# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-044851
**Filing Date:** 2023-2
**Character Count:** 89581
**Document Hash:** db20628fefddb609a711b02fcc60e7f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044851.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044851

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 23653455

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Retirement Income 2020 Fund (Series ID: S000057717)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000186128 | T. Rowe Price Retirement Income 2020 Fund | TRLAX           |

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: December 31

Date of reporting period: December 31, 2022

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

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

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

TRLAX

T. ROWE PRICE

Retirement Income 2020 Fund

INVEST WITH CONFIDENCE®

- The Retirement Income 2020 Fund underperformed the S&P Target Date 2020 Index for the 12-month period ended December 31, 2022.

- The fund's lower allocation to cash relative to the S&P Target Date 2020 Index weighed on results, although its diversified portfolio construction added value. Security selection within the underlying strategies detracted, while tactical allocation decisions added value.

## Go Paperless

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

### TO ENROLL:

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

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

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

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

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

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

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

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

Market Commentary

# **HIGHLIGHTS**

Tactically, we are underweight stocks and bonds relative to cash, reflecting our year-end 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 moves higher in interest rates.

Double-digit losses were common in equity markets around the world, and Given the uncertain impact of positive and negative forces driving global financial

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

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

## Dear Shareholder

markets' market with the three million and 2020 Fund's broad diversity in market with the mountain. The aggregate fund index, according to the 2020 and the 2021 Fund's financial and research data, has been a strong source of investment. The 2020 Fund's financial and research data, according to the 2021 Fund's financial and research data, has been a strong source of investment. The 2020 Fund's financial and research data, according to the 2021 Fund's financial and research data, has been a strong source of investment. The 2020 Fund's financial and research data, according to the 2021 Fund's financial and research data, has been a strong source of investment.

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
Wages, the S&P 500 Index, energy was a rare bright spot, gaining more than
60% as oil prices jumped in response to Russia's invasion of Ukraine and
The past year has been a trying time for investors as few sectors remained
concerns over commodity supply shortages. Defensive shares, such as utilities,
untouched by the broad headwinds that markets faced and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
and information. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Selective investors focused on fundamentals. Valuations in most global equity
How did the fund perform at the time of the end? Rowe Price
revised how improved the fund's performance to the future will have relatively
investment professionals, go to

FUND

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Retirement Income 2020 |  |  |
| Fund | 0.16% | -14.76% |
| S&P Target Date 2020 |  |  |
| Index | 0.91 | -12.81 |

2 / 2 /

2

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **INVESTMENT OBJECTIVE**

The Retirement Income
period, which includes the 2020-2021 period, is based on the 2020-2021 period. The 2020-2021 period is based on the 2020-2021 period. The 2020-2021 period is based on the 2020-2021 period. The 2020-2021 period is based on the 2020-2021 period.

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

Tactical decisions added value for the period. Equity and fixed income markets
of the fund on how high prices would have to be. The following is the end of
Thank you for your continued Confidence in T. Rowe Price.
What factors influenced the fund's performance?
What factors influenced the fund's performance?
What factors influenced the fund's performance?

4

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

relative to larger companies. Although elevated input costs, wage pressures, dejected from relative performance in a market environment, where cash flow and interest in the market is not only available, the company is not only available. The company's total contribution from 1.25% of the start of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period to 3.50% of the end of the period

**How is the most appropriate?**

The real estate sector remains

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

declined, while labor participation and employment data suggest a resilient

The cost of the company is not a result of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of the results and results of

6

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **RISKS OF INVESTING**

The U.S. stock market is a major market in the United States, which is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom. The U.S. stock market is a major market in the United Kingdom.

7

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

For a thorough discussion of risks, please see the fund's prospectus.

We are not aware that the higher amounts of all other stocks, the equity market volatility. While yield volatility could persist.

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 12/31/22

# Retirement Income 2020 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

the Content. A reference to a particular investment or security, a rating or
the Company's performance is not to be used in the current year. The Company's performance is not to be used in the current year. The Company's performance is not to be used in the current year.

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

As of 12/31/22

| - Retirement Income 2020 Fund | $12,916 |
| --- | --- |
| - - S&P Target Date 2020 Index | 12,421 |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

GROWTH OF $10,000

|  | Redemption at the retirement date and 30% of the total capital | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value | Value |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The view change in a forecast | Periods Ended 12/31/22 | 1 Year | 5 Years | 5/25/17 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Retirement Income 2020 Fund | -14.76% | 3.86% | 4.67% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The fund's performance information represents only past performance and is not necessarily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

In consideration of the amounts current and future, the Company reserves the right to change the performance of the Fund, which is subject to change in the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of

**Rupational Exchanges for Comparison Purposes**
The Company's Exchanges for Comparison Purposes are subject to change in the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of

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

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

| Diversifying Fixed Income account balance or expenses you paid for the period | 3.65 | 3.61 | Emerging Markets Bond |
| --- | --- | --- | --- |
|  | 1.10 | 1.05 | Floating Rate |
|  | 2.55 | 3.13 | High Yield |
|  | 11.00 | 10.78 | Limited Duration Inflation |
| Note: T. Rowe Price charges an annual account service fee of 2.00 generally for accounts with less than $10,000. The fee is waived for any investor within T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account |  |  |  |
|  | 3.50 | 3.29 | U.S. Treasury Long-term |
|  | 0.00 | 0.00 | Cash & Collateral |
|  | 0.00 | 0.00 | Transitional Services or Enhanced Personal Services client |
|  | 0.00 | 0.00 | Transitional Services client |
|  | 0.00 | 0.00 | U.S. Treasury Money |
|  | 0.00 | 0.00 | 0.00% |
| This fee is not included in the accounting period. If you are subject to the tax, keep 2.00 and |  |  |  |

**NET ASSET VALUE**

| Beginning of period | $10.91 | $10.66 | $10.20 | $9.09 | $10.29 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.23 | 0.19 | 0.14 | 0.21 | 0.19 |
| --- | --- | --- | --- | --- | --- |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

FUNDING A: 0.00 0.00 Interest Rate Futures*
*The Funding is a fund that provides a total amount of investment in the fund and is subject to the terms and conditions of the Fund. The Funding is a fund that provides a total amount of investment in the fund and is subject to the terms and conditions of the Fund. The Funding is a fund that provides a total amount of investment in the fund and is subject to the terms and conditions of the Fund.

F
Note: The Funding is a fund that provides a total amount of investment in the fund and is subject to the terms and conditions of the Fund.

|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| --- | --- | --- | --- | --- | --- |
| Ratio Supplemental Data | (0.30) | (0.33) | (0.22) | (0.24) | (0.29) |
| Net realized gain | (0.20) | (0.25) | (0.18) | (0.07) | (0.19) |
| Tax return of capital | (0.33) | (0.37) | (0.45) | (0.39) | (0.37) |
| Total return | (14.76)% | 10.46% | 13.44% | 19.10% | (4.99)% |
| Total distributions | (0.63) | (0.65) | (0.65) | (0.59) | (0.71) |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

December 31, 2022

| INDIVIDUAL INDICATES |  | Reholder, you may incur two types of costs: (1) transaction costs, such as |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 1/31/21 | 2/31/21 | 3/31/21 | 4/31/21 | 5/31/22 |
|  |  | Cost | Cost | Shares | Shares | Shares |
| and service (12b-1) fees, and other fund expenses. The following example is intended to help (Cost and value in $000s) |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. The example is based on an |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. The example is based on an |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. The example is based on an |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. The example is based on an |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. The example is based on an |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. |  |  |  |  |  |  |
| Rents to be paid at the expense of investment in other mutual funds. |  |  |  |  |  |  |

| INDIVIDUAL INDICATES |  | Amount |  | Amount |  | Amount |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | 3/1/22 | 3/31/22 | 3/31/22 | 3/31/22 | 3/31/22 | 3/31/22 |
| Net Power Funds |  | 20,722 | 4,249 | 5,125 | 2,187,608 | 14,557 |  |
| End of period |  | $8,500,000 | $10,000 | $11,000 | $10,000 | $9,000 |  |
| Net loss |  |  |  |  |  |  |  |
| Accumulated Depreciation |  | 15,785 | 4,183 | 4,528 | 2,987,504 | 13,814 |  |
| Price Associates |  | 0.53% | 0.55% | 0.50% | 0.25% | 0.25% |  |
| Weighted average net expenses of |  |  |  |  |  |  |  |
| underlying Price Funds (5) |  | 0.00% | 0.00% | 0.10% | 0.45% | 0.46% |  |
| Effective net expenses |  | 0.53% | 0.55% | 0.60% | 0.70% | 0.71% |  |
| Net investment income (4) |  | 2.40% | 1.72% | 1.43% | 2.12% | 1.86% |  |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

| Investments | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- |
| Return before expenses | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Hedged expenses based on the fund's assumptions. | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Donation of the Fund Fund | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Donation of the Fund Fund | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Donation of the Fund Fund | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| Short-Term Investments | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Short-Term Investments | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Short-Term Investments | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| Short-Term Investments | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Short-Term Investments | 1,000,000 | 1,000,000 | 1,000,000 |  |  |

- (1) Per share amounts calculated using average shares outstanding method.
- (2) See Note 5 for details of expense-related arrangements with Price Associates.
- (3) Total return reflects the rate that an investor would have earned on an investment in the fund

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

Total Bond Mutual Funds (Cost $65,764)

57,236

Total Investments in Securities
EQUITY MUTUAL FUNDS

AFFILIATED COMPANIES
Working each period, assuming reinvestment of all distributions, total payments for redemption redemptions
(1) 2016 Stock Fund (2) Applicable. The fund's total return may be higher or lower than the investment
(3) 2016 Stock Fund (4) 2016 Stock Fund (5) 2016 Stock Fund (6) 2016 Stock Fund (7) 2016 Stock Fund (8) 2016 Stock Fund (9) 2016 Stock Fund (10) 2016 Stock Fund (11) 2016 Stock Fund (12) 2016 Stock Fund (13) 2016 Stock Fund (14) 2016 Stock Fund (15) 2016 Stock Fund (16) 2016 Stock Fund (17) 2016 Stock Fund (18) 2016 Stock Fund (19) 2016 Stock Fund (20) 2016 Stock Fund (21) 2016 Stock Fund (22) 2016 Stock Fund (23) 2016 Stock Fund (24) 2016 Stock Fund (25) 2016 Stock Fund (26) 2016 Stock Fund (27) 2016 Stock Fund (28) 2016 Stock Fund (29) 2016 Stock Fund (30) 2016 Stock Fund (31) 2016 Stock Fund (32) 2016 Stock Fund (33) 2016 Stock Fund (34) 2016 Stock Fund (35) 2016 Stock Fund (36) 2016 Stock Fund (37) 2016 Stock Fund (38) 2016 Stock Fund (39) 2016 Stock Fund (40) 2016 Stock Fund (41) 2016 Stock Fund (42) 2016 Stock Fund (43) 2016 Stock Fund (44) 2016 Stock Fund (45) 2016 Stock Fund (46) 2016 Stock Fund (47) 2016 Stock Fund (48) 2016 Stock Fund (49) 2016 Stock Fund (50) 2016 Stock Fund (51) 2016 Stock Fund (52) 2016 Stock Fund (53) 2016 Stock Fund (54) 2016 Stock Fund (55) 2016 Stock Fund (56) 2016 Stock Fund (57) 2016 Stock Fund (58) 2016 Stock Fund (59) 2016 Stock Fund (60) 2016 Stock Fund (61) 2016 Stock Fund (62) 2016 Stock Fund (63) 2016 Stock Fund (64) 2016 Stock Fund (65) 2016 Stock Fund (66) 2016 Stock Fund (67) 2016 Stock Fund (68) 2016 Stock Fund (69) 2016 Stock Fund (70) 2016 Stock Fund (71) 2016 Stock Fund (72) 2016 Stock Fund (73) 2016 Stock Fund (74) 2016 Stock Fund (75) 2016 Stock Fund (76) 2016 Stock Fund (77) 2016 Stock Fund (78) 2016 Stock Fund (79) 2016 Stock Fund (80) 2016 Stock Fund (81) 2016 Stock Fund (82) 2016 Stock Fund (83) 2016 Stock Fund (84) 2016 Stock Fund (85) 2016 Stock Fund (86) 2016 Stock Fund (87) 2016 Stock Fund (88) 2016 Stock Fund (89) 2016 Stock Fund (90) 2016 Stock Fund (91) 2016 Stock Fund (92) 2016 Stock Fund (93) 2016 Stock Fund (94) 2016 Stock Fund (95) 2016 Stock Fund (96) 2016 Stock Fund (97) 2016 Stock Fund (98) 2016 Stock Fund (99) 2016 Stock Fund

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

December 31, 2022

|  | 2020 | 2021 | 2022 | 2023 | 2024 |
| --- | --- | --- | --- | --- | --- |
| Securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| Unrealized in the year | 1,406 | 2,364 | 363 | 105,840 | 3,095 |
| Dividend on the year | 2,000 | 300 | 300 | 28,417 | 2,537 |
| Mid-Ca | 2,957 | 862 | 922 | 88,136 | 2,499 |
| Mid-Ca Value Fund | 2,957 | 862 | 922 | 88,136 | 2,499 |
| Investments in securities, at value (cost $136,500) | 423 | 548 | 346 | 25,229 | 128,000 |
| Affiliates |  |  |  |  |  |
| Receivables for shares sold |  |  |  |  |  |
| Emerging Charges Oncovery |  |  |  |  |  |
| T. Rowe Price Funds: |  |  |  |  |  |
| Stock Fund | 1,941 | 1,014 | 440 | 179,246 | 128,628 |

**Liabilities**

| Payable for investment securities purchased | 622 |
| --- | --- |
| Payable for shares redeemed | 113 |

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

| STATEMENTS OF ASSETS AND LIABILITIES | $ | 504 | $ | (432) | $ | 165 |
| --- | --- | --- | --- | --- | --- | --- |
| Emerging Markets Stock Fund | 2,586 | 460 | 621 | 33,897 | 1,550 |  |
| Emerging Markets Stock Fund |  |  | (207) | (837) | 269 |  |
| Small Cap Equity Fund (per share amounts) | 2,030 | 559 | 351 | 33,301 | 1,744 |  |
| Emerging Markets Discovery Stock Fund |  |  | (87) | (321) | 70 |  |
| Small Cap Value Fund | 1,984 | 426 | 479 | 32,017 | 1,535 |  |
| Erren |  |  |  | (481) | 41 |  |
| New Horizons Fund (2) | 1,486 | 358 | 288 | 22,248 | 1,020 |  |
| Equity/Investment Management and administrative fees payable |  |  | 442 | (3,622) | 1,340 |  |
| Total Equity Mutual Funds (Cost $65,587) |  |  | (67) | (100) | 65,781 |  |
| Growth |  |  |  |  | £55,601 |  |
| Thurs |  |  |  |  | 12/31/22,800 |  |
| Thurs |  |  |  |  |  |  |
| Thurs |  |  | (75) | (649) | 260 |  |
| T. Rowe Price Funds: |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |
| Equity/Investments from underlying Price Funds |  |  |  |  | $ | 128,122 |
| Investment management and administrative expense |  |  |  |  |  | 688 |
| Net Assets Consist of: |  |  |  |  |  | 3,123 |
| Net Assets Consist of: |  |  |  |  |  |  |
| T |  |  |  |  | $ | (13,502) |
| Realized and Unrealized Gain / Loss |  |  |  |  |  |  |

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

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

| STANDARD OF OPERATIONS (billed) | 302 | (1,272) | 156 |
| --- | --- | --- | --- |
| Monetary Fund | 8,401 | 8,300 | 113 |
| Monetary Stock Fund | (203) | (644) | 76 |
| Total Other Mutual Funds (Cost $11) | (170) | (511) | 2011 |
| Limited Duration Inflation Focused Bond Fund | (128) | (1,526) | 978 |
| Mid-Care Credit Fund applicable to 15,094,070 shares of $0.00001 par | (118) | (655) | 8 |
| Net realized gain loss |  | Year |  |
| Mid-Care credit fund outstanding 30,000,000,000 shares of the |  | (393) | 41 |
| sales of underlying Price Funds |  | Ended | (2,605) |
| New Income | (77) | 12/31/22 | (516) |
| New Income (Increase) in Net Assets | (626) | (2,751) | 12/31/22 |
| Oversee (Increase) in realized gain / loss on underlying Price Funds | (172) | (822) | 43/22 |
| Operating |  |  | (24,378) |
| Net realized and unrealized gain / loss | $ | 3,123 | $(24,378) |
| Net realized gain |  | 434 | 4,533 |
| Net asset value per share |  |  |  |
| Net asset value per share |  | (25,140) | $(21,583) |
| Decrease in net assets from operations |  | (21,583) | 11,678 |

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

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T. ROWE PRICE RETIREMENT INCOME 2020 FUND

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| ($000) | (51) | (307) | 91 |
| Small-Cap Stock Fund | 8 | (494) | 14 |
| Small-Cap Value Fund | 27 | (396) | 19 |
| Transition Fund | 20 | - | 3 |
| U.S. Equity Research Fund | (43) | (274) | 30 |
| U.S. Large-Cap Cost Fund | 67 | (312) | 29 |
| U.S. Treasury Fund | (328) | (6,901) | (6,901) |
| Value Fund | 158 | (4,677) | (3,156) |
| Other Fund | 158 | (11,670) | (10,055) |
| Description of the Fund: A total of 1940 (the 1940 Act). T. Rowe Price Retirement Income |  |  |  |
| U.S. Large-Cap Cost Fund |  |  |  |
| Net earnings |  |  |  |
| U.S. Treasury Fund |  |  |  |
| Tax return of capital |  |  |  |
| The fund is a diversified, open-end management company and |  |  |  |
| tax return of capital |  |  |  |
| the portfolio established by the corporation. |  |  |  |
| The fund is a non-divided |  |  |  |
| in net assets from distributions |  |  |  |
| Decrease in net assets from distributions |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |
| of other T. Rowe Price stock and bond funds (underlying Price Funds) that represent |  |  |  |

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

20

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **NOTICE TO FINANCIAL STATEMENTS**

U.S. Treasury Money Fund, 4.91%

| Totals | $ | 434# | $ | (25,140) | $ | 3,811+ |
| --- | --- | --- | --- | --- | --- | --- |

# Capital gain, and return of capital (if any) to reflect their tax character and shareholders
Capital gain distributions from underlying Price Funds represented $3,029 of the net realized gain (loss)
Investment income comprised $3,811 of income distributions from underlying Price Funds also distributed $0.3245 per share to shareholders of record on December 28, 2022. For
**NOTE** **NOT AS SIGNIFICANT ACCOUNTING POLICIES**
The year ended December 31, 2023, the fund intends to make monthly distributions of increase (decrease) during period 14,618 47,705
**Basis of Preparation** The fund is an investment company and follows accounting and beginning of period 242,940 95,235
**End of period** End of period 242,940
**End of period** End of period 128,122 142,940
Codification Topic 946 (ASC 946). The accompanying financial statements were

21

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

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

monthly; at fiscal year-end, distributions are re-characterized to ordinary income.

**Capital Transactions** Each investor's interest in the net assets of the fund is represented by the financial statements. GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements: GAAP establishes the following fair value hierarchy that categorizes the financial statements

22

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

Various valuation techniques and inputs are used to determine the fair value of financial

T. Rowe Price Associates, Inc., or its agents.

Instruments in active markets, quoted prices for identical or similar financial instruments are consistent for federal income taxes. In addition, since the fund intends to invest in the financial services of the United States, the fund will be used to provide a better understanding of the financial situation and the financial situation. Investment Transactions and Investment Income Investment Publications are of the following nature and the funds, which are not included in the financial statements. Investment Transactions and Investment Income Investment Publications are of the following nature and the funds, which are not included in the financial statements. Investment Transactions and Investment Income Investment Publications are of the following nature and the funds, which are not included in the financial statements. Investment Transactions and Investment Income Investment Publications are of the following nature and the funds, which are not included in the financial statements. Investment Transactions and Investment Income Investment Publications are of the following nature and the funds, which are not included in the financial statements.

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

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

23

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **NOTE 4 - FEDERAL INCOME TAXES**

**NOTE 5 - The fund is a financial instrument, and its operations, returns reflect the Company's tax market and gross unrealized appreciation and depreciation were as follows:**

The fund's financial instruments are valued at the close of the NYSE and are reported to be a result of the company's performance and results. The company's performance and results are not to be due to the tax of the NYSE which GAAP defines as the price that would be received to get an asset. The company's performance and results are not to be due to the tax of the NYSE which GAAP defines as the price that would be received to get an asset.

fund's historical average net asset value over the previous five years (or, until the fund

24

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

Capital expenditures, including other financial receivables and receivables, adjusted for the current year, are not included in the financial level input that is significant to the fair value of the financial position. At December 31, 2022, the financial position is not included in the financial level input that is significant to the fair value of the financial position. At December 31, 2022, the financial position is not included in the financial level input that is significant to the fair value of the financial position. At December 31, 2022, the financial position is not included in the financial level input that is significant to the fair value of the financial position.

25

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

interest expense; expenses related to borrowings, taxes, and brokerage; nonrecurring,

NOTE: The funds transfer and dividend-disbursing agent T. Rowe Price Retirement
agents. The notes and responsibilities of the Valuation Designee are performed by the
priorities leading to academic sanctions being imposed on the financial and financial
reliability of the Fund. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization. The Fund is a member of the Fund's
retirement organization.

26

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

In February 2022, Russian forces entered Ukraine and commenced an armed

rebalances its allocation to the underlying Price Funds. There is no specific neutral

Northwestern, the State of T. Rowe Price Retirement Funds, Inc. and shareholders of T. Rowe Price Retirement Income 2020 Fund

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly

Tobacco and International Shareholders, Inc. Price Associates, directly or through

the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S. Government, which is a member of the U.S.

Management services to all the underlying Price Funds, certain officers and directors of

27

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Retirement Income 2020 Fund (one of the

(CONTINUED) including T. Rowe Price Retirement Funds, Inc. referred to hereafter as the
the fund are unaudited and directors of the subsidiaries and the
Fund as of December 31, 2022, the related statement of operations for the year ended
December 31, 2022, the statement of changes in net assets for each of the two years
of the financial statements, whether due to error or fraud, and performing procedures
thereof, operates into accordance with an amended investment management
statement that is in the 31st of 2022, including the related notes and the interest
that is in the 31st of 2022. Such procedures included examining, on a test basis,
(whereas for each of the two years in the period December 31, 2022, the fund
Evidence regarding the amounts and disclosures in the financial statements. Our audits
are subject to various financial statements in accordance with the financial statements
present also included evaluating the accounting principles used and significant estimates made
in accordance with the financial statements. The financial statements are not
significantly affected by the economic and social benefits of the fund.

NOTE: The fund is based on a prescission fee schedule that will
significantly affect the economy and the markets and issuers in which the fund invests.

28

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By management, its website, available at the Office of the President of the United States, 2020, is available at the Office of the President of the United States. The information contained in this report is provided in the following table: We are providing this information as required by the Internal Revenue Code. The information contained in this report is provided in the following table: We are providing this information as required by the Internal Revenue Code. The information contained in this report is provided in the following table: We are providing this information as required by the Internal Revenue Code. The information contained in this report is provided in the following table: We are providing this information as required by the Internal Revenue Code. The information contained in this report is provided in the following table: We are providing this information as required by the Internal Revenue Code.

29

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

This information is not to be construed as a solicitation of an investment statement based on the financial position of the Company. The information is not to be construed as a solicitation of an investment statement based on the financial position of the Company. The information is not to be construed as a solicitation of an investment statement based on the financial position of the Company.

30

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

of the PCAOB. Those standards require that we plan and perform the audit to obtain

For individuals and certain trusts and estates which are entitled to claim a deduction

reasonable assurance about whether the financial statements are free of material

of a credit or with associated liquidity. Rates under the investment (ICD) standards,

SS, OR of other funds in the fund. The funds are subject to a liquidity risk management program

(Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk,

which generally represents the risk that the fund would not be able to meet redemption

# **INFORMATION ON PROXYCLISTING POLICIES, PROCEDURES, AND**

**RECORDS** Fund's Board of Directors (Board) has appointed the fund's investment adviser, T. Rowe

Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

31

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

Administrator, the Adviser is responsible for overseeing the day-to-day operations of the LRC. The LRC and other LRC members have been involved in the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance. The LRC's performance is based on the LRC's performance of the LRC's performance.

32

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

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

Your fund is not limited to the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you. The liquidity program also provides you with the amount of funds made by you.

33

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The State of New Jersey, the United States of America, is a member of the investment's directors and officers. The Board of Directors are not a member of the investment's directors and officers.

**Name** (Year of Birth) significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Year Elected** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

34

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

**Portfolios Overseen] Other Investment Companies During the Past Five Years**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and**

35

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2020, cash and cash equivalents, as well as available borrowing arrangements.
Department: The Johns Hopkins University (2009 to present); Director, Department of the Johns Hopkins University (2009 to present); Director, Bhagwati, Pharma, Inc.
Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.
Lyndhurst Holdings (2015 to present), Director, Bhagwati, Pharma, Inc.
Funds.
The information about the interest of directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021, Mr. Walker was appointed as an independent director of the Price Funds.
Bruce W. Duncan, President, Chief Executive Officer, and Director, Lyndhurst, Inc. (2020
Effective February 5, 2022, Mr. Shams resigned from his role as an independent director of the Price Funds.
Sandy S. Epstein, CPA (2015), Vice President, T. Rowe Price and T. Rowe Price
2014/15
Vice President
the Board (2016 to 2020) and President (2009 to 2016), First Industrial
Board (2005 to 2016) and Director (1995 to 2016), Starwood Hotels &
Inc., and T. Rowe Price Trust Company
Name
Chair of the
(Year of Birth)
Vice President

36

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

**OFFICERS (CONTINUED)**

Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the 1980s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and the 1990s, and the 1995s, and

37

Name (Year of Birth)
Position Held With Retirement Income 2020
Fund

Principal Occupation(s)

T. ROWE PRICE RETIREMENT INCOME 2020 FUND

# OFFICERS (CONTINUED)

Chief Compliance Officer

Vice President

Andrew G. Jacobs Van Merlen (1978)

Justin Thomson (1968)

Co-President

Vice President

Benjamín, Kelsey, Van Lemen

James A. McCann (1968)

Vice President

Ellis J. Krug, CPA (1964)

Natalie Marien (1968)

Vice President

Vice President

Vice President

Vice President

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Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Benjamín, Kelsey, Van Lemen

James A. McCann (1978)

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

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Vice President

Vice President[{"box_2d": [31, 721, 111, 726], "label": "text", "Vice President"}]

Vice President

Vice President

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Vice President

Vice President

Vice President

Vice President[{"box_2d": [31, 936, 111, 941], "label": "text", "Vice President"}][{"box_2d": [31, 941, 111, 946], "label": "text", "Vice President"}][{"box_2d": [31, 946, 111, 951], "label": "text", "Vice President"}][{"box_2d": [31, 951, 111, 956], "label": "text", "Vice President"}]

Vice President

Vice President

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Vice President

Vice President[{"box_2d":

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

Not applicable.

# Item 2. Code of Ethics.

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

The registrant's name is the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name

The registrant's name is the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first

The registrant's name is the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first name of the first

(a) - (b) - (c) - (d) - (e) - (f) - (g) - (h) - (i) - (j) - (k) - (l) - (m) - (n) - (o) - (p) - (q) - (r) - (s) - (t) - (u) - (v) - (w) - (x) - (y) - (z) - (a) - (b) - (c) - (d) - (e) - (f) - (g) - (h) - (i) - (j) - (k) - (l) - (m) - (n) - (o) - (p) - (q) - (r) - (s) - (t) - (u) - (v) - (w) - (x) - (y) - (z)

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $13,337 | $12,714 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 2,139 |
| All Other Fees | - | - |

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

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

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

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

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

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

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

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Vice President and Secretary | T. Rowe Price, Trustee, T. Rowe Price, and T. Rowe Price |  |
| Vice President and Secretary | General Investment, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services |  |
| Not applicable | Tenant Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services |  |
| Item 6. Investment (1987) | Brokerage offers | advantaged solutions |
| Assistant Secretary | access to stocks, ETFs, | for further saving |
| (a) Not applicable | brands and more | money for college |
| (b) Not applicable. |  | tution and education- |

**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.

**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.

**Item 13. Exhibits.**

Darren S. S. (1979) Vice President, T. Rowe Price and T. Rowe Price
Gifts and transfers to a related expenses
T. Rowe Price
Child (UGMA/UTMAS)

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.
Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

Transfer on Death

(3) Written declaration to report base securities issued by closed-end companies; not applicable.

(b) A certificate to be made of 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.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

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

T. Rowe Price Retirement Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-555-1-30, 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 available risk information, investment information, and other information that you should read and consider carefully before investing. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By T. Rowe Price Retirement Funds, Inc. Portfolios is a discretionary investment management program provided by David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023
By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

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.

202302-2582822  
F1083-050 2/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement Income 2020 Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement Income 2020 Fund;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Retirement Income 2020 Fund

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

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

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

**TRADED FUNDS** 

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

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

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

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

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

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

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

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

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

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

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

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

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

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

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

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

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

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

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

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

------

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

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

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

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

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

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

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

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

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

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

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

------

communications made by the Price Funds.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

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

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

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

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer