N-CSRS 1 d514542dncsrs.htm CASH RESERVES FUND_SCR_F85-051 Cash Reserves Fund_SCR_F85-051

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)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(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, 2023

 

 

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2023
SemiAnnual
Report
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
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Cash
Reserves
Fund
Market
Commentary
1
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
April
30,
2023,
as
inflation,
though
still
high,
moderated
and
central
bank
rate
hikes
appeared
to
be
nearing
an
end.
The
rebound
in
most
sectors
from
the
steep
losses
incurred
earlier
in
2022
was
also
aided
by
some
better-than-expected
economic
news,
although
concerns
about
a
possible
recession
lingered
throughout
the
period.
For
the
six-month
period,
growth
stocks
were
buoyed
by
falling
interest
rates
and
outperformed
value
shares.
European
equities
outperformed
stocks
in
most
other
regions,
and
emerging
markets
stocks
were
boosted
by
strong
gains
in
Asia,
which
were
supported
by
China’s
decision
at
the
end
of
2022
to
lift
most
of
its
pandemic-related
restrictions.
Returns
to
U.S.
investors
in
international
stocks
were
enhanced
by
a
sharp
decline
in
the
U.S.
dollar
versus
other
major
currencies. 
Within
the
S&P
500
Index,
the
communication
services
and
information
technology
sectors
had,
by
far,
the
strongest
returns. On
the
other
hand,
the
energy
sector
finished
in
negative
territory
and
was
the
weakest
segment
amid
falling
oil
prices
and
concerns
about
weaker
global
demand
for
crude.
Cheaper
oil
also
contributed
to
slowing
inflation
during
the
period,
although
it
remained
well
above
the
Federal
Reserve’s
long-term
2%
target.
March’s
consumer
price
index
data
(the
latest
available
in
our
reporting
period)
showed
a
headline
inflation
rate
of
5.0%
on
a
12-month
basis,
the
lowest
level
since
May
2021
and
the
ninth
consecutive
month
in
which
the
annual
inflation
rate
decreased.  
In
response
to
the
still-high
inflation
readings,
the
Fed
raised
its
short-term
lending
benchmark
rate
from
around
3.00%
in
October
2022
to
a
target
range
of
4.75%
to
5.00%
by
the
end
of
the
period,
the
highest
since
2007.
Fed
officials
implemented
an
additional
25-basis-point
increase
in
early
May
just
after
our
reporting
period
ended
but
suggested
that
they
might
be
ready
to
pause
additional
rate
hikes
as
they
wait
to
see
how
the
economy
is
progressing. 
While
shorter-maturity
U.S.
Treasury
yields
increased
during
the
period
in
response
to
the
Fed
rate
hikes,
intermediate-
and
longer-term
yields
declined
as
investors
predicted
that
the
central
bank
would
eventually
have
to
cut
rates
sooner
than
it
had
planned
as
a
result
of
a
slowing
economy,
and
this
decrease
in
yields
led
to
generally
strong
performance
across
the
fixed
income
market. 
T.
ROWE
PRICE
Cash
Reserves
Fund
2
As
we
look
ahead,
prominent
bank
failures
in
the
U.S.
and
Europe
in
March
and
April
have
complicated
an
already
uncertain
market
backdrop.
U.S.
corporate
earnings
in
the
first
quarter
appeared
to
be
headed
for
a
second
straight
quarterly
decline,
and
manufacturing
is
slowing,
although
the
jobs
market
has
so
far
been
resilient.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term. 
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
other
changes
to
come.  
While
the
six-month
fund
letter
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website. 
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Cash
Reserves
Fund
Portfolio
Summary
3
*
Includes
money
market
securities
issued
by
foreign
governments.
SECURITY
DIVERSIFICATION
Cash
Reserves
Fund
T.
ROWE
PRICE
Cash
Reserves
Fund
4
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
T.
ROWE
PRICE
Cash
Reserves
Fund
5
CASH
RESERVES
FUND
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period*
11/1/22
to
4/30/23
Actual
$1,000.00
$1,020.60
$2.00
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.81
  2.01
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.40%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Cash
Reserves
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
4/30/23
..
Year
..
..
Ended
.
10/31/22
10/31/21
10/31/20
10/31/19
10/31/18
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
0.01‌
(3)
—‌
(3)
(4)
0.01‌
(3)
0.02‌
0.01‌
Net
realized
and
unrealized
gain/loss
—‌
(4)
—‌
(4)
—‌
(4)
—‌
(4)
—‌
(4)
—‌
(4)
Total
from
investment
activities
0.02‌
0.01‌
—‌
(4)
0.01‌
0.02‌
0.01‌
Distributions
Net
investment
income
(0.02‌)
(0.01‌)
—‌
(4)
(0.01‌)
(0.02‌)
(0.01‌)
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
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
4/30/23
..
Year
..
..
Ended
.
10/31/22
10/31/21
10/31/20
10/31/19
10/31/18
Ratios/Supplemental
Data
Total
return
(2)(5)
2.06‌%
0.88‌%
(3)
0.01‌%
(3)
0.78‌%
(3)
2.06‌%
1.47‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.40‌%
(6)
0.40‌%
0.42‌%
0.45‌%
0.45‌%
0.45‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.40‌%
(6)
0.31‌%
(3)
0.16‌%
(3)
0.43‌%
(3)
0.45‌%
0.45‌%
Net
investment
income
4.14‌%
(6)
0.92‌%
(3)
0.01‌%
(3)
0.70‌%
(3)
2.04‌%
1.47‌%
Net
assets,
end
of
period
(in
millions)
$4,517
$4,
280
$3,711
$4,285
$3,003
$2,593
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
See
Note
5.
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.09%,
0.26%
and
0.02%
of
average
net
assets)
for
the
years
ended
10/31/22,
10/31/21
and
10/31/20
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,
2023
(Unaudited)
8
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
ASSET
BACKED
COMMERCIAL
PAPER
8.7%
Albion
Capital,
4.82%,
5/22/23 
21,800‌
21,739‌
CAFCO,
5.12%,
8/28/23  (1)
33,650‌
33,080‌
CAFCO,
5.18%,
9/21/23  (1)
11,000‌
10,774‌
Chariot
Funding,
5.00%,
5/26/23  (1)
22,000‌
21,924‌
Chariot
Funding,
5.10%,
6/12/23  (1)
5,420‌
5,388‌
Charta,
5.06%,
5/11/23  (1)
7,000‌
6,990‌
Charta,
5.10%,
9/12/23  (1)
27,820‌
27,292‌
Charta,
5.25%,
7/13/23  (1)
10,600‌
10,487‌
CRC
Funding,
5.05%,
7/12/23  (1)
23,350‌
23,114‌
CRC
Funding,
5.05%,
9/8/23  (1)
17,500‌
17,181‌
CRC
Funding,
5.18%,
9/21/23  (1)
4,000‌
3,918‌
Liberty
Street
Funding,
4.81%,
5/1/23  (1)
23,700‌
23,700‌
Liberty
Street
Funding,
5.30%,
10/16/23  (1)
1,300‌
1,268‌
LMA-Americas,
5.10%,
6/1/23  (1)
16,100‌
16,029‌
LMA-Americas,
5.51%,
7/21/23  (1)
25,806‌
25,486‌
Manhattan
Asset
Funding,
5.00%,
5/25/23  (1)
12,000‌
11,960‌
Manhattan
Asset
Funding,
5.05%,
6/9/23  (1)
2,300‌
2,287‌
Old
Line
Funding,
5.23%,
11/7/23  (1)
13,980‌
13,980‌
Old
Line
Funding,
5.47%,
5/3/23  (1)
27,994‌
27,994‌
Sheffield
Receivables,
5.35%,
5/1/23  (1)
20,000‌
20,000‌
Starbird
Funding,
5.31%,
10/16/23  (1)
11,000‌
10,727‌
Thunder
Bay
Funding,
5.24%,
6/20/23  (1)
25,000‌
25,000‌
Thunder
Bay
Funding,
5.25%,
12/7/23  (1)
9,350‌
9,050‌
Victory
Receivables,
5.23%,
6/21/23  (1)
22,500‌
22,333‌
Total
Asset
Backed
Commercial
Paper
(Cost
$391,701)
391,701‌
CERTIFICATE
OF
DEPOSIT
15.4%
DOMESTIC
3.0%
Citibank,
2.77%,
5/25/23 
11,760‌
11,760‌
Citibank,
2.78%,
6/1/23 
18,000‌
18,000‌
Citibank,
FRN,
SOFR
+
0.45%,
5.25%,
5/25/23 
12,000‌
12,000‌
State
Street
Bank
&
Trust,
FRN,
SOFR
+
0.24%,
5.04%,
6/23/23 
16,500‌
16,500‌
State
Street
Bank
&
Trust,
FRN,
SOFR
+
0.68%,
5.48%,
8/15/23 
28,180‌
28,180‌
Wells
Fargo
Bank,
FRN,
SOFR
+
0.45%,
5.26%,
11/13/23 
21,800‌
21,800‌
Wells
Fargo
Bank,
FRN,
SOFR
+
0.55%,
5.36%,
1/5/24 
22,950‌
22,950‌
131,190‌
EURODOLLAR
5.9%
Canadian
Imperial
Bank
of
Commerce,
4.80%,
5/1/23 
25,000‌
25,000‌
Credit
Agricole,
4.80%,
5/1/23 
50,000‌
50,000‌
T.
ROWE
PRICE
Cash
Reserves
Fund
9
Par
$
Value
(Amounts
in
000s)
Nordea
Bank,
4.80%,
5/1/23 
76,000‌
76,000‌
Royal
Bank
of
Canada,
4.81%,
5/1/23 
59,660‌
59,660‌
Svenska
Handelsbanken,
4.79%,
5/1/23 
25,000‌
25,000‌
Toronto
Dominion
Bank,
4.81%,
5/1/23 
33,000‌
33,000‌
268,660‌
YANKEE
6.5%
Bank
of
Montreal,
2.85%,
6/23/23 
22,700‌
22,700‌
Bank
of
Montreal,
FRN,
SOFR
+
0.65%,
5.46%,
4/18/24 
7,500‌
7,500‌
Bank
of
Nova
Scotia,
FRN,
SOFR
+
0.65%,
5.46%,
12/20/23 
20,000‌
20,000‌
Bank
of
Nova
Scotia,
FRN,
SOFR
+
0.75%,
5.56%,
12/1/23 
23,500‌
23,500‌
Barclays
Bank,
5.35%,
10/20/23 
24,200‌
24,200‌
BNP
Paribas,
FRN,
SOFR
+
0.73%,
3.78%,
8/1/23 
19,000‌
19,000‌
Canadian
Imperial
Bank
of
Commerce,
5.50%,
2/23/24 
4,000‌
4,000‌
Canadian
Imperial
Bank
of
Commerce,
5.58%,
12/6/23 
27,000‌
27,000‌
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFR
+
0.70%,
5.51%,
4/1/24 
11,500‌
11,500‌
HSBC
Bank,
FRN,
SOFR
+
0.65%,
5.46%,
4/19/24 
13,975‌
13,975‌
HSBC
Bank,
FRN,
SOFR
+
0.67%,
5.48%,
4/12/24 
16,500‌
16,500‌
Oversea-Chinese
Banking,
FRN,
SOFR
+
0.42%,
5.22%,
10/17/23 
31,900‌
31,900‌
Oversea-Chinese
Banking,
FRN,
SOFR
+
0.49%,
4.29%,
7/24/23 
13,000‌
13,000‌
Standard
Chartered
Bank,
FRN,
SOFR
+
0.75%,
5.56%,
8/4/23 
22,000‌
22,000‌
Standard
Chartered
Bank,
FRN,
SOFR
+
0.83%,
3.88%,
11/1/23 
20,000‌
20,000‌
Swedbank,
FRN,
SOFR
+
0.70%,
5.51%,
6/5/23 
5,000‌
5,000‌
Toronto
Dominion
Bank,
5.00%,
9/26/23 
14,190‌
14,190‌
295,965‌
Total
Certificate
of
Deposit
(Cost
$695,815)
695,815‌
FINANCIAL
COMPANY
COMMERCIAL
PAPER
18.8%
ABN
AMRO
Funding,
5.03%,
11/6/23  (1)
15,000‌
14,604‌
ABN
AMRO
Funding,
5.08%,
9/15/23  (1)
14,775‌
14,489‌
ABN
AMRO
Funding,
5.08%,
9/28/23  (1)
15,000‌
14,683‌
ABN
AMRO
Funding,
5.19%,
1/12/24  (1)
1,000‌
963‌
Australia
&
New
Zealand
Banking
Group,
4.95%,
7/10/23  (1)
31,000‌
30,702‌
Australia
&
New
Zealand
Banking
Group,
5.44%,
5/8/23  (1)
17,000‌
17,000‌
Banco
Santander,
2.82%,
5/22/23  (1)
11,700‌
11,681‌
Banco
Santander,
3.005%,
6/8/23  (1)
17,000‌
16,946‌
Banco
Santander,
5.17%,
5/16/23  (1)
2,500‌
2,495‌
Banco
Santander,
5.23%,
5/25/23  (1)
12,200‌
12,158‌
Bank
of
Montreal,
5.515%,
12/1/23  (1)
10,500‌
10,500‌
BNP
Paribas,
5.30%,
10/2/23 
15,105‌
14,763‌
BPCE,
5.36%,
1/12/24  (1)
17,000‌
17,000‌
BPCE,
5.38%,
9/15/23  (1)
24,000‌
24,000‌
Canadian
Imperial
Bank
of
Commerce,
4.85%,
5/2/23  (1)
2,000‌
2,000‌
T.
ROWE
PRICE
Cash
Reserves
Fund
10
Par
$
Value
(Amounts
in
000s)
Commonwealth
Bank
of
Australia,
5.16%,
10/20/23  (1)
22,545‌
22,545‌
Cooperatieve
Rabobank,
3.86%,
6/1/23 
11,600‌
11,561‌
Cooperatieve
Rabobank,
5.00%,
7/5/23 
2,500‌
2,477‌
Credit
Agricole,
5.03%,
6/6/23 
1,500‌
1,492‌
DBS
Bank,
4.89%,
7/26/23  (1)
8,700‌
8,598‌
DBS
Bank,
5.02%,
6/5/23  (1)
5,800‌
5,772‌
DBS
Bank,
5.05%,
6/2/23  (1)
30,000‌
29,865‌
DBS
Bank,
5.05%,
7/27/23  (1)
400‌
395‌
DNB
Bank,
4.965%,
6/7/23  (1)
35,000‌
34,821‌
DNB
Bank,
5.17%,
8/16/23  (1)
4,300‌
4,234‌
Erste
Finance
Delaware,
4.82%,
5/1/23  (1)
26,835‌
26,835‌
ING
(US)
Funding,
5.14%,
11/20/23  (1)
6,000‌
5,826‌
ING
(US)
Funding,
5.35%,
11/3/23  (1)
12,395‌
12,052‌
ING
(US)
Funding,
5.49%,
5/3/23  (1)
9,000‌
9,000‌
MetLife
Short
Term
Fund,
2.65%,
5/1/23  (1)
11,310‌
11,310‌
National
Australia
Bank,
5.16%,
10/25/23  (1)
15,000‌
15,000‌
National
Australia
Bank,
5.22%,
10/13/23  (1)
29,000‌
29,000‌
National
Bank
of
Canada,
4.98%,
6/30/23  (1)
2,000‌
1,983‌
National
Bank
of
Canada,
5.09%,
8/2/23  (1)
19,770‌
19,510‌
National
Securities
Clearing,
5.02%,
5/9/23  (1)
3,641‌
3,637‌
National
Securities
Clearing,
5.12%,
8/1/23  (1)
30,000‌
29,608‌
Natixis,
5.13%,
9/8/23 
2,000‌
1,963‌
Natixis,
5.20%,
9/11/23 
1,000‌
981‌
Nordea
Bank,
5.44%,
5/4/23  (1)
16,000‌
16,000‌
Pacific
Life
Short
Term
Funding,
4.95%,
7/24/23  (1)
1,130‌
1,117‌
Pacific
Life
Short
Term
Funding,
5.02%,
6/1/23  (1)
10,000‌
9,957‌
Pacific
Life
Short
Term
Funding,
5.05%,
6/29/23  (1)
2,000‌
1,983‌
Pacific
Life
Short
Term
Funding,
5.06%,
7/31/23  (1)
4,965‌
4,902‌
Pacific
Life
Short
Term
Funding,
5.15%,
10/13/23  (1)
2,416‌
2,359‌
Pacific
Life
Short
Term
Funding,
5.27%,
7/17/23  (1)
10,325‌
10,209‌
Pacific
Life
Short
Term
Funding,
5.28%,
9/19/23  (1)
2,200‌
2,155‌
Pricoa
Short
Term
Funding,
4.78%,
9/13/23  (1)
14,255‌
14,000‌
Pricoa
Short
Term
Funding,
5.15%,
12/5/23  (1)
13,465‌
13,045‌
Royal
Bank
of
Canada,
3.56%,
6/27/23  (1)
28,000‌
27,842‌
Royal
Bank
of
Canada,
5.11%,
8/11/23  (1)
2,100‌
2,070‌
Royal
Bank
of
Canada,
5.44%,
3/19/24  (1)
14,900‌
14,900‌
Skandinaviska
Enskilda
Banken,
4.895%,
7/13/23  (1)
5,000‌
4,950‌
Skandinaviska
Enskilda
Banken,
5.53%,
6/1/23  (1)
25,350‌
25,351‌
Svenska
Handelsbanken,
3.89%,
6/8/23  (1)
14,500‌
14,441‌
Svenska
Handelsbanken,
4.95%,
5/8/23  (1)
1,600‌
1,598‌
Svenska
Handelsbanken,
5.06%,
8/21/23  (1)
27,000‌
26,575‌
Svenska
Handelsbanken,
5.20%,
8/15/23  (1)
2,300‌
2,265‌
Swedbank,
5.28%,
10/18/23 
12,900‌
12,578‌
Swedbank,
5.56%,
7/28/23 
26,957‌
26,957‌
Toronto
Dominion
Bank,
3.01%,
8/8/23  (1)
12,370‌
12,370‌
Toronto
Dominion
Bank,
3.57%,
6/28/23  (1)
13,000‌
12,925‌
T.
ROWE
PRICE
Cash
Reserves
Fund
11
Par
$
Value
(Amounts
in
000s)
Toronto
Dominion
Bank,
4.98%,
6/20/23  (1)
2,000‌
1,986‌
Toronto
Dominion
Bank,
5.25%,
10/23/23  (1)
3,000‌
2,923‌
UBS,
5.532%,
11/28/23  (1)
5,000‌
5,000‌
United
Overseas
Bank,
4.98%,
9/29/23  (1)
16,500‌
16,155‌
United
Overseas
Bank,
5.213%,
6/14/23  (1)
28,000‌
28,000‌
Westpac
Banking,
5.05%,
6/23/23  (1)
13,750‌
13,648‌
Westpac
Banking,
5.26%,
10/19/23  (1)
30,874‌
30,103‌
Total
Financial
Company
Commercial
Paper
(Cost
$850,813)
850,813‌
INSURANCE
COMPANY
FUNDING
AGREEMENT
1.4%
MassMutual
Global
Funding
II,
FRN,
SOFR
+
0.22%,
5.067%,
6/2/23  (2)
32,630‌
32,625‌
New
York
Life
Global
Funding,
FRN,
SOFR
+
0.19%,
5.02%,
6/30/23  (2)
31,144‌
31,133‌
Total
Insurance
Company
Funding
Agreement
(Cost
$63,758)
63,758‌
NON-FINANCIAL
COMPANY
COMMERCIAL
PAPER
18.2%
Amazon.com,
5.05%,
7/5/23 
8,750‌
8,670‌
Aspirus,
Series 2021,
4.85%,
5/9/23 
18,190‌
18,190‌
Banner
Health,
4.95%,
5/3/23 
19,400‌
19,400‌
Banner
Health,
5.10%,
6/14/23 
12,000‌
11,999‌
Banner
Health,
5.10%,
6/21/23 
12,000‌
11,998‌
Banner
Health,
5.15%,
5/17/23 
1,200‌
1,200‌
Baylor
Scott
&
White
Holdings,
4.85%,
5/4/23 
11,000‌
10,995‌
Baylor
Scott
&
White
Holdings,
5.05%,
5/30/23 
3,250‌
3,237‌
Baylor
Scott
&
White
Holdings,
5.05%,
7/10/23 
30,710‌
30,408‌
Charlotte-Mecklenburg
Hospital
Auth.,
4.83%,
5/16/23 
44,000‌
43,911‌
Charlotte-Mecklenburg
Hospital
Auth.,
5.15%,
7/11/23 
8,705‌
8,617‌
Coco-Cola,
5.05%,
9/15/23  (1)
22,070‌
21,646‌
Export
Development
Canada,
4.95%,
6/12/23 
13,800‌
13,720‌
Export
Development
Canada,
5.00%,
11/10/23 
30,000‌
29,196‌
Hennepin
County,
Series B,
4.76%,
5/5/23 
14,755‌
14,755‌
Hydro-Quebec,
4.77%,
5/1/23  (1)
20,650‌
20,650‌
Idaho
Housing
&
Finance
Association,
5.20%,
5/31/23 
19,000‌
19,000‌
Inova
Health
System
Foundation,
4.85%,
5/18/23 
18,515‌
18,473‌
Inova
Health
System
Foundation,
5.10%,
6/16/23 
11,110‌
11,038‌
Iowa
Health
System,
5.25%,
5/4/23 
13,920‌
13,914‌
Iowa
Health
System,
5.25%,
6/15/23 
14,000‌
13,908‌
Iowa
Health
System,
5.28%,
5/18/23 
5,350‌
5,337‌
John
Deere
Canada,
5.10%,
5/11/23  (1)
13,800‌
13,780‌
John
Muir
Health,
5.23%,
7/20/23 
5,310‌
5,248‌
Johnson
&
Johnson,
4.89%,
8/14/23  (1)
12,500‌
12,322‌
Johnson
&
Johnson,
5.04%,
9/13/23  (1)
18,000‌
17,660‌
T.
ROWE
PRICE
Cash
Reserves
Fund
12
Par
$
Value
(Amounts
in
000s)
Los
Angeles
Municipal
Improvement,
Series B-1,
5.18%,
6/7/23 
5,100‌
5,100‌
LVMH
Moet
Hennessy
Louis
Vuitton,
4.86%,
7/10/23  (1)
28,000‌
27,735‌
LVMH
Moet
Hennessy
Louis
Vuitton,
5.00%,
5/23/23  (1)
1,600‌
1,595‌
LVMH
Moet
Hennessy
Louis
Vuitton,
5.02%,
5/15/23  (1)
6,275‌
6,263‌
LVMH
Moet
Hennessy
Louis
Vuitton,
5.02%,
5/15/23  (1)
5,000‌
4,990‌
LVMH
Moet
Hennessy
Louis
Vuitton,
5.02%,
8/28/23  (1)
3,500‌
3,442‌
Mass
General
Brigham,
5.00%,
5/18/23 
19,450‌
19,404‌
Mass
General
Brigham,
5.24%,
7/26/23 
12,560‌
12,403‌
Massachusetts
EFA,
Series A,
4.85%,
5/2/23 
8,640‌
8,640‌
Massachusetts
EFA,
Series A,
4.97%,
5/2/23 
3,000‌
3,000‌
Massachusetts
EFA,
Series A,
5.00%,
5/2/23 
2,855‌
2,855‌
Mercy
Healthcare
System,
4.98%,
5/3/23 
25,690‌
25,683‌
New
York
Power
Auth.,
5.05%,
5/4/23 
10,845‌
10,840‌
Philadelphia
Airport,
Series C-1,
4.80%,
5/4/23 
24,676‌
24,676‌
Philadelphia
Airport,
Series C-1,
5.05%,
5/4/23 
20,050‌
20,050‌
Procter
&
Gamble,
5.05%,
9/11/23  (1)
27,820‌
27,301‌
San
Jose
Financing
Auth.,
Series 2-T,
5.25%,
5/16/23 
13,175‌
13,175‌
South
Carolina
Public
Service
Auth.,
Series AA,
5.15%,
6/22/23 
22,107‌
22,107‌
SSM
Health
Care,
Series A,
4.98%,
5/4/23 
28,540‌
28,528‌
Tennessee
State,
Series 00-B,
4.61%,
5/10/23 
15,600‌
15,600‌
Tennessee
State,
Series 00-B,
4.69%,
8/1/23 
12,750‌
12,750‌
Tennessee
State,
Series 00-B,
5.18%,
6/7/23 
2,905‌
2,905‌
Toyota
Credit
de
Puerto
Rico,
5.17%,
6/30/23 
25,000‌
24,784‌
Toyota
Credit
de
Puerto
Rico,
5.28%,
9/7/23 
9,800‌
9,615‌
Toyota
Credit
de
Puerto
Rico,
5.44%,
5/22/23 
10,000‌
10,000‌
Trinity
Health,
5.15%,
9/6/23 
5,085‌
4,992‌
Univ.
of
California,
Series B,
4.85%,
5/2/23 
17,700‌
17,698‌
Univ.
of
California,
Series B,
5.12%,
5/12/23 
5,800‌
5,791‌
Univ.
of
Houston,
Series A,
5.00%,
6/12/23 
6,810‌
6,810‌
Univ.
of
Minnesota,
Series I,
5.10%,
5/17/23 
4,630‌
4,630‌
Univ.
of
Texas,
Series B,
5.05%,
7/13/23 
12,195‌
12,070‌
Univ.
of
Texas,
Series B,
5.15%,
5/4/23 
2,930‌
2,929‌
Yale
University,
5.08%,
9/12/23 
24,500‌
24,037‌
Total
Non-Financial
Company
Commercial
Paper
(Cost
$821,670)
821,670‌
OTHER
ASSET
BACKED
SECURITIES
0.5%
Carmax
Auto
Owner
Trust,
Series 2023-2,
Class
A1,
5.508%,
5/15/24 
10,625‌
10,625‌
CNH
Equipment
Trust,
Series 2023-A,
Class
A1,
5.425%,
5/15/24 
8,454‌
8,454‌
Kubota
Credit
Owner
Trust,
Series 2023-1A,
Class
A1,
5.292%,
3/15/24  (2)
3,515‌
3,515‌
Total
Other
Asset
Backed
Securities
(Cost
$22,594)
22,594‌
T.
ROWE
PRICE
Cash
Reserves
Fund
13
Par
$
Value
(Amounts
in
000s)
OTHER
INSTRUMENTS
1.0%
Bank
of
America,
4.82%,
9/21/23 
29,570‌
29,570‌
Bank
of
America,
5.45%,
3/22/24 
15,000‌
15,000‌
Total
Other
Instruments
(Cost
$44,570)
44,570‌
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT
1.6%(3)
BNP
Paribas
Securities,
Tri-Party,
Dated
4/28/23,
4.80%,
Delivery
Value
of
$70,028,000
on
5/1/23,
Collateralized
by
U.S.
Government
securities,
3.00%
-
4.50%,
7/20/44
-
8/20/51,
valued
at
$71,400,004 
70,000‌
70,000‌
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$70,000)
70,000‌
U.S.
TREASURY
DEBT
7.1%
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.029%,
5.16%,
7/31/23 
245,400‌
245,351‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
5.271%,
10/31/24 
51,070‌
51,000‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.20%,
5.331%,
1/31/25 
23,300‌
23,300‌
Total
U.S.
Treasury
Debt
(Cost
$319,651)
319,651‌
U.S.
TREASURY
REPURCHASE
AGREEMENT
10.4%(3)
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
4/28/23,
4.80%,
Delivery
Value
of
$470,188,000
on
5/1/23,
Collateralized
by
U.S.
Government
securities,
0.13%
-
2.00%,
8/15/23
-
5/31/24,
valued
at
$470,188,012 
470,000‌
470,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$470,000)
470,000‌
VARIABLE
RATE
DEMAND
NOTES
11.1%
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
4.91%,
5/5/23 
25,000‌
25,000‌
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
5.05%,
5/5/23 
17,000‌
17,000‌
Alaska
HFC,
State
Capital
Project,
Series B,
VRDN,
5.00%,
5/5/23 
2,500‌
2,500‌
Andrew
W.
Mellon
Foundation,
VRDN,
4.86%,
5/5/23 
7,820‌
7,820‌
Baltimore,
VRDN,
4.88%,
5/5/23 
23,000‌
23,000‌
Charlotte,
NASCAR,
Series D,
COP,
VRDN,
4.90%,
5/5/23 
26,290‌
26,290‌
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series B-1,
VRDN,
4.85%,
5/5/23 
2,770‌
2,770‌
T.
ROWE
PRICE
Cash
Reserves
Fund
14
Par
$
Value
(Amounts
in
000s)
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series C-2,
VRDN,
4.85%,
5/5/23 
14,800‌
14,800‌
Colorado
Housing
&
Fin.
Auth.,
Social
Bond,
Series C-2,
VRDN,
4.85%,
5/5/23 
6,615‌
6,615‌
Cook
County,
Series D,
GO,
VRDN,
4.87%,
5/5/23 
25,600‌
25,600‌
Illinois
Fin.
Auth.,
VRDN,
4.90%,
5/5/23 
44,675‌
44,675‌
Illinois
Fin.
Auth.,
Carle
Foundation,
Series B,
VRDN,
4.88%,
5/5/23 
6,200‌
6,200‌
Iowa
Student
Loan
Liquidity,
Series 2023-1,
VRDN,
4.88%,
5/5/23 
28,245‌
28,245‌
Maryland
CDA,
Series B,
VRDN,
4.88%,
5/5/23 
8,600‌
8,600‌
Maryland
CDA,
Series F,
VRDN,
5.05%,
5/5/23 
11,745‌
11,745‌
Massachusetts
Dev.
Fin.
Agency,
Babson
College,
Series B,
VRDN,
4.90%,
5/5/23 
7,275‌
7,275‌
Minnesota
Housing
Fin.
Agency,
Series H,
VRDN,
4.90%,
5/5/23 
2,675‌
2,675‌
Missouri
HEFA,
Series B-2,
VRDN,
4.89%,
5/5/23 
16,250‌
16,250‌
Montgomery
County
Housing
Opportunities
Commission,
Series D,
VRDN,
4.92%,
5/5/23 
9,800‌
9,800‌
Montgomery
County
Housing
Opportunities
Commission,
Series E,
VRDN,
4.92%,
5/5/23 
8,315‌
8,315‌
New
York
City
Housing
Dev.,
Series F-2,
VRDN,
4.85%,
5/5/23 
15,000‌
15,000‌
New
York
Mortgage
Agency,
Series 216,
VRDN,
4.88%,
5/5/23 
14,125‌
14,125‌
New
York
Mortgage
Agency,
Series 224,
VRDN,
4.88%,
5/5/23 
25,600‌
25,600‌
New
York
Mortgage
Agency,
Series 238,
VRDN,
4.88%,
5/5/23 
2,800‌
2,800‌
New
York
State
Housing
Fin.
Agency,
Series A,
VRDN,
4.89%,
5/5/23 
15,060‌
15,060‌
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series C-1,
VRDN,
4.90%,
5/5/23 
44,150‌
44,150‌
Southern
Ute
Indian
Tribe,
VRDN,
4.90%,
5/5/23  (2)
41,795‌
41,795‌
Univ.
of
California,
Series Z-1,
VRDN,
4.81%,
5/5/23 
7,540‌
7,540‌
Univ.
of
California,
Series Z-2,
VRDN,
4.87%,
5/5/23 
10,250‌
10,250‌
Wisconsin
Housing
&
Economic
Dev.
Auth.,
Series B,
VRDN,
4.95%,
5/5/23 
400‌
400‌
Wisconsin
Housing
&
Economic
Dev.
Auth.,
Series F,
VRDN,
4.95%,
5/5/23 
29,825‌
29,825‌
Wisconsin
Housing
&
Economic
Dev.
Auth.,
Series F,
VRDN,
4.95%,
5/5/23 
945‌
945‌
Total
Variable
Rate
Demand
Notes
(Cost
$502,665)
502,665‌
Total
Investments
in
Securities
94.2%
of
Net
Assets
(Cost
$4,253,237)
$
4,253,237‌
T.
ROWE
PRICE
Cash
Reserves
Fund
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
‡
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
$1,305,387
and
represents
28.9%
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
$109,068
and
represents
2.4%
of
net
assets.
(3)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$541,588
at
April
30,
2023.
3M
UST
Three
month
U.S.
Treasury
bill
yield
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HEFA
Health
&
Educational
Facility
Authority
HFC
Housing
Finance
Corporation
SOFR
Secured
overnight
financing
rate
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,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
16
($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
$4,253,237)
$
4,253,237‌
Receivable
for
investment
securities
sold
244,030‌
Interest
receivable
18,079‌
Receivable
for
shares
sold
9,592‌
Cash
60‌
Total
assets
4,524,998‌
Liabilities
Payable
for
shares
redeemed
5,946‌
Investment
management
and
administrative
fees
payable
1,650‌
Other
liabilities
156‌
Total
liabilities
7,752‌
NET
ASSETS
$
4,517,246‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
309‌
Paid-in
capital
applicable
to
4,516,346,322
shares
of
$0.0001
par
value
capital
stock
outstanding;
10,000,000,000
shares
of
the
Corporation
authorized
4,516,937‌
NET
ASSETS
$
4,517,246‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Cash
Reserves
Fund
(Unaudited)
Statement
of
Operations
17
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/23
Investment
Income
(Loss)
Interest
income
$
98,949‌
Expenses
Investment
management
and
administrative
expense
$
8,735‌
Net
investment
income
90,214‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
13‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
90,227‌
T.
ROWE
PRICE
Cash
Reserves
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
18
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/23
Year
Ended
10/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
90,214‌
$
36,543‌
Net
realized
gain
13‌
4‌
Increase
in
net
assets
from
operations
90,227‌
36,547‌
Distributions
to
shareholders
Net
earnings
(
89,985‌
)
(
36,497‌
)
Capital
share
transactions
*
Shares
sold
1,163,186‌
2,481,213‌
Distributions
reinvested
88,748‌
35,919‌
Shares
redeemed
(
1,015,157‌
)
(
1,948,421‌
)
Increase
in
net
assets
from
capital
share
transactions
236,777‌
568,711‌
Net
Assets
Increase
during
period
237,019‌
568,761‌
Beginning
of
period
4,280,227‌
3,711,466‌
End
of
period
$
4,517,246‌
$
4,280,227‌
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Cash
Reserves
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
19
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
and/or
temporarily
suspend
redemptions.
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.
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.
ET,
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.
T.
ROWE
PRICE
Cash
Reserves
Fund
20
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-
06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022,
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial  statements.
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.
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
T.
ROWE
PRICE
Cash
Reserves
Fund
21
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,
2023,
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.
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
T.
ROWE
PRICE
Cash
Reserves
Fund
22
dealers
or
banks
that
are
members
of
the
Federal
Reserve
System
and
are
on
Price
Associates' 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.
LIBOR
Transition
 The fund
may
invest
in
instruments
that
are
tied
to
reference
rates,
including
LIBOR.
Over
the
course
of
the
last
several
years,
global
regulators
have
indicated
an
intent
to
phase
out
the
use
of
LIBOR
and
similar
interbank
offered
rates
(IBOR).
While
publication
for
most
LIBOR
currencies
and
lesser-used
USD
LIBOR
settings
ceased
immediately
after
December
31,
2021,
remaining
USD
LIBOR
settings
will
continue
to
be
published
until
June
30,
2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate.
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the fund,
or
on
certain
instruments
in
which
the fund
invests,
cannot
yet
be
determined.
The
transition
process
may
result
in,
among
other
things,
an
increase
in
volatility
or
illiquidity
of
markets
for
instruments
that
currently
rely
on
LIBOR,
a
reduction
in
the
value
of
certain
instruments
held
by
the fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
the fund's
performance.
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,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was $4,253,237,000.
T.
ROWE
PRICE
Cash
Reserves
Fund
23
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
and
administrative
agreement
between
the
fund
and
Price
Associates
provides
for
an
all-inclusive
annual
fee
equal
to
0.40%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly. The
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,
2023,
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
fund.
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
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
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,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
T.
ROWE
PRICE
Cash
Reserves
Fund
24
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Cash
Reserves
Fund
25
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
each
month
on
Form
N-MFP. The
fund’s
reports
on
Form
N-MFP
are
available on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their portfolio
holdings
information
on
troweprice.com
.
T.
ROWE
PRICE
Cash
Reserves
Fund
26
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
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors,
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.
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
included,
but
were
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;
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.
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
peer
groups
of
funds
with
similar
investment
programs
for
T.
ROWE
PRICE
Cash
Reserves
Fund
27
various
periods
through
December
31,
2022. 
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2022,
which
ranked
the
returns
of
the
fund
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
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
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
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.
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
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
the
Adviser
an
all-inclusive
management
fee,
which
is
based
on
the
fund’s
average
daily
net
assets.
The
all-inclusive
management
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
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
management
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
28
management
fee
for
many
T.
Rowe
Price
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
component
to
its
management
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
potentially
shares
in
indirect
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
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
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
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
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
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
fund’s
contractual
management
fee
ranked
in
the
fourth
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fourth
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
third
quintile
(Expense
Group
and
Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
29
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
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
mutual
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.
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)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
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
6/23

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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

     (3)    

Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b)        

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

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 16, 2023

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 16, 2023

 

By  

/s/ Alan S. Dupski

  Alan S. Dupski
  Principal Financial Officer
Date       June 16, 2023