# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014028
**Filing Date:** 2023-1
**Character Count:** 172239
**Document Hash:** 073ea4c82f92a085d52ca258031b2f89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014028.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014028

**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:** 23546927

**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 2030 Fund (Series ID: S000002112)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005493 | T. Rowe Price Retirement 2030 Fund               | TRRCX           |
| C000005494 | T. Rowe Price Retirement 2030 Fund-Advisor Class | PARCX           |
| C000005495 | T. Rowe Price Retirement 2030 Fund- R Class      | RRTCX           |

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

56

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

57

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

58

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

59

T. ROWE PRICE RETIREMENT FUNDS

# **QUARTER-END RETURNS**

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

60

T. ROWE PRICE RETIREMENT FUNDS---

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

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

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

61

T. ROWE PRICE RETIREMENT FUNDS

# QUARTER-END RETURNS (CONTINUED)

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

investment goals.

Retirement 2030 Fund-

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

62

T.RowePrice®

# You have many

Explore products and services that can help

Advisor Class
you achieve them

TRRCX

PARCX

T. ROWE PRICE

Retirement 2030 Fund

Retirement 2030 Fund-
Advisor Class

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

(Unaudited)

| SEMIANNUAL REPORT |  | For a share outstanding throughout each period |  |
| --- | --- | --- | --- |
| Advisory Class | GENERAL INVESTING | COLLEGE | SAVINGS |
| November 30, 2022 |  |  |  |
| Retirement 2080 Fund- | Individual or Joint | T. Rowe Price managed |  |
| ID for Traditional Staff |  |  |  |
| Investor Class | General | 529 plans offer tax- |  |
| Up | Year | 7.62 | 1.32 |
| @ Fund | 2.00 | 1.32 | 10/13/20- |
| Ended | Brokerage 2 offers | advantaged solutions |  |
| Small Business Plan | Brokerage 2 offers | for families saving |  |
| NET ASSET VALUE | Brokerage 2 offers | money and college | 5/31/18 |
| Beginning of period | $25.89 | $24.48 | $24.77 |
|  |  | $24.77 |  |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

| FINANCIAL - TRUST CASES |  | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  | Gifts and transfers for a share outstanding throughout each period |  |  |  |  |
| R Class |  | child (UGMA/UTMAs) |  |  |  |  |
| T. Rowe Price ® |  | related expenses |  |  |  |  |
| ActivePlus Portfolios 1 |  | Trust |  |  |  |  |
| Investor Class | 0.10 | 0.34 | 0.25 | 0.43 | 0.43 | 0.40 |
|  | 5 Months | Transfer on Death |  |  |  |  |
|  | £0.50 | £0.66 | 7.80 | 1.17 | (0.33) | 1.98 |
| 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 | (2.20)% | (8.42)% | 33.53% | 6.28% | 1.14% | 9.65% |
| income | - | (0.32) | (0.31) | (0.49) | (0.44) | (0.40) |

65

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

# FINANCIAL TIMING RATES

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment
Rat. The share is not to be included using a range of shares outstanding, method 1.50, and a 1.50, which is not a result of the results of expense-related arrangements with Price Associates, Effective April 1, before the fund began charging an all-inclusive management fee based on the class' average daily
NET ASSET VALUE
End of period: 2013, Class 2012, Class 2011, Class 2010, Class 2009, Class 2008, Class 2007, Class 2006, Class 2005, Class 2004, Class 2003, Class 2002, Class 2001, Class 2000, Class 1999, Class 1998, Class 1997, Class 1996, Class 1995, Class 1994, Class 1993, Class 1992, Class 1991, Class 1990, Class 1989, Class 1988, Class 1987, Class 1986, Class 1985, Class 1984, Class 1983, Class 1982, Class 1981, Class 1980, Class 1979, Class 1978, Class 1977, Class 1976, Class 1975, Class 1974, Class 1973, Class 1972, Class 1971, Class 1970, Class 1969, Class 1968, Class 1967, Class 1966, Class 1965, Class 1964, Class 1963, Class 1962, Class 1961, Class 1960, Class 1959, Class 1958, Class 1957, Class 1956, Class 1955, Class 1954, Class 1953, Class 1952, Class 1951, Class 1950, Class 1949, Class 1948, Class 1947, Class 1946, Class 1945, Class 1944, Class 1943, Class 1942, Class 1941, Class 1940, Class 1939, Class 1938, Class 1937, Class 1936, Class 1935, Class 1934, Class 1933, Class 1932, Class 1931, Class 1930, Class 1929, Class 1928, Class 1927, Class 1926, Class 1925, Class 1924, Class 1923, Class 1922, Class 1921, Class 1920, Class 1919, Class 1918, Class 1917, Class 1916, Class 1915, Class 1914, Class 1913, Class 1912, Class 1911, Class 1910, Class 1909, Class 1908, Class 1907, Class 1906, Class 1905, Class 1904, Class 1903, Class 1902, Class 1901, Class 1900, Class 1899, Class 1898, Class 1897, Class 1896, Class 1895, Class 1894, Class 1893, Class 1892, Class 1891, Class 1890, Class 1889, Class 1888, Class 1887, Class 1886, Class 1885, Class 1884, Class 1883, Class 1882, Class 1881, Class 1880, Class 1879, Class 1878, Class 1877, Class 1876, Class 1875, Class 1874, Class 1873, Class 1872, Class 1871, Class 1870, Class 1869, Class 1868, Class 1867, Class 1866, Class 1865, Class 1864, Class 1863, Class 1862, Class 1861, Class 1860, Class 1859, Class 1858, Class 1857, Class 1856, Class 1855, Class 1854, Class 1853, Class 1852, Class 1851, Class 1850, Class 1849, Class 1848, Class 1847, Class 1846, Class 1845, Class 1844, Class 1843, Class 1842, Class 1841, Class 1840, Class 1839, Class 1838, Class 1837, Class 1836, Class 1835, Class 1834, Class 1833, Class 1832, Class 1831, Class 1830, Class 1829, Class 1828, Class 1827, Class 1826, Class 1825, Class 1824, Class 1823, Class 1822, Class 1821, Class 1820, Class 1819, Class 1818, Class 1817, Class 1816, Class 1815, Class 1814, Class 1813, Class 1812, Class 1811, Class 1810, Class 1809, Class 1808, Class 1807, Class 1806, Class 1805, Class 1804, Class 1803, Class 1802, Class 1801, Class 1800, Class 1799, Class 1798, Class 1797, Class 1796, Class 1795, Class 1794, Class 1793, Class 1792, Class 1791, Class 1790, Class 1789, Class 1788, Class 1787, Class 1786, Class 1785, Class 1784, Class 1783, Class 1782, Class 1781, Class 1780, Class 1779, Class 1778, Class 1777, Class 1776, Class 1775, Class 1774, Class 1773, Class 1772, Class 1771, Class 1770, Class 1769, Class 1768, Class 1767, Class 1766, Class 1765, Class 1764, Class 1763, Class 1762, Class 1761, Class 1760, Class 1759, Class 1758, Class 1757, Class 1756, Class 1755, Class 1754, Class 1753, Class 1752, Class 1751, Class 1750, Class 1749, Class 1748, Class 1747, Class 1746, Class 1745, Class 1744, Class 1743, Class 1742, Class 1741, Class 1740, Class 1739, Class 1738, Class 1737, Class 1736, Class 1735, Class 1734, Class 1733, Class 1732, Class 1731, Class 1730, Class 1729, Class 1728, Class 1727, Class 1726, Class 1725, Class 1724, Class 1723, Class 1722, Class 1721, Class 1720, Class 1719, Class 1718, Class 1717, Class 1716, Class 1715, Class 1714, Class 1713, Class 1712, Class 1711, Class 1710, Class 1709, Class 1708, Class 1707, Class 1706, Class 1705, Class 1704, Class 1703, Class 1702, Class 1701, Class 1700, Class 1699, Class 1698, Class 1697, Class 1696, Class 1695, Class 1694, Class 1693, Class 1692, Class 1691, Class 1690, Class 1689, Class 1688, Class 1687, Class 1686, Class 1685, Class 1684, Class 1683, Class 1682, Class 1681, Class 1680, Class 1679, Class 1678, Class 1677, Class 1676, Class 1675, Class 1674, Class 1673, Class 1672, Class 1671, Class 1670, Class 1669, Class 1668, Class 1667, Class 1666, Class 1665, Class 1664, Class 1663, Class 1662, Class 1661, Class 1660, Class 1659, Class 1658, Class 1657, Class 1656, Class 1655, Class 1654, Class 1653, Class 1652, Class 1651, Class 1650, Class 1649, Class 1648, Class 1647, Class 1646, Class 1645, Class 1644, Class 1643, Class 1642, Class 1641, Class 1640, Class 1639, Class 1638, Class 1637, Class 1636, Class 1635, Class 1634, Class 1633, Class 1632, Class 1631, Class 1630, Class 1629, Class 1628, Class 1627, Class 1626, Class 1625, Class 1624, Class 1623, Class 1622, Class 1621, Class 1620, Class 1619, Class 1618, Class 1617, Class 1616, Class 1615, Class 1614, Class 1613, Class 1612, Class 1611, Class 1610, Class 1609, Class 1608, Class 1607, Class 1606, Class 1605, Class 1604, Class 1603, Class 1602, Class 1601, Class 1600, Class 1599, Class 1598, Class 1597, Class 1596, Class 1595, Class 1594, Class 1593, Class 1592, Class 1591, Class 1590, Class 1589, Class 1588, Class 1587, Class 1586, Class 1585, Class 1584, Class 1583, Class 1582, Class 1581, Class 1580, Class 1579, Class 1578, Class 1577, Class 1576, Class 1575, Class 1574, Class 1573, Class 1572, Class 1571, Class 1570, Class 1569, Class 1568, Class 1567, Class 1566, Class 1565, Class 1564, Class 1563, Class 1562, Class 1561, Class 1560, Class 1559, Class 1558, Class 1557, Class 1556, Class 1555, Class 1554, Class 1553, Class 1552, Class 1551, Class 1550, Class 1549, Class 1548, Class 1547, Class 1546, Class 1545, Class 1544, Class 1543, Class 1542, Class 1541, Class 1540, Class 1539, Class 1538, Class 1537, Class 1536, Class 1535, Class 1534, Class 1533, Class 1532, Class 1531, Class 1530, Class 1529, Class 1528, Class 1527, Class 1526, Class 1525, Class 1524, Class 1523, Class 1522, Class 1521, Class 1520, Class 1519, Class 1518, Class 1517, Class 1516, Class 1515, Class 1514, Class 1513, Class 1512, Class 1511, Class 1510, Class 1509, Class 1508, Class 1507, Class 1506, Class 1505, Class 1504, Class 1503, Class 1502, Class 1501, Class 1500, Class 1499, Class 1498, Class 1497, Class 1496, Class 1495, Class 1494, Class 1493, Class 1492, Class 1491, Class 1490, Class 1489, Class 1488, Class 1487, Class 1486, Class 1485, Class 1484, Class 1483, Class 1482, Class 1481, Class 1480, Class 1479, Class 1478, Class 1477, Class 1476, Class 1475, Class 1474, Class 1473, Class 1472, Class 1471, Class 1470, Class 1469, Class 1468, Class 1467, Class 1466, Class 1465, Class 1464, Class 1463, Class 1462, Class 1461, Class 1460, Class 1459, Class 1458, Class 1457, Class 1456, Class 1455, Class 1454, Class 1453, Class 1452, Class 1451, Class 1450, Class 1449, Class 1448, Class 1447, Class 1446, Class 1445, Class 1444, Class 1443, Class 1442, Class 1441, Class 1440, Class 1439, Class 1438, Class 1437, Class 1436, Class 1435, Class 1434, Class 1433, Class 1432, Class 1431, Class 1430, Class 1429, Class 1428, Class 1427, Class 1426, Class 1425, Class 1424, Class 1423, Class 1422, Class 1421, Class 1420, Class 1419, Class 1418, Class 1417, Class 1416, Class 1415, Class 1414, Class 1413, Class 1412, Class 1411, Class 1410, Class 1409, Class 1408, Class 1407, Class 1406, Class 1405, Class 1404, Class 1403, Class 1402, Class 1401, Class 1400, Class 1399, Class 1398, Class 1397, Class 1396, Class 1395, Class 1394, Class 1393, Class 1392, Class 1391, Class 1390, Class 1389, Class 1388, Class 1387, Class 1386, Class 1385, Class 1384, Class 1383, Class 1382, Class 1381, Class 1380, Class 1379, Class 1378, Class 1377, Class 1376, Class 1375, Class 1374, Class 1373, Class 1372, Class 1371, Class 1370, Class 1369, Class 1368, Class 1367, Class 1366, Class 1365, Class 1364, Class 1363, Class 1362, Class 1361, Class 1360, Class 1359, Class 1358, Class 1357, Class 1356, Class 1355, Class 1354, Class 1353, Class 1352, Class 1351, Class 1350, Class 1349, Class 1348, Class 1347, Class 1346, Class 1345, Class 1344, Class 1343, Class 1342, Class 1341, Class 1340, Class 1339, Class 1338, Class 1337, Class 1336, Class 1335, Class 1334, Class 1333, Class 1332, Class 1331, Class 1330, Class 1329, Class 1328, Class 1327, Class 1326, Class 1325, Class 1324, Class 1323, Class 1322, Class 1321, Class 1320, Class 1319, Class 1318, Class 1317, Class 1316, Class 1315, Class 1314, Class 1313, Class 1312, Class 1311, Class 1310, Class 1309, Class 1308, Class 1307, Class 1306, Class 1305, Class 1304, Class 1303, Class 1302, Class 1301, Class 1300, Class 1299, Class 1298, Class 1297, Class 1296, Class 1295, Class 1294, Class 1293, Class 1292, Class 1291, Class 1290, Class 1289, Class 1288, Class 1287, Class 1286, Class 1285, Class 1284, Class 1283, Class 1282, Class 1281, Class 1280, Class 1279, Class 1278, Class 1277, Class 1276, Class 1275, Class 1274, Class 1273, Class 1272, Class 1271, Class 1270, Class 1269, Class 1268, Class 1267, Class 1266, Class 1265, Class 1264, Class 1263, Class 1262, Class 1261, Class 1260, Class 1259, Class 1258, Class 1257, Class 1256, Class 1255, Class 1254, Class 1253, Class 1252, Class 1251, Class 1250, Class 1249, Class 1248, Class 1247, Class 1246, Class 1245, Class 1244, Class 1243, Class 1242, Class 1241, Class 1240, Class 1239, Class 1238, Class 1237, Class 1236, Class 1235, Class 1234, Class 1233, Class 1232, Class 1231, Class 1230, Class 1229, Class 1228, Class 1227, Class 1226, Class 1225, Class 1224, Class 1223, Class 1222, Class 1221, Class 1220, Class 1219, Class 1218, Class 1217, Class 1216, Class 1215, Class 1214, Class 1213, Class 1212, Class 1211, Class 1210, Class 1209, Class 1208, Class 1207, Class 1206, Class 1205, Class 1204, Class 1203, Class 1202, Class 1201, Class 1200, Class 1199, Class 1198, Class 1197, Class 1196, Class 1195, Class 1194, Class 1193, Class 1192, Class 1191, Class 1190, Class 1189, Class 1188, Class 1187, Class 1186, Class 1185, Class 1184, Class 1183, Class 1182, Class 1181, Class 1180, Class 1179, Class 1178, Class 1177, Class 1176, Class 1175, Class 1174, Class 1173, Class 1172, Class 1171, Class 1170, Class 1169, Class 1168, Class 1167, Class 1166, Class 1165, Class 1164, Class 1163, Class 1162, Class 1161, Class 1160, Class 1159, Class 1158, Class 1157, Class 1156, Class 1155, Class 1154, Class 1153, Class 1152, Class 1151, Class 1150, Class 1149, Class 1148, Class 1147, Class 1146, Class 1145, Class 1144, Class 1143, Class 1142, Class 1141, Class 1140, Class 1139, Class 1138, Class 1137, Class 1136, Class 1135, Class 1134, Class 1133, Class 1132, Class 1131, Class 1130, Class 1129, Class 1128, Class 1127, Class 1126, Class 1125, Class 1124, Class 1123, Class 1122, Class 1121, Class 1120, Class 1119, Class 1118, Class 1117, Class 1116, Class 1115, Class 1114, Class 1113, Class 1112, Class 1111, Class 1110, Class 1109, Class 1108, Class 1107, Class 1106, Class 1105, Class 1104, Class 1103, Class 1102, Class 1101, Class 1100, Class 1099, Class 1098, Class 1097, Class 1096, Class 1095, Class 1094, Class 1093, Class 1092, Class 1091, Class 1090, Class 1089, Class 1088, Class 1087, Class 1086, Class 1085, Class 1084, Class 1083, Class 1082, Class 1081, Class 1080, Class 1079, Class 1078, Class 1077, Class 1076, Class 1075, Class 1074, Class 1073, Class 1072, Class 1071, Class 1070, Class 1069, Class 1068, Class 1067, Class 1066, Class 1065, Class 1064, Class 1063, Class 1062, Class 1061, Class 1060, Class 1059, Class 1058, Class 1057, Class 1056, Class 1055, Class 1054, Class 1053, Class 1052, Class 1051, Class 1050, Class 1049, Class 1048, Class 1047, Class 1046, Class 1045, Class 1044, Class 1043, Class 1042, Class 1041, Class 1040, Class 1039, Class 1038, Class 1037, Class 1036, Class 1035, Class 1034, Class 1033, Class 1032, Class 1031, Class 1030, Class 1029, Class 1028, Class 1027, Class 1026, Class 1025, Class 1024, Class 1023, Class 1022, Class 1021, Class 1020, Class 1019, Class 1018, Class 1017, Class 1016, Class 1015, Class 1014, Class 1013, Class 1012, Class 1011, Class 1010, Class 1009, Class 1008, Class 1007, Class 1006, Class 1005, Class 1004, Class 1003, Class 1002, Class 1001, Class 1000, Class 1999, Class 2000

66

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

PROPOSAL SUMMARY

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

Advisor Class

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| --- |

67

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

# FINANCIAL HOLDINGS

For a share outstanding throughout each period

| Advisor Class | $10,714 6 Months Ended | $14,783 Year Ended | $18,187 7.72 | $15,310 1.16 | $17,308 (0.31) | $19,319 1.96 |
| --- | --- | --- | --- | --- | --- | --- |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| Total return income | (2.31)% | (8.66)% (0.24) | 33.17% (0.27) | 6.02% (0.42) | 0.93% (0.37) | 9.41% (0.33) |

68

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally Price is a investment associated using average shares outstanding method. (1.53) (0.59)
The investment for 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
net assets. The fund converted 0.33% to 0.34% on each underlying Price
NET ASSET VALUE
End of period: $24.08 Class, 26.57 has a 30.53% expense of less 24.07 Class, 25.92
Payment for Products the rate that an investor would have earned on an investment in the fund
Assumes each period, assuming the investments of all distributions, and payment of the redemption for
Weighted average applicable. Total return is not annualized for periods less than one year. The fund's
net expense may be higher or lower than the investment results of the individual underlying Price

69

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class

|  | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| expressed as annualized | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| NET ASSET VALUE | 11.0% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% |
| Based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative average investment therein | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Investment activities | 15.1% | 33.0% | 29.4% | 16.8% | 18.1% | 27.7% |  |  |  |  |
| Net assets, end of Net investment |  |  |  |  |  |  |  |  |  |  |

70

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

FINANCIAL - INPUT CASES

For a share outstanding throughout each period

| pR Class | 31/03/30 6 Months | 31/04/31 Year | 32/04/31 Financial Statements | 32/05/31 7.65 | 32/06/31 1.14 | 32/07/31 (0.30) | 32/08/31 1.94 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| T | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |  |
| Total from investment |  |  |  |  |  |  |  |
| Ratios/Supplemental Distributions | Data |  |  |  |  |  |  |
| Total return income | (2.45)% | (8.87)% | 32.89% | 5.75% | 0.66% | 9.11% |  |
|  | - | (0.17) | (0.23) | (0.36) | (0.30) | (0.27) |  |

71

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally. The share is associated using average shares outstanding method. (1.53) (0.59)
The results for 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
net assets. The fund is converted to investments from each underlying Price
End of period. Class 2016 Class 2025 has a 30.29% 24.01% of less 23.65.01% 25.69
Payment by the present is inconsistent with the fund's results of operations because of the timing
of assumptions of fund shares in relation to fluctuating market values for the 0.50% of the
investment. When the fund reflects the rate that an investor would have earned on an investment in the fund
net during the period, assuming reinvestment of all distributions, and payment of no redemption or

72

T. ROWE PRICE RETIREMENT 2030 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS, 25.5%**
1. The fund's total return is not annualized for periods less than one year. The fund's underlying Price Funds, now more than the investment results of the individual underlying Price Funds return than the other or lower than the investment results of the individual underlying Price Funds return.
2. The income Fund 1,847,760 33,578 217,982 194,762,151 1,581,469
3. The fund's net income Fund 1,847,760 and does not include the activity of the underlying Price Funds.
4. The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.
5. Annualized 0.38% 1.20% 1.19% 1.05%
6. The fund's net income Fund 1,847,760 and does not include the activity of the underlying Price Funds.
7. The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.
8. Annualized 0.38% 1.20% 1.19% 1.05%
9. The fund's net income Fund 1,847,760 and does not include the activity of the underlying Price Funds.
10. The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.
11. Annualized 0.38% 1.20% 1.19% 1.05%
12. The fund's net income Fund 1,847,760 and does not include the activity of the underlying Price Funds.
13. The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.
14. Annualized 0.38% 1.20% 1.19% 1.05%

Note: The fund's net income Fund 1,847,760 and does not include the activity of the underlying Price Funds.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.[{"box_2d": [31, 238, 617, 238], "label": "text", "Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests."}]

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.[{"box_2d": [31, 238, 617, 238], "label": "text", "Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests."}][{"box_2d": [31, 238, 617, 238], "label": "text", "Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests."}]

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.

Note: The investment performance of the fund is directly related to the investment performance not included in the underlying Price Funds in which it invests.[{"box_2d": [31, 238, 617, 238], "label": "text", "caption":

T. ROWE PRICE RETIREMENT 2030 FUND

| DESCRIPTION OF INVESTMENT | $ Value | $ Purchase | $ Sales | Shares/Par | $ Value |
| --- | --- | --- | --- | --- | --- |
| Fund | 57,492 | 93,785 | 41,362 | 69,463,237 | 5,000 |
| Dynamic Global Bond Fund | 517,113 | 6,925 | 98,109 | 43,525,610 | 415,670 |
| (Cost and value in 2000s) |  |  |  |  |  |
| SHORT-TERM INVESTMENTS 3.4% |  |  |  |  |  |
| per Capita | $1,455 | 53,132 | 261,943 | 71,621,643 | 334,473 |
| Emerging Markets Bond Fund | 287,187 | 54,283 | 15,372 | 36,306,911 | 307,520 |
| U.S. Treasury Obligations 0.1% |  |  |  |  |  |
| The Company's note on an integral part of these financial statements. | 286,918 | 39,208 | 14,153 | 52,452,940 | 295,310 |
| Floating Rate Fund | 252,784 | 6,336 | 103,558 | 17,662,721 | 159,494 |
| 2/9/23 (4) |  |  |  | 16,000,000 | 15,871 |

74

T. ROWE PRICE RETIREMENT 2030 FUND

Total Bond Mutual Funds (Cost $4,954,267)

4,248,147

EQUITY MUTUAL FUNDS 71.2%

| 100.00% of Net Assets (Cost $13,775,214) |  |  |  |  | $16,710,567 |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 2,220,207 | 632 | 381,533 | 46,321,777 | 2,030,305 |
| GROWTH Stock Fund (2) | 1,727,662 | 243,692 | 71,552 | 25,827,838 | 1,813,889 |
| Equity Index 500 Fund | 1,519,267 | 30,732 | 126,026 | 11,338,699 | 1,208,364 |
| Overseas Stock Fund | 1,048,753 | 40,886 | 159,594 | 1,000,000 | 1,000,000 |
| (1) Each underlying | Price Fund is an affiliated company. The fund is invested |  |  |  |  |
| International Value Equity Fund | 1,097,636 | 269 | 159,685 | 62,000,000 | 500,000 |

75

T. ROWE PRICE RETIREMENT 2030 FUND[{"box_2d": [35, 85, 609, 190], "label": "table", "caption": "

| Long, 50 MSCI EAF Fund | 12,221 | 4,940 | 4,940 | 781 |
| --- | --- | --- | --- | --- |
| International Stock Fund | 1,000,000 | 415 | 21,064 | 1,000,000 |
| Short, 59 Russell 2000 | 1,000,000 | 415 | 21,064 | 1,000,000 |
| Short, 59 Russell 2000 | 1,000,000 | 415 | 21,064 | 1,000,000 |
| Short, 59 Russell 2000 | 1,000,000 | 415 | 21,064 | 1,000,000 |
| Short, 59 Russell 2000 | 1,000,000 |  |  |  |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |
| Short, 59 Russell 2000 | 1,000,000 |  |  |  |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |
| Short, 59 Russell 2000 | 1,000,000 |  |  |  |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |
| Short, 59 Russell 2000 | 1,000,000 |  |  |  |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table></table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table></table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table></table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table></table>

| Short, 59 Russell 2000 | 1,000,000 |  |  |  |
| --- | --- | --- | --- | --- |

</table></table><tr><td>Short, 59 Russell 2000</td><td>1,000,000</td><td></td><td></td><td></td></tr></table></table></table></table></

T. ROWE PRICE RETIREMENT 2030 FUND

November 30, 2022 (Unaudited)

securities, or a company that is under common ownership or control. The following securities were
consolidated, affiliated companies for all or some portion of the six months ended November 30, 2022.
Small Cap Stock Fund 355,316 84 28,118 5,763,827 330,669
Net Realized gain (loss), investment income, and change in net unrealized gain/loss reflect all activity
of the period, then ended.
37% 368 81 68,602 5,386,037 293,808
New Horizons Fund (2) 203,115 59 17,876 3,831,971 198,113

| Assets | Net Realized Gain (Loss) | Change in Net Unrealized Gain/Loss | 11,891,618 16,720,307 Income |
| --- | --- | --- | --- |
| Total Equity Mutual Funds (Cost $8,250,071) |  |  |  |
| Investments in securities, at value (cost $13,775,116) |  |  |  |
| Affiliate |  |  |  |
| Investments in securities, at value (cost $13,775,116) |  |  |  |
| OTHER MUTUAL FUNDS (Gross) |  |  |  |
| T. Rowe Price Funds |  |  |  |
| Shares sold |  |  | 5,387 |
| Total assets |  |  | 16,727,227 |

**Liabilities**

Payable for shares redeemed 16,657

77

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | $(234) | $(10,258) | $6,802 |
| --- | --- | --- | --- |
| Discounted noninterest income | 424,026 | 423,650 | 36,470 |
| Total Other Mutual Funds (Cost of 2030) | (3,158) | (18,578) | 9,417 |
| Emerging Noninterest Income (Cost of 2030) | (40) | (16,128) | 2,517 |
| Emerging Noninterest Income (Cost of 2030) |  | (25,740) | - |
| SHORT-TERM INVESTMENTS 3.4% | 1,000 | (204,609) | 10,000 |
| Short-term investments and administrative fees payable |  |  |  |
| Money Market Funds 3.3% | (7,819) | 3,932 | 6 Months |
| Short-term noninterest income payable on futures contracts |  |  |  |
| T. Rowe Price U.S. Treasury | 2,824 | (85,913) | Ended |
| Growth on liabilities |  |  | 11/30/2030 |
| Money |  |  | 11/30/2030 |
| High |  |  |  |
| Investment Income (Loss) |  |  |  |
| NET ASSETS |  |  | $16,698,513 |
| Income distributions from underlying Price Funds |  |  | $115,838 |
| Net Assets Consist of: |  |  | 93 |
| Total income |  |  | 115,931 |

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

78

# T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

| STATEMENT OF VALUE (Unfunded) | (4,836) | (23,608) | 7,232 |
| --- | --- | --- | --- |
| International Stock Fund | (3,469) | (7,883) | - |
| International Value Equity Fund | (1,870) | (37,672) | - |
| Limited Duration Inflation Focused Bond Fund | (5,006) | (34,269) | 24,002 |
| Mid-Care Growth Fund | (165) | 8,543 | 4,197,590 |
| Mid-Care Growth Fund applicable to 661,981,800 shares of $0.0078 par |  | 6 Months Ended | 4 Months Ended |
| New Net Investment Management and Administrative Expense |  | 11/30/22 | 5/31/22 |
| New Income (Decrease) in Net Assets | (25,909) | (61,867) | 12,580,000 |
| Overseas Stock Fund | 6,750 | (35,146) | - |
| NET ASSETS |  | 3,604 | 16,898,513 |
| Net expenses | $ | 61,793 | 64,138 |
| Net external income |  | 261,772 | 2,545,486 |
| Net realized gain / loss |  | (770,127) | (4,423,848) |
| Net realized gain / loss |  | (446,562) | (1,652,464) |
| Decrease in net assets from operations |  |  |  |

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

79

T. ROWE PRICE RETIREMENT 2030 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| ($000) | 123 | (22,737) | - |
| Small-Cap Stock Fund | 3,086 | 3,677 | - |
| Small-Cap Value Fund | 16,202 | (16,539) | - |
| Transition Fund | 1,581 | 12 | 351 |
| Realized and Unrealized Gain / Loss | (2,182) | 6 Months | Year |
| Unrealized Loss Fund | 497 | 402 | - |
| Unrealized Loss Fund | 497 | 21,618 | $25.32 |
| Unrealized Loss Fund | (23,153) | 11/30/22 | 25,000 |
| Unrealized Loss Fund | (23,153) | (56,785) | 2,786 |
| Net Assets | 15,251 | (103,001) | $23,256 |
| Value (55,425,966,706 / 65,259,516 shares outstanding) |  | (1,480,379) | (1,455,404,498) |
| Current gain distributions from underlying Price Funds |  | - | (4,369,528) |
| Total of Funds |  | 18,178,892 | 22,800,000 |
| Total of Funds |  | - | 22,800,000 |
| ($1,454,414,992 / 59,033,188 shares outstanding) |  | $16,698,513 | $18,178,892 |
| End of period |  | - | (1,850,292) |
| Decrease in net assets from distributions |  | - |  |

*Share information (000s)

80

T. ROWE PRICE RETIREMENT 2030 FUND

Unaudited

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| (S000s) |  |  |  |
| Totals | $238,506# | $(753,707) | $115,838+ |

# Capital gain distributions from underlying Price funds represented $1,975 of the net realized gain / loss
(Underlying Price Fund Act of 1940 (the 1940 Act), T. Rowe Price Retirement (753,707) Fund
Investment income comprised $115,838 of income distributions from underlying Price Funds
(the 1940) is a diversified, open-end management investment company and is one of
the most effective, established by the corporation. The fund invested in a portfolio of
the 1940 is not unrealized gain / loss (753,707)
The Fund Invested and Fund funds (underlying Price Funds) that represent
the 1940 is unrealized gain / loss (753,707)
The fund's allocation among underlying Price Funds is 50,875
DECREASE IN NET ASSETS FROM OPERATIONS (over the 50,875)
The fund's 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 2030 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Retirement Funds, Inc. (the corporation), is registered under the transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cash flows. Premiums and discounts on debt securities are amortized for financial statements. The total line price classes of shares, the Retirement 2030 Fund, are listed in the following table: (1) The Retirement 2030 Fund, is listed in the following table: (2) The Retirement 2030 Fund, is listed in the following table: (3) The Retirement 2030 Fund, is listed in the following table: (4) The Retirement 2030 Fund, is listed in the following table: (5) The Retirement 2030 Fund, is listed in the following table: (6) The Retirement 2030 Fund, is listed in the following table: (7) The Retirement 2030 Fund, is listed in the following table: (8) The Retirement 2030 Fund, is listed in the following table: (9) The Retirement 2030 Fund, is listed in the following table: (10) The Retirement 2030 Fund, is listed in the following table: (11) The Retirement 2030 Fund, is listed in the following table: (12) The Retirement 2030 Fund, is listed in the following table: (13) The Retirement 2030 Fund, is listed in the following table: (14) The Retirement 2030 Fund, is listed in the following table: (15) The Retirement 2030 Fund, is listed in the following table: (16) The Retirement 2030 Fund, is listed in the following table: (17) The Retirement 2030 Fund, is listed in the following table: (18) The Retirement 2030 Fund, is listed in the following table: (19) The Retirement 2030 Fund, is listed in the following table: (20) The Retirement 2030 Fund, is listed in the following table: (21) The Retirement 2030 Fund, is listed in the following table: (22) The Retirement 2030 Fund, is listed in the following table: (23) The Retirement 2030 Fund, is listed in the following table: (24) The Retirement 2030 Fund, is listed in the following table: (25) The Retirement 2030 Fund, is listed in the following table: (26) The Retirement 2030 Fund, is listed in the following table: (27) The Retirement 2030 Fund, is listed in the following table: (28) The Retirement 2030 Fund, is listed in the following table: (29) The Retirement 2030 Fund, is listed in the following table: (30) The Retirement 2030 Fund, is listed in the following table: (31) The Retirement 2030 Fund, is listed in the following table: (32) The Retirement 2030 Fund, is listed in the following table: (33) The Retirement 2030 Fund, is listed in the following table: (34) The Retirement 2030 Fund, is listed in the following table: (35) The Retirement 2030 Fund, is listed in the following table: (36) The Retirement 2030 Fund, is listed in the following table: (37) The Retirement 2030 Fund, is listed in the following table: (38) The Retirement 2030 Fund, is listed in the following table: (39) The Retirement 2030 Fund, is listed in the following table: (40) The Retirement 2030 Fund, is listed in the following table: (41) The Retirement 2030 Fund, is listed in the following table: (42) The Retirement 2030 Fund, is listed in the following table: (43) The Retirement 2030 Fund, is listed in the following table: (44) The Retirement 2030 Fund, is listed in the following table: (45) The Retirement 2030 Fund, is listed in the following table: (46) The Retirement 2030 Fund, is listed in the following table: (47) The Retirement 2030 Fund, is listed in the following table: (48) The Retirement 2030 Fund, is listed in the following table: (49) The Retirement 2030 Fund, is listed in the following table: (50) The Retirement 2030 Fund, is listed in the following table: (51) The Retirement 2030 Fund, is listed in the following table: (52) The Retirement 2030 Fund, is listed in the following table: (53) The Retirement 2030 Fund, is listed in the following table: (54) The Retirement 2030 Fund, is listed in the following table: (55) The Retirement 2030 Fund, is listed in the following table: (56) The Retirement 2030 Fund, is listed in the following table: (57) The Retirement 2030 Fund, is listed in the following table: (58) The Retirement 2030 Fund, is listed in the following table: (59) The Retirement 2030 Fund, is listed in the following table: (60) The Retirement 2030 Fund, is listed in the following table: (61) The Retirement 2030 Fund, is listed in the following table: (62) The Retirement 2030 Fund, is listed in the following table: (63) The Retirement 2030 Fund, is listed in the following table: (64) The Retirement 2030 Fund, is listed in the following table: (65) The Retirement 2030 Fund, is listed in the following table: (66) The Retirement 2030 Fund, is listed in the following table: (67) The Retirement 2030 Fund, is listed in the following table: (68) The Retirement 2030 Fund, is listed in the following table: (69) The Retirement 2030 Fund, is listed in the following table: (70) The Retirement 2030 Fund, is listed in the following table: (71) The Retirement 2030 Fund, is listed in the following table: (72) The Retirement 2030 Fund, is listed in the following table: (73) The Retirement 2030 Fund, is listed in the following table: (74) The Retirement 2030 Fund, is listed in the following table: (75) The Retirement 2030 Fund, is listed in the following table: (76) The Retirement 2030 Fund, is listed in the following table: (77) The Retirement 2030 Fund, is listed in the following table: (78) The Retirement 2030 Fund, is listed in the following table: (79) The Retirement 2030 Fund, is listed in the following table: (80) The Retirement 2030 Fund, is listed in the following table: (81) The Retirement 2030 Fund, is listed in the following table: (82) The Retirement 2030 Fund, is listed in the following table: (83) The Retirement 2030 Fund, is listed in the following table: (84) The Retirement 2030 Fund, is listed in the following table: (85) The Retirement 2030 Fund, is listed in the following table: (86) The Retirement 2030 Fund, is listed in the following table: (87) The Retirement 2030 Fund, is listed in the following table: (88) The Retirement 2030 Fund, is listed in the following table: (89) The Retirement 2030 Fund, is listed in the following table: (90) The Retirement 2030 Fund, is listed in the following table: (91) The Retirement 2030 Fund, is listed in the following table: (92) The Retirement 2030 Fund, is listed in the following table: (93) The Retirement 2030 Fund, is listed in the following table: (94) The Retirement 2030 Fund, is listed in the following table: (95) The Retirement 2030 Fund, is listed in the following table: (96) The Retirement 2030 Fund, is listed in the following table: (97) The Retirement 2030 Fund, is listed in the following table: (98) The Retirement 2030 Fund, is listed in the following table: (99) The Retirement 2030 Fund, is listed in the following table:

82

T. ROWE PRICE RETIREMENT 2030 FUND

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

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

83

T. ROWE PRICE RETIREMENT 2030 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 used for any other purpose. The fund is not to be used for any other purpose.

on part of the net revenue of 0.25% and 0.50% respectively, at the market average daily at 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 Company shall be aware on the day of valuation, said securities generally are traded in **in-kind Redemptions** in accordance with guidelines described in the terms 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

**Basis of Preparation**
The Company shall be aware on the day of valuation, said securities generally are traded in **in-kind Redemptions** in accordance with guidelines described in the terms 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

84

T. ROWE PRICE RETIREMENT 2030 FUND

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

voting fair value, the individual, principal, and principal, and the principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal, principal

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

85

T. ROWE PRICE RETIREMENT 2030 FUND[{"box_2d": [70, 110, 632, 214], "label": "text", "caption": "Capital Transactions: The investment can interest with the provisions of the Fund as represented, the
provisions for the current financial position. The investment is not to be used by the
by fund interest in the following value: (NAV) or per share is computed as of the date of the
fiscal, the November 2016, the December 2015, the December 2014, the December 2013, the December 2012, the December 2011, the December 2010, the December 2009, the December 2008, the December 2007, the December 2006, the December 2005, the December 2004, the December 2003, the December 2002, the December 2001, the December 2000, the December 1999, the December 1998, the December 1997, the December 1996, the December 1995, the December 1994, the December 1993, the December 1992, the December 1991, the December 1990, the December 1989, the December 1988, the December 1987, the December 1986, the December 1985, the December 1984, the December 1983, the December 1982, the December 1981, the December 1980, the December 1979, the December 1978, the December 1977, the December 1976, the December 1975, the December 1974, the December 1973, the December 1972, the December 1971, the December 1970, the December 1969, the December 1968, the December 1967, the December 1966, the December 1965, the December 1964, the December 1963, the December 1962, the December 1961, the December 1960, the December 1959, the December 1958, the December 1957, the December 1956, the December 1955, the December 1954, the December 1953, the December 1952, the December 1951, the December 1950, the December 1949, the December 1948, the December 1947, the December 1946, the December 1945, the December 1944, the December 1943, the December 1942, the December 1941, the December 1940, the December 1939, the December 1938, the December 1937, the December 1936, the December 1935, the December 1934, the December 1933, the December 1932, the December 1931, the December 1930, the December 1929, the December 1928, the December 1927, the December 1926, the December 1925, the December 1924, the December 1923, the December 1922, the December 1921, the December 1920, the December 1919, the December 1918, the December 1917, the December 1916, the December 1915, the December 1914, the December 1913, the December 1912, the December 1911, the December 1910, the December 1909, the December 1908, the December 1907, the December 1906, the December 1905, the December 1904, the December 1903, the December 1902, the December 1901, the December 1900, the December 1899, the December 1898, the December 1897, the December 1896, the December 1895, the December 1894, the December 1893, the December 1892, the December 1891, the December 1890, the December 1889, the December 1888, the December 1887, the December 1886, the December 1885, the December 1884, the December 1883, the December 1882, the December 1881, the December 1880, the December 1879, the December 1878, the December 1877, the December 1876, the December 1875, the December 1874, the December 1873, the December 1872, the December 1871, the December 1870, the December 1869, the December 1868, the December 1867, the December 1866, the December 1865, the December 1864, the December 1863, the December 1862, the December 1861, the December 1860, the December 1859, the December 1858, the December 1857, the December 1856, the December 1855, the December 1854, the December 1853, the December 1852, the December 1851, the December 1850, the December 1849, the December 1848, the December 1847, the December 1846, the December 1845, the December 1844, the December 1843, the December 1842, the December 1841, the December 1840, the December 1839, the December 1838, the December 1837, the December 1836, the December 1835, the December 1834, the December 1833, the December 1832, the December 1831, the December 1830, the December 1829, the December 1828, the December 1827, the December 1826, the December 1825, the December 1824, the December 1823, the December 1822, the December 1821, the December 1820, the December 1819, the December 1818, the December 1817, the December 1816, the December 1815, the December 1814, the December 1813, the December 1812, the December 1811, the December 1810, the December 1809, the December 1808, the December 1807, the December 1806, the December 1805, the December 1804, the December 1803, the December 1802, the December 1801, the December 1800, the December 1799, the December 1798, the December 1797, the December 1796, the December 1795, the December 1794, the December 1793, the December 1792, the December 1791, the December 1790, the December 1789, the December 1789, the December 1788, the December 1787, the December 1786, the December 1785, the December 1784, the December 1783, the December 1782, the December 1781, the December 1780, the December 1779, the December 1778, the December 1777, the December 1776, the December 1775, the December 1774, the December 1773, the December 1772, the December 1771, the December 1770, the December 1769, the December 1768, the December 1767, the December 1766, the December 1765, the December 1764, the December 1763, the December 1762, the December 1761, the December 1760, the December 1759, the December 1758, the December 1757, the December 1756, the December 1755, the December 1754, the December 1753, the December 1752, the December 1751, the December 1750, the December 1749, the December 1748, the December 1747, the December 1746, the December 1745, the December 1744, the December 1743, the December 1742, the December 1741, the December 1740, the December 1739, the December 1738, the December 1737, the December 1736, the December 1735, the December 1734, the December 1733, the December 1732, the December 1731, the December 1730, the December 1729, the December 1728, the December 1727, the December 1726, the December 1725, the December 1724, the December 1723, the December 1722, the December 1721, the December 1720, the December 1719, the December 1718, the December 1717, the December 1716, the December 1715, the December 1714, the December 1713, the December 1712, the December 1711, the December 1710, the December 1709, the December 1708, the December 1707, the December 1706, the December 1705, the December 1704, the December 1703, the December 1702, the December 1701, the December 1700, the December 1699, the December 1698, the December 1697, the December 1696, the December 1695, the December 1694, the December 1693, the December 1692, the December 1691, the December 1690, the December 1689, the December 1688, the December 1687, the December 1686, the December 1685, the December 1684, the December 1683, the December 1682, the December 1681, the December 1680, the December 1679, the December 1678, the December 1677, the December 1676, the December 1675, the December 1674, the December 1673, the December 1672, the December 1671, the December 1670, the December 1669, the December 1668, the December 1667, the December 1666, the December 1665, the December 1664, the December 1663, the December 1662, the December 1661, the December 1660, the December 1659, the December 1658, the December 1657, the December 1656, the December 1655, the December 1654, the December 1653, the December 1652, the December 1651, the December 1650, the December 1649, the December 1648, the December 1647, the December 1646, the December 1645, the December 1644, the December 1643, the December 1642, the December 1641, the December 1640, the December 1639, the December 1638, the December 1637, the December 1636, the December 1635, the December 1634, the December 1633, the December 1632, the December 1631, the December 1630, the December 1629, the December 1628, the December 1627, the December 1626, the December 1625, the December 1624, the December 1623, the December 1622, the December 1621, the December 1620, the December 1619, the December 1618, the December 1617, the December 1616, the December 1615, the December 1614, the December 1613, the December 1612, the December 1611, the December 1610, the December 1609, the December 1608, the December 1607, the December 1606, the December 1605, the December 1604, the December 1603, the December 1602, the December 1601, the December 1600, the December 1599, the December 1598, the December 1597, the December 1596, the December 1595, the December 1594, the December 1593, the December 1592, the December 1591, the December 1590, the December 1589, the December 1588, the December 1587, the December 1586, the December 1585, the December 1584, the December 1583, the December 1582, the December 1581, the December 1580, the December 1579, the December 1578, the December 1577, the December 1576, the December 1575, the December 1574, the December 1573, the December 1572, the December 1571, the December 1570, the December 1569, the December 1568, the December 1567, the December 1566, the December 1565, the December 1564, the December 1563, the December 1562, the December 1561, the December 1560, the December 1559, the December 1558, the December 1557, the December 1556, the December 1555, the December 1554, the December 1553, the December 1552, the December 1551, the December 1550, the December 1549, the December 1548, the December 1547, the December 1546, the December 1545, the December 1544, the December 1543, the December 1542, the December 1541, the December 1540, the December 1539, the December 1538, the December 1537, the December 1536, the December 1535, the December 1534, the December 1533, the December 1532, the December 1531, the December 1530, the December 1529, the December 1528, the December 1527, the December 1526, the December 1525, the December 1524, the December 1523, the December 1522, the December 1521, the December 1520, the December 1519, the December 1518, the December 1517, the December 1516, the December 1515, the December 1514, the December 1513, the December 1512, the December 1511, the December 1510, the December 1509, the December 1508, the December 1507, the December 1506, the December 1505, the December 1504, the December 1503, the December 1502, the December 1501, the December 1500, the December 1499, the December 1498, the December 1497, the December 1496, the December 1495, the December 1494, the December 1493, the December 1492, the December 1491, the December 1490, the December 1489, the December 1488, the December 1487, the December 1486, the December 1485, the December 1484, the December 1483, the December 1482, the December 1481, the December 1480, the December 1479, the December 1478, the December 1477, the December 1476, the December 1475, the December 1474, the December 1473, the December 1472, the December 1471, the December 1470, the December 1469, the December 1468, the December 1467, the December 1466, the December 1465, the December 1464, the December 1463, the December 1462, the December 1461, the December 1460, the December 1459, the December 1458, the December 1457, the December 1456, the December 1455, the December 1454, the December 1453, the December 1452, the December 1451, the December 1450, the December 1449, the December 1448, the December 1447, the December 1446, the December 1445, the December 1444, the December 1443, the December 1442, the December 1441, the December 1440, the December 1439, the December 1438, the December 1437, the December 1436, the December 1435, the December 1434, the December 1433, the December 1432, the December 1431, the December 1430, the December 1429, the December 1428, the December 1427, the December 1426, the December 1425, the December 1424, the December 1423, the December 1422, the December 1421, the December 1420, the December 1419, the December 1418, the December 1417, the December 1416, the December 1415, the December 1414, the December 1413, the December 1412, the December 1411, the December 1410, the December 1409, the December 1408, the December 1407, the December 1406, the December 1405, the December 1404, the December 1403, the December 1402, the December 1401, the December 1400, the December 1399, the December 1398, the December 1397, the December 1396, the December 1395, the December 1394, the December 1393, the December 1392, the December 1391, the December 1390, the December 1389, the December 1388, the December 1387, the December 1386, the December 1385, the December 1384, the December 1383, the December 1382, the December 1381, the December 1380, the December 1379, the December 1378, the December 1377, the December 1376, the December 1375, the December 1374, the December 1373, the December 1372, the December 1371, the December 1370, the December 1369, the December 1368, the December 1367, the December 1366, the December 1365, the December 1364, the December 1363, the December 1362, the December 1361, the December 1360, the December 1359, the December 1358, the December 1357, the December 1356, the December 1355, the December 1354, the December 1353, the December 1352, the December 1351, the December 1350, the December 1349, the December 1348, the December 1347, the December 1346, the December 1345, the December 1344, the December 1343, the December 1342, the December 1341, the December 1340, the December 1339, the December 1338, the December 1337, the December 1336, the December 1335, the December 1334, the December 1333, the December 1332, the December 1331, the December 1330, the December 1329, the December 1328, the December 1327, the December 1326, the December 1325, the December 1324, the December 1323, the December 1322, the December 1321, the December 1320, the December 1319, the December 1318, the December 1317, the December 1316, the December 1315, the December 1314, the December 1313, the December 1312, the December 1311, the December 1310, the December 1309, the December 1308, the December 1307, the December 1306, the December 1305, the December 1304, the December 1303, the December 1302, the December 1301, the December 1300, the December 1299, the December 1298, the December 1297, the December 1296, the December 1295, the December 1294, the December 1293, the December 1292, the December 1291, the December 1290, the December 1289, the December 1288, the December 1287, the December 1286, the December 1285, the December 1284, the December 1283, the December 1282, the December 1281, the December 1280, the December 1279, the December 1278, the December 1277, the December 1276, the December 1275, the December 1274, the December 1273, the December 1272, the December 1271, the December 1270, the December 1269, the December 1268, the December 1267, the December 1266, the December 1265, the December 1264, the December 1263, the December 1262, the December 1261, the December 1260, the December 1259, the December 1258, the December 1257, the December 1256, the December 1255, the December 1254, the December 1253, the December 1252, the December 1251, the December 1250, the December 1249, the December 1248, the December 1247, the December 1246, the December 1245, the December 1244, the December 1243, the December 1242, the December 1241, the December 1240, the December 1239, the December 1238, the December 1237, the December 1236, the December 1235, the December 1234, the December 1233, the December 1232, the December 1231, the December 1230, the December 1229, the December 1228, the December 1227, the December 1226, the December 1225, the December 1224, the December 1223, the December 1222, the December 1221, the December 1220, the December 1219, the December 1218, the December 1217, the December 1216, the December 1215, the December 1214, the December 1213, the December 1212, the December 1211, the December 1210, the December 1209, the December 1208, the December 1207, the December 1206, the December 1205, the December 1204, the December 1203, the December 1202, the December 1201, the December 1200, the December 1199, the December 1198, the December 1197, the December 1196, the December 1195, the December 1194, the December 1193, the December 1192, the December 1191, the December 1190, the December 1189, the December 1188, the December 1187, the December 1186, the December 1185, the December 1184, the December 1183, the December 1182, the December 1181, the December 1180, the December 1179, the December 1178, the December 1177, the December 1176, the December 1175, the December 1174, the December 1173, the December 1172, the December 1171, the December 1170, the December 1169, the December 1168, the December 1167, the December 1166, the December 1165, the December 1164, the December 1163, the December 1162, the December 1161, the December 1160, the December 1159, the December 1158, the December 1157, the December 1156, the December 1155, the December 1154, the December 1153, the December 1152, the December 1151, the December 1150, the December 1149, the December 1148, the December 1147, the December 1146, the December 1145, the December 1144, the December 1143, the December 1142, the December 1141, the December 1140, the December 1139, the December 1138, the December 1137, the December 1136, the December 1135, the December 1134, the December 1133, the December 1132, the December 1131, the December 1130, the December 1129, the December 1128, the December 1127, the December 1126, the December 1125, the December 1124, the December 1123, the December 1122, the December 1121, the December 1120, the December 1119, the December 1118, the December 1117, the December 1116, the December 1115, the December 1114, the December 1113, the December 1112, the December 1111, the December 1110, the December 1109, the December 1108, the December 1107, the December 1106, the December 1105, the December 1104, the December 1103, the December 1102, the December 1101, the December 1100, the December 1099, the December 1098, the December 1097, the December 1096, the December 1095, the December 1094, the December 1093, the December 1092, the December 1091, the December 1090, the December 1089, the December 1088, the December 1087, the December 1086, the December 1085, the December 1084, the December 1083, the December 1082, the December 1081, the December 1080, the December 1079, the December 1078, the December 1077, the December 1076, the December 1075, the December 1074, the December 1073, the December 1072, the December 1071, the December 1070, the December 1069, the December 1068, the December 1067, the December 1066, the December 1065, the December 1064, the December 1063, the December 1062, the December 1061, the December 1060, the December 1059, the December 1058, the December 1057, the December 1056, the December 1055, the December 1054, the December 1053, the December 1052, the December 1051, the December 1050, the December 1049, the December 1048, the December 1047, the December 1046, the December 1045, the December 1044, the December 1043, the December 1042, the December 1041, the December 1040, the December 1039, the December 1038, the December 1037, the December 1036, the December 1035, the December 1034, the December 1033, the December 1032, the December 1031, the December 1030, the December 1029, the December 1028, the December 1027, the December 1026, the December 1025, the December 1024, the December 1023, the December 1022, the December 1021, the December 1020, the December 1019, the December 1018, the December 1017, the December 1016, the December 1015, the December 1014, the December 1013, the December 1012, the December 1011, the December 1010, the December 1009, the December 1008, the December 1007, the December 1006, the December 1005, the December 1004, the December 1003, the December 1002, the December 1001, the December 1000, the December 1999, the December 1998, the December 1997, the December 1996, the December 1995, the December 1994, the December 1993, the December 1992, the December 1991, the December 1990, the December 1989, the December 1988, the December 1987, the December 1986, the December 1985, the December 1984, the December 1983, the December 1982, the December 1981, the December 1980, the December 1979, the December 1978, the December 1977, the December 1976, the December 1975, the December 1974, the December 1973, the December 1972, the December 1971, the December 1970, the December 1969, the December 1968, the December 1967, the December 1966, the December 1965, the December 1964, the December 1963, the December 1962, the December 1961, the December 1960, the December 1959, the December 1958, the December 1957, the December 1956, the December 1955, the December 1954, the December 1953, the December 1952, the December 1951, the December 1950, the December 1949, the December 1948, the December 1947, the December 1946, the December 1945, the December 1944, the December 1943, the December 1942, the December 1941, the December 1940, the December 1939, the December 1938, the December 1937, the December 1936, the December 1935, the December 1934, the December 1933, the December 1932, the December 1931, the December 1930, the December 1929, the December 1928, the December 1927, the December 1926, the December 1925, the December 1924, the December 1923, the December 1922, the December 1921, the December 1920, the December 1919, the December 1918, the December 1917, the December 1916, the December 1915, the December 1914, the December 1913, the December 1912, the December 1911, the December 1910, the December 1909, the December 1908, the December 1907, the December 1906, the December 1905, the December 1904, the December 1903, the December 1902, the December 1901, the December 1900, the December 1899, the December 1898, the December 1897, the December 1896, the December 1895, the December 1894, the December 1893, the December 1892, the December 1891, the December 1890, the December 1889, the December 1888, the December 1887, the December 1886, the December 1885, the December 1884, the December 1883, the December 1882, the December 1881, the December 1880, the December 1879, the December 1878, the December 1877, the December 1876, the December 1875, the December 1874, the December 1873, the December 1872, the December 1871, the December 1870, the December 1869, the December 1868, the December 1867, the December 1866, the December 1865, the December 1864, the December 1863, the December 1862, the December 1861, the December 1860, the December 1859, the December 1858, the December 1857, the December 1856, the December 1855, the December 1854, the December 1853, the December 1852, the December 1851, the December 1850, the December 1849, the December 1848, the December 1847, the December 1846, the December 1845, the December 1844, the December 1843, the December 1842, the December 1841, the December 1840, the December 1839, the December 1838, the December 1837, the December 1836, the December 1835, the December 1834, the December 1833, the December 1832, the December 1831, the December 1830, the December 1829, the December 1828, the December 1827, the December 1826, the December 1825, the December 1824, the December 1823, the December 1822, the December 1821, the December 1820, the December 1819, the December 1818, the December 1817, the December 1816, the December 1815, the December 1814, the December 1813, the December 1812, the December 1811, the December 1810, the December 1809, the December 1808, the December 1807, the December 1806, the December 1805, the December 1804, the December 1803, the December 1802, the December 1801, the December 1800, the December 1799, the December 1798, the December 1797, the December 1796, the December 1795, the December 1794, the December 1793, the December 1792, the December 1791, the December 1790, the December 1789, the December 1789, the December 1788, the December 1787, the December 1786, the December 1785, the December 1784, the December 1783, the December 1782, the December 1781, the December 1780, the December 1779, the December 1778, the December 1777, the December 1776, the December 1775, the December 1774, the December 1773, the December 1772, the December 1771, the December 1770, the December 1769, the December 1768, the December 1767, the December 1766, the December 1765, the December 1764, the December 1763, the December 1762, the December 1761, the December 1760, the December 1759, the December 1758, the December 1757, the December 1756, the December 1755, the December 1754, the December 1753, the December 1752, the December 1751, the December 1750, the December 1749, the December 1748, the December 1747, the December 1746, the December 1745, the December 1744, the December 1743, the December 1742, the December 1741, the December 1740, the December 1739, the December 1738, the December 1737, the December 1736, the December 1735, the December 1734, the December 1733, the December 1732, the December 1731, the December 1730, the December 1729, the December 1728, the December 1727, the December 1726, the December 1725, the December 1724, the December 1723, the December 1722, the December 1721, the December 1720, the December 1719, the December 1718, the December 1717, the December 1716, the December 1715, the December 1714, the December 1713, the December 1712, the December 1711, the December 1710, the December 1709, the December 1708, the December 1707, the December 1706, the December 1705, the December 1704, the December 1703, the December 1702, the December 1701, the December 1700, the December 1699, the December 1698, the December 1697, the December 1696, the December 1695, the December 1694, the December 1693, the December 1692, the December 1691, the December 1690, the December 1689, the December 1688, the December 1687, the December 1686, the December 1685, the December 1684, the December 1683, the December 1682, the December 1681, the December 1680, the December 1679, the December 1678, the December 1677, the December 1676, the December 1675, the December 1674, the December 1673, the December 1672, the December 1671, the December 1670, the December 1669, the December 1668, the December 1667, the December 1666, the December 1665, the December 1664, the December 1663, the December 1662, the December 1661, the December 1660, the December 1659, the December 1658, the December 1657, the December 1656, the December 1655, the December 1654, the December 1653, the December 1652, the December 1651, the December 1650, the December 1649, the December 1648, the December 1647, the December 1646, the December 1645, the December 1644, the December 1643, the December 1642, the December 1641, the December 1640, the December 1639, the December 1638, the December 1637, the December 1636, the December 1635, the December 1634, the December 1633, the December 1632, the December 1631, the December 1630, the December 1629, the December 1628, the December 1627, the December 1626, the December 1625, the December 1624, the December 1623, the December 1622, the December 1621, the December 1620, the December 1619, the December 1618, the December 1617, the December 1616, the December 1615, the December 1614, the December 1613, the December 1612, the December 1611, the December 1610, the December 1609, the December 1608, the December 1607, the December 1606, the December 1605, the December 1604, the December 1603, the December 1602, the December 1601, the December 1600, the December 1599, the December 1598, the December 1597, the December 1596, the December 1595, the December 1594, the December 1593, the December 1592, the December 1591, the December 1590, the December 1589, the December 1588, the December 1587, the December 1586, the December 1585, the December 1584, the December 1583, the December 1582, the December 1581, the December 1580, the December 1579, the December 1578, the December 1577, the December 1576, the December 1575, the December 1574, the December 1573, the December 1572, the December 1571, the December 1570, the December 1569, the December 1568, the December 1567, the December 1566, the December 1565, the December 1564, the December 1563, the December 1562, the December 1561, the December 1560, the December 1559, the December 1558, the December 1557, the December 1556, the December 1555, the December 1554, the December 1553, the December 1552, the December 1551, the December 1550, the December 1549, the December 1548, the December 1547, the December 1546, the December 1545, the December 1544, the December 1543, the December 1542, the December 1541, the December 1540, the December 1539, the December 1538, the December 1537, the December 1536, the December 1535, the December 1534, the December 1533, the December 1532, the December 1531, the December 1530, the December 1529, the December 1528, the December 1527, the December 1526, the December 1525, the December 1524, the December 1523, the December 1522, the December 1521, the December 1520, the December 1519, the December 1518, the December 1517, the December 1516, the December 1515, the December 1514, the December 1513, the December 1512, the December 1511, the December 1510, the December 1509, the December 1508, the December 1507, the December 1506, the December 1505, the December 1504, the December 1503, the December 1502, the December 1501, the December 1500, the December 1499, the December 1498, the December 1497, the December 1496, the December 1495, the December 1494, the December 1493, the December 1492, the December 1491, the December 1490, the December 1489, the December 1488, the December 1487, the December 1486, the December 1485, the December 1484, the December 1483, the December 1482, the December 1481, the December 1480, the December 1479, the December 1478, the December 1477, the December 1476, the December 1475, the December 1474, the December 1473, the December 1472, the December 1471, the December 1470, the December 1469, the December 1468, the December 1467, the December 1466, the December 1465, the December 1464, the December 1463, the December 1462, the December 1461, the December 1460, the December 1459, the December 1458, the December 1457, the December 1456, the December 1455, the December 1454, the December 1453, the December 1452, the December 1451, the December 1450, the December 1449, the December 1448, the December 1447, the December 1446, the December 1445, the December 1444, the December 1443, the December 1442, the December 1441, the December 1440, the December 1439, the December 1438, the December 1437, the December 1436, the December 1435, the December 1434, the December 1433, the December 1432, the December 1431, the December 1430, the December 1429, the December 1428, the December 1427, the December 1426, the December 1425, the December 1424, the December 1423, the December 1422, the December 1421, the December 1420, the December 1419, the December 1418, the December 1417, the December 1416, the December 1415, the December 1414, the December 1413, the December 1412, the December 1411, the December 1410, the December 1409, the December 1408, the December 1407, the December 1406, the December 1405, the December 1404, the December 1403, the December 1402, the December 1401, the December 1400, the December 1399, the December 1398, the December 1397, the December 1396, the December 1395, the December 1394, the December 1393, the December 1392, the December 1391, the December 1390, the December 1389, the December 1388, the December 1387, the December 1386, the December 1385, the December 1384, the December 1383, the December 1382, the December 1381, the December 1380, the December 1379, the December 1378, the December 1377, the December 1376, the December 1375, the December 1374, the December 1373, the December 1372, the December 1371, the December 1370, the December 1369, the December 1368, the December 1367, the December 1366, the December 1365, the December 1364, the December 1363, the December 1362, the December 1361, the December 1360, the December 1359, the December 1358, the December 1357, the December 1356, the December 1355, the December 1354, the December 1353, the December 1352, the December 1351, the December 1350, the December 1349, the December 1348, the December 1347, the December 1346, the December 1345, the December 1344, the December 1343, the December 1342, the December 1341, the December 1340, the December 1339, the December 1338, the December 1337, the December 1336, the December 1335, the December 1334, the December 1333, the December 1332, the December 1331, the December 1330, the December 1329, the December 1328, the December 1327, the December 1326, the December 1325, the December 1324, the December 1323, the December 1322, the December 1321, the December 1320, the December 1319, the December 1318, the December 1317, the December 1316, the December 1315, the December 1314, the December 1313, the December 1312, the December 1311, the December 1310, the December 1309, the December 1308, the December 1307, the December 1306, the December 1305, the December 1304, the December 1303, the December 1302, the December 1301, the December 1300, the December 1299, the December 1298, the December 1297, the December 1296, the December 1295, the December 1294, the December 1293, the December 1292, the December 1291, the December 1290, the December 1289, the December 1288, the December 1287, the December 1286, the December 1285, the December 1284, the December 1283, the December 1282, the December 1281, the December 1280, the December 1279, the December 1278, the December 1277, the December 1276, the December 1275, the December 1274, the December 1273, the December 1272, the December 1271, the December 1270, the December 1269, the December 1268, the December 1267, the December 1266, the December 1265, the December 1264, the December 1263, the December 1262, the December 1261, the December 1260, the December 1259, the December 1258, the December 1257, the December 1256, the December 1255, the December 1254, the December 1253, the December 1252, the December 1251, the December 1250, the December 1249, the December 1248, the December 1247, the December 1246, the December 1245, the December 1244, the December 1243, the December 1242, the December 1241, the December 1240, the December 1239, the December 1238, the December 1237, the December 1236, the December 1235, the December 1234, the December 1233, the December 1232, the December 1231, the December 1230, the December 1229, the December 1228, the December 1227, the December 1226, the December 1225, the December 1224, the December 1223, the December 1222, the December 1221, the December 1220, the December 1219, the December 1218, the December 1217, the December 1216, the December 1215, the December 1214, the December 1213, the December 1212, the December 1211, the December 1210, the December 1209, the December 1208, the December 1207, the December 1206, the December 1205, the December 1204, the December 1203, the December 1202, the December 1201, the December 1200, the December 1199, the December 1198, the December 1197, the December 1196, the December 1195, the December 1194, the December 1193, the December 1192, the December 1191, the December 1190, the December 1189, the December 1188, the December 1187, the December 1186, the December 1185, the December 1184, the December 1183, the December 1182, the December 1181, the December 1180, the December 1179, the December 1178, the December 1177, the December 1176, the December 1175, the December 1174, the December 1173, the December 1172, the December 1171, the December 1170, the December 1169, the December 1168, the December 1167, the December 1166, the December 1165, the December 1164, the December 1163, the December 1162, the December 1161, the December 1160, the December 1159, the December 1158, the December 1157, the December 1156, the December 1155, the December 1154, the December 1153, the December 1152, the December 1151, the December 1150, the December 1149, the December 1148, the December 1147, the December 1146, the December 1145, the December 1144, the December 1143, the December 1142, the December 1141, the December 1140, the December 1139, the December 1138, the December 1137, the December 1136, the December 1135, the December 1134, the December 1133, the December 1132, the December 1131, the December 1130, the December 1129, the December 1128, the December 1127, the December 1126, the December 1125, the December 1124, the December 1123, the December 1122, the December 1121, the December 1120, the December 1119, the December 1118, the December 1117, the December 1116, the December 1115, the December 1114, the December 1113, the December 1112, the December 1111, the December 1110, the December 1109, the December 1108, the December 1107, the December 1106, the December 1105, the December 1104, the December 1103, the December 1102, the December 1101, the December 1100, the December 1099, the December 1098, the December 1097, the December 1096, the December 1095, the December 1094, the December 1093, the December 1092, the December 1091, the December 1090, the December 1089, the December 1088, the December 1087, the December 1086, the December 1085, the December 1084, the December 1083, the December 1082, the December 1081, the December 1080, the December 1079, the December 1078, the December 1077, the December 1076, the December 1075, the December 1074, the December 1073, the December 1072, the December 1071, the December 1070, the December 1069, the December 1068, the December 1067, the December 1066, the December 1065, the December 1064, the December 1063, the December 1062, the December 1061, the December 1060, the December 1059, the December 1058, the December 1057, the December 1056, the December 1055, the December 1054, the December 1053, the December 1052, the December 1051, the December 1050, the December 1049, the December 1048, the December 1047, the December 1046, the December 1045, the December 1044, the December 1043, the December 1042, the December 1041, the December 1040, the December 1039, the December 1038, the December 1037, the December 1036, the December 1035, the December 1034, the December 1033, the December 1032, the December 1031, the December 1030, the December 1029, the December 1028, the December 1027, the December 1026, the December 1025, the December 1024, the December 1023, the December 1022, the December 1021, the December 1020, the December 1019, the December 1018, the December 1017, the December 1016, the December 1015, the December 1014, the December 1013, the December 1012, the December 1011, the December 1010, the December 1009, the December 1008, the December 1007, the December 1006, the December 1005, the December 1004, the December 1003, the December 1002, the December 1001, the December 1000, the December 1999, the December 1998, the December 1997, the December 1996, the December 1995, the December 1994, the December 1993, the December 1992, the December 1991, the December 1990, the December 1989, the December 1988, the December 1987, the December 1986, the December 1985, the December 1984, the December 1983, the December 1982, the December 1981, the December 1980, the December 1979, the December 1978, the December 1977, the December 1976, the December 1975, the December 1974, the December 1973, the December 1972, the December 1971, the December 1970, the December 1969, the December 1968, the December 1967, the December 1966, the December 1965, the December 1964, the December 1963, the December 1962, the December 1961, the December 1960, the December 1959, the December 1958, the December 1957, the December 1956, the December 1955, the December 1954, the December 1953, the December 1952, the December 1951, the December 1950, the December 1949, the December 1948, the December 1947, the December 1946, the December 1945, the December 1944, the December 1943, the December 1942, the December 1941, the December 1940, the December 1939, the December 1938, the December 1937, the December 1936, the December 1935, the December 1934, the December 1933, the December 1932, the December 1931, the December 1930, the December 1929, the December 1928, the December 1927, the December 1926, the December 1925, the December 1924, the December 1923, the December 1922, the December 1921, the December 1920, the December 1919, the December 1918, the December 1917, the December 1916, the December 1915, the December 1914, the December 1913, the December 1912, the December 1911, the December 1910, the December 1909, the December 1908, the December 1907, the December 1906, the December 1905, the December 1904, the December 1903, the December 1902, the December 1901, the December 1900, the December 1899, the December 1898, the December 1897, the December 1896, the December 1895, the December 1894, the December 1893, the December 1892, the December 1891, the December 1890, the December 1889, the December 1888, the December 1887, the December 1886, the December 1885, the December 1884, the December 1883, the December 1882, the December 1881, the December 1880, the December 1879, the December 1878, the December 1877, the December 1876, the December 1875, the December 1874, the December 1873, the December 1872, the December 1871, the December 1870, the December 1869, the December 1868, the December 1867, the December 1866, the December 1865, the December 1864, the December 1863, the December 1862, the December 1861, the December 1860, the December 1859, the December 1858, the December 1857, the December 1856, the December 1855, the December 1854, the December 1853, the December 1852, the December 1851, the December 1850, the December 1849, the December 1848, the December 1847, the December 1846, the December 1845, the December 1844, the December 1843, the December 1842, the December 1841, the December 1840, the December 1839, the December 1838, the December 1837, the December 1836, the December 1835, the December 1834, the December 1833, the December 1832, the December 1831, the December 1830, the December 1829, the December 1828, the December 1827, the December 1826, the December 1825, the December 1824, the December 1823, the December 1822, the December 1821, the December 1820, the December 1819, the December 1818, the December 1817, the December 1816, the December 1815, the December 1814, the December 1813, the

T. ROWE PRICE RETIREMENT 2030 FUND

($000s) T. Rowe Price Associates, Inc. or its affiliates, subsidiaries, and affiliates, and its affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates, subsidiaries, and affiliates

87

T. ROWE PRICE RETIREMENT 2030 FUND

out only on the exchange or clearinghouse where the contracts were cleared. This ability
Total Securities 16,694,696 15,871 16,710,587
Futures Contracted 781
Change in Unrealized
Gain (Loss)
Liabilities 16,714,348
Liabilities
NOTES: RELATED PARTY TRANSACTIONS
Futures Contracted Margin: Payable $1,011
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities
Liabilities

88

T. ROWE PRICE RETIREMENT 2030 FUND

At November 30, 2022, the cost of investments (including derivatives, if any) for
Investing and subject to the terms and conditions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of the United States, including the provisions of the United States, including the
provisions of

89

T. ROWE PRICE RETIREMENT 2030 FUND

The fund may invest in the T. Rowe Price Transition Fund (Transition Fund) to
RECOVERY derivatives Futures $1,611
NOTE: In the underlying Price Funds net assets At November 30, 2022 the fund held
transited management agreement between the Corporation on behalf of the
T. ROWE PRICE TRANSITION FUND (Transition Fund) funds to determine
the total and Price Associates funds the amended management agreement in 1993 1,611
how to vote proxies relating to portfolio securities is available in each fund's Statement of
Provisional and other financial services. The Company's public interest in the T. Rowe Price
Transition Fund is not limited to the T. Rowe Price Transition Fund (Transition Fund) funds to determine
the total and Price Associates funds the amended management agreement in 1993 1,611
how to vote proxies relating to portfolio securities is available in each fund's Statement of
Provisional and other financial services. The Company's public interest in the T. Rowe Price
Transition Fund is not limited to the T. Rowe Price Transition Fund (Transition Fund) funds to determine
the total and Price Associates funds the amended management agreement in 1993 1,611
how to vote proxies relating to portfolio securities is available in each fund's Statement of
Provisional and other financial services. The Company's public interest in the T. Rowe Price
Transition Fund is not limited to the T. Rowe Price Transition Fund (Transition Fund) funds to determine
the total and Price Associates funds the amended management agreement in 1993 1,611
how to vote proxies relating to portfolio securities is available in each fund's Statement of
Provisional and other financial services. The Company's public interest in the T. Rowe Price
Transition Fund is not limited to the T. Rowe Price Transition Fund (Transition Fund) funds to determine
the total and Price Associates funds the amended management agreement in 1993 1,611
how to vote proxies relating to portfolio securities is available in each fund's Statement of
Provisional and other financial services. The Company's public interest in the T. Rowe Price
Transition Fund is not limited to the T. Rowe Price Transition Fund (Transition Fund) funds to determine

90

T. ROWE PRICE RETIREMENT 2030 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
unrecognized, with the Fund in the United States, the Investment Company, Inc.
and its subsidiaries, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and the Company's subsidiaries, and the Company's subsidiaries, and the Company's
agencies, and

91

T. ROWE PRICE RETIREMENT 2030 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 2030 FUND. The Adviser is responsible for overseeing the day-to-day operations of the
T. ROWE PRICE RETIREMENT 2030 FUND. The Adviser is responsible for overseeing the day-to-day operations of the
T. ROWE PRICE RETIREMENT 2030 FUND. The Adviser is responsible for overseeing the day-to-day operations of the
T. ROWE PRICE RETIREMENT 2030 FUND. The Adviser is responsible for overseeing the day-to-day operations of the
T. ROWE PRICE RETIREMENT 2030 FUND. The Adviser is responsible for overseeing the day-to-day operations of the
T. ROWE PRICE RETIREMENT 2030 FUND.

92

T. ROWE PRICE RETIREMENT 2030 FUND

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

Approximately the SEC's website (see text) in addition, most T. Rowe Price funds. The fund will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC. The LRC will be issued to the SEC's authorized representative of the LRC.

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 is required to be approved or waivers were granted to this code of ethics during the registrant's move. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

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

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

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

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

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

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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
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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:
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.

P142-051 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 2030 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 2030 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 2030 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 |

---