N-CSRS 1 d275098dncsrs.htm T. ROWE PRICE TREASURY RESERVE FUND_GRS_C25-051 T. Rowe Price Treasury Reserve Fund_GRS_C25-051

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: 811-08279

T. Rowe Price Reserve Investment 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:  May 31    

Date of reporting period:  November 30, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

November
30,
2022
Semiannual
Report
T.
ROWE
PRICE
Reserve
Investment
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Reserve
Investment
Funds
2
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
Reserve
Investment
Funds
3
GOVERNMENT
RESERVE
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Actual
$1,000.00
$1,012.10
$0.00
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,025.07
  0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.00%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
TREASURY
RESERVE
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Actual
$1,000.00
$1,012.10
$0.05
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,025.02
  0.05
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.01%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(continued)
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
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
.01‌
—‌
(3)
—‌
(3)
0
.02‌
0
.02‌
0
.01‌
Net
realized
and
unrealized
gain/loss
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
Total
from
investment
activities
0
.01‌
—‌
(3)
—‌
(3)
0
.02‌
0
.02‌
0
.01‌
Distributions
Net
investment
income
(
0
.01‌
)
—‌
(3)
—‌
(3)
(
0
.02‌
)
(
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
Government
Reserve
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.21‌
%
0
.14‌
%
0
.08‌
%
1
.62‌
%
2
.26‌
%
1
.25‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.00‌
%
(5)
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.00‌
%
(5)
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
Net
investment
income
2
.49‌
%
(5)
0
.13‌
%
0
.08‌
%
1
.63‌
%
2
.22‌
%
1
.20‌
%
Net
assets,
end
of
period
(in
millions)
$19,590
$15,465
$20,217
$15,827
$12,571
$12,086
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)
Amounts
round
to
less
than
$0.01
per
share.
(4)
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.
(5)
Annualized
T.
ROWE
PRICE
Treasury
Reserve
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
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)
0.01‌
—‌
(3)
—‌
(3)
0.02‌
0.02‌
0.01‌
Net
realized
and
unrealized
gain/loss
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
Total
from
investment
activities
0.01‌
—‌
(3)
—‌
(3)
0.02‌
0.02‌
0.01‌
Distributions
Net
investment
income
(0.01‌)
—‌
(3)
—‌
(3)
(0.02‌)
(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
Treasury
Reserve
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
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
1.21‌%
0.13‌%
0.10‌%
1.63‌%
2.26‌%
1.24‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.01‌%
(5)
0.01‌%
0.01‌%
0.01‌%
0.01‌%
0.01‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.01‌%
(5)
0.01‌%
0.01‌%
0.01‌%
0.01‌%
0.01‌%
Net
investment
income
2.37‌%
(5)
0.12‌%
0.10‌%
1.69‌%
2.21‌%
1.25‌%
Net
assets,
end
of
period
(in
millions)
$2,763
$2,695
$3,546
$3,420
$3,922
$4,424
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)
Amounts
round
to
less
than
$0.01
per
share.
(4)
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.
(5)
Annualized
T.
ROWE
PRICE
Government
Reserve
Fund
November
30,
2022
(Unaudited)
8
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
AGENCY
DEBT
7.3%
Federal
Farm
Credit
Banks,
4.70%,
6/1/23 
25,000‌
24,419‌
Federal
Home
Loan
Banks,
2.36%,
12/15/22 
155,420‌
155,278‌
Federal
Home
Loan
Banks,
2.90%,
12/2/22 
188,820‌
188,805‌
Federal
Home
Loan
Banks,
3.40%,
12/13/22 
340,800‌
340,414‌
Federal
Home
Loan
Banks,
4.00%,
1/20/23 
50,000‌
49,724‌
Federal
Home
Loan
Banks,
4.00%,
1/25/23 
175,000‌
173,938‌
Federal
Home
Loan
Banks,
4.25%,
4/14/23 
150,000‌
149,996‌
Federal
Home
Loan
Banks,
4.49%,
4/10/23 
75,000‌
73,806‌
Federal
Home
Loan
Banks,
4.62%,
5/12/23 
25,000‌
24,491‌
Federal
Home
Loan
Banks,
4.67%,
5/16/23 
115,000‌
112,577‌
Federal
Home
Loan
Mortgage,
0.25%,
6/26/23 
137,000‌
134,358‌
Total
U.S.
Government
Agency
Debt
(Cost
$1,427,806)
1,427,806‌
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT
20.9%(1)
Bank
of
America,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$235,024,806
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
5.50%,
10/20/52,
valued
at
$239,700,001 
235,000‌
235,000‌
BNP
Paribas,
Tri-Party,
Dated
11/30/22,
3.82%,
Delivery
Value
of
$145,015,386
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.00%
-
3.63%,
12/6/22
-
2/15/44,
valued
at
$147,900,045 
145,000‌
145,000‌
BNY
Mellon,
Bilateral,
Dated
11/30/22,
3.81%,
Delivery
Value
of
$754,079,798
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.13%
-
7.00%,
11/30/24
-
12/1/52,
valued
at
$769,080,048 
754,000‌
754,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/30/22,
3.81%,
Delivery
Value
of
$377,039,899
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.63%
-
6.50%,
7/15/32
-
11/20/52
,
valued
at
$384,540,010 
377,000‌
377,000‌
Credit
Agricole,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$493,402,076
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
3.00%
-
4.00%,
3/20/52
-
8/20/52,
valued
at
$503,217,001 
493,350‌
493,350‌
Goldman
Sachs,
Tri-Party,
Dated
11/30/22,
3.81%,
Delivery
Value
of
$235,024,871
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
2.50%
-
5.50%,
12/20/40
-
7/15/57,
valued
at
$239,700,000 
235,000‌
235,000‌
HSBC
Securities,
Tri-Party,
Dated
11/30/22,
3.81%,
Delivery
Value
of
$128,013,547
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.50%
-
5.05%,
12/1/25
-
7/1/52,
valued
at
$130,560,000 
128,000‌
128,000‌
T.
ROWE
PRICE
Government
Reserve
Fund
9
Par
$
Value
(Amounts
in
000s)
JPMorgan
Chase,
Tri-Party,
Dated
11/30/22,
3.81%,
Delivery
Value
of
$1,108,117,263
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.50%
-
7.50%,
9/1/25
-
12/1/52,
valued
at
$1,130,160,001 
1,108,000‌
1,108,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$533,056,261
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.63%
-
5.50%,
2/28/23
-
10/20/52,
valued
at
$543,660,000 
533,000‌
533,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$86,009,078
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.00%
-
5.94%,
2/14/23
-
8/1/52,
valued
at
$87,720,004 
86,000‌
86,000‌
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$4,094,350)
4,094,350‌
U.S.
TREASURY
DEBT
19.6%
U.S.
Treasury
Bills,
2.532%,
12/29/22 
37,850‌
37,776‌
U.S.
Treasury
Bills,
2.867%,
12/13/22 
70,700‌
70,633‌
U.S.
Treasury
Bills,
2.892%,
2/2/23 
157,000‌
156,217‌
U.S.
Treasury
Bills,
2.953%,
1/19/23 
67,800‌
67,531‌
U.S.
Treasury
Bills,
2.964%,
1/26/23 
137,530‌
136,905‌
U.S.
Treasury
Bills,
3.059%,
7/13/23 
252,300‌
247,642‌
U.S.
Treasury
Bills,
3.115%,
6/15/23 
76,890‌
75,626‌
U.S.
Treasury
Bills,
3.132%,
1/3/23 
160,000‌
159,545‌
U.S.
Treasury
Bills,
3.307%,
8/10/23 
50,000‌
48,880‌
U.S.
Treasury
Bills,
3.527%,
3/16/23 
189,000‌
187,090‌
U.S.
Treasury
Bills,
3.704%,
12/20/22 
250,000‌
249,514‌
U.S.
Treasury
Bills,
3.941%,
2/14/23 
300,000‌
297,569‌
U.S.
Treasury
Bills,
4.201%,
2/21/23 
475,600‌
471,111‌
U.S.
Treasury
Bills,
4.435%,
5/11/23 
118,300‌
116,004‌
U.S.
Treasury
Bills,
4.517%,
4/4/23 
159,780‌
157,429‌
U.S.
Treasury
Bills,
4.542%,
5/18/23 
201,800‌
197,619‌
U.S.
Treasury
Bills,
4.581%,
10/5/23 
116,000‌
111,646‌
U.S.
Treasury
Bills,
4.735%,
11/2/23 
59,900‌
57,372‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.029%,
4.361%,
7/31/23 
312,600‌
312,603‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.034%,
4.366%,
4/30/23 
498,800‌
498,808‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.035%,
4.367%,
10/31/23 
77,740‌
77,740‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
4.472%,
10/31/21 
111,750‌
111,582‌
Total
U.S.
Treasury
Debt
(Cost
$3,846,842)
3,846,842‌
U.S.
TREASURY
REPURCHASE
AGREEMENT
53.3%(1)
BNY
Mellon,
Bilateral,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$1,579,166,672
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.00%
-
4.38%,
1/10/23
-
11/15/52,
valued
at
$1,610,580,038 
1,579,000‌
1,579,000‌
T.
ROWE
PRICE
Government
Reserve
Fund
10
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Credit
Agricole,
Tri-Party,
Dated
11/30/22,
3.79%,
Delivery
Value
of
$359,987,895
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.38%
-
0.63%,
1/15/27
-
7/15/32,
valued
at
$367,149,028 
359,950‌
359,950‌
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$6,760,713,556
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.13%
-
2.50%,
2/28/23
-
2/15/32,
valued
at
$6,760,713,620 
6,760,000‌
6,760,000‌
State
Street
Bank,
Bilateral,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$1,738,183,456
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.00%
-
2.875%,
7/31/28
-
4/30/29,
valued
at
$1,772,760,072 
1,738,000‌
1,738,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$10,436,950)
10,436,950‌
Total
Investments
in
Securities
101.1%
of
Net
Assets
(Cost
$19,805,948)
$
19,805,948‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$14,687,440
at
November
30,
2022.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Treasury
Reserve
Fund
November
30,
2022
(Unaudited)
11
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
TREASURY
DEBT
27.8%
U.S.
Treasury
Bills,
2.352%,
12/8/22 
34,000‌
33,985‌
U.S.
Treasury
Bills,
2.532%,
12/29/22 
8,700‌
8,683‌
U.S.
Treasury
Bills,
2.867%,
12/13/22 
12,800‌
12,788‌
U.S.
Treasury
Bills,
2.881%,
12/6/22 
40,400‌
40,384‌
U.S.
Treasury
Bills,
2.892%,
2/2/23 
33,000‌
32,835‌
U.S.
Treasury
Bills,
2.953%,
1/19/23 
16,000‌
15,937‌
U.S.
Treasury
Bills,
2.964%,
1/26/23 
34,700‌
34,542‌
U.S.
Treasury
Bills,
3.059%,
7/13/23 
53,300‌
52,316‌
U.S.
Treasury
Bills,
3.115%,
6/15/23 
17,930‌
17,635‌
U.S.
Treasury
Bills,
3.132%,
1/3/23 
40,000‌
39,886‌
U.S.
Treasury
Bills,
3.527%,
3/16/23 
27,000‌
26,727‌
U.S.
Treasury
Bills,
3.711%,
12/20/22 
101,180‌
100,983‌
U.S.
Treasury
Bills,
3.941%,
2/14/23 
46,490‌
46,113‌
U.S.
Treasury
Bills,
4.201%,
2/21/23 
75,110‌
74,401‌
U.S.
Treasury
Bills,
4.435%,
5/11/23 
19,000‌
18,631‌
U.S.
Treasury
Bills,
4.517%,
4/4/23 
22,400‌
22,070‌
U.S.
Treasury
Bills,
4.542%,
5/18/23 
30,500‌
29,868‌
U.S.
Treasury
Bills,
4.581%,
10/5/23 
20,000‌
19,249‌
U.S.
Treasury
Bills,
4.735%,
11/2/23 
9,300‌
8,908‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.029%,
4.361%,
7/31/23 
49,800‌
49,801‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.034%,
4.366%,
4/30/23 
53,300‌
53,301‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.035%,
4.367%,
10/31/23 
12,120‌
12,120‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
4.472%,
10/31/24 
16,800‌
16,775‌
Total
U.S.
Treasury
Debt
(Cost
$767,938)
767,938‌
U.S.
TREASURY
REPURCHASE
AGREEMENT
73.0%(1)
BNY
Mellon,
Bilateral,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$183,019,317
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.88%,
2/28/27,
valued
at
$186,660,002 
183,000‌
183,000‌
Credit
Agricole,
Tri-Party,
Dated
11/30/22,
3.79%,
Delivery
Value
of
$56,935,993
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
2.38%,
2/15/42,
valued
at
$58,068,615 
56,930‌
56,930‌
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$1,575,166,250
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
0.13%
-
2.38%,
5/31/23
-
5/15/31,
valued
at
$1,575,166,288 
1,575,000‌
1,575,000‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
12
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
State
Street,
Bilateral,
Dated
11/30/22,
3.80%,
Delivery
Value
of
$201,021,217
on
12/1/22,
Collateralized
by
U.S.
Government
securities,
1.75%
-
4.00%,
10/31/29
-
11/15/29,
valued
at
$205,020,062 
201,000‌
201,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$2,015,930)
2,015,930‌
Total
Investments
in
Securities
100.8%
of
Net
Assets
(Cost
$2,783,868)
$
2,783,868‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$2,024,915
at
November
30,
2022.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Government
Reserve
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
13
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$19,805,948)
$
19,805,948‌
Receivable
for
shares
sold
13,485‌
Interest
receivable
6,171‌
Cash
1‌
Other
assets
14‌
Total
assets
19,825,619‌
Liabilities
Payable
for
investment
securities
purchased
157,429‌
Payable
for
shares
redeemed
70,380‌
Payable
to
directors
8‌
Due
to
affiliates
5‌
Other
liabilities
8,134‌
Total
liabilities
235,956‌
NET
ASSETS
$
19,589,663‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
391‌
Paid-in
capital
applicable
to
19,585,170,399
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
19,589,272‌
NET
ASSETS
$
19,589,663‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
14
($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
$2,783,868)
$
2,783,868‌
Interest
receivable
694‌
Receivable
for
shares
sold
585‌
Cash
2‌
Other
assets
7‌
Total
assets
2,785,156‌
Liabilities
Payable
for
investment
securities
purchased
22,070‌
Due
to
affiliates
5‌
Payable
to
directors
1‌
Other
liabilities
75‌
Total
liabilities
22,151‌
NET
ASSETS
$
2,763,005‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(29‌)
Paid-in
capital
applicable
to
2,762,585,690
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
2,763,034‌
NET
ASSETS
$
2,763,005‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Statement
of
Operations
15
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Investment
Income
(Loss)
Interest
income
$
221,421‌
Expenses
Shareholder
servicing
1‌
Prospectus
and
shareholder
reports
5‌
Custody
and
accounting
267‌
Directors
22‌
Legal
and
audit
13‌
Miscellaneous
23‌
Total
expenses
331‌
Net
investment
income
221,090‌
Realized
Gain
/
Loss
–
Net
realized
gain
on
securities
61‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
221,151‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
(Unaudited)
Statement
of
Operations
16
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Investment
Income
(Loss)
Interest
income
$
36,624‌
Expenses
Prospectus
and
shareholder
reports
4‌
Custody
and
accounting
112‌
Legal
and
audit
13‌
Directors
4‌
Miscellaneous
7‌
Total
expenses
140‌
Net
investment
income
36,484‌
Realized
Gain
/
Loss
–
Net
realized
gain
on
securities
8‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
36,492‌
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
17
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
221,090‌
$
27,764‌
Net
realized
gain
61‌
463‌
Increase
in
net
assets
from
operations
221,151‌
28,227‌
Distributions
to
shareholders
Net
earnings
(221,090‌)
(27,764‌)
Capital
share
transactions
*
Shares
sold
90,705,845‌
153,199,686‌
Distributions
reinvested
188,955‌
24,540‌
Shares
redeemed
(86,770,416‌)
(157,976,061‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
4,124,384‌
(4,751,835‌)
Net
Assets
Increase
(decrease)
during
period
4,124,445‌
(4,751,372‌)
Beginning
of
period
15,465,218‌
20,216,590‌
End
of
period
$
19,589,663‌
$
15,465,218‌
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Treasury
Reserve
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
18
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
36,484‌
$
4,235‌
Net
realized
gain
8‌
3‌
Increase
in
net
assets
from
operations
36,492‌
4,238‌
Distributions
to
shareholders
Net
earnings
(36,484‌)
(4,321‌)
Capital
share
transactions
*
Shares
sold
16,379,245‌
38,691,648‌
Distributions
reinvested
36,484‌
4,321‌
Shares
redeemed
(16,348,131‌)
(39,546,056‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
67,598‌
(850,087‌)
Net
Assets
Increase
(decrease)
during
period
67,606‌
(850,170‌)
Beginning
of
period
2,695,399‌
3,545,569‌
End
of
period
$
2,763,005‌
$
2,695,399‌
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Reserve
Investment
Funds
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
19
T.
Rowe
Price
Reserve
Investment
Funds,
Inc.
(the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
T.
Rowe
Price
Government
Reserve
Fund
(Government
Reserve
Fund)
and
T.
Rowe
Price
Treasury
Reserve
Fund
(Treasury
Reserve
Fund)
are
each
a
diversified,
open-end
management
investment
company
(collectively,
the
funds)
established
by
the
corporation.
The
funds
seek
to
maximize
preservation
of
capital,
liquidity,
and,
consistent
with
these
goals,
the
highest
possible
current
income.
The
funds
are
offered
as
cash
management
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
and
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Each
fund
intends
to
operate
as
a
government
money
market
fund
and
has
no
intention
to
voluntarily
impose
liquidity
fees
on
redemptions
or
temporarily
suspend
redemptions.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 Each 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.
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
are
declared
daily
and
paid
monthly.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of each
fund
is
represented
by
fund
shares. Each
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
T.
ROWE
PRICE
Reserve
Investment
Funds
20
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
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.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the funds'
financial  statements.
Indemnification
 In
the
normal
course
of
business, each
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. Each
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Each
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. The
funds’
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
funds’
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
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
Reserve
Investment
Funds
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,
each
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
November
30,
2022,
all
of
the
funds’
financial
instruments
were
classified
as
Level
2
in
the
fair
value
hierarchy. 
NOTE
3
-
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective,
each
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
each
fund
are
described
more
fully
in
its
prospectus
and
Statement
of
Additional
Information.
Repurchase
Agreements
 Each
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
T.
ROWE
PRICE
Reserve
Investment
Funds
22
exceeds
the
delivery
value
of
the
repurchase
agreements
at
maturity.
Although
risk
is
mitigated
by
the
collateral,
a
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
 Each 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
a fund,
or
on
certain
instruments
in
which
a 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
a fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
a fund's
performance.
NOTE
4
-
FEDERAL
INCOME
TAXES
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
November
30,
2022,
the
cost
of
investments
for
federal
income
tax
purposes
was $19,805,948,000 for
the
Government
Reserve
Fund
and
$2,783,868,000 for
the
Treasury
Reserve
Fund.
T.
ROWE
PRICE
Reserve
Investment
Funds
23
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The funds
are
managed
by
Price
Associates,
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
Price
Associates,
directly
or
through
sub-advisory
agreements
with
its
wholly
owned
subsidiaries,
also
provides
investment
management
services
to
all
shareholders
of
the
funds.
The funds
pay
no
management
fees;
however,
Price
Associates
receives
management
fees
from
the
mutual
funds
and
other
accounts
invested
in
the
funds.
Certain
officers
and
directors
of
the funds
are
also
officers
and
directors
of
Price
Associates
and
its
subsidiaries
and
of
other
T.
Rowe
Price-sponsored
funds
invested
in
the
funds.
Pursuant
to
various
service
agreements,
Price
Associates
and
its
wholly
owned
subsidiaries
provide
shareholder
and
administrative,
transfer
and
dividend
disbursing,
accounting,
and
certain
other
services
to
the
funds.
For
the
six
months ended
November
30,
2022,
expenses
incurred
by
the
Government
Reserve
Fund
pursuant
to
these
service
agreements
were $50,000 for
Price
Associates;
less
than
$1,000 for
T.
Rowe
Price
Services,
Inc.
For
the
six
months ended
November
30,
2022,
expenses
incurred
by
the Treasury
Reserve
Fund
pursuant
to
these
service
agreements were
$50,000 for
Price
Associates;
less
than
$1,000 for
T.
Rowe
Price
Services,
Inc.
The
amounts
payable
at
period-end
pursuant
to
these
agreements
are
included
in
Due
to
affiliates
in
the
accompanying
Statement
of
Assets
and
Liabilities.
The
funds 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 each
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
November
30,
2022, the
Government
Reserve
Fund
and
Treasury
Reserve
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
a
fund
invests.
Certain
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.
T.
ROWE
PRICE
Reserve
Investment
Funds
24
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.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
each
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Government
Reserve
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
Treasury
Reserve
Fund
26
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
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
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Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
currency
fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
a
discretionary
investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
C25-051
1/23

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 Reserve Investment Funds, Inc.

 

By  

/s/ David Oestreicher

  David Oestreicher
  Principal Executive Officer
Date       January 19, 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       January 19, 2023

 

By  

/s/ Alan S. Dupski

  Alan S. Dupski
  Principal Financial Officer
Date       January 19, 2023