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Rowe Price Retirement Funds, Inc. 2022-10-01 Retirement 2005 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0 0.0025 0.0050 0 0 0 0.0049 0.0074 0.0099 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 76 237 411 918 101 315 547 1213 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 33.5% of the average value of its portfolio. 0.335 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2005) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_a2fffc58ab424f2.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:4.02%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:31.98%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2005 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">43.20 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.16 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">10.47 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">1.85 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">22.98 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.87 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.87 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">56.80 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">27.93 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">28.87 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">11.24%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-10.36%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1124 Worst Quarter 2020-03-31 -0.1036 The fund’s return for the six months ended 6/30/22 was -13.43%. The fund’s return for the six months ended 2022-06-30 -0.1343 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2004-02-27 0.0805 0.0817 0.0722 0.0519 0.0614 0.0568 0.0612 0.0587 0.0532 2007-05-31 0.0779 0.0791 0.0695 2007-05-31 0.0749 0.0762 0.0668 S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0511 0.0652 0.0559 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0811 0.0831 0.0715 Updated performance information is available through troweprice.com. troweprice.com Retirement 2010 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0 0.0025 0.0050 0 0 0 0.0049 0.0074 0.0099 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 76 237 411 918 101 315 547 1213 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29.4% of the average value of its portfolio. 0.294 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2010) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_d1bcf8496eca4f3.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2010 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">46.64 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.33 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">11.30 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">1.99 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">24.82 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.10 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.10 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">53.36 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">26.92 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">26.44 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">12.08%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-11.37%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1208 Worst Quarter 2020-03-31 -0.1137 The fund’s return for the six months ended 6/30/22 was -13.91%. The fund’s return for the six months ended 2022-06-30 -0.1391 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2002-09-30 0.0875 0.0875 0.0789 0.0523 0.0636 0.0609 0.0699 0.0631 0.0585 2003-10-31 0.0849 0.0848 0.0762 2003-10-31 0.0822 0.0821 0.0735 S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0654 0.0736 0.0655 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0895 0.0891 0.0782 Updated performance information is available through troweprice.com. troweprice.com Retirement 2015 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0051 0.0051 0.0051 0 0.0025 0.0050 0 0 0 0.0051 0.0076 0.0101 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 52 161 278 619 77 240 415 922 103 319 550 1216 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 28.9% of the average value of its portfolio. 0.289 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2015) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_64365a32c9a74f4.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2015 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">49.64 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.48 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">12.03 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.12 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">26.41 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.30 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.30 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">50.36 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">26.22 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">24.14 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">13.00%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-12.48%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1300 Worst Quarter 2020-03-31 -0.1248 The fund’s return for the six months ended 6/30/22 was -14.29%. The fund’s return for the six months ended 2022-06-30 -0.1429 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2004-02-27 0.0954 0.0947 0.0877 0.0652 0.0706 0.0700 0.0719 0.0688 0.0661 2007-05-31 0.0932 0.0922 0.0851 2007-05-31 0.0901 0.0894 0.0822 S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0801 0.0808 0.0743 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0973 0.0961 0.0868 Updated performance information is available through troweprice.com. troweprice.com Retirement 2020 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0053 0 0.0025 0.0050 0 0 0 0.0053 0.0078 0.0103 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 168 290 635 80 247 427 937 105 326 562 1231 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31.3% of the average value of its portfolio. 0.313 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2020) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_7dbcd8c70cbc4f5.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2020 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">53.20 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.66 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">12.89 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.27 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">28.30 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.54 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.54 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">46.80 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">25.13 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">21.67 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Since floating interest rates on bank loans are typically based on a percentage above LIBOR (London Interbank Offered Rate), the expected discontinuation in 2023 for the majority of the LIBOR rates could adversely impact the performance of underlying funds that hold bank loans.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">14.51%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-14.21%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1451 Worst Quarter 2020-03-31 -0.1421 The fund’s return for the six months ended 6/30/22 was -14.81%. The fund’s return for the six months ended 2022-06-30 -0.1481 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2002-09-30 0.1047 0.1043 0.0969 0.0699 0.0805 0.0797 0.0791 0.0770 0.0744 2003-10-31 0.1020 0.1016 0.0942 2003-10-31 0.0992 0.0988 0.0915 S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0876 0.0860 0.0813 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1064 0.1049 0.0956 Updated performance information is available through troweprice.com. troweprice.com Retirement 2025 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0 0.0025 0.0050 0 0 0 0.0055 0.0080 0.0105 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 173 300 660 81 253 437 961 107 331 572 1255 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 34.7% of the average value of its portfolio. 0.347 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2025) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_75664dbd6a264f6.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2025 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">60.50 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">3.03 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">14.66 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.59 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">32.18 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.02 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.02 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">39.50 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">22.57 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">16.93 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">16.18%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-15.86%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1618 Worst Quarter 2020-03-31 -0.1586 The fund’s return for the six months ended 6/30/22 was -16.03%. The fund’s return for the six months ended 2022-06-30 -0.1603 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2004-02-27 0.1188 0.1151 0.1062 0.0896 0.0965 0.0921 0.0859 0.0869 0.0833 2007-05-31 0.1162 0.1123 0.1035 2007-05-31 0.1130 0.1093 0.1007 S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1067 0.0965 0.0901 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1227 0.1154 0.1047 Updated performance information is available through troweprice.com. troweprice.com Retirement 2030 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0058 0.0058 0 0.0025 0.0050 0 0 0 0.0058 0.0083 0.0108 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 59 181 312 685 84 261 449 985 110 339 584 1278 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 33.0% of the average value of its portfolio. 0.330 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2030) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_1a5ef702cef64f7.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2030 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">71.60 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">3.58 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">17.35 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.06 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">38.09 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.76 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.76 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">28.40 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">18.30 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">10.10 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">17.47%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-17.34%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1747 Worst Quarter 2020-03-31 -0.1734 The fund’s return for the six months ended 6/30/22 was -17.61%. The fund’s return for the six months ended 2022-06-30 -0.1761 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2002-09-30 0.1355 0.1253 0.1147 0.1093 0.1067 0.1003 0.0940 0.0954 0.0907 2003-10-31 0.1326 0.1225 0.1119 2003-10-31 0.1301 0.1197 0.1092 S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1261 0.1063 0.0983 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1423 0.1257 0.1132 Updated performance information is available through troweprice.com. troweprice.com Retirement 2035 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0059 0.0059 0 0.0025 0.0050 0 0 0 0.0059 0.0084 0.0109 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 327 714 86 268 463 1014 111 346 598 1306 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30.9% of the average value of its portfolio. 0.309 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2035) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_86ff118ab66d4f8.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2035 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">82.50 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.13 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">19.99 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.53 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">43.87 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">5.49 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">5.49 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">17.50 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">12.25 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">5.25 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">18.65%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-18.55%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1865 Worst Quarter 2020-03-31 -0.1855 The fund’s return for the six months ended 6/30/22 was -19.00%. The fund’s return for the six months ended 2022-06-30 -0.1900 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2004-02-27 0.1508 0.1340 0.1213 0.1300 0.1171 0.1080 0.0988 0.1029 0.0968 2007-05-31 0.1480 0.1312 0.1185 2007-05-31 0.1446 0.1283 0.1157 S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1493 0.1167 0.1063 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1608 0.1347 0.1200 Updated performance information is available through troweprice.com. troweprice.com Retirement 2040 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0.0025 0.0050 0 0 0 0.0060 0.0085 0.0110 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 332 737 87 271 469 1036 112 349 604 1328 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 28.5% of the average value of its portfolio. 0.285 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2040) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_da8a4152ce5a4f9.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2040 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">91.40 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.57 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">22.14 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">3.91 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">48.62 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.08 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.08 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">8.60 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">6.02 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.58 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">19.50%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-19.48%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1950 Worst Quarter 2020-03-31 -0.1948 The fund’s return for the six months ended 6/30/22 was -20.09%. The fund’s return for the six months ended 2022-06-30 -0.2009 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2002-09-30 0.1635 0.1415 0.1263 0.1398 0.1234 0.1123 0.1080 0.1089 0.1011 2003-10-31 0.1606 0.1386 0.1235 2003-10-31 0.1576 0.1358 0.1207 S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1655 0.1240 0.1119 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1773 0.1422 0.1251 Updated performance information is available through troweprice.com. troweprice.com Retirement 2045 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0062 0.0062 0.0062 0 0.0025 0.0050 0 0 0 0.0062 0.0087 0.0112 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 197 339 751 89 276 476 1050 114 354 611 1341 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31.1% of the average value of its portfolio. 0.311 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2045) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_f0ad1875f1b04f10.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:4.02%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:31.98%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2045 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">96.10 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.81 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">23.28 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.11 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">51.12 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.39 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.39 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">3.90 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.73 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">1.17 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">20.19%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-20.30%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2019 Worst Quarter 2020-03-31 -0.2030 The fund’s return for the six months ended 6/30/22 was -20.56%. The fund’s return for the six months ended 2022-06-30 -0.2056 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2005-05-31 0.1720 0.1456 0.1284 0.1515 0.1291 0.1155 0.1122 0.1129 0.1033 2007-05-31 0.1694 0.1426 0.1255 2007-05-31 0.1661 0.1397 0.1227 S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1751 0.1281 0.1156 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1876 0.1463 0.1272 Updated performance information is available through troweprice.com. troweprice.com Retirement 2050 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0063 0 0.0025 0.0050 0 0 0 0.0063 0.0088 0.0113 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 64 201 349 769 90 280 485 1067 115 359 620 1358 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 32.5% of the average value of its portfolio. 0.325 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2050) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_ed7468cc85764f11.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2050 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">97.60 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.88 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">23.64 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.17 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">51.93 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.49 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.49 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">2.40 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">1.68 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">0.72 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">20.21%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-20.27%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2021 Worst Quarter 2020-03-31 -0.2027 The fund’s return for the six months ended 6/30/22 was -20.68%. The fund’s return for the six months ended 2022-06-30 -0.2068 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2006-12-29 0.1735 0.1457 0.1284 0.1528 0.1296 0.1158 0.1131 0.1131 0.1035 2006-12-29 0.1706 0.1429 0.1256 2006-12-29 0.1682 0.1400 0.1229 S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1799 0.1307 0.1183 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1892 0.1466 0.1274 Updated performance information is available through troweprice.com. troweprice.com Retirement 2055 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0.0064 0.0064 0 0.0025 0.0050 0 0 0 0.0064 0.0089 0.0114 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 65 204 354 786 91 283 490 1084 116 362 625 1374 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 35.1% of the average value of its portfolio. 0.351 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2055) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_62a674ff55a04f12.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2055 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">98.00 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.90 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">23.74 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.19 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">52.13 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">2.00 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">1.40 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">0.60 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">20.14%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-20.38%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2014 Worst Quarter 2020-03-31 -0.2038 The fund’s return for the six months ended 6/30/22 was -20.67%. The fund’s return for the six months ended 2022-06-30 -0.2067 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2006-12-29 0.1729 0.1452 0.1282 0.1547 0.1309 0.1168 0.1107 0.1131 0.1036 2007-05-31 0.1704 0.1425 0.1254 2007-05-31 0.1675 0.1396 0.1226 S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1819 0.1318 0.1200 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1891 0.1466 0.1274 Updated performance information is available through troweprice.com. troweprice.com Retirement 2060 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0.0064 0.0064 0 0.0025 0.0050 0 0 0 0.0064 0.0089 0.0114 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 65 205 357 795 91 284 493 1093 116 362 628 1383 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 37.6% of the average value of its portfolio. 0.376 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2060) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_85e7e55b3c414f13.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2060 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">98.00 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.90 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">23.74 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.19 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">52.13 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">2.00 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">1.40 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">0.60 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">20.18%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-20.39%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2018 Worst Quarter 2020-03-31 -0.2039 The fund’s return for the six months ended 6/30/22 was -20.74%. The fund’s return for the six months ended 2022-06-30 -0.2074 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2014-06-23 0.1741 0.1454 0.1059 0.1602 0.1343 0.0964 0.1086 0.1139 0.0830 2014-06-23 0.1707 0.1425 0.1031 2014-06-23 0.1677 0.1397 0.1003 S&P Target Date 2060 Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1805 0.1328 0.0988 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1890 0.1466 0.1085 Updated performance information is available through troweprice.com. troweprice.com Retirement 2065 Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0.0064 0.0064 0 0.0025 0.0050 0 0 0 0.0064 0.0089 0.0114 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 65 205 357 798 91 284 493 1096 116 362 628 1386 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 51.9% of the average value of its portfolio. 0.519 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2065) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. <img alt="" src="img_3a2d2848ac594f14.jpg"/>The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). The target allocations and actual allocations may differ due to significant market movements or cash flows.The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of October 1, 2022. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement 2065 Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">98.00 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">4.90 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">23.74 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">4.19 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">52.13 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">6.52 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">2.00 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">1.40 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">0.60 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. You may experience losses, including losses near, at, or after the target retirement date. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/21</td><td style="vertical-align:top; background-color:#E6E6E6;">6.68%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">9/30/21</td><td style="vertical-align:top; background-color:#E6E6E6;">-0.80%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2021-06-30 0.0668 Worst Quarter 2021-09-30 -0.0080 The fund’s return for the six months ended 6/30/22 was -20.65%. The fund’s return for the six months ended 2022-06-30 -0.2065 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2020-10-13 0.1818 0.2503 0.1688 0.2362 0.1102 0.1880 2020-10-13 0.1786 0.2466 2020-10-13 0.1766 0.2439 S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1817 0.2414 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.1964 0.2543 Updated performance information is available through troweprice.com. troweprice.com Retirement Balanced Fund Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0 0.0025 0.0050 0 0 0 0.0049 0.0074 0.0099 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 76 237 411 918 101 315 547 1213 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 32.2% of the average value of its portfolio. 0.322 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund is intended for retired investors who seek income and relative stability from bonds along with some capital appreciation potential from stocks. The fund’s “neutral allocations,” which are what T. Rowe Price considers broadly appropriate for investors during their retirement years, are 40% stock funds and 60% bond funds.These allocations are intended to reflect the need for reduced market risks, lower portfolio volatility, and an income stream throughout retirement. Although the fund is designed for investors already in retirement, you should be aware that it does not decrease its equity holdings and become increasingly conservative over time. As such, you may want to consider a more conservative or more aggressive approach depending on your age and specific stage of retirement. The fund is designed to be part of an investor’s overall retirement strategy, but is not intended as a complete solution to an investor’s retirement needs. While the overall asset mix generally remains consistent over time, tactical decisions may be made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations by more than plus (+) or minus (-) five percent (5%).The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund. The target allocations and actual allocations may differ. The fund’s shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:3.98%;"> </td><td style="width:4%;"> </td><td style="width:7%;"> </td><td style="width:2.99%;"> </td><td style="width:39%;"> </td><td style="width:7%;"> </td><td style="width:4%;"> </td><td style="width:32.03%;"> </td></tr><tr><td colspan="8" style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;">Retirement Balanced Fund</td></tr><tr><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Asset Class</td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top;"> Sector(s) </td><td colspan="2" style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"> Neutral Allocation </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"> Underlying Fund(s) </td></tr><tr><td style="vertical-align:bottom; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; border-right:0.5pt; border-right-style:solid; border-right-color:#000000; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">40.00 </td><td style="vertical-align:top; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Inflation Focused Stocks</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">2.00 </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">%</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Real Assets</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Developed Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">9.69 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Value Equity, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Overseas Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">International Emerging Market Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">1.71 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Discovery Stock and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Stock</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Large-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">21.28 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Equity Index 500,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Growth Stock,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Equity Research,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Large-Cap Core, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Mid-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.66 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Growth,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Mid-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">U.S. Small-Cap Stocks</td><td style="vertical-align:top; background-color:#E5E5E5;">2.66 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Horizons,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Index,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Stock, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Small-Cap Value</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;">Bonds</td><td style="vertical-align:top; background-color:#E5E5E5;">60.00 </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Core Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">28.00 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Dynamic Global Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">International Bond (USD Hedged), and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">New Income</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;">Diversifying Fixed Income</td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;">32.00 </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Emerging Markets Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Floating Rate,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">High Yield,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">Limited Duration Inflation Focused Bond,</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Long-Term Index, and/or</td></tr><tr><td colspan="2" style="vertical-align:top; border-left:0.5pt; border-left-style:solid; border-left-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"> </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;">U.S. Treasury Money</td></tr><tr><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Principal Risks As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. There is no guarantee that the fund will provide adequate income at and through your retirement. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:Active management/Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s).Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds.Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments.Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund.International investing Investing in underlying funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in underlying funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.Emerging markets Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of securities in which an underlying fund invests.Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.Investment style Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.Inflation To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds.Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interests in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity.Cybersecurity breaches The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9%;"> </td><td style="width:14.01%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:.5%;"> </td><td style="width:15%;"> </td><td style="width:15%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">11.57%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-10.87%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1157 Worst Quarter 2020-03-31 -0.1087 The fund’s return for the six months ended 6/30/22 was -12.77%. The fund’s return for the six months ended 2022-06-30 -0.1277 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2021 2002-09-30 0.0838 0.0824 0.0696 0.0505 0.0611 0.0543 0.0663 0.0597 0.0516 2003-10-31 0.0810 0.0798 0.0671 2003-10-31 0.0785 0.0771 0.0644 S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0511 0.0652 0.0559 Combined Index Portfolio (reflects no deduction for fees, expenses, or taxes) reflects no deduction for fees, expenses, or taxes 0.0846 0.0833 0.0694 Updated performance information is available through troweprice.com. troweprice.com 485BPOS 2022-05-31 0001177017 false 2022-09-29 2022-10-01 N-1A 0.1135 0.0974 0.0472 -0.0075 0.0672 0.1067 -0.0326 0.1508 0.1124 0.0805 0.1244 0.1193 0.0499 -0.0076 0.0711 0.1166 -0.0361 0.1616 0.119 0.0875 0.1381 0.1518 0.0537 -0.0058 0.0731 0.1334 -0.0417 0.174 0.1257 0.0954 0.1501 0.1805 0.0563 -0.0031 0.0741 0.1574 -0.0494 0.1937 0.1319 0.1047 0.16 0.2078 0.0584 -0.0017 0.0755 0.1768 -0.0562 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Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Combined Index Portfolio is a blended benchmark composed of 43.40% stocks (30.38% Russell 3000 Index and 13.02% MSCI All Country World Index ex USA Net), and 56.60% bonds (39.70% Bloomberg U.S. Aggregate Bond Index and 16.90% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Combined Index Portfolio is a blended benchmark composed of 46.80% stocks (32.76% Russell 3000 Index and 14.04% MSCI All Country World Index ex USA Net), and 53.20% bonds (38.40% Bloomberg U.S. Aggregate Bond Index and 14.80% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Restated to reflect current fees. Combined Index Portfolio is a blended benchmark composed of 49.80% stocks (34.86% Russell 3000 Index and 14.94% MSCI All Country World Index ex USA Net), and 50.20% bonds (37.40% Bloomberg U.S. Aggregate Bond Index and 12.80% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 53.40% stocks (37.38% Russell 3000® Index and 16.02% MSCI All Country World Index ex USA), and 46.60% bonds (35.80% Bloomberg U.S. Aggregate Bond Index and 10.80% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Restated to reflect current fees. Combined Index Portfolio is a blended benchmark composed of 61.00% stocks (42.70% Russell 3000 Index and 18.30% MSCI All Country World Index ex USA Net), and 39.00% bonds (32.00% Bloomberg U.S. Aggregate Bond Index and 7.00% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 72.20% stocks (50.54% Russell 3000 Index and 21.66% MSCI All Country World Index ex USA Net), and 27.80% bonds (25.80% Bloomberg U.S. Aggregate Bond Index and 2.00% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 83.00% stocks (58.10% Russell 3000 Index and 24.90% MSCI All Country World Index ex USA Net), and 17.00% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 91.80% stocks (64.26% Russell 3000 Index and 27.54% MSCI All Country World Index ex USA Net), and 8.20% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 96.20% stocks (67.34% Russell 3000 Index and 28.86% MSCI All Country World Index ex USA Net) and 3.80% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 97.60% stocks (68.32% Russell 3000 Index and 29.28% MSCI All Country World Index ex USA Net) and 2.40% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 98% stocks (68.60% Russell 3000 Index and 29.40% MSCI All Country World Index ex USA Net) and 2.00% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Restated to reflect current fees. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 98% stocks (68.60% Russell 3000 Index and 29.40% MSCI All Country World Index ex USA Net) and 2.00% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Return since 6/23/14. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which isset forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurringafter the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Combined Index Portfolio is a blended benchmark composed of 98% stocks (68.60% Russell 3000 Index and 29.40% MSCI All Country World Index ex USA Net) and 2.00% bonds (Bloomberg U.S. Aggregate Bond Index). The indices and percentages may vary over time. Return since 10/13/20. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Combined Index Portfolio is a blended benchmark composed of 40.00% stocks (28.00% Russell 3000 Index and 12.00% MSCI All Country World Index ex USA Net), and 60.00% bonds (40.00% Bloomberg U.S. Aggregate Bond Index and 20.00% Bloomberg U.S. 1-5 Year Treasury TIPS Index). The indices and percentages may vary over time.