T ROWE PRICE SUMMIT FUNDS INC
497K3B, 2000-07-19
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                                                                July 1, 2000
 FUND PROFILE
T. ROWE PRICE
Summit Cash Reserves Fund

 A money market fund seeking preservation of capital, liquidity, and current
 income.
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the fund at no cost by calling
1-800-638-5660, or by visiting our Web site at www.troweprice.com.
TROWEPRICELOGO
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                                                                               1

FUND PROFILE
---------------------------------------------------------
 What is the fund's objective?

   The fund seeks preservation of capital and liquidity, and, consistent with
   these, the highest possible current income.


 What is the fund's principal investment strategy?

   The fund, which is managed to provide a stable share price of $1.00, invests
   in high-quality, U.S. dollar-denominated money market securities of U.S. and
   foreign issuers. The fund will purchase securities that mature in 397 days or
   less, its weighted average maturity will not exceed 90 days, and its yield
   will fluctuate with changes in short-term interest rates. In selecting
   securities, fund managers may examine the relationships among yields on
   various types and maturities of money market securities in the context of
   their outlook for interest rates. For example, commercial paper often offers
   a yield advantage over Treasury bills. And if rates are expected to fall,
   longer maturities, which typically have higher yields than shorter
   maturities, may be purchased to try to preserve the fund's income level.
   Conversely, shorter maturities may be favored if rates are expected to rise.

   The fund may sell holdings for a variety of reasons, such as to adjust the
   portfolio's average maturity, or to shift assets into higher-yielding
   securities.


 What are the main risks of investing in the fund?

   Since money market funds are managed to maintain a constant $1.00 share
   price, they should have little risk of principal loss. However, there is no
   assurance the fund will avoid principal losses if fund holdings default or
   interest rates rise sharply in an unusually short period. In addition, the
   fund's yield will vary; it is not fixed for a specific period like the yield
   on a bank certificate of deposit. This should be an advantage when interest
   rates are rising but not when rates are falling. An investment in the fund is
   not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC)
   or any other government agency. Although the fund seeks to preserve the value
   of your investment at $1.00 per share, it is possible to lose money by
   investing in the fund.

   To the extent the fund holds foreign securities denominated in U.S. dollars,
   it will be subject to risks including potentially adverse political and
   economic developments overseas, greater volatility, and lower liquidity.

   As with any mutual fund, there can be no guarantee the fund will achieve its
   objective.

   Further information about the fund's investments, including a review of
   market conditions and fund strategies and their impact on performance, is
   available in the annual and semiannual shareholder reports. To obtain free
   copies of any of these documents, call 1-800-638-5660.
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                                                                               2


                                                                               2

FUND PROFILE
---------------------------------------------------------
  . The fund's yield will fluctuate with changes in market conditions and
   interest rate levels.


 How can I tell if the fund is appropriate for me?

   Consider your investment goals, your time horizon for achieving them, and
   your tolerance for risk. This fund may be appropriate for you if you seek the
   higher yields that can result from a fund with low expenses and can meet the
   fund's $25,000 initial purchase requirement. The fund is designed to provide
   principal stability, which makes it a good choice for you if the stability
   and accessibility of your investment are more important than the opportunity
   for higher income or total return.

   The fund may be used for both regular and tax-deferred accounts, such as
   IRAs.


 How has the fund performed in the past?

   The bar chart showing calendar year returns and the average annual total
   return table indicate risk by illustrating how much returns can differ from
   one year to the next. The fund's past performance is no guarantee of its
   future returns.

   The fund can also experience short-term performance swings, as shown by the
   best and worst calendar quarter returns during the years depicted in the
   chart.

LOGO

<TABLE>
<CAPTION>
  Calendar Year Total Returns
  "94"    "95"    "96"    "97"    "98"    "99"
 ------------------------------------------------
 <S>     <C>     <C>     <C>     <C>     <C>
  4.02    5.71    5.17    5.34    5.33     4.94
 ------------------------------------------------
</TABLE>


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                                                                               3

FUND PROFILE
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          Quarter ended              Total return

 Best quarter                            6/30/95 1.44%

 Worst quarter                           3/31/94 0.74%

<TABLE>
 Table 1  Average Annual Total Returns
<CAPTION>
                                          Periods ended 06/30/2000
                                      1 year  5 years  Since inception   Inception date
 -------------------------------------
 <S>                                  <C>     <C>      <C>              <S>
  Summit Cash Reserves Fund           5.57%    5.31%        5.09%           10/29/93
  Lipper Money Market Funds Average   5.06     4.91         4.76               --
 ---------------------------------------------------------------------------------------
</TABLE>


 These figures include changes in principal value, reinvested dividends, and
 capital gain distributions, if any. The fund's $1.00 share price is not
 guaranteed.


 What fees or expenses will I pay?

   The fund is 100% no load. There are no fees or charges to buy or sell fund
   shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
   are no 12b-1 fees.

   The fund has a single, all-inclusive fee covering investment management and
   operating expenses. This fee will not fluctuate. In contrast, most mutual
   funds have a fixed management fee plus a fee for operating expenses that
   varies according to a number of other factors.


<TABLE>
 Table 2  Fees and Expenses of the Fund
<CAPTION>
                                        Annual fund operating expenses
                                        (expenses that are deducted from fund
 -------------------------------------- assets)
                                       --------------------------------------------
 <S>                                   <C>

  Management fee /a/                    0.45%
  Other expenses                        0.00%
  Total annual fund operating           0.45%
  expenses
 ----------------------------------------------------------------------------------
</TABLE>


 /a/       The management fee includes operating expenses.

   Example.  The following table gives you a rough idea of how expense ratios
   may translate into dollars and helps you to compare the cost of investing in
   this fund with that of other funds. Although your actual costs may be higher
   or lower, the table shows how much you would pay if operating expenses remain
   the same, you invest $10,000, you earn a 5% annual return, and you hold the
   investment for the following periods:

<TABLE>
<CAPTION>
      1 year      3 years      5 years      10 years
    ---------------------------------------------------------
    <C>         <C>          <C>          <C>           <S>

       $46         $144         $252          $567
    ----------------------------------------------------
</TABLE>


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FUND PROFILE
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 Who runs the fund?

   The fund is managed by T. Rowe Price Associates, Inc. Founded in 1937, T.
   Rowe Price and its affiliates manage investments for individual and
   institutional accounts. The company offers a comprehensive array of stock,
   bond, and money market funds directly to the investing public.

   Edward A. Wiese manages the fund day-to-day and has been chairman of its
   Investment Advisory Committee since 1994. He joined T. Rowe Price in 1984 and
   has been managing investments since 1985.


 Note: The following questions and answers about buying and selling shares and
 services do not apply to employer-sponsored retirement plans. If you are a
 participant in one of these plans, please call your plan's toll-free number for
 additional information.


 How can I purchase shares?

   Fill out the New Account Form and return it with your check in the postpaid
   envelope. The minimum initial purchase is $25,000. The minimum subsequent
   investment is $1,000 ($100 for IRAs, gifts or transfers to minors, or
   Automatic Asset Builder). You can also open an account by bank wire, by
   exchanging from another T. Rowe Price fund, or by transferring assets from
   another financial institution.


 How can I sell shares?

   You may redeem or sell any portion of your account on any business day.
   Simply write to us or call. You can also access your account at any time via
   Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
   entire family of domestic and international funds. Restrictions may apply in
   special circumstances, and some redemption requests need a signature
   guarantee. A $5 fee is charged for wire redemptions under $5,000.


 When will I receive income and capital gain distributions?

   The fund distributes income monthly and, since the fund is managed to
   maintain a constant share price, it is not expected to make capital gain
   distributions. Distributions are reinvested automatically in additional
   shares unless you choose another option, such as receiving a check.
   Distributions paid to IRAs and employer-sponsored retirement plans are
   automatically reinvested.


 What services are available?

   A wide range, including but not limited to:

  . retirement plans for individuals and large and small businesses;

  . automated information and transaction services by telephone or computer;

  . electronic transfers between fund and bank accounts;
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  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.


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FUND PROFILE
---------------------------------------------------------
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
 RPS P21-035
 T. Rowe Price Investment Services, Inc., Distributor
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