# EDGAR Filing Document

**Accession Number:** 0001034386
**File Stem:** 0001193125-23-014003
**Filing Date:** 2023-1
**Character Count:** 58782
**Document Hash:** 4fbb5f6f25507a15ad9f4d03ce406ff8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014003.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014003

**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 Reserve Investment Funds, Inc.
- **CENTRAL INDEX KEY:** 0001034386
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08279
- **FILM NUMBER:** 23546873

**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:** T  ROWE PRICE RESERVE INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 20010907

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RESERVE INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19970221

## Series and Classes Contracts Data

### T. Rowe Price Government Reserve Fund (Series ID: S000002153)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000005549 | T. Rowe Price Government Reserve Fund |  |

### T. Rowe Price Treasury Reserve Fund (Series ID: S000002154)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000005550 | T. Rowe Price Treasury Reserve Fund |  |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-08279

T. Rowe Price Reserve Investment Funds, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Reserve Investment Funds

INVEST WITH CONFIDENCE®

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period.

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

T. ROWE PRICE RESERVE INVESTMENT FUNDS

# **FUND EXPENSE EXAMPLE**

# **Actual Expenses**

Total provides information about actual account values and

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $1,012.10 | $0.00 |

2

T. ROWE PRICE RESERVE INVESTMENT FUNDS

(Unaudited)

# **FUND EXPENSE EXAMPLE (CONTINUED)**

# **Hypothetical Example for Comparison Purposes**

The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the fund's actual expense ratio and an assumed 5% per year rate of interest before expenses (not the fund's actual return). The fund reserves the property, costs of investment in the fund and other funds (in conjunction with the hypothetical accounts), and the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of the fund's actual return on the basis of

# **NET ASSET VALUE**

| Beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| --- | --- | --- | --- | --- | --- | --- |

Investment activities

Net investment

3

T. ROWE PRICE GOVERNMENT RESERVE FUND

(Unaudited)

FINANCIAL HIGHLIGHTS
The figures in the charges an annual account service fee of $20, generally for accounts with less than $10,000. The fee is waived for any investor whose full-time and full-time accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts for a T. Rowe Price Personal Service or a T. Rowe Price Assets of at least $250,000. The figures in the charges are shown in the accompanying footnote. The figures in the charges are shown in the accompanying footnote. The figures in the charges are shown in the accompanying footnote. The figures in the charges are shown in the accompanying footnote.

| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Total return income | 1.21 % (0.02) | 0.14 % (0.02) | 0.08 % (0.02) | 1.62 % (0.02) | 2.26 % (0.02) | 1.25 % (0.02) |

4

T. ROWE PRICE GOVERNMENT RESERVE FUND

(Unaudited)

<table><thead><tr><th colspan="2">FINANCIAL HIGHLIGHTS</th><th colspan="2">Fund with other funds</th><th colspan="2">1,000.00</th><th colspan="2">1,025.02</th><th colspan="2">0.05</th></tr><tr><th colspan="2">Fund Value (in millions)</th><th colspan="2"></th><th colspan="2"></th><th colspan="2"></th><th colspan="2"></th></tr></thead><tr><td colspan="2">You should also be aware that the expenses shown in the fund's capital of the year ended December 31, 2012, are equal to the fund's annualized expense ratio for the 6 month period (0.01%), except that the amount of the fund's capital of the year ended December 31, 2012, is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied by the number of days in the most recent fiscal year (1993), and divided by the days in the year (1993) to reflect the reserve total costs of owning different funds. In the extent a fund is not exceeded by the average account value over the period multiplied

5

T. ROWE PRICE TREASURY RESERVE FUND

(Unaudited)

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

|  | 0.09 % (1) | 0.12% | 0.08% | 0.02% | 0.02% | 0.00% |
| --- | --- | --- | --- | --- | --- | --- |
| N | 6 Months | Year |  |  |  |  |
| p | $19,500 (1) | $15,465 (1) | $20,247 (1) | $15,827 (1) | $12,574 (1) | $12,086 (1) |
| Total from | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |

Ratio of Supplemental calculations using average shares outstanding method.
5 for details of expense-related arrangements with Price Associates.

| Total | 1.20% | 0.10% | 1.63% | 2.26% | 1.24% |
| --- | --- | --- | --- | --- | --- |
| Income | (0.01) | (0.01) | (0.02) | (0.02) | (0.01) |

6

# T. ROWE PRICE TREASURY RESERVE FUND

November 30, 2022 (Unaudited)

FINANCIAL HIGHLIGHTS

Par $ Value

(Amounts in 000s)

| U.S. GOVERNMENT AGENCY DEBT |  | 2.3% |  | 2.3% |  |
| --- | --- | --- | --- | --- | --- |
| Ratios to average net assets during each period, assuming reinvestment of all distributions, and payment of no redemption or |  |  |  |  |  |
| NET ASSETS VALUE |  |  |  |  |  |
| Cash and cash equivalents | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Cash and cash equivalents | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Payments by Loan Banks | 2.36% | 12/15/22 |  | 155,420 | 155,278 |
| Interest Income Loan Banks | 0.01% | 12/22/22 | 0.01% | 188,800 | 188,800 |
| Net expenses after waivers/payments |  |  |  |  |  |
| by Price Associates | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Net investment |  |  |  |  |  |

7

T. ROWE PRICE GOVERNMENT RESERVE FUND

| Federal Home Loan Bank | 12/13/22 | 340,800 | 340,414 |
| --- | --- | --- | --- |
| Federal Home Loan Banks, 4.00%, 1/20/23 |  | 50,000 | 49,000 |
| Federal Home Loan Banks, 4.00%, 1/25/23 |  | 175,000 | 173,938 |
| Federal Home Loan Banks, 4.25%, 4/14/23 |  | 150,000 | 149,996 |
| 3-Morgan Chase, Tri-Party, Dated 11/30/22, 3.81%, Delivery Value of $1,108,117,283 on 12/1/22, collateralized by U.S. Government Securities, 1.50%, 7.50%, 9/1/25 - 12/1/52, valued at $1,108,117,283 on 12/1/22, collateralized by U.S. Government Securities, 1.50%, 7.50%, 9/1/25 - 12/1/52, valued at $1,108,117,283 on 12/1/22, collateralized by U.S. Government Securities, 1.50%, 7.50%, 9/1/25 - 12/1/52, valued at $1,108,117,283 on 12/1/22, |  | 1.69% | 75,000 |
| Federal Home Loan Banks, 4.25%, 5/12/23 |  | 25,000 | 24,491 |
| Federal Home Loan Banks, 4.25%, 5/12/23 |  | 115,000 | 115,000 |
| Federal Home Loan Banks, 4.25%, 5/12/23 |  | 1,108,000 | 1,108,000 |
| Federal Home Loan Banks, 4.25%, 5/12/23 |  | 137,000 | 134,358 |

(1) Per share amounts calculated using average shares outstanding method.

(2) See Note 5 for details of expense-related arrangements with Price Associates.

(3) Amounts found to less than $0.01 per share.

8

T. ROWE PRICE GOVERNMENT RESERVE FUND

| Delivery Value of $533,056,261 on 12/1/22, Collateralized by |  | 1,437,806 |
| --- | --- | --- |
| Total U.S. Government Agency Debt (Cost $1,437,806) |  |  |
| U.S. Government securities, 0.63% - 5.50%, 2/28/23 - 10/20/52, | Par | $ Value |
| valued at $543,660,000 | 533,000 | 533,000 |
| U.S. GOVERNMENT AGENCY REPURCHASE |  |  |
| Royal Bank of Canada, Tri-Parity, Dated 11/30/22, 3.80%, |  |  |
| AGREEMENT 20.8% (1) |  |  |
| Other, AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |
| Total AGREEMENT 20.8% (1) |  |  |

9

T. ROWE PRICE GOVERNMENT RESERVE FUND

November 30, 2022 (Unaudited)

Public Delivery Value of 50,760,318,556 per 12/1/22

| Total Revenue | Par | $ Value |
| --- | --- | --- |
| 2,000,000 - 2,000,000, valued at (Amounts in 000s) | 6,760,000 | 6,760,000 |
|  | 147,000 | 147,000 |
| Total Revenue | 70,700 | 70,633 |
| Total Revenue | 157,000 | 156,217 |
| Total Revenue | 1,748,000 | 1,748,000 |
| Total Revenue | 157,000 | 16,436,950 |
| Total Revenue | 253,000 | 243,000 |

10

T. ROWE PRICE TREASURY RESERVE FUND

| PORTION OF INVESTMENTS |  |  |
| --- | --- | --- |
| U.S. Treasury Repurchase Agreement | 40,000 | 40,384 |
| U.S. Treasury Repurchase Agreement (Cost $2,015,930) | 10,000 | 19,805,000 |
| U.S. Treasury Repurchase Agreement (Cost $2,015,930) | 10,000 | 19,805,000 |
| U.S. Treasury Repurchase Agreement (Cost $2,015,930) | 10,000 | 19,805,000 |
| U.S. Treasury Repurchase Agreement (Cost $2,015,930) | 10,000 | 19,805,000 |

11

# T. ROWE PRICE TREASURY RESERVE FUND

November 30, 2022 (Unaudited)

| of $295,024,871 on 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |
| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

| U.S. Treasury, Bill No. 4,231,000, 12/31/22, Colateralized by U.S. Government | 101,180 | 100,993 |
| --- | --- | --- |

12

# T. ROWE PRICE GOVERNMENT RESERVE FUND

November 30, 2022 (Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | 49,800 | 49,801 |
| --- | --- | --- |
| Total U.S. Treasury Debt (Cost $2,616,113) |  | 3,845,942 |
| U.S. Treasury Notes, FRN 3M UST + 0.035%, 4.366%, 4/30/23 | 53,300 | 53,301 |
| U.S. Treasury Notes, FRN 3M UST + 0.035%, 4.367%, 10/31/23 | 12,120 | 12,120 |
| U.S. TREASURY DED/CHANGE AGREEMENT 53.9%(1) | 16,800 | 16,775 |
| Total U.S. Treasury Debt (Cost $767,938) |  | 767,938 |
| Net interest in U.S. Treasury Debt (Cost $2,616,113) 2.80%, Delivery Value of |  | 157,428 |
| Deposits by investment securities purchased |  | $2,763,868 |
| $1,579,000.00% (Net interest in U.S. Treasury Debt) |  | 70,380 |
| U.S. TREASURY DED/CHANGE AGREEMENT 73.9%(1) |  | 704 |
| Receipts by directors | 1,579,000 | 1,579,000 |
| $1,619,000.00% for shares sold |  | 5 |
| Due in affiliates |  | 2 |
| Other liabilities |  | 8,134 |
| Total liabilities |  | 285,666 |
| Total assets |  | 2,785,156 |

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

13

T. ROWE PRICE TREASURY RESERVE FUND

(Unaudited)

STANDARD OF ASSETS AND LIABILITIES

| Stock, stock, shares and per share amounts | 183,000 | 183,000 |
| --- | --- | --- |
| Credit |  |  |
| of $58,968,615 12/1/22, Collateralized by U.S. Government securities, 1.88%, 2/28/27, valued at $186,660,002 |  |  |
| Federal Reserve Bank of New York, Tri-Data, Dated 11/30/22 | $19,589,663 | $19,589,663 |
| 3.80% | 56,930 | 56,930 |
| Collateralized by U.S. Government securities, 0.13%, 2.38% |  |  |
| of value capital stock outstanding; 100,000,000,000 shares of the Shareholder | $11/30/22 | $5 |
| of Shareholder | $391 | $391 |
| NET ASSETS and shareholder reports | $221,421.75 | $221,421.75 |
| NET ASSETS and accounting | 22,151 | 19,589,272 |
|  | $2,763,005 | $2,763,005 |
|  | $19,589,663 |  |

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

14

T. ROWE PRICE GOVERNMENT RESERVE FUND

(Unaudited)

| STATEMENT OF OPERATIONS | part of these financial statements. | 1,575,000 | 1,575,000 |
| --- | --- | --- | --- |
| ($000s) |  |  |  |

| Directors | 6 Months |
| --- | --- |
| Net Assets Consist of: | 13 |
| Net Assets | $11/30/2020 |
| Net Assets | $331.00 |
| Net Assets | $223,994 |
| Net Assets | $2,763,034 |
| the Corporation authorized | 4 |
| Realized Gain / Loss |  |
| Net Assets and Shareholder reports | $2,763,035 |
| Net Assets and accounts | 13 |
| Legal and audit |  |

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

15

T. ROWE PRICE TREASURY RESERVE FUND

(Unaudited)

# STATEMENT OF OPERATIONS

($000s)

| Directors | 6 Months Ended | Year Ended |
| --- | --- | --- |
| Miscellaneous | 11/30/22 | $221,150.00 |
| INCREASE IN NET ASSETS FROM OPERATIONS |  | 5,731,655 |
| Net investment income |  | 36,484 |
| Increase (Decrease) in Net Assets |  |  |
| Operations |  |  |
| Realized Gain / Loss |  |  |
| Net investment income | $221,090 | $27,764 |
| Net realized gain on securities |  | 6 |
| Net realized gain | 61 | 463 |
| Increase in net assets from operations | 221,151 | 28,227 |

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

16

T. ROWE PRICE GOVERNMENT RESERVE FUND

(Unaudited)

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| INCREASE IN NET ASSETS FROM OPERATIONS | 6 Months Ended (221,000) | $ | Year 36,492 Ended (27,164) |
| --- | --- | --- | --- |
| Increase (Decrease) in Net Assets |  |  |  |
| Capital share transactions |  |  |  |
| Operations |  |  |  |
| Shares sold |  |  |  |
| Net investment income | $90,705,845 |  | $153,199,686 |
| Distributions reinvested |  |  |  |
| Net related gain | 188,955 | 8 | 24,548 |
| Shares redeemed |  |  |  |
| Increase in net assets from operations | (86,770,418) |  | (157,976,001) |
| Increase (decrease) in net assets from capital share | 36,492 |  | 4,238 |

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

17

T. ROWE PRICE TREASURY RESERVE FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Distributions to shareholders 4,124,384 (4,751,835)
Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Government Reserve
Net earnings (36,464) (4,321)
T. Rowe Price Treasury Reserve Fund (Treasury
Net Assets)
Increase (if applicable) from a diversified, open-end management investment company
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable) (if applicable)
(see above) (if applicable)
(see above) (if applicable)
(see above)
(see above)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)
(if applicable)

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

18

T. ROWE PRICE RESERVE INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS

T. Rowe Price Reserve Investment Funds, Inc. (the corporation) is registered under the
or fund shares are transacted at the next-compiled 1970 per share, after receipt of the
representation order by T. Rowe Price Associates, Inc. or its affiliates and are not available for direct purchase by members of the public. Each
Capital share transactions at net asset value of $1.00 per share.
Note: Accounting Guidance on the FASB Money Accounting and Standards Act of 1938 (ASU)
Net Assets
Investments in the Company's financial operations as temporarily, secured and/or
disclosed (decrease) during period of the period 1970 to 1980 (as of 1970)
Reference Rate Reform on Financial Reporting in March 2000 and ASU 2001-01-01
Beginning of period 1970
End of period 1970 which provided further amendments and 2,763,000 $ to 2,695,000

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

19

T. ROWE PRICE RESERVE INVESTMENT FUNDS

NYSE closes earlier, or as may be permitted by the SEC. Purchases and redemptions

These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of medications due to the planned discontinuation of the 2022 Plan. Each unit is an increased inventory and full-time reimbursement and related statements. The following is a 2022 Management Plan (GASP) for the relief provided under Topic 648, which is not expected to have a material impact on the funds were prepared in accordance with accounting principles generally accepted in the Financial Statements. Level 3, unobservable inputs (including the Valuation Designee's assumptions in United States of America (GAAP), including, but not limited to, ASC 946, GAAP indemnification, and the value of estimates made by management management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates,

20

T. ROWE PRICE RESERVE INVESTMENT FUNDS

Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or

international, in an order to be a result of the market, which is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market. The market is not a result of the market.

**NOTE 2: VALUATION**
The following table provides the information in English:

21

T. ROWE PRICE RESERVE INVESTMENT FUNDS

exceeds the delivery value of the repurchase agreements at maturity. Although risk is (IBOR). While publication for most LIBOR currencies and lesser-used USD LIBOR necessarily an indication of the risk or liquidity associated with financial instruments at the time of the issue of the issue, the NYSE and the NYSE are not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used. The NYSE is not to be used.

22

T. ROWE PRICE RESERVE INVESTMENT FUNDS

# **NOTE 5 - RELATED PARTY TRANSACTIONS**

The Company is a 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of the 2017-2018 period of

**NOTE 6 - INVESTMENT TRANSACTIONS**
**NOTE 4 - FEDERAL INCOME TAXES**

23

T. ROWE PRICE RESERVE INVESTMENT FUNDS

Since 2020, a novel strain of coronavirus (COVID-19) has resulted in disruptions

# **RECORDS**

The following table provides the information in a tabular format:

24

T. ROWE PRICE GOVERNMENT RESERVE FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

RECORDS
The records of the Department of the Treasury, Government, and the United States Department of the Treasury, are not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury. The Department of the Treasury is not to be disclosed to the Department of the Treasury.

25

T. ROWE PRICE TREASURY RESERVE FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

For more information on the product, please visit the following web page that says, "Proxy Voting Records." Click on the Proxy Voting Records link in the shaded box. https://www.troweprice.com/corporate/us/en/utility/policies.html

HOW TO OBTAIN QUARTERLY PORTFOLIO MOLDINGS SAYS "Proxy Voting

NOTES: The product is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that is not a product that

# investment goals

- •
- •
- •
- •
- •

26

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

Not applicable.

**Item 2. Code of Ethics.**

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics is not intended to be used in Form N-CSR. No information or information is not contained in the code of ethics during the registrant's most recent fiscal half-year.

**Item 3. Application of the Form N-CSR to the Board of Directors and the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors

**Item 4. Principal Accountant or Firm of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board of Directors of the Board

**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.

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

# **Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

# **Item 12. Disclosure of Securities Funding Activities for Closed-End Management Investment Companies.**

| Information | General | Investments | Outcome | Source |
| --- | --- | --- | --- | --- |
| Not applicable | Additional, Roth, Rollover/Transfer, or Brokerage | Individual or Joint Tenant | T. Rowe Price-managed |  |
|  |  |  | 529 plans offer tax-advantaged solutions for families saving money for college tuition and education- |  |
| Item 13. Exhibits. |  |  |  |  |
| (a) The registrant's code of ethics pursuant to Form N-CSR is filed with the registrant's initial Form N-CSR. |  |  |  |  |
| (1) Small Business Plans help minimize taxes |  | access to stocks, ETFs, bonds and more |  |  |
| (2) A certificate is issued by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. |  |  |  |  |

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Reserve Investment Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer
T. Rowe Price
Gifts and transfers to a
child (UGMA/UTMAs)
related expenses
Date
Actuarial 2023
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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 same time and on the date 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

visit troweprice.com/broadrange

*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.

$^{1}$ The T. Rowe Price $^{®}$ ActivePlus Portfolios is a discretionary investment management program provided by

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

C25-051 1/23

## 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 Reserve
Investment Funds;

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 Reserve
Investment Funds;

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 |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Reserve Investment Funds

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---