N-CSRS 1 d723838dncsrs.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, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

Reserve
Investment
Funds
Market
Commentary
Performance
and
Expenses
Financial
Highlights
Government
Reserve
Treasury
Reserve
Portfolio
of
Investments
Government
Reserve
Treasury
Reserve
Statement
of
Assets
and
Liabilities
Government
Reserve
Treasury
Reserve
Financial
Statements
and
Notes
Additional
Fund
Information
Reserve
Investment
Funds
November
30,
2023
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
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Reserve
Investment
Funds
Market
Commentary
1
Dear
Shareholder
Major
global
stock
and
bond
indexes
produced
mixed
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
November
30,
2023.
Nearly
all
equity
benchmarks
finished
the
period
with
positive
results
after
a
strong
rally
in
November;
however,
rising
U.S.
Treasury
yields
left
some
fixed
income
sectors
in
negative
territory.
Within
the
S&P
500
Index,
the
financials
sector
recovered
from
the
failure
of
three
large
regional
banks
earlier
in
the
year and
recorded
the
best
results
for
the
period.
The
information
technology
sector
also
delivered
strong
gains
as
technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments.
Outside
the
U.S.,
stocks
in
developed
markets
generally
outpaced
their
counterparts
in
emerging
markets,
although
emerging
Europe
and
Latin
America
produced
very
strong
returns
at
the
regional
level.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
5.2%
in
the
third
quarter’s
revised
estimate,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Although
year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Inflation
remained
a
concern
for
both
investors
and
policymakers,
but
lower-
than-expected
inflation
data
in
November
helped
spur
a
rally
late
in
the
period
as
many
investors
concluded
that
the
Federal
Reserve
had
reached
the
end
of
its
hiking
cycle.
The
Fed
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
then
held
rates
steady
for
the
remainder
of
the
period.
Despite
a
drop
in
yields
as
investor
sentiment
shifted
in
November,
intermediate-
and
longer-term
U.S.
Treasury
yields
finished
the
period
notably
higher.
After
starting
the
period
at
3.64%,
the
yield
on
the
benchmark
10-year
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling to
4.37%
by
the
end
of
November.
The
rise
in
yields
led
to
negative
returns
in
some
fixed
income
sectors,
but
both
investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year
as
well
as
by increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
T.
ROWE
PRICE
Reserve
Investment
Funds
2
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
adopted
new
rules
recently
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
Although
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Reserve
Investment
Funds
3
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
4
GOVERNMENT
RESERVE
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Actual
$1,000.00
$1,026.90
$0.00
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,025.00
  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
(366)
to
reflect
the
half-year
period.
TREASURY
RESERVE
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Actual
$1,000.00
$1,026.90
$0.05
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,024.95
  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
(366)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(continued)
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
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)
0.03‌
0.03‌
—‌
(3)
—‌
(3)
0.02‌
0.02‌
Net
realized
and
unrealized
gain/loss
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
Total
from
investment
activities
0.03‌
0.03‌
—‌
(3)
—‌
(3)
0.02‌
0.02‌
Distributions
Net
investment
income
(0.03‌)
(0.03‌)
—‌
(3)
—‌
(3)
(0.02‌)
(0.02‌)
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
6
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(4)
2.69‌%
3.55‌%
0.14‌%
0.08‌%
1.62‌%
2.26‌%
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
5.33‌%
(5)
3.47‌%
0.13‌%
0.08‌%
1.63‌%
2.22‌%
Net
assets,
end
of
period
(in
millions)
$18,111
$16,036
$15,465
$20,217
$15,827
$12,571
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
7
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
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
.03‌
0
.03‌
—‌
(3)
—‌
(3)
0
.02‌
0
.02‌
Net
realized
and
unrealized
gain/loss
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
—‌
(3)
Total
from
investment
activities
0
.03‌
0
.03‌
—‌
(3)
—‌
(3)
0
.02‌
0
.02‌
Distributions
Net
investment
income
(
0
.03‌
)
(
0
.03‌
)
—‌
(3)
—‌
(3)
(
0
.02‌
)
(
0
.02‌
)
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
8
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(4)
2
.69‌
%
3
.55‌
%
0
.13‌
%
0
.10‌
%
1
.63‌
%
2
.26‌
%
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
5
.31‌
%
(5)
3
.43‌
%
0
.12‌
%
0
.10‌
%
1
.69‌
%
2
.21‌
%
Net
assets,
end
of
period
(in
millions)
$2,384
$3,046
$2,695
$3,546
$3,420
$3,922
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,
2023
(Unaudited)
9
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
AGENCY
DEBT
9.4%
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.155%,
5.465%,
8/18/25 
65,000‌
65,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.155%,
5.465%,
8/28/25 
27,000‌
27,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
7/21/25 
35,000‌
35,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
8/4/25 
35,000‌
35,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.165%,
5.475%,
2/6/25 
2,205‌
2,205‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.165%,
5.475%,
7/28/25 
93,016‌
93,015‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.175%,
5.485%,
12/13/24 
45,000‌
45,010‌
Federal
Home
Loan
Banks,
4.63%,
1/12/24 
55,000‌
54,703‌
Federal
Home
Loan
Banks,
4.90%,
1/16/24 
29,905‌
29,721‌
Federal
Home
Loan
Banks,
4.935%,
2/23/24 
44,900‌
44,383‌
Federal
Home
Loan
Banks,
4.99%,
2/9/24 
182,545‌
180,752‌
Federal
Home
Loan
Banks,
5.13%,
6/21/24 
25,000‌
24,277‌
Federal
Home
Loan
Banks,
5.16%,
7/2/24 
45,000‌
43,620‌
Federal
Home
Loan
Banks,
5.19%,
5/17/24 
40,000‌
39,031‌
Federal
Home
Loan
Banks,
5.19%,
9/20/24 
35,000‌
33,516‌
Federal
Home
Loan
Banks,
5.205%,
2/2/24 
59,359‌
58,824‌
Federal
Home
Loan
Banks,
5.21%,
8/9/24 
100,000‌
96,353‌
Federal
Home
Loan
Banks,
5.26%,
3/15/24 
60,000‌
59,079‌
Federal
Home
Loan
Banks,
5.28%,
5/1/24 
42,000‌
41,064‌
Federal
Home
Loan
Banks,
5.30%,
1/19/24 
8,349‌
8,289‌
Federal
Home
Loan
Banks,
5.30%,
1/29/24 
1,900‌
1,883‌
Federal
Home
Loan
Banks,
5.30%,
5/3/24 
47,000‌
45,934‌
Federal
Home
Loan
Banks,
5.32%,
1/24/24 
94,000‌
93,250‌
Federal
Home
Loan
Banks,
5.35%,
4/19/24 
29,725‌
29,107‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.07%,
5.38%,
6/28/24 
87,000‌
87,000‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.09%,
5.40%,
12/5/23 
100,000‌
100,000‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.13%,
5.44%,
2/10/25 
200,000‌
200,000‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
7/25/25 
50,000‌
50,000‌
Federal
National
Mortgage
Assn.,
1.625%,
10/15/24 
77,000‌
74,671‌
Total
U.S.
Government
Agency
Debt
(Cost
$1,697,687)
1,697,687‌
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT
14.7%(1)
Bank
of
America,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$282,041,595
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%
-
8.00%,
3/15/29
-
6/20/63,
valued
at
$287,640,001 
282,000‌
282,000‌
T.
ROWE
PRICE
Government
Reserve
Fund
10
Par
$
Value
(Amounts
in
000s)
BNP
Paribas,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$198,029,205
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.00%
-
6.50%,
12/26/23
-
9/20/53,
valued
at
$201,960,045 
198,000‌
198,000‌
BNY
Mellon,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$866,127,735
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%
-
8.00%,
1/1/25
-
3/1/56,
valued
at
$883,320,014 
866,000‌
866,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$211,031,123
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
4.22%
-
5.50%,
5/1/53
-
6/1/53,
valued
at
$215,220,000 
211,000‌
211,000‌
Credit
Agricole,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$25,363,748
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.75%
-
2.13%,
2/15/41
-
2/15/42,
valued
at
$25,867,293 
25,360‌
25,360‌
Goldman
Sachs,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$70,010,344
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.75%
-
4.00%,
5/31/26
-
6/20/52,
valued
at
$71,400,002 
70,000‌
70,000‌
HSBC
Securities,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$85,012,561
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%
-
6.50%,
8/1/33
-
6/1/53,
valued
at
$86,700,001 
85,000‌
85,000‌
JPMorgan
Chase,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$99,014,603
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.00%
-
6.50%,
6/1/33
-
11/20/53,
valued
at
$100,980,001 
99,000‌
99,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$634,093,515
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.00%
-
6.50%,
9/1/40
-
11/1/53,
valued
at
$646,680,000 
634,000‌
634,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$197,029,058
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.63%
-
5.50%,
10/31/26
-
8/1/53,
valued
at
$200,940,082 
197,000‌
197,000‌
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$2,667,360)
2,667,360‌
U.S.
TREASURY
DEBT
29.9%
U.S.
Treasury
Bills,
3.143%,
1/18/24 
69,000‌
68,516‌
U.S.
Treasury
Bills,
5.217%,
6/13/24 
107,000‌
104,126‌
U.S.
Treasury
Bills,
5.312%,
10/31/24 
219,000‌
208,710‌
U.S.
Treasury
Bills,
5.355%,
3/26/24 
235,938‌
231,937‌
U.S.
Treasury
Bills,
5.369%,
12/19/23 
155,000‌
154,587‌
U.S.
Treasury
Bills,
5.371%,
5/23/24 
250,000‌
243,680‌
U.S.
Treasury
Bills,
5.377%,
7/11/24 
47,000‌
45,513‌
T.
ROWE
PRICE
Government
Reserve
Fund
11
Par
$
Value
(Amounts
in
000s)
U.S.
Treasury
Bills,
5.383%,
5/30/24 
224,960‌
219,033‌
U.S.
Treasury
Bills,
5.402%,
5/9/24 
226,080‌
220,797‌
U.S.
Treasury
Bills,
5.405%,
12/12/23 
281,000‌
280,544‌
U.S.
Treasury
Bills,
5.405%,
5/16/24 
564,000‌
550,344‌
U.S.
Treasury
Bills,
5.414%,
1/11/24 
180,000‌
178,920‌
U.S.
Treasury
Bills,
5.414%,
1/25/24 
170,000‌
168,631‌
U.S.
Treasury
Bills,
5.414%,
2/1/24 
130,000‌
128,820‌
U.S.
Treasury
Bills,
5.431%,
1/9/24 
78,000‌
77,549‌
U.S.
Treasury
Bills,
5.431%,
2/15/24 
172,000‌
170,081‌
U.S.
Treasury
Bills,
5.441%,
1/30/24 
136,985‌
135,765‌
U.S.
Treasury
Bills,
5.446%,
3/7/24 
95,000‌
93,643‌
U.S.
Treasury
Bills,
5.446%,
3/14/24 
80,000‌
78,775‌
U.S.
Treasury
Bills,
5.446%,
3/21/24 
63,495‌
62,457‌
U.S.
Treasury
Bills,
5.449%,
4/25/24 
77,000‌
75,344‌
U.S.
Treasury
Bills,
5.458%,
3/28/24 
84,190‌
82,724‌
U.S.
Treasury
Bills,
5.467%,
4/11/24 
79,000‌
77,459‌
U.S.
Treasury
Bills,
5.487%,
4/18/24 
178,000‌
174,331‌
U.S.
Treasury
Bills,
5.488%,
4/4/24 
86,000‌
84,406‌
U.S.
Treasury
Notes,
4.375%,
10/31/24 
126,000‌
125,030‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.125%,
5.476%,
7/31/25 
486,900‌
486,707‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
5.491%,
10/31/24 
374,870‌
374,535‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.169%,
5.52%,
4/30/25 
63,000‌
63,018‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.17%,
5.521%,
10/31/25 
375,000‌
374,827‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.20%,
5.551%,
1/31/25 
72,320‌
72,320‌
Total
U.S.
Treasury
Debt
(Cost
$5,413,129)
5,413,129‌
U.S.
TREASURY
REPURCHASE
AGREEMENT
47.2%(1)
Bank
of
America,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$114,016,783
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%,
8/15/26,
valued
at
$116,280,027 
114,000‌
114,000‌
BNY
Mellon,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$1,640,241,900
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.38%
-
2.88%,
7/15/25
-
4/30/29,
valued
at
$1,672,800,040 
1,640,000‌
1,640,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$358,052,805
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.25%
-
6.88%,
8/15/25
-
9/30/25,
valued
at
$365,160,017 
358,000‌
358,000‌
Credit
Agricole,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$826,801,935
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.50%
-
4.38%,
2/28/26
-
11/30/30,
valued
at
$843,213,602 
826,680‌
826,680‌
T.
ROWE
PRICE
Government
Reserve
Fund
12
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$186,027,383
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.25%,
3/31/28,
valued
at
$186,027,459 
186,000‌
186,000‌
Goldman
Sachs,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$412,365,307
on
12/6/23,
Collateralized
by
U.S.
Government
securities,
2.38%
-
3.88%,
4/30/25
-
11/15/49,
valued
at
$420,240,066 
412,000‌
412,000‌
HSBC
Securities,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$228,033,567
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.00%
-
4.63%,
12/28/23
-
8/15/53,
valued
at
$232,560,000 
228,000‌
228,000‌
JPMorgan
Chase,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$205,030,238
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.63%,
3/31/27,
valued
at
$209,100,025 
205,000‌
205,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$228,033,567
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.88%
-
4.25%,
5/31/25
-
5/15/32,
valued
at
$232,560,068 
228,000‌
228,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$2,692,380,650
on
12/6/23,
Collateralized
by
U.S.
Government
securities,
0.13%
-
7.63%,
12/15/23
-
11/15/53,
valued
at
$2,743,800,076 
2,690,000‌
2,690,000‌
State
Street,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$1,367,201,633
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
5.31%,
12/1/23,
valued
at
$1,394,340,064 
1,367,000‌
1,367,000‌
Toronto-Dominion
Bank,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$182,026,845
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.38%
-
4.63%,
3/15/25
-
9/15/26,
valued
at
$185,640,040 
182,000‌
182,000‌
Wells
Fargo,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$114,016,783
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.25%
-
1.50%,
2/15/48
-
2/15/53,
valued
at
$116,280,000 
114,000‌
114,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$8,550,680)
8,550,680‌
Total
Investments
in
Securities
101.2%
of
Net
Assets
(Cost
$18,328,856)
$
18,328,856‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$11,438,709
at
November
30,
2023.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
Treasury
Reserve
Fund
November
30,
2023
(Unaudited)
13
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
TREASURY
DEBT
39.8%
U.S.
Treasury
Bills,
3.503%,
1/18/24 
22,000‌
21,846‌
U.S.
Treasury
Bills,
5.215%,
6/13/24 
20,000‌
19,463‌
U.S.
Treasury
Bills,
5.289%,
10/31/24 
20,000‌
19,064‌
U.S.
Treasury
Bills,
5.31%,
8/8/24 
6,000‌
5,789‌
U.S.
Treasury
Bills,
5.369%,
12/19/23 
24,000‌
23,936‌
U.S.
Treasury
Bills,
5.371%,
5/23/24 
25,000‌
24,368‌
U.S.
Treasury
Bills,
5.377%,
7/11/24 
8,000‌
7,747‌
U.S.
Treasury
Bills,
5.383%,
5/30/24 
27,000‌
26,289‌
U.S.
Treasury
Bills,
5.402%,
5/9/24 
34,000‌
33,205‌
U.S.
Treasury
Bills,
5.403%,
5/16/24 
64,300‌
62,749‌
U.S.
Treasury
Bills,
5.405%,
12/12/23 
50,000‌
49,919‌
U.S.
Treasury
Bills,
5.413%,
1/25/24 
60,000‌
59,517‌
U.S.
Treasury
Bills,
5.414%,
1/11/24 
33,000‌
32,802‌
U.S.
Treasury
Bills,
5.414%,
2/1/24 
19,000‌
18,828‌
U.S.
Treasury
Bills,
5.431%,
1/9/24 
40,000‌
39,769‌
U.S.
Treasury
Bills,
5.431%,
2/15/24 
29,000‌
28,676‌
U.S.
Treasury
Bills,
5.441%,
1/30/24 
22,300‌
22,101‌
U.S.
Treasury
Bills,
5.446%,
3/7/24 
36,000‌
35,486‌
U.S.
Treasury
Bills,
5.446%,
3/14/24 
15,000‌
14,770‌
U.S.
Treasury
Bills,
5.446%,
3/21/24 
14,000‌
13,771‌
U.S.
Treasury
Bills,
5.449%,
4/25/24 
12,000‌
11,742‌
U.S.
Treasury
Bills,
5.458%,
3/28/24 
15,000‌
14,739‌
U.S.
Treasury
Bills,
5.467%,
4/11/24 
13,000‌
12,746‌
U.S.
Treasury
Bills,
5.467%,
5/2/24 
11,000‌
10,751‌
U.S.
Treasury
Bills,
5.47%,
2/29/24 
15,000‌
14,800‌
U.S.
Treasury
Bills,
5.487%,
4/18/24 
28,000‌
27,423‌
U.S.
Treasury
Bills,
5.488%,
4/4/24 
14,000‌
13,740‌
U.S.
Treasury
Notes,
0.875%,
1/31/24 
40,700‌
40,441‌
U.S.
Treasury
Notes,
4.375%,
10/31/24 
26,000‌
25,802‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.125%,
5.476%,
7/31/25 
101,300‌
101,253‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
5.491%,
10/31/24 
54,035‌
53,987‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.169%,
5.52%,
4/30/25 
10,000‌
10,003‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.17%,
5.521%,
10/31/25 
36,000‌
35,979‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.20%,
5.551%,
1/31/25 
15,400‌
15,400‌
Total
U.S.
Treasury
Debt
(Cost
$948,901)
948,901‌
U.S.
TREASURY
REPURCHASE
AGREEMENT
61.1%(1)
Bank
of
America,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$24,003,533
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.50%,
8/31/27,
valued
at
$24,480,078 
24,000‌
24,000‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
14
Par
$
Value
(Amounts
in
000s)
BNY
Mellon,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$340,050,150
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.38%-0.48%,
7/15/25-10/31/28,
valued
at
$346,800,078 
340,000‌
340,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$74,010,915
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.25%
-
5.00%,
8/31/25
-
9/30/25,
valued
at
$75,480,011 
74,000‌
74,000‌
Credit
Agricole,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$114,276,853
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.13%,
1/15/33,
valued
at
$116,545,243 
114,260‌
114,260‌
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$100,014,722
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.25%,
8/31/24,
valued
at
$100,014,745 
100,000‌
100,000‌
Goldman
Sachs,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$189,167,580
on
12/6/23,
Collateralized
by
U.S.
Government
securities,
2.38%,
1/15/25,
valued
at
$192,780,067 
189,000‌
189,000‌
HSBC
Securities,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$47,006,919
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.00%
-
5.55%,
12/7/23
-
5/15/53,
valued
at
$47,940,001 
47,000‌
47,000‌
JPMorgan
Chase,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$43,006,343
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.25%,
2/15/27,
valued
at
$43,860,058 
43,000‌
43,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$47,006,919
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.13%
-
4.25%,
5/31/25
-
8/31/28,
valued
at
$47,940,002 
47,000‌
47,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$131,115,935
on
12/6/23,
Collateralized
by
U.S.
Government
securities,
1.25%
-
5.52%,
1/31/24
-
8/15/31,
valued
at
$133,620,057 
131,000‌
131,000‌
State
Street,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$284,041,890
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
5.31%,
12/1/23,
valued
at
$289,680,098 
284,000‌
284,000‌
Toronto-Dominion
Bank,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$38,005,605
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.13%
-
3.00%,
7/31/24
-
2/15/32,
valued
at
$38,760,074 
38,000‌
38,000‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Wells
Fargo,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$24,003,533
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.00%
-
2.13%,
2/15/41
-
2/15/46,
valued
at
$24,480,041 
24,000‌
24,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$1,455,260)
1,455,260‌
Total
Investments
in
Securities
100.9%
of
Net
Assets
(Cost
$2,404,161)
$
2,404,161‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$1,482,381
at
November
30,
2023.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Government
Reserve
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
16
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$18,328,856)
$
18,328,856‌
Receivable
for
shares
sold
115,594‌
Interest
receivable
13,385‌
Cash
3‌
Other
assets
17‌
Total
assets
18,457,855‌
Liabilities
Payable
for
investment
securities
purchased
162,526‌
Payable
for
shares
redeemed
158,201‌
Due
to
affiliates
11‌
Payable
to
directors
9‌
Other
liabilities
26,543‌
Total
liabilities
347,290‌
NET
ASSETS
$
18,110,565‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
399‌
Paid-in
capital
applicable
to
18,105,893,392
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
18,110,166‌
NET
ASSETS
$
18,110,565‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
17
($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
$2,404,161)
$
2,404,161‌
Interest
receivable
1,477‌
Cash
2‌
Other
assets
9‌
Total
assets
2,405,649‌
Liabilities
Payable
for
investment
securities
purchased
21,917‌
Due
to
affiliates
11‌
Payable
to
directors
1‌
Other
liabilities
41‌
Total
liabilities
21,970‌
NET
ASSETS
$
2,383,679‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
28‌
)
Paid-in
capital
applicable
to
2,383,227,943
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
2,383,707‌
NET
ASSETS
$
2,383,679‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Statement
of
Operations
18
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Investment
Income
(Loss)
Interest
income
$
441,917‌
Expenses
Shareholder
servicing
1‌
Prospectus
and
shareholder
reports
4‌
Custody
and
accounting
198‌
Directors
29‌
Legal
and
audit
15‌
Executive,
directors,
and
officer
insurance
12‌
Miscellaneous
12‌
Total
expenses
271‌
Net
investment
income
441,646‌
Realized
Gain
/
Loss
–
Net
realized
gain
on
securities
77‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
441,723‌
T.
ROWE
PRICE
Treasury
Reserve
Fund
(Unaudited)
Statement
of
Operations
19
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Investment
Income
(Loss)
Interest
income
$
72,765‌
Expenses
Prospectus
and
shareholder
reports
5‌
Custody
and
accounting
106‌
Legal
and
audit
15‌
Executive,
directors,
and
officer
insurance
6‌
Directors
5‌
Miscellaneous
2‌
Total
expenses
139‌
Net
investment
income
72,626‌
Realized
Gain
/
Loss
–
Net
realized
loss
on
securities
(
1‌
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
72,625‌
T.
ROWE
PRICE
Government
Reserve
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
20
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Year
Ended
5/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
441,646‌
$
580,611‌
Net
realized
gain
77‌
176‌
Increase
in
net
assets
from
operations
441,723‌
580,787‌
Distributions
to
shareholders
Net
earnings
(441,659‌)
(580,611‌)
Capital
share
transactions
*
Shares
sold
77,565,522‌
163,431,059‌
Distributions
reinvested
340,574‌
499,381‌
Shares
redeemed
(75,831,825‌)
(163,359,604‌)
Increase
in
net
assets
from
capital
share
transactions
2,074,271‌
570,836‌
Net
Assets
Increase
during
period
2,074,335‌
571,012‌
Beginning
of
period
16,036,230‌
15,465,218‌
End
of
period
$
18,110,565‌
$
16,036,230‌
*
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
21
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Year
Ended
5/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
72,626‌
$
101,926‌
Net
realized
gain
(loss)
(1‌)
42‌
Increase
in
net
assets
from
operations
72,625‌
101,968‌
Distributions
to
shareholders
Net
earnings
(72,626‌)
(101,926‌)
Capital
share
transactions
*
Shares
sold
17,925,786‌
33,307,733‌
Distributions
reinvested
72,626‌
101,926‌
Shares
redeemed
(18,660,853‌)
(33,058,979‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(662,441‌)
350,680‌
Net
Assets
Increase
(decrease)
during
period
(662,442‌)
350,722‌
Beginning
of
period
3,046,121‌
2,695,399‌
End
of
period
$
2,383,679‌
$
3,046,121‌
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Reserve
Investment
Funds
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
22
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
23
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.
In
December
2022,
FASB
issued
ASU
2022-
06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the 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
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:
T.
ROWE
PRICE
Reserve
Investment
Funds
24
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,
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,
2023,
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
T.
ROWE
PRICE
Reserve
Investment
Funds
25
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,
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.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
each fund
intends
to continue
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,
2023,
the
cost
of
investments for
federal
income
tax
purposes
was
$18,328,856,000
for
the
Government
Reserve
Fund
and
$2,404,161,000
for
the
Treasury
Reserve
Fund.
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,
2023,
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
T.
ROWE
PRICE
Reserve
Investment
Funds
26
Price
Services,
Inc.
For
the
six
months ended
November
30,
2023,
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,
2023, 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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
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
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
each
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Government
Reserve
Fund
27
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.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
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
.
Votes
For
Votes
Withheld
Melody
Bianchetto
9,433,228,426
1,213,087
Mark
J.
Parrell
9,434,441,514
–
Kellye
L.
Walker
9,434,441,514
–
Eric
L.
Veiel
9,434,441,514
–
T.
ROWE
PRICE
Government
Reserve
Fund
28
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Treasury
Reserve
Fund
29
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.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
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
.
Votes
For
Votes
Withheld
Melody
Bianchetto
9,433,228,426
1,213,087
Mark
J.
Parrell
9,434,441,514
–
Kellye
L.
Walker
9,434,441,514
–
Eric
L.
Veiel
9,434,441,514
–
T.
ROWE
PRICE
Treasury
Reserve
Fund
30
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
C25-051
1/24

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, 2024  

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, 2024  

 

By  

/s/ Alan S. Dupski

           
  Alan S. Dupski  
  Principal Financial Officer  
Date       January 19, 2024