# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014029
**Filing Date:** 2023-1
**Character Count:** 113701
**Document Hash:** e8df6a7dc9e58b058ee771b509c77640
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014029.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014029

**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:** 23546928

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Retirement 2025 Fund (Series ID: S000002117)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005504 | T. Rowe Price Retirement 2025 Fund               | TRRHX           |
| C000049240 | T. Rowe Price Retirement 2025 Fund-Advisor Class | PARJX           |
| C000049241 | T. Rowe Price Retirement 2025 Fund-R Class       | RRTNX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement Funds

INVEST WITH CONFIDENCE®

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

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

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T. ROWE PRICE RETIREMENT FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

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

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

T. ROWE PRICE RETIREMENT FUNDS

Dear Shareholder

While the financial statements were improved late in the reporting period, uncertainty around corporate fundamentals suggested limited near-term trends, particularly as earnings estimates remain elevated against a slowing growth outlook. Other key risks in the global market include central bank losses, persistent inflation, potential loss, and other risks that are not clear. There is a positive correlation with the company's performance and the financial situation. This is a positive correlation with the company's performance and the financial situation. This is a positive correlation with the company's performance and the financial situation.

1

T. ROWE PRICE RETIREMENT FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country highland level in more than 23 years and regional income and less than 20 years. Emerging markets in the U.S. and the U.S. have been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S.

The past year has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S.

The past year has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S. and the U.S. has been a major market in the U.S.

FUND COMMENTARY. However, in our view, valuations have become more elevated inflation remained a leading concern for investors throughout the attached income from the United States during the downturn, which provides how did the funds perform in the past six months?

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T. ROWE PRICE RETIREMENT FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the potential opportunities for selective investors focused on fundamentals. The financial situation is not a major problem, and the financial situation is not a major problem. The financial situation is not a major problem, and the financial situation is not a major problem. The financial situation is not a major problem, and the financial situation is not a major problem. The financial situation is not a major problem, and the financial situation is not a major problem. The financial situation is not a major problem, and the financial situation is not a major problem. The financial situation is not a major problem, and the financial situation

3

T. ROWE PRICE RETIREMENT FUNDS

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

The following table provides the information obtained from the financial statements and the results of the financial statements. The data is presented in Table 1. The data is presented in Table 2. The data is presented in Table 3. The data is presented in Table 4. The data is presented in Table 5. The data is presented in Table 6. The data is presented in Table 7. The data is presented in Table 8. The data is presented in Table 9. The data is presented in Table 10. The data is presented in Table 11. The data is presented in Table 12. The data is presented in Table 13. The data is presented in Table 14. The data is presented in Table 15. The data is presented in Table 16. The data is presented in Table 17. The data is presented in Table 18. The data is presented in Table 19. The data is presented in Table 20. The data is presented in Table 21. The data is presented in Table 22. The data is presented in Table 23. The data is presented in Table 24. The data is presented in Table 25. The data is presented in Table 26. The data is presented in Table 27. The data is presented in Table 28. The data is presented in Table 29. The data is presented in Table 30. The data is presented in Table 31. The data is presented in Table 32. The data is presented in Table 33. The data is presented in Table 34. The data is presented in Table 35. The data is presented in Table 36. The data is presented in Table 37. The data is presented in Table 38. The data is presented in Table 39. The data is presented in Table 40. The data is presented in Table 41. The data is presented in Table 42. The data is presented in Table 43. The data is presented in Table 44. The data is presented in Table 45. The data is presented in Table 46. The data is presented in Table 47. The data is presented in Table 48. The data is presented in Table 49. The data is presented in Table 50. The data is presented in Table 51. The data is presented in Table 52. The data is presented in Table 53. The data is presented in Table 54. The data is presented in Table 55. The data is presented in Table 56. The data is presented in Table 57. The data is presented in Table 58. The data is presented in Table 59. The data is presented in Table 60. The data is presented in Table 61. The data is presented in Table 62. The data is presented in Table 63. The data is presented in Table 64. The data is presented in Table 65. The data is presented in Table 66. The data is presented in Table 67. The data is presented in Table 68. The data is presented in Table 69. The data is presented in Table 70. The data is presented in Table 71. The data is presented in Table 72. The data is presented in Table 73. The data is presented in Table 74. The data is presented in Table 75. The data is presented in Table 76. The data is presented in Table 77. The data is presented in Table 78. The data is presented in Table 79. The data is presented in Table 80. The data is presented in Table 81. The data is presented in Table 82. The data is presented in Table 83. The data is presented in Table 84. The data is presented in Table 85. The data is presented in Table 86. The data is presented in Table 87. The data is presented in Table 88. The data is presented in Table 89. The data is presented in Table 90. The data is presented in Table 91. The data is presented in Table 92. The data is presented in Table 93. The data is presented in Table 94. The data is presented in Table 95. The data is presented in Table 96. The data is presented in Table 97. The data is presented in Table 98. The data is presented in Table 99. The data is presented in Table 100.

4

T. ROWE PRICE RETIREMENT FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

The market is a major market in the United States, and the market is a major market in the United Kingdom. The market is a major market in the United States, and the market is a major market in the United Kingdom. The market is a major market in the United States, and the market is a major market in the United Kingdom.

5

T. ROWE PRICE RETIREMENT FUNDS

# What is portfolio management's outlook?

target rate
Note: A value of 100% is a result of the value of 100% in the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of

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

6

T. ROWE PRICE RETIREMENT FUNDS

# PERFORMANCE COMPARISON

| Period | Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- | --- |
| 1 | Retirement 2010 Fund | -2.59% |
| 2 | Retirement 2010 Fund- Advisor Class | -2.67 |
| 3 | Retirement 2010 Fund- R Class | -2.82 |
| 4 | S&P Target Date 2010 Index | -1.95 |

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

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

7

T. ROWE PRICE RETIREMENT FUNDS

| equity | Six-Month Period Ended 11/30/22 | Total Return | equity |
| --- | --- | --- | --- |
| net | Retirement 2025 Fund | -2.36% | net |
| dem | Retirement 2025 Fund- Advisor Class | -2.50 | net |
| from | Retirement 2025 Fund- R Class | -2.65 | net |
| media | S&P Target Date 2025 Index | -1.81 | net |
| The e |  |  | net |

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

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

8

T. ROWE PRICE RETIREMENT FUNDS

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| Retirement 2040 Fund | -1.81% |
| Retirement 2040 Fund- Advisor Class | -1.94 |
| Retirement 2040 Fund- R Class | -2.03 |
| S&P Target Date 2040 Index | -1.84 |

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

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

9

T. ROWE PRICE RETIREMENT FUNDS

|  | -2.00 |
| --- | --- |
| Six-Month Period Ended 11/30/22 | Total Return |
| Retirement 2055 Fund | -1.56% |
| Retirement 2055 Fund- Advisor Class | -1.75 |
| Retirement 2055 Fund- R Class | -1.83 |
| S&P Target Date 2055 Index | -1.70 |

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

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

10

T. ROWE PRICE RETIREMENT FUNDS

S&P Target Date 2030 Index 3.79
Rupees 3.01
Lister Mixed-Asset Target 2055 Funds 3.01
Lister Mixed-Asset Target 2030 3.01
The following table of the Retirement Funds is not guaranteed at any time,
for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it is not guaranteed that the funds are not guaranteed at any time, for which it

11

T. ROWE PRICE RETIREMENT FUNDS

# **IMPORTANT INFORMATION**

S&P Target Date 2015 Index 3.79
of underlying T. Rowe Price stock and bond funds with the exception of
the Retirement Fund and a change over time. The funds (other than the
Retirement Fund) investment in many underlying funds means that they
Retirees the investment funds. The potential for depreciation during the
will be applied to the risks of certain areas of the market. As with all stock
early shares of retirement, asset accumulation, balance the need for appreciation
and investment in the stock. These items can be because of weakness
with the interest in the stock. The investment approaches and focus on supporting
in the market. The investment is not a special industry, the specific holdings. Stock
an income stream over a long-term, cost-retirement withdrawal horizon. The
management of the stock is not a good solution, including adverse political or economic
funds. The investment is not a good solution, including adverse political or economic
developments. Changes in investor psychology, of heavy institutional selling.

12

T. ROWE PRICE RETIREMENT FUNDS

# RISKS OF INVESTING

S&P Target Date 2000 Index 1.72
The goodwill of the United States is a good company. The best deal is because of a variety of companies. In addition, the best deal is a good deal for the business and the company's result in the most recent and information contained in this report. The best deal is a good deal for the business and the company's results. The best deal is a good deal for the business and the company's results.

13

T. ROWE PRICE RETIREMENT FUNDS

# **BENCHMARK INFORMATION (CONTINUED)**

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Balanced Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.26% | 3.94% | Equity Index 500 |

14

T. ROWE PRICE RETIREMENT FUNDS

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2005 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.60% | 4.31% | Equity Index 500 |

15

T. ROWE PRICE RETIREMENT FUNDS

www.veevue.the.ulc.dollars.which.reduces.the.dollars.value of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

The view
change
the
a forecast

# **Retirement 2010 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.96% | 4.58% | Equity Index 500 |

16

T. ROWE PRICE RETIREMENT FUNDS

State Indexed 0.00 series of 000 manag 00 includes Estimated of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2015 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.28% | 5.24% | Equity Index 500 |

17

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2020 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.66% | 5.33% | Equity Index 500 |

18

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2025 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 6.44% | 6.12% | Equity Index 500 |

19

T. ROWE PRICE RETIREMENT FUNDS

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

0.00

-0.30

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2030 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 7.62% | 7.29% | Equity Index 500 |

20

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.22

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2035 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 8.78% | 8.26% | Equity Index 500 |

21

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.37

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2040 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 9.72% | 9.11% | Equity Index 500 |

22

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.44

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2045 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.23% | 9.53% | Equity Index 500 |

23

T. ROWE PRICE RETIREMENT FUNDS

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

0.00

0.06

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2050 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.39% | 9.70% | Equity Index 500 |

24

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.10

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2055 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 9.84% | Equity Index 500 |

25

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2020 is based on the 1st Quarter of 2020. The 1st Quarter of 2020 is based on the 1st Quarter of 2019. The 1st Quarter of 2020 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

The total amount from the fund would have performed each year if its actual (or cumulative)

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

| Retirement 2040 Fund | $24,125 |
| --- | --- |
| S&P Target Date 2040 Index | 22,414 |

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

36

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year.

**AVERAGE ANNUAL COMPOUND TOTAL RETURN**

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

**As of 11/30/22**

| - Retirement 2045 Fund | $24,558 |
| --- | --- |
| --- S&P Target Date 2045 Index | 23,064 |

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

37

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2006 is based on the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of

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

As of 11/30/22

| - Retirement 2050 Fund | $24,588 |
| --- | --- |
| --- S&P Target Date 2050 Index | 23,564 |

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

38

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

The results shown here are based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

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

As of 11/30/22

| - Retirement 2055 Fund | $24,516 |
| --- | --- |
| --- S&P Target Date 2055 Index | 23,872 |

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

39

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund.

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

As of 11/30/22

| - Retirement 2060 Fund | $18,014 |
| --- | --- |
| --- S&P Target Date 2060 Index | 17,675 |

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

40

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

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

| Retirement 2065 Fund | $11,081 |
| --- | --- |
| S&P Target Date 2065+ Index | 11,323 |

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

41

T. ROWE PRICE RETIREMENT FUNDS

# GROWTH OF $10,000

Returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

P

S

Retirement Balanced Fund 0.49%

Retirement Balanced Fund-Advisor Class 0.74

AVERAGE

Retirement Balanced Fund-R Class 0.99

Retirement 2005 Fund 0.49

$1

42

T. ROWE PRICE RETIREMENT FUNDS

# **EXPENSE RATIO**

returns for the periods shown had been earned at a constant rate. Returns do not reflect

| Retirement 2045 Fund | 0.62% |
| --- | --- |
| Retirement 2045 Fund-Advisor Class | 0.87 |
| Retirement 2045 Fund-R Class | 1.12 |
| Retirement 2050 Fund | 0.63 |
| Retirement 2050 Fund-Advisor Class | 0.88 |

43

T. ROWE PRICE RETIREMENT FUNDS

# EXPENSE RATIO (CONTINUED)

Returns for the periods shown has been earned at a constant rate. Returns do not reflect the
Investment 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76

44

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE

|  | 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 RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

The expenses based on the funds actual returns. You may use the information on this line, together with the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on

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

# **V. Investor Class**

46

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Note: From the expense ratios shown there are in the report because they are based on the 42
FUND EXPENSES, including, acquired, fund fees and expenses, but do not
are based on the 42 fund expenses by contracting and pre-hypothetical example.
1,000.00 971.00 4.89

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

a. Investor Class

47

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

|  | 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 RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

costs and do not reflect any transaction costs, such as redemption fees or sales loads.
The following is the half-year period. The full year expense rate for the investor Class was 0.45%.
The full year expense rate for the same period is 0.45%. The full year expense rate for the same period is 0.45%.
The full year expense rate for the same period is 0.45%. The full year expense rate for the same period is 0.45%.

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

49

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $975.40 $2.62
of the half-year period. The annualized expense ratio of the Investor Class was 0.49%
and the R Class was 0.99% 4.99

|  | 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 RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $936.40 $2.72
of the half-year period. The annualized expense ratio of the Investor Class was 0.51% and the R Class was 1.01%.
1,000.00 973.30 5.10

|  | 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 RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
$2.88
$3.50
5.19

|  | 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 RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00
The annualized expense ratio of the Investor Class was 0.55% and the R Class was 1.05%.

|  | 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 RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $981.80 $2.98
of the half-year period. The annualized expense ratio of the Investor Class was 0.58% and the R Class was 1.08%.
1.000.00 978.30 5.41

|  | 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 RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00 $984.20 $3.08
of the half-year period. The annualized expense ratio of the Investor Class was 0.59% and the R Class was 1.09%.
1,000.00 979.70 5.46

|  | 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 |  |  |  |

55

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $1,000.00 $1,000.00 $1,000.00
$3.14
If like the half-year period, The annualized expense ratio of the Investor Class was 0.60% and the R Class was 1.10%.
5.56

|  | 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 |  |  |  |

56

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $984.40 $3.18
of the half-year period. The annualized expense ratio of the Investor Class was 0.62% and the R Class was 1.12%.
1,000.00 982.20 5.62

|  | 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 |  |  |  |

57

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $983.80 $3.18
of the half-year period. The annualized expense ratio of the Investor Class was 0.63% and the R Class was 1.13%.
1,000.00 981.70 5.66

|  | 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 |  |  |  |

58

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: the half-year period. The annualized expense rate of the Investor Class was 0.64%.

| Periods Ended 9/30/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |
| Retirement Balanced Fund | -15.01% | 2.74% | 4.13% | - | - |
| Retirement Balanced Fund- Advisor Class | -15.22 | 2.49 | 3.88 | - | - |

59

T. ROWE PRICE RETIREMENT FUNDS

# **QUARTER-END RETURNS**

| Periods Ended 9/30/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |
| Retirement 2035 Fund- Advisor Class | -20.83% | 3.97% | 7.35% | - | - |
| Retirement 2035 Fund- R Class | -21.03 | 3.70 | 7.08 | - | - |

60

T. ROWE PRICE RETIREMENT FUNDS---

# **QUARTER-END RETURNS (CONTINUED)**

*The funds' performance information represents only past performance and is not necessarily an indication of future results. Current performance may be lower or higher than the performance data cited. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132 or, for Advisor and R Class shares, 1-800-638-8790 .*

This table provides returns through the most recent calendar quarter-end rather than through the end of the funds' fiscal period. It shows how each class would have performed

61

T. ROWE PRICE RETIREMENT FUNDS

# QUARTER-END RETURNS (CONTINUED)

Author Class Their actual (or cumulative) returns for the period of 2030 have been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When the shareholder pays on fund, investors should consider both short and long-term returns.

investment goals.

Retirement 2030 Fund-

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

62

T.RowePrice®

**You have many**
**Explore products and services that can help you achieve them.**

TRRHX

PARJX

T. ROWE PRICE

Retirement 2025 Fund

Retirement 2025 Fund-
Advisor Class

T. Rowe Price Investment Services, Inc. 1-100 East Pratt Street, Baltimore, MD 21202-1000

(Unaudited)

| SEMIANNUAL REPORT |  | For a share outstanding throughout each period |  |
| --- | --- | --- | --- |
| Advisory Class | GENERAL INVESTING | COLLEGE | SAVINGS |
| November 30, 2022 |  |  |  |
| Retirement 2080 Fund- | Individual or Joint | T. Rowe Price managed |  |
| ID for Traditional Staff |  |  |  |
| Investor Class | UT | 529 plans offer tax- |  |
| US Fund | Years | 7.62 | 1.32 |
| United States | 2.68 | 1.32 | 10/13/20- |
| Brinkage 2 offers |  | advantaged solutions |  |
| Small Business Plan | Brinkage 2 offers | for families saving |  |
| NET ASSET VALUE taxes, | Brinkage 2 offers | money to college | 5/31/18 |
| Beginning of period | $17.36 | $16.94 | $16.91 |
|  | brinkage 2 offers | billions and education |  |
|  | brinkage 2 offers |  |  |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

| FINANCIAL - HIGHLIGHTS |  | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  | Gifts and transfers for a share outstanding throughout each period |  |  |  |  |
| R Class |  | child (UGMA/UTMAs) |  |  |  |  |
| T. Rowe Price® |  | related expenses |  |  |  |  |
| ActivePlus Portfolios 1 |  | Trust |  |  |  |  |
| Investor Class | 0.15 | 0.28 | 0.20 | 0.31 | 0.32 | 0.29 |
|  | 5 Months | Transfer on Death |  |  |  |  |
|  | £(0.58) | £(0.66) | 4.73 | 0.78 | (0.13) | 1.15 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Visit troweprice.com/breadrange |  |  |  |  |  |  |
| Ratios/Supplemental |  | Data |  |  |  |  |
| Distributions |  |  |  |  |  |  |
| Total return | (2.36)% | (7.60)% | 29.64% | 6.28% | 1.70% | 8.55% |
| income | - | (0.27) | (0.25) | (0.36) | (0.32) | (0.29) |

65

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

FINANCIAL - FINANCIALS

For a share outstanding throughout each period

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

The following items are not included using a specific share outstanding method (0.50) and are considered fully

of the investment for details of expense-related arrangements with Principal Associates, Effective April 23

before the fund began charging an all-inclusive management fee based on the class' average daily

at annual rate was added to market risk, including, because loss of principal, investing internationally

NET ASSET VALUE. The fund's invested in investments in the each underlying Price

End of period. The Class 10.35 Class 17.36 has a 20.35% of the 16.34% of less than 17.70

by the Free Products the rate that an investor would have earned on an investment in the fund

Assumes each period, assuming the investment of all distributions, and payment is redeemable 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

66

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

PROPOSAL FINANCIALS

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting throughout each 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., and T. Rowe Price Investment Services, Inc., are affiliated companies.

Advisor Class

| 1.0% | 1.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| --- | --- | --- | --- | --- | --- |
| 2.0% | 2.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 3.0% | 3.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 4.0% | 4.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 5.0% | 5.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 6.0% | 6.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 7.0% | 7.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 8.0% | 8.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 9.0% | 9.0% | 0.0% | 0.2% | 0.3% | 0.4% |
| 10.0% | 10.0% | 0.0% | 0.2% | 0.3% | 0.4% |

expressed[{"box_2d": [35, 162, 612, 243], "label": "table", "caption": "

| 11.0% | 11.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 12.0% | 12.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 13.0% | 13.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 14.0% | 14.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 15.0% | 15.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 16.0% | 16.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 17.0% | 17.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 18.0% | 18.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 19.0% | 19.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 20.0% | 20.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 21.0% | 21.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 22.0% | 22.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 23.0% | 23.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 24.0% | 24.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 25.0% | 25.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 26.0% | 26.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 27.0% | 27.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 28.0% | 28.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 29.0% | 29.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 30.0% | 30.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 31.0% | 31.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 32.0% | 32.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 33.0% | 33.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 34.0% | 34.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 35.0% | 35.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 36.0% | 36.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 37.0% | 37.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 38.0% | 38.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 39.0% | 39.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 40.0% | 40.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 41.0% | 41.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 42.0% | 42.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 43.0% | 43.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 44.0% | 44.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 45.0% | 45.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 46.0% | 46.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 47.0% | 47.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 48.0% | 48.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 49.0% | 49.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 50.0% | 50.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 52.0% | 52.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 53.0% | 53.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 54.0% | 54.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 55.0% | 55.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 56.0% | 56.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 57.0% | 57.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 58.0% | 58.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 59.0% | 59.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 60.0% | 60.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 62.0% | 62.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 63.0% | 63.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 64.0% | 64.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |
| 65.0% | 65.0% | 5.0% | 5.0% | 5.0% | 5.0% |

| 66.0% | 66.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 68.0% | 68.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 70.0% | 70.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 72.0% | 72.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 74.0% | 74.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 76.0% | 76.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 78.0% | 78.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 80.0% | 80.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 82.0% | 82.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 84.0% | 84.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 86.0% | 86.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 88.0% | 88.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 90.0% | 90.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 92.0% | 92.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 94.0% | 94.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 96.0% | 96.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 98.0% | 98.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| --- | --- | --- | --- | --- | --- |

| 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 102.0% | 102.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 104.0% | 104.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 106.0% | 106.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 108.0% | 108.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 110.0% | 110.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 112.0% | 112.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 114.0% | 114.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 116.0% | 116.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 118.0% | 118.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 120.0% | 120.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 122.0% | 122.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 124.0% | 124.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 126.0% | 126.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 128.0% | 128.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 130.0% | 130.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 132.0% | 132.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 134.0% | 134.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 136.0% | 136.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 138.0% | 138.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 140.0% | 140.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 142.0% | 142.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 144.0% | 144.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 146.0% | 146.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 148.0% | 148.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 150.0% | 150.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 152.0% | 152.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 154.0% | 154.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 156.0% | 156.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 158.0% | 158.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 160.0% | 160.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 162.0% | 162.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 164.0% | 164.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 166.0% | 166.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 168.0% | 168.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 170.0% | 170.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 172.0% | 172.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 174.0% | 174.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 176.0% | 176.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 178.0% | 178.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 180.0% | 180.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 182.0% | 182.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 184.0% | 184.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 186.0% | 186.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 188.0% | 188.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 190.0% | 190.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 192.0% | 192.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 194.0% | 194.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 196.0% | 196.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 198.0% | 198.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 200.0% | 200.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 202.0% | 202.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 204.0% | 204.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 206.0% | 206.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 208.0% | 208.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 210.0% | 210.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 212.0% | 212.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 214.0% | 214.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 216.0% | 216.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 218.0% | 218.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 220.0% | 220.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 222.0% | 222.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 224.0% | 224.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 226.0% | 226.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 228.0% | 228.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 230.0% | 230.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 232.0% | 232.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 234.0% | 234.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 236.0% | 236.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 238.0% | 238.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 240.0% | 240.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 242.0% | 242.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 244.0% | 244.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 246.0% | 246.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 248.0% | 248.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 250.0% | 250.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 252.0% | 252.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 254.0% | 254.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 256.0% | 256.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 258.0% | 258.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 260.0% | 260.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 262.0% | 262.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 264.0% | 264.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 266.0% | 266.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 268.0% | 268.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 270.0% | 270.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 272.0% | 272.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 274.0% | 274.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 276.0% | 276.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 278.0% | 278.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 280.0% | 280.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 282.0% | 282.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 284.0% | 284.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 286.0% | 286.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 288.0% | 288.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 290.0% | 290.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 292.0% | 292.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 294.0% | 294.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 296.0% | 296.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 298.0% | 298.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 300.0% | 300.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 302.0% | 302.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 304.0% | 304.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 306.0% | 306.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 308.0% | 308.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 310.0% | 310.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 312.0% | 312.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 314.0% | 314.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 316.0% | 316.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 318.0% | 318.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 320.0% | 320.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 322.0% | 322.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 324.0% | 324.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 326.0% | 326.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 328.0% | 328.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 330.0% | 330.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 332.0% | 332.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 334.0% | 334.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 336.0% | 336.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 338.0% | 338.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 340.0% | 340.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 342.0% | 342.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 344.0% | 344.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 346.0% | 346.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 348.0% | 348.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 350.0% | 350.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 352.0% | 352.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 354.0% | 354.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 356.0% | 356.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 358.0% | 358.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

| 360.0% | 360.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| --- | --- | --- | --- | --- | --- |

<table><tr><td>362.0%</td><td>362.0%</td><td>100.0%</td><td>100.0%</td><td>100.0%</td><td>100.0%</td></tr></table

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

| Advisor Class | $10,579 6 Months (0.08) | $10,284 Year (0.04) | $10,570 4.70 | $10,852 0.77 | $10,174 (0.13) | $10,288 1.15 |
| --- | --- | --- | --- | --- | --- | --- |
| 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 | (2.50)% | (7.81)% (0.22) | 29.33% (0.21) | 6.03% (0.31) | 1.39% (0.28) | 8.35% (0.25) |

68

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally. The share is associated using average shares outstanding method. (0.84) (0.36)  
 The share is for details of expense-related arrangement with Price Associates. Effective April 19, 2025, the fund began charging an all-inclusive management fee based on the class' average daily  
 net assets. The fund is converted to investments in each underlying Price  
 **NET ASSET VALUE**  
 **End of period**  
 The rate of the Class  
 Payment of the Products the rate that an investor would have earned on an investment in the fund  
 Assumes each period, assuming the investment of all distributions, and payment of the redemption  
 We are not available. 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

69

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class

|  | 11.0% | 5/3.0% | 5/3.0% | 5/3.0% | 5/3.0% | 5/3.0% |
| --- | --- | --- | --- | --- | --- | --- |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 |  |  |  |  |  |

The fund and does not include the activity of the underlying Price Funds. Performance of the fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

The fund is directly related to the investment performance of the Fund.

70

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

| pR Class | 0.9898 | $1.1824 | $1.1388 | $1.2313 | $1.2379 | $1.2323 |
| --- | --- | --- | --- | --- | --- | --- |
| T | 6 Months in End of year | Year F 1962 | 4.64 | 0.77 | (0.13) | 1.14 |
| 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 | (2.65)% | (8.03)% | 28.98% | 5.80% | 1.14% | 8.07% |
|  | - | (0.17) | (0.19) | (0.27) | (0.23) | (0.21) |

71

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally Price is a investment associated using average shares outstanding (0.84) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36)
The investment for details of expense-related arrangements with Price Associates (Effective April 1, 2025) before payment began charging an all-inclusive management fee based on the class' average daily
net assets. The fund is expected that same as the fund converted its investment from each underlying Price
NET ASSET VALUE
End of period: the first class of Class 16.52 Class 16.87 has a 20.43% expense of less than 16.44% of 17.41
Payment for Products the rate that an investor would have earned on an investment in the fund
Assumes each period, assuming the investment of all distributions, and payment before 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

72

T. ROWE PRICE RETIREMENT 2025 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS 36.5%**

**T. ROWE PRICE FUNDS**

1. Interest the activity of the fund and does not include the activity of the underlying Price Funds. Interest the investment performance of the fund is directly related to the investment performance of the Fund.

2. Interest the current funds at which it invests:

3. Interest Bond Fund 1,105,005 84,509 255,194 181,118,769 845,825

4. Refines the indirect expense impact to the fund from its investment in the underlying Price Funds based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative purchase investment thereof.

Portions of more than 34.9% 34.7% 33.1% 19.4% 18.8% 29.5%

Net assets, end of

73

T. ROWE PRICE RETIREMENT 2025 FUND

| INCOME (in thousands) | 9 Value | 9 Purchase | 9 Sales | 9 Value | 9 Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 60,912 | 10,781 | 55,364 | 61,607 | 59,160 |
| U.S. Treasury Long-Term Index |  |  |  |  |  |
| (Cost and value in $000s) |  |  |  |  |  |
| SHORT-TERM INVESTMENTS 3.4% |  | 77,976 | 31,962 | 51,517,920 | 421,417 |
| per Cap (in thousands) | 3.4% | 6,368 | 96,319 | 40,461,699 | 386,409 |
| Emerging Markets Bond Fund | 345,986 | 42,493 | 23,433 | 40,812,498 | 345,682 |
| U.S. Treasury Obligations 0.1% | 333,717 | 19,254 | 20,819 | 55,791,177 | 314,104 |
| The Company's Index as an integral part of these financial statements |  |  |  |  |  |
| Floating Rate Fund | 253,661 | 6,338 | 97,576 | 18,365,260 | 165,838 |
| 2/9/23 (4) |  |  |  | 12,000,000 | 11,904 |

74

T. ROWE PRICE RETIREMENT 2025 FUND

Total Bond Mutual Funds (Cost $5,181,323)

4,485,601

EQUITY MUTUAL FUNDS 60.2%

| 100 lbs of Net Assets (Cost $10,860,107) |  |  |  |  | $12,310,290 |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 1,283,023 | 25 | 278,399 | 28,888,246 | 1,269,927 |
| GROWTH Stock Fund (2) | 1,040,505 | 203,551 | 64,556 | 16,176,706 | 1,136,090 |
| Equity Index 500 Fund | 959,238 | 34,863 | 100,674 | 7,009,602 | Total and |
| Overseas Stock Fund | 659,075 | 28,750 | 100,482 | National | Unrealized |
| (1) Each underlying Price Fund is an affiliated company. The fund is invested (as of 2) |  |  |  |  |  |
| International Value Equity Fund | 688,880 | 11 | 100,000 | 30,251,757 | 555,957 |

75

T. ROWE PRICE RETIREMENT 2025 FUND

Long, 61 MSCI EAF Fund, 2025 underlying Price Fund 12/22 for the Total Long Fund, if held 983
International Stock Fund 2025 and 2026 and 2027 and 2028 and 2029 and 2030 and 2031 and 2032 and 2033 and 2034 and 2035 and 2036 and 2037 and 2038 and 2039 and 2040 and 2041 and 2042 and 2043 and 2044 and 2045 and 2046 and 2047 and 2048 and 2049 and 2050 and 2051 and 2052 and 2053 and 2054 and 2055 and 2056 and 2057 and 2058 and 2059 and 2060 and 2061 and 2062 and 2063 and 2064 and 2065 and 2066 and 2067 and 2068 and 2069 and 2070 and 2071 and 2072 and 2073 and 2074 and 2075 and 2076 and 2077 and 2078 and 2079 and 2080 and 2081 and 2082 and 2083 and 2084 and 2085 and 2086 and 2087 and 2088 and 2089 and 2090 and 2091 and 2092 and 2093 and 2094 and 2095 and 2096 and 2097 and 2098 and 2099 and 2100

Net payments (revenue) of variation margin to date 6 18,054 3,170,772 (1,197)

Mid-Cap Value Fund 231,587 5 33,214 9,690,034 291,718

Variation margin receivable (payable) on open futures contracts 6 18,054 3,170,772 (1,197)

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

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The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

76

T. ROWE PRICE RETIREMENT 2025 FUND

November 30, 2022 (Unaudited)

securities, or a company that is under common ownership or control. The following securities were considered unrelated companies for all or some portion of the six months ended November 30, 2022. Emerging Markets, Stock Fund 245,653 4 21,569 5,781,006 356,880 Net realized gain (loss), investment income, and change in net unrealized gain/loss reflect all activity for the period, after ended. 251,642 3 56,994 3,310,258 180,575 Net realized gain (loss), investment income, and change in net unrealized gain/loss reflect all activity for the period, after ended. New Horizons Fund (2) 128,260 3 11,385 2,384,948 123,302

| Assets | Net Realized Gain (Loss) | Change in Net | 7,406,062 |
| --- | --- | --- | --- |
| Total Equity Mutual Funds (Cost $5,260,259) |  | Unrealized Gain/Loss | 12,320,300 |
| Investments in securities, at value (cost $10,860,107) |  |  | Income |
| Affiliate |  |  | 3,920 |
| There are no other financial assets and financial statements. |  |  |  |
| T. Rowe Price Funds |  |  | 3,920 |
| Total assets |  |  | 12,324,109 |

| Liabilities |  |
| --- | --- |
| Payable for shares redeemed | 13,818 |

77

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

| STATEMENTS OF ASSETS AND LIABILITIES | $(173) | $(9,513) | $6,360 |
| --- | --- | --- | --- |
| Discounted Cash Flow | 1,931 | 355,164 | 10,606 |
| Total Other Mutual Funds (Cost of $) | (5,784) | (19,364) | 1,592 |
| Emerging Markets (Debted) (Cost of $) | (294) | (9,925) | 1,592 |
| Emer |  | (17,199) | - |
| SHORT TERM INVESTMENTS 3.4% |  | (139,614) | 6 Months |
| Shares outstanding at the end of the period |  |  | 6 Months |
| Money Market Funds 3.3% |  |  | 6 Months |
| Shares outstanding at the end of the period |  |  | 6 Months |
| T. Rowe Price U.S. Treasury | (7,203) | 3,415 | 6 Months |
| GROWTH |  |  | 11/30/2025 |
| Money |  |  | 9 Months |
| High Income Income (Loss) | (2,400) | (18,048) | 12,789 |
| Income |  |  |  |
| NET ASSETS |  |  | $12,202,000 |
| Distributions from underlying Price Funds |  |  | 69 |
| Interest |  |  | 144,146 |
| Net Assets Consist of: |  |  |  |
| Expenses |  |  |  |

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

78

# T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

| STATEMENT OF OPERATIONS (922) | (6,008) | (20,814) | 6,761 |
| --- | --- | --- | --- |
| International Stock Fund | (2,121) | (5,300) | - |
| International Value Equity Fund | (582) | (24,798) | - |
| Limited Duration Inflation Focused Bond Fund | (7,455) | (88,495) | 60,703 |
| Mid-Case Growth Fund | (1,349) | 6,518 | 2,424,973 |
| Mid-Case Growth Fund | (1,349) | 6 Months Ended | 34,300 |
| Mid-Case Growth Fund | (1,349) | 6 Months Ended | 34,300 |
| New Int. Fund | (1,349) | 6,424 | 5/31/22 |
| New Int. Fund | (28,697) | 11/30/22 | 9,880,217 |
| Overseas Growth Fund | 3,573 | (21,570) | 3,243 |
| Overseas Growth Fund | 3,573 | (21,570) | 3,243 |
| NET ASSETS |  |  | 12,302,090 |
| Net investment income | $106,603 | $106,603 | 106,603 |
| Net investment income | 120,682 | 120,682 | 1,962,362 |
| NET ASSET VALUE PER SHARE |  |  |  |
| Change in net unrealized gain / loss | (582,389) | (582,389) | (3,294,756) |
| Realized and Unrealized Gain / Loss | (355,104) | (355,104) | (1,115,374) |
| Decrease in net assets from operations |  |  |  |

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

79

T. ROWE PRICE RETIREMENT 2025 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| ($000) | (482) | (14,105) | - |
| Small-Cap Stock Fund | 3,832 | 242 | - |
| Small-Cap Value Fund | 12,683 | (14,076) | - |
| Transition Fund | 967 | 7 | 202 |
| U.S. Decrease in Cash Flows | (1,969) | 6 Months | Year |
| U.S. Loss on Cash Flows | (1,969) | 754 | - |
| U.S. Loss on Cash Flows | (1,969) | Ended | Ended |
| U.S. Tax on Cash Flows | (1,969) | 15,248 | $96,716.95 |
| Net Assets | (1,751) | 11/30/22 | 20,846.27 |
| Value of Stock | (1,751) | (42,951) | 20,846.27 |
| Decrease during period | (1,751) | (36,322) | $(1,357,418.80) |
| Decrease during period | (1,751) | (1,309,522) | (3,531,295) |
| Decrease in net assets | (1,751) | - | (1,309,522) |
| Decrease in net assets from distributions | (1,751) | 13,611,612 | (7,142,907) |
| Change in net unrealized gain / loss | (1,751) | $12,302,090 | $13,611,612 |
| Change in net unrealized gain / loss | (1,751) | - | (1,583,586) |
| Change in net unrealized gain / loss | (1,751) | - | - |

80

T. ROWE PRICE RETIREMENT 2025 FUND

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| ($000s) |  |  | 4,691 |
| Totals | $99,987# | $(571,442) | $144,077+ |

# Capital gain distributions from underlying Price funds represented $1,212 of the net realized gain / loss
Investment Company Act of 1940 (the 1940 Act), T. Rowe Price Retirement 2025 Fund (the 1940 Act), is a diversified, open-end management investment company and the corporation. The fund invests as a portfolio of the corporation. The fund invests as a portfolio of the corporation. Net realized and unrealized gain / loss (461,707) is a fixed, non-expected bond funds (underlying Price Funds) that represent the funds. The fund's allocation among underlying Price Funds (355,104) is a asset mix will become more conservative over time. The fund is the highest total return over time consistent with an emphasis on both capital growth and

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

81

T. ROWE PRICE RETIREMENT 2025 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Retirement Funds Inc. (the corporation) is registered under the transactions are accounted for on the trade date basis. Realized gains and losses are reported on the identified financial statements. (95,312) The stock market is a class of shares of the Retirement Fund. (95,312) The stock market is a class of shares of the Retirement Fund. (95,312) The stock market is a class of shares of the Retirement Fund. (95,312) The stock market is a class of shares of the Retirement Fund. (95,312) The stock market is a class of shares of the Retirement Fund. (95,312) The stock market is a class of shares of the Retirement Fund.

82

T. ROWE PRICE RETIREMENT 2025 FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

on the ex-dividend date. Distributions to shareholders are recorded on the ex-dividend date. The information in connection with its officers and directors, service providers, and/or other income distributions, if any, are declared and paid by each class annually. A capital gain distribution of any may also be declared and paid by the fund annually. The financial intermediaries for distribution, shareholder servicing, and/or certain administrative services, the investor. Class does not pay Rule 12.1 less. Each class has each class are charged directly to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate. Expenses common to the class are charged to the class to which they relate.

83

T. ROWE PRICE RETIREMENT 2025 FUND

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

The record of financial instruments as well as the total value of the Fund is available for the future. The Fund is not a result of the results of the Fund. The Fund is not a result of the results of the Fund. The Fund is not a result of the results of the Fund.

**NOTE** **1. SIGNIFICANT ACCOUNTING POLICIES**
The Company shall not share on the day of valuation. Said securities generally are traded in the Fund. The Fund is not a result of the results of the Fund. The Fund is not a result of the results of the Fund.

84

T. ROWE PRICE RETIREMENT 2025 FUND

instruments in inactive markets, interest rates and yield curves, implied

valuing securities, the independent pricing services consider the yield or price of bonds reporting purposes, the fund management, a quality and risk development and the balance of comparable quality, coupon, maturity, and type as well as prices quoted by dealers. Value of the dividend and the underlying market value in the value of redemption who make markets in such securities. Futures contracts are valued at closing settlement prices. Assets and liabilities of the investment are not available to the Company's shareholders. The Company's shareholders and affiliates are earned and/or approved. Real estate value in this fund is not available to the Company's shareholders. The Company's shareholders and affiliates are earned and/or approved. Real estate value in this fund is not available to the Company's shareholders. The Company's shareholders and affiliates are earned and/or approved. Real estate value in this fund is not available to the Company's shareholders. The Company's shareholders and affiliates are earned and/or approved. Real estate value in this fund is not available to the Company's shareholders. The Company's shareholders and affiliates are earned and/or approved. Real estate value in this fund is not available to the Company's shareholders.

85

T. ROWE PRICE RETIREMENT 2025 FUND

Capital Transactions Each investor's interest in the net assets of the fund is represented at the rate of 1.5% in the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value

Location on Statement of

86

T. ROWE PRICE RETIREMENT 2025 FUND

accounts for its derivatives on a gross basis. It does not offset the fair value of derivative

T. Rowe Price Associates, Inc., or its agents. Assets and Liabilities Fair Value*

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the

Funds to be measured. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments. GaAP is measured for the fair value of financial instruments.

Level 1, quoted prices (unadjusted) in active markets for identical financial instruments

* The fair value of the financial instruments is based on the fair value of the financial instruments. The fair value of the financial instruments is based on the fair value of the financial instruments. The fair value of the financial instruments is based on the fair value of the financial instruments. The fair value of the financial instruments is based on the fair value of the financial instruments. The fair value of the financial instruments is based on the fair value of the financial instruments. The fair value of the financial instruments is based on the fair value of the financial instruments.

87

T. ROWE PRICE RETIREMENT 2025 FUND

Liabilities
Lump Sum (Lump Sum) is the annual computed prices that are observable, either directly or indirectly, by the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

88

T. ROWE PRICE RETIREMENT 2025 FUND

imperfectly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

properly correlated to movements in hedged security values and/or interest rates, and

89

($000s) = INDENT = INDENT = Location of Gain (Loss) on Statement of Operations = INDENT = INDENT = INDENT =

Futures

T. ROWE PRICE RETIREMENT 2025 FUND

The fund operates in accordance with an amended investment management agreement

The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement. The fund operates in accordance with an amended investment management agreement

90

T. ROWE PRICE RETIREMENT 2025 FUND

and disruptions in trading markets, while some events may affect certain geographic
RECORDS
The T. Rowe Price Services, Inc. provides share data and data from the services in its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being imposed on Russia and certain of its
the following to economic sanctions being

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T. ROWE PRICE RETIREMENT 2025 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

NOTE UNSETTLED (PART) TRANSACTIONS
unsettled, variation, margin, and variation, margin, receivable is reflected as an asset and
funding. The Fund is based on the basis of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund

92

T. ROWE PRICE RETIREMENT 2025 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 project. When the project is completed, the Adviser is responsible for overseeing the day-to-day operations of the project. When the project is completed, the Adviser is responsible for overseeing the day-to-day operations of the project. When the project is completed, the Adviser is responsible for overseeing the day-to-day operations of the project. When the project is completed, the Adviser is responsible for overseeing the day-to-day operations of the project. When the project is completed, the Adviser is responsible for overseeing the day-to-day operations of the project. When the project is completed

93

T. ROWE PRICE RETIREMENT 2025 FUND

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

Electromethorpe, Inc. (LRC) is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S. and is a registered registered company in a U.S. state of the U.S.

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

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

94

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 is required to be approved or waivers were granted to this code of ethics during the registrant's move. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

Item 3. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

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

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

Item 4. Principal Accountant Fees and Services. Whereas you want to pay away more money for retirement, for a credit, education, or

Disclosure, you must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money

the investment goals that are important to you. Liquid Investment Minimum (HCM). The

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 form, the extent to which the registrant is not completely

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

**Item 13. Exhibits.**

(a) The registrant's role of which presumes the registrant's business, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners, or its business owners

(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 /s/ David Oestreicher
cash and cash equivalents, as well as available borrowing arrangements.
maximize savings
Principal Executive Officer
T. Rowe Price
Gifts and transfers to a
child (UGMA/UTMAs)
related expenses
Date Active Plan 2023
for online investing
powered by experts
Trust
Transfer on Death

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

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date January 19, 2023
By /s/ Alan S. Dupski
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.

F157-051 1/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2025 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
Retirement 2025 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/Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Retirement 2025 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.

---

| | |
|:---|:---|
| &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 |

---