# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014019
**Filing Date:** 2023-1
**Character Count:** 87075
**Document Hash:** bcc559155c327bc49d5ef8b0b62bb0ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014019.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014019

**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:** 23546895

**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 2050 Fund (Series ID: S000014996)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000040835 | T. Rowe Price Retirement 2050 Fund               | TRRMX           |
| C000040836 | T. Rowe Price Retirement 2050 Fund-Advisor Class | PARFX           |
| C000040837 | T. Rowe Price Retirement 2050 Fund-R Class       | RRTFX           |

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

PROSPECTUS - TRIPARTIC

For a share outstanding throughout each period

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

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

The following items are not included using a prior share outstanding method, except for the following items:

66

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

PROPOSAL SUMMARY

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting through the 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 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| --- | --- | --- | --- | --- | --- | --- |
| 2 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 3 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 4 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 5 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 6 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 7 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 8 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 9 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| 10 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |

NOT ASST VALUE

For more insights from T. Rowe Price

Investment professionals, go to

the fund from its investment, at the underlying Price Funds.

Based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative

average investment thereon

Investment activities

Net assets, end of

Net investment

67

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

# FINANCIAL HOLDINGS

For a share outstanding throughout each period

| Advisor Class | 6 Months 6/1/23 | Year 6/1/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | (1.64)% | (10.04)% | 42.25% | 5.86% | (0.19)% | 11.15% |  |
|  | - | (0.09) | (0.11) | (0.20) | (0.18) | (0.17) |  |

68

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally Price is a investment associated using average shares outstanding method. (0.93) (0.36)
The results for details of expense-related arrangements with Price Associates, effective April 30,
before payment began charging an all-inclusive management fee based on the class' average daily
net assets. The fund converted 0.3% to 0.3% from each underlying Price
NET ASSET VALUE
End of period over the Class 16.24 Z Class, which has a 19.52% expense of less than 14.35% of 15.59
Payment for Products the rate that an investor would have earned on an investment in the fund
Associates each period, assuming reinvestment of all distributions, 0.25% payment 0.25% 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 2050 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class

|  | 11.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% | 5/3.00% |
| --- | --- | --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |  |  |
| Portable as a contract expense impact to the fund from its investment in the underlying Price Funds. | $16.0% | $32.5% | $24.0% | $22.5% | $25.5% | $30.0% |
| Based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative |  |  |  |  |  |  |

70

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

FINANCIAL - INPUT CASES

For a share outstanding throughout each period

| pR Class | (0.38)32 | 0.0903 | $1,161 | 0.8342 | $1,1204 | $1,1298 |
| --- | --- | --- | --- | --- | --- | --- |
| T | 6 Months after capital part of the financial statements | Year of financial statements | 5.88 | 0.72 | (0.31) | 1.44 |
| 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 | (1.78)% | (10.30)% (0.04) | 41.94% (0.09) | 5.65% (0.16) | (0.49)% (0.12) | 10.89% (0.13) |

71

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

Rally. The share of interest associated using average shares outstanding is method. (0.93) (0.36)
The results of the details of expense-related arrangements with Price Associates (Effective April 1), before payment and began charging an all-inclusive management fee based on the class' average daily income. The fund is converted to the investments from each underlying Price.
NET ASSET VALUE
End of period over the Class 16.01 Z Class, 16.30 has a 19.40 expense of less than 14.21.01% 15.45
Payment is due to less than $0.01 per share.
Assessments reflects the 1.62% net an increase would have earned 0.60% investment in the fund.
Working even if period, assuming reinvestment of all distributions, and payment of no redemption or net amount is fixed, if applicable. Total return is not annualized for periods less than one year. The fund's

72

T. ROWE PRICE RETIREMENT 2050 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

BOND MUTUAL FUNDS 0.9%
Underlying Funds are shown in order than the investment results of the individual underlying Price Funds.

(1) Reflects the activity of the fund, and does not include the activity of the underlying Price Funds.
(2) Includes the amount of the fund is directly related to the investment performance of the underlying Price Funds in which it invests.
(3) Amounts (in € million) (4) 3,524 1,773 2,143,520 17,534
(4) Amounts (in € million) (5) 0.84% (6) 0.22% 0.01% 0.92% 0.84% 0.77%
(7) 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 investment therein.

73

T. ROWE PRICE RETIREMENT 2050 FUND

| INCOME (in thousands - BDI's Fund 2050) | $ Value | $ Purchase | $ Sales | 1st 2nd 2050 | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 1,212 | 2,472 | 3,564 | 1,000,000 | 1,000,000 |
| Dynamic Global Bond Fund (Cost and value in 2050) | 13,506 | 1,255 | 7,297 | 739,139 | 7,059 |
| SHORT-TERM INVESTMENTS 3.5% |  |  |  |  |  |
| per share (in thousands) | $797 | $811 | 252 | 73,608 | 42,494 |
| Total Bond Mutual Funds (Cost $73,981) |  |  | $981 | $751 | $746 |
| U.S. Treasury Obligations 0.1% |  |  |  |  | 62,575 |
| The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |
| EQUITY MUTUAL FUNDS 95.6% |  |  |  |  |  |
| 2/9/23 (4) |  |  |  | 7,000,000 | 6,944 |

74

T. ROWE PRICE RETIREMENT 2050 FUND

T. Rowe Price Funds:

|  | Total Short-Term Investments (Cost $225,320) |  |  |  | 225,320 |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 1,327,311 | 17,511 | 228,052 | 24,116,616 | 1,060,166 |
| Growth Stock Fund (2) | 966,435 | 61,353 | 38,662 | 13,402,468 | 941,255 |
| 100.0% of Net Assets (Cost $5,253,444) |  |  |  |  |  |
| American Stock Fund | 922,876 | 39,424 | 20,171 | 45,500,050 | $6,453,638 |
| International Value Equity Fund | 566,238 | 7,634 | 86,274 | 32,608,399 | 470,474 |
| International Stock Fund | 464,724 | 9,527 | 35,323 | 25,176,199 | 473,454 |
| Real Assets Fund | 292,196 | 50,288 | 19,988 | 29,072,752 | Unrealized |
| (1) Each underlying Price Fund is an effective Company. |  |  |  |  | Unrealized |
| U.S. Large-Cap. Core Fund | 139,653 | 152,824 | 11,860 | 9,880,263 | 252,654 |

75

T. ROWE PRICE RETIREMENT 2050 FUND

Long, 276 MSCI EAFE index contracts underlying Price Fund 4,202 for the 1997-98 Fund, if held 3,998
Mkt Cap Value Fund 1,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00
Short, 3 Russell 2000 EAFE index contracts underlying Fund. Additional information about 4,202 underlying Price
Mkt Cap Growth Invest 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
Long, 170 S&P 500 Index contracts underlying Fund 1,877,495.12.00 and at www.trowbridge.com.

(1) 2000-2001 (2) 2000-2001 (3) 2000-2001 (4) 2000-2001 (5) 2000-2001 (6) 2000-2001 (7) 2000-2001 (8) 2000-2001 (9) 2000-2001 (10) 2000-2001 (11) 2000-2001 (12) 2000-2001 (13) 2000-2001 (14) 2000-2001 (15) 2000-2001 (16) 2000-2001 (17) 2000-2001 (18) 2000-2001 (19) 2000-2001 (20) 2000-2001 (21) 2000-2001 (22) 2000-2001 (23) 2000-2001 (24) 2000-2001 (25) 2000-2001 (26) 2000-2001 (27) 2000-2001 (28) 2000-2001 (29) 2000-2001 (30) 2000-2001 (31) 2000-2001 (32) 2000-2001 (33) 2000-2001 (34) 2000-2001 (35) 2000-2001 (36) 2000-2001 (37) 2000-2001 (38) 2000-2001 (39) 2000-2001 (40) 2000-2001 (41) 2000-2001 (42) 2000-2001 (43) 2000-2001 (44) 2000-2001 (45) 2000-2001 (46) 2000-2001 (47) 2000-2001 (48) 2000-2001 (49) 2000-2001 (50) 2000-2001 (51) 2000-2001 (52) 2000-2001 (53) 2000-2001 (54) 2000-2001 (55) 2000-2001 (56) 2000-2001 (57) 2000-2001 (58) 2000-2001 (59) 2000-2001 (60) 2000-2001 (61) 2000-2001 (62) 2000-2001 (63) 2000-2001 (64) 2000-2001 (65) 2000-2001 (66) 2000-2001 (67) 2000-2001 (68) 2000-2001 (69) 2000-2001 (70) 2000-2001 (71) 2000-2001 (72) 2000-2001 (73) 2000-2001 (74) 2000-2001 (75) 2000-2001 (76) 2000-2001 (77) 2000-2001 (78) 2000-2001 (79) 2000-2001 (80) 2000-2001 (81) 2000-2001 (82) 2000-2001 (83) 2000-2001 (84) 2000-2001 (85) 2000-2001 (86) 2000-2001 (87) 2000-2001 (88) 2000-2001 (89) 2000-2001 (90) 2000-2001 (91) 2000-2001 (92) 2000-2001 (93) 2000-2001 (94) 2000-2001 (95) 2000-2001 (96) 2000-2001 (97) 2000-2001 (98) 2000-2001 (99) 2000-2001 (100)

76

T. ROWE PRICE RETIREMENT 2050 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. Total Equity Mutual Funds (Cost $4,953,370) change in net unrealized gain/loss reflect 6,354,965 for the period then ended.

| OTHER MUTUAL FUNDS |  | Change in Net |  |
| --- | --- | --- | --- |
| T. Rowe Price Funds: |  | Unrealized | Investment |
| Affiliate | Net Realized | Gain/Loss | Gain/Loss |
| T. Rowe Price Funds | ($5,253,370) | 181,410 | 7,769 |
| Investments in securities, at value (cost $5,253,370) |  |  | 6,353,698 |
| Total Receivables for shares sold out of these financial assets |  |  | 770 |
| Total Other Mutual Funds (Cost $773) |  |  | 1,220 |
| T. Rowe Pension Funds receivable on futures contracts |  |  | 721 |
| Receivable for investment securities sold |  |  | 6,460,429 |
| Total assets |  |  |  |
| Liabilities |  |  |  |

77

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

| STATEMENTS OF ASSETS AND LIABILITIES | $ | 215 | $ | (405) | $ | 141 |
| --- | --- | --- | --- | --- | --- | --- |
| Emerging Markers (Special Reserve Fund) |  | (1,612) |  | (6,514) |  | - |
| Emerging Markers (General and unclaimed) |  |  |  |  |  |  |
| Emerging Markers Stock Fund |  | (2,320) |  | (8,350) |  | - |
| Equity |  |  |  | (24,323) |  | 5,365 |
| Money Fund 3.84% (3) | 181,100 | 375,938 | 338,662 | 218,376,108 |  | 218,376 |
| Gross Payable Funds redeemed |  | 3,751 |  | (47,871) |  | 6 Months |
| International Bond Fund (USD) and administrative fees payable |  | (179) |  | (217) |  | End of 2 |
| International Bond Fund (USD) and administrative fees payable |  |  |  |  |  | 11/30/22 |
| International Bond Fund (Loss) |  | (5,123) |  | (14,124) |  | 9,800 |

Income

NET ASSETS: Contributions from underlying Price Funds

$6,456,621

Interest

38

Net Assets Consist of:

9,213

Expenses

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

78

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

| STANDARD OF OPERATIONS | Bond Fund | (2,607) | 1,960 | 14 |
| --- | --- | --- | --- | --- |
| Mid-Cap Growth Fund |  | (994) | 5,741 | - |
| Mid-Cap Value Fund |  | 1,789 | (2,116) | - |
| New Horizons Fund |  | (2,381) | 7,281 | - |
| New Income Fund |  | (477) | (1,417) | 1,451,428 |
| Overstock and other items |  | 6 Months | (12,053) | 19,742 |
| Real Assets |  | 10,000 | (10,715) | 5/31/22 |
| Small-Cap Value Fund |  | (646) | 1,000 | 4,999,598 |
| Small-Cap Value Fund |  | 1,261 | 1,910 | 2,938 |
| NET ASSETS |  |  |  | 6,250,621 |
| Net investment income (loss) |  | $ | (13,467) | $ |
| Net investment loss |  |  |  | (13,467) |
| Net realized gain |  |  | 47,143 | 807,129 |
| NET ASSET VALUE PER SHARE |  |  |  |  |
| Change in net unrealized gain / loss |  |  | (150,691) | (1,581,614) |
| Realized and Unrealized Gain / Loss |  |  |  |  |
| Decrease in net assets from operations |  |  | (117,015) | (726,792) |

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

79

T. ROWE PRICE RETIREMENT 2050 FUND

(Unaudited)

STATEMENT OF CHANGES IN NET ASSETS

|  | 391 | 4 | 174 |
| --- | --- | --- | --- |
| (000s) |  |  |  |
| U.S. Equity Research Fund | (1,254) | 715 | - |
| U.S. Large-Cap Core Fund | (455) | 12,547 | - |
| U.S. Treasury Long-Term Index Fund | (378) | (1,599) | 254 |
| Value Invested Class (loss) | 46,001 | 6 Months | Year |
| U.S. Total | - | (56,604) | - |
| Total | 42,353 # | 11/30/22 | 4,781 |
| Net Assets | $42,353 # | $(155,508) | $4,781 |
| (Separate and unrealized) (shares outstanding) |  |  | (387,758.24) |
| Decrease during period |  | (407,073) | (1,886,682) |
| R. Class (loss) on period |  |  | (20,681) |
| Less: 10% of period |  | 6,857,694 | 6,541,376 |
| ($790,492,811 / 49,806,009 shares outstanding) |  |  | (2,677,460.01) |
| End of period |  | $6,450,621 | $6,857,694 |
| Decrease in net assets from distributions |  | - | (522,181) |
| Change in net unrealized gain / loss |  |  |  |
| *Share information (000s) |  |  |  |

80

T. ROWE PRICE RETIREMENT 2050 FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

Capital gain distributions from underlying Price funds represented $550 of the net realized gain (loss).

- Investment income comprised $9,175 of income distributions from underlying Price Funds.

Capital gain distributions (155,508)
Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Retirement 2050 Fund
Shares and Loss 26,627 61,233
(Shares and Loss) and unrealized gain/loss management investment company and (155,508) of
Net realized and unrealized gain/loss 11,000,000
The Company established by the corporation. The fund invested a portfolio (155,508)
To the Company stock and bond funds (underlying Price Funds) not represent 100,000
DECREASE IN NET ASSETS FROM OPERATIONS $(117,815)
accumulative and other. The fund's allocation among underlying Price Funds is
change and its 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 2050 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 fund has three classes of shares: the Retirement Fund 2050 Fund, the Retirement Fund 2050 Fund, and the Retirement Fund 2050 Fund. The Retirement Fund 2050 Fund, the Retirement Fund 2050 Fund, and the Retirement Fund 2050 Fund. The Retirement Fund 2050 Fund, the Retirement Fund 2050 Fund, and the Retirement Fund 2050 Fund. The Retirement Fund 2050 Fund, the Retirement Fund 2050 Fund, and the Retirement Fund 2050 Fund.

82

T. ROWE PRICE RETIREMENT 2050 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 a 10% increase in the value 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 of the company's share

83

T. ROWE PRICE RETIREMENT 2050 FUND

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

the full amount of funds and instruments allocated to the financial and other related activities. The fund is not to be paid for the financial and other related activities.

on part of the net income of the fund and the other assets of the fund. Level 3 - unobservable inputs (including the valuation Designee's assumptions in the measurement date. Investments in the underlying Price Funds are valued at their

**NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES**
The following policy is to ensure that the share of the capital of the fund and the other assets of the fund are not to be paid for the financial and other related activities. The fund is not to be paid for the financial and other related activities.

**In-Kind Redemptions** In accordance with guidelines described in the terms of the Fund, the Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.

**Basis of Preparation** The Fund is not to be paid for the financial and other related activities. The Fund is not to be paid for the financial and other related activities.[{"box_2d": [69, 227, 573, 240], "label": "text", "caption": "**

T. ROWE PRICE RETIREMENT 2050 FUND

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

voting fair value, should be made of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield of a private market, as a result of the yield

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85

T. ROWE PRICE RETIREMENT 2050 FUND

Capital Transactions: Each divested corporation can then be the principal of the fund and, for example, the
proposed by the construction of the United States Department of Labor, which is not only one
by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which is not only one by the United States Department of Labor, which

86

T. ROWE PRICE RETIREMENT 2050 FUND

Table 1 Level 1 Level 2 Level 3 Total Value
The following table provides the information in the United States of America and the United Kingdom. The data is presented in Table 1. The data is presented in Table 2. The data is presented in Table 3. The data is presented in Table 4. The data is presented in Table 5. The data is presented in Table 6. The data is presented in Table 7. The data is presented in Table 8. The data is presented in Table 9. The data is presented in Table 10. The data is presented in Table 11. The data is presented in Table 12. The data is presented in Table 13. The data is presented in Table 14. The data is presented in Table 15. The data is presented in Table 16. The data is presented in Table 17. The data is presented in Table 18. The data is presented in Table 19. The data is presented in Table 20. The data is presented in Table 21. The data is presented in Table 22. The data is presented in Table 23. The data is presented in Table 24. The data is presented in Table 25. The data is presented in Table 26. The data is presented in Table 27. The data is presented in Table 28. The data is presented in Table 29. The data is presented in Table 30. The data is presented in Table 31. The data is presented in Table 32. The data is presented in Table 33. The data is presented in Table 34. The data is presented in Table 35. The data is presented in Table 36. The data is presented in Table 37. The data is presented in Table 38. The data is presented in Table 39. The data is presented in Table 40. The data is presented in Table 41. The data is presented in Table 42. The data is presented in Table 43. The data is presented in Table 44. The data is presented in Table 45. The data is presented in Table 46. The data is presented in Table 47. The data is presented in Table 48. The data is presented in Table 49. The data is presented in Table 50. The data is presented in Table 51. The data is presented in Table 52. The data is presented in Table 53. The data is presented in Table 54. The data is presented in Table 55. The data is presented in Table 56. The data is presented in Table 57. The data is presented in Table 58. The data is presented in Table 59. The data is presented in Table 60. The data is presented in Table 61. The data is presented in Table 62. The data is presented in Table 63. The data is presented in Table 64. The data is presented in Table 65. The data is presented in Table 66. The data is presented in Table 67. The data is presented in Table 68. The data is presented in Table 69. The data is presented in Table 70. The data is presented in Table 71. The data is presented in Table 72. The data is presented in Table 73. The data is presented in Table 74. The data is presented in Table 75. The data is presented in Table 76. The data is presented in Table 77. The data is presented in Table 78. The data is presented in Table 79. The data is presented in Table 80. The data is presented in Table 81. The data is presented in Table 82. The data is presented in Table 83. The data is presented in Table 84. The data is presented in Table 85. The data is presented in Table 86. The data is presented in Table 87. The data is presented in Table 88. The data is presented in Table 89. The data is presented in Table 90. The data is presented in Table 91. The data is presented in Table 92. The data is presented in Table 93. The data is presented in Table 94. The data is presented in Table 95. The data is presented in Table 96. The data is presented in Table 97. The data is presented in Table 98. The data is presented in Table 99. The data is presented in Table 100.

87

T. ROWE PRICE RETIREMENT 2050 FUND

out only on the exchange or clearinghouse where the contracts were cleared. This ability
is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it

NOTE: LIABILITIES AND PARTY TRANSACTIONS

88

T. ROWE PRICE RETIREMENT 2050 FUND

At November 30, 2022, the cost of investments (including derivatives, if any) for federal
investment was estimated by 8.5% from the total amount of future financial assets (US$349
million) to 2.5% from the total amount of future financial assets (US$349
million) to 2.5% from the total amount of future financial assets (US$349
million) to 2.5% from the total amount of future financial assets (US$349
million) to 2.5% from the total amount of future financial assets (US$349
million) to 2.5% from the total amount of future financial assets (US$349

89

T. ROWE PRICE RETIREMENT 2050 FUND

The fund may invest in the T. Rowe Price Transition Fund (Transition Fund) to

RECORDS

NOTE: The fund may invest in the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to
the T. Rowe Price Transition Fund (Transition Fund) to

90

T. ROWE PRICE RETIREMENT 2050 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

Investments: both remain in the fund's assets. While typically not sold in the same
uncompared with those of the United States, the Investment Company, Inc.
and its subsidiaries, and other companies, are not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company's fund is not limited to the investment company's
funding. The investment company

91

T. ROWE PRICE RETIREMENT 2050 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 T. Rowe Price Retirement Fund. The Adviser is responsible for overseeing the day-to-day operations of the T. Rowe Price Retirement Fund. The Adviser is responsible for overseeing the day-to-day operations of the T. Rowe Price Retirement Fund. The Adviser is responsible for overseeing the day-to-day operations of the T. Rowe Price Retirement Fund. The Adviser is responsible for overseeing the day-to-day operations of the T. Rowe Price Retirement Fund.

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**
In February 2052, Russian forces entered Ukraine and commenced an armed conflict between the T. Rowe Price Retirement Fund and the T. Rowe Price Retirement Fund. The T. Rowe Price Retirement Fund was established in 1950 by the T. Rowe Price Retirement Fund. The T. Rowe Price Retirement Fund was established in 1950 by the T. Rowe Price Retirement Fund. The T. Rowe Price Retirement Fund was established in 1950 by the T. Rowe Price Retirement Fund. The T. Rowe Price Retirement Fund was established in 1950 by the T. Rowe Price Retirement Fund.

92

T. ROWE PRICE RETIREMENT 2050 FUND

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

Approximately the SEC's website (see text) in addition, most T. Rowe Price funds. The LRC's website (see text) in addition, most T. Rowe Price funds. This will be subject to a review of the LRC's report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress. The LRC's report also includes a report on the LRC's progress.

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

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

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

93

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, unless approved or waivers were granted to this code of ethics during the registrant's most recent year. The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following

Item 3. Notice of the following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The

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

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

Item 4. Principal Accountant Fees and Services

The following table provides the information in English:

The following table provides the information in English:

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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

(a) The registrant's role of which positions in particular interest and the official lone

(1) for investment purposes and derivatives, short-term and long-term cash flow projections

Small Business Plans access to stocks, ETFs,

(2) See the Form N-CSR for 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 ________________________
Cash and cash equivalents, as well as available borrowing arrangements.
T. Rowe Price
Municipal Executive Officer
Gifts and transfers to a
related expenses
child (UGMA/UTMAs)
Date ________________________
Active Pay Periods 1
for online investing
powered by experts
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 the holder of the holder:
visit troweprice.com/broadrange

By ________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By ________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

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

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

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

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

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

P166-051 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
2050 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 2050 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Retirement 2050 Fund

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

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

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

---

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

---