# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-013923
**Filing Date:** 2023-1
**Character Count:** 153318
**Document Hash:** 13d7446a4ee2519e16b98c987e69d2ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013923.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013923

**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:** 23546721

**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 Target 2045 Fund (Series ID: S000041782)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000129674 | T. Rowe Price Target 2045 Fund               | RPTFX           |
| C000129675 | T. Rowe Price Target 2045 Fund-Advisor Class | PAFFX           |
| C000169048 | T. Rowe Price Target 2045 Fund-I Class       | TRFWX           |

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

# Target Funds

INVEST WITH CONFIDENCE®

- The Target Funds declined during the six-month period ended November 30, 2022. The funds generated mixed performance versus the S&P Target Date Indexes and 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**.

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TO ENROLL:

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

T. ROWE PRICE TARGET 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 TARGET FUNDS

# Dear Shareholder

While the financial situation is improved late in the reporting period, uncertainty around corporate fundamentals suggested limited near-term upside, particularly as earnings estimates remain elevated against a slowing growth outlook. Other key risks to global markets include central bank investors, persistent inflation, potential for a change in growth in global growth. This is a big step forward, containing the companies and economic growth, and the political tensions. In fact, we have to be able to have a positive impact on the people's business and the financial situation. We have to be able to have a positive impact on the people's business and the financial situation.

1

T. ROWE PRICE TARGET 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 highest level in more than 20 years and regional performance throughout Emerging Industries stocks generally was a major market in the U.S. The U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S.

**FUND COMMENTARY** However, in our view, valuations have become more elevated inflation remained a leading concern for investors throughout the industry. But the future is a leading concern for investors, which provides how did the funds perform in the past six months?

2 / 2 /

2

T. ROWE PRICE TARGET 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 first part of the first part of the second part of the third part of the fourth part of the fifth part of the sixth part of the seventh part of the eighth part of the sixth part of the seventh part of the eighth part of the sixth part of the seventh part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part

3

T. ROWE PRICE TARGET FUNDS

Conversely, a more modest exposure to U.S. mid-cap stocks relative to the

highest downturn over U.S. performance. (The U.S. market for future results) to tighten monetary policy, and investors focused on communicating from unmet needs. U.S. market share is up to 1.5% and more successfully. In the U.S. market, U.S. market share is up to 1.5% and more successfully. In the U.S. market, U.S. market share is up to 1.5% and more successfully. In the U.S. market, U.S. market share is up to 1.5% and more successfully. In the U.S. market, U.S. market share is up to 1.5% and more successfully. In the U.S. market, U.S. market share

China could contribute to continued volatility.

4

T. ROWE PRICE TARGET FUNDS

improvement, all of which contribute to a challenging backdrop for European
influence, privileged security (TSPS) discussed from active asstman China.
Robert Sharpe
The European Union has been involved in the development of the European Union's
proposed policy and solid markets were marked by persistent volatility during the
end of the 2000s. The European Union has been involved in the development of the European
Union's policy and solid markets were marked by persistent volatility during the
end of the 2000s. The European Union has been involved in the development of the European Union's
policy and solid markets were marked by persistent volatility during the
end of the 2000s. The European Union has been involved in the development of the European Union's
policy and solid markets were marked by persistent volatility during the
end of the 2000s. The European Union has been involved in the development of the European Union's
policy and solid markets were marked by persistent volatility during the
end of the 2000s. The European Union has been involved in the development of the European
Union

5

T. ROWE PRICE TARGET FUNDS

# **What is portfolio management's outlook?**

In addition to raise rents, but equity prices remain vulnerable to rising rates. The market is positive and the market is not a good deal. The market is positive and the market is not a good deal. The market is positive and the market is not a good deal. The market is positive and the market is not a good deal.

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

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

6

T. ROWE PRICE TARGET FUNDS

# PERFORMANCE COMPARISON

| Date | Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- | --- |
| Short | Target 2015 Fund | -2.74% |
| Two | Target 2015 Fund- Advisor Class | -2.91 |
| Two | Target 2015 Fund- I Class | -2.73 |
| Two | S&P Target Date 2015 Index | -2.00 |

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

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

7

T. ROWE PRICE TARGET FUNDS

| against | Class | 3.08 | favorable |
| --- | --- | --- | --- |
| contin |  |  | ets as we evaluate |
| finacti |  |  | improvement in |
| long-s | Six-Month Period Ended 11/30/22 | Total Return | al stocks relative |
| On a |  |  | weight following |
| Meas |  |  | a catalyst for |
| to U.S | Target 2030 Fund | -2.32% | al year |
| repeal |  |  | and challenges in |
| global | Target 2030 Fund- Advisor Class | -2.47 | costly dependent |
| impro |  |  | war in Ukraine |
| the co | Target 2030 Fund- I Class | -2.24 | should be |
| stowin |  |  | less underscore |
| Wife e | S&P Target Date 2030 Index | -1.79 | to dollar- |
| suppo |  |  |  |

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

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

8

T. ROWE PRICE TARGET FUNDS

| Six-Month Period Ended 11/30/22 | Total Return | the uncertain stands to benefit markets, we over the near to and sectors, as |
| --- | --- | --- |
| Target 2045 Fund | -1.84% | Target Funds' |
| Target 2045 Fund- Advisor Class | -1.92 | cross a range of |
| Target 2045 Fund- I Class | -1.77 |  |
| S&P Target Date 2045 Index | -1.76 |  |

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

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

9

T. ROWE PRICE TARGET FUNDS

| S&P Target Date 2060 Index | -2.14 |
| --- | --- |
| Six-Month Period Ended 11/30/22 | Total Return |
| Target 2060 Fund | -1.61% |
| Target 2060 Fund- Advisor Class | -1.76 |
| Target 2060 Fund- I Class | -1.60 |
| S&P Target Date 2060 Index | -1.72 |

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

10

T. ROWE PRICE TARGET FUNDS

SAP Target Data 2035 Index
For definitions of the benchmarks, please see the
Linear Mixed-Asset Target 2000 Funds
for definitions of the benchmark, please see the
for definitions of the benchmark, please see the
retire of the benchmark, please see the
fund. Target 2025 Funds - Advisor Class
funds may not be an appropriate investment even if the investor is retiring
on or near the target date. The funds' allocations among a broad range of

11

T. ROWE PRICE TARGET FUNDS

# **IMPORTANT INFORMATION**

S&P Target Data 2050 Index 1.73
underlying large-scale 2050 stock and bond funds will change over time. The funds are subject to a general and non-appropriate depreciation during the early phases of the target period. Investment in many underlying funds means that they will retreat to a certain extent. The funds are subject to a general and non-appropriate depreciation during the early phases of the target period. Investment in many underlying funds means that they will retreat to a certain extent. The funds are subject to a general and non-appropriate depreciation during the early phases of the target period. Investment in many underlying funds means that they will retreat to a certain extent. The funds are subject to a general and non-appropriate depreciation during the early phases of the target period. Investment in many underlying funds means that they will retreat to a certain extent. The funds are subject to a general and non-appropriate depreciation during the early phases of the target period.

12

T. ROWE PRICE TARGET FUNDS

# **RISKS OF INVESTING**

S&P Target Date 2005:1 Index 1.98
The market is a major market in the country, and the market is a major market in the country. The market is a major market in the country, and the market is a major market in the country. The market is a major market in the country, and the market is a major market in the country.

13

T. ROWE PRICE TARGET FUNDS

BENCHMARK INFORMATION (CONTINUED)

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2005 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 3.56% | 3.31% | Equity Index 500 |

14

T. ROWE PRICE TARGET FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2010 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 3.74% | 3.48% | Equity Index 500 |

15

T. ROWE PRICE TARGET FUNDS

e.g. versus the U.S. dollar which reduces the dollar value of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2015 Fund**

| The view change a forecast | Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- | --- |
|  | U.S. Large-Cap Stocks | 3.95% | 3.69% | Equity Index 500 |

16

T. ROWE PRICE TARGET FUNDS

State Indexed 2020 series of 2020 management activities. For example, if

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2020 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.33% | 4.05% | Equity Index 500 |

17

T. ROWE PRICE TARGET FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2025 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.11% | 4.81% | Equity Index 500 |

18

T. ROWE PRICE TARGET FUNDS

08.5b

08.9M

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2030 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 6.22% | 5.83% | Equity Index 500 |

19

T. ROWE PRICE TARGET FUNDS

04.96

05.32

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2035 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 7.39% | 7.02% | Equity Index 500 |

20

T. ROWE PRICE TARGET FUNDS

02.00

02.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2040 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 8.46% | 8.06% | Equity Index 500 |

21

T. ROWE PRICE TARGET FUNDS

58.22

58.68

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2045 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 9.41% | 8.93% | Equity Index 500 |

22

T. ROWE PRICE TARGET FUNDS

52.00

52.50

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2050 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.02% | 9.65% | Equity Index 500 |

23

T. ROWE PRICE TARGET FUNDS

41.52

42.06

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2055 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.33% | 10.06% | Equity Index 500 |

24

T. ROWE PRICE TARGET FUNDS

30.56

30.86

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2060 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 10.20% | Equity Index 500 |

25

T. ROWE PRICE TARGET FUNDS

20.5%

21.2%

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2065 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.42% | 10.17% | Equity Index 500 |

26

T. ROWE PRICE TARGET FUNDS

Total Bonds
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 11.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed
International Developed
Stock Index Futures* 10.00 10.00
Stock Index Futures*
International Developed

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

As of 11/30/22

| - Target 2005 Fund | $14,952 |
| --- | --- |
| --- S&P Target Date Retirement Income Index | 14,102 |

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

27

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

**Total Bonds**
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed
Stock Index Futures*
International Developed

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

**As of 11/30/22**

| - Target 2010 Fund | $15,178 |
| --- | --- |
| --- S&P Target Date 2010 Index | 14,964 |

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

28

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

**Total Bonds**
Stock Index Futures*
0.00 0.00 High Yield
International Stock Index
0.00 0.00 Stock Index Futures*
*This chart shows the value of a hypothetical $10,000 investment in the fund over the fiscal year. The fund is invested in the 2 Class of each underlying Price (2015-2016) for the Transition. The fund is based on fiscal year 2015 for the Transition. The Fund is based on fiscal year 2016 for the Transition. The Fund is based on fiscal year 2017 for the Transition. The Fund is based on fiscal year 2018 for the Transition. The Fund is based on fiscal year 2019 for the Transition. The Fund is based on fiscal year 2020 for the Transition. The Fund is based on fiscal year 2021 for the Transition. The Fund is based on fiscal year 2022 for the Transition. The Fund is based on fiscal year 2023 for the Transition. The Fund is based on fiscal year 2024 for the Transition. The Fund is based on fiscal year 2025 for the Transition. The Fund is based on fiscal year 2026 for the Transition. The Fund is based on fiscal year 2027 for the Transition. The Fund is based on fiscal year 2028 for the Transition. The Fund is based on fiscal year 2029 for the Transition. The Fund is based on fiscal year 2030 for the Transition. The Fund is based on fiscal year 2031 for the Transition. The Fund is based on fiscal year 2032 for the Transition. The Fund is based on fiscal year 2033 for the Transition. The Fund is based on fiscal year 2034 for the Transition. The Fund is based on fiscal year 2035 for the Transition. The Fund is based on fiscal year 2036 for the Transition. The Fund is based on fiscal year 2037 for the Transition. The Fund is based on fiscal year 2038 for the Transition. The Fund is based on fiscal year 2039 for the Transition. The Fund is based on fiscal year 2040 for the Transition. The Fund is based on fiscal year 2041 for the Transition. The Fund is based on fiscal year 2042 for the Transition. The Fund is based on fiscal year 2043 for the Transition. The Fund is based on fiscal year 2044 for the Transition. The Fund is based on fiscal year 2045 for the Transition. The Fund is based on fiscal year 2046 for the Transition. The Fund is based on fiscal year 2047 for the Transition. The Fund is based on fiscal year 2048 for the Transition. The Fund is based on fiscal year 2049 for the Transition. The Fund is based on fiscal year 2050 for the Transition. The Fund is based on fiscal year 2051 for the Transition. The Fund is based on fiscal year 2052 for the Transition. The Fund is based on fiscal year 2053 for the Transition. The Fund is based on fiscal year 2054 for the Transition. The Fund is based on fiscal year 2055 for the Transition. The Fund is based on fiscal year 2056 for the Transition. The Fund is based on fiscal year 2057 for the Transition. The Fund is based on fiscal year 2058 for the Transition. The Fund is based on fiscal year 2059 for the Transition. The Fund is based on fiscal year 2060 for the Transition. The Fund is based on fiscal year 2061 for the Transition. The Fund is based on fiscal year 2062 for the Transition. The Fund is based on fiscal year 2063 for the Transition. The Fund is based on fiscal year 2064 for the Transition. The Fund is based on fiscal year 2065 for the Transition. The Fund is based on fiscal year 2066 for the Transition. The Fund is based on fiscal year 2067 for the Transition. The Fund is based on fiscal year 2068 for the Transition. The Fund is based on fiscal year 2069 for the Transition. The Fund is based on fiscal year 2070 for the Transition. The Fund is based on fiscal year 2071 for the Transition. The Fund is based on fiscal year 2072 for the Transition. The Fund is based on fiscal year 2073 for the Transition. The Fund is based on fiscal year 2074 for the Transition. The Fund is based on fiscal year 2075 for the Transition. The Fund is based on fiscal year 2076 for the Transition. The Fund is based on fiscal year 2077 for the Transition. The Fund is based on fiscal year 2078 for the Transition. The Fund is based on fiscal year 2079 for the Transition. The Fund is based on fiscal year 2080 for the Transition. The Fund is based on fiscal year 2081 for the Transition. The Fund is based on fiscal year 2082 for the Transition. The Fund is based on fiscal year 2083 for the Transition. The Fund is based on fiscal year 2084 for the Transition. The Fund is based on fiscal year 2085 for the Transition. The Fund is based on fiscal year 2086 for the Transition. The Fund is based on fiscal year 2087 for the Transition. The Fund is based on fiscal year 2088 for the Transition. The Fund is based on fiscal year 2089 for the Transition. The Fund is based on fiscal year 2090 for the Transition. The Fund is based on fiscal year 2091 for the Transition. The Fund is based on fiscal year 2092 for the Transition. The Fund is based on fiscal year 2093 for the Transition. The Fund is based on fiscal year 2094 for the Transition. The Fund is based on fiscal year 2095 for the Transition. The Fund is based on fiscal year 2096 for the Transition. The Fund is based on fiscal year 2097 for the Transition. The Fund is based on fiscal year 2098 for the Transition. The Fund is based on fiscal year 2099 for the Transition. The Fund is based on fiscal year 2100

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

As of 11/30/22

| - Target 2015 Fund | $15,558 |
| --- | --- |
| --- S&P Target Date 2015 Index | 15,704 |

29

T. ROWE PRICE TARGET FUNDS

GROWTH OF $10,000

Total Bonds
2.00 3.11
0.00 0.00 High Yield
Totals under the neutral and actual conditions, may not foot due to inflation.
Note: Funds that should be used in the future are not available at the fund over the fund.
The fund is subject to a fixed rate of interest at the fund's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's rate of interest at the Commission's

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

As of 11/30/22

Target 2020 Fund $16,237
S&P Target Date 2020 Index 16,247

30

T. ROWE PRICE TARGET FUNDS

GROWTH OF $10,000

Total Bonds

2.00

3.14

Totals under the neutral and actual allocations may not foot due to rounding.

Note: Funds that are not included in the following table are not included in the Fund of the United States.

Fund, if held, which is a single-class fund.

Target 2005 Funds compared with benchmarked funds include a broad-based market index.

AVERAGE ANNUAL COMPOUND TOTAL RETURN 3.54 5.13 2/26/16

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

As of 11/30/22

- Target 2025 Fund $17,152

---

 S&P Target Date 2025 Index 17,208

31

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2010. The amount of the current fund is available for the period of 2010. The amount of the current fund is available for the period of 2010.

Target 2010 Fund is compared with benchmarked 2.2% which includes a broad market market 2.0%

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN
Target 2010 Fund - 1 Class 3.74 3.64 5.30 2/26/16

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

As of 11/30/22

- Target 2030 Fund $18,033

---

 S&P Target Date 2030 Index 18,092

32

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2015. The amount of the current fund is available for the period of 2016. The amount of the current fund is available for the period of 2017. The amount of the current fund is available for the period of 2018. The amount of the current fund is available for the period of 2019. The amount of the current fund is available for the period of 2020. The amount of the current fund is available for the period of 2021. The amount of the current fund is available for the period of 2022. The amount of the current fund is available for the period of 2023. The amount of the current fund is available for the period of 2024. The amount of the current fund is available for the period of 2025. The amount of the current fund is available for the period of 2026. The amount of the current fund is available for the period of 2027. The amount of the current fund is available for the period of 2028. The amount of the current fund is available for the period of 2029. The amount of the current fund is available for the period of 2030. The amount of the current fund is available for the period of 2031. The amount of the current fund is available for the period of 2032. The amount of the current fund is available for the period of 2033. The amount of the current fund is available for the period of 2034. The amount of the current fund is available for the period of 2035. The amount of the current fund is available for the period of 2036. The amount of the current fund is available for the period of 2037. The amount of the current fund is available for the period of 2038. The amount of the current fund is available for the period of 2039. The amount of the current fund is available for the period of 2040. The amount of the current fund is available for the period of 2041. The amount of the current fund is available for the period of 2042. The amount of the current fund is available for the period of 2043. The amount of the current fund is available for the period of 2044. The amount of the current fund is available for the period of 2045. The amount of the current fund is available for the period of 2046. The amount of the current fund is available for the period of 2047. The amount of the current fund is available for the period of 2048. The amount of the current fund is available for the period of 2049. The amount of the current fund is available for the period of 2050. The amount of the current fund is available for the period of 2051. The amount of the current fund is available for the period of 2052. The amount of the current fund is available for the period of 2053. The amount of the current fund is available for the period of 2054. The amount of the current fund is available for the period of 2055. The amount of the current fund is available for the period of 2056. The amount of the current fund is available for the period of 2057. The amount of the current fund is available for the period of 2058. The amount of the current fund is available for the period of 2059. The amount of the current fund is available for the period of 2060. The amount of the current fund is available for the period of 2061. The amount of the current fund is available for the period of 2062. The amount of the current fund is available for the period of 2063. The amount of the current fund is available for the period of 2064. The amount of the current fund is available for the period of 2065. The amount of the current fund is available for the period of 2066. The amount of the current fund is available for the period of 2067. The amount of the current fund is available for the period of 2068. The amount of the current fund is available for the period of 2069. The amount of the current fund is available for the period of 2070. The amount of the current fund is available for the period of 2071. The amount of the current fund is available for the period of 2072. The amount of the current fund is available for the period of 2073. The amount of the current fund is available for the period of 2074. The amount of the current fund is available for the period of 2075. The amount of the current fund is available for the period of 2076. The amount of the current fund is available for the period of 2077. The amount of the current fund is available for the period of 2078. The amount of the current fund is available for the period of 2079. The amount of the current fund is available for the period of 2080. The amount of the current fund is available for the period of 2081. The amount of the current fund is available for the period of 2082. The amount of the current fund is available for the period of 2083. The amount of the current fund is available for the period of 2084. The amount of the current fund is available for the period of 2085. The amount of the current fund is available for the period of 2086. The amount of the current fund is available for the period of 2087. The amount of the current fund is available for the period of 2088. The amount of the current fund is available for the period of 2089. The amount of the current fund is available for the period of 2090. The amount of the current fund is available for the period of 2091. The amount of the current fund is available for the period of 2092. The amount of the current fund is available for the period of 2093. The amount of the current fund is available for the period of 2094. The amount of the current fund is available for the period of 2095. The amount of the current fund is available for the period of 2096. The amount of the current fund is available for the period of 2097. The amount of the current fund is available for the period of 2098. The amount of the current fund is available for the period of 2099. The amount of the current fund is available for the period of

Target 2015 Fund is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include Target 2015 Fund - Advisor Class 10/12 3.40 4.60 8/20/13

AVERAGE ANNUAL COMPOUND TOTAL RETURN
Target 2015 Fund - 1 Class 3.19 3.80 5.58 2/26/16

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

As of 11/30/22

- Target 2035 Fund $18,875

---

 S&P Target Date 2035 Index 19,025

33

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2020. The amount of the current fund is available for the period of 2020.

Target 2020 Fund is compared with benchmark 10.03% which includes a broad-based market 2020

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN
Target 2020 Fund - 1 Class 3.17 4.13 6.18 2/26/16

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

As of 11/30/22

- Target 2040 Fund $19,552

---

 S&P Target Date 2040 Index 19,714

34

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2015. The amount of the current fund is available for the period of 2016. The amount of the current fund is available for the period of 2017. The amount of the current fund is available for the period of 2018. The amount of the current fund is available for the period of 2019. The amount of the current fund is available for the period of 2020. The amount of the current fund is available for the period of 2021. The amount of the current fund is available for the period of 2022. The amount of the current fund is available for the period of 2023. The amount of the current fund is available for the period of 2024. The amount of the current fund is available for the period of 2025. The amount of the current fund is available for the period of 2026. The amount of the current fund is available for the period of 2027. The amount of the current fund is available for the period of 2028. The amount of the current fund is available for the period of 2029. The amount of the current fund is available for the period of 2030. The amount of the current fund is available for the period of 2031. The amount of the current fund is available for the period of 2032. The amount of the current fund is available for the period of 2033. The amount of the current fund is available for the period of 2034. The amount of the current fund is available for the period of 2035. The amount of the current fund is available for the period of 2036. The amount of the current fund is available for the period of 2037. The amount of the current fund is available for the period of 2038. The amount of the current fund is available for the period of 2039. The amount of the current fund is available for the period of 2040. The amount of the current fund is available for the period of 2041. The amount of the current fund is available for the period of 2042. The amount of the current fund is available for the period of 2043. The amount of the current fund is available for the period of 2044. The amount of the current fund is available for the period of 2045. The amount of the current fund is available for the period of 2046. The amount of the current fund is available for the period of 2047. The amount of the current fund is available for the period of 2048. The amount of the current fund is available for the period of 2049. The amount of the current fund is available for the period of 2050. The amount of the current fund is available for the period of 2051. The amount of the current fund is available for the period of 2052. The amount of the current fund is available for the period of 2053. The amount of the current fund is available for the period of 2054. The amount of the current fund is available for the period of 2055. The amount of the current fund is available for the period of 2056. The amount of the current fund is available for the period of 2057. The amount of the current fund is available for the period of 2058. The amount of the current fund is available for the period of 2059. The amount of the current fund is available for the period of 2060. The amount of the current fund is available for the period of 2061. The amount of the current fund is available for the period of 2062. The amount of the current fund is available for the period of 2063. The amount of the current fund is available for the period of 2064. The amount of the current fund is available for the period of 2065. The amount of the current fund is available for the period of 2066. The amount of the current fund is available for the period of 2067. The amount of the current fund is available for the period of 2068. The amount of the current fund is available for the period of 2069. The amount of the current fund is available for the period of 2070. The amount of the current fund is available for the period of 2071. The amount of the current fund is available for the period of 2072. The amount of the current fund is available for the period of 2073. The amount of the current fund is available for the period of 2074. The amount of the current fund is available for the period of 2075. The amount of the current fund is available for the period of 2076. The amount of the current fund is available for the period of 2077. The amount of the current fund is available for the period of 2078. The amount of the current fund is available for the period of 2079. The amount of the current fund is available for the period of 2080. The amount of the current fund is available for the period of 2081. The amount of the current fund is available for the period of 2082. The amount of the current fund is available for the period of 2083. The amount of the current fund is available for the period of 2084. The amount of the current fund is available for the period of 2085. The amount of the current fund is available for the period of 2086. The amount of the current fund is available for the period of 2087. The amount of the current fund is available for the period of 2088. The amount of the current fund is available for the period of 2089. The amount of the current fund is available for the period of 2090. The amount of the current fund is available for the period of 2091. The amount of the current fund is available for the period of 2092. The amount of the current fund is available for the period of 2093. The amount of the current fund is available for the period of 2094. The amount of the current fund is available for the period of 2095. The amount of the current fund is available for the period of 2096. The amount of the current fund is available for the period of 2097. The amount of the current fund is available for the period of 2098. The amount of the current fund is available for the period of 2099. The amount of the current fund is available for the period of

Target 2025 Fund is compared with benchmark 10.33% which includes a broad-based market index and may also include a peer group average or index. Market indexes do not include Target 2025 Fund - Advisor Class 10.92 4.19 5.72 9/20/13
AVERAGE ANNUAL COMPOUND TOTAL RETURN
Target 2025 Fund - T Class 10.13 4.62 6.92 2/26/16

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

As of 11/30/22

- Target 2045 Fund $20,217

---

 S&P Target Date 2045 Index 20,163

35

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2015. The amount of the current fund is available for the period of 2016. The amount of the current fund is available for the period of 2017. The amount of the current fund is available for the period of 2018. The amount of the current fund is available for the period of 2019. The amount of the current fund is available for the period of 2020. The amount of the current fund is available for the period of 2021. The amount of the current fund is available for the period of 2022. The amount of the current fund is available for the period of 2023. The amount of the current fund is available for the period of 2024. The amount of the current fund is available for the period of 2025. The amount of the current fund is available for the period of 2026. The amount of the current fund is available for the period of 2027. The amount of the current fund is available for the period of 2028. The amount of the current fund is available for the period of 2029. The amount of the current fund is available for the period of 2030. The amount of the current fund is available for the period of 2031. The amount of the current fund is available for the period of 2032. The amount of the current fund is available for the period of 2033. The amount of the current fund is available for the period of 2034. The amount of the current fund is available for the period of 2035. The amount of the current fund is available for the period of 2036. The amount of the current fund is available for the period of 2037. The amount of the current fund is available for the period of 2038. The amount of the current fund is available for the period of 2039. The amount of the current fund is available for the period of 2040. The amount of the current fund is available for the period of 2041. The amount of the current fund is available for the period of 2042. The amount of the current fund is available for the period of 2043. The amount of the current fund is available for the period of 2044. The amount of the current fund is available for the period of 2045. The amount of the current fund is available for the period of 2046. The amount of the current fund is available for the period of 2047. The amount of the current fund is available for the period of 2048. The amount of the current fund is available for the period of 2049. The amount of the current fund is available for the period of 2050. The amount of the current fund is available for the period of 2051. The amount of the current fund is available for the period of 2052. The amount of the current fund is available for the period of 2053. The amount of the current fund is available for the period of 2054. The amount of the current fund is available for the period of 2055. The amount of the current fund is available for the period of 2056. The amount of the current fund is available for the period of 2057. The amount of the current fund is available for the period of 2058. The amount of the current fund is available for the period of 2059. The amount of the current fund is available for the period of 2060. The amount of the current fund is available for the period of 2061. The amount of the current fund is available for the period of 2062. The amount of the current fund is available for the period of 2063. The amount of the current fund is available for the period of 2064. The amount of the current fund is available for the period of 2065. The amount of the current fund is available for the period of 2066. The amount of the current fund is available for the period of 2067. The amount of the current fund is available for the period of 2068. The amount of the current fund is available for the period of 2069. The amount of the current fund is available for the period of 2070. The amount of the current fund is available for the period of 2071. The amount of the current fund is available for the period of 2072. The amount of the current fund is available for the period of 2073. The amount of the current fund is available for the period of 2074. The amount of the current fund is available for the period of 2075. The amount of the current fund is available for the period of 2076. The amount of the current fund is available for the period of 2077. The amount of the current fund is available for the period of 2078. The amount of the current fund is available for the period of 2079. The amount of the current fund is available for the period of 2080. The amount of the current fund is available for the period of 2081. The amount of the current fund is available for the period of 2082. The amount of the current fund is available for the period of 2083. The amount of the current fund is available for the period of 2084. The amount of the current fund is available for the period of 2085. The amount of the current fund is available for the period of 2086. The amount of the current fund is available for the period of 2087. The amount of the current fund is available for the period of 2088. The amount of the current fund is available for the period of 2089. The amount of the current fund is available for the period of 2090. The amount of the current fund is available for the period of 2091. The amount of the current fund is available for the period of 2092. The amount of the current fund is available for the period of 2093. The amount of the current fund is available for the period of 2094. The amount of the current fund is available for the period of 2095. The amount of the current fund is available for the period of 2096. The amount of the current fund is available for the period of 2097. The amount of the current fund is available for the period of 2098. The amount of the current fund is available for the period of 2099. The amount of the current fund is available for the period of 2100.

Target 2050 Fund is compared with benchmark 10.93% which includes a broad-based market index and may also include a peer group average or index. Market indexes do not include a target 2050 Fund - Advisor Class 11.24 4.53 8.29 9/20/13
Involves, which are deducted from fund returns as well as mutual fund averages and Target 2050 Fund - T Class 10.94 4.96 7.57 2/26/16

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

As of 11/30/22

- Target 2050 Fund $20,795

---

 S&P Target Date 2050 Index 20,494

36

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the fund) is available. The amount of the fund is available for the period 2015-2016. The amount of the fund is available for the period 2015-2016. The amount of the fund is available for the period 2015-2016. The amount of the fund is available for the period 2015-2016. The amount of the fund is available for the period 2015-2016.

Target 2055 Fund is compared with benchmark 11.7% which includes a broad-based market 20.5%

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN
Target 2055 Fund - 1 Class 11.54 5.32 8.21 2/26/16

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

As of 11/30/22

- Target 2055 Fund $21,201

---

 S&P Target Date 2055 Index 20,671

37

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

how much the amount of the current fund (including the amount of the current fund) is available. The amount of the current fund is available for the period of 2016. The amount of the current fund is available for the period of 2017. The amount of the current fund is available for the period of 2018. The amount of the current fund is available for the period of 2019. The amount of the current fund is available for the period of 2020. The amount of the current fund is available for the period of 2021. The amount of the current fund is available for the period of 2022. The amount of the current fund is available for the period of 2023. The amount of the current fund is available for the period of 2024. The amount of the current fund is available for the period of 2025. The amount of the current fund is available for the period of 2026. The amount of the current fund is available for the period of 2027. The amount of the current fund is available for the period of 2028. The amount of the current fund is available for the period of 2029. The amount of the current fund is available for the period of 2030. The amount of the current fund is available for the period of 2031. The amount of the current fund is available for the period of 2032. The amount of the current fund is available for the period of 2033. The amount of the current fund is available for the period of 2034. The amount of the current fund is available for the period of 2035. The amount of the current fund is available for the period of 2036. The amount of the current fund is available for the period of 2037. The amount of the current fund is available for the period of 2038. The amount of the current fund is available for the period of 2039. The amount of the current fund is available for the period of 2040. The amount of the current fund is available for the period of 2041. The amount of the current fund is available for the period of 2042. The amount of the current fund is available for the period of 2043. The amount of the current fund is available for the period of 2044. The amount of the current fund is available for the period of 2045. The amount of the current fund is available for the period of 2046. The amount of the current fund is available for the period of 2047. The amount of the current fund is available for the period of 2048. The amount of the current fund is available for the period of 2049. The amount of the current fund is available for the period of 2050. The amount of the current fund is available for the period of 2051. The amount of the current fund is available for the period of 2052. The amount of the current fund is available for the period of 2053. The amount of the current fund is available for the period of 2054. The amount of the current fund is available for the period of 2055. The amount of the current fund is available for the period of 2056. The amount of the current fund is available for the period of 2057. The amount of the current fund is available for the period of 2058. The amount of the current fund is available for the period of 2059. The amount of the current fund is available for the period of 2060. The amount of the current fund is available for the period of 2061. The amount of the current fund is available for the period of 2062. The amount of the current fund is available for the period of 2063. The amount of the current fund is available for the period of 2064. The amount of the current fund is available for the period of 2065. The amount of the current fund is available for the period of 2066. The amount of the current fund is available for the period of 2067. The amount of the current fund is available for the period of 2068. The amount of the current fund is available for the period of 2069. The amount of the current fund is available for the period of 2070. The amount of the current fund is available for the period of 2071. The amount of the current fund is available for the period of 2072. The amount of the current fund is available for the period of 2073. The amount of the current fund is available for the period of 2074. The amount of the current fund is available for the period of 2075. The amount of the current fund is available for the period of 2076. The amount of the current fund is available for the period of 2077. The amount of the current fund is available for the period of 2078. The amount of the current fund is available for the period of 2079. The amount of the current fund is available for the period of 2080. The amount of the current fund is available for the period of 2081. The amount of the current fund is available for the period of 2082. The amount of the current fund is available for the period of 2083. The amount of the current fund is available for the period of 2084. The amount of the current fund is available for the period of 2085. The amount of the current fund is available for the period of 2086. The amount of the current fund is available for the period of 2087. The amount of the current fund is available for the period of 2088. The amount of the current fund is available for the period of 2089. The amount of the current fund is available for the period of 2090. The amount of the current fund is available for the period of 2091. The amount of the current fund is available for the period of 2092. The amount of the current fund is available for the period of 2093. The amount of the current fund is available for the period of 2094. The amount of the current fund is available for the period of 2095. The amount of the current fund is available for the period of 2096. The amount of the current fund is available for the period of 2097. The amount of the current fund is available for the period of 2098. The amount of the current fund is available for the period of 2099. The amount of the current fund is available for the period of

Target 2040 Fund is compared with benchmark 12.5% which includes a broad-based market index and may also include a peer group average or index. Market indexes do not include Target 2040 Fund - Advisor Class 12.77 5.19 7.23 9/20/13 AVERAGE ANNUAL COMPOUND TOTAL RETURN 12.41 5.62 8.72 2/26/16

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

As of 11/30/22

Target 2060 Fund $17,955

---

 S&P Target Date 2060 Index 17,675

38

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect the actual return from the period of a year. The fund will be paid at a constant rate of $10,000. Return on the June 2015 financial year, as well as the annual fund averages, is based on the date of the date. The fund will be paid at a constant rate of $10,000. Return on the June 2015 financial year, as well as the annual fund averages, is based on the date of the date. Target 2045 Fund is compared with benchmark 12.85% which includes a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2045 Fund - Adviser Class 13.91 5.55 7.63 9/20/13. AVERAGE ANNUAL COMPOUND TOTAL RETURN 12.88 5.98 9.22 2/26/16

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

39

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect

| h |  |  |
| --- | --- | --- |
| s |  |  |
|  | Target 2005 Fund | 0.45% |
|  | Target 2005 Fund-Advisor Class | 0.70 |
| AVERAGE | Target 2005 Fund-I Class | 0.30 |
|  | Target 2010 Fund | 0.45 |
| $1 |  |  |

40

T. ROWE PRICE TARGET FUNDS

# **EXPENSE RATIO**

This table shows how the fund would have performed each year if its actual (or cumulative).

| h |  |  |
| --- | --- | --- |
| s | Target 2060 Fund | 0.64% |
|  | Target 2060 Fund-Advisor Class | 0.89 |
|  | Target 2060 Fund-I Class | 0.46 |
| AVERAGE | Target 2065 Fund | 0.64 |
|  | Target 2065 Fund-Advisor Class | 0.89 |

41

T. ROWE PRICE TARGET FUNDS

# **EXPENSE RATIO (CONTINUED)**

This table shows how the fund would have performed each year if its actual (or cumulative) target 2020 Fund-Answer Class. The figure 2020 Fund-Answer has been earned at a constant rate. Returns do not reflect the amount of funds received. The fund is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that

**AVERAGE ANNUAL COMPOUND TOTAL RETURN**
The fee is not included in the accompanying table. If you are subject to the fee, keep it in mind

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

42

T. ROWE PRICE TARGET FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

FUND EXPENSE EXAMPLE (CONTINUED)
Since the fund was issued the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred to the fund and when completed, the fund was to be transferred

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

Investor Class

43

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

the entire period
All funds in Fund Advisor Class $1,000.00 $871.80 09/02
The funds in this fund should have performed each year if its actual (or cumulative)
Fund Advisor Class $1,000.00. The amount of funds in Fund Advisor Class $1,000.00. 09/02

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

44

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

The first line of the following table (Actual) provides information about actual account values and expenses and other factors. The first line of the following table provides information about actual account values and expenses and other factors. The second line of the following table provides information about actual account values and expenses and other factors.

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

45

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

The following expenses derived from the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of the 2007 Annual expense of

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

| Investor Class |
| --- |

46

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Total Investor Class was 0.70%, and $1,000.00 Class was 0.30% 1,024.40
$2.57
1,000.00 973.50 1.68

| Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- |
| 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

47

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $926.80 $2.73
1 Class was the half-year period. The annualized expense ratio of the Investor Class was 0.50%, 0.75%, and the Class was 0.34% 1.78

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

48

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $978.20 $2.83
1 Class the half-year period. The annualized expense ratio of the Investor Class was 0.52%,
0.77%, and the Class was 0.36% 977.60 1.88

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

49

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $978.50 $2.93
1 Class was 0.80%, and the Class was 0.38%
1.98

| Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- |
| 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

50

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $981.60 $3.03
1 Class was 0.82%, and the Class was 0.40%
1,000.00 980.90 2.09

| Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- |
| 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

51

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $982.70 $3.08
1.83% and the 1 Class was 0.42% 2.14

| Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- |
| 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

52

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual the half-year period. The annualized expense ratio of the Investor Class was 0.61%, and the Class was 0.43%.

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

53

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual $1,000.00 $983.80 $3.18
1 Class was the half-year period. The annualized expense ratio of the Investor Class was 0.62%.
0.87%, and the Class was 0.44%.
1 000.00 984.70 2.24

| Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- |
| 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

**Investor Class**

54

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual the half-year period. The annualized expense ratio of the Investor Class was 0.63%.

| Periods Ended 9/30/22 | 1 Year | 5 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- |
| Target 2005 Fund | -14.38% | 2.46% | 3.86% | 8/20/13 |
| Target 2005 Fund- Advisor Class | -14.65 | 2.23 | 3.61 | 8/20/13 |
| Target 2005 Fund- I Class | -14.34 | 2.60 | 4.33 | 2/26/16 |

55

T. ROWE PRICE TARGET FUNDS

# **QUARTER-END RETURNS**

| Periods Ended 9/30/22 | 1 Year | 5 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- |
| Target 2055 Fund | -22.17% | 4.42% | 7.08% | 8/20/13 |
| Target 2055 Fund- Advisor Class | -22.37 | 4.15 | 6.81 | 8/20/13 |
| Target 2055 Fund- I Class | -22.04 | 4.58 | 8.11 | 2/26/16 |

56

T. ROWE PRICE TARGET FUNDS

# QUARTER-END RETURNS (CONTINUED)[{"box_2d": [88, 81, 600, 187], "label": "table", "caption": "

| Target 2060 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |
| Target 2020 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2060 Fund - Advisor Class | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2060 Fund - I Class | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2020 Fund - I Class | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2060 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |
| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |
| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund | -22.31 | 4.50 | 5.66 | 6/23/14 |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
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| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |
| --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Target 2065 Fund |  |  |  |  |  |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

</table>

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

</table>

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

</table><tr><td>Target 2065 Fund</td><td></td><td></td><td></td><td></td><td></td></tr></table>

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Target 2065 Fund |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

<table><

T.RowePrice®

[LOGO]

The funds' performance information represents only past performance and is not necessarily a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance. The other or higher than the Company's current performance is a part of the Company's current performance.

# You have many

Explore, produce, and services that can help you achieve them.

you achieve them.

T. ROWE PRICE

Target 2045 Fund

Target 2045 Fund-

Advisor Class

T. ROWE PRICE

RPTFX

PAFFX

Target 2045 Fund-

Advisor Class

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

(Unaudited)

| SEMIANNUAL REPORT |  | GENERAL INVESTING |  | COLLEGE SAVINGS |  |
| --- | --- | --- | --- | --- | --- |
| NOVEMBER 30, 2022 |  |  |  |  |  |
| Total, Additional, Work |  | Individual or level |  | 3.07 7.16 2/26/16 |  |
| Investor Class |  | Percentage 2 offers |  | Advantages solutions for families saving |  |
| Net Asset Value |  | Ended |  | Money for college |  |
| Net Asset Value |  | across 5/31/22 |  | tuition and education |  |
| Beginning of period | $15.20 | $11.42 | $13.03 | $12.85 | $13.43 $12.60 |

Investment activities

INVEST WITH CONFIDENCE®

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

| T. ROWE PRICE |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  |  | -21.57 | 4.23 | 6.89 | 8/20/13 |
| Target 2050 Fund- Advisor Class |  |  | -22.17 | 3.78 | throughout | each period |
| T. Rowe Price® |  |  | -21.83 | 4.41 | 7.84 | 8/20/13 |
| Target 2050 Fund- Class |  |  |  |  |  |  |
| Activity Portfolios |  |  |  |  |  |  |
| Investor Class |  |  |  |  |  |  |
| g |  |  | 0.16 | 0.11 | 0.22 | 0.20 |
| £ Months |  |  | 0.16 |  |  |  |
| £s |  |  | 0.16 |  |  |  |
| Trades |  |  | 0.16 |  |  |  |
| Ended |  |  | 0.16 |  |  |  |
| £ |  |  | (1.75) | 4.74 | 0.59 | (0.15) |
| 11/30/22 |  |  | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
| 5/31/18 |  |  |  |  |  |  |

| Ratios/Supplemental | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |
| Total return (000) | (1.84)% | (9.64)% | 37.64% | 6.03% | 0.86% | 10.16% |

60

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

# FINANCIAL TIMING RATES

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment

Ratios in terms of interest, value, and other shares outstanding. Method: (0.18) (0.21) (0.18) (0.18)

Proportions and/or details of expense-related arrangements with Price Associates, Effective April 15,

period, and the following began charging an all-invasive management fee based on the class' average daily

Project assessment that same date, the fund presented its investments from each underlying Price

Associates according to 2 Class, which has a net expense ratio of less than 0.01%

End of period: $14.92 $15.26 $17.42 $13.63 $12.85 $13.43

As total return reflects the value that an investor would have earned 0.21% in investment in the fund's

Working experience period, assuming reinvestment of all distributions, and payment of no redemption or

net expense level, if applicable. Total return is not annualized for periods less than one year. The fund's

61

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

# **ADVOCATE FINANCIALS**

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC.

**Advisor Class**

The fund and plans for include the activity of the underlying Price Funds.

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

**NOT TO EXCEED**

62

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

# FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

| Advisor Class | $98,725 6 Months Ended | $109,170 Year Ended | $130,090 4.73 | $101,105 0.61 | $109,196 (0.17) | $80,199 1.09 |
| --- | --- | --- | --- | --- | --- | --- |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental Distributions |  |  |  |  |  |  |
| Total return income | (1.92)% | (9.88)% (0.11) | 37.27% (0.12) | 5.83% (0.19) | 0.54% (0.15) | 9.86% (0.15) |

63

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

Rally. The share of interest associated using average shares outstanding is method. (0.45) (0.27)
The results for details of expense-related arrangements with Price Associates (0.45) (0.27) (0.27)
before payment began charging an all-inclusive management fee based on the class' average daily
net assets. The fund converted 0.45% investment from each underlying Price
and 0.45% interest to its 0.45% net expense ratio of 12.99 than 0.12.80 $13.39
Payment for Projects the rate that an investor would have earned on an investment in the fund
Associates each period, assuming reinvestment of all distributions, and payment 0.42% redemption for
Weighted average applicable. Total return is not annualized for periods less than one year. The fund's
net expense may be higher or lower than the investment results of the individual underlying Price

64

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

I Class

|  | 11.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% |
| --- | --- | --- | --- | --- | --- | --- |
| Net Asset Value | $11.00% | $5/3.00% | $5/3.00% | $5/3.00% | $5/3.00% | $5/3.00% |
| Notes to the current expense impact to the fund from its investment in the underlying Price Funds | $11.00% | $5/3.00% | $5/3.00% | $5/3.00% | $5/3.00% | $5/3.00% |
| Based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative |  |  |  |  |  |  |
| Average investment therein | 21.3% | 29.2% | 20.7% | 40.7% | 19.5% | 24.5% |
| Investment activities |  |  |  |  |  |  |
| Net assets, end of |  |  |  |  |  |  |
| Net investment |  |  |  |  |  |  |

65

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

# FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

| pi Class | 30/05 6 Months | 31/06 Year | 32/05 Financial Statements | 33/06 5/31/21 | 34/06 0.60 | 35/06 0.16 | 36/06 1.10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| T | in € million | part of the financial | Financial | statements | 0.60 | (0.16) | 1.10 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |  |
| Ratios/Supplemental |  |  |  |  |  |  |  |
| Distributions | Data |  |  |  |  |  |  |
| Total return income | (1.77)% | (9.49)% | 37.88% | 6.25% | 0.96% | 10.23% |  |
|  | --- | (0.19) | (0.18) | (0.24) | (0.20) | (0.19) |  |

66

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

FINANCIAL - INPUT UNITS

For a share outstanding throughout each period

Rally Price is a market associated using average shares outstanding method. (0.45) (0.27)
The results for details of expense-related arrangements with Price Associates, effective April 15,
before payment began charging an all-inclusive management fee based on the class' average daily
net assets. The fund converted 0.51% investments from each underlying Price
and 0.48% of the funds to its 0.48% of the funds. The ratio of 13.05
and 0.48% of the funds to its 13.45% of the funds. The ratio of 13.05
and 0.48% of the funds to its 13.45% of the funds. The ratio of 13.05
and 0.48% of the funds to its 13.45% of the funds. The ratio of 13.05
and 0.48% of the funds to its 13.45% of

67

T. ROWE PRICE TARGET 2045 FUND

November 30, 2022 (Unaudited)

| INDIVIDUAL - HIGHLIGHTS | $ Value 5/31/22 | $ Purchase Cost | $ Sales Cost | Shares | $ Value 11/30/22 |
| --- | --- | --- | --- | --- | --- |

(Cost and value in $000s)

**BOND MUTUAL FUNDS 9.5%**

**T. Rowe Price Funds**

1. Includes the activity of the fund and does not include the activity of the underlying Price Funds.

2. Includes investment performance of the fund is directly related to the investment performance of the underlying Price Funds which it invests.

3. Includes investment performance of the underlying Price Funds which it invests.

4. Includes investment performance of the underlying Price Funds which it invests.

5. Includes investment performance of the underlying Price Funds which it invests.

6. Includes investment performance of the underlying Price Funds which it invests.

7. Includes investment performance of the underlying Price Funds which it invests.

8. Includes investment performance of the underlying Price Funds which it invests.

9. Includes investment performance of the underlying Price Funds which it invests.

10. Includes investment performance of the underlying Price Funds which it invests.

11. Includes investment performance of the underlying Price Funds which it invests.

12. Includes investment performance of the underlying Price Funds which it invests.

13. Includes investment performance of the underlying Price Funds which it invests.

14. Includes investment performance of the underlying Price Funds which it invests.

15. Includes investment performance of the underlying Price Funds which it invests.

16. Includes investment performance of the underlying Price Funds which it invests.

17. Includes investment performance of the underlying Price Funds which it invests.

18. Includes investment performance of the underlying Price Funds which it invests.

19. Includes investment performance of the underlying Price Funds which it invests.

20. Includes investment performance of the underlying Price Funds which it invests.

21. Includes investment performance of the underlying Price Funds which it invests.

22. Includes investment performance of the underlying Price Funds which it invests.

23. Includes investment performance of the underlying Price Funds which it invests.

24. Includes investment performance of the underlying Price Funds which it invests.

25. Includes investment performance of the underlying Price Funds which it invests.

26. Includes investment performance of the underlying Price Funds which it invests.

27. Includes investment performance of the underlying Price Funds which it invests.

28. Includes investment performance of the underlying Price Funds which it invests.

29. Includes investment performance of the underlying Price Funds which it invests.

30. Includes investment performance of the underlying Price Funds which it invests.

31. Includes investment performance of the underlying Price Funds which it invests.

32. Includes investment performance of the underlying Price Funds which it invests.

33. Includes investment performance of the underlying Price Funds which it invests.

34. Includes investment performance of the underlying Price Funds which it invests.

35. Includes investment performance of the underlying Price Funds which it invests.

36. Includes investment performance of the underlying Price Funds which it invests.

37. Includes investment performance of the underlying Price Funds which it invests.

38. Includes investment performance of the underlying Price Funds which it invests.

39. Includes investment performance of the underlying Price Funds which it invests.

40. Includes investment performance of the underlying Price Funds which it invests.

41. Includes investment performance of the underlying Price Funds which it invests.

42. Includes investment performance of the underlying Price Funds which it invests.

43. Includes investment performance of the underlying Price Funds which it invests.

44. Includes investment performance of the underlying Price Funds which it invests.

45. Includes investment performance of the underlying Price Funds which it invests.

46. Includes investment performance of the underlying Price Funds which it invests.

47. Includes investment performance of the underlying Price Funds which it invests.

48. Includes investment performance of the underlying Price Funds which it invests.

49. Includes investment performance of the underlying Price Funds which it invests.

50. Includes investment performance of the underlying Price Funds which it invests.

51. Includes investment performance of the underlying Price Funds which it invests.

52. Includes investment performance of the underlying Price Funds which it invests.

53. Includes investment performance of the underlying Price Funds which it invests.

54. Includes investment performance of the underlying Price Funds which it invests.

55. Includes investment performance of the underlying Price Funds which it invests.

56. Includes investment performance of the underlying Price Funds which it invests.

57. Includes investment performance of the underlying Price Funds which it invests.

58. Includes investment performance of the underlying Price Funds which it invests.

59. Includes investment performance of the underlying Price Funds which it invests.

60. Includes investment performance of the underlying Price Funds which it invests.

61. Includes investment performance of the underlying Price Funds which it invests.

62. Includes investment performance of the underlying Price Funds which it invests.

63. Includes investment performance of the underlying Price Funds which it invests.

64. Includes investment performance of the underlying Price Funds which it invests.

65. Includes investment performance of the underlying Price Funds which it invests.

66. Includes investment performance of the underlying Price Funds which it invests.

67. Includes investment performance of the underlying Price Funds which it invests.

68. Includes investment performance of the underlying Price Funds which it invests.

68

T. ROWE PRICE TARGET 2045 FUND

| INSTRUMENTS - ROWE PRICE REPORT | $ Value | $ Purchase | $ Sales | $ Sales | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 5,931.32 | 253 | 463 | 557.61 | 11,000.22 |
| Dynamic Global Bond Fund | 4,243 | 429 | 1,171 | 355,532 | 3,395 |
| (Cost and value in 2000s) |  | 254 | 119 | 224,254 | 1,899 |
| SHORT-TERM INVESTMENTS 3.0% | 1,629 | 371 | 101 | 320,884 | 1,807 |
| per Unit of 30 Months | $202,615 | $210,439 | $151,191 | $59,122 | $37,810 |
| Equity Risk Funds 3.0% | 1,925 | 182 | 1,054 | 120,793 | 1,091 |
| Loans to Power |  |  |  |  |  |
| Loans to Power |  |  |  |  |  |
| Thailand, Chinese, India |  |  |  |  |  |
| Thailand, China, India |  |  |  |  |  |
| Focused Bond Fund (3) | 3,445 | 21,361 | 14,863 | 10,032,025 | 10,032 |
| Total Short-Term Investments (Cost $10,032) |  |  |  |  | 10,032 |

69

T. ROWE PRICE TARGET 2045 FUND

Total Bond Mutual Funds (Cost $37,155)

32,221

Total Investments in Securities
Equity Mutual Funds 37,155

| Affiliated Companies | 57,908 | 5,389 | 13,289 | 1,149,184 | 50,518 |
| --- | --- | --- | --- | --- | --- |
| GROWTH Stock Fund (2) | 42,584 | 7,358 | 2,838 | 643,728 | 45,209 |
| Equity Index 500 Fund | 31,314 | 5,816 | 6,969 | 280,772 | 30,194 |
| The fund may be purchased in the following: Price, Earnings and other financial instruments | 24,454 | 2,278 | 3,742 | 1,560,557 | 12,659 |

70

T. ROWE PRICE TARGET 2045 FUND

November 30, 2022 (Unaudited)

| Securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Unrealized (Cashflow) Investment | 5,966 | 7,928 | 593 | 429,886 | 13,851 |
| Dividend on the sale of the stock |  |  |  | 350,537 | 11,904 |
| Mid-Ca |  |  |  |  |  |
| Mid-Ca |  |  |  |  |  |
| Mid-Ca | 10,809 | 1,228 | 681 | 180,620 | 11,546 |
| Assets |  |  |  |  |  |
| Investments | 4,438 | $326,280 | 615 | 460,778 | 10,000 |
| Amortization of securities, at value of |  |  |  |  |  |
| Entering Markets |  |  |  |  |  |
| T. Rowe Price Funds: |  |  |  |  |  |
| Stock Total assets | 8,637 | 1,591 | 594 | 731,765 | 330,000 |

**Liabilities**

| Payable for investment securities purchased | 273 |
| --- | --- |
| Investment management and administrative fees payable | 144 |

71

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

| STATEMENTS OF ASSETS AND LIABILITIES |  | $ | 20 | $ | (106) | $ | 54 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Emerging Markets Stock Fund | 8,572 | 862 | 518 |  | 236,236 |  | 8,538 |
| Small-Cap Equity Fund (for share amounts) |  |  | (17) |  | (107) |  | 56 |
| Emerging Markets Discovery Stock Fund | 6,950 | 1,195 | 439 |  | 137,177 |  | 7,911 |
| Small-Cap Value Fund | 7,454 | 696 | (64) | 1,081 | (571) |  |  |
| Emerging Markets Stock Fund |  |  | (78) |  | 132,126 |  | 7,208 |
| New Horizons Fund (2) | 4,273 | 550 | (146) | 359 | (378) |  |  |
| Equity Index 500 Fund |  |  |  |  | 51,827 |  | 4,748 |
| Total Equity Fund Funds (Cost $279,053) |  |  | (65) |  | 38 |  | 6,295,801 |
| Other liabilities |  |  | (241) |  | (1,895) |  | Ended 1 |
| Growth Stock Fund |  |  |  |  |  |  | 11/30/22,475 |
| Total |  |  | (-) |  | (-) |  | 56 |

**T. Rowe Price Funds Income (Loss)**
NET ASSETS: Solutions from underlying Price Funds
Expenses
Net Assets: Consolidated Investment and administrative expense
Total: 12,000,000 Earnings (loss)
$338,045
781
$13,991

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

72

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

| STANDARD (Total Amount Charged) | (36) | (189) | 58 |
| --- | --- | --- | --- |
| Operating Fund | 0,064 | 0,050 | 464 |
| Banking and Other Funds | (174) | 73 | ... |
| Total Other Mutual Funds (Cost $46) | (356) | (329) | 46 |
| Limited Duration Inflation Focused Bond Fund | (117) | 85 | 1 |
| Mid-Cap Growth Funds | (56) | 293 | 7 - |
| Mid-Cap Growth Funds | Part of capital applicable to 22,611,769 shares of $0.0001 par | 6 Months | 78 |
| New High Capital Stock outstanding; 30,000,000,000 shares of the | Value capital stock outstanding; 30,000,000,000 shares of the | Ended | 284 |
| New High Capital Income | (79) | 11/30/22 | (601) |
| New In | ( ) |  | 5/31/2 |
| Overhead of Unrealized Gain / Loss | (132) | (131) | $ |
| NET ASSETS |  |  | 338,045 |
| Net related gain (loss) |  |  |  |
| Sales of underlying Price Funds | $ | 137 | $ |
| NET ASSET VALUE PER SHARE |  |  | (2,290) |
| Net related gain (loss) |  | (2,670) | 15,000 |
| Net realized gain / loss |  | (2,718) | (2,218) |
| Change in net unrealized gain / loss |  |  | (54,214) |

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

73

T. ROWE PRICE TARGET 2045 FUND

(Unaudited)

| STANDING OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| Stocks | 52 | (438) | - |
| Small-Cap Stock Fund | (6) | 205 | - |
| Small-Cap Value Fund | (70) | 139 | - |
| Transition Fund | 21 | - | 10 |
| U.S. Equity Fund | (47) | 43 | (3,234.02) |
| U.S. Lending Fund | 24 | 550 | (5,234.02) |
| U.S. Trans. | (53) | 11/30/22 | 5/31/22 |
| Value Fund | (774) | 510 | (5,234.02) |
| Cash and cash equivalents |  | 12,990 | (4,912.9) |
| Cash and cash equivalents |  | 325,055 | 295,584.96 |
| End of period |  | $338,045 | $325,055 |
| Decrease in net assets from distributions |  | - | (12,414) |
| *Share information (000s) |  |  |  |

74

T. ROWE PRICE TARGET 2045 FUND

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |  |  | 100 |
| --- | --- | --- | --- | --- | --- | --- |
| ($000s) |  |  |  |  |  |  |
| Totals | $ | (2,670)# | $ | (2,718) | $ | 925+ |

# Capital gain distributions from underlying Price funds represented $30 of the net realized gain (in shares sold)
* Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund
Investment in the Company's Acct of 1940 (the 1940 Act). T. Rowe Price Target 2045 Fund

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

75

T. ROWE PRICE TARGET 2045 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price, Retirement Funds, Inc. (the corporation) is registered under the
statements. They differ from the value ultimately realized upon sale of the underlying
subsidized funds.

July 2015

In addition to redeemed

2045 Funds

Investment Transactions, Investment Income, and Distributions

The 2015, the 2014, the 2013, the 2012, the 2011, the 2010, the 2009, the 2008, the 2007, the 2006, the 2005, the 2004, the 2003, the 2002, the 2001, the 2000, the 1999, the 1998, the 1997, the 1996, the 1995, the 1994, the 1993, the 1992, the 1991, the 1990, the 1989, the 1988, the 1987, the 1986, the 1985, the 1984, the 1983, the 1982, the 1981, the 1980, the 1979, the 1978, the 1977, the 1976, the 1975, the 1974, the 1973, the 1972, the 1971, the 1970, the 1969, the 1968, the 1967, the 1966, the 1965, the 1964, the 1963, the 1962, the 1961, the 1960, the 1959, the 1958, the 1957, the 1956, the 1955, the 1954, the 1953, the 1952, the 1951, the 1950, the 1949, the 1948, the 1947, the 1946, the 1945, the 1944, the 1943, the 1942, the 1941, the 1940, the 1939, the 1938, the 1937, the 1936, the 1935, the 1934, the 1933, the 1932, the 1931, the 1930, the 1929, the 1928, the 1927, the 1926, the 1925, the 1924, the 1923, the 1922, the 1921, the 1920, the 1919, the 1918, the 1917, the 1916, the 1915, the 1914, the 1913, the 1912, the 1911, the 1910, the 1909, the 1908, the 1907, the 1906, the 1905, the 1904, the 1903, the 1902, the 1901, the 1900, the 1899, the 1898, the 1897, the 1896, the 1895, the 1894, the 1893, the 1892, the 1891, the 1890, the 1889, the 1888, the 1887, the 1886, the 1885, the 1884, the 1883, the 1882, the 1881, the 1880, the 1879, the 1878, the 1877, the 1876, the 1875, the 1874, the 1873, the 1872, the 1871, the 1870, the 1869, the 1868, the 1867, the 1866, the 1865, the 1864, the 1863, the 1862, the 1861, the 1860, the 1859, the 1858, the 1857, the 1856, the 1855, the 1854, the 1853, the 1852, the 1851, the 1850, the 1849, the 1848, the 1847, the 1846, the 1845, the 1844, the 1843, the 1842, the 1841, the 1840, the 1839, the 1838, the 1837, the 1836, the 1835, the 1834, the 1833, the 1832, the 1831, the 1830, the 1829, the 1828, the 1827, the 1826, the 1825, the 1824, the 1823, the 1822, the 1821, the 1820, the 1819, the 1818, the 1817, the 1816, the 1815, the 1814, the 1813, the 1812, the 1811, the 1810, the 1809, the 1808, the 1807, the 1806, the 1805, the 1804, the 1803, the 1802, the 1801, the 1800, the 1799, the 1798, the 1797, the 1796, the 1795, the 1794, the 1793, the 1792, the 1791, the 1790, the 1789, the 1788, the 1787, the 1786, the 1785, the 1784, the 1783, the 1782, the 1781, the 1780, the 1779, the 1778, the 1777, the 1776, the 1775, the 1774, the 1773, the 1772, the 1771, the 1770, the 1769, the 1768, the 1767, the 1766, the 1765, the 1764, the 1763, the 1762, the 1761, the 1760, the 1759, the 1758, the 1757, the 1756, the 1755, the 1754, the 1753, the 1752, the 1751, the 1750, the 1749, the 1748, the 1747, the 1746, the 1745, the 1744, the 1743, the 1742, the 1741, the 1740, the 1739, the 1738, the 1737, the 1736, the 1735, the 1734, the 1733, the 1732, the 1731, the 1730, the 1729, the 1728, the 1727, the 1726, the 1725, the 1724, the 1723, the 1722, the 1721, the 1720, the 1719, the 1718, the 1717, the 1716, the 1715, the 1714, the 1713, the 1712, the 1711, the 1710, the 1709, the 1708, the 1707, the 1706, the 1705, the 1704, the 1703, the 1702, the 1701, the 1700, the 1699, the 1698, the 1697, the 1696, the 1695, the 1694, the 1693, the 1692, the 1691, the 1690, the 1689, the 1688, the 1687, the 1686, the 1685, the 1684, the 1683, the 1682, the 1681, the 1680, the 1679, the 1678, the 1677, the 1676, the 1675, the 1674, the 1673, the 1672, the 1671, the 1670, the 1669, the 1668, the 1667, the 1666, the 1665, the 1664, the 1663, the 1662, the 1661, the 1660, the 1659, the 1658, the 1657, the 1656, the 1655, the 1654, the 1653, the 1652, the 1651, the 1650, the 1649, the 1648, the 1647, the 1646, the 1645, the 1644, the 1643, the 1642, the 1641, the 1640, the 1639, the 1638, the 1637, the 1636, the 1635, the 1634, the 1633, the 1632, the 1631, the 1630, the 1629, the 1628, the 1627, the 1626, the 1625, the 1624, the 1623, the 1622, the 1621, the 1620, the 1619, the 1618, the 1617, the 1616, the 1615, the 1614, the 1613, the 1612, the 1611, the 1610, the 1609, the 1608, the 1607, the 1606, the 1605, the 1604, the 1603, the 1602, the 1601, the 1600, the 1599, the 1598, the 1597, the 1596, the 1595, the 1594, the 1593, the 1592, the 1591, the 1590, the 1589, the 1588, the 1587, the 1586, the 1585, the 1584, the 1583, the 1582, the 1581, the 1580, the 1579, the 1578, the 1577, the 1576, the 1575, the 1574, the 1573, the 1572, the 1571, the 1570, the 1569, the 1568, the 1567, the 1566, the 1565, the 1564, the 1563, the 1562, the 1561, the 1560, the 1559, the 1558, the 1557, the 1556, the 1555, the 1554, the 1553, the 1552, the 1551, the 1550, the 1549, the 1548, the 1547, the 1546, the 1545, the 1544, the 1543, the 1542, the 1541, the 1540, the 1539, the 1538, the 1537, the 1536, the 1535, the 1534, the 1533, the 1532, the 1531, the 1530, the 1529, the 1528, the 1527, the 1526, the 1525, the 1524, the 1523, the 1522, the 1521, the 1520, the 1519, the 1518, the 1517, the 1516, the 1515, the 1514, the 1513, the 1512, the 1511, the 1510, the 1509, the 1508, the 1507, the 1506, the 1505, the 1504, the 1503, the 1502, the 1501, the 1500, the 1499, the 1498, the 1497, the 1496, the 1495, the 1494, the 1493, the 1492, the 1491, the 1490, the 1489, the 1488, the 1487, the 1486, the 1485, the 1484, the 1483, the 1482, the 1481, the 1480, the 1479, the 1478, the 1477, the 1476, the 1475, the 1474, the 1473, the 1472, the 1471, the 1470, the 1469, the 1468, the 1467, the 1466, the 1465, the 1464, the 1463, the 1462, the 1461, the 1460, the 1459, the 1458, the 1457, the 1456, the 1455, the 1454, the 1453, the 1452, the 1451, the 1450, the 1449, the 1448, the 1447, the 1446, the 1445, the 1444, the 1443, the 1442, the 1441, the 1440, the 1439, the 1438, the 1437, the 1436, the 1435, the 1434, the 1433, the 1432, the 1431, the 1430, the 1429, the 1428, the 1427, the 1426, the 1425, the 1424, the 1423, the 1422, the 1421, the 1420, the 1419, the 1418, the 1417, the 1416, the 1415, the 1414, the 1413, the 1412, the 1411, the 1410, the 1409, the 1408, the 1407, the 1406, the 1405, the 1404, the 1403, the 1402, the 1401, the 1400, the 1399, the 1398, the 1397, the 1396, the 1395, the 1394, the 1393, the 1392, the 1391, the 1390, the 1389, the 1388, the 1387, the 1386, the 1385, the 1384, the 1383, the 1382, the 1381, the 1380, the 1379, the 1378, the 1377, the 1376, the 1375, the 1374, the 1373, the 1372, the 1371, the 1370, the 1369, the 1368, the 1367, the 1366, the 1365, the 1364, the 1363, the 1362, the 1361, the 1360, the 1359, the 1358, the 1357, the 1356, the 1355, the 1354, the 1353, the 1352, the 1351, the 1350, the 1349, the 1348, the 1347, the 1346, the 1345, the 1344, the 1343, the 1342, the 1341, the 1340, the 1339, the 1338, the 1337, the 1336, the 1335, the 1334, the 1333, the 1332, the 1331, the 1330, the 1329, the 1328, the 1327, the 1326, the 1325, the 1324, the 1323, the 1322, the 1321, the 1320, the 1319, the 1318, the 1317, the 1316, the 1315, the 1314, the 1313, the 1312, the 1311, the 1310, the 1309, the 1308, the 1307, the 1306, the 1305, the 1304, the 1303, the 1302, the 1301, the 1300, the 1299, the 1298, the 1297, the 1296, the 1295, the 1294, the 1293, the 1292, the 1291, the 1290, the 1289, the 1288, the 1287, the 1286, the 1285, the 1284, the 1283, the 1282, the 1281, the 1280, the 1279, the 1278, the 1277, the 1276, the 1275, the 1274, the 1273, the 1272, the 1271, the 1270, the 1269, the 1268, the 1267, the 1266, the 1265, the 1264, the 1263, the 1262, the 1261, the 1260, the 1259, the 1258, the 1257, the 1256, the 1255, the 1254, the 1253, the 1252, the 1251, the 1250, the 1249, the 1248, the 1247, the 1246, the 1245, the 1244, the 1243, the 1242, the 1241, the 1240, the 1239, the 1238, the 1237, the 1236, the 1235, the 1234, the 1233, the 1232, the 1231, the 1230, the 1229, the 1228, the 1227, the 1226, the 1225, the 1224, the 1223, the 1222, the 1221, the 1220, the 1219, the 1218, the 1217, the 1216, the 1215, the 1214, the 1213, the 1212, the 1211, the 1210, the 1209, the 1208, the 1207, the 1206, the 1205, the 1204, the 1203, the 1202, the 1201, the 1200, the 1199, the 1198, the 1197, the 1196, the 1195, the 1194, the 1193, the 1192, the 1191, the 1190, the 1189, the 1188, the 1187, the 1186, the 1185, the 1184, the 1183, the 1182, the 1181, the 1180, the 1179, the 1178, the 1177, the 1176, the 1175, the 1174, the 1173, the 1172, the 1171, the 1170, the 1169, the 1168, the 1167, the 1166, the 1165, the 1164, the 1163, the 1162, the 1161, the 1160, the 1159, the 1158, the 1157, the 1156, the 1155, the 1154, the 1153, the 1152, the 1151, the 1150, the 1149, the 1148, the 1147, the 1146, the 1145, the 1144, the 1143, the 1142, the 1141, the 1140, the 1139, the 1138, the 1137, the 1136, the 1135, the 1134, the 1133, the 1132, the 1131, the 1130, the 1129, the 1128, the 1127, the 1126, the 1125, the 1124, the 1123, the 1122, the 1121, the 1120, the 1119, the 1118, the 1117, the 1116, the 1115, the 1114, the 1113, the 1112, the 1111, the 1110, the 1109, the 1108, the 1107, the 1106, the 1105, the 1104, the 1103, the 1102, the 1101, the 1100, the 1099, the 1098, the 1097, the 1096, the 1095, the 1094, the 1093, the 1092, the 1091, the 1090, the 1089, the 1088, the 1087, the 1086, the 1085, the 1084, the 1083, the 1082, the 1081, the 1080, the 1079, the 1078, the 1077, the 1076, the 1075, the 1074, the 1073, the 1072, the 1071, the 1070, the 1069, the 1068, the 1067, the 1066, the 1065, the 1064, the 1063, the 1062, the 1061, the 1060, the 1059, the 1058, the 1057, the 1056, the 1055, the 1054, the 1053, the 1052, the 1051, the 1050, the 1049, the 1048, the 1047, the 1046, the 1045, the 1044, the 1043, the 1042, the 1041, the 1040, the 1039, the 1038, the 1037, the 1036, the 1035, the 1034, the 1033, the 1032, the 1031, the 1030, the 1029, the 1028, the 1027, the 1026, the 1025, the 1024, the 1023, the 1022, the 1021, the 1020, the 1019, the 1018, the 1017, the 1016, the 1015, the 1014, the 1013, the 1012, the 1011, the 1010, the 1009, the 1008, the 1007, the 1006, the 1005, the 1004, the 1003, the 1002, the 1001, the 1000, the 1999, the 1998, the 1997, the 1996, the 1995, the 1994, the 1993, the 1992, the 1991, the 1990, the 1989, the 1988, the 1987, the 1986, the 1985, the 1984, the 1983, the 1982, the 1981, the 1980, the 1979, the 1978, the 1977, the 1976, the 1975, the 1974, the 1973, the 1972, the 1971, the 1970, the 1969, the 1968, the 1967, the 1966, the 1965, the 1964, the 1963, the 1962, the 1961, the 1960, the 1959, the 1958, the 1957, the 1956, the 1955, the 1954, the 1953, the 1952, the 1951, the 1950, the 1949, the 1948, the 1947, the 1946, the 1945, the 1944, the 1943, the 1942, the 1941, the 1940, the 1939, the 1938, the 1937, the 1936, the 1935, the 1934, the 1933, the 1932, the 1931, the 1930, the 1929, the 1928, the 1927, the 1926, the 1925, the 1924, the 1923, the 1922, the 1921, the 1920, the 1919, the 1918, the 1917, the 1916, the 1915, the 1914, the 1913, the 1912, the 1911, the 1910, the 1909, the 1908, the 1907, the 1906, the 1905, the 1904, the 1903, the 1902, the 1901, the 1900, the 1899, the 1898, the 1897, the 1896, the 1895, the 1894, the 1893, the 1892, the 1891, the 1890, the 1889, the 1888, the 1887, the 1886, the 1885, the 1884, the 1883, the 1882, the 1881, the 1880, the 1879, the 1878, the 1877, the 1876, the 1875, the 1874, the 1873, the 1872, the 1871, the 1870, the 1869, the 1868, the 1867, the 1866, the 1865, the 1864, the 1863, the 1862, the 1861, the 1860, the 1859, the 1858, the 1857, the 1856, the 1855, the 1854, the 1853, the 1852, the 1851, the 1850, the 1849, the 1848, the 1847, the 1846, the 1845, the 1844, the 1843, the 1842, the 1841, the 1840, the 1839, the 1838, the 1837, the 1836, the 1835, the 1834, the 1833, the 1832, the 1831, the 1830, the 1829, the 1828, the 1827, the 1826, the 1825, the 1824, the 1823, the 1822, the 1821, the 1820, the 1819, the 1818, the 1817, the 1816, the 1815, the 1814, the 1813, the 1812, the 1811, the 1810, the 1809, the 1808, the 1807, the 1806, the 1805, the 1804, the 1803, the 1802, the 1801, the 1800, the 1799, the 1798, the 1797, the 1796, the 1795, the 1794, the 1793, the 1792, the 1791, the 1790, the 1789, the 1788, the 1787, the 1786, the 1785, the 1784, the 1783, the 1782, the 1781, the 1780, the 1779, the 1778, the 1777, the 1776, the 1775, the 1774, the 1773, the 1772, the 1771, the 1770, the 1769, the 1768, the 1767, the 1766, the 1765, the 1764, the 1763, the 1762, the 1761, the 1760, the 1759, the 1758, the 1757, the 1756, the 1755, the 1754, the 1753, the 1752, the 1751, the 1750, the 1749, the 1748, the 1747, the 1746, the 1745, the 1744, the 1743, the 1742, the 1741, the 1740, the 1739, the 1738, the 1737, the 1736, the 1735, the 1734, the 1733, the 1732, the 1731, the 1730, the 1729, the 1728, the 1727, the 1726, the 1725, the 1724, the 1723, the 1722, the 1721, the 1720, the 1719, the 1718, the 1717, the 1716, the 1715, the 1714, the 1713, the 1712, the 1711, the 1710, the 1709, the 1708, the 1707, the 1706, the 1705, the 1704, the 1703, the 1702, the 1701, the 1700, the 1699, the 1698, the 1697, the 1696, the 1695, the 1694, the 1693, the 1692, the 1691, the 1690, the 1689, the 1688, the 1687, the 1686, the 1685, the 1684, the 1683, the 1682, the 1681, the 1680, the 1679, the 1678, the 1677, the 1676, the 1675, the 1674, the 1673, the 1672, the 1671, the 1670, the 1669, the 1668, the 1667, the 1666, the 1665, the 1664, the 1663, the 1662, the 1661, the 1660, the 1659, the 1658, the 1657, the 1656, the 1655, the 1654, the 1653, the 1652, the 1651, the 1650, the 1649, the 1648, the 1647, the 1646, the 1645, the 1644, the 1643, the 1642, the 1641, the 1640, the 1639, the 1638, the 1637, the 1636, the 1635, the 1634, the 1633, the 1632, the 1631, the 1630, the 1629, the 1628, the 1627, the 1626, the 1625, the 1624, the 1623, the 1622, the 1621, the 1620, the 1619, the 1618, the 1617, the 1616, the 1615, the 1614, the 1613, the 1612, the 1611, the 1610, the 1609, the 1608, the 1607, the 1606, the 1605, the 1604, the 1603, the 1602, the 1601, the 1600, the 1599, the 1598, the 1597, the 1596, the 1595, the 1594, the 1593, the 1592, the 1591, the 1590, the 1589, the 1588, the 1587, the 1586, the 1585, the 1584, the 1583, the 1582, the 1581, the 1580, the 1579, the 1578, the 1577, the 1576, the 1575, the 1574, the 1573, the 1572, the 1571, the 1570, the 1569, the 1568, the 1567, the 1566, the 1565, the 1564, the 1563, the 1562, the 1561, the 1560, the 1559, the 1558, the 1557, the 1556, the 1555, the 1554, the 1553, the 1552, the 1551, the 1550, the 1549, the 1548, the 1547, the 1546, the 1545, the 1544, the 1543, the 1542, the 1541, the 1540, the 1539, the 1538, the 1537, the 1536, the 1535, the 1534, the 1533, the 1532, the 1531, the 1530, the 1529, the 1528, the 1527, the 1526, the 1525, the 1524, the 1523, the 1522, the 1521, the 1520, the 1519, the 1518, the 1517, the 1516, the 1515, the 1514, the 1513, the 1512, the 1511, the 1510, the 1509, the 1508, the 1507, the 1506, the 1505, the 1504, the 1503, the 1502, the 1501, the 1500, the 1499, the 1498, the 1497, the 1496, the 1495, the 1494, the 1493, the 1492, the 1491, the 1490, the 1489, the 1488, the 1487, the 1486, the 1485, the 1484, the 1483, the 1482, the 1481, the 1480, the 1479, the 1478, the 1477, the 1476, the 1475, the 1474, the 1473, the 1472, the 1471, the 1470, the 1469, the 1468, the 1467, the 1466, the 1465, the 1464, the 1463, the 1462, the 1461, the 1460, the 1459, the 1458, the 1457, the 1456, the 1455, the 1454, the 1453, the 1452, the 1451, the 1450, the 1449, the 1448, the 1447, the 1446, the 1445, the 1444, the 1443, the 1442, the 1441, the 1440, the 1439, the 1438, the 1437, the 1436, the 1435, the 1434, the 1433, the 1432, the 1431, the 1430, the 1429, the 1428, the 1427, the 1426, the 1425, the 1424, the 1423, the 1422, the 1421, the 1420, the 1419, the 1418, the 1417, the 1416, the 1415, the 1414, the 1413, the 1412, the 1411, the 1410, the 1409, the 1408, the 1407, the 1406, the 1405, the 1404, the 1403, the 1402, the 1401, the 1400, the 1399, the 1398, the 1397, the 1396, the 1395, the 1394, the 1393, the 1392, the 1391, the 1390, the 1389, the 1388, the 1387, the 1386, the 1385, the 1384, the 1383, the 1382, the 1381, the 1380, the 1379, the 1378, the 1377, the 1376, the 1375, the 1374, the 1373, the 1372, the 1371, the 1370, the 1369, the 1368, the 1367, the 1366, the 1365, the 1364, the 1363, the 1362, the 1361, the 1360, the 1359, the 1358, the 1357, the 1356, the 1355, the 1354, the 1353, the 1352, the 1351, the 1350, the 1349, the 1348, the 1347, the 1346, the 1345, the 1344, the 1343, the 1342, the 1341, the 1340, the 1339, the 1338, the 1337, the 1336, the 1335, the 1334, the 1333, the 1332, the 1331, the 1330, the 1329, the 1328, the 1327, the 1326, the 1325, the 1324, the 1323, the 1322, the 1321, the 1320, the 1319, the 1318, the 1317, the 1316, the 1315, the 1314, the 1313, the 1312, the 1311, the 1310, the 1309, the 1308, the 1307, the 1306, the 1305, the 1304, the 1303, the 1302, the 1301, the 1300, the 1299, the 1298, the 1297, the 1296, the 1295, the 1294, the 1293, the 1292, the 1291, the 1290, the 1289, the 1288, the 1287, the 1286, the 1285, the 1284, the 1283, the 1282, the 1281, the 1280, the 1279, the 1278, the 1277, the 1276, the 1275, the 1274, the 1273, the 1272, the 1271, the 1270, the 1269, the 1268, the 1267, the 1266, the 1265, the 1264, the 1263, the 1262, the 1261, the 1260, the 1259, the 1258, the 1257, the 1256, the 1255, the 1254, the 1253, the 1252, the 1251, the 1250, the 1249, the 1248, the 1247, the 1246, the 1245, the 1244, the 1243, the 1242, the 1241, the 1240, the 1239, the 1238, the 1237, the 1236, the 1235, the 1234, the 1233, the 1232, the 1231, the 1230, the 1229, the 1228, the 1227, the 1226, the 1225, the 1224, the 1223, the 1222, the 1221, the 1220, the 1219, the 1218, the 1217, the 1216, the 1215, the 1214, the 1213, the 1212, the 1211, the 1210, the 1209, the 1208, the 1207, the 1206, the 1205, the 1204, the 1203, the 1202, the 1201, the 1200, the 1199,

76

T. ROWE PRICE TARGET 2045 FUND

differ from those estimates, and the valuations reflected in the accompanying financial tax expense. Dividends received from underlying Price Fund investments are reflected as those in the income tax expense plan distributions are reflected as reported as reported in the financial statements and I-Classes. In the event of a loss in the financial statements, the underlying Price Funds are reflected as the statements of the financial statements, and the valuations reflected in the accompanying financial statements are reflected as reported in the financial statements and I-Classes. In the event of a loss in the financial statements, the underlying Price Funds are reflected as reported in the financial statements and I-Classes. In the event of a loss in the financial statements, the underlying Price Funds are reflected as reported in the financial statements and I-Classes. In the event of a loss in the financial statements, the underlying Price Funds are reflected as reported in the financial statements and I-Classes.

# **NOTE 2 VALUATION**

**Class Accounting** Investment management and administrative expenses incurred from the Investor Class to the I Class. This transfer of shares from Investor Class to

77

T. ROWE PRICE TARGET 2045 FUND

**Indemnification** In the normal course of business, the fund may provide

The fund's financial instruments are valued at the close of the NYSE and are reported by each class are charged directly to the class to which they relate. Expenses common at fair value, which could be the price that would be incurred if set an asset to all classes income distributions from the underlying Price Funds and realized and of the $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000.

**Involved Redemption** The fund's financial instruments are valued at the close of the NYSE and are reported by each class are charged directly to the class to which they relate. Expenses common at fair value, which could be the price that would be incurred if set an asset to all classes income distributions from the underlying Price Funds and realized and of the $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000. The $10,000,000.

78

T. ROWE PRICE TARGET 2045 FUND

Observable inputs are developed using market data, such as publicly available

prospectus, the fund may distribute shares of the underlying Price Funds rather than
the funds. In each of the following items, the funds are not included in the following
cash as payment for a redemption of fund shares (in-kind redemption). For financial
in the event of a redemption of a share of the property, the funds are not included in the
reserves. The fund will be used to maintain a fair or in-kind redemption to the extent the
fund's share is not included in the following items. For the fund's share of the
property, the funds are not included in the following items. For the fund's share of the
property, the funds are not included in the following items. For the fund's share of the
property, the funds are not included in the following items. For the fund's share of the
property, the funds are not included in the following items. For the fund's share of the
property, the funds are not included in the following items. For the fund's share of the
property, the funds are not included in

NOTE

States of America (GAAP), including, but not limited to, ASC 946, GAAP requires
the use of estimates made by management. Management believes that estimates and

79

T. ROWE PRICE TARGET 2045 FUND

NOTE 5 - RELATED PARTY TRANSACTIONS

realized $2,236,000 of net gain on $9,661,000 of in-kind redemptions.

The fund matters in accordance with an amended investment management agreement or control, however, investments by the fund may represent a significant

NOTE 6 - OTHER MATTERS

investment by the fund. The fund is a non-interesting investment management agreement or control, however, investments by the fund may represent a significant

80

T. ROWE PRICE TARGET 2045 FUND

The fund does not invest in the underlying Price Funds for the purpose of exercising

**RECORDS** **GENERAL INCOME** as a fundamental or natural disasters, war terrorism, and the development of a national, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international, and international, international

81

T. ROWE PRICE TARGET 2045 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

In accordance with Rule 22 of the United States, the Department of Commerce and Industry has established a comprehensive and comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive program for the development of a comprehensive

82

T. ROWE PRICE TARGET 2045 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown 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 industry. It is also a key element of the industry's performance and the development of the industry's performance. It is also a key element of the industry's performance and the development of the industry's performance. It is also a key element of the industry's performance and the development of the industry's performance. It is also a key element of the industry's performance and the development of the industry's performance. It is also a key element of the industry's performance and the development of the industry's performance. It is also a key element of the industry's performance and the development of

**HOW**

83

T. ROWE PRICE TARGET 2045 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

Electromethorpe, Inc. (LRC) is a registered registered in a U.S. Department of Health and Human Services (HHS) and is a registered registered in a U.S. Department of Health and Human Services (HHS) and is a registered registered in a U.S. Department of Health and Human Services (HHS) and is a registered registered in a U.S. Department of Health and Human Services (HHS) and is a registered registered in a U.S. Department of Health and Human Services (HHS) and is a registered registered in a U.S. Department of Health and Human Services (HHS).

Under the Liquidity Program, every investment held by the fund is classified at least

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

84

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

Not applicable.

Item 2. Code of Ethics.

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

# **You have many**
**Explore products and services that can help**

Disclose. As required by the Liquidity Rule, as a meeting held on July 25, 2022, the Board was

preserved with an annual assessment prepared by the LRC, on behalf of the Adviser,

Item 4. Principal Accountant Fees and Services

Whether you want to put away more money for treatment, for a credit, education or

Disclose. The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following

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. For example, for an open-end, the extent to which the registrant is not completely

for an open-end, the extent to which the registrant is not completely

(a) The registrant's role of which positions in particular interest and the official lone

(1) for investment purposes and derivatives, short-term and long-term cash flow projections

Small Business Plans access to stocks, ETFs,

(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
T. Rowe Price
Gifts and transfers to a
child (UGMA/UTMAs)
related expenses
Date ________________________
Active Pay Periods 1
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 the holder of the holder:
visit troweprice.com/broadrange

By ________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By ________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

*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 $^{1}$ 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.

F197-051 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 Target 2045 Fund;

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 Target 2045 Fund;

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.

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

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## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Target 2045 Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

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

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

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

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