T ROWE PRICE SUMMIT FUNDS INC
NSAR-B, 1995-12-29
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<PAGE>      PAGE  1
000 B000000 10/31/95
000 C000000 0000912028
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE SUMMIT FUNDS, INC.
001 B000000 811-7093
001 C000000 4105472000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 T. ROWE PRICE SUMMIT CASH RESERVES FUND
007 C030100 N
007 C010200  2
007 C020200 T. ROWE PRICE SUMMIT GNMA FUND
007 C030200 N
007 C010300  3
007 C020300 T. ROWE PRICE SUMMIT LIMITED-TERM BOND FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   70
019 C00AA00 TROWEPRICE
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<PAGE>      PAGE  2
020 C000010      0
021  000000        0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001   2520892
022 D000001    138545
022 A000002 BT SECURITIES CORPORATION
022 B000002 13-4941247
022 C000002    631102
022 D000002     24767
022 A000003 LEHMAN BROTHERS INC
022 B000003 13-2518466
022 C000003    515771
022 D000003     51595
022 A000004 MERRILL LYNCH, PIERCE, FENNER SMITH & INC.
022 B000004 13-5674085
022 C000004    211143
022 D000004     54486
022 A000005 MORGAN J.P. SECURITIES INC.
022 B000005 13-3224016
022 C000005    256512
022 D000005      2939
022 A000006 FIRST BOSTON CORP (THE)
022 B000006 13-5659485
022 C000006    182964
022 D000006     28498
022 A000007 SALOMON BROTHERS, INC
022 B000007 13-3082694
022 C000007     41266
022 D000007     42372
022 A000008 MORGAN STANLEY & CO INC.
022 B000008 13-2655998
022 C000008     43887
022 D000008      4031
022 A000009 CITICORP SECURITIES
022 B000009 13-3187336
022 C000009     46633
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022 A000010 CHEMICAL SECURITIES
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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064 A000200 N
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070 D020200 N
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070 F020200 N
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<PAGE>      PAGE  10
070 I010200 N
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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045  000300 Y
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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SIGNATURE   JIM RIEPE                                    
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> T. ROWE PRICE SUMMIT CASH RESERVE
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1995
<PERIOD-END>                               OCT-31-1995
<INVESTMENTS-AT-COST>                           436189
<INVESTMENTS-AT-VALUE>                          436128
<RECEIVABLES>                                     5058
<ASSETS-OTHER>                                     478
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  441664
<PAYABLE-FOR-SECURITIES>                          5005
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         3195
<TOTAL-LIABILITIES>                               8200
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        433520
<SHARES-COMMON-STOCK>                           433520
<SHARES-COMMON-PRIOR>                           186605
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              5
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (61)
<NET-ASSETS>                                    433464
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                18408
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1381
<NET-INVESTMENT-INCOME>                          17027
<REALIZED-GAINS-CURRENT>                             4
<APPREC-INCREASE-CURRENT>                           22
<NET-CHANGE-FROM-OPS>                            17053
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        17027
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         720697
<NUMBER-OF-SHARES-REDEEMED>                     489605
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<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> T. ROWE PRICE SUMMIT LIMITED TERM BOND
       
<S>                             <C>
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<PERIOD-END>                               OCT-31-1995
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<INVESTMENTS-AT-VALUE>                           26508
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         28315
<SHARES-COMMON-STOCK>                             5802
<SHARES-COMMON-PRIOR>                             4556
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             139
<ACCUMULATED-NET-GAINS>                              0
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<NET-ASSETS>                                     27004
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1662
<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                         (439)
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<NUMBER-OF-SHARES-SOLD>                           3847
<NUMBER-OF-SHARES-REDEEMED>                       2858
<SHARES-REINVESTED>                                257
<NET-CHANGE-IN-ASSETS>                            5888
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                        1132
<GROSS-ADVISORY-FEES>                              123
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    123
<AVERAGE-NET-ASSETS>                             22471
<PER-SHARE-NAV-BEGIN>                             4.64
<PER-SHARE-NII>                                    .32
<PER-SHARE-GAIN-APPREC>                            .01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .31
<RETURNS-OF-CAPITAL>                               .01
<PER-SHARE-NAV-END>                               4.65
<EXPENSE-RATIO>                                    .55
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> T. ROWE PRICE SUMMIT GNMA FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1995
<PERIOD-END>                               OCT-31-1995
<INVESTMENTS-AT-COST>                            25787
<INVESTMENTS-AT-VALUE>                           26068
<RECEIVABLES>                                      273
<ASSETS-OTHER>                                     146
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   26487
<PAYABLE-FOR-SECURITIES>                          3465
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          245
<TOTAL-LIABILITIES>                               3710
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         22811
<SHARES-COMMON-STOCK>                             2321
<SHARES-COMMON-PRIOR>                             1878
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             128
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                           187
<ACCUM-APPREC-OR-DEPREC>                           281
<NET-ASSETS>                                     22777
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     113
<NET-INVESTMENT-INCOME>                           1384
<REALIZED-GAINS-CURRENT>                         (288)
<APPREC-INCREASE-CURRENT>                         1547
<NET-CHANGE-FROM-OPS>                             2643
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1309
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                               75
<NUMBER-OF-SHARES-SOLD>                           1206
<NUMBER-OF-SHARES-REDEEMED>                        868
<SHARES-REINVESTED>                                105
<NET-CHANGE-IN-ASSETS>                            5593
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                         110
<GROSS-ADVISORY-FEES>                              113
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                             18706
<PER-SHARE-NAV-BEGIN>                             9.15
<PER-SHARE-NII>                                    0.7
<PER-SHARE-GAIN-APPREC>                           0.66
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.67
<RETURNS-OF-CAPITAL>                               .03
<PER-SHARE-NAV-END>                               9.81
<EXPENSE-RATIO>                                     .6
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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