# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-013997
**Filing Date:** 2023-1
**Character Count:** 60521
**Document Hash:** 2a590ffb6dabc6f27991985f7db265e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013997.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013997

**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:** 23546849

**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 Blend 2025 Fund (Series ID: S000069905)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000222708 | T. Rowe Price Retirement Blend 2025 Fund-I Class | TBLEX           |
| C000222709 | T. Rowe Price Retirement Blend 2025 Fund         | TBLVX           |

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

# **FORM N-CSR**

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

Investment Company Act File Number: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement Blend Funds

INVEST WITH CONFIDENCE®

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

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

# Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

It's fast-receive your statements and confirmations faster than U.S. mail.

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

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

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

T. ROWE PRICE RETIREMENT BLEND FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

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

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

T. ROWE PRICE RETIREMENT BLEND FUNDS

# Dear Shareholder

While valuations for securities improved late in the reporting period, uncertainty around corporate fundamentals suggested limited near-term upside, particularly as earnings estimates remain elevated against a slowing growth outlook. Other key risks to global markets include: annual bank receipts, purchased valuables, potential for a multiple structure of global growth, and a favorable response to the situation. This is a key issue in the reporting period, and the company's shareholding structure is a key issue in the reporting period.

1

T. ROWE PRICE RETIREMENT BLEND FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country highest level in more than 20 years and regional performance throughout Emerging financial stocks generally was high. The market in the U.S. was intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S.

FUND COMMENTARY. However, in our view, valuations have become more elevated inflation remained a leading concern for investors throughout the industry. But the future is a major factor in the program, which provides how did the funds perform in the past six months?

2 / 2 /

2

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the potential opportunities for selective investors focused on fundamentals. The investment objective is to increase the market share of the market in the United States, which is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of

3

T. ROWE PRICE RETIREMENT BLEND FUNDS

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

Unless otherwise noted, the funds are not yet to be used in the current financial situation. The funds are not yet to be used in the current financial situation. The funds are not yet to be used in the current financial situation.

4

T. ROWE PRICE RETIREMENT BLEND FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

The following table provides the information in a specific format:

5

T. ROWE PRICE RETIREMENT BLEND FUNDS

acknowledging the potential for a higher-for-longer terminal fed funds

| potential | Six-Month Period Ended 11/30/22 | Total Return | balance between the potential and potential for the U.S. held for the works and the inclusion of the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided |
| --- | --- | --- | --- |
| the project | Retirement Blend 2005 Fund | -2.65% | proved beneficial |
| the project | Retirement Blend 2005 Fund- I Class | -2.43 | proved beneficial |
| the project | S&P Target Date Retirement Income | -2.15 | proved beneficial |
| the project | Index |  | proved beneficial |

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

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

6

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Special | Six-Month Period Ended 11/30/22 | Total Return | Special |
| --- | --- | --- | --- |
| On a | Retirement Blend 2020 Fund | -2.33% | Special |
| to U.S. | Retirement Blend 2020 Fund-- I Class | -2.22 | Special |
| global | S&P Target Date 2020 Index | -2.14 | Special |
| the | Lipper Mixed-Asset Target 2020 |  | Special |

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

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

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

7

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Equity |  |  | notable (decreasing) |
| --- | --- | --- | --- |
| Deposits | Six-Month Period Ended 11/30/22 | Total Return | thereofable (should |
| Deposits | Retirement Blend 2035 Fund | -1.67% | if and (decreasing) |
| Deposits | Retirement Blend 2035 Fund- I Class | -1.67 | thereofable (benefit |
| Blend | S&P Target Date 2035 Index | -1.85 | s over the nextsto |
| Presale | Lipper Mixed-Asset Target 2035 |  |  |

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

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

8

T. ROWE PRICE RETIREMENT BLEND FUNDS

What

PERFORMANCE

|  | Six-Month Period Ended 11/30/22 | Total Return | Volatility during the |
| --- | --- | --- | --- |
| period |  |  | for global growth |
| The F | Retirement Blend 2050 Fund | -1.36% | ch fund versus its |
| remain |  |  | ed inflation and |
| respect | Retirement Blend 2050 Fund-- I Class | -1.25 | average returns for |
| rising |  |  | shift to a more |
| each | S&P Target Date 2050 Index | -1.73 | a tool to measure |
| moder |  |  | g inflation, |
| the p | Lipper Mixed-Asset Target 2050 |  | dives. In addition, |

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

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

9

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| Retirement Blend 2065 Fund | -1.48% |
| Retirement Blend 2065 Fund-- I Class | -1.36 |
| S&P Target Date 2065+ Index | -1.68 |
| Lipper Mixed-Asset Target 2060+ |  |

10

T. ROWE PRICE RETIREMENT BLEND FUNDS

Funding Period Ended 11/30/22 Total Return
For definition of the benchmark, please see the Return
The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a

11

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **IMPORTANT INFORMATION**

a broad, non-accidental, and limited, limited, and limited funds will change
over the period of the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the

12

T. ROWE PRICE RETIREMENT BLEND FUNDS

# RISKS OF INVESTING

Investments are not subject to the conditions of the Company's agreement, which may be related to the performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in

13

T. ROWE PRICE RETIREMENT BLEND FUNDS

BENCHMARK INFORMATION (CONTINUED)

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2005 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 13.79% | 14.32% | Equity Index 500 |

14

T. ROWE PRICE RETIREMENT BLEND FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2010 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 14.89% | 15.44% | Equity Index 500 |

15

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Blend 2015 Fund**

| The view change a forecast | Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- | --- |
|  | U.S. Large-Cap Stocks | 15.85% | 16.35% | Equity Index 500 |

16

T. ROWE PRICE RETIREMENT BLEND FUNDS

Note: Indexed 0.00 series of 0.00 management activities. Estimated ... of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Blend 2020 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 16.98% | 17.53% | Equity Index 500 |

17

T. ROWE PRICE RETIREMENT BLEND FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2025 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 19.31% | 19.80% | Equity Index 500 |

18

T. ROWE PRICE RETIREMENT BLEND FUNDS

50.00

50.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2030 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 22.86% | 23.53% | Equity Index 500 |

19

T. ROWE PRICE RETIREMENT BLEND FUNDS

53.00

53.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2035 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 26.33% | 27.20% | Equity Index 500 |

20

T. ROWE PRICE RETIREMENT BLEND FUNDS

50.00

50.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2040 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 29.17% | 30.01% | Equity Index 500 |

21

T. ROWE PRICE RETIREMENT BLEND FUNDS

40.00

40.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2045 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 30.68% | 31.54% | Equity Index 500 |

22

T. ROWE PRICE RETIREMENT BLEND FUNDS

20.00

40.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2050 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.15% | 32.00% | Equity Index 500 |

23

T. ROWE PRICE RETIREMENT BLEND FUNDS

28.00

28.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2055 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.10% | Equity Index 500 |

24

T. ROWE PRICE RETIREMENT BLEND FUNDS

12.00

18.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2060 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.10% | Equity Index 500 |

25

T. ROWE PRICE RETIREMENT BLEND FUNDS

0.00

0.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2065 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.09% | Equity Index 500 |

26

T. ROWE PRICE RETIREMENT BLEND FUNDS

Total Bonds
Index Futures*
International Developed
International Stock Index
Stock Index Futures*
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index

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

As of 11/30/22

| - Retirement Blend 2005 Fund | $9,012 |
| --- | --- |
| --- S&P Target Date Retirement Income Index | 9,104 |

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

27

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
Interstate Index Futures* 0.00 0.00
International Developed 14.00 14.00
International Equity Index
Interstate Index Futures and actual allocations may not be used for the following purposes:
Futures* This chart shows the value of a hypothetical $10,000, as a result of the funds used.
The fund is invested in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used

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

As of 11/30/22

| - Retirement Blend 2010 Fund | $8,996 |
| --- | --- |
| --- S&P Target Date 2010 Index | 9,135 |

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

28

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
Stock Index Futures*
0.00 0.00
0.00
0.00
Stock Index Futures*
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Stock Index Futures*
High Yield
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

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

As of 11/30/22
Retirement Blend 2015 Fund $8,977
S&P Target Date 2015 Index 9,126

29

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
2.00 3.24
0.00 0.00 High Yield
Totals under the neutral and actual allocations may not be due to the above. The total bond is not included in the total funds. The total funds are not included in the total funds. The total funds are not included in the total funds. The total funds are not included in the total funds.

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

30

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds 2.00 3.25

Total Bonds, the neutral and actual allocations may not be due to rounding. Since
Note: Retirement Bonds are valid at a 2015-2016 period of $10,000. The amount of the fund is
The fund is paid at the 2015-2016 period of $10,000. The fund is paid at the 2015-2016 period of $10,000.
Fund, if held, which is a single class fund.
*Actual and may not include a prior group having an annual market indexes do not include
Retirement Bond 2005 Fund. L Class Fund is not a class as well as mutual fund averages and
indexes.

AVERAGE ANNUAL COMPOUND TOTAL RETURN
This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2025 Fund | $8,925 |
| --- | --- |
| --- S&P Target Date 2025 Index | 9,113 |

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

31

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2010 Fund Share will be adjusted to the following functions: The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share.

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

As of 11/30/22

| - Retirement Blend 2030 Fund | $8,868 |
| --- | --- |
| --- S&P Target Date 2030 Index | 9,104 |

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

32

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2015 Fund Share will be adjusted to the offering for structure and the redemption of funds. The return of funds is based on the redemption of funds. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2015 Fund Share. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds.

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

As of 11/30/22

| - Retirement Blend 2035 Fund | $8,946 |
| --- | --- |
| --- S&P Target Date 2035 Index | 9,090 |

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

33

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2020 Fund Share is calculated by offering the structure of the 2020 Fund Share. The 2020 Fund Share is calculated by offering the structure of the 2020 Fund Share. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share.

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

As of 11/30/22

| - Retirement Blend 2040 Fund | $8,855 |
| --- | --- |
| --- S&P Target Date 2040 Index | 9,093 |

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

34

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

taxes that the shareholder may pay on fund distributions or the redemption of fund share.

Note: Performance for the 2025 Fund is not available to the offering for structure and the

Average Annual Increase in Fund Return (1.0%) in the inception (for funds lacking 10-year returns).

The result is compared with benchmarks, which include a broad-based market index

and may also include a peer group average or index. Market indexes do not include

Retirement Blend 2025 Funds. Class 30-77 is in fund assets as well as mutual fund averages and

AVERAGE ANNUAL COMPOUND TOTAL RETURN

This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement Blend 2045 Fund $8,861

---

 S&P Target Date 2045 Index 9,104

35

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2020 Fund Share will be adjusted to the following: the short-term fund redemption period and the 2020 year calendar of the inception (for funds lacking 10-year records). The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include Retirement Blend 2020 Funds. LCLs from fund returns as well as mutual fund averages and indexes. AVERAGE ANNUAL COMPOUND TOTAL RETURN This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2050 Fund | $8,870 |
| --- | --- |
| --- S&P Target Date 2050 Index | 9,106 |

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

36

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

taxes that the shareholder may pay on fund distributions or the redemption of fund share.

Note: Performance for the 2015-2016 period is not affected by the offering for structure and the

Averages for the 2015-2016 period. The investment is a 2015-2016 period.

Averages for the 2015-2016 period. The result is compared with benchmarks, which include a broad-based market index

and may also include a peer group average or index. Market indexes do not include

Retirement Blend 2025 Fund I Class 30.00 7.00

AVERAGE ANNUAL COMPOUND TOTAL RETURN

indexes.

This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement Blend 2055 Fund

$8,851

---

 S&P Target Date 2055 Index

9,109

37

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 1st class of the year is not to be effective for short-term fund redemption. All other items are not available for the 1st class of the year. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include Retirement Blend 2060 Fund. 1 Class is on fund assets as well as mutual fund averages and indexes. AVERAGE ANNUAL COMPOUND TOTAL RETURN This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2060 Fund | $8,846 |
| --- | --- |
| --- S&P Target Date 2060 Index | 9,105 |

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

38

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

taxes that the shareholder may pay on fund distributions or the redemption of fund share.

Note: Performance for the 1st of the year is not to be effective for short-term fund redemption

Average of year 2015-2016. Total Return (1) 1/2016

The result is compared with benchmarks, which include a broad-based market index

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN

This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement Blend 2065 Fund $8,859

---

 S&P Target Date 2065+ Index 9,116

39

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

| Retirement Blend 2005 Fund | 0.34% |
| --- | --- |
| Retirement Blend 2005 Fund-I Class | 0.19 |
| AVERAGE Retirement Blend 2010 Fund | 0.34 |
| Retirement Blend 2010 Fund-I Class | 0.19 |
| $1 |  |

40

T. ROWE PRICE RETIREMENT BLEND FUNDS

# EXPENSE RATIO

Returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shareholding. The amount of funds for the fund was 0.25 per share (1.1 per share). Such funds as the fund distribution for the period 1.1 per share (1.1 per share) are not included in the fund's net income. The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share).

AVERAGE ANNUAL COMPOUND TOTAL RETURN

41

T. ROWE PRICE RETIREMENT BLEND FUNDS

FUND EXPENSE EXAMPLE

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

AVERAGE Investor Class

| Actual | $1,000.00 | $973.50 | $1.68 |
| --- | --- | --- | --- |

42

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | 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 |  |  |  |
| Actual | $1,000.00 | $975.60 | $1.73 |

43

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | 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 |  |  |  |
| Actual | $1,000.00 | $978.70 | $1.88 |

44

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| Investor Class | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $983.30 | $2.04 |

45

T. ROWE PRICE RETIREMENT BLEND FUNDS

The following table provides the following information for the current year, including the date of the year, and the date of the year. The data is presented in a tabular format with the following table:

|  | 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 |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.14 |

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

46

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Expense ratio of the Investor Class was 0.34% and from the period '01/01/01 to the end of the period |  |  |  |
| --- | --- | --- | --- |
|  | 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 |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.19 |

47

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Expense ratio of the Investor Class was 0.37% and after the period ended on the date of the date of the Retirement Blend Fund |  |  |  |
| --- | --- | --- | --- |
|  | 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 |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.19 |

48

T. ROWE PRICE RETIREMENT BLEND FUNDS

The annualized expense ratio of the Investor Class was 0.40% and estimated by the average accrual value over the period, multiplied by the number of unpaid items.

|  |  | Since Inception |
| --- | --- | --- |
| Periods Ended 9/30/22 | 1 Year | 7/26/21 |
| Retirement Blend 2005 Fund | -15.14% | -13.65% |
| Retirement Blend 2005 Fund- I Class | -15.01 | -13.54 |

49

T. ROWE PRICE RETIREMENT BLEND FUNDS

# QUARTER-END RETURNS

the half-year period. The annualized expense ratio of the Investor Class was 0.41% and

This table provides returns through the most recent calendar quarter-end rather than through the end of the fund's fiscal period. It shows how each class would have performed each year if its actual (or cumulative) returns for the periods shown had 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 assessing performance, investors should consider both short- and long-term returns.

50

T. ROWE PRICE RETIREMENT BLEND FUNDS

# QUARTER-END RETURNS (CONTINUED)

| In half-year period, The annualized expense ratio of the Investor Class was 0.43%, and |  |  |  |  |
| --- | --- | --- | --- | --- |
| Retirement Blend 2025 Fund |  |  | -17.43 | -15.91 |
| Actual Class was 0.25% | 1,000.00 | 987.50 |  | 1.30 |
| Retirement Blend 2025 Fund- I Class |  |  | -17.44 | -15.85 |
| Hypothetical (assumes 5% Retirement Blend 2030 Fund |  |  |  |  |
| Return before expenses) | 1,000.00 | 1,023.76 | -18.84 | -17.20 |
| Retirement Blend 2030 Fund- I Class |  |  | -18.55 | -16.96 |
| Retirement Blend 2030 Fund- I Class |  |  |  |  |
| Retirement Blend 2030 Fund- I Class |  |  |  |  |

Investment goals

51

T.RowePrice®

the half-year period. The annualized expense ratio of the Investor Class was 0.44%, and
Retirement Blend 2040 Fund -20.52 -18.87
Retirement Blend 2040 Fund Class -20.45 -18.81
Retirement Blend 2045 Fund -20.40 -19.27
Retirement Blend 2045 Fund -20.40 -19.27
Retirement Blend 2045 Fund -20.84 -19.15
Explore products and services that can help
you achieve them

TBLVX

T. ROWE PRICE

Retirement Blend 2025
Fund

TBLEX

Retirement Blend 2025

T. Rowe Price Investment Services, Inc. 1100 East Pratt Street, Baltimore, MD 21202-1000

(Unaudited)

| Retirement Blend 2055 Fund | -21.09 | -19.43 |
| --- | --- | --- |
| SEMINATIONAL REPORT |  |  |
| Retirement Blend 2055 Fund | For a share outstanding | 21.07 |
| Retirement Blend 2060 Fund |  |  |
| IRAs Traditional, Roth | GENERAL INVESTING | COLLEGE SAVINGS |
|  | Individual or Joint | -21.17 |
|  |  | -19.50 |
|  |  | T. Power Price managed |
| Investor Class |  |  |
| Small Business Fund | access to stocks, ETFs, | lians offer tax- |
| help minimize taxes, | bonds, and more | ingest solutions 19.46 (1) |
| NET ASSET VALUE |  | Receiving The 19.46 |
| Beginning of period |  | money for college 5/31/22 |
| Investment activities |  | tuition and education- |
|  |  | $8.94 $10.00 |

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

| FINANCIAL SUMMARY |  |  |
| --- | --- | --- |
| The following table may be higher or lower than the quoted past performance, which may be a change in future results. Share price, principal value and return will vary, and may have a gain or loss when you see how shares. For the most recent period, the performance is based on the performance of the period. |  |  |
| T. Rowe Price |  |  |
| Performance, please contact a T. Rowe Price representative at 1-800-225-5132 or, for I Class |  |  |
| Motor/Plus/Production | Trust | 0.09 (0.28) 6 Months (0.19) Ended 11/30/22 |
| Investor Class |  | 0.08 (0.94) 7/28/21 (1) (0.86) Through 5/31/22 |
| Distributions |  |  |
| Proven price.com/broadrange |  |  |
| Ratio/Supplemental | Data | - (0.09) |
| Total distributions |  | - (0.20) |
| Total return (3)(4)(5) |  | (2.13)% (8.81)% |

54

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

# FINANCIAL HOLDING

For a share outstanding throughout each period

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

| Net Asset Value | 2024 | 2023 |
| --- | --- | --- |
| Net investment income | 6.8% | 6.8% |
| involves special risks including economic and political uncertainty and currency fluctuation. | 7.2% | 7.2% |
| Net asset value | 1.8% | 1.8% |
| Proportions of the New Plus Portfolios is a discretionary investment management program provided by |  |  |
| Beginning of period | $9.50 | $10.00 |
| Net asset, end of period (in thousands) | $37,686 | $36,735 |

| Investment activities | 2024 | 2023 |
| --- | --- | --- |
| Net investment income (2)(3) | 0.10 | 0.12 |

55

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

T. Rowe Price Advisory Services, Inc., a registered investment firm whose outstanding 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.

Class

Total (0.25) (0.98)

Total (0.25) (0.98)

Through (0.25) (0.98)

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

The total return reflects the rate that an investor would have earned on an investment in the 2025 FUND.

56

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS 36.5%**

| End of year | 8.74 | 8.93 |  |
| --- | --- | --- | --- |
| The following performance of the fund is directly related to the investment performance of |  |  |  |
| Cross-divided in 2022 payments by Price Associates (1) | 0.22% (1) | 0.22% (1) |  |
| One unclaimed asset supply in which it invests | 808,100 (1) | 0.22% (1) |  |
| Two unclaimed asset payments by Price Associates (1) | 0.22% (1) | 0.22% (1) |  |
| Non-accrued member TAPS Index | 2.35% (1) | 1.50% (1) |  |
| Fund | 4,516 | 1,688 | 1,338 |
|  | 486,580 | 4,477 |  |
| Portfolio turnover rate (5) | 25.7% | 52.3% |  |
| Net assets, end of period (in thousands) | $27,396 | $20,285 |  |

57

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

| INCOME | 2024 FUND | 9 Value | 9 Purchase | 9 Sales | 3244 Shares | 9 Value |
| --- | --- | --- | --- | --- | --- | --- |
| Hedged) |  | 5/31/22 | 3/31 | 5/31/22 | 3244 | 11/30/22 |
| U.S. Treasury Long-Term Index |  |  |  |  |  |  |
| (Cost and value in $000) |  |  |  |  |  |  |
| (1) |  |  | 1,039 | 443 | 274,867 | 2,248 |
| SHORT-TERM INVESTMENTS 3.6% |  | 1,980 | 633 | 524 | 213,953 | 2,043 |
| Money Market Funds 3.6% |  | 1,517 | 683 | 349 | 216,239 | 1,832 |
| (2) For more amounts calculated using average shares outstanding method. |  |  |  |  |  |  |
| Market Fund U.S. Treasury |  | 1,315 | 676 | 274 | 297,202 | 1,673 |
| (3) The cost of the details of expense-related arrangements with Price Associates |  |  |  |  |  |  |
| Equity Fund of 2025 |  | 1,674 | 2,341 | 1,894 | 2,321,385 | 3,321 |
| Total return reflects the rate that an investor would have earned on an investment in the fund |  |  |  |  |  | 2,321 |
| Total Short-Term Investments (Cost $2,321) |  |  |  |  |  |  |
| among investment and other investments of all distributions, and payment of no redemption of account fees, if applicable. Total return is not annualized for periods less than one year. The fund's total return may be higher or lower than the investment results of the individual underlying Price Funds. |  |  |  |  |  |  |

(5) Reflects the activity of the fund, and does not include the activity of the underlying Price Funds.

58

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

Total Bond Mutual Funds (Cost $25,433)

23,799

Total Investments in Securities
EQUITY MUTUAL FUNDS $25,433

| APPLIATED COMPANIES | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| --- | --- | --- | --- | --- | --- |
| Innovational Equity Assets Fund | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| Value Fund | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| Total Investment (Investing) and other financial instruments | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| Growth Stock Funds | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| 1940 Act on affiliated company | 11,238 | 4,523 | 3,319 | 119,838 | 12,887 |
| Real Assets Fund | 1,452 | 1,050 | 1,238 | 804,717 | 8,783 |
|  | 1,452 | 1,052 | 1,426 | 86,021 | 3,782 |

59

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

November 30, 2022 (Unaudited)

| securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Unrealized | 1,233 | 428 | 251 | 108,900 | 1,483 |
| Fixed | 1,233 | 428 | 251 | 108,900 | 1,483 |
| Mid-Car | 1,233 | 428 | 251 | 108,900 | 1,483 |
| Mid-Car | 1,233 | 428 | 251 | 108,900 | 1,483 |
| All | 1,233 | 428 | 251 | 108,900 | 1,483 |
| Emerging Markets Discovery |  |  |  |  |  |
| Investments in securities, at value | 1,093 | Net Realized | 224 | Change in Net | Investment |
| Affiliate | 1,093 | Gain (Loss) | 224 | 101,150 | 1,000 |
| Emerging Markets Stock Fund | 916 | 320 | 196 | 28,857 | 1,542 |
| T. Rowe Price Funds: |  |  |  |  |  |
| Mid-Car Growth Fund (2) | 653 | 224 | 137 | 8,108 | 66,202 |

**Liabilities**

| Payable for investment securities purchased | 1,098 |
| --- | --- |
| Investment management and administrative fees payable | 15 |

60

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

| STATEMENTS OF ASSETS AND LIABILITIES | $ | (3) | $ | (46) | $ | 20 |
| --- | --- | --- | --- | --- | --- | --- |
| Working Capital Funds | 870 | 181 | 100 | 21,670 | 210 | 46 |
| Working Capital Funds (for share amounts) | 653 | 183 | 153 | 13,056 | 712 |  |
| Emerging Markets Discovery Stock Fund | 369 | 132 | 93 | 8,689 | 449 |  |
| New Horizons Fund (2) |  |  |  | 2 |  |  |
| Elimin |  |  |  |  |  |  |
| Total Equity Mutual Funds (Cost $39,794) |  | (445) |  | 445 |  | 38,977 |
| Financing Capital Funds |  | (24) |  | 10 |  | 6 Months |
| Floating Capital Funds |  | (202) |  | 69 |  | Ended |
| Growth Stock Fund |  |  |  |  |  | 11/30/22 |
| The accor |  |  |  |  |  | 55,082 |
| High |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |
| Investment Income (Loss) |  |  |  |  |  |  |
| Income distributions from underlying Price Funds |  |  |  |  | $ | 706 |
| Net Assets Consist of: |  |  |  |  |  |  |
| Investment management and administrative expense |  |  |  |  |  | 90 |
| Total comprehensive earnings (loss) |  |  |  |  | $ | (4,049) |
| Net investment income |  |  |  |  |  | 465 |
| Paid in capital applicable to 7,440,401 shares of $0.0001, on |  |  |  |  |  |  |
| value capital since outstanding 30,000,000,000 shares of the |  |  |  |  |  |  |
| Realized and Unrealized Gain / Loss |  |  |  |  |  |  |

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

61

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

| UNAUTHORIZED PUBLICATION (Billed) | (53) | (65) | 30 |
| --- | --- | --- | --- |
| International Equity Index Fund | (225) | 229 | - |
| International Stock Fund | (47) | 44 | - |
| International Value Equity Fund | (88) | 41 | - |
| Mid-Cap Growth Fund | (25) | 41 | - |
| Mid-Cap Growth Fund on sales of underlying Price Funds | (59) | 6 Months Ended | 7/26/21 Through |
| Mid-Cap Change in net unrealized gain / loss on underlying Price Funds | (59) | 11/30/22 | 7/26/21 Through |
| New Income Funds | (25) | 41 | 5/31/22 |
| QM U.S. Bond Index Fund | (193) | (225) | 109 |
| DECREASE IN NET ASSETS FROM OPERATIONS |  |  | (1,024) |
| Net investment income | $616 | $190 | $ |
| Net realized loss | (1,993) | (779) | ( |
| Investor Class | 353 | (2,804) | ( |
| Trained in net unrealized gain / loss | (1,024) | $8.75 | $ |
| ($37,685,943 / 4,309,264 shares outstanding) |  |  |  |
| Decrease in net assets from operations |  |  |  |

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

62

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| Stocks | (40) | 17 | - |
| Small-Cap Index Fund | (42) | 73 | - |
| Small-Cap Value Fund | (20) | 29 | - |
| U.S. Limited Duration TIPS Index Fund | (31) | (389) | 270 |
| U.S. Trans. Long-Term Index Fund | (106) | 6 Months | 7/26/21 |
| Value (US$1,205,082 - shares outstanding) | (157) | Ended 11/30/22 | Throught 157 $5/31/22 |
| U.S. Trans. Long-Term Fund, 0.04% | - | - | - |
| Net Assets |  |  |  |
| Totals |  |  |  |
| Investor Class Increase during period | $(1,993)# | $8,062 | $353 |
| Beginning of period |  | 57,020 | (70) |
| Earnings in net assets from distributions |  |  |  |
| End of period |  | $65,082 | $57,020 |

Capital share transactions
*Share information (000s)

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

63

T. ROWE PRICE RETIREMENT BLEND 2025 FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

# Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss).
+ Investment income comprised $706 of income distributions from underlying Price Funds.

Shares sold
Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Retirement Blend 2025
Investor Class 6,704 42,549
Fund (the fund) is a diversified, open-end management investment company and is one
of the liabilities established by the corporation. The fund invests in a portfolio of other
Distributions reinvested
T. Rowe Price stock and bond funds (underlying Price Funds) that represent various
asset classes and sectors. The fund's allocation among underlying Price Funds will
Shares redeemed
Shares redeemed
shares total return over time consistent with an emphasis on both capital growth and

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

64

T. ROWE PRICE RETIREMENT BLEND 2025 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 basis of date basis. Realized gains and losses are recorded on the accrued basis. Realized gains and losses are recorded on the identified financial statements and liabilities, if incurred, are recorded as income tax expense. The Company's Share of the Retirement Fund Funds' Retirement Fund and the Retirement Fund Funds' Retirement Fund Funds' Retirement Fund and the Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds' Retirement Fund Funds

65

## 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 Blend 2025 Fund;

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

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

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

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

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

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

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

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

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

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

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

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement Blend 2025 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 |

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## Exhibit 99.906

**Item 13. (b)** 

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| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Retirement Blend 2025 Fund  | Name of Issuer: T. Rowe Price Retirement Blend 2025 Fund  |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---