T. Rowe Price Retirement Income 2020 Inv TRLAX

The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. Its allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The glide path provides for a neutral allocation to stocks at the target date of 55%. Its 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 the unchanged.