# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001999371-25-009966
**Filing Date:** 2025-7
**Character Count:** 29083
**Document Hash:** df97e0c8928c842a86558b6eefc7aee0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009966.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001999371-25-009966

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-92380
- **FILM NUMBER:** 251153132

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Target 2070 Fund (Series ID: S000091909)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259777 | T. Rowe Price Target 2070 Fund               | TRHQX           |
| C000259778 | T. Rowe Price Target 2070 Fund-I Class       | TRYDX           |
| C000259779 | T. Rowe Price Target 2070 Fund-Advisor Class | TRMDX           |

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| | |
|:---|:---|
| ![](trr497k001.jpg) |  |
| **Summary Prospectus**<br> August 1, 2025 | **Summary Prospectus**<br> August 1, 2025 |
|  | T. ROWE PRICE |
|  | Target 2070 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRHQX<br> TRYDX<br> TRMDX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> I Class<br> Advisor Class |
| The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated August 1, 2025, as amended or supplemented, and Statement of Additional Information, dated August 1, 2025, as amended or supplemented. | The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated August 1, 2025, as amended or supplemented, and Statement of Additional Information, dated August 1, 2025, as amended or supplemented. |
|  | ![](trr497k002.jpg) |

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Summary<sub>1</sub>

**Investment Objective(s)**

The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees and Expenses of the Fund** | &nbsp;&nbsp;**Fees and Expenses of the Fund** | | | |
|  |  | **Investor <br> Class** | **I <br> Class** | **Advisor<br> Class** |
| **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** |
| &nbsp;&nbsp;Maximum account fee | &nbsp;&nbsp;Maximum account fee | $20 <sup>a</sup> |  |  |
| **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses that you pay each year as a <br> percentage of the value of your investment)** |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;Management fees | 0.64 %<sup>b</sup> | 0.46 %<sup>b</sup> | 0.64 %<sup>b</sup> |
| &nbsp;&nbsp;Distribution and service (12b-1) fees | &nbsp;&nbsp;Distribution and service (12b-1) fees | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25 |
| &nbsp;&nbsp;Other expenses | &nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total annual fund operating expenses** | &nbsp;&nbsp;**Total annual fund operating expenses** | **0.64** | **0.46** | **0.89** |
| <sup>a</sup> | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. |
| <sup>b</sup> | The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under "The Management Fee" in section 2 of the fund's prospectus, with any annual decrease occurring after the end of the fund's fiscal year. The fee schedule can only be changed with approval by the fund's Board of Directors, and, if required by SEC rules, the fund's shareholders. | The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under "The Management Fee" in section 2 of the fund's prospectus, with any annual decrease occurring after the end of the fund's fiscal year. The fee schedule can only be changed with approval by the fund's Board of Directors, and, if required by SEC rules, the fund's shareholders. | The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under "The Management Fee" in section 2 of the fund's prospectus, with any annual decrease occurring after the end of the fund's fiscal year. The fee schedule can only be changed with approval by the fund's Board of Directors, and, if required by SEC rules, the fund's shareholders. | The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under "The Management Fee" in section 2 of the fund's prospectus, with any annual decrease occurring after the end of the fund's fiscal year. The fee schedule can only be changed with approval by the fund's Board of Directors, and, if required by SEC rules, the fund's shareholders. |

---

**Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; **Investor Class** | $65 | $205 | $357 | $798 |
| &nbsp;&nbsp; **I Class** | 47 | 148 | 258 | 579 |
| &nbsp;&nbsp; **Advisor Class** | 91 | 284 | 493 | 1096 |

---

**Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. Because the fund commenced operations after the end of its most recent fiscal year, there is no portfolio turnover rate shown for the fund.**

<u>T. Rowe Price</u> <u>2</u>

**Investments, Risks, and Performance**

**Principal Investment Strategies**

The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund's allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund's target retirement date.

The fund is managed based on the specific retirement year (target date 2070) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund's target date.

Over time, the fund's allocations to the broad asset classes ("Equity" and "Fixed Income"), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined "glide path" shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund's asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund's potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income.

Summary<sub>3</sub>

**TARGET FUNDS**

At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund's overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund's overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as "neutral" allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows.

The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class' expenses, with certain limited exceptions. The fund's overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund's overall allocation to fixed income is represented by a "core" fixed income component designed to have lower overall volatility and a "diversifying" fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2025. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations.

<u>T. Rowe Price</u> <u>4</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Target 2070 Fund** | &nbsp;&nbsp;**Target 2070 Fund** | &nbsp;&nbsp;**Target 2070 Fund** | &nbsp;&nbsp;**Target 2070 Fund** | &nbsp;&nbsp;**Target 2070 Fund** |
| &nbsp;&nbsp;**Asset Class** | | **Sector(s)** | **Neutral Allocation** | **Underlying Funds** |
| &nbsp;&nbsp;Equity | 98.01% | Hedged Equity | 0.00% | Hedged Equity |
|  |  | Inflation Focused | 4.90 | Real Assets |
|  |  | International Developed Markets | 23.73 | International Stock, |
|  |  |  |  | International Value Equity, and/or |
|  |  |  |  | Overseas Stock |
|  |  | International Emerging Markets | 4.20 | Emerging Markets Discovery Stock and/or |
|  |  |  |  | Emerging Markets Stock |
|  |  | U.S. Large-Cap | 52.96 | Equity Index 500, |
|  |  |  |  | Growth Stock, |
|  |  |  |  | U.S. Large-Cap Core, and/or |
|  |  |  |  | Value |
|  |  | U.S. Mid-Cap | 6.52 | Mid-Cap Growth, |
|  |  |  |  | Mid-Cap Index, and/or |
|  |  |  |  | Mid-Cap Value |
|  |  | U.S. Small-Cap | 5.70 | New Horizons, |
|  |  |  |  | Small-Cap Index, |
|  |  |  |  | Small-Cap Stock, and/or |
|  |  |  |  | Small-Cap Value |
| &nbsp;&nbsp;Fixed Income | 2.00 | Core Fixed Income | 1.40 | Dynamic Global Bond, |
|  |  |  |  | International Bond (USD Hedged), and/or |
|  |  |  |  | New Income |
|  |  | Diversifying Fixed Income | 0.60 | Dynamic Credit, |
|  |  |  |  | Emerging Markets Bond, |
|  |  |  |  | Floating Rate, |
|  |  |  |  | High Yield, |
|  |  |  |  | Limited Duration Inflation Focused Bond, and/or |
|  |  |  |  | U.S. Treasury Long-Term Index |

---

**Principal Risks**

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund's share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

**Active management/Asset allocation:** The fund's overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund's assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).

Summary<sub>5</sub>

**Investments in other funds:** The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund's underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.

**Market conditions:** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund's holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

**Equity exposure:** An underlying equity fund's share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.

**Foreign investing:** Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund's overall foreign investing risk is increased to the extent it has exposure to emerging markets.

**Emerging markets:** Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund's investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

<u>T. Rowe Price</u> <u>6</u>

**Market capitalization:** Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.

**Investment style:** Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.

**Inflation:** To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund's performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund's investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.

**Liquidity:** An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders' interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund's ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund's overall liquidity.

**New fund:** Because the fund is new, it has a relatively small number of shareholders and assets under management. As a result, the portfolio manager may experience difficulties in fully implementing the fund's investment program and may be less able to respond to increases in shareholder transaction activity. The fund's limited operating history could make it more difficult to evaluate the performance of the portfolio manager and the fund's investment strategies. In addition, there can be no assurance that the fund will ultimately grow to an economically viable size, which could lead to the fund eventually ceasing its operations.

Summary<sub>7</sub>

**Cybersecurity breaches:** The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund's assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund's service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

**Performance**

Because the fund commenced operations in 2025, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year.

Current performance information is available through troweprice.com.

**Management**

**Investment Adviser** T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Managed Fund Since** | **Joined Investment<br> Adviser** |
| Wyatt A. Lee | Co-Portfolio Manager and Cochair of Investment Advisory Committee | 2025 | 1999 |
| Kimberly E. DeDominicis\* | Co-Portfolio Manager and Cochair of Investment Advisory Committee | 2025 | 1997 |
| Andrew G. Jacobs Van Merlen | Co-Portfolio Manager and Cochair of Investment Advisory Committee | 2025 | 2000 |

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<sup>\*</sup> Ms. DeDominicis originally joined T. Rowe Price in 1997 and returned to T. Rowe Price in 2003.

**Purchase and Sale of Fund Shares**

The Investor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through troweprice.com.

<u>T. Rowe Price</u> <u>8</u>

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

**Tax Information**

Any dividends or capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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|:---|:---|
| ![](trr497k004.jpg) |  |
| T. Rowe Price Associates, Inc.<br> 1307 Point Street<br> Baltimore, MD 21231 | **F2340-045 8/1/25** |

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