Risk Considerations: All investments are subject to market risk, including the possible loss of principal.

The principal value of target date funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire. These funds typically invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. In addition, the objectives of target date funds typically change over time to become more conservative. Target date funds do not guarantee a particular level or duration of income.

The T. Rowe Price common trust funds (“Trusts”) are not mutual funds, rather the Trusts are operated and maintained so as to qualify for exemption from registration as mutual funds pursuant to Section 3(c)(11) of the Investment Company Act of 1940, as amended. The Trusts are established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. If a Trust seeks to preserve the value of your investment at $1.00 per unit, it cannot guarantee to do so.

Differences between investment vehicles may include investment minimums, objectives, holdings, sales and management fees, liquidity, volatility, tax features, and other features, which may result in differences in performance.

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