
Series A,
VRDN,
2.875%,
10/1/45
(Tender
6/1/26) (3)
1,960‌
1,959‌
California
PFA,
Sunrise
of
Manhattan
Beach,
Series A-1,
6.75%,
7/1/65 (4)
6,070‌
6,501‌
California
School
Fin.
Auth.,
Fortune
School
of
Ed.,
Series A,
5.00%,
6/1/54 (4)
3,225‌
2,766‌
California
School
Fin.
Auth.,
Fortune
School
of
Ed.,
Series A,
5.125%,
6/1/59 (4)
1,250‌
1,077‌
California
Statewide
CDA,
CHF-Irvine,
Univ.
of
California
Student
Housing
Irvine
East
Campus
Apartments,
Series A,
5.00%,
5/15/47 
2,820‌
2,828‌
California
Statewide
CDA,
Lancer
Ed.
Student
Housing
Project,
Series A,
5.00%,
6/1/51 (4)
875‌
851‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54 
2,600‌
2,601‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (4)
600‌
605‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (4)
1,390‌
1,390‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (4)
1,630‌
1,645‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29 
325‌
331‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41 
985‌
938‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51 
1,005‌
854‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/44 
1,150‌
1,174‌
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/37 
2,000‌
2,025‌
Central
Valley
Energy
Auth.,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35) 
4,040‌
4,310‌
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (1)
5,120‌
4,174‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
CMFA
Special
Fin.
Agency
VII,
The
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (4)
2,025‌
1,877‌
CMFA
Special
Fin.
Agency,
Solana
at
Grand,
Series A-2,
4.00%,
8/1/45 (4)
960‌
862‌
CSCDA
Community
Improvement
Auth.,
4.00%,
2/1/57 (4)
2,800‌
2,116‌
CSCDA
Community
Improvement
Auth.,
Altana
Glendale,
Series A-2,
4.00%,
10/1/56 (4)
3,680‌
2,886‌
CSCDA
Community
Improvement
Auth.,
City
of
Orange,
Series B,
4.00%,
3/1/57 (4)
585‌
434‌
CSCDA
Community
Improvement
Auth.,
The
Link
Glendale,
Series A-2,
4.00%,
7/1/56 (4)
2,826‌
2,164‌
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66 
10,000‌
984‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37 
2,915‌
2,941‌
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57 
1,835‌
1,836‌
Lodi
Unified
School
Dist.,
Series 2021,
GO,
3.00%,
8/1/46 
5,900‌
4,701‌
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/41 (3)
6,400‌
6,404‌
Los
Angeles
Dept.
of
Airports,
Green
Bond,
Series G,
4.00%,
5/15/47 (3)
5,475‌
5,052‌
Los
Angeles
Dept.
of
Airports,
Sustainable
Bonds,
Series A,
5.50%,
5/15/55 (3)
13,350‌
14,228‌
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54 
6,000‌
4,828‌
Riverside
County
Transportation
Commission,
Restructure
91
Express,
Series B-1,
4.00%,
6/1/37 
1,335‌
1,387‌
Riverside
County
Transportation
Commission,
Restructure
91
Express,
Series B-1,
4.00%,
6/1/46 
2,140‌
2,074‌
Sacramento
County
Airport,
Series C,
5.00%,
7/1/37 (3)
1,410‌
1,446‌
Sacramento,
Greenbriar
Community
Fac.
Dist.
No.
20,
4.00%,
9/1/41 
705‌
689‌
Sacramento,
Greenbriar
Community
Fac.
Dist.
No.
20,
4.00%,
9/1/46 
1,830‌
1,655‌
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
Special
Tax,
5.25%,
9/1/42 (4)
2,090‌
2,140‌
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
Special
Tax,
5.25%,
9/1/47 (4)
2,455‌
2,466‌
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
Special
Tax,
5.375%,
9/1/52 (4)
1,655‌
1,649‌
San
Diego
County
Regional
Airport
Auth.
Senior
Private
Activity,
Series B,
5.50%,
7/1/55 (3)
3,050‌
3,248‌
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.00%,
5/1/44 (3)
21,175‌
21,641‌
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.25%,
5/1/42 (3)
3,230‌
3,517‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.50%,
5/1/55 (3)
9,000‌
9,563‌
San
Francisco
City
&
County
Int'l.
Airport,
Series C,
5.75%,
5/1/48 (3)
7,055‌
7,614‌
San
Joaquin
Valley
Clean
Energy
Auth.,
Clean
Energy
Project,
Series A,
VRDN,
5.50%,
1/1/56
(Tender
7/1/35) 
1,425‌
1,569‌
Univ.
of
California
Regents,
Series O,
5.50%,
5/15/58 
2,575‌
2,646‌
215,132‌
COLORADO
 2.5%
Adams
&
Arapahoe
Counties
Joint
School
Dist.
28J
Aurora,
GO,
5.50%,
12/1/44 
2,875‌
3,262‌
Adams
&
Arapahoe
Counties
Joint
School
Dist.
28J
Aurora,
GO,
5.50%,
12/1/45 
1,575‌
1,771‌
Colorado,
COP,
6.00%,
12/15/40 
4,325‌
4,994‌
Colorado,
COP,
6.00%,
12/15/41 
12,435‌
14,335‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy,
5.80%,
4/1/54 (4)
1,000‌
980‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Monument
Academy
Project,
Series A,
4.375%,
6/1/36 (2)(4)
775‌
760‌
Colorado
HFA,
Adventhealth
Obligated
Group,
Series A,
4.00%,
11/15/46 
1,500‌
1,373‌
Colorado
HFA,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series A,
4.00%,
11/15/48 
8,690‌
7,811‌
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (4)
1,285‌
922‌
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (4)
440‌
306‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47 
4,720‌
4,702‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51 
2,390‌
2,365‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56 
2,975‌
2,921‌
Colorado
Housing
&
Fin.
Auth.,
Albion
Apartments
Project,
VRDN,
3.375%,
7/1/44
(Tender
7/1/28) 
2,125‌
2,136‌
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46 
1,340‌
1,341‌
Denver
City
&
County
Airport,
Series A,
5.25%,
12/1/48 (3)
11,110‌
11,245‌
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48 
500‌
502‌
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48 
1,057‌
1,014‌
Parterre
Metropolitan
Dist.
No.
5,
Series A,
GO,
5.875%,
12/1/45 
1,000‌
1,055‌
63,795‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
CONNECTICUT
 1.1%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (5)
6,200‌
5,410‌
Connecticut,
Series C,
GO,
5.00%,
6/15/32 
350‌
393‌
Connecticut
HEFA,
Goodwin
Univ.,
Series A-1,
5.00%,
7/1/44 
3,330‌
3,283‌
Connecticut
HEFA,
Hartford
Healthcare
Issue,
Series A,
5.00%,
7/1/45 
8,500‌
8,999‌
Connecticut
HEFA,
Hartford
Healthcare
Issue,
Series A,
5.50%,
7/1/51 
4,600‌
4,929‌
Connecticut
HEFA,
Hartford
Univ.,
4.00%,
7/1/39 
1,785‌
1,589‌
Connecticut
HEFA,
Hartford
Univ.,
4.00%,
7/1/44 
1,065‌
894‌
Connecticut
HEFA,
Hartford
Univ.,
4.00%,
7/1/49 
705‌
550‌
Connecticut
Housing
Fin.
Auth.,
Series B,
5.75%,
11/15/53 
2,895‌
3,073‌
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK)
 (6)(7)(8)
1,235‌
358‌
29,478‌
DELAWARE
 1.1%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48 
4,230‌
4,206‌
Delaware
HFA,
Bayhealth
Medical
Center
Project,
Series A,
4.00%,
7/1/40 
1,825‌
1,795‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43 
1,745‌
1,761‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48 
3,385‌
3,319‌
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45 
7,360‌
7,583‌
Delaware
Transportation
Auth.,
Garvee,
5.00%,
9/1/35 
1,410‌
1,517‌
Delaware
Transportation
Auth.,
Senior,
3.00%,
7/1/43 
6,530‌
5,668‌
Delaware
Transportation
Auth.,
Senior,
3.00%,
7/1/44 
3,360‌
2,855‌
Town
of
Bridgeville,
Heritage
Shores
Special
Dev.
Dist.,
5.25%,
7/1/44 (4)
400‌
402‌
Town
of
Bridgeville,
Heritage
Shores
Special
Dev.
Dist.,
5.625%,
7/1/53 (4)
400‌
401‌
29,507‌
DISTRICT
OF
COLUMBIA
 3.6%
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.00%,
6/1/42 
6,125‌
6,757‌
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.00%,
6/1/43 
3,425‌
3,753‌
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.25%,
5/1/48 
6,000‌
6,349‌
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.25%,
6/1/50 
12,600‌
13,405‌
Dist.
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46 
5,640‌
1,340‌
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/32 
1,790‌
1,806‌
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37 
360‌
362‌
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42 
495‌
495‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52 
935‌
857‌
Dist.
of
Columbia,
KIPP
DC
Issue,
Series A,
5.00%,
7/1/42 
2,515‌
2,524‌
Dist.
of
Columbia,
KIPP
Project,
4.00%,
7/1/39 
2,000‌
1,894‌
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.25%,
10/1/53 (3)
5,000‌
5,138‌
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.50%,
10/1/43 (3)
1,200‌
1,339‌
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.50%,
10/1/44 (3)
4,050‌
4,482‌
Metropolitan
Washington
Airports
Auth.,
Aviation
Revenue,
Series A,
5.50%,
10/1/54 (3)
4,400‌
4,607‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series A,
4.00%,
10/1/52 (1)
7,200‌
6,321‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series A,
5.00%,
10/1/44 
7,250‌
7,438‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series B,
6.50%,
10/1/44 
1,515‌
1,604‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.125%,
7/15/47 
3,455‌
3,304‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51 
3,950‌
4,191‌
Washington
Metropolitan
Area
Transit
Auth.,
Green
Bonds,
Series A,
4.00%,
7/15/46 
2,500‌
2,386‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Bonds,
Second
Lien,
Series A,
5.25%,
7/15/59 
3,090‌
3,229‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
Series A,
5.25%,
7/15/53 
8,925‌
9,284‌
92,865‌
FLORIDA
 4.1%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34 (6)(7)
569‌
9‌
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
4.00%,
12/1/49 
4,000‌
3,484‌
Ave
Maria
Stewardship
Community
Dist.,
Phase
5
Master
Improvements
Project,
5.60%,
5/1/56 
575‌
566‌
Braddock
Lakes
Community
Dev.
Dist.,
5.55%,
5/1/45 
700‌
706‌
Braddock
Lakes
Community
Dev.
Dist.,
5.75%,
5/1/55 
1,425‌
1,401‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30 
520‌
549‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32 
400‌
419‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
5.25%,
7/1/50 (4)
3,500‌
3,418‌
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
5.25%,
7/1/55 (4)
1,275‌
1,220‌
East
Nassau
Stewardship
Dist.,
PDP
No.
4
Project,
Series 2025,
6.00%,
5/1/45 
4,100‌
4,285‌
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54 
2,445‌
2,502‌
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.00%,
6/15/45 (4)
1,600‌
1,689‌
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.125%,
6/15/50 (4)
875‌
910‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.50%,
6/1/33 (4)
1,410‌
1,384‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (4)
1,515‌
1,450‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (4)
2,975‌
2,659‌
Greater
Orlando
Aviation
Auth.,
Series A,
5.00%,
10/1/32 (3)
705‌
723‌
Hillsborough
County
Aviation
Auth.,
Tampa
Int'l.
Airport,
Series B,
5.50%,
10/1/49 (3)
4,250‌
4,519‌
Hillsborough
County
Aviation
Auth.,
Tampa
Int'l.
Airport,
Series E,
5.00%,
10/1/48 (3)
4,500‌
4,508‌
Hillsborough
County
IDA,
BayCare
Health
System,
Series C,
5.50%,
11/15/54 
4,000‌
4,256‌
Hillsborough
County
Port
Dist.,
Tampa
Port.
Auth.,
Series B,
5.00%,
6/1/30 (3)
580‌
602‌
Hillsborough
County
Port
Dist.,
Tampa
Port.
Auth.,
Series B,
5.00%,
6/1/31 (3)
600‌
623‌
Hillsborough
County
Port
Dist.,
Tampa
Port.
Auth.,
Series B,
5.00%,
6/1/46 (3)
3,525‌
3,569‌
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (4)
1,960‌
1,712‌
JEA
Electric
System,
Series 3A,
4.00%,
10/1/37 
3,395‌
3,434‌
KD52
Community
Dev.
Dist.
No.
1,
5.875%,
5/1/45 
710‌
722‌
KD52
Community
Dev.
Dist.
No.
1,
6.125%,
5/1/56 
1,720‌
1,720‌
Kingston
One
Community
Dev.
Dist.,
Assessment
Area
One
-
2025
Project,
6.00%,
5/1/57 
5,000‌
5,096‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47 
980‌
983‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
Southeast,
5.80%,
5/1/45 
1,700‌
1,818‌
Lee
County
Airport
Revenue,
Series A-1,
5.50%,
10/1/51 (3)
4,250‌
4,513‌
Lee
County
Airport
Revenue,
Series A-1,
5.50%,
10/1/56 (3)
1,450‌
1,529‌
Lee
County
IDA,
Health
System,
Series 1,
5.00%,
4/1/39 
970‌
998‌
Miami-Dade
County
Aviation
Revenue,
Series A,
5.50%,
10/1/55 (3)
5,000‌
5,250‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Orange
County
HFA,
Orlando
Health
Obligated
Group,
4.00%,
10/1/52 
6,825‌
5,871‌
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45 
1,815‌
1,824‌
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49 
4,000‌
3,511‌
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.25%,
6/1/56 
3,045‌
2,480‌
Polk
County
IDA,
Victory
Ridge
Academy
Project,
6.00%,
6/15/55 (4)
3,275‌
3,247‌
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41 
7,000‌
7,174‌
South
Miami
HFA,
Baptist
Health
South
Florida,
Series 2017,
4.00%,
8/15/47 
7,000‌
6,206‌
Village
Community
Dev.
Dist.
No.
14,
5.375%,
5/1/42 
990‌
1,020‌
Village
Community
Dev.
Dist.
No.
14,
5.50%,
5/1/53 
2,485‌
2,520‌
107,079‌
GEORGIA
 5.1%
Atlanta
Airport
Passenger
Fac.
Charge,
Subordinate
Lien
Green
Bond,
Series E,
5.25%,
7/1/43 (3)
8,250‌
8,867‌
Atlanta
Dept.
of
Aviation,
Sustainable
Bonds,
Series B-1,
5.25%,
7/1/45 (3)
3,990‌
4,257‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (6)(7)
835‌
376‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (6)(7)
3,405‌
1,532‌
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (4)
6,843‌
6,198‌
Atlanta
Dev.
Auth.,
PRG
CAU
Properties
LLC
Project,
Series A,
5.00%,
7/1/35 (4)
1,515‌
1,570‌
Atlanta
Dev.
Auth.,
PRG
CAU
Properties
LLC
Project,
Series A,
6.00%,
7/1/50 (4)
1,525‌
1,573‌
Atlanta
Dev.
Auth.,
PRG
CAU
Properties
LLC
Project,
Series A,
6.00%,
7/1/55 (4)
5,250‌
5,371‌
Atlanta
Dev.
Auth.,
Stadium,
Series A-1,
5.25%,
7/1/40 
1,605‌
1,607‌
Atlanta
Dev.
Auth.,
Stadium,
Series A-1,
5.25%,
7/1/44 
7,755‌
7,762‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44 
5,385‌
5,257‌
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
First
Series,
VRDN,
PCR,
3.50%,
7/1/49 
300‌
300‌
Cobb
County
Kennestone
Hosp.
Auth.,
Wellstar
Health
System,
RAC,
4.00%,
4/1/52 
3,880‌
3,375‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
4.00%,
4/1/50 
2,080‌
1,792‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/47 
1,000‌
1,005‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
(Prerefunded
5/5/26) (9)
1,850‌
1,850‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44 
2,590‌
2,645‌
Gainesville
&
Hall
County
CDA,
Active
Retirement
Communities,
5.00%,
11/15/33 
1,410‌
1,420‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
4.00%,
2/15/46 
4,000‌
3,635‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
4.00%,
2/15/51 
3,500‌
3,040‌
George
L
Smith
II
Congress
Center
Auth.,
4.00%,
1/1/36 
1,130‌
1,126‌
George
L
Smith
II
Congress
Center
Auth.,
4.00%,
1/1/54 
11,565‌
9,652‌
George
L
Smith
II
Congress
Center
Auth.,
5.00%,
1/1/54 (4)
4,545‌
4,282‌
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series 2021A,
3.00%,
7/15/50 
5,500‌
4,197‌
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/49 
4,810‌
3,719‌
Georgia,
Group
3,
Series A,
GO,
3.00%,
8/1/40 
5,500‌
4,989‌
Griffin-Spalding
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/37 
1,060‌
1,074‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29) 
4,400‌
4,582‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30) 
1,800‌
1,906‌
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32) 
19,315‌
20,445‌
Municipal
Electric
Auth.
of
Georgia,
General
Power
Revenue,
Series 2018A,
5.00%,
1/1/28 
250‌
260‌
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Units
3&4
Project,
Series A,
5.00%,
1/1/49 (5)
3,265‌
3,301‌
Municipal
Electric
Auth.
of
Georgia,
Power
Revenue,
Series HH,
5.00%,
1/1/27 
1,435‌
1,456‌
Municipal
Electric
Auth.
of
Georgia,
Project
One
Subordinated
Bonds,
Series A,
5.25%,
1/1/54 (5)
4,100‌
4,262‌
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series B,
6.00%,
6/1/50 (4)
1,625‌
1,624‌
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series C,
5.50%,
6/1/50 (1)
1,000‌
1,060‌
131,367‌
GUAM
 0.1%
Guam
Business
Privilege
Tax,
Series F,
4.00%,
1/1/42 
1,330‌
1,284‌
1,284‌
HAWAII
 0.3%
Hawaii
Airports
System,
Series A,
5.00%,
7/1/43 (3)
4,230‌
4,306‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Hawaii
Airports
System,
Series A,
5.50%,
7/1/54 (3)
3,000‌
3,202‌
7,508‌
IDAHO
 0.2%
Idaho
Housing
&
Fin.
Assoc.,
Series A,
5.25%,
8/15/48 
3,100‌
3,291‌
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (4)
2,202‌
2,127‌
5,418‌
ILLINOIS
 2.8%
Chicago,
Series A,
GO,
5.50%,
1/1/49 
655‌
656‌
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series A,
4.50%,
1/1/48 (3)
5,700‌
5,484‌
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series A,
5.50%,
1/1/59 (3)
6,675‌
6,892‌
Chicago,
Chicago
Works,
Series A,
GO,
5.50%,
1/1/40 
1,500‌
1,556‌
Cook
County
Sales
Tax
Revenue,
5.00%,
11/15/46 
14,770‌
15,394‌
Cook
County
Sales
Tax
Revenue,
Series A,
5.25%,
11/15/45 
2,850‌
3,008‌
Illinois,
GO,
5.00%,
2/1/39 
820‌
888‌
Illinois,
GO,
5.50%,
5/1/26 
1,150‌
1,150‌
Illinois,
Series A,
GO,
5.00%,
10/1/31 
705‌
736‌
Illinois,
Series A,
GO,
5.50%,
3/1/42 
4,990‌
5,355‌
Illinois,
Series A,
GO,
5.50%,
3/1/47 
2,575‌
2,687‌
Illinois,
Series B,
GO,
4.00%,
11/1/33 
3,525‌
3,561‌
Illinois,
Series B,
GO,
5.00%,
10/1/32 
845‌
880‌
Illinois,
Series B,
GO,
5.25%,
5/1/47 
900‌
932‌
Illinois,
Series B,
GO,
5.25%,
5/1/48 
1,000‌
1,031‌
Illinois,
Series B,
GO,
5.25%,
5/1/49 
1,000‌
1,027‌
Illinois,
Series B,
GO,
5.50%,
5/1/47 
5,325‌
5,555‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/34 
255‌
258‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/34
(Prerefunded
2/15/27) (9)
50‌
51‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/36 
375‌
379‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/36
(Prerefunded
2/15/27) (9)
75‌
76‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/41 
680‌
685‌
Illinois
Fin.
Auth.,
Series C,
5.00%,
2/15/41
(Prerefunded
2/15/27) (9)
630‌
641‌
Illinois
Fin.
Auth.,
Depaul
College,
5.625%,
8/1/53 (4)
1,100‌
1,125‌
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.40%,
7/15/55 
3,700‌
3,700‌
Illinois
Fin.
Auth.,
OSF
Healthcare
System,
Series B,
VRDN,
3.35%,
11/15/37 
3,710‌
3,710‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/36 
1,180‌
804‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40 
1,150‌
642‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29 
800‌
822‌
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
1,410‌
1,607‌
Regional
Transportation
Auth.,
Series B,
5.50%,
6/1/27 (10)
1,705‌
1,732‌
73,024‌
INDIANA
 0.9%
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/42 
2,400‌
2,613‌
Indiana
Fin.
Auth.,
Ascension
Senior
Credit
Group,
Series A-1,
5.00%,
11/15/43 
1,400‌
1,513‌
Indiana
Fin.
Auth.,
Depauw
Univ.
Project,
Series A,
5.50%,
7/1/52 
6,000‌
6,103‌
Indiana
Fin.
Auth.,
Republic
Services
Project,
VRDN,
2.90%,
5/1/28
(Tender
6/1/26) (3)
1,340‌
1,340‌
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series 2023A,
5.00%,
6/1/53 
4,285‌
4,105‌
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.00%,
6/1/43 
855‌
866‌
Indiana
Housing
&
Community
Dev.
Auth.,
Series C-1,
4.85%,
7/1/45 
4,850‌
4,926‌
Valparaiso,
Pratt
Paper,
4.875%,
1/1/44 (3)(4)
2,025‌
2,049‌
23,515‌
IOWA
 0.1%
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.875%,
10/1/65 
1,800‌
1,826‌
1,826‌
KANSAS
 0.3%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond
Project,
Series A,
6.50%,
11/15/42 (4)
4,050‌
4,255‌
Univ.
of
Kansas
Hosp.
Auth.,
Univ.
of
Kansas
Health
System,
Series A,
5.50%,
3/1/54 
3,250‌
3,466‌
7,721‌
KENTUCKY
 1.1%
Ashland,
Ashland
Medical
Center,
4.00%,
2/1/33 
415‌
416‌
Ashland,
Ashland
Medical
Center,
4.00%,
2/1/35 
335‌
330‌
Ashland,
Ashland
Medical
Center,
4.00%,
2/1/38 
455‌
441‌
Ashland,
Ashland
Medical
Center,
5.00%,
2/1/32 
230‌
243‌
Henderson,
Pratt
Paper
Project,
Series A,
4.70%,
1/1/52 (3)(4)
1,000‌
927‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37 
1,130‌
1,134‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41 
1,000‌
1,002‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45 
3,030‌
3,034‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41 
1,570‌
1,582‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50 
3,405‌
3,365‌
Kentucky
Public
Energy
Auth.,
Series A,
VRDN,
5.00%,
5/1/55 
3,260‌
3,422‌
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
5.25%,
4/1/54
(Tender
2/1/32) 
4,295‌
4,581‌
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32) 
7,225‌
7,658‌
28,135‌
LOUISIANA
 0.2%
Louisiana
Public
Fac.
Auth.,
Waste
Pro
USA
Project,
VRDN,
6.75%,
10/1/53
(Tender
10/1/28) (3)(4)
1,400‌
1,484‌
New
Orleans
Aviation
Board,
General
Airport,
Series D-2,
5.00%,
1/1/38 (3)
885‌
891‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43 
1,315‌
1,324‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26) 
1,080‌
1,079‌
4,778‌
MAINE
 0.0%
Fin.
Auth.
of
Maine,
Casella
Waste
Systems,
VRDN,
4.625%,
12/1/47
(Tender
6/1/35) (3)(4)
1,000‌
1,043‌
1,043‌
MARYLAND
 4.8%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/36 
2,080‌
2,092‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46 
1,575‌
1,515‌
Baltimore
City,
Harbor
Point
Project,
4.75%,
6/1/31 
2,100‌
2,102‌
Baltimore
City,
Water,
5.00%,
7/1/31 
1,520‌
1,529‌
Frederick
County,
Public
Fac.
Project,
Series A,
GO,
2.00%,
10/1/40 
9,515‌
7,091‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33 
310‌
315‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36 
210‌
212‌
Maryland
CDA,
Series A,
4.50%,
9/1/48 
740‌
750‌
Maryland
CDA,
Series D,
3.25%,
9/1/50 
4,410‌
4,376‌
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series B,
4.70%,
7/1/46 
1,000‌
1,002‌
Maryland
DOT,
Series A,
5.25%,
8/1/49 (1)(3)
5,825‌
6,068‌
Maryland
DOT,
Series B,
4.00%,
8/1/37 (3)
1,485‌
1,479‌
Maryland
DOT,
Series B,
4.00%,
8/1/38 (3)
1,370‌
1,358‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Series A,
5.00%,
11/12/28 (3)
3,700‌
3,711‌
Maryland
Economic
Dev.,
Series B,
5.25%,
6/30/52 (3)
2,500‌
2,502‌
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/42 
2,270‌
2,346‌
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.125%,
7/1/59 (1)
8,225‌
8,312‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50 
2,060‌
1,713‌
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (3)
6,600‌
6,568‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36 
1,020‌
1,032‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46 
4,375‌
4,402‌
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series A,
VRDN,
3.30%,
6/1/48 
1,100‌
1,100‌
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series B,
VRDN,
3.35%,
6/1/46 
1,310‌
1,310‌
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/54 
1,380‌
1,394‌
Maryland
HHEFA,
LifeBridge
Health,
5.25%,
7/1/54 
3,460‌
3,601‌
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45 
3,790‌
3,819‌
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46 
1,410‌
1,262‌
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51 
2,900‌
2,478‌
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55 
1,295‌
1,080‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series A,
5.00%,
5/1/42 
4,080‌
4,181‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series A,
5.00%,
5/1/47 
9,090‌
9,198‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series AG,
5.00%,
5/1/47 (1)
1,760‌
1,908‌
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52 
4,290‌
3,823‌
Montgomery
County,
Series E,
GO,
VRDN,
3.20%,
11/1/37 
2,350‌
2,350‌
Montgomery
County,
Consolidated
Public
Improvement
Project,
Series A,
GO,
2.00%,
8/1/41 
6,500‌
4,759‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42 
1,760‌
1,761‌
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31 
210‌
213‌
Town
of
Chestertown,
Washington
College,
6.25%,
3/1/45 
1,000‌
1,036‌
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/50 
1,400‌
1,432‌
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/55 
1,000‌
1,015‌
Univ.
System
of
Maryland,
Series A,
4.00%,
4/1/43 
2,150‌
2,156‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
1,410‌
1,409‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42 
2,115‌
2,039‌
Washington
Suburban
Sanitary
Commission,
2.25%,
6/1/39 
11,200‌
9,000‌
122,799‌
MASSACHUSETTS
 1.6%
Massachusetts,
Series C,
GO,
3.00%,
3/1/47 
4,000‌
3,084‌
Massachusetts
Bay
Transportation
Auth.
Sales
Tax
Revenue,
Series B,
5.25%,
7/1/54 
9,950‌
10,518‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health
Issue,
Series N,
5.50%,
7/1/50 (1)
5,150‌
5,582‌
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/54 (4)
700‌
675‌
Massachusetts
Ed.
Fin.
Auth.,
Series B,
4.25%,
7/1/46 (3)
4,590‌
4,124‌
Massachusetts
Port
Auth.,
Series B,
4.00%,
7/1/46 (3)
7,500‌
6,894‌
Massachusetts
Port
Auth.,
Series B,
5.00%,
7/1/43 (3)
10,000‌
10,004‌
40,881‌
MICHIGAN
 2.0%
Detroit,
GO,
5.00%,
4/1/27 
565‌
573‌
Detroit,
GO,
5.50%,
4/1/32 
415‌
448‌
Detroit,
GO,
5.50%,
4/1/34 
235‌
253‌
Detroit,
GO,
5.50%,
4/1/36 
305‌
326‌
Detroit,
GO,
5.50%,
4/1/38 
690‌
733‌
Detroit,
GO,
5.50%,
4/1/40 
475‌
502‌
Detroit,
GO,
5.50%,
4/1/45 
355‌
369‌
Detroit,
GO,
5.50%,
4/1/50 
705‌
723‌
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
Project,
5.75%,
11/1/45 
2,400‌
2,430‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47 
5,885‌
6,188‌
Great
Lakes
Water
Auth.
Water
Supply,
Second
Lien,
Series D,
5.25%,
7/1/42 
3,580‌
3,976‌
Kentwood
Economic
Dev.,
Holland
Home
Obligated
Group,
4.00%,
11/15/31 
550‌
549‌
Kentwood
Economic
Dev.,
Holland
Home
Obligated
Group,
4.00%,
11/15/43 
885‌
787‌
Michigan
Fin.
Auth.
Uni.
of
Detroit
Mercy,
5.625%,
11/1/52 
5,450‌
5,535‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/34 
2,275‌
2,294‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
5.00%,
11/15/37 
2,470‌
2,487‌
Michigan
Fin.
Auth.,
McLaren
Health
Care,
5.00%,
2/15/37 
980‌
1,019‌
Michigan
Fin.
Auth.,
McLaren
Health
Care,
5.00%,
2/15/38 
1,410‌
1,462‌
Michigan
Fin.
Auth.,
McLaren
Health
Care,
5.00%,
2/15/39 
6,175‌
6,377‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Michigan
Fin.
Auth.,
McLaren
Health
Care,
Series B,
5.00%,
5/15/35 
3,525‌
3,537‌
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49 
2,870‌
3,090‌
Wayne
County,
Series C,
5.00%,
12/1/37 (1)(3)(4)
7,050‌
7,179‌
50,837‌
MINNESOTA
 0.7%
Minnesota,
Series B,
GO,
4.00%,
8/1/42 
8,000‌
8,127‌
Minnesota
Housing
Fin.
Agency,
Series L,
6.50%,
1/1/55 
2,980‌
3,333‌
Minnesota
Housing
Fin.
Agency,
Series O,
6.25%,
1/1/55 
2,835‌
3,151‌
Shakopee
MN
Senior
Housing
Revenue,
Benedictine
Senior
Living
Obligated
Group
-
Windermere
Way
Project,
5.875%,
11/1/65 
1,500‌
1,511‌
Woodbury,
Math
&
Science
Academy,
5.50%,
6/1/55 (4)
2,000‌
1,884‌
18,006‌
MISSISSIPPI
 0.2%
Mississippi
Business
Fin.,
Chevron
U.S.A.
Project,
Series C,
VRDN,
3.40%,
11/1/35 
5,970‌
5,970‌
5,970‌
MISSOURI
 1.0%
HEFA
of
Missouri,
Mercy
Health,
3.00%,
6/1/53 
4,000‌
2,789‌
HEFA
of
Missouri,
Mercy
Health,
5.50%,
12/1/48 
2,080‌
2,207‌
Kansas
City
IDA,
Platte
purchase
Project,
6.00%,
1/1/48 (4)
2,500‌
2,552‌
Missouri
HEFA,
SSM
Health
Care,
Series F,
VRDN,
3.45%,
6/1/44 
6,550‌
6,550‌
Phelps
County,
Phelps
Health,
5.75%,
12/1/45 
1,500‌
1,617‌
Phelps
County,
Phelps
Health,
6.00%,
12/1/55 
2,875‌
3,035‌
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48 
4,715‌
4,613‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38 
530‌
539‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48 
1,375‌
1,368‌
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45 
580‌
576‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29 
40‌
39‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35 
415‌
402‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47 
355‌
317‌
26,604‌
NEBRASKA
 0.6%
Central
Plains
Energy
Project,
Series A-1,
VRDN,
5.00%,
8/1/55
(Tender
8/1/31) 
14,075‌
15,059‌
15,059‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
NEVADA
 0.2%
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/33 
1,475‌
1,562‌
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40 
2,265‌
2,266‌
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45 
1,790‌
1,784‌
5,612‌
NEW
HAMPSHIRE
 1.4%
New
Hampshire
Business
Fin.
Auth.,
Series 2016-1,
Class
A2,
4.25%,
7/20/41 
2,075‌
1,932‌
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34 
3,570‌
3,621‌
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38 
2,653‌
2,564‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-1,
Class
A,
4.25%,
7/1/51
(Prerefunded
7/20/41) (9)
4,947‌
4,935‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39 
2,733‌
2,596‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-3,
Class
A,
VR,
4.162%,
10/1/51 
4,355‌
4,251‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A,
4.75%,
6/20/41
(Tender
6/1/35) 
6,131‌
6,311‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.167%,
1/20/41 
693‌
670‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-3,
Class
A1,
VR,
4.946%,
2/20/41 
5,208‌
5,412‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-3,
Class
A2,
VR,
4.946%,
2/20/41 
2,741‌
2,718‌
New
Hampshire
Business
Fin.
Auth.,
The
Wildflower
Project,
Zero
Coupon,
12/15/33 (4)
678‌
429‌
35,439‌
NEW
JERSEY
 1.8%
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (3)
1,760‌
1,762‌
New
Jersey
Economic
Dev.
Auth.,
Cranes
Mill
Project,
5.00%,
1/1/39 
1,190‌
1,207‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.00%,
1/1/31 (1)(3)
705‌
717‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.125%,
7/1/42 (1)(3)
775‌
781‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.375%,
1/1/43 (3)
6,115‌
6,122‌
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.625%,
1/1/52 (3)
1,435‌
1,436‌
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (3)
4,775‌
4,838‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (3)
3,085‌
3,087‌
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (3)(4)
1,600‌
1,678‌
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.625%,
1/1/45 (3)(4)
1,200‌
1,267‌
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/38 
705‌
706‌
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51 
10,100‌
7,491‌
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Series A,
4.80%,
11/1/45 
1,775‌
1,810‌
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46 
1,260‌
1,334‌
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
(Prerefunded
12/15/32) (9)
1,330‌
1,536‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41 
1,100‌
1,207‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42 
2,275‌
2,273‌
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46 
7,115‌
7,129‌
46,381‌
NEW
YORK
 8.6%
Build
New
York
City
Resource,
Pratt
Paper,
5.00%,
1/1/35 (3)
(4)
975‌
976‌
Build
New
York
City
Resource,
Success
Academy
Charter
Schools
Project,
5.00%,
9/1/38 
1,485‌
1,570‌
Dormitory
Auth.
of
the
State
of
New
York,
Series 2022A,
5.00%,
3/15/46 
5,395‌
5,659‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.00%,
7/1/48 
3,800‌
2,856‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.50%,
3/15/52 
2,250‌
1,790‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/54 
9,395‌
8,436‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/44 
1,000‌
1,092‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/45 
700‌
756‌
Dormitory
Auth.
of
the
State
of
New
York,
Series E,
3.00%,
3/15/41 
2,000‌
1,739‌
Dormitory
Auth.
of
the
State
of
New
York,
Cornell
Univ.,
Series A,
5.50%,
7/1/54 
6,625‌
7,158‌
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore
Obligated
Group,
Series A,
5.00%,
8/1/35 
5,175‌
5,259‌
Dormitory
Auth.
of
the
State
of
New
York,
Orange
Regional
Medical
Center,
5.00%,
12/1/27 (4)
1,300‌
1,310‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Dormitory
Auth.
of
the
State
of
New
York,
The
New
School,
Series A,
5.00%,
7/1/37 
1,840‌
1,853‌
Dormitory
Auth.
of
the
State
of
New
York,
Unrefunded
Balance,
Series A,
5.25%,
3/15/52 
2,025‌
2,125‌
Dormitory
Auth.
of
the
State
of
New
York,
White
Plains
Hosp.
Obligated
Group,
5.25%,
10/1/49 
200‌
206‌
Empire
State
Dev.,
Personal
Income
Tax,
Series C,
5.00%,
3/15/47 
3,525‌
3,665‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56 
525‌
430‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45 
6,060‌
1,873‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
5.63%,
1/1/55 
680‌
619‌
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (1)
2,820‌
2,861‌
Nassau
County
IDA,
EC,
5.00%,
5/19/25 (11)
2,097‌
—‌
New
York
City,
Series C-1,
GO,
5.00%,
9/1/42 
4,615‌
4,998‌
New
York
City,
Series C-1,
GO,
5.25%,
9/1/45 
5,850‌
6,324‌
New
York
City,
Series D,
GO,
5.00%,
12/1/42 
3,525‌
3,625‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/44 
1,175‌
1,272‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46 
1,750‌
1,864‌
New
York
City,
Series E,
GO,
5.00%,
8/1/44 
5,000‌
5,361‌
New
York
City
Housing
Dev.,
8
Spruce
Street,
Series 2024,
Class
E,
4.375%,
12/15/43
(Prerefunded
12/15/31) (9)
2,820‌
2,869‌
New
York
City
Housing
Dev.,
8
Spruce
Street,
Series 2024,
Class
F,
5.25%,
12/15/43
(Prerefunded
12/15/31) (9)
550‌
567‌
New
York
City
Housing
Dev.,
Sustainable
Dev.
Bonds,
Series C,
2.75%,
2/1/51 
4,850‌
3,360‌
New
York
City
Housing
Dev.,
Sustainable
Neighborhood
Bonds,
3.95%,
11/1/43 
1,945‌
1,880‌
New
York
City
IDA,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (1)
3,750‌
2,940‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
5.25%,
6/15/54 
4,025‌
4,228‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series DD,
4.125%,
6/15/46 
1,250‌
1,214‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series A-1,
4.00%,
11/1/38 
3,210‌
3,250‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series A-1,
5.25%,
5/1/47 
18,000‌
19,275‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series A-1,
5.50%,
5/1/50 
5,250‌
5,687‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series B-1,
5.00%,
8/1/38 
3,525‌
3,647‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-1,
4.00%,
5/1/39 
1,175‌
1,183‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-1,
4.00%,
5/1/44 
2,370‌
2,279‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series F-1,
5.25%,
2/1/40 
3,500‌
3,870‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series F-1,
5.50%,
2/1/48 
8,665‌
9,472‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series H-1,
5.25%,
11/1/45 
5,000‌
5,446‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series H-1,
5.50%,
11/1/51 
2,250‌
2,421‌
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1WTC,
2.75%,
2/15/44 
1,890‌
1,455‌
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1WTC,
3.00%,
2/15/42 
6,525‌
5,446‌
New
York
Liberty
Dev.,
3
World
Trade
Center,
Series 2,
Class
2,
5.15%,
11/15/34 (4)
1,230‌
1,231‌
New
York
Liberty
Dev.,
3
World
Trade
Center,
Series 2,
Class
2,
5.375%,
11/15/40 (4)
2,470‌
2,472‌
New
York
Liberty
Dev.,
7
World
Trade
Center,
3.00%,
9/15/43 
3,750‌
3,124‌
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69 
2,010‌
1,888‌
New
York
Power
Auth.,
Series A,
4.00%,
11/15/45 
2,210‌
2,136‌
New
York
State
Dormitory
Auth.,
Series E,
3.00%,
3/15/51 
3,000‌
2,153‌
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38 
3,930‌
3,944‌
New
York
Transportation
Dev.,
5.375%,
6/30/60 (3)
4,145‌
4,101‌
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
1/1/34 (3)
2,115‌
2,155‌
New
York
Transportation
Dev.,
JFK
Airport
Terminal
6
Redev.
Project,
Series A,
5.25%,
12/31/54 (1)(3)
9,500‌
9,612‌
New
York
Transportation
Dev.,
John
F.
Kennedy
Int'l.
Airport
New
Terminal
One
Project,
5.50%,
6/30/54 (3)
3,760‌
3,793‌
New
York
Transportation
Dev.,
John
F.
Kennedy
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/55 (3)
2,475‌
2,619‌
New
York
Transportation
Dev.,
John
F.
Kennedy
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/59 (3)
9,375‌
9,885‌
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
Bonds,
Series 206,
5.00%,
11/15/42 (3)
4,475‌
4,550‌
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
Bonds,
Series 236,
5.00%,
1/15/47 (3)
2,500‌
2,583‌
Suffolk
County
Water
Auth.,
Series B,
3.25%,
6/1/42 
4,400‌
3,984‌
Triborough
Bridge
&
Tunnel
Auth.,
MTA
Bridges
&
Tunnels,
Series A,
5.00%,
5/15/52 
5,500‌
6,000‌
222,396‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
NORTH
CAROLINA
 1.8%
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Health,
Series E,
VRDN,
3.40%,
1/15/42 
400‌
400‌
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
HealthCare
System,
Series B,
VRDN,
3.40%,
1/15/38 
5,755‌
5,755‌
Forsyth
County,
Series B,
GO,
2.00%,
3/1/37 
4,150‌
3,412‌
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (1)(3)
7,615‌
7,977‌
North
Carolina
Housing
Fin.
Agency,
Series A,
4.70%,
7/1/50 
4,250‌
4,250‌
North
Carolina
Housing
Fin.
Agency,
1998
Trust
Agreement,
Series A,
4.55%,
7/1/45 
3,250‌
3,218‌
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/35 
705‌
705‌
North
Carolina
Medical
Care
Commission,
Sharon
Towers,
Series A,
5.00%,
7/1/39 
1,020‌
1,032‌
North
Carolina
Medical
Care
Commission,
Sharon
Towers,
Series A,
5.00%,
7/1/44 
1,490‌
1,492‌
North
Carolina
Medical
Care
Commission,
Sharon
Towers,
Series A,
5.00%,
7/1/49 
705‌
671‌
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/40 
3,955‌
3,957‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40 
5,000‌
5,153‌
Union
County,
Series C,
GO,
2.50%,
9/1/37 
4,590‌
4,005‌
Union
County,
Series C,
GO,
2.50%,
9/1/38 
4,000‌
3,423‌
45,450‌
OHIO
 1.9%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
17,025‌
13,503‌
Cleveland-Cuyahoga
County
Port
Auth.,
Museum
of
Natural
History,
4.00%,
7/1/40 
215‌
213‌
Cleveland-Cuyahoga
County
Port
Auth.,
Museum
of
Natural
History,
4.00%,
7/1/41 
245‌
239‌
Cleveland-Cuyahoga
County
Port
Auth.,
Museum
of
Natural
History,
4.00%,
7/1/51 
2,705‌
2,284‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52 
3,395‌
3,396‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57 
2,425‌
2,425‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/44 
2,855‌
2,867‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/51 
3,945‌
3,824‌
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49 
2,750‌
2,996‌
Hamilton
County,
Life
Enriching
Communities,
5.00%,
1/1/36 
1,060‌
1,060‌
Hamilton
County,
Life
Enriching
Communities,
5.00%,
1/1/46 
2,960‌
2,935‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Hamilton
County,
Life
Enriching
Communities,
Series A,
5.00%,
1/1/52 
705‌
673‌
Ohio,
Series A,
5.00%,
1/15/50 
5,640‌
5,661‌
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
4.25%,
1/15/38 (3)(4)
400‌
396‌
Ohio
Housing
Fin.
Agency,
Silver
Birch
Of
Mansfield
Project,
6.00%,
1/1/45 (4)
1,625‌
1,655‌
Port
of
Greater
Cincinnati
Dev.
Auth.,
RBM
Phase
3
Garage
Project,
5.00%,
12/1/44 
1,000‌
1,023‌
Port
of
Greater
Cincinnati
Dev.
Auth.,
RBM
Phase
3
Garage
Project,
5.125%,
12/1/55 
300‌
298‌
Summit
County
DFA,
PRG
-
Akron
Properties
–
The
Univ.
of
Akron
Project,
Series A,
5.50%,
7/1/60 (5)
2,175‌
2,255‌
47,703‌
OKLAHOMA
 0.7%
Oklahoma
County
Fin.
Auth.,
Series EX,
2.00%,
12/1/47 
158‌
8‌
Oklahoma
County
Fin.
Auth.,
Series EX,
5.875%,
12/1/47 
768‌
415‌
Oklahoma
DFA,
OU
Medicine
Project,
Series B,
5.25%,
8/15/48 
1,115‌
1,100‌
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53 
14,760‌
15,574‌
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45 
1,640‌
1,645‌
18,742‌
OREGON
 0.3%
Oregon
Fac.
Auth.,
Legacy
Health,
Series B,
5.00%,
6/1/30 
1,700‌
1,828‌
Oregon
Fac.
Auth.,
Peacehealth,
Series B,
VRDN,
3.30%,
8/1/34 
935‌
935‌
Port
of
Portland
Airport,
Series 24B,
5.00%,
7/1/42 (3)
2,115‌
2,128‌
Port
of
Portland
Airport,
Series A,
4.00%,
7/1/39 (3)
3,525‌
3,453‌
8,344‌
PENNSYLVANIA
 3.2%
Allegheny
County
Airport
Auth.,
Pittsburgh
Int'l.
Airport,
Series A,
5.50%,
1/1/53 (1)(3)
7,500‌
7,811‌
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series B-1,
STEP,
0.00%,
6/30/44 
1,290‌
966‌
Cumberland
County
Municipal
Auth.,
Asbury
Obligated
Group,
4.50%,
1/1/40 (4)
3,035‌
2,920‌
Doylestown
Hosp.
Auth.,
5.00%,
7/1/49
(Prerefunded
7/1/29) (9)
260‌
276‌
Franklin
County
IDA,
Menno
Haven,
5.00%,
12/1/38 
705‌
706‌
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
Series A,
5.00%,
9/1/34 
1,940‌
2,001‌
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
Series A,
5.00%,
9/1/37 
1,760‌
1,805‌
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (3)
2,500‌
2,502‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.25%,
6/30/53 (3)
3,895‌
3,908‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/39 (3)
2,250‌
2,430‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.75%,
6/30/48 (3)
3,935‌
4,117‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
6.00%,
6/30/61 (3)
7,520‌
7,924‌
Pennsylvania
Higher
Ed.
Assistance
Agency,
Series 1A,
5.00%,
6/1/34 (3)
2,150‌
2,288‌
Pennsylvania
Higher
EFA,
Thomas
Jefferson
Univ.,
Series D-2,
VRDN,
3.40%,
11/1/61 
14,600‌
14,600‌
Pennsylvania
Housing
Fin.
Agency,
Series 144A,
6.00%,
10/1/54 
3,150‌
3,398‌
Pennsylvania
Housing
Fin.
Agency,
Series 146A,
6.25%,
10/1/54 
4,245‌
4,610‌
Pennsylvania
Housing
Fin.
Agency,
Series SER-145A,
6.00%,
10/1/54 
1,910‌
2,066‌
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/44 
5,450‌
5,911‌
Philadelphia
IDA,
Saint
Josephs
Univ.,
5.25%,
11/1/52 
3,565‌
3,652‌
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series A,
5.50%,
7/1/53 
8,920‌
9,525‌
Philadelphia
IDA,
Univ.
of
the
Science,
5.00%,
11/1/47 
480‌
476‌
83,892‌
PUERTO
RICO
 4.7%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (12)
13,403‌
9,114‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (12)
29,388‌
20,351‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/33 (4)
1,050‌
1,098‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2022A,
5.00%,
7/1/33 (4)
3,965‌
4,165‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (4)
1,205‌
1,233‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
2,915‌
3,014‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (4)
5,250‌
5,471‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (4)
2,225‌
2,297‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (4)
1,200‌
1,243‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
1,569‌
1,137‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33 
1,219‌
1,217‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
1,095‌
1,085‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
2,265‌
2,204‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
4,804‌
4,494‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
8,662‌
8,822‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
1,324‌
1,394‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31 
3,227‌
3,488‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (6)(7)
35‌
25‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (6)(7)
60‌
42‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (6)(7)
475‌
335‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (6)(7)
130‌
92‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (6)
(7)
170‌
120‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (6)
(7)
660‌
465‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (6)
(7)
215‌
152‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (6)
(7)
260‌
183‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (6)
(7)
1,575‌
1,110‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (6)
(7)
500‌
353‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (6)
(7)
680‌
479‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (6)
(7)
165‌
116‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (6)
(7)
140‌
99‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (6)
(7)
60‌
42‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (6)
(7)
160‌
113‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (6)
(7)
125‌
88‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (6)
(7)
40‌
28‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (6)
(7)
70‌
49‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (6)
(7)
55‌
39‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (6)
(7)
525‌
370‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (6)
(7)
120‌
85‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (6)
(7)
60‌
42‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
1,540‌
1,542‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
26,172‌
24,953‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58 
8,608‌
8,361‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27 
2,666‌
2,569‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
5,900‌
4,537‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
12,428‌
4,430‌
122,646‌
RHODE
ISLAND
 0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (6)(7)
490‌
191‌
191‌
SOUTH
CAROLINA
 1.0%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 
4,956‌
3,556‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 
3,686‌
1,301‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 
5,203‌
842‌
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
VRDN,
5.25%,
2/1/54
(Tender
3/1/31) 
3,525‌
3,783‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47 
1,355‌
1,353‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
American
Leadership
Academy,
Series A,
5.50%,
6/15/33 
3,825‌
3,770‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Libertas
Woodruff
Project,
7.15%,
8/15/55 (4)
2,000‌
2,076‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/43 
5,000‌
5,089‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Rolling
Green
Village
Project,
Series A,
5.75%,
12/1/60 
1,100‌
1,095‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
South
Carolina
State
Housing
Fin.
&
Dev.
Auth.,
Series C,
4.80%,
7/1/45 
3,800‌
3,844‌
26,709‌
SOUTH
DAKOTA
 0.6%
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49 
9,275‌
8,905‌
South
Dakota
HEFA,
Avera
Health,
Series A,
5.25%,
7/1/54 
7,125‌
7,445‌
16,350‌
TENNESSEE
 2.3%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
Series 2018A,
5.00%,
7/1/36 
2,290‌
2,354‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.50%,
7/1/54 (5)
1,000‌
1,051‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series A-1,
5.50%,
7/1/59 (5)
1,500‌
1,564‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series B-1,
5.125%,
7/1/54 (5)
3,030‌
3,087‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Univ.
of
Tennessee
Project,
Series B-1,
5.00%,
7/1/49 (5)
1,200‌
1,229‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
(Prerefunded
7/1/26) (9)
1,090‌
1,094‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.00%,
7/1/44 (3)
2,115‌
2,167‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.25%,
7/1/51 (3)
7,725‌
8,016‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (3)
10,405‌
10,827‌
Shelby
County
Health
&
Ed.
Fac.
Board,
Madrone
Memphis
Student
Housing
I,
Series A-1,
5.00%,
6/1/44 (4)
850‌
855‌
Tennergy,
Series A,
VRDN,
5.00%,
10/1/54
(Tender
12/1/29) 
6,900‌
7,279‌
Tennessee
Energy
Acquisition,
Series A,
5.00%,
11/1/34 
7,500‌
8,015‌
Tennessee
Energy
Acquisition,
Series A,
5.00%,
12/1/35 
11,025‌
11,675‌
59,213‌
TEXAS
 11.6%
Aldine
Independent
School
Dist.,
GO,
4.00%,
2/15/54 
3,805‌
3,423‌
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.50%,
6/15/44 (4)
500‌
469‌
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.75%,
6/15/49 (4)
340‌
310‌
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.875%,
6/15/54 (4)
3,370‌
3,043‌
Arlington
Higher
Ed.
Fin.,
Harmony
Public
Schools,
4.00%,
2/15/44 
12,900‌
12,530‌
Arlington
Higher
Ed.
Fin.,
KIPP
Texas,
4.00%,
8/15/42 
5,815‌
5,774‌
Arlington
Higher
Ed.
Fin.,
Riverwalk
Ed.
Foundation,
5.00%,
8/15/47 
1,780‌
1,832‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Arlington
Higher
Ed.
Fin.,
Riverwalk
Ed.
Foundation,
5.00%,
8/15/52 
5,155‌
5,225‌
Arlington
Higher
Ed.
Fin.,
Trinity
Basin
Preparatory,
4.50%,
8/15/53 
4,500‌
4,385‌
Arlington
Higher
Ed.
Fin.,
Trinity
Basin
Preparatory,
5.00%,
8/15/48 
1,300‌
1,344‌
Austin
Airport
System
Revenue,
5.00%,
11/15/43 (3)
1,000‌
1,047‌
Austin
Airport
System
Revenue,
Series B,
5.00%,
11/15/41 (3)
2,770‌
2,783‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34 
915‌
918‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
3.50%,
8/15/50 
5,000‌
4,091‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
4.00%,
8/15/54 
7,425‌
6,743‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/42 
2,675‌
2,963‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/49 
2,250‌
2,490‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/39 
1,550‌
1,694‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/41 
8,880‌
9,622‌
Clifton
Higher
Ed.
Fin.,
IDEA
Public
Schools,
5.00%,
8/15/38 
2,000‌
2,192‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/40 
7,415‌
8,006‌
Dallas
Fort
Worth
Int'l.
Airport,
Series A-1,
5.25%,
11/1/43 (3)
7,000‌
7,548‌
Dallas
Hotel
Occupancy
Tax,
4.00%,
8/15/29 
1,765‌
1,768‌
Dallas
Hotel
Occupancy
Tax,
4.00%,
8/15/31 
1,005‌
1,007‌
Dallas
Hotel
Occupancy
Tax,
4.00%,
8/15/32 
800‌
801‌
Dallas
Hotel
Occupancy
Tax,
4.00%,
8/15/33 
800‌
801‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.625%,
12/31/55 (4)
1,560‌
1,599‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.875%,
12/31/45 (4)
575‌
594‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
6.125%,
12/31/55 (4)
925‌
955‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Thermal
Energy,
5.00%,
11/15/31 
465‌
479‌
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/44 
7,200‌
7,704‌
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/49 
7,685‌
6,988‌
Harris
County-Houston
Sports
Auth.,
Second
Lien,
Series B,
5.00%,
11/15/44 (1)
2,025‌
2,140‌
Harris
County-Houston
Sports
Auth.,
Second
Lien,
Series B,
5.00%,
11/15/46 (1)
4,000‌
4,158‌
Houston
Airport,
Series A,
5.00%,
7/1/36 (3)
775‌
796‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Houston
Airport,
Series A,
5.00%,
7/1/37 (3)
1,495‌
1,533‌
Houston
Airport,
Series A,
5.00%,
7/1/41 (3)
4,000‌
4,075‌
Houston
Airport,
Series A,
5.25%,
7/1/42 (1)(3)
5,000‌
5,381‌
Houston
Airport,
Series A,
5.25%,
7/1/43 (1)(3)
1,550‌
1,659‌
Houston
Airport,
Series A,
5.50%,
7/1/44 (3)
2,000‌
2,204‌
Houston
Airport,
Series A,
5.50%,
7/1/45 (3)
2,000‌
2,185‌
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.50%,
7/15/37 (3)
2,450‌
2,620‌
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series C,
5.25%,
9/1/51 (1)
10,000‌
10,572‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
Board
of
Managers
Guadalupe
Regional
Medical
Center,
5.00%,
12/1/29 
1,200‌
1,200‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
Board
of
Managers
Guadalupe
Regional
Medical
Center,
5.00%,
12/1/40 
1,330‌
1,321‌
Klein
Independent
School
Dist.,
GO,
4.00%,
8/1/47 
5,000‌
4,706‌
Leander
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/40 
3,000‌
3,330‌
Leander
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/41 
950‌
1,050‌
Longview
Independent
School
Dist.,
GO,
4.00%,
2/15/49 
7,500‌
6,919‌
Midland
Independent
School
Dist.,
GO,
5.00%,
2/15/47 
4,075‌
4,248‌
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (3)(4)
4,115‌
4,125‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32 
60‌
60‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33 
65‌
65‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34 
70‌
70‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35 
475‌
476‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36 
525‌
526‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38 
290‌
290‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43 
855‌
855‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48 
2,485‌
2,485‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Children's
Health
System,
Series A,
5.50%,
8/15/49 
4,250‌
4,605‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Exchange
Buckingham
Senior
Living,
Series B,
VR,
2.00%,
11/15/61
(2.00%
PIK) (6)(8)
860‌
422‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33 
195‌
199‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/35 
705‌
715‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49 
1,210‌
1,184‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/40 
4,100‌
4,399‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/41 
6,700‌
7,317‌
Permanent
Univ.
Fund
-
Univ.
of
Texas
System,
Series 2022A,
4.00%,
7/1/42 
3,600‌
3,588‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast
Energy
Project,
3.00%,
1/1/50 (3)(4)
2,000‌
1,244‌
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast
Energy
Project,
Series A,
4.00%,
1/1/50 (3)(4)
1,000‌
763‌
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast
Energy
Project,
Series A,
5.125%,
1/1/44 (3)(4)
1,750‌
1,695‌
San
Antonio
Water
System,
Junior
Lien,
Series B,
5.00%,
5/15/45 
5,250‌
5,616‌
Spring
Branch
Independent
School
Dist.,
GO,
5.00%,
2/1/42 
2,370‌
2,523‌
Spring
Independent
School
Dist.,
GO,
5.25%,
8/15/45 
3,500‌
3,830‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series D,
VRDN,
3.30%,
11/15/63 
800‌
800‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylos
Scott
&
White
Health
Project,
Series E,
5.00%,
11/15/44 
2,800‌
3,015‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28 
415‌
418‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37 
780‌
783‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40 
865‌
867‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46 
1,940‌
1,899‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (6)(7)
1,632‌
—‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Methodist
Hosp.
of
Dallas
Project,
Series A,
VRDN,
3.30%,
10/1/41 
1,000‌
1,000‌
Texas,
Series A,
GO,
4.125%,
8/1/46 (3)
8,850‌
8,366‌
Texas,
Series A,
GO,
5.00%,
8/1/41 (3)
6,030‌
6,497‌
Texas,
Series A,
GO,
5.00%,
8/1/42 (3)
6,335‌
6,783‌
Texas
Dept.
of
Housing
&
Community
Affairs,
Series A,
5.75%,
1/1/56 
6,935‌
7,605‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26 
100‌
102‌
Texas
Municipal
Gas
Acquisition
&
Supply
IV,
Series A,
VRDN,
5.50%,
1/1/54
(Tender
1/1/30) 
3,500‌
3,702‌
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34) 
14,950‌
15,939‌
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (3)
2,000‌
1,978‌
Texas
Private
Activity
Bond
Surface
Transportation,
Senior
Lien,
North
Tarrant
Express
Project,
5.50%,
12/31/58 (3)
5,620‌
5,788‌
Texas
Transportation
Fin.,
SH
288
System,
Series A,
5.50%,
10/1/55 
14,300‌
15,397‌
299,216‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
UTAH
 2.0%
Black
Desert
Public
Infrastructure
Dist.,
Black
Desert
Assessment
Area,
5.625%,
12/1/53 (4)
4,715‌
4,795‌
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.00%,
6/1/39 (1)
1,300‌
1,368‌
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.25%,
6/1/43 (1)
1,900‌
2,103‌
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series C,
5.00%,
7/15/35 (4)
1,250‌
1,255‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 1,
5.125%,
6/15/54 (4)
2,175‌
2,181‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.75%,
6/15/44 (4)
940‌
973‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
6.00%,
6/15/54 (4)
1,880‌
1,934‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
5.875%,
3/1/45 
585‌
612‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
6.125%,
3/1/55 
11,374‌
11,839‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (3)
5,000‌
5,079‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/47 (3)
4,490‌
4,494‌
Salt
Lake
City
Airport,
Series A,
5.25%,
7/1/53 (3)
3,650‌
3,741‌
SkyRidge
Pegasus
Infrastructure
Fin.
Dist.,
SkyRidge
Pegasus
Assessment
Area,
5.25%,
12/1/44 (4)
3,087‌
3,109‌
Tech
Ridge
Public
Infrastructure
Dist.,
Tech
Ridge
Assessment
Area,
6.25%,
12/1/54 (4)
2,700‌
2,799‌
Utah
Transit
Auth.,
5.00%,
12/15/43 
4,700‌
5,200‌
51,482‌
VIRGIN
ISLANDS
 0.3%
Virgin
Islands
Hotel
Dev.
Fin.,
Senior
Lien,
Frenchman's
Reef
Hotel,
Series A-1,
5.75%,
2/1/45 
3,000‌
3,008‌
Virgin
Islands
Hotel
Dev.
Fin.,
Senior
Lien,
Frenchman's
Reef
Hotel,
Series A-1,
6.00%,
12/1/55 
4,450‌
4,420‌
7,428‌
VIRGINIA
 3.3%
Alexandria,
GO,
4.00%,
12/15/42 
5,350‌
5,433‌
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/41 (1)
3,285‌
3,289‌
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46 
5,150‌
5,150‌
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51 
2,165‌
2,147‌
Fairfax
County,
Series A,
GO,
2.00%,
10/1/41 
5,625‌
4,049‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/44 
3,500‌
3,436‌
Farmville
IDA,
Convocation
Center
Project,
Series AG,
5.375%,
7/1/53
(Tender
7/1/43) (1)
4,300‌
4,529‌
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52 
2,665‌
2,402‌
Newport
News
City,
Virginia
Water
Revenue,
Series 2021,
2.00%,
7/15/37 
3,080‌
2,473‌
Newport
News
City,
Virginia
Water
Revenue,
Series 2021,
2.00%,
7/15/38 
3,075‌
2,407‌
Newport
News
City,
Virginia
Water
Revenue,
Series 2021,
2.00%,
7/15/39 
3,075‌
2,346‌
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
VRDN,
5.00%,
11/1/48
(Tender
11/1/28) 
355‌
374‌
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic
Obligated
Group,
Series A,
4.00%,
7/1/51 
1,660‌
1,510‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36 
1,460‌
1,463‌
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47 
2,245‌
1,878‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43 
10,740‌
10,665‌
Virginia
Housing
Dev.
Auth.,
Series G,
5.15%,
11/1/52 
1,150‌
1,176‌
Virginia
Housing
Dev.
Auth.,
Series G,
5.25%,
11/1/57 
1,995‌
2,048‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
3.00%,
1/1/41 (3)
1,950‌
1,597‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (3)
6,890‌
6,801‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (3)
5,000‌
4,897‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes
Project,
4.00%,
1/1/42 (3)
1,045‌
987‌
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes
Project,
4.00%,
1/1/48 (3)
5,650‌
5,044‌
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (3)
705‌
689‌
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/52 (3)
6,680‌
6,492‌
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.125%,
7/1/58 (1)
1,445‌
1,323‌
84,605‌
WASHINGTON
 2.9%
Central
Puget
Sound
Regional
Transit
Auth.,
Series S-1,
5.00%,
11/1/46 
3,000‌
3,394‌
Energy
Northwest,
Columbia
Generating
Station,
4.00%,
7/1/42 
2,000‌
2,014‌
King
County,
GO,
5.00%,
12/1/43 
3,310‌
3,623‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Port
of
Seattle,
Intermediate
Lien,
Series B,
5.25%,
10/1/43 (3)
7,500‌
8,188‌
Port
of
Seattle,
Intermediate
Lien,
Series B,
5.25%,
7/1/49 (3)
2,750‌
2,866‌
Skagit
County
Public
Hosp.
Dist.
No.
1,
5.50%,
12/1/44 
1,000‌
1,054‌
Washington
State
Convention
Center
Public
Fac.
Dist.,
Green
Notes,
4.00%,
7/1/31 
2,625‌
2,684‌
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A1,
VR,
4.08%,
8/20/63
(Prerefunded
11/20/41) (9)
4,148‌
3,999‌
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A-2,
VR,
4.079%,
8/20/63
(Prerefunded
11/20/41) (9)
3,254‌
3,058‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/40 (4)(5)
1,000‌
1,059‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.00%,
7/1/45 (4)(5)
4,750‌
4,880‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.25%,
7/1/55 (4)(5)
6,115‌
6,198‌
Washington
State
Housing
Fin.
Commission,
Blakeley
and
Laurel
Villages,
Series A,
5.50%,
7/1/50 (4)
3,975‌
4,021‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
and
Nordheim
Court,
5.00%,
7/1/54 
9,035‌
8,490‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
and
Nordheim
Court,
5.50%,
7/1/49 
2,000‌
2,023‌
Washington
State
Housing
Fin.
Commission,
Social
Certificates,
Series 2021-1,
Class
A,
3.50%,
12/20/35 
4,684‌
4,519‌
Washington
State
Housing
Fin.
Commission,
Social
Certificates,
Series 2023-1,
Class
A,
3.375%,
4/20/37 
9,743‌
9,105‌
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (4)
3,525‌
3,213‌
74,388‌
WEST
VIRGINIA
 0.1%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (4)
325‌
329‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (4)
325‌
328‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
7.00%,
6/1/43 (4)
275‌
292‌
West
Virginia
Economic
Dev.
Auth.,
Series RE,
VRDN,
4.70%,
4/1/36
(Tender
6/17/26) (3)
1,150‌
1,152‌
2,101‌
WISCONSIN
 3.2%
PFA,
Aggie
Apartment
Life
Holding
Corp.
II,
Series A,
5.25%,
6/1/54 
1,625‌
1,623‌
PFA,
Campus
Real
Estate
Holding,
Series A,
5.00%,
6/1/35 
1,100‌
1,164‌
PFA,
CHF
Manoa,
Residences
for
Graduate
Students,
Series A,
5.75%,
7/1/53 (4)
3,000‌
2,918‌
PFA,
Eastern
Michigan
Univ.,
Series A-1,
5.375%,
7/1/47 (5)
4,880‌
5,109‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
6/30/60 (3)
12,390‌
12,692‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
12/31/65 (3)
10,850‌
11,090‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (3)
2,300‌
2,532‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
12/31/65 (3)
3,875‌
4,262‌
PFA,
Heritage
Bend
Project,
Zero
Coupon,
12/15/42 (4)
17,500‌
5,451‌
PFA,
Kahala
Nui
Project,
5.25%,
11/15/55 
850‌
861‌
PFA,
Kahala
Nui
Project,
5.25%,
11/15/61 
4,205‌
4,239‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series A,
5.00%,
6/15/37 
335‌
357‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series A,
5.25%,
6/15/45 
1,000‌
1,028‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series A,
5.25%,
6/15/55 
1,725‌
1,714‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series B,
5.50%,
6/15/55 
1,475‌
1,476‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.00%,
6/15/35 
500‌
514‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.75%,
6/15/55 
1,420‌
1,394‌
PFA,
Pinecrest
Academy,
Series A,
4.00%,
7/15/33 (4)
1,350‌
1,341‌
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/45 (5)
950‌
979‌
PFA,
Roseman
Univ.,
5.00%,
4/1/40
(Prerefunded
4/1/30) (4)(9)
25‌
27‌
PFA,
Roseman
Univ.,
5.00%,
4/1/50
(Prerefunded
4/1/30) (4)(9)
35‌
38‌
PFA,
Unrefunded
Balance,
5.00%,
4/1/40 (4)
375‌
378‌
PFA,
Unrefunded
Balance,
5.00%,
4/1/50 (4)
670‌
625‌
Wisconsin
HEFA,
Benevolent
cedar
Community,
5.375%,
6/1/50 
1,175‌
1,176‌
Wisconsin
HEFA,
Chiara
Housing
and
Services,
5.875%,
7/1/55 
2,730‌
2,743‌
Wisconsin
HEFA,
Wisconsin
Museum
of
Nature
&
Culture,
6.50%,
11/1/36 (2)(4)
1,315‌
1,309‌
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series B,
6.00%,
3/1/55 
3,145‌
3,396‌
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series C,
3.00%,
9/1/52 
2,680‌
2,641‌
Wisconsin
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/42 
1,205‌
1,240‌
Wisconsin
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52 
2,730‌
2,686‌
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.00%,
6/1/52 (4)
2,570‌
2,298‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
Wisconsin
PFA,
Southminster,
5.00%,
10/1/43 (4)
2,325‌
2,325‌
Wisconsin
PFA,
Southminster,
5.00%,
10/1/48 (4)
705‌
670‌
Wisconsin
PFA,
Southminster,
5.00%,
10/1/53 (4)
740‌
686‌
Wisconsin
PFA,
Univ.
of
Hawaii
Foundation
Project,
Series A-1,
4.00%,
7/1/61 (4)
1,165‌
807‌
83,789‌
Total
Municipal
Securities
(Cost
$2,566,870)
2,553,483‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES 0.1%
Freddie
Mac
Multifamily,
Class
A,
2.046%,
6/25/38 
4,048‌
3,330‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$4,138)
3,330‌
SHORT-TERM
INVESTMENTS 0.0%
MONEY
MARKET
FUNDS
 0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.72% (13)(14)
1‌
1‌
Total
Short-Term
Investments
(Cost
$1)
1‌
Total
Investments
in
Securities
98.9%
of
Net
Assets
(Cost
$2,571,009)
$
2,556,814‌
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Insured
by
Assured
Guaranty
Incorporated
(2)
When-issued
security
(3)
Interest
subject
to
alternative
minimum
tax.
(4)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$240,574
and
represents
9.3%
of
net
assets.
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Non-income
producing
(7)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
See
Note
2.
Level
3
in
fair
value
hierarchy.
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
42
.
.
.
.
.
.
.
.
.
.
(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
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
SPMUV7DY
S&P
Municipal
7
Day
High
Grade
Yield
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
43
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%
$
—‌
 ¤
 ¤
$
1‌^
#
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
$1.
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
44
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,571,009)
$
2,556,814‌
Interest
receivable
37,178‌
Receivable
for
shares
sold
2,574‌
Receivable
for
investment
securities
sold
111‌
Due
from
affiliates
101‌
Cash
62‌
Other
assets
77‌
Total
assets
2,596,917‌
Liabilities
Payable
for
investment
securities
purchased
6,157‌
Payable
for
shares
redeemed
2,549‌
Investment
management
fees
payable
682‌
Payable
to
directors
1‌
Other
liabilities
2,030‌
Total
liabilities
11,419‌
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,585,498‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
45
($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)
$
(155,683‌)
Paid-in
capital
applicable
to
230,466,534
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
2,741,181‌
NET
ASSETS
$
2,585,498‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,279,334;
Shares
outstanding:
114,065,194)
$
11.22‌
Advisor
Class
(Net
assets:
$1,827;
Shares
outstanding:
162,895)
$
11.21‌
I
Class
(Net
assets:
$1,304,337;
Shares
outstanding:
116,238,445)
$
11.22‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
Unaudited
Statement
of
Operations
46
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Investment
Income
(Loss)
Interest
income
$
59,931‌
Expenses
Investment
management
4,545‌
Shareholder
servicing
Investor
Class
$
906‌
Advisor
Class
2‌
I
Class
38‌
946‌
Rule
12b-1
fees
Advisor
Class
2‌
Prospectus
and
shareholder
reports
Investor
Class
20‌
I
Class
14‌
34‌
Proxy
and
annual
meeting
170‌
Custody
and
accounting
131‌
Legal
and
audit
55‌
Registration
54‌
Directors
4‌
Miscellaneous
12‌
Waived
/
paid
by
Price
Associates
(338‌)
Total
expenses
5,615‌
Net
investment
income
54,316‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(428‌)
Change
in
net
unrealized
gain
/
loss
on
securities
(5,747‌)
Net
realized
and
unrealized
gain
/
loss
(6,175‌)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
48,141‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
47
($000s)
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
54,316‌
$
114,077‌
Net
realized
loss
(428‌)
(42,850‌)
Change
in
net
unrealized
gain
/
loss
(5,747‌)
29,922‌
Increase
in
net
assets
from
operations
48,141‌
101,149‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(22,778‌)
(42,626‌)
Advisor
Class
(32‌)
(73‌)
I
Class
(30,619‌)
(69,737‌)
Decrease
in
net
assets
from
distributions
(53,429‌)
(112,436‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
173,469‌
270,669‌
Advisor
Class
–‌
290‌
I
Class
167,278‌
733,065‌
Distributions
reinvested
Investor
Class
20,818‌
39,449‌
Advisor
Class
32‌
73‌
I
Class
22,115‌
53,957‌
Shares
redeemed
Investor
Class
(120,341‌)
(325,409‌)
Advisor
Class
(22‌)
(617‌)
I
Class
(853,555‌)
(617,578‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(590,206‌)
153,899‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
48
($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
(595,494‌)
142,612‌
Beginning
of
period
3,180,992‌
3,038,380‌
End
of
period
$
2,585,498‌
$
3,180,992‌
*Share
information
(000s)
Shares
sold
Investor
Class
15,451‌
24,472‌
Advisor
Class
–‌
25‌
I
Class
14,906‌
66,490‌
Distributions
reinvested
Investor
Class
1,854‌
3,564‌
Advisor
Class
3‌
7‌
I
Class
1,969‌
4,876‌
Shares
redeemed
Investor
Class
(10,730‌)
(29,383‌)
Advisor
Class
(2‌)
(55‌)
I
Class
(75,954‌)
(56,193‌)
Increase
(decrease)
in
shares
outstanding
(52,503‌)
13,803‌
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
49
T.
Rowe
Price
Summit
Municipal
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Summit
Municipal
Income
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks a
high
level
of
income
exempt
from
federal
income
taxes.
The
fund
has three classes
of
shares:
the
Summit
Municipal
Income
Fund
(Investor
Class),
the
Summit
Municipal
Income
Fund–Advisor
Class
(Advisor
Class)
and
the
Summit
Municipal
Income
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
50
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
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
T.
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51
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
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
T.
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52
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.
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Summit
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53
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—‌
$
2,553,483‌
$
—‌
$
2,553,483‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
3,330‌
—‌
3,330‌
Short-Term
Investments
1‌
—‌
—‌
1‌
Total
$
1‌
$
2,556,813‌
$
—‌
$
2,556,814‌
T.
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Summit
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54
When-Issued
Securities
 The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements. 
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $234,640,000 and
$828,696,000,
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
$151,627,000
of
available
capital
loss
carryforwards.
At
April
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,571,619,000.
Net
unrealized
loss
aggregated
$14,805,000
at
period-end,
of
which
$32,685,000
related
to
appreciated
investments
and
$47,490,000
related
to
depreciated
investments.
T.
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Summit
Municipal
Income
Fund
55
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.04%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
April
30,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class,
Advisor
Class
and I
Class are
each
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses; 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
T.
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Summit
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56
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended April
30,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/
paid
by
Price
Associates
in
the
amount
of $1,379,000 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
$67,000
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
Investor
Class
Advisor
Class
I
Class
Expense
limitation
0.45%
0.45%
0.45%
I
Class
Limit
N/A  
N/A  
0.05%
Expense
limitation
date
N/A
N/A
12/31/28
(Waived)/repaid
during
the
period
($000s)
$(336)
$(2)
$—
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
57
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
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.
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
$30,551,000
and
$280,689,000,
respectively,
with
net
realized
gain
of
$2,114,000
for
the
six
months
ended
April
30,
2026. Generally,
cross
trades
were
executed
due
to
the
limited
supply
of
high-quality
municipal
securities
available
in
the
market
and
the
adviser’s
decision
to
continue
owning
certain
investments
in
funds
or
accounts
advised
by
Price
Associates. 
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
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
58
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
59
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
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
Income
Fund
60
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
Income
Fund
61
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
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund)
(“group
fee
rate
assets”)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
schedule
is
graduated
so
the
group
fee
rate
decreases
as
total
group
fee
rate
assets
increase
and
the
group
fee
rate
increases
as
total
group
fee
rate
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Summit
Municipal
Income
Fund
62
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
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
third
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
second
quintile
(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
Income
Fund
63
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.
F84-051
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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