T. Rowe Price Summit Funds Inc.
06/22/2026 | Press release | Distributed by Public on 06/22/2026 10:54
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07093
T. Rowe Price Summit Funds, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
April 30, 2026
Cash Reserves Fund
(TSCXX)
This semi-annual shareholder report contains important information about Cash Reserves Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Cash Reserves Fund
|
$20
|
0.40%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$5,038,076
|
|
Number of Portfolio Holdings
|
207
|
Table Summary
What did the fund invest in?
Security Allocation (as a % of Net Assets)
Table Summary
|
Variable Rate Demand Notes
|
24.0%
|
|
U.S. Government Agency Repurchase Agreement
|
21.0
|
|
Certificate of Deposit
|
17.9
|
|
Financial Company Commercial Paper
|
15.4
|
|
Non-Financial Company Commercial Paper
|
9.5
|
|
Asset Backed Commercial Paper
|
5.4
|
|
Other Instruments
|
2.4
|
|
Other Asset Backed Securities
|
1.6
|
|
Insurance Company Funding Agreement
|
1.4
|
|
Short-Term and Other
|
1.4
|
Top Ten Holdings (as a % of Net Assets)
Table Summary
|
BNY Mellon
|
13.1%
|
|
Credit Agricole
|
5.9
|
|
Royal Bank of Canada
|
2.0
|
|
North Texas Higher Ed. Auth.
|
2.0
|
|
Australia & New Zealand Banking Group
|
2.0
|
|
BNP Paribas Securities
|
2.0
|
|
California PFA
|
2.0
|
|
Cook County
|
1.6
|
|
Alaska HFC, State Capital Project
|
1.6
|
|
Svenska Handelsbanken
|
1.6
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695759
F85-053 6/26
Cash Reserves Fund
(TSCXX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TSCXX
Cash
Reserves
Fund
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Investment
activities
Net
investment
income
(1)(2)
0.02
0
.04
0.05
0.05
0.01
(3)
-
(3)
(4)
Net
realized
and
unrealized
gain/
loss
-
(4)
-
(4)
-
(4)
-
(4)
-
(4)
-
(4)
Total
from
investment
activities
0.02
0.04
0.05
0.05
0.01
-
(4)
Distributions
Net
investment
income
(0.02)
(0.04)
(0.05)
(0.05)
(0.01)
-
(4)
NET
ASSET
VALUE
End
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(5)
1.74%
4.24%
5.22%
4.65%
0.88%
(3)
0.01%
(3)
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.40%
(6)
0.40%
0.40%
0.40%
0.40%
0.42%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.40%
(6)
0.40%
0.40%
0.40%
0.31%
(3)
0.16%
(3)
Net
investment
income
3.52%
(6)
4.11%
5.08%
4.59%
0.92%
(3)
0.01%
(3)
Net
assets,
end
of
period
(in
millions)
$5,038
$5,142
$4,880
$4,606
$4,280
$3,711
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.09%
and
0.26%
of
average
net
assets)
for
the
years
ended
10/31/22
and
10/31/21
respectively.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(6)
Annualized
T.
ROWE
PRICE
Cash
Reserves
Fund
April
30,
2026
Unaudited
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
ASSET
BACKED
COMMERCIAL
PAPER 5.4%
Barclays
Bank,
Series 10-1,
3.73%,
8/20/26 (1)
12,000
11,862
Chariot
Funding,
3.89%,
8/27/26 (1)
34,000
34,000
Chariot
Funding,
3.98%,
10/20/26 (1)
20,000
20,000
Charta,
3.87%,
5/6/26 (1)
30,000
30,000
CRC
Funding,
3.87%,
5/13/26 (1)
11,000
11,000
Old
Line
Funding,
3.76%,
9/11/26 (1)
25,000
24,653
Old
Line
Funding,
3.86%,
7/20/26 (1)
5,000
5,000
Old
Line
Funding,
3.88%,
7/8/26 (1)
12,000
12,000
Old
Line
Funding,
3.88%,
7/14/26 (1)
10,000
10,000
Old
Line
Funding,
3.89%,
1/14/27 (1)
13,000
12,638
Starbird
Funding,
3.73%,
8/4/26 (1)
7,500
7,426
Starbird
Funding,
3.88%,
7/6/26 (1)
32,000
31,772
Starbird
Funding,
3.89%,
6/9/26 (1)
11,000
10,954
Thunder
Bay
Funding,
3.79%,
9/1/26 (1)
25,000
24,676
Thunder
Bay
Funding,
3.86%,
9/14/26 (1)
15,000
15,000
Thunder
Bay
Funding,
4.00%,
3/12/27 (1)
11,000
10,615
Total
Asset
Backed
Commercial
Paper
(Cost
$271,596)
271,596
CERTIFICATE
OF
DEPOSIT 17.9%
DOMESTIC 2.0%
HSBC
Bank,
FRN,
SOFR
+
0.35%,
3.98%,
7/10/26
9,000
9,000
HSBC
Bank,
FRN,
SOFR
+
0.40%,
4.03%,
3/25/27
25,000
25,000
HSBC
Bank,
FRN,
SOFR
+
0.40%,
4.03%,
4/6/27
17,000
17,000
State
Street
Bank
&
Trust,
FRN,
SOFR
+
0.25%,
3.88%,
5/29/26
35,000
35,000
Wells
Fargo
Bank,
3.76%,
11/30/26
15,000
15,000
101,000
EURODOLLAR 4.7%
Australia
&
New
Zealand
Banking
Group,
3.65%,
5/1/26
75,000
75,000
Canadian
Imperial
Bank
of
Commerce,
3.62%,
5/1/26
39,000
39,000
Royal
Bank
of
Canada,
3.60%,
5/1/26
40,500
40,500
Svenska
Handelsbanken,
3.59%,
5/1/26
80,000
80,000
234,500
YANKEE 11.2%
Banco
Santander,
3.87%,
3/5/27
15,000
15,000
Banco
Santander,
3.99%,
11/6/26
35,000
35,000
T.
ROWE
PRICE
Cash
Reserves
Fund
5
Par
$
Value
(Amounts
in
000s)
Bank
of
Montreal,
FRN,
SOFR
+
0.39%,
4.02%,
8/20/26
36,000
36,000
Bank
of
Nova
Scotia,
4.03%,
3/18/27
48,000
48,000
Barclays
Bank,
4.01%,
8/13/26
37,000
37,000
Cooperatieve
Rabobank,
4.30%,
7/1/26
7,000
7,000
Cooperatieve
Rabobank,
4.35%,
5/15/26
44,000
44,000
Credit
Agricole
Corporate
&
Investment,
3.79%,
1/7/27
27,000
27,000
Credit
Agricole
Corporate
&
Investment,
4.36%,
7/16/26
2,000
2,000
Credit
Agricole
Corporate
&
Investment,
FRN,
SOFR
+
0.30%,
3.93%,
7/31/26
23,000
23,000
KBC
Bank,
3.75%,
6/17/26
25,000
25,000
Lloyds
Bank
Corporate
Markets,
4.36%,
6/12/26
5,000
5,000
Lloyds
Bank
Corporate
Markets,
FRN,
SOFR
+
0.36%,
3.99%,
8/14/26
25,000
25,000
Lloyds
Bank
Corporate
Markets,
FRN,
SOFR
+
0.37%,
4.00%,
8/10/26
22,000
22,000
Oversea-Chinese
Banking,
3.74%,
9/21/26
15,600
15,600
Societe
Generale,
FRN,
SOFR
+
0.45%,
4.08%,
5/15/26
28,000
28,000
Standard
Chartered
Bank,
FRN,
SOFR
+
0.42%,
4.05%,
6/2/26
14,000
14,000
Standard
Chartered
Bank,
FRN,
SOFR
+
0.42%,
4.05%,
11/10/26
37,000
37,000
Standard
Chartered
Bank,
FRN,
SOFR
+
0.47%,
4.10%,
5/3/27
14,000
14,000
Sumitomo
Mitsui
Banking,
3.76%,
8/21/26
35,000
35,000
Sumitomo
Mitsui
Banking,
FRN,
SOFR
+
0.32%,
3.95%,
10/2/26
15,000
15,000
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.38%,
4.01%,
5/6/26
4,000
4,000
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.40%,
4.03%,
12/18/26
18,000
18,000
Wells
Fargo
Bank,
FRN,
SOFR
+
0.35%,
3.98%,
1/11/27
33,000
33,000
564,600
Total
Certificate
of
Deposit
(Cost
$900,100)
900,100
FINANCIAL
COMPANY
COMMERCIAL
PAPER 15.4%
ASB
Bank,
3.87%,
5/15/26 (1)
26,500
26,500
Australia
&
New
Zealand
Banking
Group,
3.74%,
12/9/26 (1)
26,300
25,693
Bank
of
Montreal,
3.86%,
3/12/27 (1)
27,000
26,088
Bank
of
Nova
Scotia,
3.88%,
11/20/26 (1)
3,500
3,500
Canadian
Imperial
Bank
of
Commerce,
3.99%,
3/19/27 (1)
5,000
4,822
Commonwealth
Bank
of
Australia,
3.82%,
8/6/26 (1)
10,000
9,998
Danske
Bank,
3.86%,
4/19/27 (1)
25,000
24,054
Danske
Bank,
3.88%,
4/14/27 (1)
25,000
24,062
Falcon
Asset
Funding,
3.97%,
8/17/26 (1)
51,000
51,000
T.
ROWE
PRICE
Cash
Reserves
Fund
6
Par
$
Value
(Amounts
in
000s)
ING
(U.S.)
Funding,
3.78%,
12/11/26 (1)
13,000
12,694
ING
(U.S.)
Funding,
3.84%,
5/1/26 (1)
32,000
32,000
ING
(U.S.)
Funding,
3.98%,
2/1/27 (1)
31,000
31,000
MetLife
Short
Term
Funding,
3.80%,
5/13/26 (1)
48,000
47,939
MUFG
Bank,
3.87%,
10/5/26
25,000
24,578
Natixis,
3.87%,
8/14/26
36,000
35,594
Natixis,
3.88%,
6/5/26
15,000
14,943
Oversea-Chinese
Banking,
3.84%,
8/24/26 (1)
25,000
24,693
Oversea-Chinese
Banking,
3.91%,
6/16/26 (1)
10,000
10,000
Pacific
Life
Short
Term
Funding,
4.16%,
6/16/26 (1)
38,000
37,798
Pricoa
Short
Term
Funding,
3.72%,
9/11/26 (1)
15,700
15,484
Pricoa
Short
Term
Funding,
3.72%,
2/17/27 (1)
27,800
26,961
Royal
Bank
of
Canada,
3.74%,
3/10/27 (1)
21,000
20,317
Royal
Bank
of
Canada,
3.845%,
3/11/27 (1)
12,500
12,081
Royal
Bank
of
Canada,
3.96%,
8/11/26 (1)
25,000
24,720
Royal
Bank
of
Canada,
4.00%,
5/6/26 (1)
5,000
5,000
Skandinaviska
Enskilda
Banken,
4.01%,
3/31/27 (1)
13,000
13,000
Skandinaviska
Enskilda
Banken,
4.02%,
4/1/27 (1)
38,000
38,000
Societe
Generale,
4.10%,
5/8/26 (1)
25,000
24,980
Swedbank,
4.03%,
3/31/27 (1)
25,000
25,000
Toronto-Dominion
Bank,
3.82%,
11/3/26 (1)
28,000
28,000
Toronto-Dominion
Bank,
3.845%,
3/12/27 (1)
13,400
12,949
UBS,
4.031%,
9/30/26 (1)
46,500
46,500
United
Overseas
Bank,
3.87%,
7/10/26 (1)
10,000
9,925
Westpac
Banking,
3.75%,
12/4/26 (1)
7,919
7,740
Total
Financial
Company
Commercial
Paper
(Cost
$777,613)
777,613
INSURANCE
COMPANY
FUNDING
AGREEMENT 1.4%
MassMutual
Global
Funding
II,
1.20%,
7/16/26 (2)
5,476
5,446
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (2)
9,900
9,996
MassMutual
Global
Funding
II,
FRN,
SOFR
+
0.77%,
4.417%,
1/29/27 (2)
2,310
2,318
MassMutual
Global
Funding
II,
FRN,
SOFR
+
0.98%,
4.629%,
7/10/26 (2)
11,000
11,016
Met
Tower
Global
Funding,
4.85%,
1/16/27 (2)
4,605
4,629
New
York
Life
Global
Funding,
FRN,
SOFR
+
0.58%,
4.239%,
8/28/26 (2)
1,600
1,601
New
York
Life
Global
Funding,
FRN,
SOFR
+
0.67%,
4.321%,
4/2/27 (2)
2,440
2,447
Pacific
Life
Global
Funding
II,
FRN,
SOFR
+
0.48%,
4.147%,
2/4/27 (2)
3,900
3,905
Pacific
Life
Global
Funding
II,
FRN,
SOFR
+
0.62%,
4.276%,
6/4/26 (2)
5,000
5,002
T.
ROWE
PRICE
Cash
Reserves
Fund
7
Par
$
Value
(Amounts
in
000s)
Pacific
Life
Global
Funding
II,
FRN,
SOFRINDX
+
1.05%,
4.698%,
7/28/26 (2)
5,300
5,310
Pricoa
Global
Funding
I,
1.20%,
9/1/26 (2)
2,000
1,981
Pricoa
Global
Funding
I,
5.55%,
8/28/26 (2)
2,395
2,408
Principal
Life
Global
Funding
II,
1.25%,
8/16/26 (2)
1,795
1,781
Principal
Life
Global
Funding
II,
1.50%,
11/17/26 (2)
4,285
4,226
Principal
Life
Global
Funding
II,
5.00%,
1/16/27 (2)
5,260
5,300
Total
Insurance
Company
Funding
Agreement
(Cost
$67,366)
67,366
NON-FINANCIAL
COMPANY
COMMERCIAL
PAPER 9.5%
AdventHealth
Obligated
Group,
3.87%,
5/6/26
40,000
39,978
Advocate
Health
&
Hospitals,
3.75%,
5/19/26
41,500
41,422
Advocate
Health
&
Hospitals,
3.75%,
5/27/26
9,300
9,275
Charlotte-Mecklenburg
Hospital
Authority,
3.82%,
7/7/26
11,000
10,922
Charlotte-Mecklenburg
Hospital
Authority,
Series B-4,
3.80%,
5/27/26
15,000
14,959
Charlotte-Mecklenburg
Hospital
Authority,
Series B-4,
3.95%,
7/14/26
25,000
24,797
City
of
Hope,
3.74%,
5/21/26
35,710
35,636
City
of
Hope,
3.75%,
5/5/26
3,000
2,999
Idaho
Housing
&
Finance
Association,
3.90%,
6/25/26
5,400
5,399
Idaho
Housing
&
Finance
Association,
Series B,
3.78%,
5/21/26
12,000
12,000
Iowa
Health
System,
3.74%,
5/6/26
15,000
15,000
Iowa
Health
System,
3.95%,
8/11/26
13,000
13,000
Los
Angeles
County
Capital
Asset
Leasing,
Series C-T,
3.77%,
5/14/26
32,340
32,340
Northwestern
Memorial
HealthCare,
3.74%,
6/2/26
15,040
14,990
San
Francisco
County,
Series A-3T,
3.76%,
6/23/26
13,000
13,000
Sentara
Health,
3.74%,
5/6/26
11,000
10,994
SSM
Health
Care,
Series A,
3.74%,
5/19/26
25,000
24,953
Sutter
Health,
3.83%,
5/19/26
6,000
5,989
Sutter
Health,
3.88%,
7/9/26
9,000
8,933
Tennessee
State,
Series B,
3.80%,
5/6/26
1,681
1,681
TotalEnergies
Capital,
3.73%,
8/31/26 (1)
25,000
24,684
Toyota
Credit
de
Puerto
Rico,
3.83%,
8/4/26
15,000
14,848
Toyota
Credit
de
Puerto
Rico,
3.84%,
8/18/26
10,000
9,884
Toyota
Credit
de
Puerto
Rico,
3.93%,
10/13/26
6,000
5,892
Toyota
Credit
de
Puerto
Rico,
3.98%,
5/7/26
14,000
13,991
Toyota
Credit
de
Puerto
Rico,
3.98%,
5/26/26
10,000
9,972
Trinity
Health,
3.75%,
5/7/26
14,000
13,991
Univ.
of
California,
Series B,
3.70%,
8/4/26
12,000
11,883
T.
ROWE
PRICE
Cash
Reserves
Fund
8
Par
$
Value
(Amounts
in
000s)
Univ.
of
California,
Series B,
3.85%,
5/7/26
21,000
20,987
Univ.
of
California,
Series B,
3.85%,
8/5/26
10,000
9,897
Univ.
of
Minnesota,
Series E,
3.83%,
8/11/26
5,800
5,799
Total
Non-Financial
Company
Commercial
Paper
(Cost
$480,095)
480,095
OTHER
ASSET
BACKED
SECURITIES 1.6%
ARI
Fleet
Lease
Trust,
Series 2026-A,
Class
A1,
3.812%,
1/15/27 (2)
9,923
9,923
CarMax
Select
Receivables
Trust,
Series 2026-A,
Class
A1,
3.911%,
3/15/27
11,397
11,396
Dell
Equipment
Finance
Trust,
Series 2025-2,
Class
A1,
4.145%,
10/22/26 (2)
5,988
5,988
Enterprise
Fleet
Financing,
Series 2026-1,
Class
A1,
3.849%,
2/22/27 (2)
11,452
11,452
Exeter
Automobile
Receivables
Trust,
Series 2026-1A,
Class
A1,
3.895%,
1/15/27
1,927
1,927
GreatAmerica
Leasing
Receivables
Funding,
Series 2025-2,
Class
A1,
4.035%,
11/16/26 (2)
7,108
7,108
NMEF
Funding,
Series 2026-A,
Class
A1,
3.925%,
2/16/27 (2)
4,926
4,926
PEAC
Solutions
Receivables,
Series 2026-1A,
Class
A1,
3.934%,
1/20/27 (2)
14,957
14,957
Wingspire
Equipment
Finance,
Series 2025-1A,
Class
A1,
4.128%,
10/20/26 (2)
10,191
10,191
Total
Other
Asset
Backed
Securities
(Cost
$77,868)
77,868
OTHER
INSTRUMENTS 2.4%
Bank
of
America,
3.83%,
4/5/27
8,000
8,000
Bank
of
America,
4.00%,
4/16/27
15,000
15,000
Bank
of
America,
4.38%,
5/14/26
25,000
25,000
Bank
of
America,
4.39%,
5/28/26
17,000
17,000
Blackrock,
3.20%,
3/15/27
9,573
9,507
Citibank,
4.576%,
5/29/27
16,734
16,827
Citibank,
5.488%,
12/4/26
7,000
7,061
Credit
Suisse,
1.25%,
8/7/26
6,160
6,112
Nationwide
Building
Society,
1.50%,
10/13/26 (2)
10,700
10,583
UBS,
FRN,
SOFR
+
0.50%,
4.164%,
5/17/27
4,000
4,002
Wells
Fargo
Bank,
5.45%,
8/7/26
2,670
2,678
Total
Other
Instruments
(Cost
$121,770)
121,770
T.
ROWE
PRICE
Cash
Reserves
Fund
9
Par
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT 21.0%(3)
BNP
Paribas
Securities,
Tri-Party,
Dated
4/30/26,
3.65%,
Delivery
Value
of
$100,010
on
5/1/26,
Collateralized
by
U.S.
Government
securities,
1.25%
-
8.00%,
4/15/28
-
12/20/65,
valued
at
$102,000
100,000
100,000
BNY
Mellon,
Bilateral,
Dated
4/30/26,
3.65%,
Delivery
Value
of
$662,067
on
5/1/26,
Collateralized
by
U.S.
Government
securities,
2.00%
-
6.00%,
9/1/50
-
2/1/56,
valued
at
$675,240
662,000
662,000
Credit
Agricole,
Tri-Party,
Dated
4/30/26,
3.65%,
Delivery
Value
of
$297,030
on
5/1/26,
Collateralized
by
U.S.
Government
securities,
0.00%
-
7.00%,
6/2/26
-
5/20/65,
valued
at
$302,940
297,000
297,000
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$1,059,000)
1,059,000
U.S.
TREASURY
DEBT 1.1%
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.182%,
3.805%,
7/31/26
55,000
55,000
Total
U.S.
Treasury
Debt
(Cost
$55,000)
55,000
U.S.
TREASURY
REPURCHASE
AGREEMENT 0.0%(3)
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
4/30/26,
3.50%,
Delivery
Value
of
$1,000
on
5/1/26,
Collateralized
by
U.S.
Government
securities,
1.88%,
2/15/32,
valued
at
$1,000
1,000
1,000
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$1,000)
1,000
VARIABLE
RATE
DEMAND
NOTES 24.0%
AHI
Fund
II,
VRDN,
3.77%,
5/7/26
32,555
32,555
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
3.72%,
5/7/26
63,945
63,945
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
3.72%,
5/7/26
17,770
17,770
Andrew
W.
Mellon
Foundation,
VRDN,
3.70%,
5/7/26
14,000
14,000
Baltimore,
VRDN,
3.70%,
5/7/26
12,230
12,230
California
Enterprise
Development
Author,
Unacem
North
America
Project,
Series A,
VRDN,
3.72%,
5/7/26
40,360
40,360
California
Enterprise
Development
Author,
Unacem
North
America
Project,
Series B,
VRDN,
3.72%,
5/7/26 (2)
13,450
13,450
California
PFA,
Series B,
VRDN,
3.72%,
5/7/26
78,100
78,100
T.
ROWE
PRICE
Cash
Reserves
Fund
10
Par
$
Value
(Amounts
in
000s)
California
PFA,
Series C,
VRDN,
3.72%,
5/7/26
20,000
20,000
Charlotte,
NASCAR,
Series D,
COP,
VRDN,
3.74%,
5/7/26
41,460
41,460
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series B-1,
VRDN,
3.72%,
5/7/26
1,885
1,885
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series C-2,
VRDN,
3.72%,
5/7/26
14,800
14,800
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series C-2,
VRDN,
3.72%,
5/7/26
500
500
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series E-2,
VRDN,
3.72%,
5/7/26
7,000
7,000
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series G-2,
VRDN,
3.72%,
5/7/26
10,000
10,000
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series K-2,
VRDN,
3.72%,
5/7/26
14,585
14,585
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series Q-2,
VRDN,
3.72%,
5/7/26
7,800
7,800
Colorado
Housing
&
Fin.
Auth.,
Social
Bond,
Series C-2,
Class
I,
VRDN,
3.72%,
5/7/26
6,615
6,615
Colorado
Housing
&
Fin.
Auth.,
Social
Bond,
Series F-2,
VRDN,
3.72%,
5/7/26
7,320
7,320
Cook
County,
Series D,
GO,
VRDN,
3.72%,
5/7/26
81,800
81,800
Ecmc
Group,
Series 23-1,
VRDN,
3.72%,
5/7/26
29,790
29,790
Education
Loan
Finance,
VRDN,
3.72%,
5/7/26
23,500
23,500
Illinois
Fin.
Auth.,
Carle
Foundation,
Series B,
VRDN,
3.72%,
5/7/26
38,670
38,670
Iowa
Student
Loan
Liquidity,
Series 2023-1,
VRDN,
3.72%,
5/7/26
23,235
23,235
Maricopa
County
IDA,
Banner
Health,
Series B-1,
VRDN,
3.73%,
5/7/26
27,300
27,300
Maryland
CDA,
Series B,
VRDN,
3.75%,
5/7/26
16,255
16,255
Maryland
CDA,
Series F,
VRDN,
3.75%,
5/7/26
13,500
13,500
Massachusetts
Housing
Fin.
Agency,
Series A,
VRDN,
3.72%,
5/7/26
8,000
8,000
Michigan
State
Housing
Dev.
Auth.,
Series 1,
VRDN,
3.72%,
5/7/26
12,000
12,000
Minnesota
Housing
Fin.
Agency,
Series H,
VRDN,
3.70%,
5/7/26
24,095
24,095
Minnesota
Housing
Fin.
Agency,
Series T,
VRDN,
3.72%,
5/7/26
13,195
13,195
Minnesota
Housing
Fin.
Agency,
Series V,
VRDN,
3.72%,
5/7/26
9,260
9,260
Montgomery
County
Housing
Opportunities
Commission,
Series D,
VRDN,
3.77%,
5/7/26
6,700
6,700
New
York,
Series H-4,
GO,
VRDN,
3.72%,
5/7/26
38,500
38,500
New
York
City
Housing
Dev.,
Series F-2,
VRDN,
3.72%,
5/7/26
36,740
36,740
T.
ROWE
PRICE
Cash
Reserves
Fund
11
Par
$
Value
(Amounts
in
000s)
New
York
Mortgage
Agency,
Series 216,
VRDN,
3.70%,
5/7/26
14,125
14,125
New
York
Mortgage
Agency,
Series 224,
VRDN,
3.70%,
5/7/26
25,600
25,600
New
York
Mortgage
Agency,
Series 238,
VRDN,
3.70%,
5/7/26
20,800
20,800
New
York
State
Housing
Fin.
Agency,
Series A,
VRDN,
3.72%,
5/7/26
11,005
11,005
North
Texas
Higher
Ed.
Auth.,
Series 2023-1,
VRDN,
3.72%,
5/7/26
28,517
28,517
North
Texas
Higher
Ed.
Auth.,
Series 2025-2,
VRDN,
3.72%,
5/7/26
44,280
44,280
North
Texas
Higher
Ed.
Auth.,
Series 2026-1,
VRDN,
3.72%,
5/7/26
28,000
28,000
Pennsylvania
Higher
Ed.
Assistance
Agency,
Series A,
VRDN,
3.72%,
5/7/26
20,082
20,082
Pennsylvania
Higher
Ed.
Assistance
Agency,
Series A,
VRDN,
3.72%,
5/7/26
13,000
13,000
Peralta
Community
College
Dist.,
Series B-4,
VRDN,
3.72%,
5/7/26 (4)
35,525
35,525
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series C-1,
VRDN,
3.70%,
5/7/26
52,500
52,500
Texas
State,
Series A,
GO,
VRDN,
3.70%,
5/7/26
19,600
19,600
Texas
State,
Series A,
GO,
VRDN,
3.72%,
5/7/26
16,000
16,000
Texas
State,
Series A,
GO,
VRDN,
3.72%,
5/7/26
13,100
13,100
Texas
State,
Series C,
GO,
VRDN,
3.72%,
5/7/26
16,585
16,585
Univ.
of
California,
Series Z-1,
VRDN,
3.75%,
5/7/26
15,520
15,520
Univ.
of
California,
Series Z-2,
VRDN,
3.75%,
5/7/26
13,850
13,850
Utah
Housing,
Series G,
VRDN,
3.72%,
5/7/26
16,000
16,000
Total
Variable
Rate
Demand
Notes
(Cost
$1,211,004)
1,211,004
Total
Investments
in
Securities
99.7%
of
Net
Assets
(Cost
$5,022,412)
$
5,022,412
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$998,778
and
represents
19.8%
of
net
assets.
(2)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$155,944
and
represents
3.1%
of
net
assets.
(3)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$1,081,180
at
April
30,
2026.
(4)
Insured
by
National
Public
Finance
Guarantee
Corporation
T.
ROWE
PRICE
Cash
Reserves
Fund
12
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
3M
UST
Three
month
U.S.
Treasury
bill
yield
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
FRN
Floating
Rate
Note
GO
General
Obligation
HFC
Housing
Finance
Corporation
IDA
Industrial
Development
Authority/Agency
PFA
Public
Finance
Authority/Agency
SOFR
Secured
overnight
financing
rate
SOFRINDX
SOFR
(Secured
overnight
financing
rate)
Index
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer's
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund's
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
the
date
principal
can
be
demanded.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Cash
Reserves
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
13
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$5,022,412)
$
5,022,412
Interest
receivable
17,218
Receivable
for
shares
sold
7,070
Receivable
for
investment
securities
sold
250
Foreign
currency
(cost
$1)
1
Total
assets
5,046,951
Liabilities
Payable
for
shares
redeemed
6,941
Investment
management
and
administrative
fees
payable
1,773
Other
liabilities
161
Total
liabilities
8,875
NET
ASSETS
$
5,038,076
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
667
)
Paid-in
capital
applicable
to
5,038,021,754
shares
of
$0.0001
par
value
capital
stock
outstanding;
10,000,000,000
shares
of
the
Corporation
authorized
5,038,743
NET
ASSETS
$
5,038,076
NET
ASSET
VALUE
PER
SHARE
$
1.00
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
Statement
of
Operations
14
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Investment
Income
(Loss)
Interest
income
$
99,309
Investment
management
and
administrative
expense
10,136
Net
investment
income
89,173
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
on
securities
33
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
89,206
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
15
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
89,173
$
209,453
Net
realized
gain
33
30
Increase
in
net
assets
from
operations
89,206
209,483
Distributions
to
shareholders
Net
earnings
(
89,155
)
(
210,977
)
Capital
share
transactions
*
Shares
sold
1,119,180
2,748,492
Distributions
reinvested
86,753
208,651
Shares
redeemed
(
1,310,295
)
(
2,692,925
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
104,362
)
264,218
Net
Assets
Increase
(decrease)
during
period
(
104,311
)
262,724
Beginning
of
period
5,142,387
4,879,663
End
of
period
$
5,038,076
$
5,142,387
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
16
T.
Rowe
Price
Summit
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Cash
Reserves
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks preservation
of
capital
and
liquidity
and,
consistent
with
these,
the
highest
possible
current
income. The
fund
intends
to
operate
as
a
retail
money
market
fund
and
has
the
ability
to impose
liquidity
fees
on
redemptions if
the
fund's
Board
of
Directors
determine
that
doing
so
is
in
the
best
interests
of
the
shareholders.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
T.
ROWE
PRICE
Cash
Reserves
Fund
17
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
The
fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee.
The
Valuation
Designee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
T.
ROWE
PRICE
Cash
Reserves
Fund
18
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1 - quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2 - inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3 - unobservable
inputs
(including
the Valuation
Designee's
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
In
accordance
with
Rule
2a-7
under
the
1940
Act,
the
fund
values
its
securities
at
amortized
cost,
which
approximates
fair
value.
Securities
for
which
amortized
cost
is
deemed
not
to
reflect
fair
value
are
stated
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee,
in
accordance
with
fair
valuation
policies
and
procedures.
On
April
30,
2026,
all
of
the
fund's
financial
instruments
were
classified
as
Level
2
in
the
fair
value
hierarchy.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
T.
ROWE
PRICE
Cash
Reserves
Fund
19
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Repurchase
Agreements
The
fund
engages
in
repurchase
agreements,
pursuant
to
which
it
pays
cash
to
and
receives
securities
from
a
counterparty
that
agrees
to
"repurchase"
the
securities
at
a
specified
time,
typically
within
seven
business
days,
for
a
specified
price. The
fund
enters
into
such
agreements
with
well-established
securities
dealers
or
banks
that
are
members
of
the
Federal
Reserve
System
and
are
on
T.
Rowe
Price
Associates,
Inc.'s
approved
list.
All
repurchase
agreements
are
fully
collateralized
by
U.S.
government
or
related
agency
securities,
which
are
held
by
the
custodian
designated
by
the
agreement.
Collateral
is
evaluated
daily
to
ensure
that
its
market
value
exceeds
the
delivery
value
of
the
repurchase
agreements
at
maturity.
Although
risk
is
mitigated
by
the
collateral, the
fund
could
experience
a
delay
in
recovering
its
value
and
a
possible
loss
of
income
or
value
if
the
counterparty
fails
to
perform
in
accordance
with
the
terms
of
the
agreement.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
April
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$5,022,412,000.
T.
ROWE
PRICE
Cash
Reserves
Fund
20
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
all-inclusive
fee
equal
to
0.40%
of
the
fund's
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly. The
annual
all-
inclusive
fee
covers
investment
management
services
and
ordinary,
recurring
operating
expenses
but
does
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
Price
Associates
may
voluntarily
waive
all
or
a
portion
of
its
management
fee
and
reimburse
operating
expenses
to
the
extent
necessary
for
the
fund
to
maintain
a
zero
or
positive
net
yield
(voluntary
waiver). Any
amounts
waived/
paid
by
Price
Associates
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
Associates
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
April
30,
2026,
the
fund
had
no
voluntary
waivers.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund.
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
funds.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
Pursuant
to
the
annual
all-inclusive
fee
arrangement
under
the
investment
management
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
April
30,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
T.
ROWE
PRICE
Cash
Reserves
Fund
21
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Cash
Reserves
Fund
22
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund's
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund's
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund's
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds'
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund's
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund's
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund's
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser's
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser's
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Cash
Reserves
Fund
23
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund's
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund's
relative
performance
information
as
of
September
30,
2025,
which
ranked
the
fund's
returns
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund's
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund's
performance,
length
of
the
fund's
performance
track
record,
and
how
closely
the
fund's
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund's
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds'
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund's
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser's
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
24
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
the
Adviser
an
all-inclusive
fee,
which
is
based
on
the
fund's
average
daily
net
assets.
The
all-inclusive
fee
includes
investment
management
services
and
provides
for
the
Adviser
to
pay
all
of
the
fund's
ordinary,
recurring
operating
expenses
except
for
interest,
taxes,
portfolio
transaction
fees,
and
any
nonrecurring
extraordinary
expenses
that
may
arise.
The
Adviser
has
generally
implemented
an
all-inclusive
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
fund's
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
In
addition,
the
assets
of
the
fund
are
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
rate
for
many
T.
Rowe
Price
mutual
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
rate
component
to
its
all-
inclusive
fee,
its
assets
are
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser's
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
all-inclusive
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
The
Board
reviewed
and
considered
information
regarding
the
fund's
actual
total
expense
ratio,
noting
that
the
fund
pays
an
all-inclusive
fee.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund's
contractual
management
fee
rate,
actual
management
fee
rate,
and
total
expenses
(each
of
which
generally
reflect
the
fund's
all-inclusive
fee
rate)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
25
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
contractual
management
fee
ranked
in
the
fifth
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
fifth
quintile
(Expense
Group
and
Expense
Universe),
and
the
total
expenses
ranked
in
the
fourth
quintile
(Expense
Group
and
Expense
Universe).
The
Adviser
provided
the
Board
with
additional
information
with
respect
to
the
actual
management
fees
and
total
expenses
for
the
fund
ranking
in
the
fourth
and
fifth
quintiles.
The
Board
reviewed
and
considered
the
information
provided
relating
to
the
fund,
including
other
funds
in
the
peer
group,
and
other
factors
that
the
Board
determined
to
be
relevant.
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser's
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
("registered
fund")
business.
The
Board
considered
information
showing
that
the
Adviser's
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser's
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund's
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution's
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
26
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F85-051
6/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
|
| (3) |
30a-2(a) |
|
| (b) |
30a-2(b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price Summit Funds, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date |
June 17, 2026 |
|||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date |
June 17, 2026 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
June 17, 2026 |
|||
T. Rowe Price Summit Funds Inc. published this content on June 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 22, 2026 at 16:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]