# EDGAR Filing Document

**Accession Number:** 0000853437
**File Stem:** 0001193125-23-013907
**Filing Date:** 2023-1
**Character Count:** 80744
**Document Hash:** 499e21608bdc7a8a7efdd3c94fd4b75b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013907.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013907

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price U.S. Treasury Funds, Inc.
- **CENTRAL INDEX KEY:** 0000853437
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05860
- **FILM NUMBER:** 23546679

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE U S TREASURY FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price U.S. Treasury Money Fund (Series ID: S000002169)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000005566 | T. Rowe Price U.S. Treasury Money Fund         | PRTXX           |
| C000190632 | T. Rowe Price U.S. Treasury Money Fund-I Class | TRGXX           |
| C000219346 | T. Rowe Price U.S. Treasury Money Fund-Z Class | TRZXX           |

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: 811-05860

T. Rowe Price U.S. Treasury 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**

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# U.S. Treasury Funds

INVEST WITH CONFIDENCE®

- • Amid a sharp rise in interest rates, the T. Rowe Price U.S. Treasury Money Fund posted positive returns and modestly outperformed its Lipper peer group index.
- • T. Rowe Price's U.S. Treasury Index Funds produced steep losses amid high inflation and rapid monetary tightening by the Federal Reserve (Fed). The funds underperformed their respective Bloomberg benchmarks and delivered mixed results versus their Lipper peer group average.

For more insights from T. Rowe Price investment professionals, go to troweprice.com.

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's fast**-receive your statements and confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

*Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE U.S. TREASURY FUNDS

## HIGHLIGHTS

Log in to your account at troweprice.com for more information.

Market Commentary

Within our U.S. Treasury Index Funds, we reduced non-benchmark allocations to Ginnie Mae mortgage-backed securities and continued in the mortgage market. Our fund's fiscal year, the six-month period ended November 30, 2017. With the Fed offering into a strong economy, we see a high likelihood of a policy-driven recession by early next year. Moreover, given the pace at which inflation has moderated and demand has weakened, we believe that the Fed will

T. ROWE PRICE U.S. TREASURY FUNDS

Dear Shareholder

1

might be easily helped spark a rally late in the period that partially offset
be forced to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able to make the first and would not be able

# T. ROWE PRICE U.S. TREASURY FUNDS

as shorter-maturity Treasuries experienced the largest yield increases. The

2

Management's Discussion of Fund Performance

Investment of the Company's operations, the housing market began to weaken as mortgage rates climbed to the communication various stocks struggled. Outside the U.S., most major country interest level is more than 20 years. Emerging markets stocks generally have been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment. The market has been a major source of investment.

# FUND COMMENTARY

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| U.S. Treasury Money Fund | 1.07% |
| U.S. Treasury Money Fund - 1 Class | 1.11 |
| U.S. Treasury Money Fund - 2 Class | 1.23 |
| Lipper U.S. Treasury Money |  |

# T. ROWE PRICE U.S. TREASURY FUNDS

# U.S. TREASURY MONEY FUND

3

period, although hopes that inflation may have peaked led to rallies during the
monthly, respectively. The expected financial economy has been
held and the same as the previous year's growth. The
period of the year's growth is due to the increase in the growth of the
year's growth. The period of the year's growth is due to the increase in the
year's growth. The period of the year's growth is due to the increase in the
year's growth. The period of the year's growth is due to the increase in the
year's growth. The period of the year's growth is due to the increase in the
year's growth. The period of the year's growth is due to the increase in the
year's growth.

Market Funds Index

0/97

# T. ROWE PRICE U.S. TREASURY FUNDS

Thanks to a series of large interest rate hikes and continued hawkish rhetoric

4

How is the fund positioned?
In 2020, the fund's 2020 fund position focused on communication, fund
for the targeted to the the central State Army (Dunmore) Department of State
and the National Army. The fund's 2020 fund position focused on communication, fund
for the targeted to the the central State Army (Dunmore) Department of State
and the National Army. The fund's 2020 fund position focused on communication, fund
for the targeted to the the central State Army (Dunmore) Department of State
and the National Army. The fund's 2020 fund position focused on communication, fund
for the targeted to the the central State Army (Dunmore) Department of State
and the National Army.

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| U.S. Treasury Intermediate Index Fund | -4.00% |
| U.S. Treasury Intermediate Index Fund- I Class | -3.92 |
| U.S. Treasury Intermediate Index Fund- |  |

# T. ROWE PRICE U.S. TREASURY FUNDS

Increases that take the fed funds rate to 5% and possibly higher. We would also

5

quickly to any changes in the interest rate outlook or other factors affecting
the progress, and whether the fund's performance trends to close the line funds
for future research are based on the results of the research and development of the
fund's performance trends to close the line funds for future research. The results of the
research and development of the fund's performance trends to close the line funds for future research.
The results of the research and development of the fund's performance trends to close the line funds
for future research are based on the results of the research and development of the fund's performance trends to close the line funds
for future research. The results of the research and development of the fund's performance trends to close the line funds
for future research are based on the results of the research and development of the fund's performance trends to close the line funds

| Z Class | -3.68 |
| --- | --- |
| Bloomberg U.S. 4-10 Year Treasury |  |
| Bond Index | -3.52 |
| Lipper General U.S. |  |
| Treasury Funds Average | -7.08 |

T. ROWE PRICE U.S. TREASURY FUNDS

6

central banks and December policy meeting after our reporting period ended.
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME
INVESTIGATION OF THE WORLD'S FINEST INCOME

U.S. Treasury Intermediate Index Fund

![img-0.jpeg](img-0.jpeg)

Based on net assets as of 11/30/22.

T. ROWE PRICE U.S. TREASURY FUNDS

longer rate regime from the Fed, and a resulting surge in shorter-term yields

7

The following table provides the information in English:

Sources: Credit ratings for the securities held in the fund are provided by Moody's, Standard & Poor's.

# T. ROWE PRICE U.S. TREASURY FUNDS

market in an effort to hedge riskier positions, thereby driving yields downward.

8

The foregoing table includes item performance and the following table:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:
The following table provides the information in a specific format:

| Six Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| U.S. Treasury Long-Term Index Fund | -10.36% |
| U.S. Treasury Long-Term Index Fund-I Class | -10.17 |
| U.S. Treasury Long-Term Index Fund- |  |

T. ROWE PRICE U.S. TREASURY FUNDS

Despite its strong sell-off this year, we believe that U.S. government debt

3

As shown, we will look for opportunities to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money. We will be able to make the most of the money.

| Z Class | -10.12 |
| --- | --- |
| Bloomberg U.S. Long Treasury Bond Index | -9.95 |
| Lipper General U.S. Treasury Funds Average | -7.08 |

# T. ROWE PRICE U.S. TREASURY FUNDS

that it would soon begin to slow the pace of rate hikes-which it did at the

38

high-impact would control upside. Will the Airtelman, Airtelman, for people to take
preventive and social support. The Airtelman, Airtelman, for people to take
preventive and social support. The Airtelman, Airtelman, for people to take
preventive and social support. The Airtelman, Airtelman, for people to take
preventive and social support. The Airtelman, Airtelman, for people to take
preventive and social support. The Airtelman, Airtelman, for people to take

![img-1.jpeg](img-1.jpeg)

T. ROWE PRICE U.S. TREASURY FUNDS

based on incoming economic and inflation data, monetary policy signals, and

11

of a policy-driven recession in the U.S. by early next year. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step in the future. The U.S. has been a major step

Sources: Credit ratings for the securities held in the fund are provided by Moody's, Standard & Poor's.

#### T. ROWE PRICE U.S. TREASURY FUNDS

The fund's positioning at period-end also reflected our bias for a flattening

12

proceedings, some of our tactical positions. From other top to top, the following: (1) the following: (2) the following: (3) the following: (4) the following: (5) the following: (6) the following: (7) the following: (8) the following: (9) the following: (10) the following: (11) the following: (12) the following: (13) the following: (14) the following: (15) the following: (16) the following: (17) the following: (18) the following: (19) the following: (20) the following: (21) the following: (22) the following: (23) the following: (24) the following: (25) the following: (26) the following: (27) the following: (28) the following: (29) the following: (30) the following: (31) the following: (32) the following: (33) the following: (34) the following: (35) the following: (36) the following: (37) the following: (38) the following: (39) the following: (40) the following: (41) the following: (42) the following: (43) the following: (44) the following: (45) the following: (46) the following: (47) the following: (48) the following: (49) the following: (50) the following: (51) the following: (52) the following: (53) the following: (54) the following: (55) the following: (56) the following: (57) the following: (58) the following: (59) the following: (60) the following: (61) the following: (62) the following: (63) the following: (64) the following: (65) the following: (66) the following: (67) the following: (68) the following: (69) the following: (70) the following: (71) the following: (72) the following: (73) the following: (74) the following: (75) the following: (76) the following: (77) the following: (78) the following: (79) the following: (80) the following: (81) the following: (82) the following: (83) the following: (84) the following: (85) the following: (86) the following: (87) the following: (88) the following: (89) the following: (90) the following: (91) the following: (92) the following: (93) the following: (94) the following: (95) the following: (96) the following: (97) the following: (98) the following: (99) the following: (100)

and Fitch and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest-rated securities. If the rating agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. T. Rowe Price uses the rating of the underlying investment vehicle to determine the creditworthiness of credit default swaps. The fund is not rated by any agency.

change based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T. ROWE PRICE U.S. TREASURY FUNDS

Despite its strong sell-off this year, we believe that U.S. government debt

The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject to

11

The Government and State of the United States are authorized to use the Government's name and address to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business and to identify the Government's business

* U.S. government agency securities are issued or guaranteed by a U.S. government agency, and may include conventional pass-through securities and collateralized mortgage obligations; unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g.,

T. ROWE PRICE U.S. TREASURY FUNDS

RISKS OF INVESTING IN FIXED INCOME SECURITIES

34

Note: © 2022, Moody's Corporation, Moody's Investors Service, Inc., Moody's
Reynolds, Inc. and its subsidiaries. No part of this report is a
not-to-understanding document that may be used for any purpose other than
the use of the information contained in this report. The information contained in this report is
not to be used for any purpose other than the use of the information contained in this report.

RISKS OF INVESTING IN GOVERNMENT MONEY MARKET FUNDS
FHLMC and FNMA issues) or a direct government
guarantee (e.g., GNMA issues). Therefore, this
category may include rated and unrated securities.

** U.S. Treasury securities are issued by the U.S.
Treasury and are backed by the full faith and credit
of the U.S. government. The ratings of U.S. Treasury
securities are derived from the ratings on the U.S.
government.

T. ROWE PRICE U.S. TREASURY FUNDS

BENCHMARK INFORMATION (CONTINUED)

11

The company's business and development of the company's business is a major business in the

The following table provides the information in English:

The following table provides the information in English:

The following table provides the information in English:

and may also include a large group of different sides. Market exposure for last include

The following table provides the information in English:

The following table provides the information in English:

1. 2017年,公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

![img-2.jpeg](img-2.jpeg)

As of 11/30/22

U.S. Treasury Money Fund $10,540

---

 Lipper U.S. Treasury Money Market Funds Index 10,530

T. ROWE PRICE U.S. TREASURY FUNDS

GROWTH OF $10,000

$10,600

11

BENCHMARK INFORMATION

![img-0.jpeg](img-0.jpeg)

As of 11/30/22

U.S. Treasury Intermediate Index Fund $10,217

Bloomberg U.S. 4-10 Year Treasury Bond Index 10,750

T. ROWE PRICE U.S. TREASURY FUNDS

GROWTH OF $10,000

$12,500

17

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

T. ROWE PRICE U.S. TREASURY FUNDS

GROWTH OF $10,000

$16,000

38

e recommendation to the call or field such investment or security does not
were supplied by Liggett & Myers Company subject to the following

| U.S. Treasury Money Fund | 0.32% |
| --- | --- |
| U.S. Treasury Money Fund-I Class | 0.21 |
| AVERAGE U.S. Treasury Money Fund-Z Class | 0.19 |
| U.S. Treasury Intermediate Index Fund | 0.27 |

T. ROWE PRICE U.S. TREASURY FUNDS

EXPENSE RATIOS

18

U.S. Treasury Intermediate Index Fund-I Class
Since Inception
Periods Ended 11/30/77 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date
U.S. Treasury Intermediate Index Fund I Class 1 Year 5 Years 10 Years Inception Date

# T. ROWE PRICE U.S. TREASURY FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

28

for the purpose of this document, the undersigned hereby certifies that the undersigned has been a true and correct copy of the foregoing information. The undersigned hereby certifies that the undersigned has been a true and correct copy of the foregoing information.

| U.S. Treasurer | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| FUND AVERAGE | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

| U.S. Treasurer | Investor Class |
| --- | --- |

T. ROWE PRICE U.S. TREASURY FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

21

Fund- 2.0.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1

Funds: 2.0.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1

U.S. Tre 6/1/22 11/30/22 6/1/22 to 11/30/22

U.S. Tre Investor Class

![img-3.jpeg](img-3.jpeg)

T. ROWE PRICE U.S. TREASURY FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

22

Fund - 2.0.0.0.0. clients and impose no 130.000 administrative fees per cent. and 0.0.0.0.0.0.0.0.0.0.0. This table is for the purpose of the following:

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

T. ROWE PRICE U.S. TREASURY FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

22

41.00 41.00 41.00 41.00 41.00

| Periods Ended 9/30/22 | SEC Yield (7-Day Simple) With Waiver * | SEC Yield (7-Day Simple) Without Waiver | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- | --- |
| U.S. Treasury |  |  |  |  |  |  |  |

T. ROWE PRICE U.S. TREASURY FUNDS

QUARTER-END RETURNS

24

This table provides returns through the most recent calendar quarter-end rather than through the end of the funds' fiscal period. It shows how the funds would have performed each year if their actual (or cumulative) returns for the periods shown had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. A money fund's yield more closely represents its

T. ROWE PRICE U.S. TREASURY FUNDS

**QUARTER-END RETURNS (CONTINUED)**

25

market earnings then down the total return.

This year's period. The annualized expense ratio of the Investor Class was 0.29%, the 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%. The 1 Class was 0.05%.

The investor's portion of the management fee is limited to the level of the fund. This is a 100% reduction in the amount of the fund. The 100% reduction is an additional 100% reduction in the amount of the fund. The 100% reduction is an additional 100% reduction in the amount of the fund.

# investment goals.

Through September 30, 2023, T. Rowe Price Associates, Inc. (TRPA), has agreed to pay the U.S. Treasury.

![img-4.jpeg](img-4.jpeg)

You have many

T. Rowe Price Investment Services, Inc. | 100 EastPratt Street | Baltimore, MD 21202-1009

T.Rowe Price®

operating expenses of the fund's I Class excluding management fees; interest; expenses related to business, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund assets and expenses (I Class operating expenses) in the extent the I Class operating expenses exceed a certain portion of the class's nonrecurring expenses. Details are available in the fund's I Class operating expenses.

**Explore products and services that can help**

www.tromer.com is limited to waive and/or bear all of the 2 Class's expenses (excluding

| PRTXX | T. ROWE PRICE U.S. Treasury Money Fund |
| --- | --- |
| TRGXX | U.S. Treasury Money |

# SEMIANNUAL REPORT

November 30, 2022

INVEST WITH CONFIDENCE*

(Unaudited)

| Index, Funds |  |  |
| --- | --- | --- |
| T Class | - | -27.20 a stock Outstanding Grouped Cash per 6/6/17 |
| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| U.S. Treasury |  |  |
| IRAS, Traditional, Roth, | Individual or Joint | T. Rowe Price-managed |
| Investor Class | Tenant | 529 plans offer tax |
| r, or | -27.29 | advantaged solutions |
| 6 Months | - | for transfers having |
| 3/16/20 | Interest | money for college |
| 3/16/22 | interesting interest rate, 3/16/20 | hiring and education |
| 3/16/22 | interesting interest rate, 3/16/20 | hiring and education |
| 3/16/22 | interesting interest rate, 3/16/20 | hiring and education |
| 3/16/22 | interesting interest rate, 3/16/20 | hiring and education |
| 3/16/22 | interesting interest rate, 3/16/20 |  |
| NET ASSET VALUE | U.S. Treasury Money |  |
| Beginning of 2014 | $1.00 |  |
| 1.00 | $ |  |
| Investment activities | Fund-Z Class |  |

T. ROWE PRICE U.S. TREASURY MONEY FUND

T. ROWE PRICE U.S. TREASURY MONEY FUND

28

(Unaudited)

Indication of future results. Current performance may be lower or higher than the performance

of the year, principal value, and return will vary, and you may have a gain or loss

in the future of the future shares. For the most recent period, the future is not

1. 2017年1月1日,公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

1. 2017年1月1日,公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

1. 2017年1月1日,公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

| Investor Class | Trust |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | ng 0.01 and Months Ended | Transfer on Death |  | 0.01 (a) | 0.02 | 0.01 |
| Total Interest | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental | Data |  |  |  |  |  |
| Distributions |  |  |  |  |  |  |
| Total Interest | 1.07% | 0.04 %(a) | 0.01 %(a) | 1.27 %(a) | 1.88% | 0.87% |

T. ROWE PRICE U.S. TREASURY MONEY FUND

TREASURY MONEY FUND

28

(Unaudited)

For a share outstanding throughout each period

Call 1-800-225-5132

Class

In request, a prospectus or summary prospectus each includes investment

in excess of $0.00 (0.00) (0.00) (0.00) (0.00)

6 Months Year

Ended Ended Ended

In the following table, the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following is a summary of the following

NET ASSET VALUE
Total investment, except
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further

liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further

liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further
liability, or further

by Price Association
Investment, subject to
Net Investment
0.31 % (7) 0.11 % (8) 0.15 % (9) 0.35 % (10) 0.39 % 0.39 %

Net Investment

T. ROWE PRICE U.S. TREASURY MONEY FUND

TREASURY MONEY FUND

38

(Unaudited)

| T. Rowe Price Advisory Services, Inc., a registered investment firm and a member of the Company's major parent company |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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. |  |  |  |  |  |  |
| Class | 0.01% | 0.04% | 0.05% | 1.01% | 1.08% | 0.98% |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Total from | 11/30/22 | 5/31/23 | 5/31/24 | 5/31/25 | 5/31/26 | 5/31/28 |
|  | 11/30/22 | 5/31/23 | 5/31/24 | 5/31/25 | 5/31/26 | 5/31/28 |
| Ratio (Supplemental) calculated using troweprice.com trading method. |  |  |  |  |  |  |
| Description: 0 for details of expense-related arrangements with Price Associates. |  |  |  |  |  |  |
| Total ROWE PRICE to less than 0.01 per 0.00% |  |  |  |  |  |  |
| Income | 0.01% | 0.01% | 0.01% | 1.33% | 1.97% | 0.98% |
|  | (0.01) | (0.01) | (0.01) | (0.01) | (0.02) | (0.01) |

T. ROWE PRICE U.S. TREASURY MONEY FUND

TREASURY MONEY FUND

31

(Unaudited)

For a share outstanding throughout each period

| 2 Class |  | Management fee waivers and operating expense |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | average net assessed for the years ended 5/31/22 |  |  |  |
|  |  | 6 Months |  |  |  |
|  |  | 5/31/20 |  |  |  |
|  |  | 6 Months |  |  |  |
|  |  | 5/31/20 |  |  |  |
|  |  | 6 Months |  |  |  |
|  |  | 5/31/20 |  |  |  |
|  |  | 6 Months |  |  |  |
|  |  | 5/31/20 |  |  |  |
| Payments by those |  | All other parties, or an investment in the future |  |  |  |
| current, each period, assuming reinvestment of an operations, management fee waivers and operating expenses |  | All other parties, or an investment in the future |  |  |  |
| NET ASSET VALUE |  | 0.30% |  |  |  |
| The amount of cash applicable. Total return is not annualized for periods less than one year |  | 0.30% |  |  |  |
| The amount of cash to 5/31/20, the gross expense rate is presented and net at a management fee |  | 0.30% |  |  |  |
| waivers to effect during the period, as applicable |  | 0.13% |  |  |  |
| the total expenses |  | 0.30% |  |  |  |
| Net investment income |  | 0.30% |  |  |  |
| Net investment income |  | 0.01 |  |  |  |
|  |  | -20 |  |  |  |
|  |  | -20 |  |  |  |
|  |  | -20 |  |  |  |

T. ROWE PRICE U.S. TREASURY MONEY FUND

TREASURY MONEY FUND

32

November 30, 2022 (Unaudited)

|  |  |  |  |  | Per | $ Value |
| --- | --- | --- | --- | --- | --- | --- |
| (Amounts in 000s) |  |  |  |  |  |  |
| U.S. TREASURY DEBT 23.4% |  |  |  |  |  |  |
| Net interest and unrealized gains | 0.07 % (a) | 0.05 % (a) | 1.32 % (a) | 1.99% | 1.11% |  |
| Net amount of investment activities |  | 0.01 |  |  |  |  |
| U.S. Treasury Bills, 2.527%, 12/29/22 |  |  |  | 122,890 | 122,890 | 122,890 |
| PRTSE (U) DASH, 2.527%, $3,528 | $3,113 | $2,028 | $1,209 | 49,119 | 49,119 | 49,119 |
| Other Treasury Bills, 2.532%, 12/29/22 |  |  |  | 29,200 | 29,143 |  |
| Net in millions of dollars |  | (0.01) |  | 47,700 | 47,600 |  |

| (a) Per share amounts calculated using average shares outstanding method. |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |  |  |
| Net assets of expense-related arrangements with Price Associates |  |  |  |  |  |  |
| End of period | $ | 1.00 | $ | 1.00 | $ | 1.00 |

T. ROWE PRICE U.S. TREASURY MONEY FUND

11

| U.S. Treasury Bills, 2.881%, 12/6/22 | 148,300 | 148,241 |
| --- | --- | --- |
| U.S. Treasury Bills, 2.892%, 2/2/23 | 130,000 | 128,900 |
| U.S. Treasury Bills, 2.953%, 1/19/23 | 70,000 | 68,723 |
| U.S. Treasury Bills, 2.974%, 1/19/24 | 136,420 | 135,800 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 70,000 | 67,023 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 68,350 | 68,374 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 68,350 | 68,374 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 68,350 | 68,374 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 68,350 | 68,374 |
| Total return to Treasury, the State of Columbia, except where the Bankers and operating expenses | 68,350 | 68,374 |

T. ROWE PRICE U.S. TREASURY MONEY FUND

34

November 30, 2022 (Unaudited)

| U.S. Treasury Bills, 3.941% 2/14/23 | 230,285 | 228,429 |
| --- | --- | --- |
| U.S. Treasury Bills, 4.301% 5/11/23 | 380,305 | 376,716 |
| 101.7% of Net Assets (Cost $13,762,064) |  | 13,762,064 |
| U.S. Treasury Bills, 4.495% 5/11/23 | 91,200 | 89,430 |
| U.S. Treasury Bills, 4.517% 4/4/23 | 127,900 | 126,018 |
| Net Assets (Cost $13,762,064) by Price | 150,700 | 147,577 |
| Amortization of the Company's share of U.S. dollars, unless otherwise noted |  |  |
| U.S. Treasury Bills, 3.941% 2/14/23 | 240,000 | 237,000 |
| U.S. Treasury Bills, 4.495% 5/11/23 | 91,200 | 89,430 |
| Net Assets (Cost $13,762,064) by Price | 127,900 | 126,018 |
| Amortization of the Company's share of U.S. dollars, unless otherwise noted |  |  |
| U.S. Treasury Bills, 3.941% 2/14/23 | 240,000 | 237,000 |
| Net Assets (Cost $13,762,064) by Price | 150,700 | 147,577 |
| Amortization of the Company's share of U.S. dollars, unless otherwise noted |  |  |
| U.S. Treasury Bills, 3.941% 2/14/23 | 240,000 | 237,000 |
| Net Assets (Cost $13,762,064) by Price | 150,700 | 147,577 |

T. ROWE PRICE U.S. TREASURY MONEY FUND

SURVEY ON ASSETS FOR SECURITIES

($000s, except shares and per share amounts)

35

November 30, 2023 (Unaudited)

| U.S. Treasury Notes, FRN, 3M UST + 0.029%, 4.361%, 7/31/23 | 166,200 | 166,202 |
| --- | --- | --- |
| U.S. Treasury Notes, FRN, 3M UST + 0.034%, 4.366%, 4/30/23 | 152,800 | 152,801 |
| U.S. Treasury Notes, FRN, 3M UST + 0.035%, 4.367%, 10/31/23 | 45,540 | 45,540 |
| U.S. Treasury Notes, FRN, 3M UST + 0.049%, 4.381%, 1/31/23 | 137,349 | 137,350 |
| U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 | 84,500 | 84,373 |
| Total U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 |  |  |
| Total U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 |  |  |
| Total U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 |  |  |
| Total U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 |  |  |
| Total U.S. Treasury Notes, FRN, 3M UST + 0.14%, 4.419%, 10/31/24 |  |  |

T. ROWE PRICE U.S. TREASURY MONEY FUND

TAXATION: 30 DAYS FOR CASH FEE

($000s, except shares and per share amounts)

The accompanying notes are an integral part of these financial statements.

36

(Unaudited)

| BNY Mellon, Bilateral, Dated 11/30/22, 3.80%, Delivery Value of $238,025,122 on 12/1/22, Collateralized by U.S. Government securities, 1.875%, 2/28/27, valued at $242,760,951 | 238,000 | 238,000 |
| --- | --- | --- |
| Credit Agricole, Tri-Party, Dated 11/30/22, 3.79%, Delivery Value of $4,000,000 on 12/1/22, Collateralized by U.S. Government securities | $ | 6 Months |
| NET ASSETS | $ | 13,475,000 |
| Total Operating Assets (1,000,000,000 shares outstanding) | $ | 13,475,000 |
| 3.80% (1,000,000,000 shares outstanding) | $ | 1.00 |
| 3.80% (1,000,000,000 shares outstanding) | $ | 1.00 |
| 2.00% (1,000,000,000 shares outstanding) | $ | 1.00 |
| 2.00% (1,000,000,000 shares outstanding) | $ | 162,568.00 |
| 2.00% (1,000,000,000 shares outstanding) | $ | 162,568.00 |
| Expenses |  |  |

T. ROWE PRICE U.S. TREASURY MONEY FUND

STATEMENT OF INVESTORS

($000s)

The accompanying notes are an integral part of these financial statements.

37

(Unaudited)

3% - 3.13%
8/15/23 - 2/15/32, valued at $10,041,059,841

10,040,000 10,040,000

| Investment management | 6 Months Ended | Year 12/31/22 Ended |
| --- | --- | --- |
| Investment (Decrease) in Net Assets | 11/30/22 | 5/31/22 |
| Operations | $2,850 |  |
| Repayment and shareholder reports | 321 | 3,171 |
| Net Investment Income | $151,233 | $9,354 |
| Net Interest Gain | 48 | 12 |
| Net Interest in net assets from operations | 151,287 | 9,366 |
| Z Class | 1 | 776 |

T. ROWE PRICE U.S. TREASURY MONEY FUND

INvestment and dividends in net assets

($000s)

The accompanying notes are an integral part of these financial statements.

38

Unaudited

C. Contents and Accounting
The Company Act of 1940 (the 1940 Act). The U.S. Treasury Money Fund
(The Company) is a diversified, open-end management investment company established by
The Company. The fund seeks maximum preservation of capital and liquidity
(1,949) and the funds. These goals, the highest possible current income, the fund interests
(1,949) and the funds. The fund and has no interest to voluntarily
(1,949) and the redemptions or temporarily suspend redemptions. The fund has
(1,949) and the funds. The U.S. Treasury Money Fund (Investor Class), the U.S. Treasury

T. ROWE PRICE U.S. TREASURY MONEY FUND

T. Rowe Price U.S. Treasury Funds, Inc. (the corporation) is registered under the

38

The accompanying notes are an integral part of these financial statements.

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 NCS (NFC) Class II Class I and the U.S. Treasury Money Fund-2 Class II Class II, which is a financial instrument, which provides an additional amount of $100,000. The Company's financial instrument, which provides an additional amount of $100,000. The Company's financial instrument, which provides an additional amount of $100,000. The Company's financial instrument, which provides an additional amount of $100,000. The Company's financial instrument, which provides an additional amount of $100,000. The Company's financial instrument, which provides an additional amount of $100,000.

T. ROWE PRICE U.S. TREASURY MONEY FUND

Investment Transactions, Investment Income, and Distributions Investment

62

Class A: A common, C, and D are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are the same, and the other classes are

T. ROWE PRICE U.S. TREASURY MONEY FUND

NOTE 2 - VALUATION

61

designated T. Rowe Price Associates, Inc. as the fund's valuation designee (Valuation Capital Transactions, Fund, 1940) is referred to the net assets of the fund in terms of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

T. ROWE PRICE U.S. TREASURY MONEY FUND

In accordance with Rule 2a-7 under the 1940 Act, the fund values its securities at

42

NOTE 3 - OTHER INVESTMENT CHARACTERISTICS determine the fair value of financial instruments. The financial instruments are based on the fair value of financial instruments. The financial instruments are based on the fair value of financial instruments. The financial instruments are based on the fair value of financial instruments.

T. ROWE PRICE U.S. TREASURY MONEY FUND

NOTE 4 - FEDERAL INCOME TAXES

42

to reflect industry action that may not be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not to be taken into consideration for the purpose of the research and to which it is not

T. ROWE PRICE U.S. TREASURY MONEY FUND

extraordinary expenses; and acquired fund fees and expenses) in their entirety. This

44

NOTES

In the including those amounts, expenses previously, adjustment by Price Associates.

NOTE: The following is a statement of the Company's performance and the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of

T. ROWE PRICE U.S. TREASURY MONEY FUND

$265,000 for T. Rowe Price Retirement Plan Services, Inc. All amounts due to and due

45

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund. The U.S. Treasury money fund is a major problem in the U.S. Treasury money fund. The U.S. Treasury money fund is a major problem in the U.S. Treasury money fund.

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In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

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In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.

In the case of the 1980s, the 1980s were a major problem in the U.S. Treasury money fund.[{"box_2d": [55, 165, 459, 165], "label": "text", "caption": "In the case

46

RECORDS

The following table provides the information in a specific format:

T. ROWE PRICE U.S. TREASURY MONEY FUND

INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

47

corporate website. To access it, please visit the following Web page:

www.1000.com, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1

T. ROWE PRICE U.S. TREASURY MONEY FUND

LIQUIDITY RISK MANAGEMENT PROGRAM

48

Shows above, and scroll down to the section near the bottom of the page that says
somewhat. An author is responsible for reviewing the article by366, or the
the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and the same, and

T. ROWE PRICE U.S. TREASURY MONEY FUND

LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)

48

In this document, the LPRC is a member of the LPRC's investment goals. It is the LPRC's investment goals. It is the LPRC's investment goals.

![img-0.jpeg](img-0.jpeg)

You have many

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

monthly into one of four liquidity categories based on estimations of the investment's

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

stake of business, or the other of the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or

**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 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.

## Item 12. Disclosure of Securities/Lending Activities for Closed-End Management Investment Companies.

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.

## Item 13. Exhibits.

(a) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR.

(1)

(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.

By the undersigned, thereunto duly authorized.

I, David Oestreicher, as well as available borrowing arrangements.

T. Rowe Price U.S. Treasury Fund, and transfers to a related expenses

By T. Rowe Price

ActivePlus

for online payment

Principal Executive Officer

powered by experts

Trademark of the

Trademark of the

Trademark of the

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Date January 19, 2023
Visit troweprice.com/broadrange

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

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.

All mutual funds are subject to market risk, including possible loss of principal. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

© 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. 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.

PSS.051.103

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S.
Treasury Money Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S.
Treasury Money Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Item 13. (b)** 

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| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price U.S. Treasury Money Fund | Name of Issuer: T. Rowe Price U.S. Treasury Money Fund |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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