T. ROWE PRICE
--------------------------------------------------------------------------------
T. Rowe Price Summit Funds, Inc.
T. Rowe Price Summit GNMA Fund
Supplement to prospectus dated March 1, 2000
--------------------------------------------------------------------------------
The Portfolio Management paragraph on page 20 of the prospectus is updated with
the following:
. GNMA Fund Connice A. Bavely, Chairman, Alan D. Levenson, Edmund M. Notzon,
and William T. Reynolds. Ms. Bavely joined T. Rowe Price as a senior portfolio
manager in 1998 and was appointed chairman of the committee in 2000. Prior to
joining T. Rowe Price, Ms. Bavely was a partner and senior portfolio manager at
Atlantic Asset Management Partners, LLC for six years.
--------------------------------------------------------------------------------
The date of this supplement is October 11, 2000.
--------------------------------------------------------------------------------
C09-043 10/11/00
