T. Rowe Price Summit Funds Inc.
12/23/2025 | Press release | Distributed by Public on 12/23/2025 08:28
Annual Report by Investment Company (Form N-CSR)
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: October 31, 2025
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
October 31, 2025
Cash Reserves Fund
(TSCXX)
This annual shareholder report contains important information about Cash Reserves Fund (the "fund") for the period of November 1, 2024 to October 31, 2025. 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 year? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Cash Reserves Fund
|
$41
|
0.40%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$5,142,387
|
|
Number of Portfolio Holdings
|
198
|
|
Investment Advisory Fees Paid (000s)
|
$20,406
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Variable Rate Demand Notes
|
21.4%
|
|
Certificate of Deposit
|
18.9
|
|
U.S. Government Agency Repurchase Agreement
|
18.9
|
|
Non-Financial Company Commercial Paper
|
11.2
|
|
Financial Company Commercial Paper
|
11.0
|
|
Asset Backed Commercial Paper
|
9.3
|
|
Other Asset Backed Securities
|
3.1
|
|
Insurance Company Funding Agreement
|
2.1
|
|
U.S. Treasury Debt
|
2.0
|
|
Short-Term and Other
|
2.1
|
Top Ten Holdings(as a % of Net Assets)
|
BNY Mellon
|
14.6%
|
|
Credit Agricole
|
2.4
|
|
Credit Agricole Corporate & Investment
|
2.2
|
|
Royal Bank of Canada
|
2.2
|
|
Australia & New Zealand Banking Group
|
2.2
|
|
Svenska Handelsbanken
|
2.0
|
|
U.S. Treasury Notes
|
2.0
|
|
BNP Paribas Securities
|
1.9
|
|
California PFA
|
1.9
|
|
Nordea Bank
|
1.8
|
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
F85-052 12/25
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.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:
| 2025 | 2024 | |||||||||
|
Audit Fees |
$ | 25,444 | $ | 25,242 | ||||||
|
Audit-Related Fees |
- | - | ||||||||
|
Tax Fees |
- | - | ||||||||
|
All Other Fees |
- | - | ||||||||
Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-ratashare of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-auditservices performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-auditservices rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,541,000 and $846,000, respectively.
(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
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-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
October
31,
2025
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
..
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
Investment
activities
Net
investment
income
(1)(2)
0.04
0.05
0.05
0.01
(3)
-
(3)
(4)
Net
realized
and
unrealized
gain/loss
-
(4)
-
(4)
-
(4)
-
(4)
-
(4)
Total
from
investment
activities
0.04
0.05
0.05
0.01
-
(4)
Distributions
Net
investment
income
(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
Ratios/Supplemental
Data
Total
return
(2)(5)
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%
0.40%
0.40%
0.40%
0.42%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.40%
0.40%
0.40%
0.31%
(3)
0.16%
(3)
Net
investment
income
4.11%
5.08%
4.59%
0.92%
(3)
0.01%
(3)
Net
assets,
end
of
period
(in
millions)
$5,142
$4,880
$4,606
$4,280
$3,711
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.
T.
ROWE
PRICE
Cash
Reserves
Fund
October
31,
2025
3
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
ASSET
BACKED
COMMERCIAL
PAPER 9.3%
Barclays
Bank,
4.30%,
2/20/26 (1)
12,000
11,841
Barclays
Bank,
Series 10-1,
3.88%,
4/14/26 (1)
2,500
2,456
CAFCO,
3.95%,
3/23/26 (1)
25,000
24,610
CAFCO,
4.07%,
1/7/26 (1)
26,000
25,803
Chariot
Funding,
4.55%,
4/27/26 (1)
20,000
20,000
Chariot
Funding,
4.57%,
6/2/26 (1)
34,000
34,000
Charta,
4.24%,
12/16/25 (1)
25,000
24,868
Charta,
4.37%,
11/7/25 (1)
30,000
29,978
CRC
Funding,
3.93%,
3/31/26 (1)
15,750
15,492
CRC
Funding,
4.06%,
1/12/26 (1)
2,000
1,984
CRC
Funding,
4.32%,
1/22/26 (1)
25,000
24,754
Gotham
Funding,
4.07%,
12/2/25 (1)
16,000
15,944
Gotham
Funding,
4.07%,
12/16/25 (1)
23,225
23,107
Liberty
Street
Funding,
4.38%,
11/21/25 (1)
4,000
3,990
Manhattan
Asset
Funding,
4.16%,
12/10/25 (1)
50,300
50,073
Old
Line
Funding,
3.76%,
9/11/26 (1)
25,000
24,180
Old
Line
Funding,
4.43%,
12/8/25 (1)
15,000
15,000
Old
Line
Funding,
4.49%,
3/3/26 (1)
5,000
5,000
Old
Line
Funding,
4.50%,
2/10/26 (1)
10,000
10,000
Starbird
Funding,
4.35%,
12/5/25 (1)
31,000
31,000
Starbird
Funding,
4.41%,
11/14/25 (1)
4,000
4,000
Starbird
Funding,
4.41%,
11/17/25 (1)
28,000
28,000
Thunder
Bay
Funding,
4.29%,
2/5/26 (1)
15,455
15,278
Thunder
Bay
Funding,
4.34%,
12/5/25 (1)
25,000
24,898
Thunder
Bay
Funding,
4.50%,
3/19/26 (1)
11,000
11,000
Total
Asset
Backed
Commercial
Paper
(Cost
$477,256)
477,256
CERTIFICATE
OF
DEPOSIT 18.9%
DOMESTIC 1.9%
Citibank,
FRN,
SOFR
+
0.32%,
4.59%,
11/24/25
3,600
3,600
HSBC
Bank,
FRN,
SOFR
+
0.35%,
4.39%,
7/10/26
9,000
9,000
HSBC
Bank,
FRN,
SOFR
+
0.38%,
4.42%,
12/18/25
44,000
44,000
State
Street
Bank
&
Trust,
FRN,
SOFR
+
0.25%,
4.52%,
11/30/25
35,000
35,000
91,600
EURODOLLAR 9.1%
Australia
&
New
Zealand
Banking
Group,
3.88%,
11/3/25
110,000
110,000
Canadian
Imperial
Bank
of
Commerce,
3.85%,
11/3/25
35,000
35,000
T.
ROWE
PRICE
Cash
Reserves
Fund
4
Par
$
Value
(Amounts
in
000s)
Credit
Agricole
Corporate
&
Investment,
3.82%,
11/3/25
40,000
40,000
Nordea
Bank,
3.80%,
11/3/25
91,000
91,000
Royal
Bank
of
Canada,
3.85%,
11/3/25
85,640
85,640
Svenska
Handelsbanken,
3.83%,
11/3/25
105,000
105,000
466,640
YANKEE 7.9%
Banco
Santander,
4.43%,
6/9/26
25,000
25,000
Banco
Santander,
4.64%,
11/21/25
29,000
29,000
Bank
of
Montreal,
FRN,
SOFR
+
0.39%,
4.43%,
8/20/26
36,000
36,000
BNP
Paribas,
4.50%,
11/10/25
21,000
21,000
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFR
+
0.39%,
4.43%,
10/23/26
47,000
47,000
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,
4.36%,
7/16/26
2,000
2,000
Credit
Agricole
Corporate
&
Investment,
4.60%,
1/14/26
27,000
27,000
Credit
Agricole
Corporate
&
Investment,
FRN,
SOFR
+
0.27%,
4.31%,
11/6/25
23,000
23,000
Credit
Agricole
Corporate
&
Investment,
FRN,
SOFR
+
0.30%,
4.34%,
7/31/26
23,000
23,000
Lloyds
Bank
Corporate
Markets,
4.36%,
6/12/26
5,000
5,000
Lloyds
Bank
Corporate
Markets,
FRN,
SOFR
+
0.36%,
4.63%,
8/14/26
25,000
25,000
Lloyds
Bank
Corporate
Markets,
FRN,
SOFR
+
0.37%,
4.71%,
8/10/26
22,000
22,000
Natixis,
FRN,
SOFR
+
0.28%,
4.32%,
11/3/25
4,000
4,000
Societe
Generale,
FRN,
SOFR
+
0.45%,
4.49%,
5/15/26
28,000
28,000
Standard
Chartered
Bank,
FRN,
SOFR
+
0.42%,
4.69%,
6/2/26
14,000
14,000
Swedbank,
FRN,
SOFR
+
0.27%,
4.54%,
4/14/26
25,000
25,000
Toronto-Dominion
Bank,
4.50%,
2/6/26
1,000
1,000
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.38%,
4.65%,
5/6/26
4,000
4,000
412,000
Total
Certificate
of
Deposit
(Cost
$970,240)
970,240
FINANCIAL
COMPANY
COMMERCIAL
PAPER 11.0%
ABN
AMRO
Funding,
3.93%,
3/31/26 (1)
9,450
9,295
Bank
of
Montreal,
4.49%,
4/8/26 (1)
17,000
17,000
Barclays
Bank,
4.39%,
12/12/25 (1)
37,000
36,815
BPCE,
4.355%,
11/6/25 (1)
30,000
29,982
Canadian
Imperial
Bank
of
Commerce,
4.45%,
11/30/25 (1)
5,000
5,000
T.
ROWE
PRICE
Cash
Reserves
Fund
5
Par
$
Value
(Amounts
in
000s)
Commonwealth
Bank
of
Australia,
4.42%,
4/29/26 (1)
25,000
25,000
Danske
Bank,
4.21%,
2/2/26 (1)
4,000
3,956
ING
(U.S.)
Funding,
4.47%,
3/23/26 (1)
19,000
19,000
MetLife
Short
Term
Funding,
3.80%,
5/13/26 (1)
48,000
47,022
National
Australia
Bank,
4.29%,
3/9/26 (1)
40,000
40,007
National
Bank
of
Canada,
3.95%,
1/29/26 (1)
6,225
6,164
National
Bank
of
Canada,
4.35%,
11/30/25 (1)
25,000
25,007
Nationwide
Building
Society,
3.965%,
3/26/26 (1)
51,000
50,186
Natixis,
3.88%,
6/5/26
15,000
14,651
Pacific
Life
Short
Term
Funding,
4.16%,
6/16/26 (1)
38,000
37,003
Pacific
Life
Short
Term
Funding,
4.33%,
1/2/26 (1)
3,731
3,703
Pricoa
Short
Term
Funding,
3.72%,
9/11/26 (1)
15,700
15,191
Royal
Bank
of
Canada,
3.96%,
8/11/26 (1)
25,000
24,222
Royal
Bank
of
Canada,
4.41%,
5/6/26 (1)
5,000
5,000
Skandinaviska
Enskilda
Banken,
4.46%,
4/6/26 (1)
25,000
24,999
Societe
Generale,
4.10%,
5/8/26 (1)
25,000
24,465
Swedbank,
3.905%,
4/23/26 (1)
26,300
25,806
Toronto-Dominion
Bank,
3.82%,
11/3/26 (1)
28,000
28,000
UBS,
4.401%,
9/30/26 (1)
46,500
46,500
Total
Financial
Company
Commercial
Paper
(Cost
$563,974)
563,974
INSURANCE
COMPANY
FUNDING
AGREEMENT 2.1%
MassMutual
Global
Funding
II,
3.40%,
3/8/26 (2)
11,535
11,505
MassMutual
Global
Funding
II,
4.50%,
4/10/26 (2)
3,735
3,738
Metropolitan
Life
Global
Funding
I,
5.00%,
1/6/26 (2)
2,970
2,972
New
York
Life
Global
Funding,
4.70%,
4/2/26 (2)
8,875
8,890
New
York
Life
Global
Funding,
FRN,
SOFRINDX
+
0.58%,
4.806%,
1/16/26 (2)
7,000
7,002
Pacific
Life
Global
Funding
II,
1.375%,
4/14/26 (2)
1,430
1,413
Pacific
Life
Global
Funding
II,
FRN,
SOFRINDX
+
1.05%,
5.281%,
7/28/26 (2)
5,300
5,330
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (2)
46,040
45,718
Principal
Life
Global
Funding
II,
3.00%,
4/18/26 (2)
20,540
20,405
Total
Insurance
Company
Funding
Agreement
(Cost
$106,973)
106,973
NON-FINANCIAL
COMPANY
COMMERCIAL
PAPER 11.2%
Alaska
HFC,
4.37%,
11/28/25
7,869
7,843
Banner
Health,
Series 2015,
4.14%,
11/5/25
10,400
10,400
Board
of
Trustees
Michigan
State
University,
Series I,
4.37%,
11/18/25
10,000
9,979
T.
ROWE
PRICE
Cash
Reserves
Fund
6
Par
$
Value
(Amounts
in
000s)
Charlotte-Mecklenburg
Hospital
Authority,
4.20%,
11/4/25
24,000
23,992
Charlotte-Mecklenburg
Hospital
Authority,
4.35%,
11/18/25
16,000
15,967
City
of
Hope,
4.11%,
11/12/25
5,000
4,994
City
of
Hope,
4.12%,
11/18/25
40,500
40,421
Emory
University,
4.40%,
11/25/25
52,000
52,000
Falcon
Asset
Funding,
4.53%,
2/19/26 (1)
25,000
25,000
Falcon
Asset
Funding,
4.53%,
2/20/26 (1)
27,000
27,000
Idaho
Housing
&
Finance
Association,
4.12%,
11/19/25
7,500
7,500
Idaho
Housing
&
Finance
Association,
4.12%,
12/15/25
9,000
9,000
Los
Angeles
County
Capital
Asset
Leasing,
4.15%,
12/16/25
7,511
7,511
Los
Angeles
County
Capital
Asset
Leasing,
4.32%,
11/19/25
36,000
35,999
Los
Angeles
Municipal
Improvement,
4.05%,
11/25/25
5,300
5,300
Los
Angeles
Municipal
Improvement,
4.15%,
11/25/25
10,000
10,000
Memorial
Hermann
Health
System,
4.34%,
11/25/25
6,600
6,581
Northwestern
Memorial
HealthCare,
4.33%,
11/5/25
19,320
19,311
Northwestern
University,
4.00%,
2/18/26
31,000
30,625
Northwestern
University,
4.00%,
2/19/26
16,000
15,805
Port
of
Seattle,
Series D2,
4.16%,
11/4/25
9,000
9,000
SSM
Health
Care,
Series A,
4.03%,
1/21/26
30,000
29,728
SSM
Health
Care,
Series A,
4.03%,
1/22/26
23,000
22,789
Sutter
Health,
4.125%,
11/18/25
6,700
6,687
Sutter
Health,
4.29%,
12/11/25
26,820
26,692
Tennessee
State,
4.28%,
1/8/26
1,681
1,681
TotalEnergies
Capital,
4.29%,
1/30/26 (1)
25,000
24,732
Toyota
Credit
de
Puerto
Rico,
3.92%,
4/20/26
1,750
1,718
Toyota
Credit
de
Puerto
Rico,
4.21%,
3/3/26
10,000
9,857
Toyota
Credit
de
Puerto
Rico,
4.22%,
2/24/26
16,000
15,784
Toyota
Credit
de
Puerto
Rico,
4.50%,
11/10/25
14,000
13,984
Toyota
Credit
de
Puerto
Rico,
4.50%,
11/21/25
10,000
9,975
Trinity
Health,
4.25%,
2/19/26
13,000
12,831
Vermont
Economic
Dev.
Auth.,
Series C,
4.13%,
11/19/25
28,000
28,000
Total
Non-Financial
Company
Commercial
Paper
(Cost
$578,686)
578,686
OTHER
ASSET
BACKED
SECURITIES 3.1%
ARI
Fleet
Lease
Trust,
Series 2025-A,
Class
A1,
4.511%,
2/17/26 (2)
2,868
2,868
ARI
Fleet
Lease
Trust,
Series 2025-B,
Class
A1,
4.559%,
5/15/26 (2)
7,868
7,868
CarMax
Auto
Owner
Trust,
Series 2025-2,
Class
A1,
4.468%,
5/15/26
381
381
CarMax
Select
Receivables
Trust,
Series 2025-B,
Class
A1,
4.166%,
10/15/26
22,393
22,393
T.
ROWE
PRICE
Cash
Reserves
Fund
7
Par
$
Value
(Amounts
in
000s)
Dell
Equipment
Finance
Trust,
Series 2025-2,
Class
A1,
4.145%,
10/22/26 (2)
26,500
26,500
Enterprise
Fleet
Financing,
Series 2025-1,
Class
A1,
4.536%,
2/20/26 (2)
1,564
1,564
Enterprise
Fleet
Financing,
Series 2025-2,
Class
A1,
4.555%,
5/20/26 (2)
6,566
6,566
Enterprise
Fleet
Financing,
Series 2025-3,
Class
A1,
4.551%,
7/20/26 (2)
10,491
10,491
Exeter
Automobile
Receivables
Trust,
Series 2025-4A,
Class
A1,
4.497%,
9/15/26
4,234
4,234
Exeter
Select
Automobile
Receivables
Trust,
Series 2025-2,
Class
A1,
4.531%,
8/17/26
1,733
1,733
HPEFS
Equipment
Trust,
Series 2025-1A,
Class
A1,
4.546%,
8/20/26 (2)
19,425
19,425
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust,
Series 2025-BA,
Class
A1,
4.39%,
8/20/26 (2)
21,846
21,846
Wingspire
Equipment
Finance,
Series 2025-1A,
Class
A1,
4.128%,
10/20/26 (2)
32,025
32,025
Total
Other
Asset
Backed
Securities
(Cost
$157,894)
157,894
OTHER
INSTRUMENTS 1.8%
Australia
&
New
Zealand
Banking
Group,
FRN,
SOFR
+
0.56%,
4.802%,
3/18/26 (2)
1,500
1,502
Bank
of
America,
4.38%,
5/14/26
25,000
25,000
Bank
of
America,
4.39%,
5/28/26
17,000
17,000
Bank
of
America,
4.70%,
10/2/26
10,000
10,000
Cooperatieve
Rabobank,
4.85%,
1/9/26
3,500
3,502
Credit
Suisse,
1.25%,
8/7/26
5,000
4,886
Home
Depot,
FRN,
SOFR
+
0.33%,
4.572%,
12/24/25
20,669
20,675
National
Australia
Bank,
FRN,
SOFR
+
0.65%,
4.896%,
12/10/25 (2)
4,000
4,002
Wells
Fargo
Bank,
FRN,
SOFR
+
0.71%,
4.94%,
1/15/26
3,000
3,002
Westpac
Banking,
FRN,
SOFR
+
0.42%,
4.648%,
4/16/26
2,907
2,910
Total
Other
Instruments
(Cost
$92,479)
92,479
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT 18.9%(3)
BNP
Paribas
Securities,
Tri-Party,
Dated
10/31/2025,
4.14%,
Delivery
Value
of
$100,035
on
11/3/2025,
Collateralized
by
U.S.
Government
securities,
5.50%,
1/20/55,
valued
at
$102,000
100,000
100,000
T.
ROWE
PRICE
Cash
Reserves
Fund
8
Par
$
Value
(Amounts
in
000s)
BNY
Mellon,
Bilateral,
Dated
10/31/2025,
4.15%,
Delivery
Value
of
$750,259
on
11/3/2025,
Collateralized
by
U.S.
Government
securities,
2.00%
-
7.00%,
1/1/34
-
11/1/55,
valued
at
$765,000
750,000
750,000
Credit
Agricole,
Tri-Party,
Dated
10/31/2025,
4.14%,
Delivery
Value
of
$125,043
on
11/3/2025,
Collateralized
by
U.S.
Government
securities,
1.13%,
10/15/30,
valued
at
$127,500
125,000
125,000
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$975,000)
975,000
U.S.
TREASURY
DEBT 2.0%
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.15%,
3.916%,
4/30/26
50,000
49,998
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.182%,
3.948%,
7/31/26
55,000
55,000
Total
U.S.
Treasury
Debt
(Cost
$104,998)
104,998
VARIABLE
RATE
DEMAND
NOTES 21.4%
AHI
Fund
II,
VRDN,
4.20%,
11/7/25
32,555
32,555
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
4.14%,
11/7/25
63,945
63,945
Alaska
HFC,
State
Capital
Project,
Series A,
VRDN,
4.14%,
11/7/25
17,770
17,770
Andrew
W.
Mellon
Foundation,
VRDN,
4.35%,
11/7/25
14,000
14,000
Baltimore,
VRDN,
4.15%,
11/7/25
12,230
12,230
California
PFA,
Series B,
VRDN,
4.15%,
11/7/25
78,100
78,100
California
PFA,
Series C,
VRDN,
4.18%,
11/7/25
20,000
20,000
Charlotte,
NASCAR,
Series D,
COP,
VRDN,
4.16%,
11/7/25
41,460
41,460
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series B-1,
VRDN,
4.15%,
11/7/25
2,210
2,210
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series C-2,
VRDN,
4.15%,
11/7/25
14,800
14,800
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series C-2,
VRDN,
4.15%,
11/7/25
500
500
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series E-2,
VRDN,
4.15%,
11/7/25
7,000
7,000
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series G-2,
VRDN,
4.15%,
11/7/25
10,000
10,000
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series K-2,
VRDN,
4.15%,
11/7/25
14,585
14,585
Colorado
Housing
&
Fin.
Auth.,
Single
Family,
Series Q-2,
VRDN,
4.15%,
11/7/25
7,800
7,800
Colorado
Housing
&
Fin.
Auth.,
Social
Bond,
Series C-2,
VRDN,
4.15%,
11/7/25
6,615
6,615
T.
ROWE
PRICE
Cash
Reserves
Fund
9
Par
$
Value
(Amounts
in
000s)
Colorado
Housing
&
Fin.
Auth.,
Social
Bond,
Series F-2,
VRDN,
4.15%,
11/7/25
7,320
7,320
Cook
County,
Series D,
GO,
VRDN,
4.15%,
11/7/25
81,800
81,800
Ecmc
Group,
Series 23-1,
VRDN,
4.15%,
11/7/25
32,610
32,610
Ecmc
Group,
Series 24-2,
VRDN,
4.15%,
11/7/25
38,700
38,700
Illinois
Fin.
Auth.,
Carle
Foundation,
Series B,
VRDN,
4.10%,
11/7/25
38,670
38,670
Iowa
Student
Loan
Liquidity,
Series 2023-1,
VRDN,
4.15%,
11/7/25
23,415
23,415
Maricopa
County
IDA,
Banner
Health,
Series B-1,
VRDN,
4.17%,
11/7/25
27,300
27,300
Maryland
CDA,
Series B,
VRDN,
4.15%,
11/7/25
17,135
17,135
Maryland
CDA,
Series F,
VRDN,
4.15%,
11/7/25
13,500
13,500
Massachusetts
Housing
Fin.
Agency,
Series A,
VRDN,
4.15%,
11/7/25
8,000
8,000
Michigan
State
Housing
Dev.
Auth.,
Series 1,
VRDN,
4.15%,
11/7/25
12,000
12,000
Minnesota
Housing
Fin.
Agency,
Series H,
VRDN,
4.15%,
11/7/25
25,360
25,360
Minnesota
Housing
Fin.
Agency,
Series T,
VRDN,
4.15%,
11/7/25
13,235
13,235
Minnesota
Housing
Fin.
Agency,
Series V,
VRDN,
4.15%,
11/7/25
9,325
9,325
Montgomery
County
Housing
Opportunities
Commission,
Series D,
VRDN,
4.20%,
11/7/25
6,700
6,700
New
York
City
Housing
Dev.,
Series F-2,
VRDN,
4.15%,
11/7/25
36,740
36,740
New
York
Mortgage
Agency,
Series 216,
VRDN,
4.15%,
11/7/25
14,125
14,125
New
York
Mortgage
Agency,
Series 224,
VRDN,
4.15%,
11/7/25
25,600
25,600
New
York
Mortgage
Agency,
Series 238,
VRDN,
4.10%,
11/7/25
20,800
20,800
New
York
State
Housing
Fin.
Agency,
Series A,
VRDN,
4.15%,
11/7/25
11,215
11,215
North
Texas
Higher
Ed.
Auth.,
Series 2,
VRDN,
4.14%,
11/7/25
40,000
40,000
North
Texas
Higher
Ed.
Auth.,
Series 2023-1,
VRDN,
4.15%,
11/7/25
30,007
30,007
Pennsylvania
Higher
Ed.
Assistance
Agency,
Series A,
VRDN,
4.14%,
11/7/25
21,794
21,794
Peralta
Community
College
Dist.,
Series B-4,
VRDN,
4.10%,
11/7/25 (4)
35,525
35,525
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series C-1,
VRDN,
4.20%,
11/7/25
52,500
52,500
Texas
State,
Series A,
GO,
VRDN,
4.15%,
11/7/25
16,000
16,000
Texas
State,
Series A,
GO,
VRDN,
4.15%,
11/7/25
13,460
13,460
T.
ROWE
PRICE
Cash
Reserves
Fund
10
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Texas
State,
Series A,
GO,
VRDN,
4.33%,
11/7/25
20,260
20,260
Texas
State,
Series C,
GO,
VRDN,
4.15%,
11/7/25
18,000
18,000
Univ.
of
California,
Series Z-1,
VRDN,
4.15%,
11/7/25
15,520
15,520
Univ.
of
California,
Series Z-2,
VRDN,
4.17%,
11/7/25
13,850
13,850
Utah
Housing,
Series G,
VRDN,
4.15%,
11/7/25
16,000
16,000
Total
Variable
Rate
Demand
Notes
(Cost
$1,100,036)
1,100,036
Total
Investments
in
Securities
99.7%
of
Net
Assets
(Cost
$5,127,536)
$
5,127,536
‡
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
$1,103,311
and
represents
21.5%
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
$241,630
and
represents
4.7%
of
net
assets.
(3)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$994,500
at
October
31,
2025.
(4)
Insured
by
National
Public
Finance
Guarantee
Corporation
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
October
31,
2025
Statement
of
Assets
and
Liabilities
11
($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
$5,127,536)
$
5,127,536
Interest
receivable
17,421
Receivable
for
shares
sold
5,001
Receivable
for
investment
securities
sold
1,681
Cash
21
Foreign
currency
(cost
$1)
1
Other
assets
877
Total
assets
5,152,538
Liabilities
Payable
for
shares
redeemed
6,874
Investment
management
and
administrative
fees
payable
1,766
Payable
for
investment
securities
purchased
1,511
Total
liabilities
10,151
NET
ASSETS
$
5,142,387
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(718)
Paid-in
capital
applicable
to
5,142,384,690
shares
of
$0.0001
par
value
capital
stock
outstanding;
10,000,000,000
shares
of
the
Corporation
authorized
5,143,105
NET
ASSETS
$
5,142,387
NET
ASSET
VALUE
PER
SHARE
$
1.00
T.
ROWE
PRICE
Cash
Reserves
Fund
Statement
of
Operations
12
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
10/31/25
Investment
Income
(Loss)
Interest
income
$
229,859
Investment
management
and
administrative
expense
20,406
Net
investment
income
209,453
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
on
securities
30
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
209,483
T.
ROWE
PRICE
Cash
Reserves
Fund
Statement
of
Changes
in
Net
Assets
13
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10/31/25
10/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
209,453
$
239,892
Net
realized
gain
30
87
Increase
in
net
assets
from
operations
209,483
239,979
Distributions
to
shareholders
Net
earnings
(210,977)
(240,507)
Capital
share
transactions
*
Shares
sold
2,748,492
2,269,280
Distributions
reinvested
208,651
237,181
Shares
redeemed
(2,692,925)
(2,232,727)
Increase
in
net
assets
from
capital
share
transactions
264,218
273,734
Net
Assets
Increase
during
period
262,724
273,206
Beginning
of
period
4,879,663
4,606,457
End
of
period
$
5,142,387
$
4,879,663
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Cash
Reserves
Fund
NOTES
TO
FINANCIAL
STATEMENTS
14
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 an 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. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. 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
T.
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Reserves
Fund
15
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
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.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
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
T.
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PRICE
Cash
Reserves
Fund
16
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
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
T.
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PRICE
Cash
Reserves
Fund
17
good
faith
by
the
Valuation
Designee,
in
accordance
with
fair
valuation
policies
and
procedures.
On
October
31,
2025,
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
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.
T.
ROWE
PRICE
Cash
Reserves
Fund
18
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
October
31,
2025,
the
tax-basis
cost
of
investments
was as
follows:
At
October
31,
2025,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
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
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
($000s)
October
31,
2025
October
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
210,977
$
240,507
($000s)
Cost
of
investments
$
5,127,536
($000s)
Overdistributed
ordinary
income
$
(718)
Total
distributable
earnings
(loss)
$
(718)
T.
ROWE
PRICE
Cash
Reserves
Fund
19
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
year ended
October
31,
2025,
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
and
administrative
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
year
ended
October
31,
2025,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund's
net
assets
as
of
October
31,
2025.
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
T.
ROWE
PRICE
Cash
Reserves
Fund
20
Committee
of
Price
Associates
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
21
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Summit
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Cash
Reserves
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Cash
Reserves
Fund
(constituting
T.
Rowe
Price
Summit
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Cash
Reserves
Fund
22
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
December
18,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Cash
Reserves
Fund
23
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 10/31/25
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
nonresident
alien
shareholders,
$173,436,000
of
income
dividends
are
interest-
related
dividends.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j),
$206,699,000
of
the
fund's
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
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.
F85-050
12/25
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement 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-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement 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-CSRwas 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-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
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 | December 18, 2025 | |||
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 |
December 18, 2025 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
December 18, 2025 |
|||
T. Rowe Price Summit Funds Inc. published this content on December 23, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 23, 2025 at 14:28 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]