UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21149
T. Rowe Price Retirement Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208464/g880467qcoe77yhpdtmtyzxr2kxh.jpg)
Semi-Annual Shareholder Report
June 30, 2024
Retirement Income 2025 Fund
Investor Class (TRAVX)
This semi-annual shareholder report contains important information about Retirement Income 2025 Fund (the "fund") for the period of January 17, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Retirement Income 2025 Fund - Investor Class | $25 | 0.54% |
What are some fund statistics?
Fund Statistics
Total Net Assets (000s) | $4,931 |
Number of Portfolio Holdings | 27 |
Portfolio Turnover Rate | 22.7% |
What did the fund invest in?
Asset Allocation (as a % of Net Assets)
Domestic Equity Funds | 43.4% |
Domestic Bond Funds | 28.8 |
International Equity Funds | 14.6 |
International Bond Funds | 11.4 |
Short-Term and Other | 1.8 |
Top Ten Holdings (as a % of Net Assets)
T. Rowe Price New Income Fund | 13.2% |
T. Rowe Price Limited Duration Inflation Focused Bond Fund | 8.9 |
T. Rowe Price Value Fund | 8.4 |
T. Rowe Price Growth Stock Fund | 8.2 |
T. Rowe Price U.S. Large-Cap Core Fund | 5.7 |
T. Rowe Price Equity Index 500 Fund | 5.4 |
T. Rowe Price Hedged Equity Fund | 5.2 |
T. Rowe Price International Bond Fund (USD Hedged) | 4.5 |
T. Rowe Price Overseas Stock Fund | 4.1 |
T. Rowe Price International Value Equity Fund | 4.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
202407-3695801
F1843-053 8/24
Retirement Income 2025 Fund
Investor Class (TRAVX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208464/g880467f8jpjwfoqzm9kbrioneik.jpg)
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208464/g880467nnf9grcnkj7ee4wullisw.jpg)
Semi-Annual Shareholder Report
June 30, 2024
Retirement Income 2025 Fund
I Class (TRATX)
This semi-annual shareholder report contains important information about Retirement Income 2025 Fund (the "fund") for the period of January 17, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Retirement Income 2025 Fund - I Class | $18 | 0.38% |
What are some fund statistics?
Fund Statistics
Total Net Assets (000s) | $4,931 |
Number of Portfolio Holdings | 27 |
Portfolio Turnover Rate | 22.7% |
What did the fund invest in?
Asset Allocation (as a % of Net Assets)
Domestic Equity Funds | 43.4% |
Domestic Bond Funds | 28.8 |
International Equity Funds | 14.6 |
International Bond Funds | 11.4 |
Short-Term and Other | 1.8 |
Top Ten Holdings (as a % of Net Assets)
T. Rowe Price New Income Fund | 13.2% |
T. Rowe Price Limited Duration Inflation Focused Bond Fund | 8.9 |
T. Rowe Price Value Fund | 8.4 |
T. Rowe Price Growth Stock Fund | 8.2 |
T. Rowe Price U.S. Large-Cap Core Fund | 5.7 |
T. Rowe Price Equity Index 500 Fund | 5.4 |
T. Rowe Price Hedged Equity Fund | 5.2 |
T. Rowe Price International Bond Fund (USD Hedged) | 4.5 |
T. Rowe Price Overseas Stock Fund | 4.1 |
T. Rowe Price International Value Equity Fund | 4.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
202407-3695801
F1844-053 8/24
Retirement Income 2025 Fund
I Class (TRATX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208464/g880467bs5fldevrlq6t9pmubmf6.jpg)
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. | |
(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. | |
(3) | ||
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Retirement Income 2025 Fund
By | /s/ David Oestreicher | |||
David Oestreicher | ||||
Principal Executive Officer | ||||
Date | August 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ David Oestreicher | |||
David Oestreicher | ||||
Principal Executive Officer | ||||
Date | August 20, 2024 |
By | /s/ Alan S. Dupski | |||
Alan S. Dupski | ||||
Principal Financial Officer | ||||
Date | August 20, 2024 |