Strong Results From a Target Date Leader...along its glide path. T. Rowe Price uses combined index...

Strong Results From a Target Date LeaderAt T. Rowe Price, we believe that investment success comes from balancing market, inflation, and longevity risks. This principle is at the core of our target date philosophy—and serves as the foundation for every decision we make to seek the best possible outcomes for our clients.

Over 90% of our Retirement Funds with a 10-year track record beat their 10-year Lipper average as of 3/31/20.1

2

Three Differentiators to Help Participants Achieve Lifetime Income

Goal-Driven Glide Path To help support lifetime income through prudent risk management

Dynamic Tactical Adjustments To help mitigate risks and enhance returns

The Opportunity of Active Management Our target date portfolios are invested across asset classes, regions, styles, and capitalizations, seeking to reduce portfolio volatility and deliver strong, long-term performance

Our Best Thinking, Translated Into Solutions

Collaboration between our portfolio management and global research teams underlies our history of leadership.

§ Over 25 years of offering multi-asset solutions to meet client objectives

§ Pioneer in offering target date solutions since 2002

§ Commitment to dedicated multi-asset research and development

Over 75% of our mutual funds with a 10-year track record outperformed2

For the 10-year period ended March 31, 2020, over 75% of our funds with a 10-year track record outperformed their comparable Lipper average.

164 funds have 4 or 5 stars164 funds have received a 4- or 5-star Overall Morningstar RatingTM (or 50.9% versus a 32.5% industry average— as of 3/31/20).3

Past performance cannot guarantee future results.Results will vary for other periods, and all funds are subject to market risk.1 36 of our 40 Retirement Funds (Investor, Advisor, and R Class) had a 10-year track record as of 3/31/20 (includes all share classes). 34 of these 36 funds beat their Lipper average for the 10-year period. 4 of 40, 17 of 39, and 33 of 39 of the Retirement Funds outperformed their Lipper average for the 1-, 3-, and 5-year periods ended 3/31/20, respectively. Calculations are based on cumulative total return. Not all funds outperformed for all periods. (Source for data: Lipper Inc.)

2 166 of our 371 mutual funds had a 10-year track record as of 3/31/20. (Includes all share classes and excludes funds used in insurance products.) 127 of these 166 funds (77%) beat their Lipper average for the 10-year period. 199 of 369 (54%), 202 of 336 (60%), and 173 of 228 (76%) of T. Rowe Price funds outperformed their Lipper average for the 1-, 3-, and 5-year periods ended 3/31/20, respectively. Calculations are based on cumulative total return. Not all funds outperformed for all periods. (Source for data: Lipper Inc.)

3 Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingTM metrics. By comparison, as of March 31, 2020, 50.9% (164 of 322) of our rated funds (includes all share classes) received an overall rating of 5 or 4 stars.

3

We’ve Added Value for Our Clients Over Time

Past performance cannot guarantee future results.Results will vary for other periods, and all funds are subject to market risk.4 We examined the performance of all of our Retirement Funds (RFs) that had at least 10-year track records as of December 31, 2019. To quantify the total value added by T. Rowe Price’s target date implementation, RF returns in each rolling period were compared with combined index benchmarks created by T. Rowe Price that closely mirror the strategic allocations of each RF as it moves along its glide path. To account for the differing inception dates (and thus, longevity) of each RF, these averages were time-weighted—that is, the results are based on the percentage of the total performance periods in each time frame provided by each RF. To provide a summary of the effectiveness of T. Rowe Price’s target date process, we calculated performance averages for all 11 RFs across all 3 levels of our analysis (total value added, tactical allocation, and security selection). To account for the differing longevity of each RF, these averages were time-weighted—the results are based on the percentage of the total performance periods in each time frame provided by each RF. To quantify the value added by T. Rowe Price’s tactical allocation process, RF returns calculated using each fund’s fixed strategic asset allocation were compared with the returns based on actual allocation weights. To quantify the value added by security selection, excess returns—net of fees and other costs—were calculated for the underlying funds in each RF. Returns were calculated relative to each underlying fund’s asset class, sector, or style benchmark. Returns were then aggregated to show the total excess returns for each RF. To quantify the total value added by T. Rowe Price’s target date implementation, RF returns in each rolling period were compared with combined index benchmarks created by T. Rowe Price that closely mirror the strategic allocations of each RF as it moves along its glide path. T. Rowe Price uses combined index benchmarks to measure the relative performance of the firm’s Retirement Funds. These benchmarks are constructed from 4 indexes that reflect the broad asset classes in the underlying RF portfolios: U.S. Equity: The Russell 3000 Index, Non-U.S. Equity: The MSCI All Country World Index ex USA, Fixed Income: The Bloomberg Barclays U.S. Aggregate Bond Index, and Inflation Focused Fixed Income: The Bloomberg Barclays U.S. 1–5 Year Treasury TIPS Index. The combined benchmarks mirror the strategic allocations for each fund, isolating the contributions made by tactical allocation and security selection. This means the weights assigned to different asset classes in the benchmarks will change over time as the funds move along their glide paths. The combined index benchmarks for the 11 funds included in our analysis can be found at troweprice.com/targetdate.

5 For Lipper Best Individual Funds, the calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over 3, 5, or 10 years as of the period-end and no other time periods. Only one share class (the one with the best Lipper Leader score) is used for each portfolio in determining asset class and overall awards. Only eligible investors may purchase Institutional shares. See a prospectus for eligibility requirements and other available share classes.

©2020 Refinitiv. All rights reserved.

Over 90% of our Retirement Funds

with a 10-year track record beat their 10-year Lipper average as of 3/31/201

Active portfolio management added excess returns in

98%of rolling 10-year periods since inception for each

T. Rowe Price Retirement Fund4

For all 11 Retirement Funds with a 10-year track record, tactical allocation

added value in 83% or more of all rolling

five-year periods and in 100% of rolling 10-year periods since inception4

T. Rowe Price Retirement Funds recognized with

7 awards for strong, risk-adjusted

performance across 3-, 5-, or 10-year periods5

4

Past performance cannot guarantee future results.Value added is calculated by comparing the returns of the 11 Retirement Funds with a 10-year track record using each fund’s fixed strategic asset allocation versus the returns based on the actual allocation weights. To provide a high-level summary, a time-weighted performance average was calculated for the 11 Retirement Funds. Hit Rates are the percentage of the total rolling periods in each time frame in which active portfolio management made a positive contribution to fund returns. Value Added is the return contribution made by tactical asset allocation. Excess returns were calculated for each rolling period and then averaged across all the periods in each time frame.

Dynamic Tactical Adjustments Have Added Value4

Tactical allocation has added positive value over time, contributing to better outcomes.

tes 74%87%100%

Percentage of Time Tactical Allocation Has Added Value (net of Fund Inceptions Through March 31, 2020

Rolling Periods3-year

5-year

10-year

Average Value Added (net of fees) by Tactical AllocationFund Inceptions Through March 31, 2020

0 5 10 15 20

10-year

5-year

3-year 12

13

13

Rolling Periods

Value Added (in Basis Points)

Percentage of Time Tactical Allocation Has Added Value (net of fees)


5-year

10-year

69%83%100%Hit Rates

On average, we’ve added 13 basis points over every rolling 10-year period since inception due to our tactical asset allocation.

Underlying Active Management Has Driven Excess Positive Returns4

Underlying active management has added value in 100% of all rolling 10-year periods net of fees.

76%87%100%

Average Value Added (net of fees) by Underlying Active ManagementFund Inceptions Through March 31, 2020

0 5 10 15 20 25 30 35 40 45

10-year

5-year

3-year 35

38

39

Rolling Periods

Value Added (in Basis Points)

Percentage of Time Underlying Active Management Has Added Value(net of fees) Fund Inceptions Through March 31, 2020


5-year

10-year

76%87%98%Hit Rates

On average, we’ve added 39 basis points over every rolling 10-year period since inception due to our underlying active management.

5

Even a Small Amount of Excess Returns Can Have a Profound Impact Over Time

200,000

400,000

600,000

1,000,000

800,000

+2 AdditionalYears ofSpending

+5 AdditionalYears ofSpending

Past performance cannot guarantee future results.Results will vary for other periods, and all funds are subject to market risk.

The results shown above are hypothetical, do not reflect actual investment results, and are not a guarantee of future results. Hypothetical results were developed with the benefit of hindsight and have inherent limitations. Hypothetical results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Results do not include the impact of fees, expenses, or taxes. Results have been adjusted to reflect the reinvestment of dividend and capital gains. Actual returns may differ significantly from the results shown. The demographic assumptions, returns, and ending balances are shown for illustrative purposes only and are not intended to provide any assurance or promise of actual returns and outcomes.

6

Strong Performance and Risk-Adjusted Outcomes

Our Retirement Funds have regularly outperformed across rolling 3-, 5-, and 10-year periods since inception.1

As of March 31, 2020

Past performance cannot guarantee future results.1 Figures reflect the aggregate performance of the 11 Retirement Funds (RF) with a 10-year track record (Retirement 2005 through Retirement 2055 Funds).2 Of the 11 Retirement Funds with a 10-year track record (the Retirement 2005 through 2055 Funds), 1 of 11, 7 of 11, and 9 of 11 funds were in the top quartile for each of the 3-, 5-, and 10-year periods ended March 31, 2020. See page 9 for additional ranking information.

* T. Rowe Price has created combined index performance benchmarks for its Retirement Funds. These benchmarks are constructed from 4 indexes that reflect the broad asset classes in the underlying RF portfolios: U.S. Equity represented by the Russell 3000 Index, Non-U.S. Equity represented by the MSCI All Country World Index ex USA, Fixed Income represented by the Bloomberg Barclays U.S. Aggregate Bond Index, and Inflation Focused Fixed Income represented by the Bloomberg Barclays 1–5 Year TIPS Index.

** Sharpe ratio is a measure of excess return per unit of risk. It measures return above or below the risk-free rate (T-bills), per unit of risk taken (portfolio’s standard deviation).

Portions of the mutual fund information contained in this display was supplied by Lipper, a Refinitiv Company, subject to the following: Copyright 2020 © Refinitiv. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.Source for Lipper Data: Lipper Inc.

Top Quartile vs. PeersPercent of time Retirement Funds were in the top quartile2 compared with Lipper peers

Outperformance over S&P Target Date IndexPercent of time Retirement Funds exceeded the S&P Target Date Index

Outperformance over combined passive benchmarkPercent of time Retirement Funds exceeded the combined passive benchmark*

Risk-adjusted outperformance over peersPercent of time Retirement Funds’ Sharpe ratios** were in the top half compared with Lipper peers

3-Year 5-Year 10-Year

84% 92% 98%84% 92% 97%84% 92% 97%


88% 95% 100%88% 95% 100%88% 95% 100%


82% 82% 100%82% 82% 100%82% 82% 100%


88% 90% 98%88% 90% 98%88% 90% 98%

7

What It All Adds Up to for Participants

Adding in the incremental value we have created through our underlying active management and tactical asset allocation, we can compare the total value we delivered over the S&P Target Date Index.

As of March 31, 2020

Chart shows growth of 100,000 USD invested in the T. Rowe Price Retirement 2030 Fund and the S&P Target Date 2030 Index on September 30, 2002.

Retirement 2030 Fund performance as of 3/31/2020: 1-year -8.48%, 5-year 3.43%, 10-year 7.20%.Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, please call 1-800-638-7890 or go to troweprice.com. Figures include changes in principal value, reinvested dividends, and capital gain distributions. It is not possible to invest directly in an index.

Today, a participant would have had 19,520 USD more due to our underlying active management and tactical asset allocation.

In total, the participant would have had 58,030 USD more than if he or she had invested in the S&P Target Date 2030 Index.

Hyp

othe

tical

Tot

al A

ccou

nt V

alue

(USD

)

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

RF 2030Total Value387,690 USD Tactical & Active ManagementGlide Path and DiversificationS&P Target Date2030 Index329,660 USD

Cumulative Growth of 100,000 USD—Retirement 2030 Fund (RF) vs. S&P Target Date 2030 Index

3/2012/189/176/163/1512/139/126/113/1012/089/076/063/0512/039/02

8

Even During the Financial Crisis, Our Solution Would Have Led to Better Outcomes

At the bottom of the market in 2009, a participant that invested in our glide path from inception would have had more money in their account compared with a lower-equity approach.

The performance shown on this page does not reflect the deduction of investment fees or expenses. If such fees were taken into consideration, the results would be different. Past performance cannot guarantee future results.Chart shows growth of 100,000 USD invested in the T. Rowe Price Retirement 2010 Fund and the S&P Target Date 2010 Index on September 30, 2002.

Figures include changes in principal value, reinvested dividends, and capital gain distributions.

The results above represent index performance. All examples are for illustrative purposes only and do not represent the performance of a particular investment. It is not possible to invest directly in an index.

The most recent mix of underlying indices as of March 31, 2020, for the Retirement 2010 Combined Index is 28.70% Russell 3000 Index, 12.30% MSCI All Country World Index ex-U.S., 42.00% Bloomberg Barclays U.S. Aggregate Bond Index, and 17.00% Bloomberg Barclays U.S. 1–5 Year Treasury TIPS Index.

100,000

150,000

200,000

250,000

300,000

350,000

9/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

3/12

3/13

3/14

3/15

3/16

3/17

3/18

3/19

3/20

191,990-167,800

24,190

308,510-261,550

46,960

-123,280123,150

130

S&P Target Date 2010 Index

T. Rowe Price Retirement 2010 Fund

Hyp

othe

tical

Tot

al A

ccou

nt V

alue

(USD

)

T. Rowe Price Retirement 2010 Fund vs. S&P Target Date 2010 Index

Through two significant market downturns, a participant invested in the T. Rowe Price approach would have fallen from higher peaks, but their balance never dropped below that of the participant invested in the S&P Target Date approach.

Even with recent volatility, a long-term participant would have benefited from the higher equity approach of T. Rowe Price and would have had 46,960 USD more in their account.

9

FundMorningstar

CategoryOne-Year Return Percentile Rank

Three-Year Return Percentile Rank

Five-Year Return Percentile Rank

Ten-Year Return Percentile Ran

Fifteen-Year Return Percentile Rank

Retirement 2060 Fund

US Fund Target Date 2060+

40th 29th 26th – –79 out of 228 43 out of 150 18 out of 54


US Fund Target Date 2055

44th 26th 17th 12th–88 out of 232 46 out of 194 26 out of 150 6 out of 31



45th 22nd 16th 6th–97 out of 244 42 out of 209 27 out of 167 7 out of 78



58th 28th 16th 6th–115 out of 232 48 out of 196 27 out of 157 7 out of 80



63rd 30th 17th 5th 1st137 out of 244 51 out of 209 27 out of 167 6 out of 96 1 out of 31



81st 44th 18th 5th 1st171 out of 232 70 out of 196 28 out of 157 7 out of 81 1 out of 17



94th 50th 24th 4th 1st227 out of 244 85 out of 209 35 out of 167 7 out of 96 1 out of 31



97th 60th 22nd 4th 1st224 out of 235 106 out of 199 32 out of 160 6 out of 84 1 out of 17



94th 67th 26th 2nd 1st220 out of 233 112 out of 198 27 out of 156 3 out of 94 1 out of 29



90th 69th 33rd 23rd 1st110 out of 129 54 out of 99 21 out of 74 9 out of 47 1 out of 8


US Fund Target Date 2000-2010

92nd 73rd 54th 31st 1st113 out of 129 57 out of 92 30 out of 80 18 out of 58 1 out of 26


US Fund Target Date 2000-2010

75th 74th 58th 61st 12th94 out of 129 58 out of 92 34 out of 80 32 out of 58 2 out of 26

Retirement Funds Morningstar RankingsAs of March 31, 2020

Past performance cannot guarantee future results.Results will vary for other periods, and all funds are subject to market risk.

©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

1st–25th Percentile 26th–50th Percentile 51st–100th Percentile

10

Retirement Funds Performance As of March 31, 2020 Figures Are Calculated in U.S. Dollars

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, please call 1-800-638-7890 or go to troweprice.com.Figures include changes in principal value, reinvested dividends, and capital gain distributions.

*Expense ratios are as of 10/1/19.

See back cover for benchmark definitions.

Expense Ratio*

1 Year

3 Years

5 Years

10 Years

15 Years

Since Inception

Inception Date

RETIREMENT FUNDS

T. Rowe Price Retirement 2060 0.71% -11.05% 1.81% 3.30% – – 3.52% 06/23/14

Retirement 2060 Combined Index Portfolio – -9.05 2.61 3.91 – – 3.97

T. Rowe Price Retirement 2055 0.71 -11.08 1.78 3.31 7.46% – 5.18 12/29/06

Retirement 2055 Combined Index Portfolio – -9.05 2.61 3.91 7.54 – 5.04

T. Rowe Price Retirement 2050 0.71 -10.94 1.86 3.35 7.47 – 5.20 12/29/06


T. Rowe Price Retirement 2045 0.71 -10.99 1.84 3.34 7.46 – 6.35 05/31/05


T. Rowe Price Retirement 2040 0.70 -10.27 2.03 3.42 7.50 6.36% 8.19 09/30/02

Retirement 2040 Combined Index Portfolio – -8.15 2.87 4.03 7.60 6.14 7.87

T. Rowe Price Retirement 2035 0.68 -9.49 2.10 3.41 7.38 6.28 6.34 02/27/04













Retirement 2005 Combined Index Portfolio – 0.71 3.68 3.56 5.32 4.97 4.95

T. Rowe Price Retirement Balanced 0.50 -3.73 1.99 2.70 4.58 4.69 5.56 09/30/02

Retirement Balanced Combined Index Portfolio – -0.86 3.10 3.28 4.77 4.23 4.92

Annualized

11

Underlying Funds Performance As of March 31, 2020 Figures Are Calculated in U.S. Dollars

1 You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

* May not be available to new investors due to capacity constraints. The fund’s average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Figures include changes in principal value, reinvested dividends, and capital gain distributions.

Expense Ratio

Expense Ratio Prospectus

Date7-Day Yield

3 Months

1 Year

3 Years

5 Years

10 Years

Since Inception

Inception Date

U.S. EquityRussell 3000 Index – -20.90% -9.13% 4.00% 5.77% 10.15% 11.21%Growth Stock Fund 0.65% 03/1/2020 – -14.66 -3.67 9.94 9.38 12.75 10.79 04/11/1950S&P 500 Index -19.60 -6.98 5.10 6.73 10.53 10.93Russell 1000 Growth Index -14.10 0.91 11.32 10.36 12.97 –Equity Index 500 Fund 0.20 03/1/2020 – -19.64 -7.16 4.88 6.48 10.26 8.97 03/30/1990S&P 500 Index -19.60 -6.98 5.10 6.73 10.53 9.28Value Fund 0.79 03/1/2020 – -25.23 -16.09 -1.07 1.89 8.23 9.54 09/30/1994Russell 1000 Value Index -26.73 -17.17 -2.18 1.90 7.67 8.46Mid-Cap Growth Fund* 0.74 03/1/2020 – -23.19 -13.07 4.54 5.61 11.17 12.59 06/30/1992Russell Midcap Growth Index -20.04 -9.45 6.53 5.61 10.89 9.57Mid-Cap Value Fund 0.78 03/1/2020 – -28.67 -23.01 -6.22 -0.12 6.39 9.34 06/28/1996Russell Midcap Value Index -31.71 -24.13 -5.97 -0.76 7.22 8.66New Horizons Fund 0.76 03/1/2020 – -12.35 -0.05 14.46 11.82 16.19 11.59 06/03/1960Russell 2000 Growth Index -25.76 -18.58 0.10 1.70 8.89 –Small-Cap Stock Fund 0.89 03/1/2020 – -26.19 -16.10 2.06 3.98 10.23 12.46 06/01/1956Russell 2000 Index -30.61 -23.99 -4.64 -0.25 6.90 –Small-Cap Value Fund 0.83 03/1/2020 – -31.12 -23.14 -4.96 1.12 6.81 10.11 06/30/1988Russell 2000 Value Index -35.66 -29.64 -9.51 -2.42 4.79 8.71International EquityMSCI All Country World Index ex USA -23.36 -15.57 -1.96 -0.64 2.05 3.45International Stock Fund 0.80 03/1/2020 – -21.57 -11.20 0.17 1.10 3.89 8.26 05/09/1980MSCI All Country World Index ex USA Net -23.36 -15.57 -1.96 -0.64 2.05 3.45Overseas Stock Fund 0.81 03/1/2020 – -24.75 -15.84 -2.68 -1.08 3.01 0.91 12/29/2006MSCI EAFE Index Net -22.83 -14.38 -1.82 -0.62 2.72 0.68International Value Equity Fund 0.81 03/1/2020 – -28.19 -20.07 -7.16 -4.26 0.82 3.18 12/21/1998MSCI EAFE Index Net -22.83 -14.38 -1.82 -0.62 2.72 0.68Emerging Markets Stock Fund 1.22 03/1/2020 – -23.46 -14.94 1.05 2.08 2.22 6.74 03/31/1995MSCI Emerging Markets Index Net -23.60 -17.69 -1.62 -0.37 0.68 –Real Assets EquityReal Assets Fund 0.81 03/1/2020 – -26.21 -21.89 -5.56 -2.49 – 0.49 07/28/2010MSCI All-Country World Index -21.37 -11.26 1.50 2.85 – 6.60Fixed IncomeBloomberg Barclays U.S. Aggregate Bond Index – 3.15 8.93 4.82 3.36 3.88 7.34New Income Fund 0.51 03/1/2020 – -2.95 2.68 2.76 2.07 3.23 6.80 08/31/1973Bloomberg Barclays U.S. Aggregate Bond Index 3.15 8.93 4.82 3.36 3.88 –International Bond Fund (USD Hedged) 0.64 02/11/2020 – -2.70 2.29 – – – 3.46 09/12/2017Bloomberg Barclays Global Aggregate ex USD Bond Index USD Hedged 0.51 5.01 – – – 4.71

Dynamic Global Bond Fund 0.65 03/1/2020 – 3.06 3.60 0.99 2.09 – 1.96 01/22/20153 Month Libor in USD Index 0.39 2.08 2.03 1.47 – 1.43High Yield Fund 0.71 03/1/2020 – -13.48 -7.08 0.15 2.16 5.14 7.61 12/31/1984Credit Suisse High Yield Index -13.88 -8.43 0.07 2.40 5.31 –Floating Rate Fund 0.76 03/1/2020 – -11.16 -7.02 -0.40 1.20 – 2.36 07/29/2011S&P/LSTA Performing Loan Index -13.53 -9.61 -0.86 1.26 – 2.77Emerging Markets Bond Fund 0.90 03/1/2020 -15.95 -12.86 -3.15 1.48 3.42 8.87 12/30/1994J.P. Morgan Emerging Markets Bond Index Global -11.76 -5.28 0.44 2.85 4.82 9.34U.S. Treasury Long-Term Fund 0.44 03/1/2020 – 21.43 32.41 13.17 7.02 8.35 7.69 09/29/1989Bloomberg Barclays Treasury Long Index 20.90 32.64 13.41 7.33 8.96 8.43Limited Duration Inflation Focused Bond Fund 0.47 03/1/2020 – -2.01 1.24 1.13 1.14 0.92 1.85 09/29/2006Bloomberg Barclays U.S. 1-5 Year Treasury TIPS Index -0.73 2.51 1.56 1.60 1.56 2.57Money MarketU.S. Treasury Money Fund1 0.41 03/1/2020 0.16% 0.26 1.64 1.36 0.83 0.42 3.42 06/28/1982FTSE 3 Month Treasury Bill 0.27 1.65 1.35 0.82 0.41 –

Annualized

CCON0047985 5/20201907-911128

The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will (with the exception of the Retirement Balanced Fund) change over time. The funds (other than the Retirement Balanced Fund) emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, call 1-800-638-7780. Read it carefully. The Morningstar Rating™ for funds, or “star rating,” is calculated for funds with at least a 3-year history. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.©2020 Refinitiv. All rights reserved. Used by permission and protected by the copyright laws of the United States. The printing, copying, redistribution, or retransmission of this content without express written permission is prohibited.Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is a trademark of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. The LSE Group is not responsible for the formatting or configuration of this material or for any inaccuracy in T. Rowe Price Associates’ presentation thereof.©2020 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.T. Rowe Price Investment Services, Inc., Distributor.

Retirement Glide Path Combined Index Portfolio AllocationsAs of March 31, 2020

Russell 3000 IndexMSCI All Country

World Index Ex-U.S.

Bloomberg Barclays U.S. Aggregate

Bond Index

Bloomberg Barclays U.S. 1–5 Year

Treasury TIPS Index

RETIREMENT FUNDS

Retirement 2060 Combined Index Portfolio 63.00% 27.00% 10.00% 0.00%

Retirement 2055 Combined Index Portfolio 63.00 27.00 10.00 0.00











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