# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014030
**Filing Date:** 2023-1
**Character Count:** 157605
**Document Hash:** 7e59c4353b86bbc13c0b7b5f6be27b92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014030.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014030

**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:** 23546930

**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 2020 Fund (Series ID: S000002111)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005490 | T. Rowe Price Retirement 2020 Fund               | TRRBX           |
| C000005491 | T. Rowe Price Retirement 2020 Fund-Advisor Class | PARBX           |
| C000005492 | T. Rowe Price Retirement 2020 Fund-R Class       | RRTBX           |

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

T. ROWE PRICE

TRRBX

Retirement 2020 Fund

PARBX

Retirement 2020 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 | $19.95 | $21.20 | $21.80 |
|  |  | $21.80 | $22.06 |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

| EBIT/GAI - Turnover | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- |
| maximize savings |  |  |  |  |  |
| R Class |  |  |  |  |  |
| T. Rowe Price ® |  |  |  |  |  |
| ActivePlus Portfolios 1 |  |  |  |  |  |
| Investor Class | 0.23 | 0.38 | 0.27 | 0.41 | 0.43 |
|  | 6 Months |  |  |  |  |
|  | ($5.00) |  |  |  |  |
|  | Ended |  |  |  |  |
|  |  | Transfer on Death |  |  |  |
|  |  | Ended | 5.04 | 0.94 | (0.11) |
|  |  |  |  |  | 1.25 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
| Visit to towerprice.com/brandrange |  |  |  |  |  |

| Ratios/Supplemental | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |
| Total return | (2.46)% | (7.03)% | 25.87% | 6.19% | 2.15% | 7.51% |
| income | - | (0.38) | (0.34) | (0.48) | (0.45) | (0.41) |

65

T. ROWE PRICE RETIREMENT 2020 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

Ratios. The above items are calculated using average shares outstanding in the fund.

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

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The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

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The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

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The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

The fund is a 100% share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

66

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

PROPOSAL SUMMARY

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

expressed

| 11. 10% | 11. 10% | 11. 10% | 11. 10% | 11. 10% | 11. 10% |
| --- | --- | --- | --- | --- | --- |
| 12. 10% | 12. 10% | 12. 10% | 12. 10% | 12. 10% | 12. 10% |
| 13. 10% | 13. 10% | 13. 10% | 13. 10% | 13. 10% | 13. 10% |
| 14. 10% | 14. 10% | 14. 10% | 14. 10% | 14. 10% | 14. 10% |
| 15. 10% | 15. 10% | 15. 10% | 15. 10% | 15. 10% | 15. 10% |

expressed

| 16. 10% | 16. 10% | 16. 10% | 16. 10% | 16. 10% | 16. 10% |
| --- | --- | --- | --- | --- | --- |
| 17. 10% | 17. 10% | 17. 10% | 17. 10% | 17. 10% | 17. 10% |
| 18. 10% | 18. 10% | 18. 10% | 18. 10% | 18. 10% | 18. 10% |
| 19. 10% | 19. 10% | 19. 10% | 19. 10% | 19. 10% | 19. 10% |

expressed

| 20. 10% | 20. 10% | 20. 10% | 20. 10% | 20. 10% | 20. 10% |
| --- | --- | --- | --- | --- | --- |
| 21. 10% | 21. 10% | 21. 10% | 21. 10% | 21. 10% | 21. 10% |
| 22. 10% | 22. 10% | 22. 10% | 22. 10% | 22. 10% | 22. 10% |
| 23. 10% | 23. 10% | 23. 10% | 23. 10% | 23. 10% | 23. 10% |

expressed

| 24. 10% | 24. 10% | 24. 10% | 24. 10% | 24. 10% | 24. 10% |
| --- | --- | --- | --- | --- | --- |
| 25. 10% | 25. 10% | 25. 10% | 25. 10% | 25. 10% | 25. 10% |
| 26. 10% | 26. 10% | 26. 10% | 26. 10% | 26. 10% | 26. 10% |

expressed

| 28. 10% | 28. 10% | 28. 10% | 28. 10% | 28. 10% | 28. 10% |
| --- | --- | --- | --- | --- | --- |
| 29. 10% | 29. 10% | 29. 10% | 29. 10% | 29. 10% | 29. 10% |

expressed

| 32. 10% | 32. 10% | 32. 10% | 32. 10% | 32. 10% | 32. 10% |
| --- | --- | --- | --- | --- | --- |
| 33. 10% | 33. 10% | 33. 10% | 33. 10% | 33. 10% | 33. 10% |

expressed

| 36. 10% | 36. 10% | 36. 10% | 36. 10% | 36. 10% | 36. 10% |
| --- | --- | --- | --- | --- | --- |
| 37. 10% | 37. 10% | 37. 10% | 37. 10% | 37. 10% | 37. 10% |

expressed

| 40. 10% | 40. 10% | 40. 10% | 40. 10% | 40. 10% | 40. 10% |
| --- | --- | --- | --- | --- | --- |
| 41. 10% | 41. 10% | 41. 10% | 41. 10% | 41. 10% | 41. 10% |

expressed

| 44. 10% | 44. 10% | 44. 10% | 44. 10% | 44. 10% | 44. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 48. 10% | 48. 10% | 48. 10% | 48. 10% | 48. 10% | 48. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 52. 10% | 52. 10% | 52. 10% | 52. 10% | 52. 10% | 52. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 56. 10% | 56. 10% | 56. 10% | 56. 10% | 56. 10% | 56. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 60. 10% | 60. 10% | 60. 10% | 60. 10% | 60. 10% | 60. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 64. 10% | 64. 10% | 64. 10% | 64. 10% | 64. 10% | 64. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 68. 10% | 68. 10% | 68. 10% | 68. 10% | 68. 10% | 68. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 72. 10% | 72. 10% | 72. 10% | 72. 10% | 72. 10% | 72. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 76. 10% | 76. 10% | 76. 10% | 76. 10% | 76. 10% | 76. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 80. 10% | 80. 10% | 80. 10% | 80. 10% | 80. 10% | 80. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 84. 10% | 84. 10% | 84. 10% | 84. 10% | 84. 10% | 84. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 88. 10% | 88. 10% | 88. 10% | 88. 10% | 88. 10% | 88. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 92. 10% | 92. 10% | 92. 10% | 92. 10% | 92. 10% | 92. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 96. 10% | 96. 10% | 96. 10% | 96. 10% | 96. 10% | 96. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 100. 10% | 100. 10% | 100. 10% | 100. 10% | 100. 10% | 100. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 104. 10% | 104. 10% | 104. 10% | 104. 10% | 104. 10% | 104. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 108. 10% | 108. 10% | 108. 10% | 108. 10% | 108. 10% | 108. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 112. 10% | 112. 10% | 112. 10% | 112. 10% | 112. 10% | 112. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 116. 10% | 116. 10% | 116. 10% | 116. 10% | 116. 10% | 116. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 120. 10% | 120. 10% | 120. 10% | 120. 10% | 120. 10% | 120. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 124. 10% | 124. 10% | 124. 10% | 124. 10% | 124. 10% | 124. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 128. 10% | 128. 10% | 128. 10% | 128. 10% | 128. 10% | 128. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 132. 10% | 132. 10% | 132. 10% | 132. 10% | 132. 10% | 132. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 136. 10% | 136. 10% | 136. 10% | 136. 10% | 136. 10% | 136. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 140. 10% | 140. 10% | 140. 10% | 140. 10% | 140. 10% | 140. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 144. 10% | 144. 10% | 144. 10% | 144. 10% | 144. 10% | 144. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 148. 10% | 148. 10% | 148. 10% | 148. 10% | 148. 10% | 148. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 152. 10% | 152. 10% | 152. 10% | 152. 10% | 152. 10% | 152. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 156. 10% | 156. 10% | 156. 10% | 156. 10% | 156. 10% | 156. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 160. 10% | 160. 10% | 160. 10% | 160. 10% | 160. 10% | 160. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 164. 10% | 164. 10% | 164. 10% | 164. 10% | 164. 10% | 164. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 168. 10% | 168. 10% | 168. 10% | 168. 10% | 168. 10% | 168. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 172. 10% | 172. 10% | 172. 10% | 172. 10% | 172. 10% | 172. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 176. 10% | 176. 10% | 176. 10% | 176. 10% | 176. 10% | 176. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 180. 10% | 180. 10% | 180. 10% | 180. 10% | 180. 10% | 180. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 184. 10% | 184. 10% | 184. 10% | 184. 10% | 184. 10% | 184. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 188. 10% | 188. 10% | 188. 10% | 188. 10% | 188. 10% | 188. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 192. 10% | 192. 10% | 192. 10% | 192. 10% | 192. 10% | 192. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 196. 10% | 196. 10% | 196. 10% | 196. 10% | 196. 10% | 196. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 200. 10% | 200. 10% | 200. 10% | 200. 10% | 200. 10% | 200. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 204. 10% | 204. 10% | 204. 10% | 204. 10% | 204. 10% | 204. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 208. 10% | 208. 10% | 208. 10% | 208. 10% | 208. 10% | 208. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 212. 10% | 212. 10% | 212. 10% | 212. 10% | 212. 10% | 212. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 216. 10% | 216. 10% | 216. 10% | 216. 10% | 216. 10% | 216. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 220. 10% | 220. 10% | 220. 10% | 220. 10% | 220. 10% | 220. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 224. 10% | 224. 10% | 224. 10% | 224. 10% | 224. 10% | 224. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 228. 10% | 228. 10% | 228. 10% | 228. 10% | 228. 10% | 228. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 232. 10% | 232. 10% | 232. 10% | 232. 10% | 232. 10% | 232. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 236. 10% | 236. 10% | 236. 10% | 236. 10% | 236. 10% | 236. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 240. 10% | 240. 10% | 240. 10% | 240. 10% | 240. 10% | 240. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 244. 10% | 244. 10% | 244. 10% | 244. 10% | 244. 10% | 244. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 248. 10% | 248. 10% | 248. 10% | 248. 10% | 248. 10% | 248. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 252. 10% | 252. 10% | 252. 10% | 252. 10% | 252. 10% | 252. 10% |
| --- | --- | --- | --- | --- | --- |

[{"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}][{"box_2d": [35, 162, 612, 243], "label": "table", "caption":caption", {"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}][{"box_2d": [35, 150, 612, 243], "label": "table", "":caption": "

| 256. 10% | 256. 10% | 256. 10% | 256. 10% | 256. 10% | 256. 10% |
| --- | --- | --- | --- | --- | --- |

"}]

expressed

| 260. 10% | 260. 10% | 260. 10% | 260. 10% | 260. 10% | 260. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 264. 10% | 264. 10% | 264. 10% | 264. 10% | 264. 10% | 264. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 268. 10% | 268. 10% | 268. 10% | 268. 10% | 268. 10% | 268. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 272. 10% | 272. 10% | 272. 10% | 272. 10% | 272. 10% | 272. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 276. 10% | 276. 10% | 276. 10% | 276. 10% | 276. 10% | 276. 10% |
| --- | --- | --- | --- | --- | --- |

[{"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}]

| 280. 10% | 280. 10% | 280. 10% | 280. 10% | 280. 10% | 280. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 284. 10% | 284. 10% | 284. 10% | 284. 10% | 284. 10% | 284. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 288. 10% | 288. 10% | 288. 10% | 288. 10% | 288. 10% | 288. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 292. 10% | 292. 10% | 292. 10% | 292. 10% | 292. 10% | 292. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 296. 10% | 296. 10% | 296. 10% | 296. 10% | 296. 10% | 296. 10% |
| --- | --- | --- | --- | --- | --- |

[{"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}][{"box_2d": [35, 162, 612, 243], "label": "table", "table", {"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}]

| 300. 10% | 300. 10% | 300. 10% | 300. 10% | 300. 10% | 300. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 304. 10% | 304. 10% | 304. 10% | 304. 10% | 304. 10% | 304. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 308. 10% | 308. 10% | 308. 10% | 308. 10% | 308. 10% | 308. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 312. 10% | 312. 10% | 312. 10% | 312. 10% | 312. 10% | 312. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 316. 10% | 316. 10% | 316. 10% | 316. 10% | 316. 10% | 316. 10% |
| --- | --- | --- | --- | --- | --- |

[{"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}]

| 320. 10% | 320. 10% | 320. 10% | 320. 10% | 320. 10% | 320. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 324. 10% | 324. 10% | 324. 10% | 324. 10% | 324. 10% | 324. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 328. 10% | 328. 10% | 328. 10% | 328. 10% | 328. 10% | 328. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 332. 10% | 332. 10% | 332. 10% | 332. 10% | 332. 10% | 332. 10% |
| --- | --- | --- | --- | --- | --- |

expressed

| 336. 10% | 336. 10% | 336. 10% | 336. 10% | 336. 10% | 336. 10% |
| --- | --- | --- | --- | --- | --- |

expressed[{"box_2d": [35, 162, 612, 243], "label": "table", "table", {"box_2d": [35, 150, 127, 162], "label": "text", "expressed"}]

expressed[{"box_2d": [35, 162, 612, 243], "label": "table", "caption": "<table><tr><td>344. 10%</td><td>344. 10%</td><td>344. 10%</td><td>344. 10%</td

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

# FINANCIAL HOLDINGS

For a share outstanding throughout each period

| Advisor Class | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- | --- |
|  | 6 Months | Year |  |  |  |  |
|  | (0.21) | (0.60) | 5.01 | 0.92 | (0.11) | 1.24 |
| 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 | (2.58)% | (7.25)% | 25.59% | 5.91% | 1.91% | 7.24% |
|  | - | (0.31) | (0.30) | (0.42) | (0.39) | (0.36) |

68

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally. The share is associated using average shares outstanding (1.49) (0.74) (1.43) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67) (0.67)
The results of expense-related arrangements with Price Associates (Effective April 1, 2020) before the fund began charging an all-inclusive management fee based on the class' average daily
net assets. The fund's share is based on the fund's 0.75% converted to 0.75% in the next 0.75% in each underlying Price %
NET ASSET VALUE
End of period: the value of Class 1923 Class 1924 has a 24.94% expense 25.62% less 20.50% 22.45
Payment for Products the rate that an investor would have earned on an investment in the fund
Assumes each period, assuming the investment of all distributions, and payment of the redemption for
Weighted average applicable. Total return is not annualized for periods less than one year. The fund's
net expense may be higher or lower than the investment results of the individual underlying Price

69

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class[{"box_2d": [35, 145, 605, 244], "label": "table", "caption": "

|  | 11.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% |
| --- | --- | --- | --- | --- | --- | --- |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 |  |  |  |  |  |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Net assets | $1,000 |  |  |  |  |  |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 |  |  |  |  |  |
| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Net assets | $1,000 |  |  |  |  |  |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net assets | $1,000 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |

<table><tr><td>Net assets</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td><td>$1,000</td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>Net assets</td><td>$1,000</td><td>$1,000</td><

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

| pR Class | 0.5841 | 0.5899 | $1,182 | $1,201 | $1,180 | $1,200 |
| --- | --- | --- | --- | --- | --- | --- |
|  | 6 Months | Year |  |  |  |  |
| T | (0.21) | FY 2020 | 4.94 | 0.91 | (0.10) | 1.23 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental | Data |  |  |  |  |  |
| Distributions |  |  |  |  |  |  |
| Total return income | (2.67)% | (7.49)% | 25.24% | 5.63% | 1.67% | 6.98% |
|  | - | (0.25) | (0.27) | (0.36) | (0.32) | (0.30) |

71

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rate of interest associated using average shares outstanding (1.49) (0.74) (1.43) (0.67)
The amount for details of expense-related arrangements with Price Associates, Effective April 8, before payment began charging an all-inclusive management fee based on the class' average daily
net assets that same as the fund converted to investments from each underlying Price
End of period after Class 10/14/2020 Class 10/14/2020 has a 28.74% expense 20.21% less 20.70% 22.23
Payment for Projects 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 2020 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS 43.9%**

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

| Fund | 1,513,553 | 86,832 | 324,568 | 246,686,488 | 1,152,026 |
| --- | --- | --- | --- | --- | --- |

Reflects 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

| Fund | 1,513,553 | 86,832 | 324,568 | 246,686,488 | 1,152,026 |
| --- | --- | --- | --- | --- | --- |

Portfolio: remove rate 14.2% 31.3% 36.4% 18.8% 15.8% 29.5%

Net assets, end of

73

T. ROWE PRICE RETIREMENT 2020 FUND

| INCOME (in thousands) | Value | $ Purchase | $ Sales | $ Sales | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 6,931.22 | 6,963.82 | 64,661.62 | 61,801.13 | 5,939.72 |
| Dynamic Global Bond Fund | 499,485 | 6,512 | 105,617 | 40,688,001 | 388,571 |
| (Cost and value in 2000s) |  | 45,776 | 26,064 | 45,750,537 | 387,507 |
| SHORT-TERM INVESTMENTS 3.4% |  |  |  |  |  |
| per Capita (in thousands) | $1,067 | $1,041 | $1,023 | $1,222 | $1,539 |
| Total (in thousands) | 360,200 | 63,974 | 30,298 | 43,839,887 | 358,610 |
| U.S. Treasury Obligations 0.1% |  |  |  |  |  |
| The Company's Notes are an integral part of these financial statements. | 374,196 | 13,962 | 23,354 | 61,301,136 | 345,125 |
| Floating Rate Fund | 268,421 | 6,735 | 100,483 | 19,726,890 | 178,134 |
| 2/9/23 (4) |  |  |  | 12,000,000 | 11,904 |

74

T. ROWE PRICE RETIREMENT 2020 FUND

Total Bond Mutual Funds (Cost $5,590,887)

4,826,230

EQUITY MUTUAL FUNDS 52.8%

| 100.00% of Net Assets (Cost $9,583,180) |  |  |  |  | $10,999,016 |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 1,250,415 | 110 | 220,766 | 22,697,488 | 397,765 |
| Growth Stock Fund (2) | 814,603 | 168,067 | 55,200 | 12,724,080 | 893,612 |
| Equity Index 500 Fund | 752,879 | 39,516 | 84,431 | 5,459,192 | 1,000,000 |
| Overseas Stock Fund | 515,792 | 20,748 | 67,699 | 1,000,000 | 1,000,000 |
| International Value Equity Fund | 536,764 | 47 | 77,367 | 19,547,765 | 454,041 |

75

T. ROWE PRICE RETIREMENT 2020 FUND

| Long, 286 MSCI EAFE | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| International Stock Fund | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Short, S Russell 2020 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Real Assets Fund | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Short, 116 S&P 500 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Net Income | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Net Income (losses) | 261,551 | 7,022 | 28,010 | 6,838,989 | 232,252 |  |  |
| Net Income (losses) of Variation | 261,551 | 7,022 | 28,010 | 6,838,989 | 232,252 |  |  |
| EBITDA | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| U.S. Equity Research Fund | 191,490 | 31,021 | 11,892 | 5,422,052 | 211,568 |  |  |
| Variation | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| Variation | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| Operating expenses | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |
| Operating expenses | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |

76

T. ROWE PRICE RETIREMENT 2020 FUND

November 30, 2022 (Unaudited)

securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended November 30, 2022. (Emerging Markets, Stock Fund) 185,713 16 15,068 4,348,031 156,892. Net realized gain (loss), investment income, and change in net unrealized gain/loss reflect all activity for the period, when ended. 199,981 14 41,302 2,577,346 140,594. New Horizons Fund (2) 100,375 10 7,267 1,848,624 95,574.

| Assets | Net Realized Gain (Loss) | Change in Net | Unrealized Gain/Loss | Investment Income |
| --- | --- | --- | --- | --- |
| Total Equity Mutual Funds (Cost $3,705,300) |  |  |  | 5,795,784 |
| Investments in securities, at value (cost $9,583,780) |  |  |  | 10,998,028 |
| Affiliate |  |  |  | 12,715 |
| Investments in securities, at value (cost $9,583,780) |  |  |  |  |
| OTHER MUTUAL FUNDS |  |  |  | 1,742 |
| T. Rowe Price Funds |  |  |  | 11,012,900 |
| Total assets |  |  |  |  |

**Liabilities**

Payable for shares redeemed 13,883

77

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | $2,054 | $(11,809) | $6,471 |
| --- | --- | --- | --- |
| Provision for income taxes | (7,167) | (21,062) | 11,985 |
| Total Other Mutual Funds (Cost $1,457) | (1,057) | (7,434) | 1,452 |
| Emerging Markets Depository Stock Fund |  | (13,769) | - |
| Emery |  | (120,883) | 58,873 |
| SHORT-TERM INVESTMENTS 3.4% |  |  |  |
| Establishment of management and administrative fees payable | (7,394) | 3,461 | 6,734 |
| Money Market Funds 3.3% |  |  |  |
| Postretirement Income payable on futures contracts |  |  | 11/30/22/24 |
| T. Rowe Price U.S. Treasury |  |  | 11/30/22/24 |
| Growth |  |  |  |
| Money |  |  |  |
| High Yield Funds Income (Loss) | (2,962) | (19,679) | 11,974 |
| Income |  |  |  |
| NET ASSETS |  |  | $10,992,826 |
| Net assets contributions from underlying Price Funds |  |  | 72 |
| Interest |  |  |  |
| Net Assets Consist of: |  |  | 166,700 |
| Expenses |  |  |  |

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

78

# T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

| STANDARD (or other) (Unrealized) | (7,228 ) | (20,066 ) | 6,855 |
| --- | --- | --- | --- |
| International Stock Fund | 2,271 | (8,227 ) | - |
| International Value Equity Fund | 4,797 | (24,623 ) | - |
| Limited Duration Inflation Focused Bond Fund | (7,025 ) | (123,791 ) | 82,703 |
| Mid-Capital Fund earnings (loss) | 1,649 | 2,188 $ | 2,295,329 |
| Mid-Capital Fund earnings (loss) and other liabilities of $0.004 par | 6 Months Ended | 6 Months Ended | 29,842 |
| New Int. Fund | 11/30/22 | 2,456 | 5/31/22 |
| New Int. Fund (Decrease) in Net Assets | (28,146 $) | (73,516 ) | 8,047,813 |
| Overseas Equity Fund | 2,092 | (6,558 ) | 2,855 |
| Net Assets |  |  | $10,382,826 |
| Net investment income | $ | 134,003 | 231,400 |
| Net investment income |  | 115,732 | 134,003 |
| Net realized gain |  |  | 1,696,350 |
| Net asset value per share |  |  |  |
| Change in net unrealized gain / loss |  | (578,704 ) | (2,861,456 ) |
| Realized and Unrealized Gain / Loss |  |  |  |
| Decrease in net assets from operations |  | (328,969 ) | (933,613 ) |

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

79

T. ROWE PRICE RETIREMENT 2020 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| (000s) | (1,180) | (10,533) | - |
| Small-Cap Stock Fund | 4,013 | (547) | - |
| Small-Cap Value Fund | 17,054 | (18,099) | - |
| Transition Fund | 705 | 5 | 125 |
| U.S. Decrease in Cash Funds | (1,908) | 864 | Year |
| U.S. Losses | (1,401) | 2,429 | 56,138.46 |
| U.S. Tax | (8,149) | 11/30/22 | 5,742.00 |
| Net Assets | (1,149) | (35,266) | 16,650.07 |
| Value | (1,454) | (27,977) | (1,452,783.23) |
| Decrease during period | (1,316,081) | (3,886,340) | (3,886,340) |
| Decrease in net assets | (1,316,081) | (3,886,340) | (3,886,340) |
| Decrease in net assets | 12,308,907 | 25,976,253 | 25,976,253 |
| ($58,830,138 / 36,166,519 shares outstanding) | - | - | - |
| End of period | $10,992,826 | $12,308,907 | $12,308,907 |
| Decrease in net assets from distributions | - | (1,707,750) | (1,707,750) |
| Change in net unrealized gain / loss |  |  |  |
| *Share information (000s) |  |  |  |

80

T. ROWE PRICE RETIREMENT 2020 FUND

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  |
| --- | --- |
| U.S. FUNDS | 4,021 |
| ($000s) |  |
| Totals | $99,038 # $(574,265 ) $166,628 + |

# Capital gain distributions from underlying Price funds represented $885 of the net realized gain
(see Section 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
Investment Company Act of 1940 (the 1940 Act), T. Rowe Price Retirement 2020 Fund
Investment income comprised $166,628 of income distributions from underlying Price Funds
(see Section 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
Other than $99,038 # $(574,265 ) $166,628 + 1,021,000
Change in net unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss
Net realized and unrealized gain / loss

DECREASE IN NET ASSETS FROM OPERATIONS
The fund's allocation among underlying Price Funds is $99,038 # $(574,265 ) $166,628 + 1,021,000
Change in net asset mix will become more conservative over time. The fund is the highest total return over time consistent with an emphasis on both capital growth and

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

81

T. ROWE PRICE RETIREMENT 2020 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. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cash flows. Premiums and discounts on debt securities are amortized for financial statements. The total line price classes of shares are Retirement Funds and the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

82

T. ROWE PRICE RETIREMENT 2020 FUND

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

on the ex-dividend date. Distributions to shareholders are recorded on the ex-dividend date. In connection with its officers and directors, service providers, and/or data, income distributions, if any, are declared and paid by each class annually. A capital of $100,000 is available for the first class of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of

83

T. ROWE PRICE RETIREMENT 2020 FUND

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

the full financial statements allocated to the financial statements. The fund may be adjusted to the amount of the fund's net income. The fund may be adjusted to the amount of the fund's net income.

The fund may be adjusted to the amount of the fund's net income. The fund may be adjusted to the amount of the fund's net income.

**NOTE 1. SIGNIFICANT ACCOUNTING POLICIES**
The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.[{"box_2d": [69, 227, 573, 239], "label": "text", "The fund may be subject to change without notice. The fund may be subject to change without notice."}][{"box_2d": [69, 227, 573, 239], "label": "text", "The fund may be subject to change without notice. The fund may be subject to change without notice."}]

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.[{"box_2d": [69, 227, 573, 239], "label": "text", "The fund may be subject to change without notice. The fund may be subject to change without notice."}]

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.[{"box_2d": [69, 227, 573, 239], "label": "text", "The fund may be subject to change without notice. The fund may be subject to change without notice."}]

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.

The fund may be subject to change without notice. The fund may be subject to change without notice.[{"box_2d": [69, 227, 573, 239], "label": "text", "caption": "The fund may be

T. ROWE PRICE RETIREMENT 2020 FUND

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

valuing securities, the independent pricing services consider the yield or price of bonds
proving the market. The financial structure is a question and the development of the
of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers
value all the divested and the other underlying market. The market is a question
who make markets in such securities. Futures, contracts, are valued at closing settlement
prices. The financial structure is a question and the development of the
prices. Assets and liabilities are

the development of the market. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment. The market is a question and the development of the
investment.

Price Funds.

85

T. ROWE PRICE RETIREMENT 2020 FUND

Capital Transactions Each investor's interest in the net assets of the fund is represented by the fund's valuation design and valuation design. Subject to the approval of the Fund, the Fund's value is estimated at $100.00. The following problem summarizes the Company's results of the Company's 2020 financial and financial results. The Company's results are based on the Company's results of the Company's 2020 financial and financial results. The Company's results are based on the Company's results of the Company's 2020 financial and financial results. The Company's results are based on the Company's results of the Company's 2020 financial and financial results.

Committee: The Valuation Design
transacted at the next-computed
Valuation matters.

Location on Statement of

86

T. ROWE PRICE RETIREMENT 2020 FUND

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

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

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

instruments. GAAP establishes the following fair value hierarchy that categorizes the

Funds in the fair value hierarchy. 544 $ Futures - $ - $4,561

Gain (Loss)

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

The fair value hierarchy includes our fair value (loss) in open futures contracts; however, the

Equity derivatives net value reflected on the accompanying Portfolio of Investments is only the unsettled variation

87

T. ROWE PRICE RETIREMENT 2020 FUND

Liabilities
The Fund is not a share of the funds for the United States, either directly or indirectly, or indirectly, in the United States. The Fund is not a share of the funds for the United States, either directly or indirectly, or indirectly, in the United States. The Fund is not a share of the funds for the United States, either directly or indirectly, or indirectly, in the United States. The Fund is not a share of the funds for the United States, either directly or indirectly, or indirectly, in the United States. The Fund is not a share of the funds for the United States, either directly or indirectly, or indirectly, in the United States.

88

T. ROWE PRICE RETIREMENT 2020 FUND

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

NOTE: The Fund is a member of the Fund's Group of Directors and is not a member of the Fund's Group of Directors. The Fund's Group of Directors is a member of the Fund's Group of Directors. The Fund's Group of Directors is a member of the Fund's Group of Directors.

89

T. ROWE PRICE RETIREMENT 2020 FUND

The fund operates in accordance with an amended investment management agreement

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

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and the Fund operates in accordance with an amended investment management agreement

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and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement

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and the Fund operates in accordance with an amended investment management agreement[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"

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and the Fund operates in accordance with an amended investment management agreement

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and the Fund operates in accordance with an amended investment management agreement

and the Fund operates in accordance with an amended investment management agreement[{"[{"[{"

and the Fund operates in accordance with an amended investment management agreement[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}]

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and the Fund operates in accordance with an amended investment management agreement[{"

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and the Fund operates in accordance with an amended investment management agreement[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":], "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":], "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"box_2d [69, 117, 220, 220], "label": "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"[{"[{"[{"[{"[{"box_2d [69, 117, 220, 220], "label":], "text", "caption": "and the Fund operates in accordance with an amended investment management agreement"}][{"[{"box_2d": [69, 117, 609, 220], "label": "text", "

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T. ROWE PRICE RETIREMENT 2020 FUND

and disruptions in trading markets, while some events may affect certain geographic
RECORDS
The T. Rowe Price Transition Fund (Transition Fund) is a fund that is not only a member of the T. Rowe Price Transition Fund (Transition Fund) and is a member of the T. Rowe Price Transition Fund (Transition Fund).

91

T. ROWE PRICE RETIREMENT 2020 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

NOTE 1. THE RELEASED PARTY IS RATING ROLL
unsettled, variation, margin, net variation, margin, receivable is reflected as an asset and
facility. The following table provides the following information: Price Funds for the fund
of the United States, which is not a result of the following: a liability risk management program
of the United States, which is not a result of the following: a liability risk management program
of the United States, which is not a result of the following: a liability risk management program
of the United States, which is not a result of the following: a liability risk management program
of the United States, which is not a result of the following: a liability risk management program
of the United States, which is not a result of the following: a liability risk management program
of the United States, which

92

T. ROWE PRICE RETIREMENT 2020 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the program. When there is a risk for the Service and the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of

93

T. ROWE PRICE RETIREMENT 2020 FUND

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

Electrically, the SEC's website (see text) in addition, must T. Rowe Price funds. It is not a legal, legal, or other legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited

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

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

94

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

Not applicable.

Item 2. Code of Ethics.

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

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

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

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

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

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

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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

**Item 13. Exhibits.**

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

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

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

## SIGNATURES

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

T. Rowe Price Retirement Funds, Inc.

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

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

By [Signature] David Oestreicher
David Oestreicher
Principal Executive Officer

Date January 19, 2023

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

Date January 19, 2023

Visit troweprice.com/broadrange

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

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

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

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

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

P141-051 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 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;(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 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;(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.

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

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## Exhibit 99.906

**Item 13. (b)** 

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| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Retirement 2020 Fund | Name of Issuer: T. Rowe Price Retirement 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: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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