T ROWE PRICE SUMMIT FUNDS INC
NSAR-A, 1999-06-30
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<PAGE>      PAGE  1
000 A000000 04/30/99
000 C000000 0000912028
000 D000000 N
000 E000000 F
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 4103452000
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
008 A00AA01 T. ROWE PRICE ASSOCIATES, INC.
008 B00AA01 A
008 C00AA01 801-856
008 D01AA01 BALTIMORE
008 D02AA01 MD
008 D03AA01 21202
011 A00AA01 T. ROWE PRICE INVESTMENT SERVICES, INC.
011 B00AA01 8-25130
011 C01AA01 BALTIMORE
011 C02AA01 MD
011 C03AA01 21202
012 A00AA01 T. ROWE PRICE SERVICES, INC.
012 B00AA01 84-1079
<PAGE>      PAGE  2
012 C01AA01 BALTIMORE
012 C02AA01 MD
012 C03AA01 21202
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21202
014 A00AA01 T. ROWE PRICE INVESTMENT SERVICES, INC
014 B00AA01 8-25130
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   88
019 C00AA00 TROWEPRICE
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001   1698664
022 D000001    293788
022 A000002 CHASE SECURITIES
022 B000002 13-3112953
022 C000002    596528
022 D000002    167579
022 A000003 MORGAN JP SECURITIES
022 B000003 13-3224016
022 C000003    550941
022 D000003     65622
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004    463262
022 D000004     84546
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005    428819
022 D000005     89172
022 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
<PAGE>      PAGE  3
022 B000006 13-5674085
022 C000006    285962
022 D000006     28756
022 A000007 SALOMON SMITH BARNEY
022 B000007 13-1912900
022 C000007    112674
022 D000007     31490
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008     85895
022 D000008     39956
022 A000009 NATIONS BANK
022 B000009 75-0520130
022 C000009    103707
022 D000009     14863
022 A000010 FIRST CHICAGO CAPITAL MARKETS
022 B000010 36-3595942
022 C000010     86640
022 D000010         0
023 C000000    4788515
023 D000000     817172
024  00AA00 Y
025 A00AA01 NATIONS BANK
025 B00AA01 75-0520130
025 C00AA01 D
025 D00AA01      10
025 A00AA02 MERRILL LYNCH
025 B00AA02 13-5674085
025 C00AA02 D
025 D00AA02      60
025 A00AA03 GOLDMAN SACHS
025 B00AA03 13-5108880
025 C00AA03 D
025 D00AA03      21
025 A00AA04 SALOMON
025 B00AA04 13-1912900
025 C00AA04 D
025 D00AA04       6
025 A00AA05 DELETE
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE>      PAGE  4
026 H000000 Y
027  000000 Y
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044  00AA00      0
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050  00AA00 N
051  00AA00 N
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 Y
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<PAGE>      PAGE  5
028 A010100    203204
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028 E040100    232084
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028 G020100     46119
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045  000100 Y
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<PAGE>      PAGE  6
048 J010100        0
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062 O000100   0.0
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062 Q000100   0.0
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063 A000100  74
063 B000100  0.0
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064 B000100 N
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070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
<PAGE>      PAGE  7
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
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<PAGE>      PAGE  8
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073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100     2556
074 B000100        0
074 C000100  2150003
074 D000100        0
074 E000100        0
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074 M000100      965
074 N000100  2181298
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074 V020100     0.00
074 W000100   1.0000
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074 Y000100        0
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076  000100     0.00
028 A010200      2860
028 A020200       185
<PAGE>      PAGE  9
028 A030200         0
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028 B010200      2770
028 B020200       214
028 B030200         0
028 B040200      1439
028 C010200      3227
028 C020200       182
028 C030200         0
028 C040200      1366
028 D010200      3511
028 D020200       209
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028 D040200      1530
028 E010200      5107
028 E020200       220
028 E030200         0
028 E040200       858
028 F010200      3468
028 F020200       243
028 F030200         0
028 F040200      1990
028 G010200     20943
028 G020200      1253
028 G030200         0
028 G040200      8347
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.600
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
<PAGE>      PAGE  10
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
061  000200     1000
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   9.8
062 M000200   1.0
062 N000200   3.3
062 O000200   0.0
062 P000200   0.0
062 Q000200  85.9
062 R000200   0.0
063 A000200   0
063 B000200  7.5
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
<PAGE>      PAGE  11
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
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<PAGE>      PAGE  12
072AA000200      300
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072DD010200     1640
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072EE000200        0
073 A010200   0.3100
073 A020200   0.0000
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073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200     4845
074 D000200    61133
074 E000200        0
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074 J000200     1003
074 K000200        0
074 L000200      500
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074 T000200    59659
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074 V010200     9.73
074 V020200     0.00
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075 A000200        0
075 B000200    52437
076  000200     0.00
028 A010300      9213
028 A020300       156
028 A030300         0
028 A040300       624
028 B010300      2022
028 B020300       179
028 B030300         0
<PAGE>      PAGE  13
028 B040300      1427
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028 C020300       148
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028 D020300       165
028 D030300         0
028 D040300       967
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028 F030300         0
028 F040300      1500
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028 H000300         0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.550
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055 A000300 N
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056  000300 Y
<PAGE>      PAGE  14
057  000300 N
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061  000300     1000
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066 A000300 N
067  000300 N
068 A000300 N
068 B000300 N
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070 B020300 N
070 C010300 Y
070 C020300 N
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070 D020300 N
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070 E020300 N
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070 F020300 N
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070 G020300 N
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070 H020300 N
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070 I020300 N
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<PAGE>      PAGE  15
070 K010300 Y
070 K020300 Y
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<PAGE>      PAGE  16
072DD020300        0
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076  000300     0.00
SIGNATURE   JIM RIEPE
TITLE       VICE PRESIDENT


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000912028
<NAME> SUMMIT CASH RESERVES FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               APR-30-1999
<INVESTMENTS-AT-COST>                          2150003
<INVESTMENTS-AT-VALUE>                         2150003
<RECEIVABLES>                                    27774
<ASSETS-OTHER>                                     965
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 2181298
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        19613
<TOTAL-LIABILITIES>                              19613
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2161638
<SHARES-COMMON-STOCK>                          2161638
<SHARES-COMMON-PRIOR>                          1884507
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             47
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   2161685
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                52412
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    4505
<NET-INVESTMENT-INCOME>                          47907
<REALIZED-GAINS-CURRENT>                             7
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            47914
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (47907)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1733899
<NUMBER-OF-SHARES-REDEEMED>                  (1502887)
<SHARES-REINVESTED>                              46119
<NET-CHANGE-IN-ASSETS>                          277138
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                           40
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             3633
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   4505
<AVERAGE-NET-ASSETS>                           2018771
<PER-SHARE-NAV-BEGIN>                                1
<PER-SHARE-NII>                                  0.024
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.024)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  1
<EXPENSE-RATIO>                                   0.45
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000912028
<NAME> SUMMIT GNMA FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               APR-30-1999
<INVESTMENTS-AT-COST>                            65837
<INVESTMENTS-AT-VALUE>                           65978
<RECEIVABLES>                                     1503
<ASSETS-OTHER>                                      16
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   67497
<PAYABLE-FOR-SECURITIES>                          7396
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          442
<TOTAL-LIABILITIES>                               7838
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         59910
<SHARES-COMMON-STOCK>                             6133
<SHARES-COMMON-PRIOR>                             4718
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (244)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                         (148)
<ACCUM-APPREC-OR-DEPREC>                           141
<NET-ASSETS>                                     59659
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1796
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     156
<NET-INVESTMENT-INCOME>                           1640
<REALIZED-GAINS-CURRENT>                           300
<APPREC-INCREASE-CURRENT>                       (1061)
<NET-CHANGE-FROM-OPS>                              879
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (1640)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2138
<NUMBER-OF-SHARES-REDEEMED>                      (851)
<SHARES-REINVESTED>                                128
<NET-CHANGE-IN-ASSETS>                           13088
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                          (244)
<OVERDIST-NET-GAINS-PRIOR>                       (448)
<GROSS-ADVISORY-FEES>                               46
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    156
<AVERAGE-NET-ASSETS>                             52437
<PER-SHARE-NAV-BEGIN>                             9.87
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                         (0.14)
<PER-SHARE-DIVIDEND>                            (0.31)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.73
<EXPENSE-RATIO>                                    0.6
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000912029
<NAME> SUMMIT LIMITED TERM FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               APR-30-1999
<INVESTMENTS-AT-COST>                            54594
<INVESTMENTS-AT-VALUE>                           54332
<RECEIVABLES>                                      900
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   55232
<PAYABLE-FOR-SECURITIES>                           774
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          142
<TOTAL-LIABILITIES>                                916
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         56071
<SHARES-COMMON-STOCK>                            11824
<SHARES-COMMON-PRIOR>                             8729
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (193)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        (1300)
<ACCUM-APPREC-OR-DEPREC>                         (262)
<NET-ASSETS>                                     54316
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1534
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     137
<NET-INVESTMENT-INCOME>                           1397
<REALIZED-GAINS-CURRENT>                            61
<APPREC-INCREASE-CURRENT>                        (990)
<NET-CHANGE-FROM-OPS>                              468
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (1397)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4409
<NUMBER-OF-SHARES-REDEEMED>                     (1532)
<SHARES-REINVESTED>                                218
<NET-CHANGE-IN-ASSETS>                           13412
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                          (193)
<OVERDIST-NET-GAINS-PRIOR>                      (1361)
<GROSS-ADVISORY-FEES>                               36
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    137
<AVERAGE-NET-ASSETS>                             50301
<PER-SHARE-NAV-BEGIN>                             4.69
<PER-SHARE-NII>                                   0.13
<PER-SHARE-GAIN-APPREC>                          (0.1)
<PER-SHARE-DIVIDEND>                            (0.13)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               4.59
<EXPENSE-RATIO>                                   0.55
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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