Morningstar rated the Target Retirement 2025 Fund among
Target Date 2021-2025
funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable)
ending 12/31/2015, respectively.
Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating
is derived from a weighted average of the performance figures associated with a
fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
Retirement Funds Combined Index Portfolios are blended index portfolios used to
evaluate the performance of the Retirement Funds. The composition of each fund's
benchmark adjusts on a quarterly basis to reflect the fund's strategic neutral target
allocation for each asset class, which is predetermined and changes over time.
The Retirement Balanced Fund's combined index portfolio does not change. The most recent mix of
underlying indexes can be found in the Performance section of each fund's quarterly commentary,
available by accessing the Management/Commentary tab above.
1 For funds with at least a 3-year history, a Morningstar Rating is based on a risk-adjusted return measure
(including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance.
The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars,
the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of 1 fund
within this scale and rated separately.
Note about the fund's expense ratio:
The fund's gross expense ratio as of 02/01/2016 was
To protect the interests of shareholders, T. Rowe Price Associates
will waive its fees and/or bear any expenses that would cause the fund's expense ratio to exceed 0.67%.
This contractual expense limitation expires on 09/30/2018.
Current performance may be lower or higher 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.
2 Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
See Glossary for additional details on all data elements.
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