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: 811-02603
T. Rowe Price Government Money Fund, 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, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRRXX
Government
Money
Fund
–
.
TTGXX
Government
Money
Fund–
.
I Class
T.
ROWE
PRICE
Government
Money
Fund
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Government
Money
Fund
Market
Commentary
Dear
Shareholder
Major
global
stock
and
bond
indexes
produced
mixed
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
November
30,
2023.
Nearly
all
equity
benchmarks
finished
the
period
with
positive
results
after
a
strong
rally
in
November;
however,
rising
U.S.
Treasury
yields
left
some
fixed
income
sectors
in
negative
territory.
Within
the
S&P
500
Index,
the
financials
sector
recovered
from
the
failure
of
three
large
regional
banks
earlier
in
the
year and
recorded
the
best
results
for
the
period.
The
information
technology
sector
also
delivered
strong
gains
as
technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments.
Outside
the
U.S.,
stocks
in
developed
markets
generally
outpaced
their
counterparts
in
emerging
markets,
although
emerging
Europe
and
Latin
America
produced
very
strong
returns
at
the
regional
level.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
5.2%
in
the
third
quarter’s
revised
estimate,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Although
year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Inflation
remained
a
concern
for
both
investors
and
policymakers,
but
lower-
than-expected
inflation
data
in
November
helped
spur
a
rally
late
in
the
period
as
many
investors
concluded
that
the
Federal
Reserve
had
reached
the
end
of
its
hiking
cycle.
The
Fed
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
then
held
rates
steady
for
the
remainder
of
the
period.
Despite
a
drop
in
yields
as
investor
sentiment
shifted
in
November,
intermediate-
and
longer-term
U.S.
Treasury
yields
finished
the
period
notably
higher.
After
starting
the
period
at
3.64%,
the
yield
on
the
benchmark
10-year
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling to
4.37%
by
the
end
of
November.
The
rise
in
yields
led
to
negative
returns
in
some
fixed
income
sectors,
but
both
investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year
as
well
as
by increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
T.
ROWE
PRICE
Government
Money
Fund
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
adopted
new
rules
recently
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
Although
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Government
Money
Fund
Portfolio
Summary
SECURITY
DIVERSIFICATION
Repurchase
Agreements
57%
U.S.
Treasury
Bills
18
Other
U.S.
Government
and
Agencies
18
U.S.
Treasury
Notes
8
Other
Assets
Less
Liabilities
-1
Total
100%
Based
on
net
assets
as
of
11/30/23.
T.
ROWE
PRICE
Government
Money
Fund
FUND
EXPENSE
EXAMPLE
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.
Please
note
that
the
fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
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
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
T.
ROWE
PRICE
Government
Money
Fund
GOVERNMENT
MONEY
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Investor
Class
Actual
$1,000.00
$1,025.30
$1.62
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.40
1.62
I
Class
Actual
1,000.00
1,025.80
1.06
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.95
1.06
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.32%,
and
the
2
I Class
was
0.21%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
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
0.03
—
(3)(4)
—
(3)(4)
0.01
(4
)
0.02
Net
realized
and
unrealized
gain/loss
0.01
—
(3)
—
(3)
—
(3)
—
(3)
—
(3)
Total
from
investment
activities
0.03
0.03
—
(3)
—
(3)
0.01
0.02
Distributions
Net
investment
income
(0.03)
(0.03)
—
(3)
—
(3)
(0.01)
(0.02)
NET
ASSET
VALUE
End
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(5)
2.53%
3.23%
0.04%
(4)
0.01%
(4)
1.27%
(4)
1.89%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(6)
0.32%
(7)
0.32%
0.31%
0.38%
0.40%
0.38%
Net
expenses
after
waivers/payments
by
Price
Associates
0.32%
(7)
0.32%
0.11%
(4)
0.14%
(4)
0.36%
(4)
0.38%
Net
investment
income
5.00%
(7)
3.17%
0.03%
(4)
0.01%
(4)
1.24%
(4)
1.86%
Net
assets,
end
of
period
(in
millions)
$8,430
$7,834
$7,776
$10,228
$9,065
$7,531
0%
0%
0%
0%
0%
0%
(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
round
to
less
than
$0.01
per
share.
(4)
See
Note
5.
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.20%,
0.20%
and
0.01%
of
average
net
assets)
for
the
years
ended
5/31/22,
5/31/21
and
5/31/20,
respectively.
(5)
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.
(6)
See
Note
5.
Prior
to
5/31/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(7)
Annualized
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
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)
0.03
0.03
—
(3)(4)
—
(3)(4)
0.01
0.02
Net
realized
and
unrealized
gain/loss
—
(3)
—
(3)
—
(3)
—
(3)
—
(3)
—
(3)
Total
from
investment
activities
0.03
0.03
—
(3)
—
(3)
0.01
0.02
Distributions
Net
investment
income
(0.03)
(0.03)
—
(3)
—
(3)
(0.01)
(0.02)
NET
ASSET
VALUE
End
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(5)
2.58%
3.34%
0.06%
(4)
0.01%
(4)
1.37%
2.01%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(6)
0.21%
(7)
0.21%
0.20%
0.28%
0.30%
0.26%
Net
expenses
after
waivers/payments
by
Price
Associates
0.21%
(7)
0.21%
0.13%
(4)
0.14%
(4)
0.27%
0.26%
Net
investment
income
5.11%
(7)
3.36%
0.12%
(4)
0.01%
(4)
1.34%
2.01%
Net
assets,
end
of
period
(in
thousands)
$2,955,608
$2,730,110
$2,091,466
$563,446
$498,266
$384,185
0%
0%
0%
0%
0%
0%
(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
round
to
less
than
$0.01
per
share.
(4)
See
Note
5.
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.07%
and
0.11%
of
average
net
assets)
for
the
years
ended
5/31/22
and
5/31/21,
respectively.
(5)
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.
(6)
See
Note
5.
Prior
to
5/31/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(7)
Annualized
T.
ROWE
PRICE
Government
Money
Fund
November
30,
2023
(Unaudited)
Par
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
AGENCY
DEBT
17.6%
Federal
Farm
Credit
Banks,
4.68%,
12/13/23
9,000
8,986
Federal
Farm
Credit
Banks,
4.875%,
1/10/24
75,000
74,999
Federal
Farm
Credit
Banks,
4.88%,
1/24/24
30,000
30,000
Federal
Farm
Credit
Banks,
5.25%,
5/30/24
30,000
29,208
Federal
Farm
Credit
Banks,
5.25%,
10/2/24
18,651
18,619
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.155%,
5.465%,
8/18/25
65,000
65,000
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.155%,
5.465%,
8/28/25
18,000
18,000
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
7/21/25
35,000
35,000
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
8/4/25
35,000
35,000
Federal
Farm
Credit
Banks,
FRN,
SOFR
+
0.175%,
5.485%,
12/13/24
25,000
25,005
Federal
Farm
Credit
Banks,
Series 0001,
FRN,
SOFR
+
0.165%,
5.475%,
7/28/25
80,000
79,999
Federal
Home
Loan
Banks,
4.50%,
10/3/24
23,365
23,184
Federal
Home
Loan
Banks,
4.63%,
1/12/24
45,000
44,757
Federal
Home
Loan
Banks,
4.65%,
1/16/24
30,000
29,822
Federal
Home
Loan
Banks,
4.935%,
2/23/24
30,100
29,753
Federal
Home
Loan
Banks,
4.99%,
2/9/24
119,000
117,838
Federal
Home
Loan
Banks,
5.11%,
2/2/24
50,000
49,553
Federal
Home
Loan
Banks,
5.13%,
6/21/24
25,000
24,277
Federal
Home
Loan
Banks,
5.14%,
8/16/24
30,000
28,891
Federal
Home
Loan
Banks,
5.15%,
1/17/24
11,610
11,532
Federal
Home
Loan
Banks,
5.16%,
7/2/24
30,000
29,080
Federal
Home
Loan
Banks,
5.19%,
5/17/24
60,000
58,547
Federal
Home
Loan
Banks,
5.19%,
9/20/24
40,000
38,305
Federal
Home
Loan
Banks,
5.20%,
8/2/24
30,000
28,938
Federal
Home
Loan
Banks,
5.21%,
8/9/24
50,000
48,176
Federal
Home
Loan
Banks,
5.26%,
3/15/24
35,000
34,463
Federal
Home
Loan
Banks,
5.265%,
6/14/24
50,000
48,567
Federal
Home
Loan
Banks,
5.27%,
1/8/24
57,600
57,279
Federal
Home
Loan
Banks,
5.28%,
5/1/24
61,000
59,640
Federal
Home
Loan
Banks,
5.30%,
5/3/24
46,500
45,446
Federal
Home
Loan
Banks,
5.32%,
1/24/24
58,000
57,537
Federal
Home
Loan
Banks,
5.35%,
3/22/24
49,403
48,581
Federal
Home
Loan
Banks,
5.35%,
4/12/24
10,000
9,802
Federal
Home
Loan
Banks,
5.35%,
4/19/24
50,000
48,960
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.04%,
5.35%,
1/17/24
200,000
200,000
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.07%,
5.38%,
6/26/24
100,000
100,000
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.07%,
5.38%,
6/28/24
63,000
63,000
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.09%,
5.40%,
12/5/23
100,000
100,000
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.13%,
5.44%,
2/10/25
50,000
50,000
Federal
Home
Loan
Banks,
FRN,
SOFR
+
0.16%,
5.47%,
7/25/25
50,000
50,000
T.
ROWE
PRICE
Government
Money
Fund
Par
$
Value
(Amounts
in
000s)
Federal
National
Mortgage
Assn.,
1.625%,
10/15/24
47,700
46,257
Total
U.S.
Government
Agency
Debt
(Cost
$2,002,001)
2,002,001
U.S.
GOVERNMENT
AGENCY
REPURCHASE
AGREEMENT
48.1%(1)
Bank
of
America,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$718,105,905
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%
-
7.50%,
4/20/25
-
3/20/63,
valued
at
$732,360,001
718,000
718,000
BNY
Mellon,
Bilateral,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$1,384,204,140
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
1.50%
-
6.50%,
2/1/26
-
12/1/53,
valued
at
$1,411,680,010
1,384,000
1,384,000
Citigroup
Global
Markets,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$539,079,503
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.50%
-
4.50%,
7/15/26
-
10/31/27,
valued
at
$549,780,005
539,000
539,000
Credit
Agricole,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$75,451,148
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.75%
-
1.50%,
2/15/42
-
2/15/53,
valued
at
$76,948,868
75,440
75,440
Goldman
Sachs,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$180,026,600
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.75%
-
6.50%,
5/31/26
-
3/15/65,
valued
at
$183,600,001
180,000
180,000
HSBC
Securities,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$215,031,772
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.00%
-
7.00%,
3/1/31
-
10/1/53,
valued
at
$219,300,001
215,000
215,000
JPMorgan
Chase,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$251,037,023
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
2.00%
-
7.00%,
4/1/28
-
8/1/56,
valued
at
$256,020,001
251,000
251,000
RBC
Dominion
Securities,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$1,616,238,360
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.00%
-
6.50%,
12/26/23
-
11/20/53,
valued
at
$1,648,320,000
1,616,000
1,616,000
Royal
Bank
of
Canada,
Tri-Party,
Dated
11/30/23,
5.31%,
Delivery
Value
of
$503,074,193
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.00%
-
7.00%,
12/5/23
-
6/20/63,
valued
at
$513,060,056
503,000
503,000
Total
U.S.
Government
Agency
Repurchase
Agreement
(Cost
$5,481,440)
5,481,440
U.S.
TREASURY
DEBT
25.6%
U.S.
Treasury
Bills,
5.216%,
6/13/24
69,000
67,147
T.
ROWE
PRICE
Government
Money
Fund
Par
$
Value
(Amounts
in
000s)
U.S.
Treasury
Bills,
5.303%,
10/31/24
122,000
116,276
U.S.
Treasury
Bills,
5.323%,
12/28/23
250,000
249,008
U.S.
Treasury
Bills,
5.369%,
12/19/23
109,000
108,710
U.S.
Treasury
Bills,
5.371%,
5/23/24
102,000
99,422
U.S.
Treasury
Bills,
5.375%,
12/26/23
100,000
99,630
U.S.
Treasury
Bills,
5.377%,
7/11/24
29,000
28,082
U.S.
Treasury
Bills,
5.38%,
5/16/24
258,700
252,446
U.S.
Treasury
Bills,
5.40%,
1/18/24
8,000
7,944
U.S.
Treasury
Bills,
5.402%,
5/9/24
174,000
169,934
U.S.
Treasury
Bills,
5.405%,
12/12/23
183,000
182,703
U.S.
Treasury
Bills,
5.414%,
1/11/24
113,000
112,322
U.S.
Treasury
Bills,
5.431%,
2/15/24
114,000
112,728
U.S.
Treasury
Bills,
5.446%,
3/7/24
66,000
65,057
U.S.
Treasury
Bills,
5.446%,
3/14/24
60,000
59,081
U.S.
Treasury
Bills,
5.449%,
4/25/24
55,000
53,817
U.S.
Treasury
Bills,
5.467%,
4/11/24
63,000
61,771
U.S.
Treasury
Bills,
5.487%,
4/18/24
138,000
135,155
U.S.
Treasury
Bills,
5.488%,
4/4/24
58,000
56,924
U.S.
Treasury
Notes,
4.375%,
10/31/24
78,000
77,401
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.125%,
5.476%,
7/31/25
345,500
345,344
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.14%,
5.491%,
10/31/24
191,625
191,455
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.169%,
5.52%,
4/30/25
40,000
40,012
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.17%,
5.521%,
10/31/25
171,000
170,900
U.S.
Treasury
Notes,
FRN,
3M
UST
+
0.20%,
5.551%,
1/31/25
52,120
52,120
Total
U.S.
Treasury
Debt
(Cost
$2,915,389)
2,915,389
U.S.
TREASURY
REPURCHASE
AGREEMENT
9.4%(1)
Federal
Reserve
Bank
of
New
York,
Tri-Party,
Dated
11/30/23,
5.30%,
Delivery
Value
of
$569,083,769
on
12/1/23,
Collateralized
by
U.S.
Government
securities,
0.88%
-
1.38%,
1/31/25
-
3/31/28,
valued
at
$569,083,819
569,000
569,000
Goldman
Sachs,
Tri-Party,
Dated
11/30/23,
5.32%,
Delivery
Value
of
$500,443,333
on
12/6/23,
Collateralized
by
U.S.
Government
securities,
0.13%
-
3.75%,
7/15/24
-
5/15/41,
valued
at
$510,000,018
500,000
500,000
Total
U.S.
Treasury
Repurchase
Agreement
(Cost
$1,069,000)
1,069,000
Total
Investments
in
Securities
100.7%
of
Net
Assets
(Cost
$11,467,830)
$
11,467,830
T.
ROWE
PRICE
Government
Money
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
Collateralized
by
U.S.
government
securities
valued
at
$6,670,153
at
November
30,
2023.
3M
UST
Three
month
U.S.
Treasury
bill
yield
FRN
Floating
Rate
Note
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
Government
Money
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$11,467,830)
$
11,467,830
Receivable
for
shares
sold
34,910
Interest
receivable
12,583
Cash
4
Other
assets
106
Total
assets
11,515,433
Liabilities
Payable
for
investment
securities
purchased
102,162
Payable
for
shares
redeemed
23,440
Investment
management
fees
payable
1,674
Due
to
affiliates
1,458
Payable
to
directors
6
Other
liabilities
1,475
Total
liabilities
130,215
NET
ASSETS
$
11,385,218
T.
ROWE
PRICE
Government
Money
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
397
Paid-in
capital
applicable
to
11,384,747,570
shares
of
$0.01
par
value
capital
stock
outstanding;
30,000,000,000
shares
authorized
11,384,821
NET
ASSETS
$
11,385,218
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$8,429,610;
Shares
outstanding:
8,429,260,572)
$
1.00
I
Class
(Net
assets:
$2,955,608;
Shares
outstanding:
2,955,486,998)
$
1.00
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Investment
Income
(Loss)
Interest
income
$
289,912
Expenses
Investment
management
9,807
Shareholder
servicing
Investor
Class
$
5,162
I
Class
258
5,420
Prospectus
and
shareholder
reports
Investor
Class
46
I
Class
2
48
Custody
and
accounting
195
Registration
139
Proxy
and
annual
meeting
117
Directors
19
Legal
and
audit
15
Miscellaneous
17
Total
expenses
15,777
Net
investment
income
274,135
Realized
Gain
/
Loss
–
Net
realized
gain
on
securities
1
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
274,136
T.
ROWE
PRICE
Government
Money
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Year
Ended
5/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
274,135
$
327,630
Net
realized
gain
1
41
Increase
in
net
assets
from
operations
274,136
327,671
Distributions
to
shareholders
Net
earnings
Investor
Class
(201,877)
(246,024)
I
Class
(72,258)
(81,606)
Decrease
in
net
assets
from
distributions
(274,135)
(327,630)
Capital
share
transactions
*
Shares
sold
Investor
Class
5,097,622
9,052,834
I
Class
1,305,019
2,304,658
Distributions
reinvested
Investor
Class
197,520
238,535
I
Class
69,691
78,541
Shares
redeemed
Investor
Class
(4,699,353)
(9,233,566)
I
Class
(1,149,212)
(1,744,586)
Increase
in
net
assets
from
capital
share
transactions
821,287
696,416
Net
Assets
Increase
during
period
821,288
696,457
Beginning
of
period
10,563,930
9,867,473
End
of
period
$
11,385,218
$
10,563,930
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Government
Money
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Government
Money
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks
preservation
of
capital,
liquidity,
and,
consistent
with
these,
the
highest
possible
current
income.
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.
The
fund
has
two classes
of
shares:
the
Government
Money
Fund
(Investor
Class)
and
the
Government
Money
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
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. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
T.
ROWE
PRICE
Government
Money
Fund
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
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
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.
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-
06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial statements.
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.
Assets
and
liabilities
other
than
financial
instruments,
including
T.
ROWE
PRICE
Government
Money
Fund
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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)
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,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2
in
the
fair
value
hierarchy.
T.
ROWE
PRICE
Government
Money
Fund
NOTE
3
-
OTHER
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
Price
Associates' 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.
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,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$11,467,830,000.
T.
ROWE
PRICE
Government
Money
Fund
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.18%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
Effective
November
1,
2023,
the Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
November
1,
2023,
the
Investor Class
was
not
subject
to
a
contractual
expense
limitation.
During
the
limitation
period,
Price
Associates
is required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
Government
Money
Fund
Price
Associates
may
voluntarily
waive
all
or
a
portion
of
its
management
fee
and
reimburse
operating
expenses
to
the
extent
necessary
for
the
fund
to
maintain
a
zero
or
positive
net
yield
(voluntary
waiver).
This
voluntary
waiver
is
in
addition
to
the
contractual
expense
limit
in
effect
for
the
fund. Any
amounts
waived/paid
by
Price
Associates
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
Associates
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
November
30,
2023,
the
fund
had
no
voluntary
waivers.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
November
30,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$50,000
for
Price
Associates;
$3,946,000
for
T.
Rowe
Price
Services,
Inc.;
and
$563,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
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
six
months
ended
November
30,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.53%
0.05%
Expense
limitation
date
09/30/25
09/30/25
(Waived)/repaid
during
the
period
($000s)
$—
$—
T.
ROWE
PRICE
Government
Money
Fund
NOTE
6
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Government
Money
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
each
month
on
Form
N-MFP. The
fund’s
reports
on
Form
N-MFP
are
available on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their portfolio
holdings
information
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
4,994,856,564
1,616,456
Mark
J.
Parrell
4,992,654,457
1,196,198
Kellye
L.
Walker
4,997,928,418
1,515,077
Eric
L.
Veiel
4,998,041,030
1,074,895
T.
ROWE
PRICE
Government
Money
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
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.
F44-051
1/24
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 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer 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 Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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 Government Money Fund, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | January 19, 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 | | January 19, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | January 19, 2024 | | |
