# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014034
**Filing Date:** 2023-1
**Character Count:** 89705
**Document Hash:** fa5ed1eefa4bac8e65d1978b5049e8a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014034.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014034

**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:** 23546937

**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 2005 Fund (Series ID: S000002115)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005502 | T. Rowe Price Retirement 2005 Fund               | TRRFX           |
| C000049236 | T. Rowe Price Retirement 2005 Fund-Advisor Class | PARGX           |
| C000049237 | T. Rowe Price Retirement 2005 Fund-R Class       | RRTLX           |

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

# **FORM N-CSR**

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

Investment Company Act File Number: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement Funds

INVEST WITH CONFIDENCE®

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

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

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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.

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

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

T. ROWE PRICE RETIREMENT FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

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

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

T. ROWE PRICE RETIREMENT FUNDS

# Dear Shareholder

While the above information is improved late in the reporting period, uncertainty around corporate fundamentals suggested limited year-term trends particularly in the past. The company's performance as earnings estimates remain elevated against a slowing growth outlook. Other key risks to global markets include central bank leverage, persistent inflation, potential for exchange, growth in global growth, and a strong positive growth, containing the companies and economic growth, and a political transition. The company's performance is improved late in the reporting period, uncertainty around corporate fundamentals suggested limited year-term trends particularly in the past. The company's performance as earnings estimates remain elevated against a slowing growth outlook.

1

T. ROWE PRICE RETIREMENT FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country homes level in more than 20 years and regional performance continued. Emerging Treasuries stocks generally had a high volume of growth. The U.S. market was a major market in the U.S. market, which was a major market in the U.S. market. The U.S. market was a major market in the U.S. market, which was a major market in the U.S. market.

**FUND COMMENTARY**
Elevated inflation remained a leading concern for investors throughout the
American Indian market. However, in our view, valuations have become more
How did the funds perform in the past six months?

2

T. ROWE PRICE RETIREMENT FUNDS

# **INVESTMENT OBJECTIVE**

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

3

T. ROWE PRICE RETIREMENT FUNDS

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

The following table provides the information in English:

4

T. ROWE PRICE RETIREMENT FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

The following table provides the information in English:

5

T. ROWE PRICE RETIREMENT FUNDS

# What is portfolio management's outlook?

Target rate
However, the funds are supported in the same way, except in the particular
of the Department's operations, which are not only the results for each, but also
the company to be cautious on risk assets and are underweight to stocks and
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only

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

6

T. ROWE PRICE RETIREMENT FUNDS

# PERFORMANCE COMPARISON

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

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

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

7

T. ROWE PRICE RETIREMENT FUNDS

| expenditure | Six-Month Period Ended 11/30/22 | Total Return | expenditure |
| --- | --- | --- | --- |
| tax | Retirement 2025 Fund | -2.36% | tax |
| demand | Retirement 2025 Fund- Advisor Class | -2.50 | tax |
| return | Retirement 2025 Fund- R Class | -2.65 | return |
| medium | S&P Target Date 2025 Index | -1.81 | medium |

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

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

8

T. ROWE PRICE RETIREMENT FUNDS

T. ROWE PRICE RETIREMENT FUNDS

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

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

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

10

T. ROWE PRICE RETIREMENT FUNDS

S&P Target Date 2030 Index 3.79
10/4/2030
Lipper Mixed-Asset Target 2055 Funds 3.01
Lipper Mixed-Asset Target 2030
The following values of the Retirement Funds are guaranteed at any time,
for duration period Ended 11/30/22 Total Return
including the balance of the 2030 funds which is the approximate year an investor
for obligations of the benchmarks. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2

11

T. ROWE PRICE RETIREMENT FUNDS

# **IMPORTANT INFORMATION**

2.40
of underpinning a State, State stock and bond funds with the exception of
the Retirement Fund, which will change over time. The funds (other than the
Retirement Fund) will be available in many underpinning funds means that they
will be subject to the current state and state tax rate. As with all stock
early, the amount of retirement, except assumptions, between the need for appreciation
and the amount of retirement, except the amount of retirement, and the because of weakness
with the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of

12

T. ROWE PRICE RETIREMENT FUNDS

# RISKS OF INVESTING

S&P Target Date 2050 Index 1.72
The goodwill of the public is not to be properly. They have been able to use the property of the public. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not

13

T. ROWE PRICE RETIREMENT FUNDS

# **BENCHMARK INFORMATION (CONTINUED)**

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Balanced Fund**

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

14

T. ROWE PRICE RETIREMENT FUNDS

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2005 Fund**

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

15

T. ROWE PRICE RETIREMENT FUNDS

you versus the U.S. dollar which reduces the dollar value of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2010 Fund**

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

16

T. ROWE PRICE RETIREMENT FUNDS

Data Indexed: 06.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2015 Fund**

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

17

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2020 Fund**

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

18

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2025 Fund**

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

19

T. ROWE PRICE RETIREMENT FUNDS

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

0.00

-0.30

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2030 Fund

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

20

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.22

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2035 Fund**

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

21

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.37

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2040 Fund

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

22

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.44

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2045 Fund

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

23

T. ROWE PRICE RETIREMENT FUNDS

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

0.00

0.06

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2050 Fund

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

24

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.10

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2055 Fund

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

25

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.61

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2060 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 9.93% | Equity Index 500 |

26

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.53

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2065 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.42% | 10.04% | Equity Index 500 |

27

T. ROWE PRICE RETIREMENT FUNDS

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds Developed | 10.00 | 10.00 | Total Bonds Developed |
| Northwest Stock Index | 0.00 | 0.00 | Northwest Stock Index |
| Market Share | 0.00 | 0.00 | Market Share |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |

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

As of 11/30/22

| - Retirement Balanced Fund | $15,964 |
| --- | --- |
| --- S&P Target Date Retirement Income Index | 14,486 |

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

28

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds Developed | 2.00 | 2.00 | Total Bonds Developed |
| Northwest Stock Index | 0.00 | 0.00 | United States |
| Market Share | 0.00 | 0.00 | Market Share |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |

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

As of 11/30/22

| Retirement 2005 Fund | $16,089 |
| --- | --- |
| S&P Target Date Retirement Income Index | 14,486 |

29

T. ROWE PRICE RETIREMENT FUNDS

# GROWTH OF \$10,000

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds | 0.00 | 0.00 | High Yield |
| International Stock Index | 0.00 | 0.00 | Stock Index Futures* |
| Future: This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year period, for since 2010. The funds are based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. |  |  |  |
| Total Funds | 0.00 | 0.00 | Dividends |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |

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

As of 11/30/22

| - Retirement 2010 Fund | $16,927 |
| --- | --- |
| --- S&P Target Date 2010 Index | 15,700 |

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

30

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

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

As of 11/30/22

| Retirement 2015 Fund | $18,155 |
| --- | --- |
| S&P Target Date 2015 Index | 16,777 |

31

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

Total Bonds

2.00

3.21

Period Ended 11/30/22 1 Year 5 Years 10 Years
Note: For the period, the amount of a 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in

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

would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement 2020 Fund

$19,518

---

 S&P Target Date 2020 Index

17,651

32

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds.

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

As of 11/30/22

| - Retirement 2025 Fund | $20,907 |
| --- | --- |
| --- S&P Target Date 2025 Index | 18,979 |

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

33

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2016 is based on the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of

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

**As of 11/30/22**

| - Retirement 2030 Fund | $22,188 |
| --- | --- |
| --- S&P Target Date 2030 Index | 20,222 |

![img-12.jpeg](img-12.jpeg)

34

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2015 is based on the 1st Quarter of 2015. The 1st Quarter of 2015 is based on the 1st Quarter of 2016. The 1st Quarter of 2016 is based on the 1st Quarter of 2017. The 1st Quarter of 2017 is based on the 1st Quarter of 2018. The 1st Quarter of 2018 is based on the 1st Quarter of 2019. The 1st Quarter of 2019 is based on the 1st Quarter of 2020. The 1st Quarter of 2020 is based on the 1st Quarter of 2021. The 1st Quarter of 2021 is based on the 1st Quarter of 2022. The 1st Quarter of 2022 is based on the 1st Quarter of 2023. The 1st Quarter of 2023 is based on the 1st Quarter of 2024. The 1st Quarter of 2024 is based on the 1st Quarter of 2025. The 1st Quarter of 2025 is based on the 1st Quarter of 2026. The 1st Quarter of 2026 is based on the 1st Quarter of 2027. The 1st Quarter of 2027 is based on the 1st Quarter of 2028. The 1st Quarter of 2028 is based on the 1st Quarter of 2029. The 1st Quarter of 2029 is based on the 1st Quarter of 2030. The 1st Quarter of 2030 is based on the 1st Quarter of 2031. The 1st Quarter of 2031 is based on the 1st Quarter of 2032. The 1st Quarter of 2032 is based on the 1st Quarter of 2033. The 1st Quarter of 2033 is based on the 1st Quarter of 2034. The 1st Quarter of 2034 is based on the 1st Quarter of 2035. The 1st Quarter of 2035 is based on the 1st Quarter of 2036. The 1st Quarter of 2036 is based on the 1st Quarter of 2037. The 1st Quarter of 2037 is based on the 1st Quarter of 2038. The 1st Quarter of 2038 is based on the 1st Quarter of 2039. The 1st Quarter of 2039 is based on the 1st Quarter of 2040. The 1st Quarter of 2040 is based on the 1st Quarter of 2041. The 1st Quarter of 2041 is based on the 1st Quarter of 2042. The 1st Quarter of 2042 is based on the 1st Quarter of 2043. The 1st Quarter of 2043 is based on the 1st Quarter of 2044. The 1st Quarter of 2044 is based on the 1st Quarter of 2045. The 1st Quarter of 2045 is based on the 1st Quarter of 2046. The 1st Quarter of 2046 is based on the 1st Quarter of 2047. The 1st Quarter of 2047 is based on the 1st Quarter of 2048. The 1st Quarter of 2048 is based on the 1st Quarter of 2049. The 1st Quarter of 2049 is based on the 1st Quarter of 2050. The 1st Quarter of 2050 is based on the 1st Quarter of 2051. The 1st Quarter of 2051 is based on the 1st Quarter of 2052. The 1st Quarter of 2052 is based on the 1st Quarter of 2053. The 1st Quarter of 2053 is based on the 1st Quarter of 2054. The 1st Quarter of 2054 is based on the 1st Quarter of 2055. The 1st Quarter of 2055 is based on the 1st Quarter of 2056. The 1st Quarter of 2056 is based on the 1st Quarter of 2057. The 1st Quarter of 2057 is based on the 1st Quarter of 2058. The 1st Quarter of 2058 is based on the 1st Quarter of 2059. The 1st Quarter of 2059 is based on the 1st Quarter of 2060. The 1st Quarter of 2060 is based on the 1st Quarter of 2061. The 1st Quarter of 2061 is based on the 1st Quarter of 2062. The 1st Quarter of 2062 is based on the 1st Quarter of 2063. The 1st Quarter of 2063 is based on the 1st Quarter of 2064. The 1st Quarter of 2064 is based on the 1st Quarter of 2065. The 1st Quarter of 2065 is based on the 1st Quarter of 2066. The 1st Quarter of 2066 is based on the 1st Quarter of 2067. The 1st Quarter of 2067 is based on the 1st Quarter of 2068. The 1st Quarter of 2068 is based on the 1st Quarter of 2069. The 1st Quarter of 2069 is based on the 1st Quarter of 2070. The 1st Quarter of 2070 is based on the 1st Quarter of 2071. The 1st Quarter of 2071 is based on the 1st Quarter of 2072. The 1st Quarter of 2072 is based on the 1st Quarter of 2073. The 1st Quarter of 2073 is based on the 1st Quarter of 2074. The 1st Quarter of 2074 is based on the 1st Quarter of 2075. The 1st Quarter of 2075 is based on the 1st Quarter of 2076. The 1st Quarter of 2076 is based on the 1st Quarter of 2077. The 1st Quarter of 2077 is based on the 1st Quarter of 2078. The 1st Quarter of 2078 is based on the 1st Quarter of 2079. The 1st Quarter of 2079 is based on the 1st Quarter of 2080. The 1st Quarter of 2079 is based on the 1st Quarter of 2080. The 1st Quarter of 2080 is based on the 1st Quarter of 2081. The 1st Quarter of 2081 is based on the 1st Quarter of 2082. The 1st Quarter of 2081 is based on the 1st Quarter of 2082. The 1st Quarter of 2082 is based on the 1st Quarter of 2083. The 1st Quarter of 2083 is based on the 1st Quarter of 2084. The 1st Quarter of 2084 is based on the 1st Quarter of 2085. The 1st Quarter of 2085 is based on the 1st Quarter of 2086. The 1st Quarter of 2086 is based on the 1st Quarter of 2087. The 1st Quarter of 2087 is based on the 1st Quarter of 2088. The 1st Quarter of 2088 is based on the 1st Quarter of 2089. The 1st Quarter of 2089 is based on the 1st Quarter of 2090. The 1st Quarter of 2090 is based on the 1st Quarter of 2091. The 1st Quarter of 2091 is based on the 1st Quarter of 2092. The 1st Quarter of 2091 is based on the 1st Quarter of 2092. The 1st Quarter of 2092 is based on the 1st Quarter of 2093. The 1st Quarter of 2093 is based on the 1st Quarter of 2094. The 1st Quarter of 2094 is based on the 1st Quarter of 2095. The 1st Quarter of 2095 is based on the 1st Quarter of 2096. The 1st Quarter of 2096 is based on the 1st Quarter of 2097. The 1st Quarter of 2096 is based on the 1st Quarter of 2098. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based

![img-13.jpeg](img-13.jpeg)

As of 11/30/22

| - Retirement 2035 Fund | $23,277 |
| --- | --- |
| --- S&P Target Date 2035 Index | 21,470 |

![img-14.jpeg](img-14.jpeg)

35

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

AVERAGE ANNUAL COMPOUND TOTAL RETURN

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

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

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

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

36

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

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

**AVERAGE ANNUAL COMPOUND TOTAL RETURN**

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

**As of 11/30/22**

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

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

37

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

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

As of 11/30/22

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

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

38

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

AVERAGE ANNUAL COMPOUND TOTAL RETURN

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

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

As of 11/30/22

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

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

39

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

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

As of 11/30/22

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

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

40

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

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

AVERAGE ANNUAL COMPOUND TOTAL RETURN

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

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

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

41

T. ROWE PRICE RETIREMENT FUNDS

# GROWTH OF $10,000

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

P

S

Retirement Balanced Fund 0.49%

Retirement Balanced Fund-Advisor Class 0.74

AVERAGE

Retirement Balanced Fund-R Class 0.99

Retirement 2005 Fund 0.49

$1

42

T. ROWE PRICE RETIREMENT FUNDS

# **EXPENSE RATIO**

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

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

43

T. ROWE PRICE RETIREMENT FUNDS

# EXPENSE RATIO (CONTINUED)

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

44

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE

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

45

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

# **V. Investor Class**

46

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

a. Investor Class

47

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

48

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

49

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

50

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

51

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

52

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

53

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

54

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

55

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

56

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

57

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

58

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

59

T. ROWE PRICE RETIREMENT FUNDS

# **QUARTER-END RETURNS**

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

60

T. ROWE PRICE RETIREMENT FUNDS---

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

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

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

61

T. ROWE PRICE RETIREMENT FUNDS

# QUARTER-END RETURNS (CONTINUED)

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

investment goals.

Retirement 2030 Fund-

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

62

T.RowePrice®

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

TRRFX

PARGX

T. ROWE PRICE

Retirement 2005 Fund

Retirement 2005 Fund-
Advisor Class

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

(Unaudited)

| SEMIANNUAL REPORT |  | For a share outstanding throughout each period |  |
| --- | --- | --- | --- |
| Advisory Class | GENERAL INVESTING | COLLEGE | SAVINGS |
| November 30, 2022 |  |  |  |
| Retirement 2080 Fund- | Individual or Joint | T. Rowe Price managed |  |
| ID for Traditional Staff |  |  |  |
| Investor Class | General | 529 plans offer tax- |  |
| US Fund | Yearly 2.00 | 7.62 | 1.32 |
| United States | Exchange 2 offers | 1.32 | 10/13/20- |
| Small Business Plan | Balance 2 | advantaged solutions |  |
| NET ASSET VALUE | Balance 2 | for families saving |  |
| Beginning of period | $12.43 | $13.39 | $13.18 |
|  |  | money to college | 5/31/18 |
|  |  | bonds, and more | billions and education |
|  |  | Retirement 2005 Funds |  |
|  |  | R Class |  |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

| FINANCIAL - TRUST CASES |  | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  | Gifts and transfers for a share outstanding throughout each period |  |  |  |  |
| R Class |  | child (UGMA/UTMAs) related expenses 10/13/20 |  |  |  |  |
| T. Rowe Price® |  |  |  |  |  |  |
| ActivePlus Portfolios1 |  | Trust |  |  |  |  |
| Investor Class | 0.20 | 0.28 | 0.19 | 0.28 | 0.30 | 0.27 |
|  | 5 Months | Transfer on Death |  |  |  |  |
|  | ($1,000) | £(1,000) | 2.36 | 0.46 | 0.09 | 0.35 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |

| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Total return income | (2.65)% | (6.68)% | 19.57% | 5.55% | 3.32% | 4.57% |
|  | - | (0.29) | (0.24) | (0.32) | (0.31) | (0.27) |

65

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

# FINANCIAL TIMING RATES

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment
Rat. The share is not to be included using average shares outstanding in the fund. (Note: Consider (0.20) fully
and the amount for details of expense-related arrangements with Price Associates, effective April 6,
before payment. The plan charging an all-inclusive management fee based on the class' average daily
at annual rate was added to market risk, including average loss of principal, investing internationally.
NET ASSET VALUE
End of period: 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10/05 Class 12/10

66

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

PROPOSAL FINANCIALS

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

Advisor Class

| 1. 0.00% | 1. 0.00% | 1. 0.00% | 1. 0.00% | 1. 0.00% | 1. 0.00% |
| --- | --- | --- | --- | --- | --- |
| 2. 0.00% | 2. 0.00% | 2. 0.00% | 2. 0.00% | 2. 0.00% | 2. 0.00% |
| 3. 0.00% | 3. 0.00% | 3. 0.00% | 3. 0.00% | 3. 0.00% | 3. 0.00% |
| 4. 0.00% | 4. 0.00% | 4. 0.00% | 4. 0.00% | 4. 0.00% | 4. 0.00% |
| 5. 0.00% | 5. 0.00% | 5. 0.00% | 5. 0.00% | 5. 0.00% | 5. 0.00% |
| 6. 0.00% | 6. 0.00% | 6. 0.00% | 6. 0.00% | 6. 0.00% | 6. 0.00% |
| 7. 0.00% | 7. 0.00% | 7. 0.00% | 7. 0.00% | 7. 0.00% | 7. 0.00% |
| 8. 0.00% | 8. 0.00% | 8. 0.00% | 8. 0.00% | 8. 0.00% | 8. 0.00% |
| 9. 0.00% | 9. 0.00% | 9. 0.00% | 9. 0.00% | 9. 0.00% | 9. 0.00% |
| 10. 0.00% | 10. 0.00% | 10. 0.00% | 10. 0.00% | 10. 0.00% | 10. 0.00% |

EXPENSES: 11,000.00
EXPENSES: 11,000.00
NET ASSETS VALUE: $11,000.00
EXPENSES: $11,000.00
EXPENSES: $11,000.00
EXPENSES: $11,000.00
EXPENSES: $11,000.00
EXPENSES: $11,000.00
EXPENSES: $11,000.00

INVESTMENT PROPOSALS: 15.6%
INVESTMENT ACTIVITIES: 33.5%
NET INVESTMENT: 28.8%
INVESTMENT PROPOSALS: 27.1%
INVESTMENT PROPOSALS: 17.8%
INVESTMENT PROPOSALS: 35.3%
INVESTMENT PROPOSALS: 35.3%

67

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

# FINANCIAL HOLDINGS

For a share outstanding throughout each period

| Advisor Class | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 |
| --- | --- | --- | --- | --- | --- | --- |
|  | 6 Months | Year |  |  |  |  |
|  | Ended | Ended | 2.35 | 0.46 | 0.09 | 0.35 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental Distributions |  |  |  |  |  |  |
|  | Data |  |  |  |  |  |
| Total return income | (2.75)% | (6.91)% | 19.25% | 5.35% | 3.08% | 4.29% |
|  | - | (0.25) | (0.21) | (0.28) | (0.27) | (0.24) |

68

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

Rally. The share is associated using a range of shares outstanding (0.55) (0.31) (0.31) (0.31) (0.31) for details of expense-related arrangement with Price Associates (0.57) effective April 23, before payment. The fund began charging an all-inclusive management fee based on the class' average daily income. The fund was not charged at the fund's level. The fund's level was 0.74% (0.74) in the event of investment in the fund's level. The fund's level was 0.74% (0.74) in the event of investment in the fund's level. The fund's level was 0.74% (0.74) in the event of investment in the fund's level.

NET ASSET VALUE
End of period: $12.03 Class, $12.07 has a 14.67% expense of less than $13.04 Class, $13.55 payment. The rate that an investor would have earned on an investment in the fund. Assets each period, assuming the investment of all distributions, are payment 0.25% redemption 0.25% for Western and are not applicable. Total return is not annualized for periods less than one year. The fund's net expense may be higher or lower than the investment results of the individual underlying Price

69

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class

|  | 11.0% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% |
| --- | --- | --- | --- | --- | --- | --- |
| Net Asset Value | $11.0% | $5.3% | $5.3% | $5.3% | $5.3% | $5.3% |
| Percentage of the fund is directly related to the investment performance of the fund | 11.0% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% |
| Expenses | $11.0% | $5.3% | $5.3% | $5.3% | $5.3% | $5.3% |
| Anticipated |  |  |  |  |  |  |
| Net Asset Value | $11.0% | $5.3% | $5.3% | $5.3% | $5.3% | $5.3% |
| Percentage of the fund is directly related to the investment performance of the fund | 11.0% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% |
| Expenses |  |  |  |  |  |  |
| Anticipated |  |  |  |  |  |  |

70

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

# FINANCIAL HOUR低迷

For a share outstanding throughout each period

| pR Class | $34,037 | $39,243 | $51,256 | $49,216 | $68,297 | $85,288 |
| --- | --- | --- | --- | --- | --- | --- |
| T | 6 Months | Year |  |  |  |  |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 0.47 | 0.09 | 0.36 |
|  | in € million | part of the financial statements |  | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| Total return income | (2.97)% | (7.08)% | 18.95% | 5.09% | 2.74% | 4.12% |
|  | - | (0.22) | (0.19) | (0.24) | (0.23) | (0.20) |

71

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rate of interest associated using average shares outstanding (0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55) (0.31)
(0.55)

NET ASSET VALUE
End of period
$12.05 Class, 12.46 has a 14.76% expense of less 13.43% less 13.17% 13.63
Payment for Products the rate that an investor would have earned on an investment in the fund
Assumes each period, assuming the investment of all distributions, as payment is redeemed for
Weighted average applicable. Total return is not annualized for periods less than one year. The fund's
net expense may be higher or lower than the investment results of the individual underlying Price

72

T. ROWE PRICE RETIREMENT 2005 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

# BOND MUTUAL FUNDS 53.9%

| T. Rowe Price Funds |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| 1. Interest in the activity of the fund and does not include the activity of the underlying Price Funds. |  |  |  |  |  |
| 2. Interest in investment performance of the fund is directly related to the investment performance of the fund. |  |  |  |  |  |
| 3. Interest in the Fund Funds in which it is not included in the fund. | 200,048 | 12,866 | 30,442 | 34,990,392 | 163,405 |
| 4. Interest in the Fund Funds in which it is not included in the fund. | 1,000 | 1,000 | 2,000 | 2,000 | 1,000 |
| 5. Net Income Fund | 174,685 | 3,502 | 20,438 | 18,427,396 | 149,631 |
| 6. Refines the indirect expense impact to the fund from its investment in the underlying Price Funds based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative |  |  |  |  |  |
| Portions of income | 35.6% | 33.5% | 28.8% | 27.1% | 17.8% |
| Net assets, end of |  |  |  |  | 35.3% |

73

T. ROWE PRICE RETIREMENT 2005 FUND

| INVESTMENTS - 2005 FUND YEAR | $ Value | $ Purchase | $ Sales | $ Sales | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 63,022 | 1,063 | 6,746 | 6,301,841 | 103,922 |
| Emerging Markets Bond Fund | 43,583 | 4,035 | 5,252 | 4,821,166 | 40,835 |
| (Cost of the Value in $000) |  | 926 | 9,576 | 4,158,951 | 39,718 |
| SHORT-TERM INVESTMENTS 3.3% |  |  |  |  |  |
| per Cap (in thousands) $39,223 | $41,371 | 2,281 | 3,684 | 6,376,916 | 35,902 |
| Short-Term Long-term Funds |  | $47,808 | $40,073 | $42,755 | $56,078 |
| T. Rowe Price U.S. Treasury | 32,469 | 7,305 | 4,982 | 4,020,694 | 32,889 |
| The "Commission" notes are an integral part of these financial statements | 27,838 | 58,335 | 31,977 | 32,670,897 | 33,971 |
| Floating Rate Fund |  | 920 | 9,681 | 2,083,859 | 18,617 |
| Total Short-Term Investments (Cost $32,971) |  |  |  |  | 32,971 |

74

T. ROWE PRICE RETIREMENT 2005 FUND

Total Bond Mutual Funds (Cost $599,275 )

536,585

Total Investments in Securities
EQUITY MUTUAL FUNDS 42,928

| ASSOCIATED COMPANIES | 89,542 | 492 | 19,434 | 1,670,567 | 73,438 |
| --- | --- | --- | --- | --- | --- |
| GROWTH Stock Fund (2) | 69,754 | 6,155 | 9,687 | 949,181 | 66,661 |
| Equity Index 500 Fund | 61,370 | 16,258 | 23,598 | 399,177 | 42,928 |
| The fund may be used under the Securities Act of 1933. |  |  |  |  |  |
| 1940 Act, an annualized stock under the Securities Fund. | 38,594 | 1,209 | 5,586 | 2,227,035 | 32,357 |

75

T. ROWE PRICE RETIREMENT 2005 FUND

November 30, 2022 (Unaudited)

| securities, or a company that is under common ownership or control. The following securities were considered: a limited, non-financial, non-accrual, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued, non-accrued | 9,735 | 10,769 | 1,624 | 620,246 | 19,984 |
| --- | --- | --- | --- | --- | --- |
| Mid-Car (1) Seven-day yield | 10,000 | 10,000 | 1,000 | 507,364 | 17,230 |
| Mid-Car Growth Fund (2) | 17,158 | 358 | 1,584 | 169,491 | 16,351 |
| Investments in securities, at value (cost $967,938) | 13,768 | 1,572 | 1,572 | 1,572 | 1,572 |
| Affiliates (increase) for investment securities sold |  |  |  |  |  |
| Emerging Markets (Growth) |  |  |  |  |  |
| Stock Funds | 14,271 | 1,093 | 1,598 | 1,055,446 | 13,569 |
| Total assets |  |  |  |  | 997,562 |

**Liabilities**

Payable for shares redeemed 1,607

76

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

| PAYMENTS OF ASSETS AND LIABILITIES | $ | 75 | $ | (1,068) | $ | 653 |
| --- | --- | --- | --- | --- | --- | --- |
| Emerging Markets Stock Fund | 10,551 | 1,184 | 1,552 | 1,551 | 1,552 | 1,552 |
| Emerging Markets Stock Fund | 12,878 | (1,492) | 836 | 300,900 | 11,187 | 11,187 |
| Emerging Markets Discovery Stock Fund | 11,018 | (357) | 1,158 | 1,000,000 | 10,541 | 10,541 |
| Small Plan Value Cost |  | 63 |  | 100,000 |  |  |
| Emery |  |  |  | (332) |  |  |
| New Horizons Fund (2) | 7,337 | 49 | 876 | 136,691 | 7,067 | 7,067 |
| Equity Index for management and administrative fees payable |  | 10,674 |  | (11,102) | 6 Months | 6 Months |
| Total Equity Mutual Funds (Cost $335,566) |  | (726) |  | 332 | 426,892 | 426,892 |
| Growth |  |  |  |  | 11/30/2006 | 11/30/2006 |
| Total |  |  |  |  |  |  |
| Full Year Interest Income (Loss) |  | (438) |  | (1,942) | 1,241 | 1,241 |
| T. Rowe Price Funds: |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |
| Net Assets Consist of |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |
| Total attributable earnings (loss) |  |  |  |  |  |  |
| Advisory Class |  |  |  | $45 |  |  |

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

77

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

| STATEMENT OF OPERATIONS (Issued) | (736) | (2,038) | 604 |
| --- | --- | --- | --- |
| Operating Fund | 21,766 | 21,701 | 1,066 |
| Book Value, Stock Fund | (380) | 50 | - |
| Total Other Mutual Funds (Cost $106) | 669 | (1,880) | 106 |
| Limited Duration Inflation Focused Bond Fund | 670 | (19,068) | 11,728 |
| Mid-Capital Fund applicable to 82,276,545 shares of $0.0004 par | 624 | 418 | - |
| Mid-Capital Fund stock outstanding; 30,000,000,000 shares at the | 46 | 6 Months Ended | 147 |
| New H | (213) | 11/30/22 | 557 |
| New Income (Decrease) in Net Assets | (2,213) | (8,120) | 17,495 |
| Overseas Net Assets | 46 | (751) | 995,456 |
| Realized and Unrealized Gain / Loss |  |  |  |
| Net investment income | $ | 17,419 | $24,975 |
| NET ASSET VALUE PER SHARE |  |  |  |
| Net realized gain (loss) |  | (3,161) | 122,999 |
| Sales of underlying Price Funds |  | (45,591) | (228,410) |
| Change in net unrealized gain / loss |  |  |  |
| Interest Gains distributions from underlying Price Funds |  | (31,333) | 135 |
| Decrease in net assets from operations |  |  | (80,436) |

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

78

T. ROWE PRICE RETIREMENT 2005 FUND

(Unaudited)

| STATIONING OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| (500s) | (234) | (514) | - |
| Small-Cap Stock Fund | (2) | 247 | - |
| Small-Cap Value Fund | 382 | (282) | - |
| Transition Fund | 106 | - | 17 |
| U.S. Ended December 31, 2004 | (255) | 6 Months Ended | 170 $ |
| U.S. Ended December 31, 2004 | (255) | 1,104 | (65,591) |
| U.S. Ended December 31, 2004 | (255) | 11/30/22 | (48,742) |
| Net Assets | (2,333) | (1,903) | $ |
| Value Ratio | (3,343) | 2,838 | (115,058) |
| RECEIVING OF NET ASSETS FROM OPERATIONS | (110,674) | $ | (71,288) |
| Beginning of period | 1,106,130 | $ | 1,342,595 |
| End of period | $995,456 | $ | 1,106,130 |
| Decrease in net assets from distributions | - | - | (123,780) |

*Share information (000s)

79

T. ROWE PRICE RETIREMENT 2005 FUND

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  | 000 |
| --- | --- | --- |
| ($000s) |  |  |
| Totals | $(3,161) # | $(45,591) $20,067 + |

# Capital gain distributions from underlying Price funds represented $125 of the net realized gain
($000s) in the transactions
Investment Company Act of 1940 (the 1940 Act), T. Rowe Price Retirement 2005 Fund
Investment income comprised $20,067 of income distributions from underlying Price Funds
(the fund) is a diversified, open-end management investment company and is one of
the most active and established by the corporation. The fund invests a portfolio of
T. Rowe Price stock and bond funds (underlying Price Funds) represent various
associations and controls. The fund's allocation among underlying Price Funds is
changed and asset mix will become more conservative over time. The fund is the
highest total return over time consistent with an emphasis on both capital growth and

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

80

T. ROWE PRICE RETIREMENT 2005 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Retirement Funds, Inc. (the corporation), is registered under the transactions are accounted for on the trade date basis. Invoices and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified items. The Company's tax-related interest and penalties, if incurred, are recorded on the Company's face-to-face basis. The Company's tax-related interest and penalties, if incurred, are recorded on the Company's face-to-face basis. The Company's tax-related interest and penalties, if incurred, are recorded on the Company's face-to-face basis.

81

T. ROWE PRICE RETIREMENT 2005 FUND

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

Income distributions. If any are declared and paid by each class annually. A capital gain indemnification in connection with its officers and directors, service providers, and/or distribution. If any may also be declared and paid by the fund annually. Private Company Investments The Bank's Insurance Exposure under these arrangements

**Class Accounting** Investment Management and Administrative Expenses (MAMM) by financial intermediaries for distribution shareholder services and/or certain administrative services the investor. Class does not pay July 12th. Each class has an interest income distributions from the underlying PMIC Funds, and realized and

**NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE** **NOTE**

82

T. ROWE PRICE RETIREMENT 2005 FUND

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

the funds of each class in the Advisory Class and in Class each year. The fund is prepared at the same time as the first class of the class, which is not a member of the first class. The first class is not a member of the first class, which is not a member of the first class.

**NOTE** In the current class, the fund is not a member of the first class, which is not a member of the first class. The first class is not a member of the first class, which is not a member of the first class.

83

T. ROWE PRICE RETIREMENT 2005 FUND

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

The Fund is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's Group of Companies, which is a member of the Fund's

84

T. ROWE PRICE RETIREMENT 2005 FUND

# **NOTE 5 - RELATED PARTY TRANSACTIONS**

by fund shares. The fund's net asset value (NAV) per share is computed at the close of the fund quarter in accordance with an amended investment management agreement the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open to the investment management agreement. The NYSSE is a member of the NYSSE, which is a member of the NYSSE. The NYSSE is a member of the NYSSE, which is a member of the NYSSE. The NYSSE is a member of the NYSSE, which is a member of the NYSSE. The NYSSE is a member of the NYSSE, which is a member of the NYSSE. The NYSSE is a member of the NYSSE, which is a member of the NYSSE.

85

T. ROWE PRICE RETIREMENT 2005 FUND

# NOTE 6 - OTHER MATTERS

# RECORDS

NOTE 6 - FEDERAL INCOME TAXES

The Federal Income Tax is a taxed, nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring, interest expense, expenses related to borrowings, taxes, and brokerage; nonrecurring

86

T. ROWE PRICE RETIREMENT 2005 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

Price Associates, Inc. (Adviser) as the administrator of the Liquidity Program. As the other companies, these companies have been able to provide a complete and accurate information on the subject matter. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness.

Price Associates, Inc. (Adviser) as the administrator of the Liquidity Program. As the other companies, these companies have been able to provide a complete and accurate information on the subject matter. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness. The information contained in this report is not to be construed as a guarantee for accuracy or completeness.

87

T. ROWE PRICE RETIREMENT 2005 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shows 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
Primary Value Resource. The 2005 Fund is a 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to the 2005 Fund Plan to

**HOW**

88

T. ROWE PRICE RETIREMENT 2005 FUND

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

Additionally, the SEC's website (see text) in addition, must T. Rowe Price fund, which is the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first

reflect the LRC's assessment of their relative liquidity under current market conditions.

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

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

89

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, the extent to which the registrant is not completely

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

**Item 13. Exhibits.**

(a)(1) To be a member of the company, the company is not a member of the company.

The company is not a member of the company.

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

and is not completely covered by the registrant's financial statements, the extent to which the registrant is not completely covered by the

# 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
[illegible] cash and cash equivalents, as well as available borrowing arrangements.
[illegible] Gifts and transfers to a related expenses
[illegible] Principal Executive Officer
[illegible] child (UGMA/UTMAs)

Date [Signature] Active [illegible] Trust
for online investing
[illegible] Transfer on Death
powered by experts

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 [Signature] Visits: [Signature]

David Oestreicher
Principal Executive Officer

Date January 19, 2023

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

Date January 19, 2023

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

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

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

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

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

F155-051 1/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2005 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2005 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Retirement 2005 Fund

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

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

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

---

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

---