# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-013915
**Filing Date:** 2023-1
**Character Count:** 149366
**Document Hash:** c70e8231da4c7e9ec3d757c85ea30daa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013915.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013915

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 23546711

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Target 2065 Fund (Series ID: S000068999)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000220708 | T. Rowe Price Target 2065 Fund-Advisor Class | PAZLX           |
| C000220709 | T. Rowe Price Target 2065 Fund-I Class       | RPFDX           |
| C000220710 | T. Rowe Price Target 2065 Fund               | PRSLX           |

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

# **FORM N-CSR**

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

Investment Company Act File Number: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Target Funds

INVEST WITH CONFIDENCE®

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

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

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T. ROWE PRICE TARGET FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

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

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

T. ROWE PRICE TARGET FUNDS

# Dear Shareholder

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

1

T. ROWE PRICE TARGET FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country highest level in more than 20 years and regional performance throughout Emerging Industries stocks generally was a major market in the U.S. The U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S. and the U.S. market was intensified by the U.S.

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

2 / 2 /

2

T. ROWE PRICE TARGET FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the
potential opportunities for selective investors focused on fundamentals.
The first part of the first part of the second part of the third part of the fourth part of the fifth part of the sixth part of the seventh part of the eighth part of the sixth part of the seventh part of the eighth part of the sixth part of the seventh part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part of the sixth part

3

T. ROWE PRICE TARGET FUNDS

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

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

China could contribute to continued volatility.

4

T. ROWE PRICE TARGET FUNDS

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

5

T. ROWE PRICE TARGET FUNDS

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

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

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

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

6

T. ROWE PRICE TARGET FUNDS

# PERFORMANCE COMPARISON

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

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

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

7

T. ROWE PRICE TARGET FUNDS

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

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

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

8

T. ROWE PRICE TARGET FUNDS

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

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

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

9

T. ROWE PRICE TARGET FUNDS

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

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

10

T. ROWE PRICE TARGET FUNDS

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

11

T. ROWE PRICE TARGET FUNDS

# **IMPORTANT INFORMATION**

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

12

T. ROWE PRICE TARGET FUNDS

# **RISKS OF INVESTING**

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

13

T. ROWE PRICE TARGET FUNDS

BENCHMARK INFORMATION (CONTINUED)

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2005 Fund

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

14

T. ROWE PRICE TARGET FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2010 Fund

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

15

T. ROWE PRICE TARGET FUNDS

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

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2015 Fund**

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

16

T. ROWE PRICE TARGET FUNDS

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

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2020 Fund**

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

17

T. ROWE PRICE TARGET FUNDS

0.00 0.00 Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2025 Fund**

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

18

T. ROWE PRICE TARGET FUNDS

08.5b

08.9M

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2030 Fund

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

19

T. ROWE PRICE TARGET FUNDS

04.96

05.32

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Target 2035 Fund**

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

20

T. ROWE PRICE TARGET FUNDS

02.00

02.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2040 Fund

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

21

T. ROWE PRICE TARGET FUNDS

58.22

58.68

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2045 Fund

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

22

T. ROWE PRICE TARGET FUNDS

52.00

52.50

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2050 Fund

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

23

T. ROWE PRICE TARGET FUNDS

41.52

42.06

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2055 Fund

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

24

T. ROWE PRICE TARGET FUNDS

30.56

30.86

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2060 Fund

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

25

T. ROWE PRICE TARGET FUNDS

20.5%

21.2%

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Target 2065 Fund

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

26

T. ROWE PRICE TARGET FUNDS

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

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

As of 11/30/22

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

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

27

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

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

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

**As of 11/30/22**

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

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

28

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

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

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

As of 11/30/22

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

29

T. ROWE PRICE TARGET FUNDS

GROWTH OF $10,000

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

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

As of 11/30/22

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

30

T. ROWE PRICE TARGET FUNDS

GROWTH OF $10,000

Total Bonds

2.00

3.14

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

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

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

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

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

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

As of 11/30/22

- Target 2025 Fund $17,152

---

 S&P Target Date 2025 Index 17,208

31

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

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

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

As of 11/30/22

- Target 2030 Fund $18,033

---

 S&P Target Date 2030 Index 18,092

32

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

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

As of 11/30/22

- Target 2035 Fund $18,875

---

 S&P Target Date 2035 Index 19,025

33

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

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

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

As of 11/30/22

- Target 2040 Fund $19,552

---

 S&P Target Date 2040 Index 19,714

34

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

As of 11/30/22

- Target 2045 Fund $20,217

---

 S&P Target Date 2045 Index 20,163

35

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

As of 11/30/22

- Target 2050 Fund $20,795

---

 S&P Target Date 2050 Index 20,494

36

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

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

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

As of 11/30/22

- Target 2055 Fund $21,201

---

 S&P Target Date 2055 Index 20,671

37

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

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

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

As of 11/30/22

Target 2060 Fund $17,955

---

 S&P Target Date 2060 Index 17,675

38

T. ROWE PRICE TARGET FUNDS

# **GROWTH OF $10,000**

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

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

39

T. ROWE PRICE TARGET FUNDS

# GROWTH OF $10,000

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

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

40

T. ROWE PRICE TARGET FUNDS

# **EXPENSE RATIO**

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

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

41

T. ROWE PRICE TARGET FUNDS

# **EXPENSE RATIO (CONTINUED)**

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

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

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

42

T. ROWE PRICE TARGET FUNDS

FUND EXPENSE EXAMPLE (CONTINUED)

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

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

Investor Class

43

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

44

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

45

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

| Investor Class |
| --- |

46

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

47

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

48

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

49

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

50

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

51

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

52

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

53

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

**Investor Class**

54

T. ROWE PRICE TARGET FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

55

T. ROWE PRICE TARGET FUNDS

# **QUARTER-END RETURNS**

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

56

T. ROWE PRICE TARGET FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| --- | --- | --- | --- | --- |

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

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| --- | --- | --- | --- | --- |

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

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

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| --- | --- | --- | --- | --- |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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| --- | --- | --- | --- | --- | --- |

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

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| --- | --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- | --- |

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

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

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| --- | --- | --- | --- | --- | --- |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</table>

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

</table>

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

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

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

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

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| --- | --- | --- | --- | --- | --- |

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

<table><

T.RowePrice®

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

Explore, products, and services that can help

you achieve them

T. ROWE PRICE

PRSLX

Target 2065 Fund

PAZLX

Target 2065 Fund-

Advisor Class

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Unaudited)

Average annual total return figures include changes in principal value, reinvested dividends, and other return disbursements. The figures are based on the actual return of the year 2015. When an increase is due to the increase in the year 2015, the increase is due to the increase in the year 2016. When an increase is due to the increase in the year 2017, the increase is due to the increase in the year 2018. When an increase is due to the increase in the year 2019, the increase is due to the increase in the year 2020. When an increase is due to the increase in the year 2021, the increase is due to the increase in the year 2022. When an increase is due to the increase in the year 2023, the increase is due to the increase in the year 2024. When an increase is due to the increase in the year 2025, the increase is due to the increase in the year 2026. When an increase is due to the increase in the year 2027, the increase is due to the increase in the year 2028. When an increase is due to the increase in the year 2029, the increase is due to the increase in the year 2030. When an increase is due to the increase in the year 2031, the increase is due to the increase in the year 2032. When an increase is due to the increase in the year 2033, the increase is due to the increase in the year 2034. When an increase is due to the increase in the year 2035, the increase is due to the increase in the year 2036. When an increase is due to the increase in the year 2037, the increase is due to the increase in the year 2038. When an increase is due to the increase in the year 2039, the increase is due to the increase in the year 2040. When an increase is due to the increase in the year 2041, the increase is due to the increase in the year 2042. When an increase is due to the increase in the year 2043, the increase is due to the increase in the year 2044. When an increase is due to the increase in the year 2045, the increase is due to the increase in the year 2046. When an increase is due to the increase in the year 2047, the increase is due to the increase in the year 2048. When an increase is due to the increase in the year 2049, the increase is due to the increase in the year 2050. When an increase is due to the increase in the year 2051, the increase is due to the increase in the year 2052. When an increase is due to the increase in the year 2053, the increase is due to the increase in the year 2054. When an increase is due to the increase in the year 2055, the increase is due to the increase in the year 2056. When an increase is due to the increase in the year 2057, the increase is due to the increase in the year 2058. When an increase is due to the increase in the year 2059, the increase is due to the increase in the year 2060. When an increase is due to the increase in the year 2061, the increase is due to the increase in the year 2062. When an increase is due to the increase in the year 2063, the increase is due to the increase in the year 2064. When an increase is due to the increase in the year 2065, the increase is due to the increase in the year 2066. When an increase is due to the increase in the year 2067, the increase is due to the increase in the year 2068. When an increase is due to the increase in the year 2069, the increase is due to the increase in the year 2070. When an increase is due to the increase in the year 2071, the increase is due to the increase in the year 2072. When an increase is due to the increase in the year 2073, the increase is due to the increase in the year 2074. When an increase is due to the increase in the year 2075, the increase is due to the increase in the year 2076. When an increase is due to the increase in the year 2077, the increase is due to the increase in the year 2078. When an increase is due to the increase in the year 2079, the increase is due to the increase in the year 2080. When an increase is due to the increase in the year 2081, the increase is due to the increase in the year 2082. When an increase is due to the increase in the year 2083, the increase is due to the increase in the year 2084. When an increase is due to the increase in the year 2085, the increase is due to the increase in the year 2086. When an increase is due to the increase in the year 2087, the increase is due to the increase in the year 2088. When an increase is due to the increase in the year 2089, the increase is due to the increase in the year 2090. When an increase is due to the increase in the year 2091, the increase is due to the increase in the year 2092. When an increase is due to the increase in the year 2093, the increase is due to the increase in the year 2094. When an increase is due to the increase in the year 2095, the increase is due to the increase in the year 2096. When an increase is due to the increase in the year 2097, the increase is due to the increase in the year 2098. When an increase is due to the increase in the year 2099, the increase is due to the increase in the year 2100.

Investor Class

Small Business Plans Class across 4 stocks, 1st stock, 2nd stock, and more

NET ASSET VALUE

Beginning of period

Target 2065 Fund

I Class

Investment activities
Net investment income (loss) (2)(3)

INVEST WITH CONFIDENCE®

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

| GRAND/CLUB - HIGHLIGHTS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| maximize savings |  | 21.57 | 4.23 | 5.89 | 8/20/13 |
| Target 2050 Fund- Advisor Class |  | 3.17 | 3.14 | throughout | each period |
| T. Rowe Price ® |  | child (UGMA/UTMAs) | related expenses |  | 8/20/13 |
| Target 2050 Fund- Class |  | -21.83 | 4.41 | 7.84 | 2/26/16 |
| ActivePlus Portfolios |  | Trust |  |  |  |
| Investor Class |  |  | (0.16) (4) | (1.24) | 2.46 |
|  |  |  | 6 Months | Year | 10/12/20 (1) |
|  |  |  | Ended | Ended | Through |
| Distributions |  |  | 11/30/22 | 5/31/22 | 5/31/21 |
| W/visit-troweprice.com/broadrange |  |  |  | (0.11) | (0.11) |
| Ratios/Supplemental Data |  |  | - | (0.30) | (0.04) |
| Total distributions |  |  | - | (0.41) | (0.15) |
| Total return (1)(W) |  |  | (1.67)% | (9.75)% | 24.86% |
| NET ASSET VALUE |  |  |  |  |  |

60

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

# FINANCIAL INPUT DATA

For a share outstanding throughout each period

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

# **Advisor Class**

|  | 10.58 | 10.76 | 12.32 |
| --- | --- | --- | --- |
| 1 | 6 Months | 10/13/20 | 10/13/20 |
| 2 | 0.64% | 0.65% | 0.73% |
| 3 | 0.64% | 0.65% | 0.73% |
| 4 | 1.00% | 1.00% | 1.00% |
| 5 | 1.00% | 1.00% | 1.00% |
| 6 | 1.00% | 1.00% | 1.00% |
| 7 | 1.00% | 1.00% | 1.00% |
| 8 | 1.00% | 1.00% | 1.00% |
| 9 | 1.00% | 1.00% | 1.00% |
| 10 | 1.00% | 1.00% | 1.00% |
| 11 | 1.00% | 1.00% | 1.00% |
| 12 | 1.00% | 1.00% | 1.00% |
| 13 | 1.00% | 1.00% | 1.00% |
| 14 | 1.00% | 1.00% | 1.00% |
| 15 | 1.00% | 1.00% | 1.00% |
| 16 | 1.00% | 1.00% | 1.00% |
| 17 | 1.00% | 1.00% | 1.00% |
| 18 | 1.00% | 1.00% | 1.00% |
| 19 | 1.00% | 1.00% | 1.00% |
| 20 | 1.00% | 1.00% | 1.00% |

**NET ASSET VALUE**
Plus Portfolios is a discretionary investment management program provided by
the following investor rate:
$10.78 $12.31 $10.00
Net asset, end of period (in thousands)
$3,962 $3,558 $2,385

Investment activities
Net investment income (loss) (2)(3)

| (0.03) | 0.06 | 0.05 |
| --- | --- | --- |

61

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

# FINANCIAL - INPUT CLASS

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting throughout the period of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

T. Rowe Price Advisory Services, Inc. and T. Rowe Price Investment Services, Inc., are affiliated companies.

Advisor Class

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

The amount presented is inconsistent with the fund's aggregate, and should be calculated as the

62

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Class

|  | 10.56 | 10.78 | 12.31 |
| --- | --- | --- | --- |
| Net investment income (loss) | 0.00% | 0.00% | 0.00% |
| However, investment performance of the fund is directly related to the investment performance of the fund. | 0.00% | 0.00% | 0.00% |
| Net asset value | 23.7% | 54.5% | 45.0% |
| Net asset, end of period (in thousands) | $10.77 | $12.34 | $10.00 |
|  | $118 | $115 | $125 |

Investment activities

Net investment income (loss) (2)(3)

| (0.01) | 0.08 | 0.07 |
| --- | --- | --- |

63

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

FINANCIAL - HIGHLIGHTS

For a share outstanding throughout each period

| 1 Class | (0.16) (4) | (1.21) | 2.42 |
| --- | --- | --- | --- |
|  | 10/12/2020 | (1.13) | 10/12/2020 (1) |
|  | Periods associated | Periods | Through |
| Dermatological | 11 years and 10 years | 11 years and 10 years | 5 years |
| Net investment income | - | (0.15) | (0.15) |
| Ratio of the period | - | (0.30) | (0.04) |
| Total return reflects the rate that an investor would have earned on an investment in the fund | - | (0.44) | (0.15) |
| Total return | 11.50% | (0.63)% | 25.00% |
| NET ASSET VALUE | Total return is not annualized for periods less than one year. The fund's |  |  |

64

T. ROWE PRICE TARGET 2065 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

| BOND MUTUAL FUNDS 1.0% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Enclosed payment and transfer or lower than the investment results in the individual underlying Price Funds | $ | $10.50 | $10.77 | $12.34 |
| Gross dependent taxable payments by Price Associates (1) |  | 0.49% (1) | 0.49% | 0.53% (1) |
| Non-employee Funds |  | 0.49% (1) | 0.49% | 0.53% (1) |
| Net assets and other payments by Price Associates (1) |  | 0.49% (1) | 0.49% | 0.53% (1) |
| Net assets and other payments by Price Associates (1) |  | 0.49% (1) | 0.49% | 0.53% (1) |
| Net assets and other payments by Price Associates (1) |  | 0.49% (1) | 0.49% | 0.53% (1) |
| Net assets and other payments by Price Associates (1) |  | 0.49% | 0.49% | 0.53% |
| Net assets and other payments by Price Associates (1) |  | 0.49% | 0.49% | 0.53% |
| Net assets and other payments by Price Associates (1) |  | 0.49% | 0.49% | 0.53% |

65

T. ROWE PRICE TARGET 2065 FUND

| INVENTORIES | ROYAL FURN. ($) | 9 Value | 9 Purchase | 9 Sales | 9 Sales | 9 Value |
| --- | --- | --- | --- | --- | --- | --- |
| Hedged) |  | 5/31/22 | Cost | Cost | Shares | 11/30/22 |
| Dynamic Global Bond Fund |  | 12 | 3 | 1 | 1,444 | 14 |
| (Cost and value in 2000s) |  |  |  |  |  |  |
| SHORT-TERM INVESTMENTS 2.2% |  | 103 | 4 | 106 | 204 | 1 |
| Money Market Funds 2.2% |  |  |  |  |  |  |
| Total Short Term Investments (Cost $129) |  |  |  |  |  | 115 |
| (1) Rowe Price U.S. Treasury |  |  |  |  |  |  |
| (2) See Note 5 for details of expense-related arrangements with Price Associates |  |  |  |  |  |  |
| EQUITY MUTUAL FUNDS 0.6% |  | 1,387 | 1,153 | 490 | 249,398 | 249 |
| Total Short Term Investments (Cost $249) |  |  |  |  |  | 249 |
| (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. Total return is not annualized for periods less than one year. The fund's |  |  |  |  |  |  |

66

T. ROWE PRICE TARGET 2065 FUND

**T. Rowe Price Funds:**

| Value Fund | 1,879 | 503 | 530 | 43,670 | 1,920 |
| --- | --- | --- | --- | --- | --- |
| Total Investments in Securities | 1,398 | 536 | 203 | 24,354 | 1,710 |
| 1 |  |  |  |  |  |
| ASSOCIATED COMPANIES |  |  |  |  |  |
| Overhead Stock Funds | 754 | 312 | 107 | 83,803 | 976 |
| Total return may be higher or lower than the investment results of the individual underlying Price Funds | 878 | 213 | 172 | 85,167 | 859 |
| International Stock Fund | 669 | 204 | 81 | 46,682 | 810 |
| In the case of the stock funds, the stock funds are not included in the following Price Funds: |  |  |  |  |  |
| Total (losses) of the stock funds are not included in the following Price Funds: | 1,397 | 538 | 37 | 18,245 | 523 |
| The Company's share of the stock funds is not included in the following Price Funds in which it invests. | 1,397 | 538 | 37 | 18,245 | 523 |

(1) Annualized

67

T. ROWE PRICE TARGET 2065 FUND

November 30, 2022 (Unaudited)

| Securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Unrealized | 2065 | 2065 | 2065 | 2065 | 2065 |
| Fund is available by calling 1-877-454-1138 and at www.towepider.com |  |  |  |  |  |
| Net Cash Flow (net) (incurred) (increase) and change in net unrealized gain/loss effect all actions |  |  |  |  |  |
| for the period | 272 | 157 | 37 | 10,189 | 398 |
| (d) Seven-day yield |  |  |  |  |  |
| Emergency |  |  |  |  |  |
| Stock | 319 | 56 | 37 | 65,124 | 375 |
| Total | 2065 | 2065 | 2065 | 2065 | 2065 |
| Total Stock and Securities, at value (loss) (12,336) |  |  |  |  |  |
| Affiliate | 241 | 81 | 35 | 7,888 | 225 |
| Emergency Markets (Share Fund) |  |  |  |  |  |
| T. Rowe Price Funds: | 237 | 65 | 35 | 5,021 | 11,645 |
| Small and Large Fund |  |  |  |  |  |
| Total assets |  |  |  |  |  |

**Liabilities**

Payable for shares redeemed

9

68

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | $ | - | $ | - | $ | - |
| --- | --- | --- | --- | --- | --- | --- |
| Investment management and administrative Fund | 150 | 52 | 23 | 3,479 | 493 |  |
| Total Equity Mutual Funds (Cost $11,956) |  | (3) |  | (4) |  |  |
| Equity |  | (7) |  | (2) |  | 11,232 |
| OTHER MUTUAL FUNDS 0.0% |  |  |  | 17 |  | 8 |
| Other financial assets and administrative fees payable |  | (39) |  | (21) |  | 3 |
| T. Rowe Price Funds |  |  |  |  |  | 6 Months |
| Investment management and administrative (MFD) purchased |  |  |  |  |  | 3 |
| Investing Fund | 1 | 295 | 294 | 16 |  | Ended |
| Total Other Mutual Funds (Cost $2) |  | (18) |  | 9 |  | 11/30/221 |
| The Company's share of these financial statements |  |  |  |  |  | 2 |
| Income distributions from underlying Price Funds |  |  |  |  |  | 16 |
| Expenses |  |  |  |  |  | $13 |
| NET ASSETS |  |  |  |  |  | $11,594 |
| Investment management and administrative expense |  |  |  |  |  | 26 |
| Net Assets Consist of: |  |  |  |  |  | (13) |

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

69

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

| STANDARD OF OPERATIONS | Bond Fund | (2) | - | - |
| --- | --- | --- | --- | --- |
| Mid-Cap Growth Fund |  | (5) | 19 | - |
| Mid-Cap Value Fund |  | (1) | 10 | - |
| New Horizons Fund |  | (5) | 13 | - |
| New Income Fund |  | (1) | (2) | 1 |
| Oversight of Real Estate earnings (loss) |  | (10) | 6 Months Ended | Year (1,000) - Ended |
| Real Estate and Unrealized Gain / Loss |  |  | 17 $ | - |
| Real Estate and Unrealized in 1993 222 shares of $0.0001 par |  |  | (3) | 5/31/22 - |
| Small-Cap debt (Net Asset) in Net Assets |  | (3) | 12 | - |
| Small-Cap Value Fund |  | (2) | 7 | (174) 22 - |
| Capital gain distributions from underlying Price Funds |  |  |  | 1 |
| Net investment income (loss) |  | $ | (13) | $11,594 |
| Net real estate gain (loss) |  |  | (173) | 80 |
| Change in net unrealized gain / loss on underlying Price Funds |  |  |  | 186 |
| NET ASSET VALUE PER SHARE / loss |  |  | 186 | (1,130) |

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

70

T. ROWE PRICE TARGET 2065 FUND

(Unaudited)

| STANDARD OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| (000s) | 1 | - | - |
| U.S. Equity Research Fund | (1) | 6 | 1 |
| U.S. Large-Cap Core Fund | - | 25 | - |
| U.S. Treasury Long-Term Index Fund | - | (3) | - |
| Value Fund | (55) | 6 Months Ended | (1,028) Year Ended |
| U.S. Treasury/State Fund 3.84% | - | - | - |
| Totals ($4,751,085 / 374,375 shares outstanding) | (173)# | $11/30/22 | $5/31/22 |
| Net Assets |  | $186 | $10.583+ |
| Advisory Class |  |  |  |
| Inclusion during period |  | 1,992 | 6,881 |
| ($118,763 / 11,219 shares outstanding) |  | - | 10.50 |
| Proposed of period |  | 9,602 | 2.50 |
| Cash Flow Class |  | - | (4) |
| End of period |  | $11,594 | $9,602 |
| ($7,513,886 / 708,639 shares outstanding) |  | $ - | 10.60 |

71

T. ROWE PRICE TARGET 2065 FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

Capital gain distributions from underlying Price funds represented $1 of the net realized gain (loss).

- Investment income comprised $13 of income distributions from underlying Price Funds.

Decrease in net assets from distributions (207)

Shares Sold Company Act of 1940 (the 1940 Act). T. Rowe Price Target 2065 Fund

Capital share transactions

The fund was overvalued, open-end management investment company and is one of the

Shares sold

the Company Class established by the corporation. The fund invests in a portfolio of other

Investor Class.

T. Rowe Price stock and bond funds (underlying Price Funds) represent various

Investor Class.

The fund's allocation among underlying Price Funds will

1 Class.

2,395

change and the asset mix will become more conservative over time. The fund seeks the

Distributions reinvested

highest total return over time consistent with an emphasis on both capital growth and

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

72

T. ROWE PRICE TARGET 2065 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Statement Funds are (the corporation) is registered under the
statements. They differ from the value ultimately realized upon sale of the underlying
Price Funds
incorporated in Class
shares redeemed
Investment Transactions, Investment Income, and Distributions
The total net sales of shares the target 2065 Fund (Investor Class), the target
corporation are accounted for on the trade date basis. Income and expenses are
2065 Fund Advisor Class (Advisor Class) and the target 2065 Fund-1 Class (1 Class).
Investment income accrued in Class. Realized gains and losses are reflected on the itemized
Advisor Class shares are sold only through various brokers and other financial
costs. Income tax-related interest and penalties, if incurred, are recorded as income
intermediaries that are compensated by the Class for distribution, shareholder servicing.
Class (727) (721)
and/or certain administrative services under a Board-approved Rule 12b-1 plan, the
increase in net assets from capital share transactions 1.992 8.114

73

T. ROWE PRICE TARGET 2065 FUND

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

# **NOTE 2 VALUATION**

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

74

T. ROWE PRICE TARGET 2065 FUND

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

The fund's financial instruments are valued at the close of the NYSE and are reported by each class are charged directly to the class to which they relate. Expenses common at fair value, which could be the price that would be incurred if set an asset to all classes income distributions from the underlying Price Funds and realized and of the 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000,000. The 2,000,000

75

T. ROWE PRICE TARGET 2065 FUND

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

**In-Kind Redemptions** In accordance with guidelines described in the fund's
**NOTE** for funds, the fund may distribute shares of the underlying Price Funds rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share of the underlying Price Funds, rather than
in the fund's share

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

76

T. ROWE PRICE TARGET 2065 FUND

# **NOTE 5 - RELATED PARTY TRANSACTIONS**

(loss) to paid-in capital. During the six months ended November 30, 2022, the fund transferred quarters in accordance with an amended investment management agreement dated 01/01/2023, which is not to be fully redeemed. The fund may represent a significant amount of investment in the fund. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed. The fund is not to be fully redeemed.

77

T. ROWE PRICE TARGET 2065 FUND

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

**RECORDS**
**NOTE 5 FEDERAL INCOME TAXES**
The fund does not invest in the underlying Price Funds for the purpose of exercising
Level 2, inputs, other than Level 1, capital prices, that are reasonable, either directly or indirectly
in the following financials: (1) the total amount of the fund and (2) the total amount of the fund and (3) the total amount of the fund and (4) the total amount of the fund and (5) the total amount of the fund and (6) the total amount of the fund and (7) the total amount of the fund and (8) the total amount of the fund and (9) the total amount of the fund and (10) the total amount of the fund and (11) the total amount of the fund and (12) the total amount of the fund and (13) the total amount of the fund and (14) the total amount of the fund and (15) the total amount of the fund and (16) the total amount of the fund and (17) the total amount of the fund and (18) the total amount of the fund and (19) the total amount of the fund and (20) the total amount of the fund and (21) the total amount of the fund and (22) the total amount of the fund and (23) the total amount of the fund and (24) the total amount of the fund and (25) the total amount of the fund and (26) the total amount of the fund and (27) the total amount of the fund and (28) the total amount of the fund and (29) the total amount of the fund and (30) the total amount of the fund and (31) the total amount of the fund and (32) the total amount of the fund and (33) the total amount of the fund and (34) the total amount of the fund and (35) the total amount of the fund and (36) the total amount of the fund and (37) the total amount of the fund and (38) the total amount of the fund and (39) the total amount of the fund and (40) the total amount of the fund and (41) the total amount of the fund and (42) the total amount of the fund and (43) the total amount of the fund and (44) the total amount of the fund and (45) the total amount of the fund and (46) the total amount of the fund and (47) the total amount of the fund and (48) the total amount of the fund and (49) the total amount of the fund and (50) the total amount of the fund and (51) the total amount of the fund and (52) the total amount of the fund and (53) the total amount of the fund and (54) the total amount of the fund and (55) the total amount of the fund and (56) the total amount of the fund and (57) the total amount of the fund and (58) the total amount of the fund and (59) the total amount of the fund and (60) the total amount of the fund and (61) the total amount of the fund and (62) the total amount of the fund and (63) the total amount of the fund and (64) the total amount of the fund and (65) the total amount of the fund and (66) the total amount of the fund and (67) the total amount of the fund and (68) the total amount of the fund and (69) the total amount of the fund and (70) the total amount of the fund and (71) the total amount of the fund and (72) the total amount of the fund and (73) the total amount of the fund and (74) the total amount of the fund and (75) the total amount of the fund and (76) the total amount of the fund and (77) the total amount of the fund and (78) the total amount of the fund and (79) the total amount of the fund and (80) the total amount of the fund and (81) the total amount of the fund and (82) the total amount of the fund and (83) the total amount of the fund and (84) the total amount of the fund and (85) the total amount of the fund and (86) the total amount of the fund and (87) the total amount of the fund and (88) the total amount of the fund and (89) the total amount of the fund and (90) the total amount of the fund and (91) the total amount of the fund and (92) the total amount of the fund and (93) the total amount of the fund and (94) the total amount of the fund and (95) the total amount of the fund and (96) the total amount of the fund and (97) the total amount of the fund and (98) the total amount of the fund and (99) the total amount of the fund and (100)

78

T. ROWE PRICE TARGET 2065 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

In accordance with Rule 22 of the United States, the Department of Justice and the Department of Justice have been issued a copy of the document, and it is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document is not to be used for any other document. The document

79

T. ROWE PRICE TARGET 2065 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the program. When the Adviser is responsible for overseeing the day-to-day operations of the program, the Adviser is responsible for overseeing the day-to-day operations of the program. In February 2025, Division of the Adviser's Board of Directors and the Adviser's Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors

**HOW**

80

T. ROWE PRICE TARGET 2065 FUND

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

Approximately the SEC's website (see text) in addition, most T. Rowe Price funds have been used for the following purposes: (1) to provide a comprehensive, non-institutional, and/or non-institutional, or (2) to provide a comprehensive, non-institutional, or (3) to provide a comprehensive, non-institutional, or (4) to provide a comprehensive, non-institutional, or (5) to provide a comprehensive, non-institutional, or (6) to provide a comprehensive, non-institutional, or (7) to provide a comprehensive, non-institutional, or (8) to provide a comprehensive, non-institutional, or (9) to provide a comprehensive, non-institutional, or (10) to provide a comprehensive, non-institutional, or (11) to provide a comprehensive, non-institutional, or (12) to provide a comprehensive, non-institutional, or (13) to provide a comprehensive, non-institutional, or (14) to provide a comprehensive, non-institutional, or (15) to provide a comprehensive, non-institutional, or (16) to provide a comprehensive, non-institutional, or (17) to provide a comprehensive, non-institutional, or (18) to provide a comprehensive, non-institutional, or (19) to provide a comprehensive, non-institutional, or (20) to provide a comprehensive, non-institutional, or (21) to provide a comprehensive, non-institutional, or (22) to provide a comprehensive, non-institutional, or (23) to provide a comprehensive, non-institutional, or (24) to provide a comprehensive, non-institutional, or (25) to provide a comprehensive, non-institutional, or (26) to provide a comprehensive, non-institutional, or (27) to provide a comprehensive, non-institutional, or (28) to provide a comprehensive, non-institutional, or (29) to provide a comprehensive, non-institutional, or (30) to provide a comprehensive, non-institutional, or (31) to provide a comprehensive, non-institutional, or (32) to provide a comprehensive, non-institutional, or (33) to provide a comprehensive, non-institutional, or (34) to provide a comprehensive, non-institutional, or (35) to provide a comprehensive, non-institutional, or (36) to provide a comprehensive, non-institutional, or (37) to provide a comprehensive, non-institutional, or (38) to provide a comprehensive, non-institutional, or (39) to provide a comprehensive, non-institutional, or (40) to provide a comprehensive, non-institutional, or (41) to provide a comprehensive, non-institutional, or (42) to provide a comprehensive, non-institutional, or (43) to provide a comprehensive, non-institutional, or (44) to provide a comprehensive, non-institutional, or (45) to provide a comprehensive, non-institutional, or (46) to provide a comprehensive, non-institutional, or (47) to provide a comprehensive, non-institutional, or (48) to provide a comprehensive, non-institutional, or (49) to provide a comprehensive, non-institutional, or (50) to provide a comprehensive, non-institutional, or (51) to provide a comprehensive, non-institutional, or (52) to provide a comprehensive, non-institutional, or (53) to provide a comprehensive, non-institutional, or (54) to provide a comprehensive, non-institutional, or (55) to provide a comprehensive, non-institutional, or (56) to provide a comprehensive, non-institutional, or (57) to provide a comprehensive, non-institutional, or (58) to provide a comprehensive, non-institutional, or (59) to provide a comprehensive, non-institutional, or (60) to provide a comprehensive, non-institutional, or (61) to provide a comprehensive, non-institutional, or (62) to provide a comprehensive, non-institutional, or (63) to provide a comprehensive, non-institutional, or (64) to provide a comprehensive, non-institutional, or (65) to provide a comprehensive, non-institutional, or (66) to provide a comprehensive, non-institutional, or (67) to provide a comprehensive, non-institutional, or (68) to provide a comprehensive, non-institutional, or (69) to provide a comprehensive, non-institutional, or (70) to provide a comprehensive, non-institutional, or (71) to provide a comprehensive, non-institutional, or (72) to provide a comprehensive, non-institutional, or (73) to provide a comprehensive, non-institutional, or (74) to provide a comprehensive, non-institutional, or (75) to provide a comprehensive, non-institutional, or (76) to provide a comprehensive, non-institutional, or (77) to provide a comprehensive, non-institutional, or (78) to provide a comprehensive, non-institutional, or (79) to provide a comprehensive, non-institutional, or (80) to provide a comprehensive, non-institutional, or (81) to provide a comprehensive, non-institutional, or (82) to provide a comprehensive, non-institutional, or (83) to provide a comprehensive, non-institutional, or (84) to provide a comprehensive, non-institutional, or (85) to provide a comprehensive, non-institutional, or (86) to provide a comprehensive, non-institutional, or (87) to provide a comprehensive, non-institutional, or (88) to provide a comprehensive, non-institutional, or (89) to provide a comprehensive, non-institutional, or (90) to provide a comprehensive, non-institutional, or (91) to provide a comprehensive, non-institutional, or (92) to provide a comprehensive, non-institutional, or (93) to provide a comprehensive, non-institutional, or (94) to provide a comprehensive, non-institutional, or (95) to provide a comprehensive, non-institutional, or (96) to provide a comprehensive, non-institutional, or (97) to provide a comprehensive, non-institutional, or (98) to provide a comprehensive, non-institutional, or (99) to provide a comprehensive, non-institutional, or (100)

**investment goals.**

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

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

81

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No code of ethics is required to be approved or waivers were granted to this code of ethics during the registrant's move. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

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

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

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

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

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

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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

**Item 13. Exhibits.**

(a) The registrant's role of which presumes the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

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

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

# SIGNATURES

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

T. Rowe Price Retirement Funds, Inc.

By [Signature] David Oestreicher
Chairman and Chief Financial Officer
Chairman and Chief Financial Officer
T. Rowe Price
Date [Date] Active in the period 1
for online investing
powered by experts
Gifts and transfers to a
child (UGMA/UTMAs)
Trust
Transfer on Death

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

By [Signature] David Oestreicher
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By [Signature] Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

Visit troweprice.com/broadrange

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

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

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

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

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

F1311-051 1/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Target 2065 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Target 2065 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

---

| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Target 2065 Fund | Name of Issuer: T. Rowe Price Target 2065 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: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---