IMPORTANT CHANGES TO THE TARGET DATE TRUSTS: T. Rowe Price is making changes to the glide path of our target date trusts. The glide path will be transitioning to the allocations shown above. Specifically, beginning in the second quarter of 2020, the trusts’ glide path will gradually change to increase its overall equity allocation at certain points and accordingly decrease its bond allocation. Note that there will be no change to the allocation at the target retirement date. For example, the equity allocation at the beginning of the enhanced glide path will be increasing from the original 90% allocation and will be increasing from the original 20% allocation at the end of the glide path. Adjustments to equity and bond allocations will be made incrementally, and we expect the transition to the enhanced glide path to be completed in the second quarter of 2022, depending on market conditions. The 2065 vintage follows the enhanced glide path and does not have a transition period. Please see the prospectus for additional details.

• Target Trusts do not reach a static mix at or near expected retirement.

• Reallocation to a more conservative asset mix over time out to 30 years past expected retirement date.
  
  
• Minimum equity exposure of approximately 30% reached 30 years after expected retirement date.
  

IMPORTANT CHANGES TO THE TARGET DATE TRUSTS: T. Rowe Price is making changes to the glide path of our target date trusts. The glide path will be transitioning to the allocations shown above. Specifically, beginning in the second quarter of 2020, the trusts’ glide path will gradually change to increase its overall equity allocation at certain points and accordingly decrease its bond allocation. Note that there will be no change to the allocation at the target retirement date. For example, the equity allocation at the beginning of the enhanced glide path will be increasing from the original 90% allocation and will be increasing from the original 20% allocation at the end of the glide path. Adjustments to equity and bond allocations will be made incrementally, and we expect the transition to the enhanced glide path to be completed in the second quarter of 2022, depending on market conditions. The 2065 vintage follows the enhanced glide path and does not have a transition period. Please see the prospectus for additional details.