T. Rowe Price Reserve Investment Funds Inc.

01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:52

Semi-Annual Report by Investment Company (Form N-CSRS)

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2025

Government Reserve Fund

This semi-annual shareholder report contains important information about Government Reserve Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Government Reserve Fund
$0
0.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$13,058,762
Number of Portfolio Holdings
52

What did the fund invest in?

Security Allocation (as a % of Net Assets)

U.S. Treasury Repurchase Agreement
39.1%
U.S. Government Agency Repurchase Agreement
28.5
U.S. Treasury Debt
26.1
U.S. Government Agency Debt
2.9
Short-Term and Other
3.4

Top Ten Holdings(as a % of Net Assets)

BNY Mellon
20.3%
Federal Reserve Bank of New York
16.7
U.S. Treasury Bills
15.6
U.S. Treasury Notes
10.6
Credit Agricole
7.7
Royal Bank of Canada
4.3
RBC Dominion Securities
4.0
Citigroup Global Markets
3.8
Federal Home Loan Banks
2.4
Canadian Imperial Bank
2.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202407-3695759

F25-053 1/26

Government Reserve Fund

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant's annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant's annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Government
Reserve
Fund
T.
ROWE
PRICE
Government
Reserve
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
Investment
activities
Net
investment
income
(1)(2)
0.02‌
0.05‌
0.05‌
0.03‌
-‌
(3)
-‌
(3)
Net
realized
and
unrealized
gain/
loss
-‌
(3)
-‌
(3)
-‌
(3)
-‌
(3)
-‌
(3)
-‌
(3)
Total
from
investment
activities
0.02‌
0.05‌
0.05‌
0.03‌
-‌
(3)
-‌
(3)
Distributions
Net
investment
income
(0.02‌)
(0.05‌)
(0.05‌)
(0.03‌)
-‌
(3)
-‌
(3)
NET
ASSET
VALUE
End
of
period
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
T.
ROWE
PRICE
Government
Reserve
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
2.14‌%
4.88‌%
5.53‌%
3.55‌%
0.14‌%
0.08‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.00‌%
(5)
0.00‌%
0.00‌%
0.00‌%
0.00‌%
0.00‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00‌%
(5)
0.00‌%
0.00‌%
0.00‌%
0.00‌%
0.00‌%
Net
investment
income
4.26‌%
(5)
4.76‌%
5.36‌%
3.47‌%
0.13‌%
0.08‌%
Net
assets,
end
of
period
(in
millions)
$13,059
$19,507
$14,488
$16,036
$15,465
$20,217
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Government
Reserve
Fund
November
30,
2025
Unaudited
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
AGENCY
DEBT 2.9%
Federal
Farm
Credit
Banks,
FRN,
3M
UST
+
0.20%,
3.96%,
11/5/27
30,000‌
30,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.14%,
4.19%,
11/20/26
15,000‌
15,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.14%,
4.19%,
11/25/26
7,000‌
7,000‌
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.15%,
4.20%,
11/27/26
15,000‌
15,000‌
Federal
Home
Loan
Banks,
3.875%,
2/26/26
60,000‌
59,962‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.175%,
4.225%,
10/28/27
75,000‌
75,000‌
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.18%,
4.23%,
10/1/27
175,000‌
175,000‌
Total
U.S.
Government
Agency
Debt
(Cost
$376,962)
376,962‌
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT 28.5%(1)
Bank
of
America,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$57,019
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.50%
-
7.00%,
5/1/34
-
12/1/55,
valued
at
$58,140
57,000‌
57,000‌
Bank
of
Montreal,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$57,019
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
4.63%
-
5.34%,
9/15/60
-
12/15/60,
valued
at
$58,140
57,000‌
57,000‌
BMO
Capital
Markets,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$43,015
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
0.38%
-
4.63%,
11/30/25
-
11/15/35,
valued
at
$43,860
43,000‌
43,000‌
BNP
Paribas
Securities
Corp,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$45,015
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.00%
-
5.50%,
7/1/37
-
1/1/53,
valued
at
$45,900
45,000‌
45,000‌
BNY
Mellon,
Bilateral,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$816,278
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.00%
-
8.50%,
4/1/29
-
11/1/55,
valued
at
$832,321
816,000‌
816,000‌
Canadian
Imperial
Bank,
Tri-Party,
Dated
11/28/25,
4.12%,
Delivery
Value
of
$294,101
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.50%
-
8.00%,
1/1/27
-
11/1/55,
valued
at
$299,880
294,000‌
294,000‌
T.
ROWE
PRICE
Government
Reserve
Fund
5
Par
$
Value
(Amounts
in
000s)
Citigroup
Global
Markets,
Tri-Party,
Dated
11/24/25,
3.96%,
Delivery
Value
of
$86,066
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
3.63%
-
4.00%,
9/30/30
-
1/31/31,
valued
at
$87,720
86,000‌
86,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$105,036
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
4.50%,
7/15/26,
valued
at
$107,100
105,000‌
105,000‌
Credit
Agricole,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$747,685
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.50%
-
7.50%,
11/30/25
-
11/20/55,
valued
at
$762,379
747,430‌
747,430‌
Goldman
Sachs,
Tri-Party,
Dated
11/26/25,
4.03%,
Delivery
Value
of
$174,136
on
12/3/25,
Collateralized
by
U.S.
Government
securities,
2.00%
-
6.50%,
9/1/28
-
10/20/55,
valued
at
$177,480
174,000‌
174,000‌
Goldman
Sachs,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$72,025
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
4.00%
-
6.50%,
4/20/39
-
7/20/65,
valued
at
$73,440
72,000‌
72,000‌
HSBC
Securities,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$86,029
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.50%
-
7.00%,
8/1/32
-
10/1/55,
valued
at
$87,720
86,000‌
86,000‌
JPMorgan
Chase,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$218,074
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.00%
-
7.50%,
3/1/28
-
11/1/55,
valued
at
$222,360
218,000‌
218,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$502,171
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
0.00%
-
7.50%,
1/27/26
-
12/1/55,
valued
at
$512,040
502,000‌
502,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$143,049
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.75%
-
6.00%,
2/15/26
-
11/15/55,
valued
at
$145,860
143,000‌
143,000‌
Toronto-Dominion
Bank,
Tri-Party,
Dated
11/28/25,
4.06%,
Delivery
Value
of
$63,050
on
12/5/25,
Collateralized
by
U.S.
Government
securities,
2.00%
-
4.00%,
4/20/51
-
6/20/52,
valued
at
$64,260
63,000‌
63,000‌
Wells
Fargo,
Tri-Party,
Dated
11/28/25,
4.09%,
Delivery
Value
of
$210,167
on
12/5
/25,
Collateralized
by
U.S.
Government
securities,
1.50%
-
6.50%,
7/1/34
-
11/1/55,
valued
at
$214,200
210,000‌
210,000‌
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$3,718,430)
3,718,430‌
T.
ROWE
PRICE
Government
Reserve
Fund
6
Par
$
Value
(Amounts
in
000s)
U.S.
TREASURY
DEBT 26.1%
U.S.
Treasury
Bills,
2.043%,
12/11/25
9,800‌
9,789‌
U.S.
Treasury
Bills,
3.767%,
5/21/26
350,000‌
343,855‌
U.S.
Treasury
Bills,
3.782%,
2/24/26
150,000‌
148,677‌
U.S.
Treasury
Bills,
3.783%,
3/26/26
250,000‌
247,036‌
U.S.
Treasury
Bills,
3.793%,
3/24/26
169,956‌
167,957‌
U.S.
Treasury
Bills,
3.824%,
3/3/26
275,000‌
272,346‌
U.S.
Treasury
Bills,
3.834%,
2/3/26
250,000‌
248,317‌
U.S.
Treasury
Bills,
3.838%,
2/10/26
125,000‌
124,066‌
U.S.
Treasury
Bills,
3.857%,
2/17/26
120,000‌
119,010‌
U.S.
Treasury
Bills,
3.881%,
1/27/26
273,500‌
271,841‌
U.S.
Treasury
Bills,
3.889%,
1/13/26
85,000‌
84,610‌
U.S.
Treasury
Notes,
0.75%,
5/31/26
95,000‌
93,462‌
U.S.
Treasury
Notes,
0.875%,
6/30/26
41,000‌
40,233‌
U.S.
Treasury
Notes,
3.625%,
5/15/26
53,000‌
52,873‌
U.S.
Treasury
Notes,
3.75%,
8/31/26
40,000‌
39,889‌
U.S.
Treasury
Notes,
4.125%,
6/15/26
159,000‌
158,961‌
U.S.
Treasury
Notes,
4.625%,
6/30/26
135,000‌
135,354‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.15%,
3.93%,
4/30/26
100,000‌
99,997‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.159%,
3.939%,
7/31/27
330,000‌
329,969‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.182%,
3.962%,
7/31/26
320,000‌
319,976‌
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.245%,
4.025%,
1/31/26
106,000‌
106,005‌
Total
U.S.
Treasury
Debt
(Cost
$3,414,223)
3,414,223‌
U.S.
TREASURY
REPURCHASE
AGREEMENT 39.1%(1)
BNY
Mellon,
Bilateral,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$1,838,625
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
3.88%,
6/30/30,
valued
at
$1,874,760
1,838,000‌
1,838,000‌
Citigroup
Global
Markets,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$310,105
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
0.25%
-
4.13%,
5/15/29
-
11/15/29,
valued
at
$316,293
310,000‌
310,000‌
Credit
Agricole,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$254,326
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
0.00%
-
4.38%,
12/2/25
-
11/15/49,
valued
at
$259,325
254,240‌
254,240‌
T.
ROWE
PRICE
Government
Reserve
Fund
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/28/25,
3.75%,
Delivery
Value
of
$2,184,683
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.13%,
2/15/31,
valued
at
$2,184,683
2,184,000‌
2,184,000‌
RBC
Dominion
Securities,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$26,009
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
1.25%,
5/31/28,
valued
at
$26,520
26,000‌
26,000‌
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$415,141
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.88%
-
4.38%,
11/30/25
-
8/31/29,
valued
at
$423,300
415,000‌
415,000‌
State
Street,
Bilateral,
Dated
11/28/25,
4.08%,
Delivery
Value
of
$72,024
on
12/1/25,
Collateralized
by
U.S.
Government
securities,
2.63%,
5/31/27,
valued
at
$73,440
72,000‌
72,000‌
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$5,099,240)
5,099,240‌
Total
Investments
in
Securities
96.6%
of
Net
Assets
(Cost
$12,608,855)
$
12,608,855‌
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$8,951,121
at
November
30,
2025.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
Government
Reserve
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
8
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$12,608,855)
$
12,608,855‌
Receivable
for
shares
sold
435,458‌
Interest
receivable
14,895‌
Cash
1‌
Other
assets
14‌
Total
assets
13,059,223‌
Liabilities
Due
to
affiliates
13‌
Payable
to
directors
6‌
Other
liabilities
442‌
Total
liabilities
461‌
NET
ASSETS
$
13,058,762‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
430‌
Paid-in
capital
applicable
to
13,053,616,400
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
13,058,332‌
NET
ASSETS
$
13,058,762‌
NET
ASSET
VALUE
PER
SHARE
$
1.00‌
T.
ROWE
PRICE
Government
Reserve
Fund
Unaudited
Statement
of
Operations
9
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
$
299,114‌
Other
3‌
Total
income
299,117‌
Expenses
Shareholder
servicing
2‌
Prospectus
and
shareholder
reports
4‌
Custody
and
accounting
239‌
Directors
23‌
Legal
and
audit
16‌
Executive,
directors,
and
officer
insurance
11‌
Miscellaneous
11‌
Total
expenses
306‌
Net
investment
income
298,811‌
Realized
Gain
/
Loss
-
Net
realized
gain
on
securities
100‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
298,911‌
T.
ROWE
PRICE
Government
Reserve
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
10
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
298,811‌
$
751,882‌
Net
realized
gain
100‌
367‌
Increase
in
net
assets
from
operations
298,911‌
752,249‌
Distributions
to
shareholders
Net
earnings
(298,816‌)
(751,882‌)
Capital
share
transactions
*
Shares
sold
84,746,406‌
166,662,371‌
Distributions
reinvested
234,968‌
562,724‌
Shares
redeemed
(91,430,024‌)
(162,205,707‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(6,448,650‌)
5,019,388‌
Net
Assets
Increase
(decrease)
during
period
(6,448,555‌)
5,019,755‌
Beginning
of
period
19,507,317‌
14,487,562‌
End
of
period
$
13,058,762‌
$
19,507,317‌
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Government
Reserve
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
11
T.
Rowe
Price
Reserve
Investment
Funds,
Inc.
(the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The Government
Reserve
Fund
(the
fund) is
a
diversified,
open-end
management
investment
company established
by
the
corporation.
The
fund
seeks
to
maximize
preservation
of
capital,
liquidity,
and,
consistent
with
these
goals,
the
highest
possible
current
income.
The
fund is
offered
as
a
cash
management
option
to
mutual
funds,
trusts,
and
other
accounts
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates)
and
its
affiliates,
and
is
not
available
for
direct
purchase
by
members
of
the
public.
The
fund
intends
to
operate
as
a
government
money
market
fund
and
has
no
intention
to
voluntarily
impose
liquidity
fees
on
redemptions
or
temporarily
suspend
redemptions.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions
are
declared
daily
and
paid
monthly.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
T.
ROWE
PRICE
Government
Reserve
Fund
12
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
The fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee.
The
Valuation Designee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Government
Reserve
Fund
13
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
In
accordance
with
Rule
2a-7
under
the
1940
Act,
the fund
values
its
securities
at
amortized
cost,
which
approximates
fair
value.
Securities
for
which
amortized
cost
is
deemed
not
to
reflect
fair
value
are
stated
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee,
in
accordance
with
fair
valuation
policies
and
procedures.
On
November
30,
2025,
all
of
the fund's
financial
instruments
were
classified
as
Level
2
in
the
fair
value
hierarchy.
NOTE
3
-
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objectives,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Repurchase
Agreements
The
fund
engages
in
repurchase
agreements,
pursuant
to
which
it
pays
cash
to
and
receives
securities
from
a
counterparty
that
agrees
to
"repurchase"
the
securities
at
a
specified
time,
typically
within
seven
business
days,
for
a
specified
price. The
fund
enters
into
such
agreements
with
well-established
securities
dealers
or
banks
that
are
members
of
the
Federal
Reserve
System
and
are
on
T.
Rowe
Price
Associates,
Inc.'s
approved
list.
All
repurchase
agreements
are
fully
collateralized
by
U.S.
government
or
related
agency
securities,
which
are
held
by
the
custodian
designated
by
the
agreement.
Collateral
is
evaluated
daily
to
ensure
that
its
market
value
exceeds
the
delivery
value
of
the
repurchase
agreements
at
maturity.
Although
risk
is
mitigated
by
the
collateral, the
fund
could
experience
a
delay
in
recovering
its
value
and
a
possible
loss
of
income
or
value
if
the
counterparty
fails
to
perform
in
accordance
with
the
terms
of
the
agreement.
T.
ROWE
PRICE
Government
Reserve
Fund
14
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
November
30,
2025,
the
cost
of
investments for
federal
income
tax
purposes
was
$12,608,855,000.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is managed
by
Price
Associates,
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
Price
Associates,
directly
or
through
sub-advisory
agreements
with
its
wholly
owned
subsidiaries,
also
provides
investment
management
services
to
all
shareholders
of
the
fund.
The
fund
pays
no
management
fees;
however,
Price
Associates
receives
management
fees
from
the
mutual
funds
and
other
accounts
invested
in
the
fund.
Certain
officers
and
directors
of
the
fund
are
also
officers
and
directors
of
Price
Associates
and
its
subsidiaries
and
of
other
T.
Rowe
Price-sponsored
funds
invested
in
the
fund.
Pursuant
to
various
service
agreements,
Price
Associates
and
its
wholly
owned
subsidiaries
provide
shareholder
and
administrative,
transfer
and
dividend
disbursing,
accounting,
and
certain
other
services
to
the
fund.
For
the
six
months
ended
November
30,
2025,
expenses
incurred
by
the
fund
pursuant
to
these
service
agreements
were
$59,000
for
Price
Associates
and
less
than
$1,000
for
T.
Rowe
Price
Services,
Inc.
The
amounts
payable
at
period-
end
pursuant
to
these
agreements
are
included
in
Due
to
affiliates
in
the
accompanying
Statement
of
Assets
and
Liabilities.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
T.
ROWE
PRICE
Government
Reserve
Fund
15
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
T.
ROWE
PRICE
Government
Reserve
Fund
16
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
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.
F25-051
1/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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-CSRwas 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 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR.

    (2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3) 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.

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

SIGNATURES

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

T. Rowe Price Reserve Investment Funds, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  January 16, 2026

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 16, 2026

By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date 

January 16, 2026

T. Rowe Price Reserve Investment Funds Inc. published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 14:52 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]