# EDGAR Filing Document

**Accession Number:** 0000316968
**File Stem:** 0001999371-25-009962
**Filing Date:** 2025-7
**Character Count:** 20288
**Document Hash:** 144e144c80a1e5852b65c4cd5f241378
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009962.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001999371-25-009962

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Government Money Fund, Inc.
- **CENTRAL INDEX KEY:** 0000316968

**ORGANIZATION NAME:**
- **EIN:** 521040467
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-54926
- **FILM NUMBER:** 251153113

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Prime Reserve Fund, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE PRIME RESERVE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Government Money Fund, Inc. (Series ID: S000002140)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000005535 | T. Rowe Price Government Money Fund, Inc.    | PRRXX           |
| C000190629 | T. Rowe Price Government Money Fund- I Class | TTGXX           |

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| | |
|:---|:---|
| ![](prf497k001.jpg) |  |
| **Summary Prospectus**<br> August 1, 2025 | **Summary Prospectus**<br> August 1, 2025 |
|  | T. ROWE PRICE |
|  | Government Money Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRRXX<br> TTGXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> I Class |
| The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated August 1, 2025, as amended or supplemented, and Statement of Additional Information, dated August 1, 2025, as amended or supplemented. | The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated August 1, 2025, as amended or supplemented, and Statement of Additional Information, dated August 1, 2025, as amended or supplemented. |
|  | ![](prf497k002.jpg) |

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Summary<sub>1</sub>

**Investment Objective(s)**

The fund's goals are preservation of capital, liquidity, and, consistent with these, the highest possible current income.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.**

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| | | | |
|:---|:---|:---|:---|
| **Fees and Expenses of the Fund** | **Fees and Expenses of the Fund** | | |
| | | **Investor <br> Class** | **I <br> Class** |
| **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum account fee | &nbsp;&nbsp;&nbsp;&nbsp;Maximum account fee | $20 <sup>a</sup> |  |
| **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.14 | 0.03 |
| **Total annual fund operating expenses** | **Total annual fund operating expenses** | **0.32** | **0.21** |
| <sup>a</sup> | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. |

---

**Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **Investor Class** | $33 | $103 | $180 | $406 |
|  **I Class** | 22 | 68 | 118 | 268 |

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**Investments, Risks, and Performance**

**Principal Investment Strategies**

The fund is a money market fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in government securities and repurchase agreements that are collateralized by government securities.

The fund intends to operate as a "government money market fund" in accordance with Rule 2a-7. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash. A government security is a security issued or guaranteed as to principal or interest by the U.S. government and its agencies or instrumentalities. A repurchase agreement is a contract under which the fund (buyer) purchases a security, usually a U.S. government or agency security, from a bank or well-established securities dealer (seller) that requires the seller to repurchase the securities from the fund at a specific price on a designated date (which is often the next business day).

<u>T. Rowe Price</u> <u>2</u>

The fund is managed to provide a stable share price of $1.00 by investing in only U.S. dollar-denominated money market securities. Money market securities are generally high-quality, short-term obligations issued by companies or governmental entities. The securities purchased by the fund are subject to the maturity, quality, diversification, liquidity, and overall risk-limiting conditions and other requirements of Rule 2a-7. The fund's weighted average maturity will not exceed 60 calendar days, the fund's weighted average life will not exceed 120 calendar days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7, such as certain variable and floating rate instruments).

In selecting securities for the fund, the portfolio manager may examine relationships among yields of various types and maturities of government money market securities in the context of interest rate outlooks. The fund's yield will fluctuate with changes in short-term interest rates.

**Principal Risks**

As with any fund, there is no guarantee that the fund will achieve its objective(s). **You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates, Inc., will provide financial support to the fund at any time, including during periods of market stress.**

Some money market funds have experienced significant pressures from shareholder redemptions, issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money market funds in other fund companies that have "broken the buck," which means that those funds' investors did not receive $1.00 per share for their investment in those funds. The potential for realizing a loss of principal in the fund could derive from:

**Stable net asset value:** The fund may not be able to maintain a stable $1.00 share price at all times. The fund's shareholders should not rely on or expect the fund or an affiliate to purchase distressed assets from the fund, enter into capital support agreements with the fund, make capital infusions into the fund, or take other actions to help the fund maintain a stable $1.00 share price.

**Interest rates:** A decline in interest rates may lower the fund's yield, or a rise in the overall level of interest rates may cause a decline in the prices of fixed income securities held by the fund. The fund's yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. An elevated inflation environment may heighten risks associated with rising interest rates.

Summary<sub>3</sub>

**Repurchase agreements:** A counterparty to a repurchase agreement may become insolvent or fail to repurchase securities from the fund as required, which could increase the fund's costs or prevent the fund from immediately accessing its collateral.

**Redemptions:** The fund may be subject to periods of increased redemptions that could cause the fund to sell its assets at disadvantageous times or at a depressed value or loss, particularly during periods of declining or illiquid markets, and that could affect the fund's ability to maintain a stable $1.00 share price.

**Liquidity:** The fund may not be able to sell a holding in a timely manner at its current carrying value. Periods of reduced liquidity in money markets could require the fund to liquidate its assets at inopportune times or at a depressed value, cause the fund to be unable to meet redemption requests without dilution of the remaining shareholders' interests in the fund, and potentially affect the fund's ability to maintain a $1.00 share price.

**Credit quality:** An issuer of a debt instrument or a provider of credit support could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), a rating downgrade, or an inability to meet a financial obligation. Although the fund only purchases securities that present minimal credit risk in the opinion of T. Rowe Price, the credit quality of the fund's holdings could change rapidly during periods of market stress.

**Market conditions:** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund's holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses. 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

**Cybersecurity breaches:** The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund's assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund's service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

<u>T. Rowe Price</u> <u>4</u>

**Performance**

The following performance information provides some indication of the risks of investing in the fund. The fund's performance information represents only past performance and is not necessarily an indication of future results.

Prior to August 1, 2016, the fund operated as a prime money market fund and invested in certain types of securities that the fund is no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the fund's conversion to a government money market fund.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund's Investor Class. Returns for other share classes vary since they have different expenses.

 **GOVERNMENT MONEY FUND** 

Calendar Year Returns

![](prf497k003.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Quarter<br> Ended | Total<br> Return |  | Quarter<br> Ended | Total <br> Return |
| Best Quarter | 12/31/23 | 1.29% | Worst Quarter | 6/30/15 | 0.00% |

---

The fund's return for the six months ended 6/30/25 was 2.03%.

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. In addition, the table also includes a comparative index that has investment characteristics similar to those of the fund (Strategy Benchmark(s)).

Summary<sub>5</sub>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | | |
|  | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Since** | **Inception** |
|  | **1 Year** | **5 Years** | **10 Years** | **inception** | **date** |
| **Investor Class** |  |  |  |  | **01/26/1976** |
|  | 5.00% | 2.29% | 1.53% | — % |  |
| **I Class** |  |  |  |  | **05/03/2017** |
|  | 5.12 | 2.36 |  | 2.08 |  |
| **Strategy Benchmark(s)** | **Strategy Benchmark(s)** | **Strategy Benchmark(s)** | **Strategy Benchmark(s)** | **Strategy Benchmark(s)** |  |
| Lipper U.S. Government Money Market Funds Index | Lipper U.S. Government Money Market Funds Index | Lipper U.S. Government Money Market Funds Index | Lipper U.S. Government Money Market Funds Index | Lipper U.S. Government Money Market Funds Index |  |
|  | 4.88 | 2.20 | 1.45 | 1.88 <sup>a</sup> |  |

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<sup>a</sup> Return since 4/30/17.

Updated performance information is available through troweprice.com.

**Management**

**Investment Adviser** T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Managed<br> Fund<br> Since** | **Joined<br> Investment<br> Adviser** |
| Alexander S. Obaza | Portfolio Manager and Chair of Investment Advisory Committee | 2023 | 2005 |

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**Purchase and Sale of Fund Shares**

The Investor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers.

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through troweprice.com.

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

<u>T. Rowe Price</u> <u>6</u>

**Tax Information**

The fund declares dividends, if any, daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| ![](prf497k004.jpg) |  |
| T. Rowe Price Associates, Inc.<br> 1307 Point Street<br> Baltimore, MD 21231 | **F44-045 8/1/25** |

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