# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-25-163883
**Filing Date:** 2025-7
**Character Count:** 127493
**Document Hash:** 6e51df1a93fd8b56aec2b865aa758dc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-163883.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001193125-25-163883

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Retirement Funds, Inc.
- **CENTRAL INDEX KEY:** 0001177017

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 251144623

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

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

## Series and Classes Contracts Data

### T. Rowe Price Target 2055 Fund (Series ID: S000041774)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000129658 | T. Rowe Price Target 2055 Fund               | TRFFX           |
| C000129659 | T. Rowe Price Target 2055 Fund-Advisor Class | PAFTX           |
| C000169040 | T. Rowe Price Target 2055 Fund-I Class       | TRPPX           |

?xml version='1.0' encoding='ASCII'? Target 2055 Fund_TRN_F199-051

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g31885fp0093652-3_ar123.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Target 2055 Fund

# Investor Class (TRFFX)
This annual shareholder report contains important information about Target 2055 Fund (the "fund") for the period of June 1, 2024 to May 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Target 2055 Fund - Investor Class | $66 | 0.63% |

---

## What drove fund performance during the past 12 months?
* Global stock indexes and fixed income markets were broadly positive for the 12 months ended May 31, 2025. Many major central banks began easing interest rates early in the period as inflation slowed. Early optimism over the U.S. election of President Donald Trump brought, first, a boost to U.S. equities, followed by heightened volatility in global equity markets amid concerns over Trump's fluctuating tariff policies.

* Versus the style-specific S&P Target Date 2055 Index, our diversified U.S. mid-cap equity structure contributed to performance for the trailing one-year period as our dedicated allocations to growth and value outpaced the benchmark's core-oriented mid-cap equity allocation. Additionally, glide path effect added value as the fund's greater total equity exposure versus the benchmark was beneficial.

* On the negative side, a leading detractor from relative results was security selection within the US Mid-Cap Growth Equity Strategy, which trailed its benchmark. The fund's structural exposure to real assets equities also detracted.

* The fund seeks the highest total return over time, consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. Its allocation among T. Rowe Price funds will change over time in relation to its target retirement date.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g31885fp0093652-3_ar124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2015** | 9334 | 9394 | 9335 |
| **2015** | 9597 | 9895 | 9689 |
| **2016** | 8884 | 9142 | 8968 |
| **2016** | 9640 | 10022 | 9762 |
| **2016** | 10035 | 10468 | 10146 |
| **2016** | 10044 | 10717 | 10202 |
| **2017** | 10751 | 11546 | 10903 |
| **2017** | 11323 | 11795 | 11317 |
| **2017** | 11734 | 12150 | 11644 |
| **2017** | 12350 | 13104 | 12400 |
| **2018** | 12598 | 13419 | 12599 |
| **2018** | 12589 | 13572 | 12680 |
| **2018** | 12940 | 14610 | 13136 |
| **2018** | 12274 | 13828 | 12408 |
| **2019** | 12723 | 14096 | 12736 |
| **2019** | 12615 | 13911 | 12535 |
| **2019** | 13244 | 14801 | 13070 |
| **2019** | 13960 | 15970 | 13956 |
| **2020** | 13392 | 15069 | 13140 |
| **2020** | 13392 | 15505 | 13069 |
| **2020** | 15194 | 17975 | 14706 |
| **2020** | 16280 | 19008 | 15668 |
| **2021** | 17601 | 20393 | 16808 |
| **2021** | 18956 | 22314 | 18230 |
| **2021** | 19743 | 23914 | 18891 |
| **2021** | 19302 | 24014 | 18580 |
| **2022** | 18352 | 22900 | 18068 |
| **2022** | 17091 | 21492 | 17122 |
| **2022** | 16178 | 20738 | 16224 |
| **2022** | 16808 | 21420 | 16832 |
| **2023** | 16718 | 21051 | 16959 |
| **2023** | 17130 | 21929 | 17251 |
| **2023** | 18266 | 23798 | 18309 |
| **2023** | 18438 | 24121 | 18481 |
| **2024** | 20265 | 27072 | 20181 |
| **2024** | 21077 | 27978 | 20883 |
| **2024** | 22231 | 30020 | 22163 |
| **2024** | 22997 | 32439 | 22841 |
| **2025** | 22801 | 31819 | 22775 |
| **2025** | 23091 | 31648 | 23307 |

---

202501-4140694, 202507-4492175

F199-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Target 2055 Fund (Investor Class) | 9.56% | 11.51% | 8.73% |
| Russell 3000 Index (Regulatory Benchmark) | 13.12 | 15.34 | 12.21 |
| S&P Target Date 2055 Index (Strategy Benchmark) | 11.61 | 12.27 | 8.83 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$297,640

* Number of Portfolio Holdings21

* Investment Advisory Fees Paid (000s)$1,440

* Portfolio Turnover Rate20.5%

## **What did the fund invest in?** 

### **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.1% |
| International Equity Funds | 28.4 |
| Domestic Bond Funds | 1.4 |
| International Bond Funds | 0.4 |
| Short-Term and Other | 2.7 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.2% |
| T. Rowe Price Growth Stock Fund | 14.5 |
| T. Rowe Price U.S. Large-Cap Core Fund | 10.2 |
| T. Rowe Price Equity Index 500 Fund | 9.2 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.7 |
| T. Rowe Price International Stock Fund | 6.7 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price Mid-Cap Growth Fund | 3.5 |
| T. Rowe Price Mid-Cap Value Fund | 3.2 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Target 2055 Fund

Investor Class (TRFFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g31885fp0093652-3_ar120.jpg)

![Image](g31885fp0093652-3_ar123.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Target 2055 Fund

# Advisor Class (PAFTX)
This annual shareholder report contains important information about Target 2055 Fund (the "fund") for the period of June 1, 2024 to May 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Target 2055 Fund - Advisor Class | $92 | 0.88% |

---

## What drove fund performance during the past 12 months?
* Global stock indexes and fixed income markets were broadly positive for the 12 months ended May 31, 2025. Many major central banks began easing interest rates early in the period as inflation slowed. Early optimism over the U.S. election of President Donald Trump brought, first, a boost to U.S. equities, followed by heightened volatility in global equity markets amid concerns over Trump's fluctuating tariff policies.

* Versus the style-specific S&P Target Date 2055 Index, our diversified U.S. mid-cap equity structure contributed to performance for the trailing one-year period as our dedicated allocations to growth and value outpaced the benchmark's core-oriented mid-cap equity allocation. Additionally, glide path effect added value as the fund's greater total equity exposure versus the benchmark was beneficial.

* On the negative side, a leading detractor from relative results was security selection within the US Mid-Cap Growth Equity Strategy, which trailed its benchmark. The fund's structural exposure to real assets equities also detracted.

* The fund seeks the highest total return over time, consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. Its allocation among T. Rowe Price funds will change over time in relation to its target retirement date.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g31885fp0093652-3_ar121.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2015** | 9332 | 9394 | 9335 |
| **2015** | 9596 | 9895 | 9689 |
| **2016** | 8873 | 9142 | 8968 |
| **2016** | 9621 | 10022 | 9762 |
| **2016** | 10017 | 10468 | 10146 |
| **2016** | 10017 | 10717 | 10202 |
| **2017** | 10707 | 11546 | 10903 |
| **2017** | 11269 | 11795 | 11317 |
| **2017** | 11671 | 12150 | 11644 |
| **2017** | 12287 | 13104 | 12400 |
| **2018** | 12516 | 13419 | 12599 |
| **2018** | 12498 | 13572 | 12680 |
| **2018** | 12848 | 14610 | 13136 |
| **2018** | 12175 | 13828 | 12408 |
| **2019** | 12614 | 14096 | 12736 |
| **2019** | 12497 | 13911 | 12535 |
| **2019** | 13122 | 14801 | 13070 |
| **2019** | 13806 | 15970 | 13956 |
| **2020** | 13243 | 15069 | 13140 |
| **2020** | 13233 | 15505 | 13069 |
| **2020** | 15000 | 17975 | 14706 |
| **2020** | 16056 | 19008 | 15668 |
| **2021** | 17356 | 20393 | 16808 |
| **2021** | 18677 | 22314 | 18230 |
| **2021** | 19447 | 23914 | 18891 |
| **2021** | 19000 | 24014 | 18580 |
| **2022** | 18052 | 22900 | 18068 |
| **2022** | 16793 | 21492 | 17122 |
| **2022** | 15889 | 20738 | 16224 |
| **2022** | 16503 | 21420 | 16832 |
| **2023** | 16407 | 21051 | 16959 |
| **2023** | 16791 | 21929 | 17251 |
| **2023** | 17898 | 23798 | 18309 |
| **2023** | 18056 | 24121 | 18481 |
| **2024** | 19831 | 27072 | 20181 |
| **2024** | 20618 | 27978 | 20883 |
| **2024** | 21730 | 30020 | 22163 |
| **2024** | 22470 | 32439 | 22841 |
| **2025** | 22259 | 31819 | 22775 |
| **2025** | 22519 | 31648 | 23307 |

---

202501-4140694, 202507-4492175

F299-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Target 2055 Fund (Advisor Class) | 9.22% | 11.22% | 8.46% |
| Russell 3000 Index (Regulatory Benchmark) | 13.12 | 15.34 | 12.21 |
| S&P Target Date 2055 Index (Strategy Benchmark) | 11.61 | 12.27 | 8.83 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$297,640

* Number of Portfolio Holdings21

* Investment Advisory Fees Paid (000s)$1,440

* Portfolio Turnover Rate20.5%

## **What did the fund invest in?** 

### **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.1% |
| International Equity Funds | 28.4 |
| Domestic Bond Funds | 1.4 |
| International Bond Funds | 0.4 |
| Short-Term and Other | 2.7 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.2% |
| T. Rowe Price Growth Stock Fund | 14.5 |
| T. Rowe Price U.S. Large-Cap Core Fund | 10.2 |
| T. Rowe Price Equity Index 500 Fund | 9.2 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.7 |
| T. Rowe Price International Stock Fund | 6.7 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price Mid-Cap Growth Fund | 3.5 |
| T. Rowe Price Mid-Cap Value Fund | 3.2 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Target 2055 Fund

Advisor Class (PAFTX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g31885fp0093652-3_ar120.jpg)

![Image](g31885fp0093652-3_ar123.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Target 2055 Fund

# I Class (TRPPX)
This annual shareholder report contains important information about Target 2055 Fund (the "fund") for the period of June 1, 2024 to May 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Target 2055 Fund - I Class | $47 | 0.45% |

---

## What drove fund performance during the past 12 months?
* Global stock indexes and fixed income markets were broadly positive for the 12 months ended May 31, 2025. Many major central banks began easing interest rates early in the period as inflation slowed. Early optimism over the U.S. election of President Donald Trump brought, first, a boost to U.S. equities, followed by heightened volatility in global equity markets amid concerns over Trump's fluctuating tariff policies.

* Versus the style-specific S&P Target Date 2055 Index, our diversified U.S. mid-cap equity structure contributed to performance for the trailing one-year period as our dedicated allocations to growth and value outpaced the benchmark's core-oriented mid-cap equity allocation. Additionally, glide path effect added value as the fund's greater total equity exposure versus the benchmark was beneficial.

* On the negative side, a leading detractor from relative results was security selection within the US Mid-Cap Growth Equity Strategy, which trailed its benchmark. The fund's structural exposure to real assets equities also detracted.

* The fund seeks the highest total return over time, consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. Its allocation among T. Rowe Price funds will change over time in relation to its target retirement date.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g31885fp0093652-3_ar122.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2/26/16** | 500000 | 500000 | 500000 |
| **2/29/16** | 497594 | 496422 | 497238 |
| **5/31/16** | 539942 | 544231 | 541265 |
| **8/31/16** | 562560 | 568440 | 562551 |
| **11/30/16** | 563041 | 581943 | 565682 |
| **2/28/17** | 602686 | 626947 | 604505 |
| **5/31/17** | 634749 | 640512 | 627482 |
| **8/31/17** | 658295 | 659747 | 645592 |
| **11/30/17** | 693364 | 711555 | 687537 |
| **2/28/18** | 707249 | 728662 | 698587 |
| **5/31/18** | 706730 | 736982 | 703035 |
| **8/31/18** | 726967 | 793335 | 728355 |
| **11/30/18** | 689606 | 750879 | 687955 |
| **2/28/19** | 715203 | 765454 | 706179 |
| **5/31/19** | 709133 | 755379 | 695030 |
| **8/31/19** | 745555 | 803727 | 724669 |
| **11/30/19** | 785289 | 867195 | 773816 |
| **2/29/20** | 753875 | 818289 | 728570 |
| **5/31/20** | 753875 | 841972 | 724629 |
| **8/31/20** | 855812 | 976058 | 815418 |
| **11/30/20** | 917435 | 1032167 | 868732 |
| **2/28/21** | 992409 | 1107368 | 931960 |
| **5/31/21** | 1069294 | 1211696 | 1010808 |
| **8/31/21** | 1114242 | 1298577 | 1047425 |
| **11/30/21** | 1089994 | 1304032 | 1030222 |
| **2/28/22** | 1036616 | 1243505 | 1001830 |
| **5/31/22** | 965421 | 1167058 | 949380 |
| **8/31/22** | 914480 | 1126100 | 899539 |
| **11/30/22** | 950691 | 1163163 | 933252 |
| **2/28/23** | 946292 | 1143118 | 940333 |
| **5/31/23** | 969657 | 1190804 | 956503 |
| **8/31/23** | 1034561 | 1292283 | 1015173 |
| **11/30/23** | 1044296 | 1309822 | 1024709 |
| **2/29/24** | 1148880 | 1470073 | 1118971 |
| **5/31/24** | 1194969 | 1519264 | 1157864 |
| **8/31/24** | 1261096 | 1630142 | 1228867 |
| **11/30/24** | 1305849 | 1761518 | 1266426 |
| **2/28/25** | 1294905 | 1727827 | 1262780 |
| **5/31/25** | 1311392 | 1718566 | 1292266 |

---

202501-4140694, 202507-4492175

F469-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/26/16** |
| Target 2055 Fund (I Class) | 9.74% | 11.71% | 10.98% |
| Russell 3000 Index (Regulatory Benchmark) | 13.12 | 15.34 | 14.27 |
| S&P Target Date 2055 Index (Strategy Benchmark) | 11.61 | 12.27 | 10.80 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$297,640

* Number of Portfolio Holdings21

* Investment Advisory Fees Paid (000s)$1,440

* Portfolio Turnover Rate20.5%

## **What did the fund invest in?** 

### **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.1% |
| International Equity Funds | 28.4 |
| Domestic Bond Funds | 1.4 |
| International Bond Funds | 0.4 |
| Short-Term and Other | 2.7 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.2% |
| T. Rowe Price Growth Stock Fund | 14.5 |
| T. Rowe Price U.S. Large-Cap Core Fund | 10.2 |
| T. Rowe Price Equity Index 500 Fund | 9.2 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.7 |
| T. Rowe Price International Stock Fund | 6.7 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price Mid-Cap Growth Fund | 3.5 |
| T. Rowe Price Mid-Cap Value Fund | 3.2 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Target 2055 Fund

I Class (TRPPX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g31885fp0093652-3_ar120.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $15774 | $14377 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,746,000 and $1,230,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

May

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

TRFFX

Target

2055

Fund

–

.

PAFTX

Target

2055

Fund–

.

Advisor Class

TRPPX

Target

2055

Fund–

.

I Class

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

17.90 $

14.94 $

15.72 $

18.05 $

13.08 Investment

activities

Net

investment

income

(1)(2)

0.22 0.19 0.17 0.13 0.08 Net

realized

and

unrealized

gain/loss

1.47 3.21 (0.18)

(1.82)

5.30 Total

from

investment

activities

1.69 3.40 (0.01)

(3) (1.69)

5.38 Distributions

Net

investment

income

(0.27)

(0.23)

(0.17)

(0.13)

(0.12)

Net

realized

gain

(0.21)

(0.21)

(0.60)

(0.51)

(0.29)

Total

distributions

(0.48)

(0.44)

(0.77)

(0.64)

(0.41)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 19.11

#### $

#### 17.90

#### $

#### 14.94

#### $

#### 15.72

#### $

#### 18.05

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)(5)

#### 9.56%

#### 23.04%

#### 0.23%

#### (9.84)%

#### 41.54%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(5) 0.63%

0.63%

0.63%

0.64%

0.71%

Net

expenses

after

payments

by

Price

Associates

(5) 0.63%

0.63%

0.63%

0.64%

0.71%

Net

investment

income

(5) 1.17%

1.18%

1.17%

0.74%

0.53%

Portfolio

turnover

rate

(5) 20.5%

30.9%

25.3%

32.2%

16.7%

Net

assets,

end

of

period

(in

thousands)

$70,555

$77,962

$66,865

$66,870

$73,848

0%

0%

0%

0%

0%

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(5) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

17.81 $

14.86 $

15.61 $

17.95 $

13.03 Investment

activities

Net

investment

income

(1)(2)

0.14 0.14 0.14 0.10 0.03 Net

realized

and

unrealized

gain/loss

1.49 3.21 (0.19)

(1.83)

5.28 Total

from

investment

activities

1.63 3.35 (0.05)

(3) (1.73)

5.31 Distributions

Net

investment

income

(0.19)

(0.19)

(0.10)

(0.10)

(0.10)

Net

realized

gain

(0.21)

(0.21)

(0.60)

(0.51)

(0.29)

Total

distributions

(0.40)

(0.40)

(0.70)

(0.61)

(0.39)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 19.04

#### $

#### 17.81

#### $

#### 14.86

#### $

#### 15.61

#### $

#### 17.95

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)(5)

#### 9.22%

#### 22.79%

#### (0.01)%

#### (10.09)%

#### 41.14%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(5) 0.88%

0.88%

0.88%

0.89%

0.96%

Net

expenses

after

payments

by

Price

Associates

(5) 0.88%

0.88%

0.88%

0.89%

0.96%

Net

investment

income

(5) 0.73%

0.89%

0.97%

0.58%

0.22%

Portfolio

turnover

rate

(5) 20.5%

30.9%

25.3%

32.2%

16.7%

Net

assets,

end

of

period

(in

thousands)

$4,023

$5,172

$4,476

$4,367

$7,398

0%

0%

0%

0%

0%

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(5) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

17.89 $

14.94 $

15.73 $

18.08 $

13.09 Investment

activities

Net

investment

income

(1)(2)

0.25 0.23 0.21 0.16 0.10 Net

realized

and

unrealized

gain/loss

1.47 3.20 (0.19)

(1.82)

5.32 Total

from

investment

activities

1.72 3.43 0.02 (1.66)

5.42 Distributions

Net

investment

income

(0.31)

(0.27)

(0.21)

(0.18)

(0.14)

Net

realized

gain

(0.21)

(0.21)

(0.60)

(0.51)

(0.29)

Total

distributions

(0.52)

(0.48)

(0.81)

(0.69)

(0.43)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 19.09

#### $

#### 17.89

#### $

#### 14.94

#### $

#### 15.73

#### $

#### 18.08

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)(4)

#### 9.74%

#### 23.24%

#### 0.44%

#### (9.71)%

#### 41.84%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.45%

0.45%

0.45%

0.45%

0.52%

Net

expenses

after

payments

by

Price

Associates

(4) 0.45%

0.45%

0.45%

0.45%

0.52%

Net

investment

income

(4) 1.34%

1.40%

1.41%

0.90%

0.65%

Portfolio

turnover

rate

(4) 20.5%

30.9%

25.3%

32.2%

16.7%

Net

assets,

end

of

period

(in

thousands)

$223,062

$187,458

$130,476

$99,081

$71,260

0%

0%

0%

0%

0%

T. ROWE

PRICE

Target

2055

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(4) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

T. ROWE

PRICE

Target

2055

Fund

May

31,

2025

#### Portfolio

#### of

#### Investments
(1) (1) #### $

#### Value

#### 5/31/24

#### $

#### Purchase

#### Cost
(2) #### $

#### Sales

#### Cost
(2) #### Shares

#### $

#### Value

#### 5/31/25
(Cost

and

value

in

$000s)

#### BOND

#### MUTUAL

#### FUNDS

#### 1.8%
T. #### Rowe

#### Price

#### Funds:
New

Income

Fund

1,834

1,078

1,204

230,342

1,817

Limited

Duration

Inflation

Focused

Bond

Fund

602

1,424

661

285,755

1,355

U.S.

Treasury

Long-Term

Index

Fund

1,134

836

913

163,368

1,147

International

Bond

Fund

(USD

Hedged)

509

524

81,436

696

Dynamic

Global

Bond

Fund

59,448

#### Total

#### Bond

#### Mutual

#### Funds

#### (Cost

#### $5,584)

#### 5,479

#### EQUITY

#### MUTUAL

#### FUNDS

#### 95.5%
T. #### Rowe

#### Price

#### Funds:
Value

Fund

42,254

9,605

6,051

975,090

45,293

Growth

Stock

Fund

40,261

7,780

7,448

403,828

43,113

U.S.

Large-Cap

Core

Fund

27,784

5,808

3,736

721,807

30,301

Equity

Index

500

Fund

27,766

5,621

8,119

176,102

27,424

International

Value

Equity

Fund

20,522

4,184

2,659

1,242,599

25,660

Overseas

Stock

Fund

21,054

4,596

4,448

1,582,652

22,869

International

Stock

Fund

17,993

3,477

3,197

913,948

19,824

Real

Assets

Fund

17,044

3,799

2,306

1,261,068

18,828

Mid-Cap

Growth

Fund

9,930

2,487

1,398

105,135

10,307

Mid-Cap

Value

Fund

9,421

2,466

1,341

309,065

9,513

Emerging

Markets

Discovery

Stock

Fund

7,528

1,464

978

574,913

8,537

Emerging

Markets

Stock

Fund

5,653

2,359

934

209,259

7,454

Small-Cap

Value

Fund

5,582

1,301

731

115,514

5,788

Small-Cap

Stock

Fund

5,895

1,573

1,776

95,751

5,237

New

Horizons

Fund (3)

3,981

958

551

78,772

4,133

#### Total

#### Equity

#### Mutual

#### Funds

#### (Cost

#### $224,404)

#### 284,281
T. ROWE

PRICE

Target

2055

Fund

#### $

#### Value

#### 5/31/24

#### $

#### Purchase

#### Cost
(2) #### $

#### Sales

#### Cost
(2) #### Shares

#### $

#### Value

#### 5/31/25
(Cost

and

value

in

$000s)

#### SHORT-TERM

#### INVESTMENTS

#### 2.7%

#### Money

#### Market

#### Funds

#### 2.7%
T. Rowe

Price

U.S.

Treasury

Money

Fund,

4.38% (4)

3,554

10,835

6,389

7,999,612

8,000

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $8,000)

#### 8,000

#### Total

#### Investments

#### in

#### Securities

#### 100.0%

#### of

#### Net

#### Assets

#### (Cost

#### $237,988)

#### $

#### 297,760
(1) Each

underlying

Price

Fund

is

an

affiliated

company;

the

fund

is

invested

in

the Z

Class

of

each

underlying

Price

Fund,

except

for

the

Transition

Fund,

if

held,

which

is

a

single

class

fund.

Additional

information

about

each underlying

Price

Fund

is

available

by

calling

1-877-495-1138

and

at www.troweprice.com.

(2) Purchase

cost

and

Sales

cost

for

affiliates

not

held

at

period

end

totaled

$2,815

and

$2,842,

respectively.

(3) Non-income

producing

(4) Seven-day

yield

T. ROWE

PRICE

Target

2055

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

May

31,

2025. Net

realized

gain

(loss),

investment

income,

and

change

in

net

unrealized

gain/loss

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. #### Rowe

#### Price

#### Funds:
Dynamic

Global

Bond

Fund

$

(4) $

$

Emerging

Markets

Discovery

Stock

Fund

523

Emerging

Markets

Stock

Fund

(29) 376

Equity

Index

500

Fund

931

2,156

Growth

Stock

Fund

3,105

2,520

International

Bond

Fund

(USD

Hedged)

(29) 42

International

Stock

Fund

1,551

International

Value

Equity

Fund

3,613

721

Limited

Duration

Inflation

Focused

Bond

Fund

(10) 6

Mid-Cap

Growth

Fund

955

(712) 67

Mid-Cap

Value

Fund

1,087

(1,033)

New

Horizons

Fund

(255) —

New

Income

Fund

(108) 109

Overseas

Stock

Fund

1,667

724

Real

Assets

Fund

(25) 291

Small-Cap

Stock

Fund

850

(455) 84

Small-Cap

Value

Fund

(364) 97

U.S.

Large-Cap

Core

Fund

1,587

U.S.

Treasury

Long-Term

Index

Fund

(155) 90

Value

Fund

2,996

(515) 789

U.S.

Treasury

Money

Fund,

4.38%

—

—

Affiliates

not

held

at

period

end

(44) (1) (4)\*

Totals

$

12,292#

$

10,049

$

5,164+

\*

Includes

return

of

capital

reclassifications

recorded

in

the

current

year.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$11,129

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$5,164

of

income

distributions

from

underlying

Price

Funds.

T. ROWE

PRICE

Target

2055

Fund

May

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Assets
Investments

in

securities,

at

value

(cost

$237,988)

$

297,760

Receivable

for

investment

securities

sold

1,370

Receivable

for

shares

sold

Other

assets

Total

assets

299,582

#### Liabilities
Payable

for

investment

securities

purchased

1,726

Investment

management

and

administrative

fees

payable

Payable

for

shares

redeemed

Other

liabilities

Total

liabilities

1,942

#### NET

#### ASSETS

#### $

#### 297,640

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

61,029

Paid-in

capital

applicable

to

15,585,414

shares

of

$0.0001

par

value

capital

stock

outstanding;

30,000,000,000

shares

of

the

Corporation

authorized

236,611

#### NET

#### ASSETS

#### $

#### 297,640

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $70,555;

#### Shares

#### outstanding:

#### 3,692,051)

#### $

#### 19.11

#### Advisor

#### Class

#### (Net

#### assets:

#### $4,023;

#### Shares

#### outstanding:

#### 211,275)

#### $

#### 19.04

#### I

#### Class

#### (Net

#### assets:

#### $223,062;

#### Shares

#### outstanding:

#### 11,682,088)

#### $

#### 19.09
T. ROWE

PRICE

Target

2055

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

5/31/25

#### Investment

#### Income
(Loss)

Income

distributions

from

underlying

Price

Funds

$

5,164

Expenses

Investment

management

and

administrative

expense

1,440

Rule

12b-1

fees

Advisor

Class

Miscellaneous

Total

expenses

1,452

Net

investment

income

3,712

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Sales

of

underlying

Price

Funds

1,163

Capital

gain

distributions

from

underlying

Price

Funds

11,129

Net

realized

gain

12,292

Change

in

net

unrealized

gain

/

loss

on

underlying

Price

Funds

10,049

Net

realized

and

unrealized

gain

/

loss

22,341

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 26,053
T. ROWE

PRICE

Target

2055

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

3,712

$

3,104

Net

realized

gain

12,292

3,323

Change

in

net

unrealized

gain

/

loss

10,049

43,012

Increase

in

net

assets

from

operations

26,053

49,439

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,955)

(1,930)

Advisor

Class

(80) (112) I

Class

(5,858)

(4,628)

Decrease

in

net

assets

from

distributions

(7,893)

(6,670)

Capital

share

transactions

\*

Shares

sold

Investor

Class

15,262

18,557

Advisor

Class

974

1,116

I

Class

56,252

51,878

Distributions

reinvested

Investor

Class

1,954

1,927

Advisor

Class

I

Class

5,844

4,601

Shares

redeemed

Investor

Class

(29,074)

(22,618)

Advisor

Class

(2,539)

(1,372)

I

Class

(39,865)

(28,195)

Increase

in

net

assets

from

capital

share

transactions

8,888

26,006

T. ROWE

PRICE

Target

2055

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Net

#### Assets
Increase

during

period

27,048

68,775

Beginning

of

period

270,592

201,817

#### End

#### of

#### period

#### $

#### 297,640

#### $

#### 270,592
\*Share

information

(000s)

Shares

sold

Investor

Class

822

1,130

Advisor

Class

I

Class

3,041

3,194

Distributions

reinvested

Investor

Class

Advisor

Class

I

Class

Shares

redeemed

Investor

Class

(1,592)

(1,368)

Advisor

Class

(137) (86) I

Class

(2,152)

(1,732)

Increase

in

shares

outstanding

1,613

T. ROWE

PRICE

Target

2055

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Retirement

Funds,

Inc.

(the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act). T.

Rowe

Price Target

2055

Fund

(the

fund)

is

a

diversified,

open-end

management

investment

company

and

is

one

of

the

portfolios

established

by

the

corporation. The

fund

invests

in

a

portfolio

of

other

T. Rowe

Price

stock

and

bond

funds

(underlying

Price

Funds)

that

represent

various

asset

classes

and

sectors. The

fund's

allocation

among

underlying

Price

Funds

will

change,

and

its

asset

mix

will

become

more

conservative

over

time.

The

fund

seeks

the

highest

total

return

over

time

consistent

with

an

emphasis

on

both

capital

growth

and

income.

The

fund

has

three classes

of

shares: the

Target

2055

Fund

(Investor

Class),

the

Target

2055

Fund–Advisor

Class

(Advisor

Class)

and

the

Target

2055

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries

that

are

compensated

by

the

class

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services

under

a

Board-approved

Rule

12b-1

plan;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

of

the

underlying

Price

Funds

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

of

the

underlying

Price

Funds.

T. ROWE

PRICE

Target

2055

Fund

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses are

reported

on

the

identified

cost

basis.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

underlying

Price

Fund

investments

are

reflected

as income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Income

and

capital

gain

distributions

from

the

underlying

Price

Funds

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class

annually.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by the

fund

annually.

#### Class

#### Accounting
Investment

management

and

administrative

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business,

the fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION
The fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Investments

in

the

T. ROWE

PRICE

Target

2055

Fund

underlying

Price

Funds

are

valued

at

their

closing

NAV

per

share

on

the

day

of

valuation. Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

The

fund's

Board

of

Directors

(the

Board) has

designated

T. Rowe

Price

Associates,

Inc.

as

the fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee.

The

Valuation Designee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1 – quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2 – inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3 – unobservable

inputs

(including

the

Valuation Designee's

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

T. ROWE

PRICE

Target

2055

Fund

judgment

used

in

determining

those

values.

On

May

31,

2025,

all

of

the

fund's

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

#### NOTE

#### 3

#### -

#### INVESTMENTS

#### IN

#### UNDERLYING

#### PRICE

#### FUNDS
Purchases

and

sales

of

the

underlying

Price

Funds

other

than

in-kind

transactions,

if

any, aggregated $75,129,000

and

$59,259,000,

respectively

for

the year

ended

May

31,

2025. #### NOTE

#### 4

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

deemed

distributions

on

shareholder

redemptions

and

the

character

of

distributions

from

the

underlying

Price

Funds.

T. ROWE

PRICE

Target

2055

Fund

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

May

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

May

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period. The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

late-year

ordinary

loss

deferrals.

The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

late-year

ordinary

loss

deferrals.

($000s)

#### May

#### 31,

#### 2025

#### May

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

4,656

$

3,641

Long-term

capital

gain

3,237

3,029

Total

distributions

$

7,893

$

6,670

($000s)

Cost

of

investments

$

245,326

Unrealized

appreciation

$

60,638

Unrealized

depreciation

(8,204)

Net

unrealized

appreciation

(depreciation)

$

52,434

($000s)

Undistributed

long-term

capital

gain

$

8,970

Net

unrealized

appreciation

(depreciation)

52,434

Loss

carryforwards

and

deferrals

(375) Total

distributable

earnings

(loss)

$

61,029

T. ROWE

PRICE

Target

2055

Fund

#### NOTE

#### 5

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

Price

Associates,

directly

or

through

sub-advisory

agreements

with

its

wholly

owned

subsidiaries,

also

provides

investment

management

services

to

all

the

underlying

Price

Funds.

Certain

officers

and

directors

of

the

fund

are

also

officers

and

directors

of

Price

Associates

and

its

subsidiaries

and

the

underlying

Price

Funds.

The

fund

operates

in

accordance

with

an

amended

investment

management

agreement

(amended

management

agreement),

between

the

corporation,

on

behalf

of

the

fund,

and

Price

Associates.

Under

the

amended

management

agreement,

the

fund

pays

an

annual

all-inclusive fee

that

is

based

on

a

predetermined

fee

schedule

that ranges

from

0.64%

to

0.45%

for

the

Investor

Class

and

Advisor

Class

and

0.46%

to

0.30%

for

the

I

Class,

generally

declining

as

the

fund

reduces

its

overall

stock

exposure

along

its

investment

glide

path.

The

annual

all-inclusive fee

covers

investment

management

services

and

all

of

the

fund's

operating

expenses

except

for

interest

expense;

expenses

related

to

borrowings,

taxes,

and

brokerage;

nonrecurring,

extraordinary

expenses;

acquired

fund

fees

and

expenses;

and

any

12b-1

fees

applicable

to

a

class.

Differences

in

the

annual

all-inclusive

fees

between

certain

classes

relate

to

differences

in

expected

shareholder

servicing

expenses.

At

May

31,

2025,

the

effective

annual

all-inclusive fee

rate

was

0.63% for

the

Investor

Class

and

Advisor

Class

and

0.45% for

the

I

Class.

In

addition,

the fund

has entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

fund.

Pursuant

to

the

annual

all-inclusive

fee

arrangement

under

the

investment

management

and

administrative

agreement,

expenses

incurred

by

the

fund

pursuant

to

these

service

agreements

are

paid

by

Price

Associates.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

T. ROWE

PRICE

Target

2055

Fund

The

fund

may

invest

in

the

T. Rowe

Price

Transition

Fund

(Transition

Fund)

to

facilitate

the fund's

transition

between

the

various

underlying

Price

Funds

as

the

fund

rebalances

its

allocation

to

the

underlying

Price

Funds.

There

is

no

specific

neutral

allocation

to

the

Transition

Fund.

In

addition,

the

fund

may

also

maintain

a

small

position

in

the

Transition

Fund

when

it

is

not

actively

involved

in

a

transition.

The

fund

does

not

invest

in

the

underlying

Price

Funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund's

net

assets.

At

May

31,

2025,

the

fund

held

less

than

25%

of

the

outstanding

shares

of

any

underlying

Price

Fund.

#### NOTE

#### 6

#### -

#### SEGMENT

#### REPORTING
Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

T. ROWE

PRICE

Target

2055

Fund

#### NOTE

#### 7

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Target

2055

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### Retirement

#### Funds,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Target

#### 2055

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Target

2055

Fund

(one

of

the

funds

constituting

T. Rowe

Price

Retirement

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2025,

the

related

statement

of

operations

for

the

year

ended

May

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Target

2055

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

July

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Target

2055

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 5/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included

$4,262,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$4,185,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$1,971,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

The

fund

will

pass

through

foreign

source

income

of

$1,721,000

and

foreign

taxes

paid

of

$191,000.

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$155,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

T. ROWE

PRICE

Target

2055

Fund

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
Each

year,

the

Board

of

Directors

(Board)

of

the

T. Rowe

Price

Target

Funds

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

each

T. Rowe

Price

Target

Fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

funds'

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

funds'

Advisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contracts.

T. ROWE

PRICE

Target

2055

Fund

#### Investment

#### Performance

#### of

#### the

#### Funds
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

each

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

each

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contracts'

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

funds'

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

each

fund's

performance,

the

length

of

each

fund's

performance

track

record,

and

how

closely

each

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

With

respect

to

the

Target

2040

Fund

and

Target

2045

Fund,

the

Board

noted

that,

as

of

December

31,

2024,

the

fund

lagged

its

benchmark

for

certain

performance

periods

and

the

fund's

total

returns

ranked

in

the

4th

quartile

for

certain

periods

when

compared

with

performance

peer

groups

selected

by

third-

party

data

providers.

The

Adviser

provided

the

Board

with

information

addressing

the

Target

2040

Fund's

and

Target

2045

Fund's

performance

relative

to

its

benchmarks

and

performance

peers

during

the

applicable

periods

and

the

primary

reasons

for

such

results.

The

Board

considered

the

Adviser's

responses

relating

to

the

Target

2040

Fund's

and

Target

2045

Fund's

performance

during

certain

of

the

evaluated

periods

and

noted

that

it

will

continue

to

monitor

the

funds'

performance.

The

Board

concluded

that

the

information

it

considered

with

respect

to

each

Target

Fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contracts.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contracts

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

funds,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements

the

Board

noted

that,

effective

January

1,

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

Target

2025

Fund,

Target

2030

Fund,

Target

2035

Fund,

Target

2040

Fund,

Target

2045

Fund,

and

Target

2050

Fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

those

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

Target

2005

Fund,

Target

2010

Fund,

Target

2015

Fund,

Target

2020

Fund,

Target

2055

Fund,

Target

2060

Fund,

or

Target

2065

Fund

in

particular

because

those

funds

had

either

not

achieved

sufficient

portfolio

asset

size

or

not

recognized

sufficient

revenues

to

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

overall

services

provided

to

the

T. Rowe

Price

funds.

The

Board

also

considered

whether

the

funds

benefit

under

the

fee

levels

set

forth

in

the

Advisory

Contracts

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

each

fund's

Advisory

Contract,

the

fund

pays

the

Adviser

an

all-inclusive

management

fee,

which

is

based

on

the

fund's

average

daily

net

assets.

The

all-inclusive

management

fee

includes

investment

management

services

and

provides

for

the

Adviser

to

pay

all

of

the

fund's

ordinary,

recurring

operating

expenses

except

for

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

nonrecurring,

extraordinary

expenses;

any

acquired

fund

fees

and

expenses;

and

any

12b-1

fees

applicable

to

a

class.

In

accordance

with

a

predetermined

contractual

fee

schedule,

the

all-inclusive

management

fee

rate

for

the

T. Rowe

Price

Target

Funds

generally

starts

to

decline

around

the

time

a

fund

begins

reducing

its

overall

stock

exposure

and

then

continues

to

decline

over

time

as

a

fund

nears

and

then

passes

its

predetermined

target

date.

The

Adviser

has

generally

implemented

an

all-inclusive

management

fee

structure

in

situations

where

a

fixed

total

expense

ratio

is

useful

for

purposes

of

providing

certainty

of

fees

and

expenses

for

the

investors

in

these

funds

and

historically

has

sought

to

set

the

all-inclusive

management

fee

rate

at

levels

below

the

expense

ratios

of

comparable

funds

to

take

into

account

potential

future

economies

of

scale.

The

all-inclusive

management

fee

structure

also

provides

greater

flexibility

to

make

investment

changes,

including

underlying

fund

changes,

while

maintaining

a

certain

expense

ratio

for

investors.

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

In

addition,

the

Board

noted

that

the

funds

potentially

share

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

funds

provide

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

funds'

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

each

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

each

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

each

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

each

fund's

contractual

management

fee

rate,

actual

management

fee

rate,

and

total

expenses

(all

of

which

generally

reflect

the

all-inclusive

management

fee

rate

applicable

to

that

fund

and

do

not

deduct

the

operating

expenses

paid

by

the

Adviser

as

part

of

the

overall

management

fee)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and,

where

applicable,

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

There

were

certain

funds

that

did

not

have

a

sufficient

number

of

funds

in

their

peer

group

to

rank

within

quintiles.

The

information

provided

to

the

Board

indicated

that

each

fund's

contractual

management

fees,

actual

management

fees,

and

total

expenses

ranked

as

follows:

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

#### Fund

#### Contractual

#### Management

#### Fees

#### Actual

#### Management

#### Fees

#### Total

#### Expenses
Target

2005

Fund

Second

out

of

three

funds

(Investor

Class

Expense

Group)

Second

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

First

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2010

Fund

Second

out

of

three

funds

(Investor

Class

Expense

Group)

Second

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

First

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2015

Fund

Second

out

of

three

funds

(Investor

Class

Expense

Group)

Second

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

First

out

of

three

funds

(Investor

Class

Expense

Group),

first

out

of

two

funds

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2020

Fund

Fourth

out

of

five

funds

(Investor

Class

Expense

Group)

Fourth

out

of

five

funds

(Investor

Class

Expense

Group),

third

out

of

four

funds

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

out

of

five

funds

(Investor

Class

Expense

Group),

first

out

of

four

funds

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2025

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Third

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

#### Fund

#### Contractual

#### Management

#### Fees

#### Actual

#### Management

#### Fees

#### Total

#### Expenses
Target

2030

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2035

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2040

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe)

Target

2045

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Target

2050

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fifth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

#### Fund

#### Contractual

#### Management

#### Fees

#### Actual

#### Management

#### Fees

#### Total

#### Expenses
Target

2055

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fifth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Target

2060

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Third

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Target

2065

Fund

Fourth

quintile

(Investor

Class

Expense

Group)

Fourth

quintile

(Investor

Class

Expense

Group),

third

out

of

five

funds

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

Second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe)

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

T. ROWE

PRICE

Target

2055

Fund

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

funds

under

the

Advisory

Contracts

are

reasonable.

#### Approvals

#### of

#### the

#### Advisory

#### Contracts
As

noted,

the

Board

approved

the

continuation

of

each

Target

Fund's

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

funds

and

their

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

#### Approvals

#### of

#### Investment

#### Management

#### Agreements
(CONTINUED)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F199-050

7/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d31885dex99codeeth.htm) |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d31885dex99cert.htm) |
| (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.](d31885dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price Retirement Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | July 18, 2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | July 18, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | July 18, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Target 2055
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;&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;&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;&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;&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;&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;&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: July 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Target 2055
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;&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;&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;&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;&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;&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;&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: July 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price Target 2055 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;&nbsp; Date: July 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

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Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer