Oct. 31, 2024 | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| T. Rowe Price Cash Reserves Fund | ||||||||||||||||||||||||||||||
| Cash Reserves Fund | ||||||||||||||||||||||||||||||
| Investment Objective(s) | ||||||||||||||||||||||||||||||
The fund seeks preservation of capital and liquidity and, consistent with these, the highest possible current income. | ||||||||||||||||||||||||||||||
| Fees and Expenses | ||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. | ||||||||||||||||||||||||||||||
| Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Example | ||||||||||||||||||||||||||||||
| This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Principal Investment Strategies | ||||||||||||||||||||||||||||||
The fund is a retail money market fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The securities purchased by the fund are subject to the maturity, quality, diversification, liquidity, and other requirements of Rule 2a-7. All securities purchased by the fund present minimal credit risk in the opinion of T. Rowe Price. The fund is managed to provide a stable share price of $1.00 by investing in high-quality, U.S. dollar-denominated money market securities. Money market securities are generally high-quality, short-term obligations issued by companies or governmental entities. The fund’s weighted average maturity will not exceed 60 calendar days, the fund’s weighted average life will not exceed 120 calendar days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7, such as certain variable and floating rate instruments). In addition to investing in money market securities issued by corporations and financial institutions, the fund may also invest in U.S. Treasury securities and other U.S. government securities, and repurchase agreements on those securities; municipal money market securities issued by state and local governments; and money market securities issued by foreign companies and financial institutions, which include U.S. dollar-denominated money market securities traded outside of the U.S. and U.S. dollar-denominated money market securities of foreign issuers traded in the U.S. There is no limit to the fund’s investments in U.S. dollar-denominated money market securities of foreign issuers. A repurchase agreement is a contract under which the fund (buyer) purchases a security, usually a U.S. government or agency security, from a bank or well established securities dealer (seller) that requires the seller to repurchase the securities from the fund at a specific price on a designated date (which is often the next business day). As a retail money market fund, the fund has adopted policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. In addition, like other retail money market funds, the fund is subject to the possible imposition of liquidity fees if the fund’s Board of Directors (or its delegate) determines that such fee is in the best interests of the fund. | ||||||||||||||||||||||||||||||
| Principal Risks | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Performance | ||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. | ||||||||||||||||||||||||||||||
| Calendar Year Returns | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
The fund’s return for the nine months ended 9/30/24 was 3.88%. | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Average Annual Total Returns Periods ended December 31, 2023 | ||||||||||||||||||||||||||||||
The following table shows the average annual total returns for the fund. In addition, the table also includes a comparative index that has investment characteristics similar to those of the fund (Strategy Benchmark(s)). | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
| Updated performance information is available through troweprice.com. | ||||||||||||||||||||||||||||||