T. Rowe Price Reserve Investment Funds Inc.
08/05/2024 | Press release | Distributed by Public on 08/05/2024 14:20
Annual Report by Investment Company Form N CSR
T. Rowe Price Treasury Reserve Fund_GRS
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: May 31, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
May 31, 2024
Treasury Reserve Fund
This annual shareholder report contains important information about Treasury Reserve Fund (the "fund") for the period of June 1, 2023 to May 31, 2024. 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 year? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Treasury Reserve Fund
|
$1
|
0.01%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$2,427,311
|
|
Number of Portfolio Holdings
|
56
|
|
Investment Advisory Fees Paid (000s)
|
$0
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
U.S. Treasury Repurchase Agreement
|
56.3%
|
|
U.S. Treasury Debt
|
45.3
|
|
Other Assets less Liabilities
|
-1.6
|
Top Ten Holdings(as a % of Net Assets)
|
U.S. Treasury Bills
|
31.0%
|
|
BNY Mellon
|
15.8
|
|
U.S. Treasury Notes
|
14.4
|
|
JPMorgan Chase
|
8.4
|
|
State Street
|
8.0
|
|
Citigroup Global Markets
|
4.5
|
|
Credit Agricole
|
4.0
|
|
BNP Paribas Securities
|
3.5
|
|
Royal Bank of Canada
|
2.1
|
|
Goldman Sachs
|
2.1
|
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.
202407-3695759
F26-052 7/24
Treasury Reserve Fund
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:
| 2024 | 2023 | ||||||||
|
Audit Fees |
$ | 25,242 | $ | 24,796 | |||||
|
Audit-Related Fees |
- | - | |||||||
|
Tax Fees |
- | - | |||||||
|
All Other Fees |
- | - |
Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-ratashare of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-auditservices performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-auditservices rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,230,000 and $1,521,000, respectively.
(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
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
Additional
Fund
Information
May
31,
2024
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Treasury
Reserve
Fund
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.
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ROWE
PRICE
Treasury
Reserve
Fund
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.
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Rowe
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it.
T.
ROWE
PRICE
Treasury
Reserve
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
1
.00
$
1
.00
$
1
.00
$
1
.00
$
1
.00
Investment
activities
Net
investment
income
(1)(2)
0
.05
0
.03
-
(3)
-
(3)
0
.02
Net
realized
and
unrealized
gain/loss
-
(3)
-
(3)
-
(3)
-
(3)
-
(3)
Total
from
investment
activities
0
.05
0
.03
-
(3)
-
(3)
0
.02
Distributions
Net
investment
income
(
0
.05
)
(
0
.03
)
-
(3)
-
(3)
(
0
.02
)
NET
ASSET
VALUE
End
of
period
$
1
.00
$
1
.00
$
1
.00
$
1
.00
$
1
.00
Ratios/Supplemental
Data
Total
return
(2)(4)
5
.51
%
3
.55
%
0
.13
%
0
.10
%
1
.63
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.01
%
0
.01
%
0
.01
%
0
.01
%
0
.01
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.01
%
0
.01
%
0
.01
%
0
.01
%
0
.01
%
Net
investment
income
5
.34
%
3
.43
%
0
.12
%
0
.10
%
1
.69
%
Net
assets,
end
of
period
(in
millions)
$2,427
$3,046
$2,695
$3,546
$3,420
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.
T.
ROWE
PRICE
Treasury
Reserve
Fund
May
31,
2024
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
U.S.
TREASURY
DEBT 45.3%
U.S.
Treasury
Bills,
4.841%,
12/26/24
12,000
11,679
U.S.
Treasury
Bills,
4.923%,
1/23/25
33,000
31,983
U.S.
Treasury
Bills,
4.954%,
2/20/25
17,000
16,411
U.S.
Treasury
Bills,
5.118%,
3/20/25
14,000
13,447
U.S.
Treasury
Bills,
5.124%,
8/1/24
32,000
31,729
U.S.
Treasury
Bills,
5.186%,
4/17/25
14,000
13,386
U.S.
Treasury
Bills,
5.189%,
5/15/25
4,000
3,809
U.S.
Treasury
Bills,
5.198%,
8/15/24
11,125
11,008
U.S.
Treasury
Bills,
5.215%,
6/13/24
20,000
19,967
U.S.
Treasury
Bills,
5.239%,
6/4/24
41,000
40,982
U.S.
Treasury
Bills,
5.255%,
11/29/24
20,000
19,489
U.S.
Treasury
Bills,
5.261%,
10/3/24
7,000
6,876
U.S.
Treasury
Bills,
5.289%,
10/31/24
20,000
19,575
U.S.
Treasury
Bills,
5.293%,
11/7/24
7,000
6,841
U.S.
Treasury
Bills,
5.31%,
8/8/24
6,000
5,943
U.S.
Treasury
Bills,
5.315%,
8/22/24
29,000
28,654
U.S.
Treasury
Bills,
5.321%,
6/6/24
85,000
84,938
U.S.
Treasury
Bills,
5.321%,
7/18/24
25,000
24,829
U.S.
Treasury
Bills,
5.322%,
8/13/24
22,000
21,767
U.S.
Treasury
Bills,
5.326%,
7/25/24
34,000
33,732
U.S.
Treasury
Bills,
5.326%,
8/29/24
57,000
56,259
U.S.
Treasury
Bills,
5.327%,
9/17/24
32,000
31,497
U.S.
Treasury
Bills,
5.33%,
9/24/24
67,500
66,371
U.S.
Treasury
Bills,
5.331%,
9/10/24
61,000
60,103
U.S.
Treasury
Bills,
5.332%,
8/20/24
21,000
20,755
U.S.
Treasury
Bills,
5.332%,
10/1/24
43,000
42,255
U.S.
Treasury
Bills,
5.338%,
9/3/24
19,372
19,107
U.S.
Treasury
Bills,
5.377%,
7/11/24
8,000
7,955
U.S.
Treasury
Notes,
0.50%,
3/31/25
6,000
5,783
U.S.
Treasury
Notes,
0.75%,
11/15/24
15,000
14,709
U.S.
Treasury
Notes,
2.25%,
11/15/24
2,000
1,974
U.S.
Treasury
Notes,
2.625%,
4/15/25
10,000
9,799
U.S.
Treasury
Notes,
3.875%,
3/31/25
16,000
15,855
U.S.
Treasury
Notes,
3.875%,
4/30/25
19,000
18,805
U.S.
Treasury
Notes,
4.375%,
10/31/24
26,000
25,910
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.125%,
5.451%,
7/31/25
101,300
101,267
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
5.466%,
10/31/24
54,035
54,013
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.169%,
5.495%,
4/30/25
10,000
10,002
T.
ROWE
PRICE
Treasury
Reserve
Fund
5
Par
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.17%,
5.496%,
10/31/25
51,000
50,968
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.20%,
5.526%,
1/31/25
15,400
15,400
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.245%,
5.571%,
1/31/26
25,275
25,287
Total
U.S.
Treasury
Debt
(Cost
$1,101,119)
1,101,119
U.S.
TREASURY
REPURCHASE
AGREEMENT 56.3%(1)
Bank
of
America,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$16,007,093
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
4.00%,
2/28/30,
valued
at
$16,320,001
16,000
16,000
Bank
of
Montreal,
Tri-Party,
Dated
5/30/24,
5.32%,
Delivery
Value
of
$17,017,586
on
6/6/24,
Collateralized
by
U.S.
Government
securities,
3.88%,
8/15/33,
valued
at
$17,340,071
17,000
17,000
BNP
Paribas
Securities,
Tri-Party,
Dated
5/28/24,
5.31%,
Delivery
Value
of
$86,088,795
on
6/4/24,
Collateralized
by
U.S.
Government
securities,
0.25%
-
5.53%,
6/30/24
-
11/15/53,
valued
at
$87,720,021
86,000
86,000
BNY
Mellon,
Bilateral,
Dated
5/31/24,
5.33%,
Delivery
Value
of
$384,170,560
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
4.88%,
5/31/26,
valued
at
$391,680,078
384,000
384,000
Citigroup
Global
Markets,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$109,048,323
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
0.75%
-
4.25%,
9/30/24
-
8/15/28,
valued
at
$111,180,085
109,000
109,000
Credit
Agricole,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$97,973,416
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
3.88%,
8/15/33,
valued
at
$99,888,657
97,930
97,930
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
5/31/24,
5.30%,
Delivery
Value
of
$35,015,458
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
1.50%,
2/15/25,
valued
at
$35,015,520
35,000
35,000
Goldman
Sachs,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$51,052,757
on
6/7/24,
Collateralized
by
U.S.
Government
securities,
1.50%,
1/31/27,
valued
at
$52,020,064
51,000
51,000
HSBC
Securities,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$48,021,280
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
1.13%
-
1.75%,
2/28/27
-
1/31/29,
valued
at
$48,960,088
48,000
48,000
JPMorgan
Chase,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$203,089,997
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
2.75%
-
4.13%,
1/31/25
-
2/15/28,
valued
at
$207,060,094
203,000
203,000
T.
ROWE
PRICE
Treasury
Reserve
Fund
6
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
RBC
Dominion
Securities,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$32,014,187
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
0.13%
-
4.88%,
11/30/25
-
2/15/53,
valued
at
$32,640,069
32,000
32,000
Royal
Bank
of
Canada,
Tri-Party,
Dated
5/28/24,
5.31%,
Delivery
Value
of
$51,052,658
on
6/4/24,
Collateralized
by
U.S.
Government
securities,
0.75%,
8/31/26,
valued
at
$52,020,001
51,000
51,000
State
Street,
Bilateral,
Dated
5/31/24,
5.33%,
Delivery
Value
of
$194,086,168
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
0.625%,
7/31/26,
valued
at
$197,880,164
194,000
194,000
Toronto-Dominion
Bank,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$26,011,527
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
0.50%
-
4.63%,
7/31/24
-
2/28/31,
valued
at
$26,520,034
26,000
26,000
Wells
Fargo,
Tri-Party,
Dated
5/31/24,
5.32%,
Delivery
Value
of
$16,007,093
on
6/3/24,
Collateralized
by
U.S.
Government
securities,
0.25%,
2/15/50,
valued
at
$16,320,017
16,000
16,000
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$1,365,930)
1,365,930
Total
Investments
in
Securities
101.6%
of
Net
Assets
(Cost
$2,467,049)
$
2,467,049
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$1,392,565
at
May
31,
2024.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Treasury
Reserve
Fund
May
31,
2024
Statement
of
Assets
and
Liabilities
7
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$2,467,049)
$
2,467,049
Interest
receivable
1,830
Cash
9
Other
assets
722
Total
assets
2,469,610
Liabilities
Payable
for
investment
securities
purchased
42,255
Due
to
affiliates
8
Payable
to
directors
1
Other
liabilities
35
Total
liabilities
42,299
NET
ASSETS
$
2,427,311
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
29
)
Paid-in
capital
applicable
to
2,426,860,033
shares
of
$0.0001
par
value
capital
stock
outstanding;
100,000,000,000
shares
of
the
Corporation
authorized
2,427,340
NET
ASSETS
$
2,427,311
NET
ASSET
VALUE
PER
SHARE
$
1.00
T.
ROWE
PRICE
Treasury
Reserve
Fund
Statement
of
Operations
8
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
5/31/24
Investment
Income
(Loss)
Interest
income
$
140,644
Expenses
Prospectus
and
shareholder
reports
9
Custody
and
accounting
216
Legal
and
audit
30
Executive,
directors,
and
officer
insurance
12
Directors
10
Miscellaneous
3
Total
expenses
280
Net
investment
income
140,364
Realized
Gain
/
Loss
-
Net
realized
loss
on
securities
(
2
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
140,362
T.
ROWE
PRICE
Treasury
Reserve
Fund
Statement
of
Changes
in
Net
Assets
9
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5/31/24
5/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
140,364
$
101,926
Net
realized
gain
(loss)
(
2
)
42
Increase
in
net
assets
from
operations
140,362
101,968
Distributions
to
shareholders
Net
earnings
(
140,364
)
(
101,926
)
Capital
share
transactions
*
Shares
sold
35,939,513
33,307,733
Distributions
reinvested
141,078
101,926
Shares
redeemed
(
36,699,399
)
(
33,058,979
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
618,808
)
350,680
Net
Assets
Increase
(decrease)
during
period
(
618,810
)
350,722
Beginning
of
period
3,046,121
2,695,399
End
of
period
$
2,427,311
$
3,046,121
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Treasury
Reserve
Fund
NOTES
TO
FINANCIAL
STATEMENTS
10
T.
Rowe
Price
Reserve
Investment
Funds,
Inc.
(the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Treasury
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.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
T.
ROWE
PRICE
Treasury
Reserve
Fund
11
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
Treasury
Reserve
Fund
12
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
May
31,
2024,
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
objective,
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
Treasury
Reserve
Fund
13
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.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
May
31,
2024,
the
tax-basis
cost
of
investments
was as
follows:
At
May
31,
2024,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
($000s)
May
31,
2024
May
31,
2023
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
140,364
$
101,926
($000s)
Cost
of
investments
$
2,467,049
($000s)
Overdistributed
ordinary
income
$
(27)
Loss
carryforwards
and
deferrals
(2)
Total
distributable
earnings
(loss)
$
(29)
T.
ROWE
PRICE
Treasury
Reserve
Fund
14
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
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
funds
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
year
ended
May
31,
2024,
expenses
incurred
by
the
fund
pursuant
to
these
service
agreements
were
$100,000
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
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
May
31,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia's
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
T.
ROWE
PRICE
Treasury
Reserve
Fund
15
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
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.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Treasury
Reserve
Fund
16
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Reserve
Investment
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Treasury
Reserve
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Treasury
Reserve
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Reserve
Investment
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
May
31,
2024,
the
related
statement
of
operations
for
the
year
ended
May
31,
2024,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2024
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
May
31,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2024,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Treasury
Reserve
Fund
17
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
May
31,
2024
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
July
18,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Treasury
Reserve
Fund
18
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 5/31/24
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j),
$140,369,000
of
the
fund's
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
T.
ROWE
PRICE
Treasury
Reserve
Fund
19
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund's
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2024
(Meeting),
the
Board,
including
all
of
the
fund's
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund's
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds'
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund's
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund's
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund's
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser's
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser's
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Treasury
Reserve
Fund
20
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
Because
the
fund
is
not
publicly
available,
performance
information
specific
to
the
fund
was
not
supplied
by
Broadridge
at
the
Meeting.
The
Board
concluded
that
its
ongoing
review
of
the
fund's
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Adviser
does
not
receive
management
fees
from
the
fund.
Accordingly,
the
Board
did
not
review
information
relating
to
revenues
received
by
the
Adviser
under
the
Advisory
Contract.
The
Board
did
review
information
regarding
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund
or
other
T.
Rowe
Price
funds
that
invest
in
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund's
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds'
securities
transactions
to
pay
for
research
when
permissible.
The
Board
also
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
and
its
affiliates
from
advising
T.
Rowe
Price
funds
and
concluded
that
the
Adviser's
profits
were
reasonable.
Although
the
Adviser
does
not
receive
management
fees
from
the
fund
under
the
Advisory
Contract,
the
fund's
shareholders
benefit
from
potential
economies
of
scale
through
the
fund's
low
operating
expenses
and
low
total
expense
ratio.
Because
the
fund
does
not
charge
management
fees
and
is
only
available
for
purchase
by
the
Adviser
and
its
affiliated
investment
advisers
on
behalf
of
mutual
funds
and
other
institutional
client
accounts
for
which
the
Adviser
or
its
affiliate
has
discretionary
investment
authority,
the
Board
did
not
review
fees
and
expenses
of
other
comparable
funds
or
of
institutional
accounts
of
the
Adviser
and
its
affiliates.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F26-050
7/24
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-CSR is attached. |
|||
| (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 Treasury Reserve Fund | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | July 18, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | July 18, 2024 |
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | July 18, 2024 |