T. Rowe Price
Supplement to Statement of Additional Information
for the Summit Income Funds dated March 1, 1997
The following sentence will be added under Investment
Restrictions:
Calculation of the Fund's total assets for compliance with
any of the following fundamental or operating policies or any
other investment restrictions set forth in the Fund's prospectus
or Statement of Additional Information will not include cash
collateral held in connection with securities lending activities.
The date of the above supplement is January 14, 1998.
The following paragraph will be added under Portfolio Management
Practices:
Money Market Reserves
It is expected that the Funds will invest their cash
reserves primarily in one or more money market funds established
for the exclusive use of the T. Rowe Price family of mutual funds
and other clients of T. Rowe Price and Price-Fleming. Currently,
two such money market funds are in operation--Reserve Investment
Fund ("RIF") and Government Reserve Investment Fund ("GRF"), each
a series of the Reserve Investment Funds, Inc. Additional series
may be created in the future. These funds were created and
operate under an Exemptive Order issued by the Securities and
Exchange Commission (Investment Company Act Release No. IC-22770,
July 29, 1997).
Both funds must comply with the requirements of Rule 2a-7
under the Investment Company Act of 1940 governing money market
funds. The RIF invests at least 95% of its total assets in prime
money market instruments receiving the highest credit rating. The
GRF invests primarily in a portfolio of U.S. government-backed
securities, primarily U.S. Treasuries, and repurchase agreements
thereon.
The RIF and GRF provide a very efficient means of managing
the cash reserves of the Funds. While neither RIF or GRF pay an
advisory fee to the Investment Manager, they will incur other
expenses. However, the RIF and GRF are expected by T. Rowe Price
to operate at very low expense ratios. The Funds will only invest
in RIF or GRF to the extent it is consistent with each Fund's
objective and program.
Neither fund is insured or guaranteed by the U.S.
government, and there is no assurance they will maintain a stable
net asset value of $1.00 per share.
The date of the above supplement is October 3, 1997.
C09-046 1/14/98
T. Rowe Price
Supplement to Statement of Additional Information
for the Summit Municipal Funds dated March 1, 1997
The following sentence will be added under Investment
Restrictions:
Calculation of the Fund's total assets for compliance with
any of the following fundamental or operating policies or any
other investment restrictions set forth in the Fund's prospectus
or Statement of Additional Information will not include cash
collateral held in connection with securities lending activities.
The date of the above supplement is January 14, 1998.
C09-045 1/14/98
