# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-013960
**Filing Date:** 2023-1
**Character Count:** 123967
**Document Hash:** b6ffbcace85ec7698cfe0da4d4be3310
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013960.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013960

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Retirement Funds, Inc.
- **CENTRAL INDEX KEY:** 0001177017
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 23546788

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE RETIREMENT FUNDS INC
- **DATE OF NAME CHANGE:** 20020702

## Series and Classes Contracts Data

### T. Rowe Price Retirement I 2045 Fund-I Class (Series ID: S000050890)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000160462 | T. Rowe Price Retirement I 2045 Fund-I Class | TRPKX           |

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: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement | Funds

INVEST WITH CONFIDENCE®

- The Retirement I Funds declined during the six-month period ended November 30, 2022. The funds generated mixed performance versus the S&P Target Date Indexes but outperformed their Lipper peer group averages.
- Our funds' lower tactical allocation to cash relative to the S&P Target Date Indexes weighed on results, although our diversified portfolio construction added value. Overall, the impact from tactical allocation decisions and stock selection were

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

# Go Paperless

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

TO ENROLL:

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

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

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

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

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

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

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

T. ROWE PRICE RETIREMENT | FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

Tactically, we are underweight, stocks and bonds relative to cash, reflecting our view of slowing economic and earnings growth, as well as expectations that the Fed will raise short-term rates to at least 5% by early 2023. Within fixed income, we added to long-term U.S. Treasury bonds and are now overweight following recent moves higher in interest rates.

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

T. ROWE PRICE RETIREMENT | FUNDS

# Dear Shareholder

While valuations for equities improved late in the reporting period, uncertainty around corporate fundamentals surplored limited near-term upside, particularly as bond prices and debt move in opposite direction. Other key risks to get market value and to the company's business potential, potential and potential growth for global growth, such as the financial and social benefits of the company's business potential, are still in the market. The company's business potential is a major part of the company's business potential. The company's business potential is a major part of the company's business potential.

1

T. ROWE PRICE RETIREMENT | FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country homes level in more than 20 years and regional performance continued. Emerging Treasuries stocks generally had a high volume growth and potential to restore the market. The U.S. market was increased by 10% to 20% in 2016, and the U.S. market has been down to 10% in 2017. The U.S. market has been down to 10% in 2018, and the U.S. market has been down to 10% in 2019.

**FUND COMMENTARY**
Elevated inflation remained a leading concern for investors throughout the 2016-2017 period. However, in our view, valuations have become more than 10% of the funds. The investment has been increased by 10% to 20% in 2017, and the U.S. market has been down to 10% in 2018. How did the funds perform in the past six months?

2

T. ROWE PRICE RETIREMENT | FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the potential opportunities for selective investors focused on fundamentals. The following is a key factor in the growth of the global economy and the growth of the global economy. The global economy is a key factor in the growth of the global economy and the growth of the global economy. The global economy is a key factor in the growth of the global economy and the growth of the global economy. The global economy is a key factor in the growth of the global economy and the growth of the global economy.

global recession. Emerging markets faced similar challenges and were also the most significant in the global economy. The global economy has continued more acutely pressured by concerns over weaker economic activity in China.

3

T. ROWE PRICE RETIREMENT | FUNDS

Tactical decisions contributed to results in the shorter-dated funds but

The following notes are, policies and investors focused on commercialization from the 2016-2017 period. The following notes are, policies and investors focused on commercialization from the 2016-2017 period. The following notes are, policies and investors focused on commercialization from the 2016-2017 period.

4

T. ROWE PRICE RETIREMENT | FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

good price and market by 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

5

T. ROWE PRICE RETIREMENT | FUNDS

moderate pace of tightening but remains committed to taming inflation.

risks to global markets include central bank missteps, persistent inflation, and the financial crisis. The financial crisis is a major problem in the global market, which is a major problem in the global market. The financial crisis is a major problem in the global market, which is a major problem in the global market. The financial crisis is a major problem in the global market, which is a major problem in the global market.

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

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

6

T. ROWE PRICE RETIREMENT | FUNDS

# PERFORMANCE COMPARISON

| In the Direct Revenue On a to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U | Six-Month Period Ended 11/30/22 | Total Return | Price retained are retained, which and stocks relative to the retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained retained |
| --- | --- | --- | --- |
| In the direct Revenue On a to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U to U | Retirement \| 2010 Fund - I Class | -2.54% | in and challenges in tribute to a less war in Ukraine or cash in the near paying shall be following may be prudent to pay shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be shall be |
| In the direct Revenue The com with term impro | S&P Target Date 2010 Index | -1.95 |  |
|  | Lipper Mixed-Asset Target 2010 Funds |  |  |
|  | Average | -3.01 |  |

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

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

7

T. ROWE PRICE RETIREMENT | FUNDS

| Figure | Size | Total Return | Note |
| --- | --- | --- | --- |
| Discount | Six-Month Period Ended 11/30/22 |  | Amount due to the amount |
| Impairment | Retirement I 2025 Fund - I Class | -2.31% | Amount due to the amount |
| Delivery | S&P Target Date 2025 Index | -1.81 | Amount due to the amount |
| Fixed Assets | Lipper Mixed-Asset Target 2025 |  | Amount due to the amount |
| Funds | Funds Average | -2.74 | Amount due to the amount |
| range |  |  | time across a |

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

![img-5.jpeg](img-5.jpeg)

8

T. ROWE PRICE RETIREMENT | FUNDS

| What | Six-Month Period Ended 11/30/22 | Total Return | Volatility during the |
| --- | --- | --- | --- |
| Global period remaining | Retirement I 2040 Fund - I Class | -1.73% | for global growth |
|  | S&P Target Date 2040 Index | -1.84 | led inflation and |
|  | Lipper Mixed-Asset Target 2040 Funds Average | -2.03 | shift to a more |

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

9

T. ROWE PRICE RETIREMENT | FUNDS

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| Six-Month Period Ended 11/30/22 | Total Return |
| Retirement \| 2055 Fund - I Class | -1.56% |
| S&P Target Date 2055 Index | -1.70 |
| Lipper Mixed-Asset Target 2055 Funds |  |
| Average | -1.74 |

![img-8.jpeg](img-8.jpeg)

![img-9.jpeg](img-9.jpeg)

10

T. ROWE PRICE RETIREMENT | FUNDS

Six-Month Period Ended 11/30/22 Total Return
S&P Target Data 2020 Index -2.14
For definitions of the benchmarks, please see the
Retirement 1/2045 Fund -1.51%
The periods in the future of the funds is not guaranteed at any time,
including 1st Q after the target date, which is the approximate year an investor
plans. The results of the benchmarks, please see the
Lions Investment Fund (Lions 2045) and likely stop making new investments
in the future of the funds. Please see the
Six-Month Period Ended 11/30/22 Total Return
65. The funds may not be an appropriate investment even if the investor is
retiring. The funds' allocations among a broad range

11

T. ROWE PRICE RETIREMENT | FUNDS

# **IMPORTANT INFORMATION**

Six-Month Period Ended 11/30/22 Total Return
of unconsolidated funds 2016-2018 and bond funds with the exception
of the Retirement Fund Fund - 1 Class change over time. The funds (other than
the Retirement Fund Fund) are available in many underlying funds means that they
will be disposed of the risks of different areas of the market. As with all stock
during the early stages of retirement, a fixed accumulation balance the need for
and the potential of the stock market is taken up by an fair because of weakness
appreciation with the need for income as retirement approaches and focus
in the financial performance of the particular industry. The specific holdings, stock
on such other assets, are shown in a long-term improvement withdrawal
of the debt of the Retirement Fund and the exercise political or economic
honors of the Retirement Fund. The 1 lump-sum 1.1 million of the target
development of the financial position, psychology, or heavy institutional status.

12

T. ROWE PRICE RETIREMENT | FUNDS

# RISKS OF INVESTING

The property of a property is not to be sold or sold in the United States. The property is not to be sold or sold in the United States. The property is not to be sold or sold in the United States.

13

T. ROWE PRICE RETIREMENT I FUNDS

BENCHMARK INFORMATION (CONTINUED)

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Balanced I Fund - I Class

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.26% | 3.98% | Equity Index 500 |

14

T. ROWE PRICE RETIREMENT I FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement I 2005 Fund - I Class

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.60% | 4.30% | Equity Index 500 |

15

T. ROWE PRICE RETIREMENT I FUNDS

you versus the U.S. dollar which reduces the dollar value of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2010 Fund - I Class**

| The view change a forecast | Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- | --- |
|  | U.S. Large-Cap Stocks | 4.96% | 4.61% | Equity Index 500 |

16

T. ROWE PRICE RETIREMENT I FUNDS

Data Indexed: 06.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2015 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.28% | 4.84% | Equity Index 500 |

17

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2020 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.66% | 5.53% | Equity Index 500 |

18

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2025 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 6.44% | 6.27% | Equity Index 500 |

19

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2030 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 7.62% | 7.45% | Equity Index 500 |

20

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.30 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2035 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 8.78% | 8.37% | Equity Index 500 |

21

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.44 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2040 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 9.72% | 9.29% | Equity Index 500 |

22

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.50 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2045 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.23% | 10.05% | Equity Index 500 |

23

T. ROWE PRICE RETIREMENT I FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement I 2050 Fund - I Class

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.39% | 10.25% | Equity Index 500 |

24

T. ROWE PRICE RETIREMENT I FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement I 2055 Fund - I Class

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 10.35% | Equity Index 500 |

25

T. ROWE PRICE RETIREMENT I FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement I 2060 Fund - I Class**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 10.36% | Equity Index 500 |

26

T. ROWE PRICE RETIREMENT I FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement I 2065 Fund - I Class

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.42% | 10.01% | Equity Index 500 |

27

T. ROWE PRICE RETIREMENT I FUNDS

U.S. Stock Index Futures* 0.00 0.00
Total Bonds Developed 10.00 10.00
Merchandise Stock Index 0.00 0.00
Market Stocks 0.00 0.00
Total Stock Index the value and booth value of $10,000, except for the fund over
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds
Total Stock Index the capital and actual operations, may not be used for the funds

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

As of 11/30/22
- Retirement Balanced I Fund - I Class $14,530
- - - S&P Target Date Retirement Income Index 13,172

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

28

T. ROWE PRICE RETIREMENT I FUNDS

# GROWTH OF $10,000

U.S. Stock Index Futures* 0.00 0.00 Stock Index Futures*
Total Bonds Developed 2.98 2.98 International Stock
Merchandise Stock Index 0.00 0.00 Stock Index Retirement
Market Stock 0.00 0.00 Limited Duration Inflation
Total Stock Index shows the value and hypothetical $10,000 growth across the fund over
Total Stock Index the require and actual allocation may be for the following funds: Equity
Total Stock Index past 10 fiscal year period prior since inception (facilities, lacking 10 years records).
The fund is invested in the 2 Class of each underwriting Price Form (which is the Transition)
Cash and cash equivalents compared with benchmarks of each index of the listed market index
Total Stock Index 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10
Total Stock Index 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10

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

As of 11/30/22
- Retirement I 2005 Fund - I Class $14,423
- - - S&P Target Date Retirement Income Index 13,172

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

29

T. ROWE PRICE RETIREMENT I FUNDS

# GROWTH OF $10,000

U.S. Stock Index Futures*
Total Bonds
International Stock Index

0.00 0.00 0.00 Stock Index Futures*
0.00 0.00 0.00 High Yield
0.00 0.00 0.00 Stock Index Futures*
0.00 0.00 0.00 Divided Duration Inflation

Future of this chart shows the value of a hypothetical $10,000 component in the fund over
times under the require and actual allocations. May not look back to the following:
Total Stock Index
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds
Total Funds

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

As of 11/30/22

Retirement I 2010 Fund - I Class $14,912

S&P Target Date 2010 Index 13,898

![img-5.jpeg](img-5.jpeg)

30

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Total Bonds
9.00 9.00 High Yield
0.00 0.00 Limited Duration Inflation
Totals under the require and actual allocations may not be due to the following:
The fund is listed above. The funds are listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above. The fund is listed above

![img-6.jpeg](img-6.jpeg)

As of 11/30/22

| - Retirement I 2015 Fund - I Class | $15,530 |
| --- | --- |
| --- S&P Target Date 2015 Index | 14,485 |

31

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22
1 Year 5 Years 9/29/15
Total Bonds
Retirement I Fund - I Class
Retirement I Fund - I Class
Totals under the neutral and actual allocations may not look due to rounding.
the past 10 fiscal year periods or since inception (for funds lacking 10-year records).
AVERAGE ANNUAL COMPOUND TOTAL FUND
AVERAGE ANNUAL COMPOUND TOTAL FUND
AVERAGE ANNUAL COMPOUND TOTAL FUND
Past performance cannot guarantee future results.

Since Inception

![img-7.jpeg](img-7.jpeg)

As of 11/30/22
- Retirement I 2020 Fund - I Class $16,315
- - - S&P Target Date 2020 Index 14,920

32

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2025 Fund - I Class 10.18% Retirement in the fund over 5.24%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a report of the world's first year's annual report in which year it is actual (or cumulative)
the result is completed with benchmarks. When include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

![img-8.jpeg](img-8.jpeg)

![img-9.jpeg](img-9.jpeg)

As of 11/30/22

| - Retirement I 2025 Fund - I Class | $17,093 |
| --- | --- |
| --- S&P Target Date 2025 Index | 15,803 |

![img-10.jpeg](img-10.jpeg)

33

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2030 Fund - I Class 10.73% 4.92% 5.73%

This class shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The results are presented with the following: which year it is actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Since Inception

![img-11.jpeg](img-11.jpeg)

As of 11/30/22

| - Retirement I 2030 Fund - I Class | $17,825 |
| --- | --- |
| --- S&P Target Date 2030 Index | 16,577 |

34

T. ROWE PRICE RETIREMENT I FUNDS

# GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2035 Fund - I Class 10.45% 4.34% 6.33%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete

Since
Inception

![img-12.jpeg](img-12.jpeg)

As of 11/30/22

| - Retirement I 2035 Fund - I Class | $18,466 |
| --- | --- |
| --- S&P Target Date 2035 Index | 17,400 |

![img-13.jpeg](img-13.jpeg)

35

T. ROWE PRICE RETIREMENT I FUNDS

# GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2040 Fund - I Class 10.55% 4.74% 7.07%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a formal record of a historical period in which year it is actual (or cumulative)
the result is completed with benchmarks. When include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

Inception

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

As of 11/30/22

| - Retirement I 2040 Fund - I Class | $19,046 |
| --- | --- |
| --- S&P Target Date 2040 Index | 18,018 |

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

36

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2045 Fund - I Class 11.00% Retirement in the fund over 7.76%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a report of the world's first year's annual report in which year it is actual (or cumulative).
The result is computed with benchmarks, which include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

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

| - Retirement I 2045 Fund - I Class | $19,359 |
| --- | --- |
| --- S&P Target Date 2045 Index | 18,426 |

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

37

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2050 Fund - I Class 11.81% 5.62% 8.40%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is a tax increase which is made to pay per share in each year if its actual (or cumulative)
the tax is computed with benchmark, which include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

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

Inception

![img-5.jpeg](img-5.jpeg)

As of 11/30/22

| - Retirement I 2050 Fund - I Class | $19,365 |
| --- | --- |
| --- S&P Target Date 2050 Index | 18,707 |

![img-6.jpeg](img-6.jpeg)

38

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2055 Fund - I Class 17.36% 6.02% 8.03%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete, complete, and is not a complete

Since
Inception

![img-7.jpeg](img-7.jpeg)

![img-8.jpeg](img-8.jpeg)

As of 11/30/22

| - Retirement I 2055 Fund - I Class | $19,337 |
| --- | --- |
| --- S&P Target Date 2055 Index | 18,859 |

![img-9.jpeg](img-9.jpeg)

39

T. ROWE PRICE RETIREMENT I FUNDS

# GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2060 Fund - I Class 12.75% 6.70% 9.40%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a report of the world's first year's annual report on which year it is actual (or cumulative)
the result is completed with benchmarks, which include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

![img-10.jpeg](img-10.jpeg)

Inception

![img-11.jpeg](img-11.jpeg)

As of 11/30/22

| - Retirement I 2060 Fund - I Class | $19,304 |
| --- | --- |
| --- S&P Target Date 2060 Index | 18,976 |

![img-12.jpeg](img-12.jpeg)

40

T. ROWE PRICE RETIREMENT I FUNDS

GROWTH OF $10,000

Periods Ended 11/30/22

1 Year 5 Years 9/29/15

Retirement I 2065 Fund - I Class 17.73% 6.64% 9.65%

AVERAGE ANNUAL COMPOUND TOTAL RETURN
The past 10 fiscal year periods or since inception (for funds lacking 10-year records).
This is not a formal report that would have been made in each year if its actual (or cumulative)
the funds is completed with benchmarks, which include a broad-based market index
returns for the periods shown had been earned at a constant rate. Returns do not reflect
and may also include a peer group average or index. Market indexes do not include
taxes that the shareholder may pay on fund distributions or the redemption of fund shares.
Past performance cannot guarantee future results.
Since
Inception

![img-13.jpeg](img-13.jpeg)

![img-14.jpeg](img-14.jpeg)

As of 11/30/22

| - Retirement I 2065 Fund - I Class | $11,133 |
| --- | --- |
| --- S&P Target Date 2065+ Index | 11,323 |

41

T. ROWE PRICE RETIREMENT | FUNDS

GROWTH OF $10,000

|  | Periods Ended 11/30/22 | 1 Year | 5 Years | 9/29/15 |
| --- | --- | --- | --- | --- |
| AVERAGE | Retirement Balanced \| Fund - \| Class |  |  | 0.34% |
|  | Retirement \| 2005 Fund - \| Class |  |  | 0.34 |
|  | Retirement \| 2010 Fund - \| Class |  |  | 0.34 |
|  | Retirement \| 2015 Fund - \| Class |  |  | 0.36 |
| $1 |  |  |  |  |

42

T. ROWE PRICE RETIREMENT | FUNDS

# EXPENSE RATIO

| Retirement Ended 31/12/2022 - I Class | 1 Year | 5 Years | 9/29/2025 |
| --- | --- | --- | --- |
| Retirement Ended 31/12/2025 - I Class | -12.84% | 6.63% | 0.00% |

AVERAGE ANNUAL PAYMENT RATIO
The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year.

The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year. The following figures are based on the actual (or cumulative) ratios of the reported amount from the future date of expense ratio and an assumed 5% per year.

![img-15.jpeg](img-15.jpeg)

43

T. ROWE PRICE RETIREMENT | FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| AVERAGE | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $974.60 | $1.68 |
| Hypothetical (assumes 5%) |  |  |  |

44

T. ROWE PRICE RETIREMENT | FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| FUND | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $976.80 | $1.83 |
| Hypothetical (assumes 5% |  |  |  |

![img-16.jpeg](img-16.jpeg)

![img-17.jpeg](img-17.jpeg)

45

T. ROWE PRICE RETIREMENT | FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $981.00 | $2.09 |
| Hypothetical (assumes 5% |  |  |  |

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

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

46

T. ROWE PRICE RETIREMENT | FUNDS

Expenses that 1,022.00 over the period. Simply 2.13

RETIREMENT | FUNDS | FUND | | FOCUS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $984.90 | $2.24 |
| Hypothetical (assumes 5% |  |  |  |

47

T. ROWE PRICE RETIREMENT | FUNDS

|  | 1,022.81 | 2.28 |
| --- | --- | --- |
| RETIREMENT -- FOWE PRICE -- FLOWER |  |  |
|  | Beginning Account Value | Ending Account Value |
|  | 6/1/22 | 11/30/22 |
|  |  | Expenses Paid During Period* |
|  |  | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $984.30 |
|  |  | $2.29 |
| Hypothetical (assumes 5% |  |  |

48

T. ROWE PRICE RETIREMENT | FUNDS

• Expenses are equal to the fund's annualized expense rate for the 6-month period (0.36%)
• Expressed as the sum of the funds (0.36%) and the amount of the fund (0.36%)

| Periods Ended 9/30/22 | 1 Year | 5 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- |
| Retirement Balanced \| Fund - I Class | -14.88% | 2.89% | 4.50% | 9/29/15 |
| Retirement \| 2005 Fund - I Class | -15.56 | 2.57 | 4.33 | 9/29/15 |
| Retirement \| 2010 Fund - I Class | -15.93 | 2.85 | 4.78 | 9/29/15 |

49

T. ROWE PRICE RETIREMENT I FUNDS

QUARTER-END RETURNS

* Expenses are equal to the fund's annualized expense ratio for the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available for the period of the 6-month period (0.41%).
* Retirement I funds are not available

investment goals

50

T.RowePrice®

[LOGO]

* Expenses are equal to the fund's annualized expense ratio for the 6-month period (0.44%).
* Expressed in the balance account, if required by the Bank of America, and
the amount of the fund's annualized expense is not to be paid in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in the year (2015) period.
* Expressed in

**You have many**

**Explore products and services that can help**

**you achieve them** | Class -22.08 4.69 7.83 9/29/15

T. ROWE PRICE

# Retirement I 2045 Fund
- I Class

TRPKX

T. Rowe Price Investment Services, Inc. 1100 East Pratt Street, Baltimore, MD 21202-1000

(Unaudited)

* Expenses are equal to the fund's annualized expense ratio for the 6-month period (0.46%), an indication of future results. Current performance may be lower or higher than the

**SEMIANNUAL REPORT**
NET ASSET VALUE
GENERAL INVESTING COLLEGE SAVINGS
please visit our website (troweprice.com) or contact a T. Rowe Price representative at
ID: T. Rowe Price (revised)

| All returns through the most recent calendar quarter and rather than through | 6 months | 3-4 years until 1995 |
| --- | --- | --- |
| under fiscal performance so far each class would have performed each year | 8 months | advantaged solutions |
| Small Business (per 1,000,000) returns for the period above but then for families having a rate, | 1,000,000 | for families having a rate, |
| behalf of the total taxes, | 1,000,000 | for families having a rate, |
| benefit of the taxes, | 1,000,000 | for families having a rate, |
| benefit of the taxes, | 1,000,000 | for families having a rate, |
| benefit of the taxes, | 1,000,000 | for families having a rate, |
| benefit of the taxes, | 1,000,000 | for families having a rate, |
| benefit of the taxes, | 1,000,000 |  |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

(Unaudited)

| T. Rowe Price Retirement \| 2045 FUND-I CLASS |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) |  |  |  |  |  |  |
| REMARKS - In particular, return figures include changes in principal value, reinvested dividends, maximum savings, distributions. Returns do not reflect taxes that the shareholder may pay on future distributions or the redemption of share interest when assigned to shareholders. Investors are not included in the return figures. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Total distributions are listed in the following table. Ratios/Supplemental Distributions Data Total return income (1.51)% (9.64)% (0.17) 42.88% (0.14) 6.15% (0.22) 0.16% (0.18) 11.57% (0.17) |  |  |  |  |  |  |
| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| Total return income | (1.51)% | (9.64)% (0.17) | 42.88% (0.14) | 6.15% (0.22) | 0.16% (0.18) | 11.57% (0.17) |

53

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

(Unaudited)

# FINANCIAL TIMING CLASS

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment
R. Price assessment report issued using revenue shares outstanding method. (0.02) Used after consider (0.02) by
the company for details of expense-related arrangements with Prior Associates, Effective April 20,
before payment. The plan charging an all-inclusive management fee based on the fund's average daily
rate of $1.00 per share, as stated in market risk, including, because loss of principal, investing internationally
NET ASSET VALUE at same rate, the fund's invested in investment. (0.02) Each 0.02 (0.02) Price %
End of period Ending as of 15.69, which is not net of 15.69 at 15.18, an 0.02% 15.18, an 0.02% 15.18 by
Pay the fund's represented is inconsistent with the fund's results of operations because of the timing
Assessments of fund 0.04% in relative to fluctuating market values for the investment portfolio.
When the fund reflects the rate that an investor would have earned on an investment in the fund
net during each period, assuming reinvestment of all distributions, and payment of no redemption or

54

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

November 30, 2022 (Unaudited)[{"box_2d": [31, 81, 617, 238], "label": "text", "caption": "DOWN/CLUE - HOUR/CLASS
S Value $ Purchase $ Sales $ Value
5/31/22 Cost Cost Shares 11/30/22
1040. Investment expenses are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC.
[Cost and value in $000s]
a BNY Mellon Company, member NYSE/FINRA/SIPC.
T. BOND MUTUAL FUNDS 2.3%
[1] T. Rowe Price Funds
[2] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[3] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[4] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[5] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[6] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[7] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[8] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[9] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[10] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[11] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[12] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[13] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[14] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[15] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[16] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[17] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[18] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[19] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[20] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[21] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[22] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[23] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[24] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[25] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[26] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[27] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[28] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[29] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[30] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[31] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[32] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[33] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[34] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[35] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[36] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[37] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[38] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[39] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[40] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[41] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[42] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[43] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[44] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[45] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[46] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[47] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[48] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[49] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[50] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[51] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[52] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[53] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[54] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[55] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[56] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[57] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[58] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[59] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[60] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[61] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[62] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[63] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[64] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[65] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[66] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[67] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[68] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[69] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[70] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[71] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[72] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[73] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[74] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[75] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[76] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[77] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[78] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[79] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[80] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[81] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[82] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[83] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[84] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[85] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[86] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[87] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[88] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[89] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[90] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[91] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[92] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[93] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[94] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[95] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[96] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[97] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[98] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[99] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[100] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[101] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[102] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[103] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[104] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[105] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[106] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[107] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[108] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[109] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[110] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[111] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[112] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[113] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[114] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[115] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[116] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[117] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[118] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[119] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[120] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[121] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[122] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[123] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[124] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[125] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[126] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[127] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[128] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[129] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[130] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[131] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[132] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[133] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[134] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[135] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[136] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[137] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[138] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[139] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[140] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[141] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[142] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[143] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[144] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[145] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[146] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[147] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[148] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[149] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[150] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[151] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[152] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[153] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[154] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[155] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[156] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[157] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[158] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[159] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[160] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[161] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[162] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[163] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[164] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[165] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[166] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[167] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[168] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[169] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[170] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[171] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[172] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[173] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[174] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[175] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[176] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[177] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[178] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[179] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[180] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[181] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[182] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[183] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[184] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[185] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[186] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[187] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[188] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[189] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[190] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[191] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[192] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[193] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[194] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[195] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[196] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[197] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[198] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[199] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[200] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[201] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[202] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[203] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[204] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[205] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[206] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[207] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[208] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[209] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[210] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[211] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[212] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[213] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[214] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[215] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[216] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[217] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[218] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[219] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[220] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[221] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[222] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[223] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[224] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[225] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[226] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[227] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[228] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[229] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[230] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[231] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[232] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[233] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[234] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[235] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[236] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[237] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[238] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[239] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[240] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[241] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[242] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[243] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[244] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[245] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[246] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[247] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[248] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[249] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[250] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[251] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[252] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[253] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[254] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[255] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[256] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[257] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[258] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[259] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[260] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[261] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[262] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[263] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[264] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[265] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[266] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[267] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[268] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[269] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[270] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[271] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[272] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[273] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[274] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[275] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[276] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[277] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[278] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[279] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[280] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[281] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[282] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[283] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[284] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[285] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[286] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[287] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[288] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[289] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[290] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[291] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[292] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[293] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[294] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[295] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[296] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[297] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[298] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[299] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[300] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[301] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[302] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[303] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[304] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[305] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[306] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[307] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[308] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[309] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[310] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[311] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[312] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[313] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[314] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[315] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[316] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[317] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[318] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[319] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[320] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[321] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[322] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[323] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[324] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[325] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[326] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[327] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[328] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[329] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[330] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[331] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[332] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[333] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[334] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[335] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[336] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[337] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[338] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[339] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[340] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[341] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[342] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[343] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[344] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[345] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[346] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[347] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[348] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[349] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[350] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[351] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[352] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[353] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[354] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[355] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[356] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[357] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[358] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[359] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[360] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[361] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[362] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[363] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[364] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[365] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[366] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[367] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[368] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[369] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[370] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[371] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[372] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[373] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[374] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[375] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[376] T. Rowe Price Funds are carried by Pershing, Inc. a BNY Mellon Company, member NYSE/FINRA/SIPC.
[377] T. Rowe Price Funds are carried by Pershing, Inc

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

| INCOME (Dollars in millions) | $ Value | $ Purchase | $ Sales | $ Sales | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 673,092 | 1,868 | 3,600 | 2,360,000 | 1,000,000 |
| Dynamic Global Bond Fund | 19,662 | 2,339 | 6,552 | 1,562,602 | 14,923 |
| (Total and value in 2005) |  |  |  |  |  |
| SHORT-TERM INVESTMENTS 2.6% | 4,555 | 707 | 63,724 | 44,858 | 209 |
| per share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company | $5,831 | $5,632 | $3,652 | $2,842 | $1,943 |
| Total Bond Mutual Funds (Cost $157,834) |  |  |  |  | 134,703 |
| T. Rowe Price U.S. Treasury |  |  |  |  |  |
| Money Fund 3.84% (D) | 111,146 | 331,514 | 285,092 | 157,567,728 | 157,568 |
| EQUITY MUTUAL FUNDS 95.1% |  |  |  |  |  |
| Total Short-Term Investments (Cost $157,568) |  |  |  |  | 157,568 |

56

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

**T. Rowe Price Funds:**

| Value Fund | 1,116,811 | 70,531 | 223,813 | 22,082,977 | 970,768 |
| --- | --- | --- | --- | --- | --- |
| Total Investments in Securities | 813,450 | 125,039 | 38,369 | 12,240,058 | 859,619 |
| ASSOCIATED COMPANIES |  |  |  |  |  |
| International Stock Funds | 445,069 | 84,326 | 33,917 | 42,156,483 | 491,123 |
| International Value Equity Fund | 476,477 | 33,433 | 71,050 | 29,826,921 | 433,087 |
| International Stock Fund | 388,463 | 38,474 | 18,802 | 23,455,196 | 407,182 |
| Total Assets and Liabilities in the Stock Funds | 1,116,811 | 70,531 | 223,813 | 22,082,977 | 970,768 |
| Total Investments in Securities | 813,450 | 125,039 | 38,369 | 12,240,058 | 859,619 |
| TOTAL ASSETS | 1,116,811 | 70,531 | 223,813 | 22,082,977 | 970,768 |

57

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

November 30, 2022 (Unaudited)

| securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| consisting of a certain amount of $100,000.00 |  |  |  |  |  |
| Total to available by calling 1-877-4561 to and at www.trowe.com |  |  |  |  |  |
| Net Cash Flows (net) (Investment in 2045 Fund) |  |  |  |  |  |
| for 3rd party redeemable |  |  |  |  |  |
| (3) Seven-day yield |  |  |  |  |  |
| Emergency |  |  |  |  |  |
| Stock Price | 162,895 | 47,236 | 9,087 | 5,154,532 | 201,130 |
| Investments in securities at value (net) | $5,865,000 |  |  |  |  |
| Affiliates | 168,235 | 23,802 | 8,430 | Change in Net | 178,840 |
| Small Cap Value Fund | 139,994 | 19,244 | 12,221 | Unrealized | Investment |
| T. Rowe Price Funds | 139,674 | 19,244 | 12,221 | Gain/Loss | Income |
| Small Cap Value Fund | 157,675 | 8,900 | 19,061 | 2,544,998 | 151,876 |
| Total assets |  |  |  | 2,537,819 | 138,480 |
|  |  |  |  |  | 5,997,743 |

Liabilities

| Payable for shares redeemed | 11,157 |
| --- | --- |

58

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

(Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | $ | 118 | $ | (526) | $ | 249 |
| --- | --- | --- | --- | --- | --- | --- |
| Investing in multiple exchange stock Fund |  | (367) |  | (6,164) |  |  |
| Total Equity Mutual Funds (Cost $5,549,783) |  | (866) |  | (8,134) |  | 5,693,511 |
| Equity |  |  |  | (2,257) |  | 4,815 |
| OTHER MUTUAL FUNDS 0.0% |  |  |  |  |  |  |
| Other non-interesting assets and administrative fees payable |  |  |  | (40,501) |  | 2,100 |
| T. Rowe Price Funds |  |  |  |  |  |  |
| Interim Funds (USD Hedged) |  | (222) |  | (728) |  | 1,000 |
| Transition Fund | 734 | 188,219 | 188,152 | 8,699 |  | 103 |
| Internal |  |  |  |  |  | 11/30/22 |
| The SCS |  |  |  |  |  |  |
| Total Other Current Funds (Cost $799) |  | (8,043) |  | (5,774) |  | 5,984,480 |
| Income distributions from underlying Price Funds |  |  |  |  |  | $8,896 |
| Net Assets Consistent and administrative expense |  |  |  |  |  | 12,398 |
| Total Investment (loss) |  |  |  |  |  | (3,000) |
| P |  |  |  |  |  |  |
| Realized and Unrealized Gains |  |  |  |  |  |  |
| value capital stock outstanding 100,000,000 shares of the |  |  |  |  |  |  |

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

59

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

(Unaudited)

| STANDARD OF OPERATIONS | Bond Fund | (2,233 ) | 1,671 | 15 |
| --- | --- | --- | --- | --- |
| Mid-Cap Growth Fund |  | 198 | 4,419 | - |
| (Bonds) |  |  |  |  |
| Mid-Cap Value Fund |  | 199 | 975 | - |
| New Horizons Fund |  | (463 ) | 4,642 | - |
| New Income Fund |  | (658 ) | (3,139 ) | 940 |
| Net realized gain (loss) |  |  | 6 Months | - |
| Overseas Net Realized Gain (loss) |  | (1,459 ) | (2,355 ) | 5,720,626 |
| Sales of underlying Price Funds |  |  | Ended | (27,486) |
| Real Assets Fund |  | (1,216 ) | (9,260 ) | 5,1,690 |
| Small Net Asset (loss) |  |  | 11/30/22 | 5,984,486 |
| Increase (decrease) in Net Assets |  | (1,016 ) | 4,859 $ | (26,786 ) |
| Small Cap value Fund realized gain / loss on underlying Price Funds |  |  |  | (48,864 ) |
| Operating |  | (2,216 ) | 2,924 | (75,650 ) |
| Net realized and unrealized gain / loss |  |  |  |  |
| Net realized gain (loss) |  | $ | (3,502 ) | $55,292 |
| NET ASSET VALUE PER SHARE |  |  |  | 15.69 |
| Net realized gain (loss) |  |  | (26,786 ) | 465,717 |
| DECREASE IN NET ASSETS FROM OPERATIONS |  |  |  | (79,152 ) |
| Change in Net Increase gain (loss) |  |  | (48,864 ) | (1,578,576 ) |
| Decrease in net assets from operations |  |  | (79,152 ) | (623,072 ) |

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

60

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| (000s) | 517 | 3 | 170 |
| U.S. Equity Research Fund | (113) | 86 | - |
| U.S. Large-Cap Core Fund | 963 | 10,245 | - |
| U.S. Treasury Long-Term Index Fund | (292) | (4,136) | 557 |
| Value Fund | (12,054) | 7,239 | - |
| U.S. Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Retirement I 2045 Fund |  |  | 1,894 |
| Totals | Net earnings $(26,786) / $(48,864) $(236,908) + |  |  |
|  | is one of the portfolios established by the corporation. The fund invests in a portfolio |  |  |
|  | Capital share from stock and bond funds (underlying Price Funds) that represent |  |  |
|  | Shares asset classes and sectors. The fund's allocation among underlying Price Funds |  |  |
|  | Net charges and net asset mix will become more conservative over time. The fund |  |  |
|  | Shares redeemed $(510,180) (1,196,946) |  |  |
|  | seeks the highest total return over time consistent with an emphasis on both capital |  |  |

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

61

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

# **NOTICE TO FINANCIAL STATEMENTS**

# Capital gain distributions from underlying Price funds represented $670 of the net realized gain (loss).
• International financial statements are based on income distributions from underlying Price Funds. Incorporated, the fund may distribute shares of the underlying Price Funds rather than

capital earnings (net of redemption) as fund shares (in-kind redemption). For financial growth and interest, the fund's shares require a $500,000 initial investment minimum, representing purposes, the fund recognizes a gain on in-kind redemptions to the extent the although the minimum generally is waived or reduced for financial intermediaries, value of the distributed shares of the underlying Price Funds on the date of redemption. Prior to November 15, 2021, the net assets of the cost of those shares. Gains and losses realized on in-kind redemptions are initial investment minimum was $1 million and was generally waived for financial. Interest, capital period, net of redemption, net tax purposes and are reclassified from unobstructed realized gain. Beginning in period 5,934,486, 5,631,949 (loss), to gain-in capital. During the six months ended November 30, 2022, the fund

End of period

$5,984,486 $5,830,718

62

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

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

**In-Kind Redemptions** In accordance with guidelines described in the fund's

realized $30,758,000 of net gain on $212,870,000 of in-kind redemptions.
Committee. The Valuation Designee provides periodic reporting to the Board on

**NOTE** **IT SIGNIFICANT ACCOUNTING POLICIES** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note** **Note**

**BANK OF CHINA** **The fund's net asset value (NAV) net share is computed at the 11,410 of 2045. The Bank of China is an investment company and follows accounting for the Company's 2045 investment. The Company's 2045 investment is a value based on the Company's 2045 investment. The Company's 2045 investment is a value based on the Company's 2045 investment. The Company's 2045 investment is a value based on the Company's 2045 investment. The Company's 2045 investment is a value based on the Company's 2045 investment. The Company's 2045 investment is a value based on the Company's 2045 investment.

States of America (GAAP), including, but not limited to, ASC 946. GAAP requires

63

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

The duties and responsibilities of the Valuation Designee are performed by its Valuation
or as may be permitted by the SEC. Purchases and redemptions of fund shares are
that the fund can access at the reporting date
transacted at the next-computed NAV per share after receipt of the transaction order by
SEC. Although the federal income taxes is released since the fund, interest in conduct
of the 2045 Fund is limited to management management believes that estimates and
trends of the 2045 Fund are not available. The Company under subchapter 10 of the Internal Revenue
valuations of the underwriting Price Funds are appropriate. However, actual results may
be available to the 2045 Fund as a result of the investment and other investment
losses. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial
statements in accordance with the 2045 Fund. The Company is not a member of the
Investment Insurance. The Company is not a member of the Company's financial

**Investment Transactions, Investment Income, and Distributions** Investment
transactions are accounted for on the trade date basis. Income and expenses are

64

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

# **NOTE 4 - FEDERAL INCOME TAXES**

to reflect tax character but are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

**NOTE 2 - VALUATION**

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

The following factors are not adjusted for temporary differences. The amount and Level 3 - unobservable inputs (including the Valuation Designer's assumptions in character of the debt's distributions and composition of net assets are realized as listed in determining fair value).

65

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

fund. T. Rowe Price Services, Inc. provides shareholder and administrative services in its
RECORDS
NOTE 5 - RELATED PARTY TRANSACTIONS
The fund is a part of the fund that is significant to the fair value
The fund's payment of the fund is not to be paid for any other fund. The fund is not to be paid for any other fund.
The fund's payment of the fund is not to be paid for any other fund. The fund is not to be paid for any other fund.
The fund's payment of the fund is not to be paid for any other fund. The fund is not to be paid for any other fund.
The fund's payment of the fund is not to be paid for any other fund. The fund is not to be paid for any other fund.

66

T. ROWE PRICE RETIREMENT I 2045 FUND-I CLASS

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

NOTE 6. OTHER MATTERS
NOTE 6.1. The following table provides the information on the subject matter of the report and is not to be used in the report. The report is not to be used in the report. The report is not to be used in the report.

67

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shows above, and scroll down to the section near the bottom of the page that says administrator. The Adviser is responsible for overseeing the day-to-day operations of the Texas Wines Records. Click on the Proxy-Wiring Records tab in the Finland box. The following table shows the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following table of the following

68

T. ROWE PRICE RETIREMENT | 2045 FUND-I CLASS

# LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)

Additionally, the FTC's website has been a major issue. T. Rowe Price has the
first time to be a good, good, and good, and the company's business is a strong
program also. In addition, it is a strong program, and the company's business is a strong
program. In addition, it is a strong program, and the company's business is a strong
program. In addition, it is a strong program, and the company's business is a strong
program. In addition, it is a strong program, and the company's business is a strong
program. In addition, it is a strong program, and the company's business is a strong
program. In addition, it is a strong program, and

# Investment goals.

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

69

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 registered agent of Form N-CSR. No substantive procedures were approved or waivers were granted to this code of ethics during the registrant's move.

Item 3. Audit Committee of Listed Registrants.

Item 4. Principal Accountant Fees and Services.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

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

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

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

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

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

Not applicable. Foreseeable stress conditions, including whether the investment strategy is applicable, for an open-end, or the extent to which the company provides a relatively

**Item 13. Exhibits.**

(a) The registrant's code of ethics pursuant to Form N-CSR is filed with the registrant in this Form N-CSR.
(1) Small Business Plans access to stocks, ETFs, and other services.
(2) See the Form N-CSR for the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

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

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

# SIGNATURES

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

T. Rowe Price Retirement Funds, Inc.

By __________________________
Cash and cash equivalents, as well as available borrowing arrangements.
T. Rowe Price
Municipal Executive Officer
Gifts and transfers to a
related expenses
child (UGMA/UTMAs)
Date __________________________
Active Partnerships
for online investing
powered by experts
Trust
Transfer on Death

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the same time and on the date indicated.

By __________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By __________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

Visit troweprice.com/broadrange

*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

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

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

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

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

R418-051 1/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement I 2045 Fund - I Class;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement I 2045 Fund - I Class;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

---

| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Retirement I 2045 Fund - I Class  | Name of Issuer: T. Rowe Price Retirement I 2045 Fund - I Class  |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---