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Rowe Price Retirement Funds, Inc. 2026-08-01 SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zHMYtRKNi7z2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 62%">Fees and Expenses of the Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 9%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 9%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Investor Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">I Class</td> <td style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th id="xdx_98E_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041772Member_zA4R7TohZrbj" style="border-right: Black 1pt solid; border-left: Black 1pt solid">Shareholder fees (fees paid directly from your investment) </th> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A54_zYTW2YtVIPWg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129654Member_z7GABuzrHrR" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_498_20260727__20260727__oef--ClassAxis__custom--C000169038Member_zutNmsUB5hAj" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000129655Member_zzQVBMEvLYXg" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40C_eoef--MaximumAccountFee_d0_zHQQlcg7ZMz9" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 62%">Maximum account fee</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right; width: 9%">$20</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; width: 4%">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right; width: 9%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right; width: 8%">—</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z21yZVwqrlk5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ziTJJI5jxFt5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129654Member_zeFiVqGfk0Zc" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_498_20260727__20260727__oef--ClassAxis__custom--C000169038Member_zNlJ5fleT9fe" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000129655Member_zWbTOqAqwPV2" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_ztax8X5ZTgx2" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.45</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.30</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.45</td> <td style="border-right: Black 1pt solid; text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; width: 62%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 9%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 9%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dp0_zBXV5f4SCuCc" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.25</td> <td style="border-right: Black 1pt solid; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp0_zefyMvZvmJkh" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zMM8FgGZuIf6" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.45</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.30</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.70</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> </tr> </table> 0.0045 0.0030 0.0045 0 0 0.0025 0 0 0 0.0045 0.0030 0.0070 <div id="xdx_A87_eoef--ExpenseFootnotesTextBlock_zAHB2zTyLQ29"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; white-space: nowrap; vertical-align: top; width: 2%; text-align: center">a</td> <td id="xdx_F1E_zB4Y9rE0B9n8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; white-space: nowrap; vertical-align: bottom; width: 98%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUPjS68T952k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zvh4QYWpWace" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear01_zIgtsGiCFlgl" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear03_ze5g0fCN02yh" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear05_zCJLEuxSK4Og" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear10_zDccu8rcj2Z9" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">10 Years</td> </tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000129654Member_zA6eKQridCGl"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 5%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 19%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">46</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 14%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">144</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">252</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">567</td> </tr> <tr id="xdx_414_20260727__20260727__oef--ClassAxis__custom--C000169038Member_zfs4kF5vKsS"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">31</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">97</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">169</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">381</td> </tr> <tr id="xdx_41E_20260727__20260727__oef--ClassAxis__custom--C000129655Member_zMBC8GT0Icch"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">72</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">224</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">390</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">871</td> </tr> </table> 46 144 252 567 31 97 169 381 72 224 390 871 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29.5% of the average value of its portfolio. 0.295 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2005) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trowe_002.jpg"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Target 2005 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Asset Class</td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 16%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 37%; padding-right: 0.7pt"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 33%; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">32.79</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">3.28</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">1.64</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">7.11</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">1.26 </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">16.69</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">1.70</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">1.11</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">67.21</td> <td style="white-space: nowrap; background-color: white; padding-right: 0.7pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">33.04</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">34.17</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.7pt">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.7pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.7pt; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.7pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; padding-right: 0.7pt"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zNHFNWjLWoag"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z7F2NQJPn6ze" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129654Member_zmEFde95XSj8" style="display: none; text-align: right; visibility: hidden">6.51%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129654Member_zA8DjNxa3V53" style="display: none; text-align: right; visibility: hidden">9.84%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129654Member_zJEWZyQGtWr2" style="display: none; text-align: right; visibility: hidden">-3.12%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129654Member_zLwse8ihxDl9" style="display: none; text-align: right; visibility: hidden">14.71%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129654Member_zKIzhGLnVlEa" style="display: none; text-align: right; visibility: hidden">10.74%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129654Member_zgyAUOBLpRjd" style="display: none; text-align: right; visibility: hidden">7.16%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129654Member_zV9OylKBv7zi" style="display: none; text-align: right; visibility: hidden">-12.56%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129654Member_zmG5eBijUXQh" style="display: none; text-align: right; visibility: hidden">10.48%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129654Member_zF02rSTdXeqk" style="display: none; text-align: right; visibility: hidden">7.18%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129654Member_zolpoFHBld9g" style="display: none; text-align: right; visibility: hidden">10.43%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 25%; background-color: #616161; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding: 2pt 2.15pt 2pt 10pt; font-size: 9pt; color: white; font-weight: bold">TARGET 2005 FUND</td></tr> </table> Calendar Year Returns <img alt="" src="trowe_003.jpg"/> 0.0651 0.0984 -0.0312 0.1471 0.1074 0.0716 -0.1256 0.1048 0.0718 0.1043 Calendar Year Returns <div id="xdx_A86_eoef--BarChartClosingTextBlock_zwKV4aEARKj4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; width: 9%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 14%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98F_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041772Member_zDrusKLM7TLd" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98B_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041772Member_zQaGEgy4ygT8" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">10.96%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98F_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041772Member_z8oItSLavFDe" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041772Member_zT1AUHmmYhO4" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-10.11%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 4.55%. Best Quarter 2020-06-30 0.1096 Worst Quarter 2020-03-31 -0.1011 The fund’s return for the six months ended 2026-06-30 0.0455 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zGFZjKHuZFdd"></div> Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 115%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 115%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 115%; width: 35%"> </td> <td style="border-top: Black 1pt solid; text-align: center; white-space: nowrap; line-height: 115%; width: 62%">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; line-height: 115%; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 115%">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td id="xdx_493_20250101__20251231_zx3GXqVLMUy6" style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td id="xdx_493_20210101__20251231_zmo83M8F71le" style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td id="xdx_495_20160101__20251231_zwxOZHbEyck8" style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="border-right: black 1pt solid; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Since</td> <td colspan="2" style="text-align: center; line-height: 115%">Inception</td> <td style="border-right: black 1pt solid; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%">1 Year</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%">5 Years</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%">10 Years</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">inception</td> <td colspan="2" style="text-align: center; line-height: 115%">date</td> <td style="border-right: black 1pt solid; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 115%">Investor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">08/20/2013</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129654Member_z0L1TfyTsVz9" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; line-height: 115%"> </td> <td style="white-space: nowrap; width: 1%; line-height: 115%"> </td> <td style="white-space: nowrap; width: 38%; line-height: 115%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 115%">10.43</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 115%">4.15</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 115%">5.84</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129654Member_ziTGcB6uppo7" style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 115%">—</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%">%</td> <td style="text-align: center; white-space: nowrap; width: 11%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129654Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zDl9fEn7x6N" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">8.31</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">2.31</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">4.30</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129654Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zy9NPUIoWsCh" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%">Returns after taxes on distributions and sale</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129654Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQTzDdZgZJn"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; line-height: 115%">of fund shares</td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%">6.60</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%">2.56</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%">4.06</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129654Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zx645FdtZBA7" style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 115%">I Class</td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">02/26/2016</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp0_hoef--ClassAxis__custom--C000169038Member_ze8EOEwPQg3d"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 115%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%">10.59</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%">4.28</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp0_c20160226__20251231__oef--ClassAxis__custom--C000169038Member_zdDLjiZk1f3i" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%">6.20</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 115%">Advisor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"></td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"></td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">08/20/2013</td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp0_hoef--ClassAxis__custom--C000129655Member_zv1Y0uH9Atcl" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">10.08</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">3.86</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">5.58</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129655Member_z5VWNHhkm3h2" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="13" style="line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 115%">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp0_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zgXavSWCsGHa" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">1.84</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 115%; padding-bottom: 6pt; text-align: left">a</td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="13" style="line-height: 115%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 115%"> </td> <td style="white-space: nowrap; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 115%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 115%">S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 115%"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp0_hoef--PerformanceMeasureAxis__custom--SAndPTargetDateRetirementIncomeIndexMember_z9jLdH85gJSj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">11.66</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">4.15</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">5.32</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 115%">5.45</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 115%; padding-bottom: 6pt; text-align: left">a</td> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 115%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 1pt"><tr style="vertical-align: top"> <td style="width: 3%">a</td><td id="xdx_F14_zYThSgMEe43d" style="width: 97%">Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1043 0.0415 0.0584 0.0831 0.0231 0.0430 0.0660 0.0256 0.0406 2016-02-26 0.1059 0.0428 0 0.0620 2013-08-20 0.1008 0.0386 0.0558 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0184 0.1166 0.0415 0.0532 0.0545 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zT4v6953GL79"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_zXHUNshRwp34" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font-size: 10pt; vertical-align: top"> <td style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 48%">Fees and Expenses of the Fund</td> <td id="xdx_49E_20260727__20260727__oef--ClassAxis__custom--C000129660Member_zgraxvb30aL8" style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000169041Member_zy4R2r1eDojb" style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000129661Member_zOlIjJDArPSj" style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; white-space: nowrap; width: 4%"> </td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; font-size: 10pt; white-space: nowrap"> </td> <td colspan="2" style="font-size: 10pt; text-align: center">Investor Class</td> <td colspan="2" style="font-size: 10pt; text-align: center">I Class</td> <td colspan="2" style="font-size: 10pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; font-size: 10pt; text-align: center"> </td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td colspan="7" id="xdx_981_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041775Member_zuaEcPLZUoXa" style="border-left: black 1pt solid; font-size: 10pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; font-size: 10pt; white-space: nowrap"> </td></tr> <tr id="xdx_40E_eoef--MaximumAccountFee_d0_ziCu8qVphpH5" style="font-size: 10pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; font-size: 10pt; white-space: nowrap">Maximum account fee</td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6; text-align: right">$20</td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6">a</td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="font-size: 10pt; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; font-size: 10pt; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_znzg14rPR4Y4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zppwLsOhJiek" style="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap"> </td> <td id="xdx_49E_20260727__20260727__oef--ClassAxis__custom--C000129660Member_zYmbzpsv0Nq7" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000169041Member_zphPMEePvo0h" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000129661Member_zzFud3ZCVkse" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zDtibuzgIxvi" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.30</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 46%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zQyC1ZCVb2ui" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp0_zREuFQr2pRdi" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp0_z2V1e9aHhmBi" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.30</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.70</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> 0.0045 0.0030 0.0045 0 0 0.0025 0 0 0 0.0045 0.0030 0.0070 <div id="xdx_A87_eoef--ExpenseFootnotesTextBlock_zxRU0OarQP6c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font-size: 10pt"> <td style="font-size: 10pt; vertical-align: top; text-align: left">a</td> <td style="font-size: 10pt; vertical-align: bottom">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCshSwXVwxD1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zSyHsmRp2jyb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear01_zlUm8wZqjrv6" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear03_zgQEj8iHAKh2" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_zAG9qprPjPre" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear10_zl2z5Rt0e8C" style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_411_20260727__20260727__oef--ClassAxis__custom--C000129660Member_zArBj9kf9H11"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 5%; background-color: #D9D9D9"> Investor Class </td> <td style="white-space: nowrap; vertical-align: bottom; width: 19%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">46</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">144</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">252</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">567</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_412_20260727__20260727__oef--ClassAxis__custom--C000169041Member_zxYYBSuOM1Ze"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">31</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">97</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">169</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">381</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr id="xdx_412_20260727__20260727__oef--ClassAxis__custom--C000129661Member_zLF3sLkY2jQg"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">72</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">224</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">390</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #D9D9D9; text-align: center">871</td> <td style="white-space: nowrap; text-align: right"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> 46 144 252 567 31 97 169 381 72 224 390 871 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 27.7% of the average value of its portfolio. 0.277 Investments, Risks, and Performance Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2010) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trbchart1.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap">Target 2010 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 16%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 37%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 33%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">33.82</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">3.38</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">1.69</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">7.32</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.30 </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">17.20</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.76</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.17</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">66.19</td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">32.34</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">33.85</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-bottom: Black 1pt solid">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div id="xdx_A89_eoef--BarChartTableTextBlock_z1nYfz50ndIi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z1iSntKw87G6" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: right; width: 67%"> </td> <td style="text-align: right; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129660Member_zSfw8CPyWzda" style="text-align: right">6.55%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129660Member_zqjIIznbCYfc" style="text-align: right">10.25%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129660Member_z8dEUMbJCgc9" style="text-align: right">-3.14%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129660Member_z3Ps4yrZ3Hf4" style="text-align: right">14.91%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129660Member_zIcmOsRYPzbk" style="text-align: right">10.98%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129660Member_zAXKYYQQx0c9" style="text-align: right">7.41%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129660Member_zogqVOoPyAkj" style="text-align: right">-12.73%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129660Member_zmdxyrFqw0z4" style="text-align: right">10.70%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129660Member_zz7DifdFyJGk" style="text-align: right">7.41%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129660Member_z7BVDawCqUPi" style="text-align: right">10.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 20%; background-color: #616161; border-collapse: collapse; margin-left: 0.25in"> <tr style="vertical-align: top"> <td style="padding-left: 2.4pt; padding-top: 3pt; font-size: 9pt; color: white; font-weight: bold; padding-bottom: 3pt">TARGET 2010 FUND</td></tr> </table> Calendar Year Returns <img alt="" src="trbpro001.jpg"/> 0.0655 0.1025 -0.0314 0.1491 0.1098 0.0741 -0.1273 0.1070 0.0741 0.1045 Calendar Year Returns <div id="xdx_A89_eoef--BarChartClosingTextBlock_zcyi6BBRpfjf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; width: 9%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 14%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_985_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041775Member_zAk8GWhzFFWh" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98C_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041775Member_zD8cExnejaL8" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">11.25%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_982_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041775Member_zFk7BfugE6Gh" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041775Member_zSNQXkYVIuFd" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-10.34%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 4.77%. Best Quarter 2020-06-30 0.1125 Worst Quarter 2020-03-31 -0.1034 The fund’s return for the six months ended 2026-06-30 0.0477 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div id="xdx_A89_eoef--PerformanceTableTextBlock_zIffCBAa0LOl"></div> Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 35%"> </td> <td style="border-top: Black 1pt solid; text-align: center; white-space: nowrap; line-height: 100%; width: 61%">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; line-height: 100%; width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_490_20250101__20251231_zBD0Xg8KRIz9" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_49A_20210101__20251231_zolPNcUKQ3g3" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_49F_20160101__20251231_zXiUEpkANzR3" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td colspan="2" style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">1 Year </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">5 Years </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">10 Years </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td colspan="2" style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Investor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129660Member_z79lfzLK9CZd" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 38%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">10.45</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">4.24</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">5.97</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000129660Member_zFQcOH0wCdPg" style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; white-space: nowrap; width: 11%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129660Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzn3MpPUfqdl" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">8.59</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">2.37</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">4.37</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000129660Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zsrnMYMyKg7f" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129660Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH3bsDSQ3uri"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">6.54</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">2.65</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">4.17</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000129660Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfU0ZNQdnpk4" style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">I Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">02/26/2016</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169041Member_zIP04ljG8Okc"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.71</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">4.42</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169041Member_zTAZ5cnMOew8" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">6.36</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Advisor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129661Member_zztu6gFa9Ev7" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">10.26</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">3.98</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">5.70</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000129661Member_zZIvvAcOgGld" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zB1zpRrse25" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">1.84</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 100%; padding-bottom: 6pt; text-align: left">a</td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2010IndexMember_zKuHZL05Oask" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">11.91</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">4.54</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">5.87</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">6.09</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 100%; padding-bottom: 6pt; text-align: left">a</td> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 1pt; margin-bottom: 1pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 5%">a</td><td style="padding-top: 3pt; width: 95%">Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1045 0.0424 0.0597 0.0859 0.0237 0.0437 0.0654 0.0265 0.0417 2016-02-26 0.1071 0.0442 0.0636 2013-08-20 0.1026 0.0398 0.0570 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0184 0.1191 0.0454 0.0587 0.0609 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z54seenKhV1j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000129662Member_zB7tY3CfFJ5k" style="border-top: black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" id="xdx_494_20260727__20260727__oef--ClassAxis__custom--C000169042Member_zfXHYamA7rXb" style="border-top: black 1pt solid; text-align: center">I Class</td> <td colspan="2" id="xdx_491_20260727__20260727__oef--ClassAxis__custom--C000129663Member_zceTGu463Kgi" style="border-top: black 1pt solid; text-align: center">Advisor Class</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" id="xdx_980_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041776Member_zMBajxUTjzu2" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_403_eoef--MaximumAccountFee_d0_zkflfZ52v3u2" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap; width: 48%">Maximum account fee</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">$20</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z2CW474JhhG9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zyx5Xoworqsd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap"> </td> <td id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000129662Member_zexDVsHXmkj2" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_494_20260727__20260727__oef--ClassAxis__custom--C000169042Member_zKiXkJgtEkik" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_491_20260727__20260727__oef--ClassAxis__custom--C000129663Member_zrjngIqigIC4" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zovKOYfNw0Vi" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.30</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 46%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp0_z2KicJoUkral" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp0_zi4JxbCwMFyi" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zjqx8AsgRuGd" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.30</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.70</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> 0.0045 0.0030 0.0045 0 0 0.0025 0 0 0 0.0045 0.0030 0.0070 <div id="xdx_A86_eoef--ExpenseFootnotesTextBlock_zpHXoKZDK63l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: justify">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td> </tr></table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhVDeZrjgWFf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zDhV216XxIj3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear01_zgaslj9oKiHk" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear03_zEQdN24vz6Uk" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear05_zI4cIWKEAvcf" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear10_zQE8SQm2TJef" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260727__20260727__oef--ClassAxis__custom--C000129662Member_z0hWvRUG7ti8" style="background-color: #D9D9D9"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 40%"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">46</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">144</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">252</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">567</td></tr> <tr id="xdx_414_20260727__20260727__oef--ClassAxis__custom--C000169042Member_zMSPTcI2Ymv4" style="background-color: #D9D9D9"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">31</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">97</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">169</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">381</td></tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000129663Member_zIc68JcubuRf" style="background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> Advisor Class </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">72</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">224</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">390</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">871</td></tr> </table> 46 144 252 567 31 97 169 381 72 224 390 871 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 23.3% of the average value of its portfolio. 0.233 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2015) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trcpro003.jpg" style="height: 228px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; padding-left: 3pt; white-space: nowrap">Target 2015 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left; padding-left: 3pt; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">Sector(s) </td> <td colspan="2" style="white-space: nowrap"> Neutral Allocation </td> <td style="border-right: black 1pt solid"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; width: 10%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 12%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 30%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 12%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 30%"> </td> </tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">35.60</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">3.56</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">1.78</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">7.71</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.36</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">18.10</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.86</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.23</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">64.41</td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">31.08</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">33.33</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid">U.S. Treasury Money</td> </tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div id="xdx_A89_eoef--BarChartTableTextBlock_zsQVJt10ouTg"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z9IgoJhRVCHb" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129662Member_z3zqZvLzAIGa" style="display: none; text-align: right; visibility: hidden">6.57%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129662Member_zSMxGZ9pyYD2" style="display: none; text-align: right; visibility: hidden">11.00%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129662Member_zCwOE1o0OJtb" style="display: none; text-align: right; visibility: hidden">-3.34%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129662Member_za0K4PDEm3Nb" style="display: none; text-align: right; visibility: hidden">15.30%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129662Member_z4Zt7cW2KFm2" style="display: none; text-align: right; visibility: hidden">11.44%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129662Member_zHRUW0XAcFA9" style="display: none; text-align: right; visibility: hidden">7.86%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129662Member_zcF9Gc7C51f8" style="display: none; text-align: right; visibility: hidden">-12.92%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129662Member_zHERF7HIIhVa" style="display: none; text-align: right; visibility: hidden">10.98%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129662Member_zILPhZRW3iOc" style="display: none; text-align: right; visibility: hidden">7.53%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129662Member_zUX9pYCMe0mi" style="display: none; text-align: right; visibility: hidden">10.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse; margin-left: 1in"> <tr style="vertical-align: top"> <td style="padding: 3pt; color: white; font-weight: bold">TARGET 2015 FUND</td></tr> </table> Calendar Year Returns <img alt="" src="trcpro004.jpg" style="height: 227px; width: 500px"/> 0.0657 0.1100 -0.0334 0.1530 0.1144 0.0786 -0.1292 0.1098 0.0753 0.1078 Calendar Year Returns <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98A_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041776Member_zCjCUBma0Yh7" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041776Member_z6qfwG8SgiR6" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">11.44%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98E_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041776Member_zi4RabjShzrf" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98D_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041776Member_zxYR3uvRaqi8" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-10.64%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 4.87%. Best Quarter 2020-06-30 0.1144 Worst Quarter 2020-03-31 -0.1064 The fund’s return for the six months ended 2026-06-30 0.0487 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zxtvlG8D3oR6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 28%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 69%; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_492_20250101__20251231_z5s5fbUDN33h" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_491_20210101__20251231_zitTXJwaFvZ4" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_491_20160101__20251231_zznTg3Wj1Hjj" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">5 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Investor Class</td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129662Member_z4VziODxZBa2" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 28%">Returns before taxes</td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">10.78</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">4.42</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 11%; background-color: #E6E6E6; text-align: right">6.19</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 13%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129662Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zg1qDPQKgzqa" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">8.76</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.51</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.56</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129662Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWahtcUPUS0b"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">of fund shares</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">6.87</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">2.80</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">4.37</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">I Class</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169042Member_zoav8rWkBt2c"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom">Returns before taxes</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">10.89</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.57</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">6.61</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Advisor Class</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129663Member_zFuzXoNIHge1" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns before taxes</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">10.46</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.17</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">5.91</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="13"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zDIYTMPAERyf" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">1.84</td> <td style="white-space: nowrap; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="13"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top">S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2015IndexMember_zRp324WwGEpl" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">12.15</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">4.91</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">6.34</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">6.65</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6">a </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: justify">Return since 2/26/16.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1078 0.0442 0.0619 0.0876 0.0251 0.0456 0.0687 0.0280 0.0437 2016-02-26 0.1089 0.0457 0.0661 2013-08-20 0.1046 0.0417 0.0591 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0184 0.1215 0.0491 0.0634 0.0665 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zSaFrA48sYKa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000129664Member_znrATJfLjgTg" style="border-top: black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" id="xdx_495_20260727__20260727__oef--ClassAxis__custom--C000169043Member_zdiV0wuWM9G7" style="border-top: black 1pt solid; text-align: center">I Class</td> <td colspan="2" id="xdx_491_20260727__20260727__oef--ClassAxis__custom--C000129665Member_zAa0od6aRO0h" style="border-top: black 1pt solid; text-align: center">Advisor Class</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td colspan="7" id="xdx_98C_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041777Member_z02OS2lW5rKe" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_40E_eoef--MaximumAccountFee_d0_zASrVcJu6GG" style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap; width: 48%">Maximum account fee</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">$20</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zOQ9yi81wtkb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zBJH11d7sVp4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap"> </td> <td id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000129664Member_zsY4hQ8LSigk" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_495_20260727__20260727__oef--ClassAxis__custom--C000169043Member_zTwBCQdIJUB7" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_491_20260727__20260727__oef--ClassAxis__custom--C000129665Member_zhBX3cKhQkld" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zmQgcCMFwqi8" style="height: 12pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.47</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.32</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.47</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 46%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zM97IjhywHMe" style="height: 12pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp0_zJ4LpIWAov8f" style="height: 12pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; text-indent: 0.1in; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zg3O5SUC2NW3" style="height: 12pt; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.1in">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.47</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.32</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.72</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> 0.0047 0.0032 0.0047 0 0 0.0025 0 0 0 0.0047 0.0032 0.0072 <div id="xdx_A83_eoef--ExpenseFootnotesTextBlock_zWrLdXVfeuni"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-top: 6pt"> <tr style="height: 12pt"> <td style="white-space: nowrap; vertical-align: top; width: 3%">a </td> <td style="white-space: nowrap; vertical-align: bottom; width: 97%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr style="height: 12pt"> <td style="white-space: nowrap; vertical-align: top">b </td> <td style="vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zp3wwW83Lo9l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z0adAz9m50q2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear01_znB68LcR2Sya" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleYear03_zxHoX07EOTyl" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleYear05_zhY0Rtp94ISk" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear10_zzpfsoXb0QRd" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260727__20260727__oef--ClassAxis__custom--C000129664Member_zpy4IbdaCsUa" style="height: 12pt; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 40%"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">48</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">150</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">258</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center">573</td></tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000169043Member_zAyTBWFXRwj5" style="height: 12pt; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">33</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">102</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">175</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: center">387</td></tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000129665Member_zujvV4QLYru" style="height: 12pt; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> Advisor Class </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">74</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">229</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">396</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">876</td></tr> </table> 48 150 258 573 33 102 175 387 74 229 396 876 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 20.8% of the average value of its portfolio. 0.208 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2020) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trdpro003.jpg" style="height: 227px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 12pt"> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap">Target 2020 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="height: 12pt; text-align: left; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap"> </td> <td style="white-space: nowrap">Sector(s) </td> <td colspan="2" style="text-align: center; white-space: nowrap"> Neutral Allocation </td> <td style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr style="height: 12pt"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 12%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 30%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 12%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 30%"> </td> </tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">37.62</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">3.76</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">1.88</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">8.16</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.44</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">19.13</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.96</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">1.29</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">62.40</td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">29.68</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">New Income</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">32.72</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid">U.S. Treasury Money</td> </tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zMauqsEZa9sh" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129664Member_zijPZbdv0Udi" style="display: none; text-align: right; visibility: hidden">6.54%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129664Member_ztVDFnB33fne" style="display: none; text-align: right; visibility: hidden">12.63%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129664Member_zta6PGnxUjL3" style="display: none; text-align: right; visibility: hidden">-3.88%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129664Member_zroZY4QdJH5e" style="display: none; text-align: right; visibility: hidden">16.48%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129664Member_ztcEsGQP3tAa" style="display: none; text-align: right; visibility: hidden">12.02%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129664Member_zMfLWuD6TW2f" style="display: none; text-align: right; visibility: hidden">8.57%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129664Member_zkbzOTktDpdd" style="display: none; text-align: right; visibility: hidden">-13.13%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129664Member_zCiJJac2Vwxk" style="display: none; text-align: right; visibility: hidden">11.39%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129664Member_z3K9NCzOO3de" style="display: none; text-align: right; visibility: hidden">7.80%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129664Member_zQmpyANe171b" style="display: none; text-align: right; visibility: hidden">11.02%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse; margin-left: 1in"> <tr style="height: 12pt; vertical-align: top"> <td style="padding: 3pt; color: white; font-weight: bold">TARGET 2020 FUND</td></tr> </table> Calendar Year Returns <img alt="" src="trdpro004.jpg" style="height: 227px; width: 500px"/> 0.0654 0.1263 -0.0388 0.1648 0.1202 0.0857 -0.1313 0.1139 0.0780 0.1102 Calendar Year Returns <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 12pt; vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_986_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041777Member_zH14X3n4oJS1" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98B_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041777Member_zrSWugj2SmFa" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12.37%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98B_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041777Member_zuEzCfnhcyUa" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98F_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041777Member_zSiNkgfsmtQc" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-11.73%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 5.04%. Best Quarter 2020-06-30 0.1237 Worst Quarter 2020-03-31 -0.1173 The fund’s return for the six months ended 2026-06-30 0.0504 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zHb5Eh8bGeXd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 30%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 69%; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_49D_20250101__20251231_zp90tTSVtWhb" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_491_20210101__20251231_zUr131g8lSTb" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_49E_20160101__20251231_zRLX106smHO7" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">5 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Investor Class</td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129664Member_zE2EHlFv4XJ8" style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 28%">Returns before taxes</td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">11.02</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">4.69</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 11%; background-color: #E6E6E6; text-align: right">6.59</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 13%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129664Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXQayKPJMUVj" style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">8.71</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.76</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.99</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129664Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zplX6NSy7EOk" style="height: 12pt"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">of fund shares</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">7.23</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">3.02</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">4.72</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">I Class</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169043Member_z69CuhMtL8Ia" style="height: 12pt"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom">Returns before taxes</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">11.17</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.86</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">7.11</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Advisor Class</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129665Member_zntCFpqVbxQf" style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns before taxes</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">10.67</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.42</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">6.31</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="13"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="height: 12pt"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zAoqtvtt2PBk" style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">1.84</td> <td style="white-space: nowrap; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="height: 12pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="13"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="height: 12pt"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top">S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2020IndexMember_z63xMEgdrVBd" style="height: 12pt; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">12.72</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">5.35</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">6.81</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">7.19</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6">a </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"><tr style="height: 12pt; vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: justify">Return since 2/26/16.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1102 0.0469 0.0659 0.0871 0.0276 0.0499 0.0723 0.0302 0.0472 2016-02-26 0.1117 0.0486 0.0711 2013-08-20 0.1067 0.0442 0.0631 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0184 0.1272 0.0535 0.0681 0.0719 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zqyKRtOZNrlg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 48%"></td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129667Member_zyNpy6dGYjub" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td id="xdx_496_20260727__20260727__oef--ClassAxis__custom--C000169044Member_zOzbxqYW6pek" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129666Member_z5GiY18AxaSf" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Investor Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">I Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" id="xdx_984_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041778Member_zEAmov0sXLFh" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40C_eoef--MaximumAccountFee_d0_zwTLPgtsrFhj" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Maximum account fee</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">$20</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zRtR4tMc90T8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zxcHzT3WpIw" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129667Member_zsBdURudC9be" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td id="xdx_496_20260727__20260727__oef--ClassAxis__custom--C000169044Member_zh29MlrAIavh" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129666Member_zdU4aCh7RjD7" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zKRxyqhmLZyi" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.50</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.34</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.50</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; width: 48%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp0_z3HPkN2dBOY2" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp0_zJFtE9aVpOU" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUUZCDN0mnre" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.50</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.34</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.75</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> 0.0050 0.0034 0.0050 0 0 0.0025 0 0 0 0.0050 0.0034 0.0075 <div id="xdx_A8E_eoef--ExpenseFootnotesTextBlock_zw92GWczyp94"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: left">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b </td><td style="text-align: left">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td> </tr></table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXwklq7wo7A6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z3mD9BzDbq2a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_48A_eoef--ExpenseExampleYear01_zN0Xmwmnmaff" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear03_zLjelENkDNh3" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear05_z1fACdx75UF2" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear10_z2Ra1dO0E3pb" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> </tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000129667Member_z5Vxg6l6IYw9"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">51</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">159</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">272</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">594</td> </tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000169044Member_zfkyeTEQvwM8"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">35</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">108</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">186</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">405</td> </tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000129666Member_z1W5tbmxUgqi"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">77</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">238</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">409</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">897</td> </tr> </table> 51 159 272 594 35 108 186 405 77 238 409 897 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 27.0% of the average value of its portfolio. 0.270 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2025) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="treprof186003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Target 2025 Fund</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Asset Class</td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24%; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 0.7pt"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 27%; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Equity</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">41.71</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">4.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">2.09</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Developed Markets</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">9.03</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Emerging Markets</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">1.60</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Large-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">21.20</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Mid-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">2.18</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Small-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">1.44</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Fixed Income</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">58.31</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: white; padding-right: 0pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">26.82</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">31.49</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.7pt">U.S. Treasury Money</td> <td style="border-bottom: Black 1pt solid; padding-right: 0.7pt"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calender Year Returns <div id="xdx_A8F_eoef--BarChartTableTextBlock_zjqcJFSjzNh3"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zU32st10qzYc" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000129667Member_zShBFnFMLhoe" style="display: none; text-align: right; visibility: hidden">6.72%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_981_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000129667Member_zn0gw79od1Bl" style="display: none; text-align: right; visibility: hidden">14.34%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_985_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000129667Member_zh1pqJJKi62g" style="display: none; text-align: right; visibility: hidden">-4.48%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000129667Member_z0hDPLfkcHV9" style="display: none; text-align: right; visibility: hidden">17.81%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000129667Member_zokFd2Zp5Mm2" style="display: none; text-align: right; visibility: hidden">13.21%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000129667Member_zCFwM62HIdn4" style="display: none; text-align: right; visibility: hidden">10.13%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000129667Member_zVeezpdsfHbk" style="display: none; text-align: right; visibility: hidden">-13.91%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000129667Member_zNQypjTRfQH1" style="display: none; text-align: right; visibility: hidden">12.39%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000129667Member_zluLC7Lv9vYf" style="display: none; text-align: right; visibility: hidden">8.46%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000129667Member_zTJqdp3pU59a" style="display: none; text-align: right; visibility: hidden">11.41%</td></tr> </table> <img alt="" src="treprof186004.jpg" style="height: 271px; width: 500px"/> 0.0672 0.1434 -0.0448 0.1781 0.1321 0.1013 -0.1391 0.1239 0.0846 0.1141 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_981_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041778Member_zyivgHWUrG4e" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98E_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041778Member_zmMC5oMuZBnk" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">13.69%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98B_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041778Member_zUcxTuU5SXBb" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041778Member_znwnJDDGDj48" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-13.22%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 5.47%. Best Quarter 2020-06-30 0.1369 Worst Quarter 2020-03-31 -0.1322 The fund’s return for the six months ended 2026-06-30 0.0547 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="10" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt">Average Annual Total Returns </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 35%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 10%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 10%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 11%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center; width: 1%"> </td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z9EuajRjEyki" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_49F_20250101__20251231_zB0h3dlB74k4" style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zUcmFhZWkcC2" style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_493_20160101__20251231_zNyoHUaBZQ3k" style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Since</td> <td style="padding-right: 0.5pt; text-align: center">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center">1 Year</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center">5 Years</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center">10 Years</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">inception</td> <td style="padding-right: 0.5pt; text-align: center">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Investor Class</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; padding-right: 0pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129667Member_z9Kydq2E1Cvg" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 35%; padding-right: 0.5pt">Returns before taxes</td> <td style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">11.41</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.18</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; width: 11%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.19</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">—</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129667Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7VIlNk8wKt9" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">9.16</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">3.40</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.72</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">—</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions and sale</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129667Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMaHAv4GfdO4"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">of fund shares</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.53</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">3.49</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.29</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">— </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">I Class</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; padding-right: 0pt; text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169044Member_zdGkskkS82fh"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt">Returns before taxes</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">11.58</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.34</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">—</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.80</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Advisor Class</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; padding-right: 0pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129666Member_z0wnKHiboHLe" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns before taxes</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">11.15</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">4.91</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">6.91</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">— </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zGP1C6m1IaEg" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">17.15</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">13.15</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">14.29</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">15.12</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt">a </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2025IndexMember_zfzTb0ed9ek4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">13.98</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">6.07</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.57</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">8.02</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt">a </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">a</td><td>Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1141 0.0518 0.0719 0.0916 0.0340 0.0572 0.0753 0.0349 0.0529 2016-02-26 0.1158 0.0534 0.0780 2013-08-20 0.1115 0.0491 0.0691 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1398 0.0607 0.0757 0.0802 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z1wZAkpR2r3j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 48%"></td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129668Member_z7ZYHwUHtgO4" style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td id="xdx_490_20260727__20260727__oef--ClassAxis__custom--C000169045Member_zA9KtobyyFd2" style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129669Member_z5lESZJAEb9d" style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Investor Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">I Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40D_eoef--MaximumAccountFee_d0_zUaoF4XOvAJh" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Maximum account fee</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt">$20</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt">a </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt">—</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt">—</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zZOGc8yQjO03"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zPlcSr2vn5ma" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129668Member_zWoQsF8ZGpgi" style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td id="xdx_490_20260727__20260727__oef--ClassAxis__custom--C000169045Member_z3Vd6nNjlhkj" style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129669Member_zeIXZIhbXtA8" style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z9FEzw0wRQ81" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.52</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt">%b </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.36</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt">%b </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.52</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt">%b </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; width: 48%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; width: 8%; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dp0_zvHkEYkSArY" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Distribution and service (12b-1) fees</td> <td style="padding: 0pt; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> —</td> <td style="padding: 0pt; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> —</td> <td style="padding: 0pt; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.25</td> <td style="padding: 0pt; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp0_zjyla3tb5gol" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> —</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> —</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> —</td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> </td> <td style="padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zZ4IgcHlBSaa" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.52</td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.36</td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-align: right; text-indent: 0pt"> 0.77</td> <td style="border-bottom: black 1pt solid; padding: 0pt; white-space: nowrap; background-color: #E6E6E6; text-indent: 0pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> 0.0052 0.0036 0.0052 0 0 0.0025 0 0 0 0.0052 0.0036 0.0077 <div id="xdx_A84_eoef--ExpenseFootnotesTextBlock_z7hQHa0DtJnb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: left">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b </td><td style="text-align: left">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td> </tr></table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTisfyrsbbp5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zSTz2Amctwxk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear01_zRR8LTXqXDOg" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear03_z3HUEXeq9v5k" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear05_zaDIlxUue1N6" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear10_zxLnSTnIC3vd" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> </tr> <tr id="xdx_41D_20260727__20260727__oef--ClassAxis__custom--C000129668Member_zGMf67jg9Ewd"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">53</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">165</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">286</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">625</td> </tr> <tr id="xdx_416_20260727__20260727__oef--ClassAxis__custom--C000169045Member_zwJ784qcV7dj"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">37</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">114</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">197</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">430</td> </tr> <tr id="xdx_416_20260727__20260727__oef--ClassAxis__custom--C000129669Member_zgUrnaxo1D5e"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">79</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">245</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">423</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">927</td> </tr> </table> 53 165 286 625 37 114 197 430 79 245 423 927 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 28.0% of the average value of its portfolio. 0.280 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2030) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trgprof187003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Target 2030 Fund</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Asset Class</td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24%; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 0.7pt"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 27%; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Equity</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">50.37</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">3.02</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">2.52</td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Developed Markets</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">11.43</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Emerging Markets</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">2.02</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Large-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">26.84</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Mid-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">2.74</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Small-Cap</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">1.80</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Fixed Income</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">49.60</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: white; padding-right: 0pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">23.52</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right">26.08</td> <td style="border-top: black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E5E5E5; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.7pt">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <div id="xdx_A8E_eoef--BarChartTableTextBlock_zLZffZvk54kc"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_zfhkyhyaLr25" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129668Member_zY4ADVIOSHL6" style="display: none; text-align: right; visibility: hidden">7.09%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129668Member_zmAtMxGQQcqg" style="display: none; text-align: right; visibility: hidden">16.21%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129668Member_zyIoTMxdt74i" style="display: none; text-align: right; visibility: hidden">-5.22%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129668Member_zlzWq4lUFNAe" style="display: none; text-align: right; visibility: hidden">19.43%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129668Member_zmBHMEyRU1al" style="display: none; text-align: right; visibility: hidden">14.17%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129668Member_zCEhpebBwAh6" style="display: none; text-align: right; visibility: hidden">11.37%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129668Member_zZ3yTx3jhMp1" style="display: none; text-align: right; visibility: hidden">-15.16%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129668Member_zS8eV70qjwi7" style="display: none; text-align: right; visibility: hidden">14.08%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129668Member_zL2wSTGn7kT3" style="display: none; text-align: right; visibility: hidden">9.47%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129668Member_zhYHjS2il7hd" style="display: none; text-align: right; visibility: hidden">12.74%</td></tr> </table> <img alt="" src="trgprof187004.jpg" style="height: 273px; width: 500px"/> 0.0709 0.1621 -0.0522 0.1943 0.1417 0.1137 -0.1516 0.1408 0.0947 0.1274 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98A_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041779Member_zJAZTwgcj795" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98F_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041779Member_z7zTz66rTps6" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">14.94%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_985_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041779Member_z00T1dNTA1if" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98A_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041779Member_zGFHHRQSOUa9" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-14.67%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 6.49%. Best Quarter 2020-06-30 0.1494 Worst Quarter 2020-03-31 -0.1467 The fund’s return for the six months ended 2026-06-30 0.0649 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="10" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt">Average Annual Total Returns </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 35%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 11%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center; width: 1%"> </td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zCec0UwXr773" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_49A_20250101__20251231_zmVcbXj7tlr8" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_496_20210101__20251231_zNyIMiPdCau" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_490_20160101__20251231_z1RLnBgZW5Uh" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Since</td> <td style="padding-right: 0.5pt; text-align: center">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">1 Year</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">5 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">10 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">inception</td> <td style="padding-right: 0.5pt; text-align: center">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Investor Class</td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129668Member_zDIFh1cemIH4" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 35%; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">12.74</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">5.88</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 11%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.90</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129668Member_zLL0g0dQlap9" style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zoMFlwSlCDOh" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">10.51</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">4.28</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">6.52</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGCKM8KETchh" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXCiu6wtIHVc"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">of fund shares</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">8.48</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">4.12</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">5.94</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfaqMhg9Xrq" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">I Class</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169045Member_zzLDLQ6EU2tk"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">12.93</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">6.04</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169045Member_zUdP3Xzywfgg" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">8.60</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Advisor Class</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129669Member_z6H6sveZgVEk" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">12.46</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">5.60</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.63</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000129669Member_zeaxtSdltCY5" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zQzZLMVo7vM7" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">17.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">13.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">14.29</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.12</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2030IndexMember_zZRC903rwnbl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.13</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.07</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">8.41</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2030IndexMember_fYQ_____zc9QwFejbbml" style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">8.94</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">a </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">a</td><td>Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1274 0.0588 0.0790 0.1051 0.0428 0.0652 0.0848 0.0412 0.0594 2016-02-26 0.1293 0.0604 0.0860 2013-08-20 0.1246 0.0560 0.0763 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1513 0.0707 0.0841 0.0894 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zcZohD69fof2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt"> </td> <td colspan="2" id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129670Member_zjGq3Wsa6Lbd" style="border-top: Black 1pt solid; padding-left: 1.4pt; text-align: center">Investor Class</td> <td colspan="2" id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000169046Member_zRsPZx5HFdE5" style="border-top: Black 1pt solid; padding-left: 1.4pt; text-align: center">I Class</td> <td colspan="2" id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129671Member_zl7pXSKDPyVe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-left: 1.4pt; text-align: center">Advisor Class</td></tr> <tr style="vertical-align: bottom"> <td colspan="7" id="xdx_984_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041780Member_zXZ1vbTGiR7g" style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.4pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> </tr> <tr id="xdx_40E_eoef--MaximumAccountFee_d0_zWs1YxyRVzQj" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; width: 58%">Maximum account fee</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right; width: 7%">$20</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; width: 7%">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right; width: 7%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; width: 7%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right; width: 7%">—</td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; width: 7%"> </td> </tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z4xqabTsVP2l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zpwt8GF5VGC8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129670Member_zbRDodd5yC1l" style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000169046Member_zQ7Wpm3Bhnv9" style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000129671Member_z2YYWQejsLol" style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z1heee9Q6w7b" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.55</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.38</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.55</td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt">%b</td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 58%; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> </tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dp0_zEOMv4SDFvX6" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.25</td> <td style="border-right: Black 1pt solid; background-color: #E6E6E6; padding-left: 1.4pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> </tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp0_zbjKNCYJ2EBl" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> —</td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 1.4pt"> </td> <td style="background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> </td> </tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zoxnwMyDgwLb" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1.4pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.55</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.38</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; text-align: right"> 0.80</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt"> </td> </tr> </table> 0.0055 0.0038 0.0055 0 0 0.0025 0 0 0 0.0055 0.0038 0.0080 <div id="xdx_A8B_eoef--ExpenseFootnotesTextBlock_zgz6o3JJab91"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 10pt; text-align: left">a </td><td>Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 10pt; text-align: left">b</td><td>The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td> </tr></table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJhEik5bxIbe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zzt3wgZ3t77g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_487_eoef--ExpenseExampleYear01_zsGoihUtDHsi" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear03_zLqZKRbEa4Kj" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear05_ztuN0xt952Fe" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear10_zH2P0llr17Pf" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">10 Years</td> <td style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_416_20260727__20260727__oef--ClassAxis__custom--C000129670Member_zsre81oIv6Q"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 27%; background-color: #D9D9D9">Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">56</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">175</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">300</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">655</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_416_20260727__20260727__oef--ClassAxis__custom--C000169046Member_zx4gIKH3q15b"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9">I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">39</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">121</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">208</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">455</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr id="xdx_412_20260727__20260727__oef--ClassAxis__custom--C000129671Member_zayPCidtbf94"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9">Advisor Class </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">82</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">254</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">437</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">956</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td></tr> </table> 56 175 300 655 39 121 208 455 82 254 437 956 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 32.1% of the average value of its portfolio. 0.321 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2035) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trhpro003.jpg"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap">Target 2035 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 18%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 5%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 20%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 5%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 45%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 5%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">61.01</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">0.61</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">3.05</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">14.61</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">2.58</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">34.33</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">3.52</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">2.31</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">38.99</td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">19.60</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">19.39</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-bottom: Black 1pt solid">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Duration, which is expressed in years, is a calculation that estimates the price sensitivity of a bond or bond fund to changes in interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of five years would be expected to lose approximately 5% of its value). Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of securities in which an underlying fund invests. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Credit quality: An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div id="xdx_A83_eoef--BarChartTableTextBlock_zov1AVKwOZGi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_dU_zcwClC60kU25" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: right; width: 67%"> </td> <td style="text-align: right; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2016</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129670Member_z2Eem8s148W8" style="text-align: right">7.21%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129670Member_zirDCZOuf9Qe" style="text-align: right">17.90%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129670Member_z2DjooJWzH8c" style="text-align: right">-5.84%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129670Member_zfWtD8HqNYyf" style="text-align: right">20.94%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129670Member_zXrViSx6sHsc" style="text-align: right">15.38%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129670Member_zlqrE49WS6cg" style="text-align: right">12.81%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129670Member_z0kfZQp6adMi" style="text-align: right">-16.59%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129670Member_zobd3TqeXT0f" style="text-align: right">15.92%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129670Member_zlZb2sBJWDkk" style="text-align: right">10.51%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129670Member_zkVl2KLyG242" style="text-align: right">14.36%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 20%; background-color: #616161; border-collapse: collapse; margin-left: 1in"> <tr style="vertical-align: top"> <td style="white-space: nowrap; padding-top: 2pt; padding-right: 2.15pt; padding-bottom: 2pt; color: white; font-weight: bold">TARGET 2035 FUND</td></tr> </table> Calendar Year Returns <img alt="PerformanceBarChartData(2016:7.21,2017:17.9,2018:-5.84,2019:20.94,2020:15.38,2021:12.81,2022:-16.59,2023:15.92,2024:10.51,2025:14.36)" src="trhpro_004.gif" style="height: 202px; width: 442px"/> 0.0721 0.1790 -0.0584 0.2094 0.1538 0.1281 -0.1659 0.1592 0.1051 0.1436 Calendar Year Returns <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98B_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041780Member_zgQfF7RlK6Cj" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041780Member_zPTKHbNliMO7" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">16.25%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98C_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041780Member_ziDHYG4FFYLl" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_987_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041780Member_ztWZUht8oP8k" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-16.05%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 7.71%. Best Quarter 2020-06-30 0.1625 Worst Quarter 2020-03-31 -0.1605 The fund’s return for the six months ended 2026-06-30 0.0771 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zcDtRjrUvuVc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; line-height: 100%; width: 35%"> </td> <td style="border-top: black 1pt solid; text-align: center; white-space: nowrap; line-height: 100%; width: 62%">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_49E_20250101__20251231_zsOXHmsAgMoi" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_49F_20210101__20251231_zndzTjEWk8Gb" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_497_20160101__20251231_z5SNDcMHVhwc" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td colspan="2" style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">1 Year</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">5 Years</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">10 Years</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td colspan="2" style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Investor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129670Member_zCBAX1tK6LA" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 38%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">14.36 </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">6.63</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">8.64</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129670Member_zPogNlc0Hmvc" style="text-align: right; white-space: nowrap; width: 10%; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; white-space: nowrap; width: 11%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjm2zeNHoxZ5" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">12.24</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">5.24</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">7.35</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVkGiXe290e5" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zNKj536UB0u4"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">9.56</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">4.82</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">6.61</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlKO92EtLdIi" style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">I Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">02/26/2016</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169046Member_zVmm4RujnYZ"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">14.52</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">6.81</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169046Member_zhjkLOlUxJ01" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">9.42</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Advisor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129671Member_zVFNzv9e5qyi" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">14.06</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">6.36</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">8.37</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129671Member_z7K8eauZRY01" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_z7LAoLCuRUS5" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">17.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">13.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">14.29</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">15.12</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">a </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2035IndexMember_zwDxvwvYXA99" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">16.80</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">8.19</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">9.32</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2035IndexMember_fYQ_____zuf5Bf3UrQF3" style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">9.92</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">a </td> <td style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 10pt">a</td><td id="xdx_F16_z4WJ5cxw5Uu4">Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1436 0.0663 0.0864 0.1224 0.0524 0.0735 0.0956 0.0482 0.0661 2016-02-26 0.1452 0.0681 0.0942 2013-08-20 0.1406 0.0636 0.0837 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1680 0.0819 0.0932 0.0992 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_zyoGItqtuTdd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 48%"> </td> <td id="xdx_498_20260727__20260727__oef--ClassAxis__custom--C000129672Member_zfdtV4zWnJh9" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000169047Member_zOaIfNni9t8g" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129673Member_zfCfsfNUFHH3" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 4%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Investor Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">I Class</td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" id="xdx_98F_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041781Member_zA8HLbAdRTT5" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_408_eoef--MaximumAccountFee_d0_z2NrxGN0ra58" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Maximum account fee</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">$20</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zDHsHbhM11Hf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zUejKtH6HTVe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_498_20260727__20260727__oef--ClassAxis__custom--C000129672Member_zOOaXrueX6tj" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td id="xdx_497_20260727__20260727__oef--ClassAxis__custom--C000169047Member_zWaqBzxIKD4j" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129673Member_zwDVBKNsxwZ4" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dp0_zXQqAoH1arS1" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.57</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.40</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.57</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt">%b </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; width: 48%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp0_zd7UR0geZZlg" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp0_zSyzhMDgqV7l" style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zd2jZCNr7eY6" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.57</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.40</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt; text-align: right"> 0.82</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> 0.0057 0.0040 0.0057 0 0 0.0025 0 0 0 0.0057 0.0040 0.0082 <div id="xdx_A80_eoef--ExpenseFootnotesTextBlock_zHvrmMjrd943"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a</td><td style="text-align: left">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b</td><td style="text-align: left">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td> </tr></table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1nqbY7n6qPk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zVihaxU73cV" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear01_z1OUMQqS54j" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear03_zUwyEIRGdNFa" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear05_zcU4wNY6rh89" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear10_zE2ZgTVaOnPl" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> </tr> <tr id="xdx_413_20260727__20260727__oef--ClassAxis__custom--C000129672Member_zNpCMRAyWOZk"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">58</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">181</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">313</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right">686</td> </tr> <tr id="xdx_415_20260727__20260727__oef--ClassAxis__custom--C000169047Member_zJtK5ajbYA83"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">41</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">127</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">219</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">480</td> </tr> <tr id="xdx_41F_20260727__20260727__oef--ClassAxis__custom--C000129673Member_zgfRNakwZQze"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">84</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">261</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">450</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">986</td> </tr> </table> 58 181 313 686 41 127 219 480 84 261 450 986 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31.4% of the average value of its portfolio. 0.314 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2040) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trjprof196003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Target 2040 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Asset Class</td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.7pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 0.7pt"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 27%; padding-right: 0.7pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">71.98</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">3.60</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">17.43</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">3.08</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">40.93</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">4.18</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.7pt">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">2.76</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">28.00 </td> <td style="white-space: nowrap; background-color: white; padding-right: 0.7pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">15.40</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.7pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right">12.60</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.7pt">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; padding-right: 0.7pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.7pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.7pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.7pt">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <div id="xdx_A8B_eoef--BarChartTableTextBlock_zWFxOrRmUqef"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zhlGWTRSEfGc" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: right; width: 67%"> </td> <td style="text-align: right; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129672Member_zoh6JFe318T5" style="text-align: right">7.38%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129672Member_zPHud9YtRT41" style="text-align: right">19.42%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129672Member_zldV9gIrDeK5" style="text-align: right">-6.42%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129672Member_z0o0CMceJR91" style="text-align: right">22.25%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129672Member_zXDSdVetqnUa" style="text-align: right">16.49%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129672Member_zgyxmxgMV9P5" style="text-align: right">14.00%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129672Member_zbCjiJhtHcac" style="text-align: right">-17.85%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129672Member_zlcHUN5LQSYg" style="text-align: right">17.55%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129672Member_z4XPAe8O9e79" style="text-align: right">11.66%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129672Member_zmir9WmQFB0g" style="text-align: right">15.72%</td></tr> </table> <img alt="" src="trjprof196004.jpg" style="height: 272px; width: 500px"/> 0.0738 0.1942 -0.0642 0.2225 0.1649 0.1400 -0.1785 0.1755 0.1166 0.1572 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zS72I0XRvzii"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_982_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041781Member_zWGMnKPJARX1" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_986_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041781Member_zLTYvkIMUc87" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">17.34%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_984_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041781Member_z1l2Vas9gvh5" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98E_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041781Member_zBDwnw7389R5" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-17.29%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 8.83%. Best Quarter 2020-06-30 0.1734 Worst Quarter 2020-03-31 -0.1729 The fund’s return for the six months ended 2026-06-30 0.0883 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div id="xdx_A81_eoef--PerformanceTableTextBlock_zkxvnCSQXA7f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zRRW89WKACmg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td colspan="10" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt">Average Annual Total Returns </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="12" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 31%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 11%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 14%"> </td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center; width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_492_20250101__20251231_zg9Cw0dbqRt9" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zX0P9UiAcU1a" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td id="xdx_491_20160101__20251231_zu9Fcd1s7wpg" style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Since</td> <td style="padding-right: 0.5pt; text-align: center">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">1 Year</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">5 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">10 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">inception</td> <td style="padding-right: 0.5pt; text-align: center">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Investor Class</td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129672Member_zkYbTobDvmul" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 31%; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.72</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.30</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 11%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">9.29</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129672Member_z3skHTTrdcFg" style="white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 14%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zP4YsE59ZdIb" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">13.99</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">6.08</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">8.08</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZ0gwpqxobei" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsLzsQDv7tm6"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">of fund shares</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">10.29</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">5.44</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.22</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdbegglxuRKe" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">I Class</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169047Member_z3GiOIbXCyP2"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.92</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.49</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169047Member_zTzrQvwgoyZ5" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">10.14</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Advisor Class</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">08/20/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129673Member_zbFBAUg9rMz5" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns before taxes</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.47</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.04</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">9.02</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129673Member_zXnAqBbwpOZ7" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">— </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zdtpKlX4T6K4" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">17.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">13.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">14.29</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">15.12</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-bottom: 6pt; text-align: left">a</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2040IndexMember_zleLmATovZK" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">18.20</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">9.18</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">10.06</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2040IndexMember_fYQ_____zOPmUlX6FSC7" style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">10.71</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-bottom: 6pt; text-align: left">a</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">a</td><td>Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1572 0.0730 0.0929 0.1399 0.0608 0.0808 0.1029 0.0544 0.0722 2016-02-26 0.1592 0.0749 0.1014 2013-08-20 0.1547 0.0704 0.0902 0.1715 0.1315 0.1429 0.1512 (reflects no deduction for fees, expenses, or taxes) 0.1820 0.0918 0.1006 0.1071 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zAkLYgZ4sFv8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%"> </td> <td colspan="2" id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129674Member_zDBFN9YyORva" style="border-top: Black 1pt solid; text-align: center; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%">Investor Class</td> <td colspan="2" id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000169048Member_zqJ3udQoyHg4" style="border-top: Black 1pt solid; text-align: center; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%">I Class</td> <td colspan="2" id="xdx_499_20260727__20260727__oef--ClassAxis__custom--C000129675Member_zSa3ePINPLPa" style="border-top: Black 1pt solid; text-align: center; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%">Advisor Class</td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" style="border-left: black 1pt solid; text-align: center; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr id="xdx_40A_eoef--MaximumAccountFee_d0_zH5CcF17D4v7" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 55%">Maximum account fee</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 8%">$20</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; line-height: 100%; width: 8%">a </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 8%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 8%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 8%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 3%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; line-height: 100%; width: 2%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z4OtN58jBhLi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zbEissmercVe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; line-height: 100%"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000129674Member_zPTwEcwjFuLe" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000169048Member_ziom7G4KoRF1" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_499_20260727__20260727__oef--ClassAxis__custom--C000129675Member_zbtChTNhww64" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zfWgT3CYIhI9" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; line-height: 100%">Management fees</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.59</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%b</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.42</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%b</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.59</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%b</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; width: 54%; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 8%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 3%; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp0_zyzcpA0bfR39" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; line-height: 100%">Distribution and service (12b-1) fees</td> <td style="text-align: right; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> —</td> <td style="background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> —</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.25</td> <td style="background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dp0_zcZUIu2g5m57" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-left: 1.4pt; line-height: 100%">Other expenses</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 1.4pt; line-height: 100%"> </td> <td style="padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zqD999FtlZq8" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1.4pt; line-height: 100%">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.59</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.42</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> 0.84</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-left: 1.4pt; line-height: 100%"> </td></tr> </table> 0.0059 0.0042 0.0059 0 0 0.0025 0 0 0 0.0059 0.0042 0.0084 <div id="xdx_A85_eoef--ExpenseFootnotesTextBlock_zuuixUOdXPog"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt; padding-bottom: 8pt; padding-left: 1.4pt; line-height: 100%; width: 5%">a</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-bottom: 8pt; padding-left: 1.4pt; line-height: 100%; width: 95%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt; padding-bottom: 8pt; padding-left: 1.4pt; line-height: 100%">b</td> <td style="vertical-align: bottom; padding-right: 0.5pt; padding-bottom: 8pt; padding-left: 1.4pt; line-height: 100%">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsGwDIZWqEe5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zXaDe1KDuaKk" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear01_zPrcbdicKphh" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear03_zZE07UbXaUN" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_zJbMMfqKrs4c" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear10_zBkQy2Y1M3H" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right">10 Years</td> <td style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_414_20260727__20260727__oef--ClassAxis__custom--C000129674Member_z2gWhKhBJ0E8"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 5%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 19%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">60</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">188</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">324</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">713</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_419_20260727__20260727__oef--ClassAxis__custom--C000169048Member_zJ5Wm8uw4PB7"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">43</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">134</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">230</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">505</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr id="xdx_41E_20260727__20260727__oef--ClassAxis__custom--C000129675Member_z7JYS2HMSbbj"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">86</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">267</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">461</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">1,013</td> <td style="padding: 2.15pt; white-space: nowrap; text-align: right"> </td></tr> <tr> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> </table> 60 188 324 713 43 134 230 505 86 267 461 1013 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29.8% of the average value of its portfolio. 0.298 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2045) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trlprof199.gif" style="height: 270px; width: 600px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Target 2045 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Asset Class</td> <td colspan="2" style="white-space: nowrap; padding-right: 0.8pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.8pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 16%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 37%; padding-right: 0.8pt"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 33%; padding-right: 0.8pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">82.02</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">4.10</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">19.86</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">3.50</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">46.63</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">4.78</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.8pt">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">3.15</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">17.99</td> <td style="white-space: nowrap; background-color: white; padding-right: 0.8pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">11.90</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.8pt">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.8pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right">6.09</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 0.8pt">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td colspan="2" style="border-right: black 1pt solid; padding-right: 0.8pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.8pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; padding-right: 0.8pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 0.8pt">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.8pt"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.8pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.8pt; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.8pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.8pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; padding-right: 0.8pt"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 25%; background-color: #616161; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding: 2pt 2.15pt 2pt 10pt; font-size: 10pt; color: white; font-weight: bold">TARGET 2045 FUND</td></tr> </table> Calendar Year Returns <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zGcQpLUM9zQ5" style="font: 11pt Aptos Narrow; display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden; width: 67%"> </td> <td style="display: none; text-align: right; visibility: hidden; width: 33%"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2016</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129674Member_zjCcIOiwiHyg" style="display: none; text-align: right; visibility: hidden">7.51%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129674Member_zfXWY25mlELk" style="display: none; text-align: right; visibility: hidden">20.38%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129674Member_zWdAaj9d8nsg" style="display: none; text-align: right; visibility: hidden">-6.72%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129674Member_zsF5iT8Xs8Ci" style="display: none; text-align: right; visibility: hidden">23.14%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129674Member_zWCh9C39XNk" style="display: none; text-align: right; visibility: hidden">17.45%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129674Member_zznJZLaUVjh6" style="display: none; text-align: right; visibility: hidden">15.29%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129674Member_zJSNUcXv28ek" style="display: none; text-align: right; visibility: hidden">-18.55%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129674Member_zrzHvvNhU1R9" style="display: none; text-align: right; visibility: hidden">18.97%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129674Member_zulV4JXVKRbg" style="display: none; text-align: right; visibility: hidden">12.73%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: right; visibility: hidden">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129674Member_z7zmEnRQS03k" style="display: none; text-align: right; visibility: hidden">17.03%</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.51,2017:20.38,2018:-6.72,2019:23.14,2020:17.45,2021:15.29,2022:-18.55,2023:18.97,2024:12.73,2025:17.03)" src="trlprof200.gif" style="height: 202px; width: 443px"/> Calendar Year Returns 0.0751 0.2038 -0.0672 0.2314 0.1745 0.1529 -0.1855 0.1897 0.1273 0.1703 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zLkAdCbZWKq1"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; width: 9%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 14%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="vertical-align: bottom; white-space: nowrap; width: 13%; text-align: center"> Total Return</td> <td style="vertical-align: bottom; white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_982_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041782Member_zwuYlXyjUwtl" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98E_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041782Member_z3FW8DVZzL4h" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">18.27%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_980_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041782Member_znqBVPn493ch" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98B_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041782Member_z27VQNMch7Y8" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-18.19%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 9.87%. Best Quarter 2020-06-30 0.1827 Worst Quarter 2020-03-31 -0.1819 The fund’s return for the six months ended 2026-06-30 0.0987 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div id="xdx_A83_eoef--PerformanceTableTextBlock_zR3ftWXHU0l9"></div> Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 41%"> </td> <td style="border-top: Black 1pt solid; text-align: center; white-space: nowrap; line-height: 100%; width: 55%">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; line-height: 100%; width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_492_20250101__20251231_zHYMaiijr70k" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_497_20210101__20251231_z0Wja76BxEr1" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_490_20160101__20251231_zWG18TTuOr4a" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td colspan="2" style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">1 Year</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">5 Years</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">10 Years</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td colspan="2" style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Investor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129674Member_z5y2XpX97jB2" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; width: 41%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; width: 9%; background-color: #E6E6E6; line-height: 100%">17.03</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 9%; background-color: #E6E6E6; line-height: 100%">8.07</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; width: 9%; background-color: #E6E6E6; line-height: 100%">9.91</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129674Member_zJQDaGyV6CWj" style="text-align: right; white-space: nowrap; width: 9%; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; white-space: nowrap; width: 11%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129674Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNi43gLmYbv3" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">15.54</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">6.97</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">8.80</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129674Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zH4q15IxKiq9" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"></td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"></td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129674Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zf1NUPx684z"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">11.00</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">6.11</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">7.80</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129674Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zFZ6KHaulT9h" style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">I Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">02/26/2016</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169048Member_zhuZCRMWeX62"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">17.18</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">8.26</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169048Member_zJ1CT2u4JJB7" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.83</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Advisor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129675Member_zB590CG6GCff" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">16.66</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">7.79</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">9.63</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129675Member_zZKWnwh0zLHe" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">—</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zf84F2feBKD8" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">17.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">13.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">14.29</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">15.12</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 100%; padding-bottom: 6pt; text-align: left">a</td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="white-space: nowrap; vertical-align: top; line-height: 100%">S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2045IndexMember_zaUq1hWIqas8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">19.48</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">9.84</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">10.54</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">11.22</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #E6E6E6; line-height: 100%; padding-bottom: 6pt; text-align: left">a</td> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 1pt; margin-bottom: 1pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 5%">a</td><td id="xdx_F17_zayCnrHFCJw4" style="width: 95%">Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1703 0.0807 0.0991 0.1554 0.0697 0.0880 0.1100 0.0611 0.0780 2016-02-26 0.1718 0.0826 0.1083 2013-08-20 0.1666 0.0779 0.0963 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1948 0.0984 0.1054 0.1122 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zWdssUrrSGdg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td> <td colspan="2" id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129656Member_z6DwgTtRefXb" style="border-top: Black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000169039Member_zDREA76rmc5a" style="border-top: Black 1pt solid; text-align: center">I Class</td> <td colspan="2" id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000129657Member_zAHdLWZvVCAl" style="border-top: Black 1pt solid; text-align: center">Advisor Class</td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="8" id="xdx_98A_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041773Member_zdacQLRioheb" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid"> </td></tr> <tr id="xdx_403_eoef--MaximumAccountFee_d0_zt5hzJ0pUzj8" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Maximum account fee</td> <td style="background-color: #E6E6E6; text-align: right">$20</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zel2yTUiqATe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zQhYysI798Dj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000129656Member_zx4mT1TQMTZ2" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000169039Member_zDlnCwyOZaQ3" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000129657Member_zx6dhz3p8PJ4" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zFliD39ibPQ" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Management fees</td> <td style="background-color: #E6E6E6; text-align: right"> 0.61</td> <td style="background-color: #E6E6E6">%b </td> <td style="background-color: #E6E6E6; text-align: right"> 0.43</td> <td style="background-color: #E6E6E6">%b </td> <td style="background-color: #E6E6E6; text-align: right"> 0.61</td> <td style="background-color: #E6E6E6">%b </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left; width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp0_z47ibUjTe7U1" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dp0_zNfxbXz005Lf" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Other expenses</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zvKFpl2yKmIk" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.61</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.43</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.86</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6"> </td></tr> </table> 0.0061 0.0043 0.0061 0 0 0.0025 0 0 0 0.0061 0.0043 0.0086 <div id="xdx_A81_eoef--ExpenseFootnotesTextBlock_zrcLCtnKg6Fk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: left; width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left">a </td> <td colspan="8" style="vertical-align: bottom">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="vertical-align: top; text-align: left">b </td> <td colspan="8" style="vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNqzQI7E9qwk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zdVT38Nv6v03" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear01_zgCiCxRHYZZ3" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td colspan="2" id="xdx_48A_eoef--ExpenseExampleYear03_zF3uiIhW10Mc" style="border-top: black 1pt solid; text-align: center">3 Years</td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_znwXqCH4s2z6" style="border-top: black 1pt solid; text-align: center">5 Years</td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear10_ziYplT6Hyaka" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center">10 Years</td> </tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000129656Member_zmSWZDq3TaJ9"> <td style="border-left: black 1pt solid; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">62</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">195</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">336</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">738</td> </tr> <tr id="xdx_419_20260727__20260727__oef--ClassAxis__custom--C000169039Member_zKOfR988Upa2"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> I Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">44</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">138</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">240</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center">528</td> </tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000129657Member_zEcLiISaXjg5"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> Advisor Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">88</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">274</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">473</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #D9D9D9; text-align: center">1,038</td> </tr> <tr> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> </tr> </table> 62 195 336 738 44 138 240 528 88 274 473 1038 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30.0% of the average value of its portfolio. 0.300 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2050) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trmpros003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid">Target 2050 Fund</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Asset Class</td> <td colspan="2" style="text-align: center"> </td> <td> Sector(s) </td> <td colspan="2" style="text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; width: 10%"> </td> <td style="vertical-align: bottom; width: 5%"> </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: top; width: 30%"> </td> <td style="vertical-align: bottom; width: 5%"> </td> <td style="vertical-align: bottom; width: 4%"> </td> <td style="vertical-align: bottom; width: 22%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 22%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid">Equity</td> <td style="background-color: #E5E5E5; text-align: right">90.38</td> <td style="background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid">Inflation Focused</td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right">4.52</td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>International Developed Markets</td> <td style="background-color: #E5E5E5; text-align: right">21.90</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>International Emerging Markets</td> <td style="background-color: #E5E5E5; text-align: right">3.86</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Large-Cap</td> <td style="background-color: #E5E5E5; text-align: right">51.39</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Mid-Cap</td> <td style="background-color: #E5E5E5; text-align: right">5.26</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Small-Cap</td> <td style="background-color: #E5E5E5; text-align: right">3.45</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Fixed Income</td> <td style="background-color: #E5E5E5; text-align: right">9.61</td> <td style="background-color: white"> </td> <td style="border-top: black 1pt solid">Core Fixed Income</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5; text-align: right">6.72</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-top: black 1pt solid">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5; text-align: right">2.89</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">U.S. Treasury Money</td></tr> <tr> <td style="border-top: black 1pt solid; vertical-align: top"> </td> <td style="border-top: black 1pt solid; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Fixed income exposure: An underlying fixed income fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall fixed income markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, inflation risk, and liquidity risk. At times, participants in fixed income markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds or other debt instruments in which it invests or to find and purchase suitable investments. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Bank loans: Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and they have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zCnKmocB8ze9" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; width: 67%">2016</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000129656Member_zpvs8y7hOGY9" style="text-align: right; width: 33%">7.52%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000129656Member_zbaLHe7usQp8" style="text-align: right">21.42%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000129656Member_zR7mzlsDIOg2" style="text-align: right">-7.18%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000129656Member_zvd3wMKXlJj2" style="text-align: right">24.11%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000129656Member_znaHBcVs8Ta" style="text-align: right">18.05%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000129656Member_z57M1lwljSDa" style="text-align: right">16.37%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000129656Member_zmxTOUWf8jWk" style="text-align: right">-19.06%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000129656Member_zMdMYsgkisCk" style="text-align: right">20.08%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000129656Member_zFNyD5EEeHI2" style="text-align: right">13.57%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000129656Member_zLNMrjkL0Cvf" style="text-align: right">18.11%</td></tr> </table> <img alt="" src="trmpros004.jpg" style="height: 272px; width: 500px"/> Calendar Year Returns 0.0752 0.2142 -0.0718 0.2411 0.1805 0.1637 -0.1906 0.2008 0.1357 0.1811 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_zUld8sVWJP72"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="width: 15%; text-align: center"> </td> <td style="width: 24%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="width: 16%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> </tr> <tr style="vertical-align: top"> <td id="xdx_98D_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041773Member_zJ6RrriOZJRi" style="background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041773Member_zLjjiSnA2qt7" style="background-color: #E6E6E6; text-align: center">18.98%</td> <td style="text-align: center"> </td> <td id="xdx_981_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000041773Member_zFlbFNOyBsr9" style="background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000041773Member_zUy58dOplLqa" style="background-color: #E6E6E6; text-align: center">-19.00%</td> </tr> </table> The fund’s return for the six months ended 6/30/26 was 10.71%. Best Quarter 2020-06-30 0.1898 Worst Quarter 2020-03-31 -0.1900 The fund’s return for the six months ended 2026-06-30 0.1071 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zOplO1iJLjTg" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; line-height: 100%"> </td> <td style="border-top: black 1pt solid; line-height: 100%"> </td> <td style="border-top: black 1pt solid; line-height: 100%"> </td> <td style="border-top: black 1pt solid; text-align: center; line-height: 100%">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_49C_20250101__20251231_zQ6QBrHf6Lt7" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_495_20210101__20251231_zFi8Bj6au0ke" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_49B_20160101__20251231_zuXdY7FR3JW" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">1 Year </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">5 Years </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">10 Years </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%">Investor Class</td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129656Member_z2dgXYolObQ3" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; width: 1%; line-height: 100%"> </td> <td style="width: 1%; line-height: 100%"> </td> <td style="width: 31%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; width: 10%; background-color: #E6E6E6; line-height: 100%">18.11</td> <td style="width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; width: 10%; background-color: #E6E6E6; line-height: 100%">8.70</td> <td style="width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; width: 11%; background-color: #E6E6E6; line-height: 100%">10.42</td> <td style="width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129656Member_z83M5pPZxSlk" style="text-align: right; width: 10%; background-color: #E6E6E6; line-height: 100%">—</td> <td style="width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; width: 14%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129656Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhWac5jKqPhg" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">16.82</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">7.67</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">9.35</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129656Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0o8FHSZB395" style="text-align: right; background-color: #E6E6E6; line-height: 100%">—</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129656Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPPD5xdXohvf"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">11.62</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">6.66</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">8.26</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129656Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqdrb7suByfk" style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%">I Class</td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">02/26/2016</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169039Member_z7Kjlbw5hwgd"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">18.30</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">8.88</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--ClassAxis__custom--C000169039Member_zZyeZQITtzX1" style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">11.38</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%">Advisor Class</td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">08/20/2013</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129657Member_z6IX3W66U59d" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%">Returns before taxes</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">17.79</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">8.42</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">10.14</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20130820__20251231__oef--ClassAxis__custom--C000129657Member_zQZvZhEiXaG3" style="text-align: right; background-color: #E6E6E6; line-height: 100%">—</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="vertical-align: top; line-height: 100%">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zE7bJmBVPrY6" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">17.15</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">13.15</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">14.29</td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 100%">15.12</td> <td style="background-color: #E6E6E6; line-height: 100%">a </td> <td style="text-align: center; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="vertical-align: top; line-height: 100%">S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2050IndexMember_zHpiQUdIGu03" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 100%">19.56</td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 100%">10.13</td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 100%">10.79</td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2050IndexMember_fYQ_____zr3yHfYNWp7j" style="border-bottom: Black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 100%">11.51</td> <td style="border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%">a </td> <td style="border-bottom: Black 1pt solid; text-align: center; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 10pt; text-align: left">a </td><td id="xdx_F1D_zp9GgEN3Btj6" style="text-align: justify">Return since 2/26/16.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1811 0.0870 0.1042 0.1682 0.0767 0.0935 0.1162 0.0666 0.0826 2016-02-26 0.1830 0.0888 0.1138 2013-08-20 0.1779 0.0842 0.1014 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1956 0.1013 0.1079 0.1151 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_zLaVsos5EVc2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid; height: 14pt"> </td> <td colspan="2" style="border-top: Black 1pt solid; height: 14pt; text-align: center">Investor Class</td> <td colspan="2" style="border-top: Black 1pt solid; height: 14pt; text-align: center">I Class</td> <td colspan="2" style="border-top: Black 1pt solid; height: 14pt; text-align: center">Advisor Class</td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; height: 14pt; text-align: center"> </td></tr> <tr style="height: 14pt; vertical-align: bottom"> <td colspan="8" id="xdx_983_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000041774Member_zBGwKd0SU9G4" style="border-left: black 1pt solid; height: 14pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; height: 14pt"> </td></tr> <tr style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; height: 14pt; padding-left: 3pt">Maximum account fee</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right">$20</td> <td style="height: 14pt; text-align: left; background-color: #E6E6E6; vertical-align: top">a  </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right">—</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right">—</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr style="height: 14pt"> <td style="border-left: Black 1pt solid; height: 14pt; width: 2%"> </td> <td style="height: 14pt; width: 46%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="border-right: Black 1pt solid; height: 14pt; vertical-align: bottom; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zJJy2kpFq3je"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zKY0ekVVQFcj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; height: 14pt; padding-left: 3pt"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000129658Member_zPWi3LT9bNHi" style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000169040Member_zRv9GTwTf5hi" style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td id="xdx_498_20260727__20260727__oef--ClassAxis__custom--C000129659Member_zTwQeDbVNaa" style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp0_z9EX7pqVp3Mb" style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; height: 14pt; padding-left: 3pt">Management fees</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> 0.62</td> <td style="height: 14pt; background-color: #E6E6E6">%b </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> 0.44</td> <td style="height: 14pt; background-color: #E6E6E6">%b </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> 0.62</td> <td style="height: 14pt; background-color: #E6E6E6">%b </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr style="height: 14pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; height: 14pt; text-align: left; width: 2%"> </td> <td style="height: 14pt; width: 46%"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp0_zR4AnXqz28Nh" style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; height: 14pt; padding-left: 3pt">Distribution and service (12b-1) fees</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> —</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> —</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr style="height: 14pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; height: 14pt; text-align: left"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp0_z5gTDgXKizXk" style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; height: 14pt; padding-left: 3pt">Other expenses</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> —</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> —</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> —</td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr style="height: 14pt; vertical-align: bottom"> <td style="border-left: black 1pt solid; height: 14pt; text-align: left"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: right"> </td> <td style="height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp0_zVX3iUO19gd3" style="height: 14pt; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; height: 14pt; padding-left: 3pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6; text-align: right"> 0.62</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6; text-align: right"> 0.44</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6; text-align: right"> 0.87</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt; background-color: #E6E6E6"> </td></tr> </table> 0.0062 0.0044 0.0062 0 0 0.0025 0 0 0 0.0062 0.0044 0.0087 <div id="xdx_A82_eoef--ExpenseFootnotesTextBlock_zndqNSYCPcAe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 14pt"> <td style="height: 14pt; text-align: left; width: 2%"> </td> <td style="height: 14pt; width: 46%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="height: 14pt; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 8%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 4%"> </td></tr> <tr style="height: 14pt"> <td style="height: 14pt; vertical-align: top; text-align: left">a </td> <td colspan="8" style="height: 14pt; vertical-align: bottom">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr style="height: 14pt"> <td style="height: 14pt; vertical-align: top; text-align: left">b </td> <td colspan="8" style="height: 14pt; vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zC9iBGTg6Ghe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zM34HmAyYfcb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="height: 14pt; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; height: 14pt"> </td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear01_zF5jtSrYawpe" style="border-top: black 1pt solid; height: 14pt; text-align: center">1 Year</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear03_zEDE3GaTO9t4" style="border-top: black 1pt solid; height: 14pt; text-align: center">3 Years</td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_zcqVmKn7pWc" style="border-top: black 1pt solid; height: 14pt; text-align: center">5 Years</td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear10_zJh9JJiBsJKj" style="border-top: black 1pt solid; border-right: black 1pt solid; height: 14pt; text-align: center">10 Years</td> </tr> <tr id="xdx_41D_20260727__20260727__oef--ClassAxis__custom--C000129658Member_zJ0ip6BSkxM" style="height: 14pt"> <td style="border-left: black 1pt solid; height: 14pt; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="height: 14pt; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="height: 14pt; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">63</td> <td style="height: 14pt; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="height: 14pt; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">199</td> <td style="height: 14pt; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="height: 14pt; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">344</td> <td style="height: 14pt; vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; height: 14pt; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">761</td> </tr> <tr id="xdx_418_20260727__20260727__oef--ClassAxis__custom--C000169040Member_z3ZTA2XK6wH2" style="height: 14pt"> <td style="border-left: black 1pt solid; height: 14pt; background-color: #D9D9D9"> I Class </td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: center">45</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: center">141</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: center">245</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: center">544</td> </tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000129659Member_zuQFce13D1u2" style="height: 14pt"> <td style="border-left: black 1pt solid; height: 14pt; background-color: #D9D9D9"> Advisor Class </td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; background-color: #D9D9D9; text-align: center">89</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; background-color: #D9D9D9; text-align: center">278</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="height: 14pt; background-color: #D9D9D9; text-align: center">481</td> <td style="height: 14pt; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; height: 14pt; background-color: #D9D9D9; text-align: center">1,060</td> </tr> <tr style="height: 14pt"> <td style="border-top: black 1pt solid; height: 14pt"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; text-align: right"> </td> </tr> </table> 63 199 344 761 45 141 245 544 89 278 481 1060 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30.5% of the average value of its portfolio. 0.305 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2055) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trnpros003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. Target 2055 Fund <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 14pt; vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; height: 14pt">Asset Class</td> <td colspan="2" style="border-top: Black 1pt solid; height: 14pt; text-align: center"> </td> <td style="border-top: Black 1pt solid; height: 14pt"> Sector(s) </td> <td colspan="2" style="border-top: Black 1pt solid; height: 14pt; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-top: Black 1pt solid; border-right: black 1pt solid; height: 14pt; text-align: center"> Underlying Fund(s) </td></tr> <tr style="height: 14pt"> <td style="border-left: black 1pt solid; height: 14pt; vertical-align: bottom; width: 10%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 5%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 2%"> </td> <td style="height: 14pt; vertical-align: top; width: 30%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 5%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 4%"> </td> <td style="height: 14pt; vertical-align: bottom; width: 22%"> </td> <td style="border-right: black 1pt solid; height: 14pt; vertical-align: top; width: 22%"> </td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt">Equity</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">95.19</td> <td style="height: 14pt; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Hedged Equity </td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt">Inflation Focused</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right">4.76</td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Real Assets</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt">International Developed Markets</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">23.07</td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">International Stock,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">International Value Equity, and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Overseas Stock</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt">International Emerging Markets</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">4.06</td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Emerging Markets Discovery Stock and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Emerging Markets Stock</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt">U.S. Large-Cap</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">54.13</td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Equity Index 500,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Growth Stock,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">U.S. Equity Research,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">U.S. Large-Cap Core, and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Value</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt">U.S. Mid-Cap</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">5.54</td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Mid-Cap Growth,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Mid-Cap Index, and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">Mid-Cap Value</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt">U.S. Small-Cap</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">3.63</td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">New Horizons,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Small-Cap Index,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Small-Cap Stock, and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Small-Cap Value</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt">Fixed Income</td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right">4.80</td> <td style="height: 14pt; background-color: white"> </td> <td style="border-top: black 1pt solid; height: 14pt">Core Fixed Income</td> <td style="border-top: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right">3.36</td> <td style="border-top: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; height: 14pt">Dynamic Global Bond,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">International Bond,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">International Bond (USD Hedged), and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">New Income</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-top: black 1pt solid; height: 14pt">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right">1.44</td> <td style="border-top: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; height: 14pt">Dynamic Credit,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Emerging Markets Bond,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Floating Rate,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">High Yield,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">Limited Duration Inflation Focused Bond,</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; height: 14pt">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="border-left: black 1pt solid; height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; height: 14pt; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; height: 14pt">U.S. Treasury Money</td></tr> <tr style="height: 14pt"> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: top"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; height: 14pt; vertical-align: top"> </td> <td style="height: 14pt; vertical-align: top"> </td> <td style="height: 14pt; vertical-align: bottom"> </td> <td style="height: 14pt; vertical-align: top"> </td> <td colspan="2" style="height: 14pt; vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calender Year Returns <table cellpadding="0" cellspacing="0" id="xdx_A53_zCnY00OySZj" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000129658Member_zS07vQdaogzg"> </th></tr> <tr id="xdx_418_20160101__20161231_zwPRX3tpFBrb" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>7.60</th></tr> <tr id="xdx_41E_20170101__20171231_zACRDYEIxaVh" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>22.04</th></tr> <tr id="xdx_41D_20180101__20181231_zk9QLpOtIR0i" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-7.38</th></tr> <tr id="xdx_413_20190101__20191231_zn6SN7a9Eko7" style="vertical-align: bottom; text-align: center"> <th>2019</th> <th>24.76</th></tr> <tr id="xdx_414_20200101__20201231_z15bym4teJZ1" style="vertical-align: bottom; text-align: center"> <th>2020</th> <th>18.44</th></tr> <tr id="xdx_41A_20210101__20211231_zh38xDn5hdvc" style="vertical-align: bottom; text-align: center"> <th>2021</th> <th>16.96</th></tr> <tr id="xdx_41F_20220101__20221231_zThEC6F3lbP9" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2022</td> <td style="text-align: center; width: 50%; vertical-align: top">-19.16</td></tr> <tr id="xdx_416_20230101__20231231_znr3cOwL3aSh" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">20.57</td></tr> <tr id="xdx_414_20240101__20241231_zjogF07CcHV9" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2024</td> <td style="text-align: center; vertical-align: top">14.03</td></tr> <tr id="xdx_41D_20250101__20251231_zw7hx6oMMvyg" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2025</td> <td style="text-align: center; vertical-align: top">18.62</td></tr> </table> <img alt="" src="trnpros004.jpg" style="height: 272px; width: 500px"/> 0.0760 0.2204 -0.0738 0.2476 0.1844 0.1696 -0.1916 0.2057 0.1403 0.1862 <div id="xdx_A87_eoef--BarChartClosingTextBlock_z4KNMGDomZN3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="height: 14pt; vertical-align: top; background-color: white"> <td style="height: 14pt; width: 9%; text-align: center"> </td> <td style="height: 14pt; width: 14%; text-align: center"> </td> <td style="height: 14pt; width: 15%; text-align: center">Quarter Ended</td> <td style="height: 14pt; width: 13%"> Total Return</td> <td style="height: 14pt; width: 1%; text-align: center"> </td> <td style="height: 14pt; width: 15%; text-align: center"> </td> <td style="height: 14pt; width: 15%; text-align: center">Quarter Ended</td> <td style="height: 14pt; width: 13%"> Total Return</td> <td style="height: 14pt; width: 5%; text-align: center"> </td></tr> <tr style="height: 14pt; vertical-align: top"> <td style="height: 14pt; text-align: center"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">6/30/20</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">19.73%</td> <td style="height: 14pt; text-align: center"> </td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">3/31/20</td> <td style="height: 14pt; background-color: #E6E6E6; text-align: center">-19.76%</td> <td style="height: 14pt; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 11.20%. Best Quarter 2020-06-30 0.1973 Worst Quarter 2020-03-31 -0.1976 The fund’s return for the six months ended 2026-06-30 0.1120 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zR6NwsKQ1bDh" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; line-height: 100%; width: 1%"> </td> <td style="border-top: black 1pt solid; line-height: 100%; width: 1%"> </td> <td style="border-top: black 1pt solid; line-height: 100%; width: 35%"> </td> <td style="border-top: black 1pt solid; text-align: center; line-height: 100%; width: 62%">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; line-height: 100%; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_49C_20250101__20251231_zgfcSEIYWjne" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_498_20210101__20251231_z1P3VbMZ7Ey9" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td id="xdx_498_20160101__20251231_zErHbao2zwIl" style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">1 Year</td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">5 Years</td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td style="text-align: right; line-height: 100%">10 Years</td> <td style="line-height: 100%"> </td> <td style="line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 100%">Investor Class</td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; line-height: 100%">08/20/2013</td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129658Member_z3UCFkPmA4Tf"> <td style="border-left: black 1pt solid; vertical-align: bottom; width: 1%; line-height: 100%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 100%"> </td> <td style="vertical-align: bottom; width: 31%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #E6E6E6; line-height: 100%">18.62</td> <td style="vertical-align: bottom; width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #E6E6E6; line-height: 100%">9.05</td> <td style="vertical-align: bottom; width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #E6E6E6; line-height: 100%">10.73</td> <td style="vertical-align: bottom; width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; width: 2%; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; vertical-align: bottom; width: 14%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129658Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zaAiFo2Xjl13"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">17.34</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">8.07</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">9.69</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129658Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z39HKYq5Uam5"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">11.94</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">6.96</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">8.55</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: top; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 100%">I Class</td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; line-height: 100%">02/26/2016</td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169040Member_zabbjlqNKzle"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">18.84</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">9.25</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20160226__20251231__oef--ClassAxis__custom--C000169040Member_zZc7hOAJd4Y" style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">11.74</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 100%">Advisor Class</td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; line-height: 100%">08/20/2013</td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129659Member_zdlTfbAiVq49"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">18.34</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">8.78</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.46</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">—</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; line-height: 100%"> </td> <td style="vertical-align: top; line-height: 100%"> </td> <td style="text-align: center; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="vertical-align: top; line-height: 100%">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zOiIZFSPIIj6"> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">17.15</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">13.15</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">14.29</td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">15.12</td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%">a </td> <td style="text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 100%"> </td> <td colspan="13" style="line-height: 100%"> </td> <td style="text-align: center; line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="13" style="vertical-align: top; line-height: 100%">S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2055IndexMember_zmBCUvsHhL73"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">20.06</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.27</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.91</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp0_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2055IndexMember_fYQ_____znP5qN0Ij7Fg" style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">11.65</td> <td style="border-bottom: Black 1pt solid; vertical-align: top; background-color: #E6E6E6; line-height: 100%">a </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="height: 14pt; vertical-align: top; text-align: justify"> <td style="height: 14pt; width: 0pt"></td><td style="height: 14pt; vertical-align: top; width: 10pt; text-align: left">a  </td><td id="xdx_F17_z6j7P5rsctz1" style="height: 14pt; text-align: justify">Return since 2/26/16.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-08-20 0.1862 0.0905 0.1073 0.1734 0.0807 0.0969 0.1194 0.0696 0.0855 2016-02-26 0.1884 0.0925 0.1174 2013-08-20 0.1834 0.0878 0.1046 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.2006 0.1027 0.1091 0.1165 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zEFXPHtsZfsb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td colspan="2" id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000141690Member_zTCM0Nihsp82" style="border-top: Black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000169049Member_zOvt4HwdGiy9" style="border-top: Black 1pt solid; text-align: center">I Class</td> <td colspan="2" id="xdx_490_20260727__20260727__oef--ClassAxis__custom--C000141691Member_zmFJEUZmSsVk" style="border-top: Black 1pt solid; text-align: center">Advisor Class</td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="8" id="xdx_981_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000045513Member_zLHkZNKm6Jdi" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--MaximumAccountFee_d0_zOEbaAQdr9wl" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Maximum account fee</td> <td style="background-color: #E6E6E6; text-align: right">$20</td> <td style="vertical-align: bottom; background-color: #E6E6E6; padding-bottom: 6pt; text-align: left">a</td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zlGkYQ660syi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z8UEpQ4XATNk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000141690Member_zQ1Gr552vuZj" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_49A_20260727__20260727__oef--ClassAxis__custom--C000169049Member_zsHCeQ1caOsd" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_490_20260727__20260727__oef--ClassAxis__custom--C000141691Member_zFgYnMzGmYV3" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp0_zYX9PFAF25Td" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Management fees</td> <td style="background-color: #E6E6E6; text-align: right"> 0.63</td> <td style="background-color: #E6E6E6">%b </td> <td style="background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="background-color: #E6E6E6">%b </td> <td style="background-color: #E6E6E6; text-align: right"> 0.63</td> <td style="background-color: #E6E6E6">%b </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left; width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp0_zwjLQYjjxhw3" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp0_z0CEIvS2tAG4" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Other expenses</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp0_z9LaTwIzmMHl" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.63</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.88</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6"> </td></tr> </table> 0.0063 0.0045 0.0063 0 0 0.0025 0 0 0 0.0063 0.0045 0.0088 <div id="xdx_A8F_eoef--ExpenseFootnotesTextBlock_zOmWIAZuk807"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: left; width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left">a </td> <td colspan="8" style="vertical-align: bottom">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="vertical-align: top; text-align: left">b </td> <td colspan="8" style="vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBU87keVD62c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zBo2RLSMgL2e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear01_z6nqf1hRYVn7" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear03_zG66YpETrhR7" style="border-top: black 1pt solid; text-align: center">3 Years</td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear05_z1Ocuxz7zLme" style="border-top: black 1pt solid; text-align: center">5 Years</td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear10_zIsFG0MCxFq" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center">10 Years</td> </tr> <tr id="xdx_41A_20260727__20260727__oef--ClassAxis__custom--C000141690Member_zSUSFyNKGpA5"> <td style="border-left: black 1pt solid; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">64</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">202</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">350</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">776</td> </tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000169049Member_zxFJkVSl80Kk"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> I Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">46</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">144</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">251</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center">557</td> </tr> <tr id="xdx_414_20260727__20260727__oef--ClassAxis__custom--C000141691Member_zG8d5G3UWXWg"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> Advisor Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">90</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">281</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">486</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #D9D9D9; text-align: center">1,075</td> </tr> <tr> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> </tr> </table> 64 202 350 776 46 144 251 557 90 281 486 1075 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31.8% of the average value of its portfolio. 0.318 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2060) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="tropros003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid">Target 2060 Fund</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid">Asset Class</td> <td colspan="2" style="text-align: center"> </td> <td> Sector(s) </td> <td colspan="2" style="text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; width: 10%"> </td> <td style="vertical-align: bottom; width: 5%"> </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: top; width: 30%"> </td> <td style="vertical-align: bottom; width: 5%"> </td> <td style="vertical-align: bottom; width: 4%"> </td> <td style="vertical-align: bottom; width: 22%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 22%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid">Equity</td> <td style="background-color: #E5E5E5; text-align: right">97.60</td> <td style="background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right">0.00</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid">Inflation Focused</td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right">4.88</td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>International Developed Markets</td> <td style="background-color: #E5E5E5; text-align: right">23.64</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>International Emerging Markets</td> <td style="background-color: #E5E5E5; text-align: right">4.18</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Large-Cap</td> <td style="background-color: #E5E5E5; text-align: right">55.50</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Mid-Cap</td> <td style="background-color: #E5E5E5; text-align: right">5.68</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td>U.S. Small-Cap</td> <td style="background-color: #E5E5E5; text-align: right">3.72</td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid">Fixed Income</td> <td style="background-color: #E5E5E5; text-align: right">2.40</td> <td style="background-color: white"> </td> <td style="border-top: black 1pt solid">Core Fixed Income</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5; text-align: right">1.68</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-top: black 1pt solid">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5; text-align: right">0.72</td> <td style="border-top: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td> </td> <td style="background-color: #E5E5E5; text-align: right"> </td> <td style="background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">U.S. Treasury Money</td></tr> <tr> <td style="border-top: black 1pt solid; vertical-align: top"> </td> <td style="border-top: black 1pt solid; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div></div> The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calender Year Returns <table cellpadding="0" cellspacing="0" id="xdx_A54_zCnY00OySZj" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000141690Member_z9oUbWxk0qhh"> </th></tr> <tr id="xdx_41F_20160101__20161231_zKCPF4PAd0pf" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>7.67</th></tr> <tr id="xdx_415_20170101__20171231_zDiuv4r5WXEi" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>22.23</th></tr> <tr id="xdx_410_20180101__20181231_zRFjyL9Gt2sb" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-7.60</th></tr> <tr id="xdx_417_20190101__20191231_zZWSBtTSOF4h" style="vertical-align: bottom; text-align: center"> <th>2019</th> <th>25.29</th></tr> <tr id="xdx_416_20200101__20201231_zx4k7ZH0ZCw" style="vertical-align: bottom; text-align: center"> <th>2020</th> <th>18.59</th></tr> <tr id="xdx_412_20210101__20211231_zhJbhvmym9pi" style="vertical-align: bottom; text-align: center"> <th>2021</th> <th>17.28</th></tr> <tr id="xdx_41A_20220101__20221231_zq1uy0kM1zGk" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2022</td> <td style="text-align: center; width: 50%; vertical-align: top">-19.31</td></tr> <tr id="xdx_413_20230101__20231231_zsD9iBZZZSA9" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">20.78</td></tr> <tr id="xdx_41C_20240101__20241231_zo8Ougjmgwu9" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2024</td> <td style="text-align: center; vertical-align: top">14.30</td></tr> <tr id="xdx_41A_20250101__20251231_z3kf02GacdNh" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2025</td> <td style="text-align: center; vertical-align: top">18.88</td></tr> </table> <img alt="" src="tropros004.jpg" style="height: 274px; width: 500px"/> 0.0767 0.2223 -0.0760 0.2529 0.1859 0.1728 -0.1931 0.2078 0.1430 0.1888 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="width: 15%; text-align: center"> </td> <td style="width: 24%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="width: 16%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> </tr> <tr style="vertical-align: top"> <td style="background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="background-color: #E6E6E6; text-align: center">6/30/20</td> <td style="background-color: #E6E6E6; text-align: center">20.19%</td> <td style="text-align: center"> </td> <td style="background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="background-color: #E6E6E6; text-align: center">3/31/20</td> <td style="background-color: #E6E6E6; text-align: center">-20.36%</td> </tr> </table> The fund’s return for the six months ended 6/30/26 was 11.42%. Best Quarter 2020-06-30 0.2019 Worst Quarter 2020-03-31 -0.2036 The fund’s return for the six months ended 2026-06-30 0.1142 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zVfbKIQSfxtb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td colspan="13" style="border-top: Black 1pt solid; text-align: center">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="13" style="text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 30%"> </td> <td style="width: 10%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%"> </td> <td style="width: 2%"> </td> <td style="width: 14%"> </td> <td style="width: 1%"> </td> <td style="border-right: Black 1pt solid; width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td id="xdx_493_20250101__20251231_zo4MRUQoug64" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_499_20210101__20251231_zALm9wXqNrQl" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_496_20160101__20251231_zZrHyJK81rdj" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right">1 Year </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">5 Years </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">10 Years </td> <td> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Investor Class</td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center">06/23/2014</td> <td style="border-right: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141690Member_z19M0m6Fxwqj" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 31%">Returns before taxes</td> <td style="width: 10%; background-color: #E6E6E6; text-align: right">18.88</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td style="width: 10%; background-color: #E6E6E6; text-align: right">9.20</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td style="width: 11%; background-color: #E6E6E6; text-align: right">10.87</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td style="width: 10%; background-color: #E6E6E6; text-align: right">—</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 14%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; width: 1%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141690Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zO03od5dxOR" style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions</td> <td style="background-color: #E6E6E6; text-align: right">17.72</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">8.25</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">9.85</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions and sale</td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141690Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zA0KguvjtQM5"> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">of fund shares</td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: right">12.03</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: right">7.10 </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: right">8.68</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">I Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">02/26/2016</td> <td style="border-right: black 1pt solid"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000169049Member_zQGvDz0q3YLg"> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">Returns before taxes</td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">19.08</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">9.40</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp0_c20160226__20251231__oef--ClassAxis__custom--C000169049Member_zU9EJhaQz6t9" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">11.88</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Advisor Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">06/23/2014</td> <td style="border-right: black 1pt solid"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141691Member_zob4gp9zuE8l" style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns before taxes</td> <td style="background-color: #E6E6E6; text-align: right">18.59</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">8.93</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">10.58</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="13"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zg7Pzi0gyfza" style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td style="background-color: #E6E6E6; text-align: right">17.15</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">13.15</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">14.29</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">15.12</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="13"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">S&P Target Date 2060 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2060IndexMember_zov1PoQp0Ugf" style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td style="background-color: #E6E6E6; text-align: right">19.94</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">10.26</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">10.98</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp0_c20160226__20251231__oef--PerformanceMeasureAxis__custom--SAndPTargetDate2060IndexMember_fYQ_____za4qOOMWu7df" style="background-color: #E6E6E6; text-align: right">11.74</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 10pt">a </td><td id="xdx_F1D_zVzN3i5quiYe">Return since 2/26/16.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2014-06-23 0.1888 0.0920 0.1087 0.1772 0.0825 0.0985 0.1203 0.0710 0.0868 2016-02-26 0.1908 0.0940 0.1188 2014-06-23 0.1859 0.0893 0.1058 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.1512 0.1994 0.1026 0.1098 0.1174 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. <div></div> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zUVEoU2ANFec"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 48%; font-size: 10pt">Fees and Expenses of the Fund</td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000220710Member_z56urEIJoWBf" style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000220709Member_z7JN0sRMUWR4" style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000220708Member_z50dS2zagYXk" style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 4%; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center">Investor Class</td> <td colspan="2" style="font-size: 10pt; text-align: center">I Class</td> <td colspan="2" style="font-size: 10pt; text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; font-size: 10pt; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td id="xdx_98D_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000068999Member_zC08THEMXN" style="border-left: black 1pt solid; width: 96%; font-size: 10pt; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; font-size: 10pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5C_zrbJOddfTSUl" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif" summary="xdx: Disclosure - Shareholder Fees"> <tr id="xdx_408_eoef--MaximumAccountFee_d0_ziA6pl6qtvG3" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap; width: 48%; font-size: 10pt">Maximum account fee</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt; text-align: right">$20</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt">a </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt; text-align: right">—</td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; font-size: 10pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6; font-size: 10pt"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zEPtLXG6lsZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zQ7IIKsdZhM8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000220710Member_z3beN66jnMXc" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000220709Member_z2BOOM2C6fu1" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000220708Member_zqTzRf0XX1u5" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp0_zNiJFLgzpHP9" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.46</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 46%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp0_zSXQAxdApe82" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp0_zFY9Etc1psoh" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp0_zkz6J89V8Ve1" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 6pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.46</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.89</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> 0.0064 0.0046 0.0064 0 0 0.0025 0 0 0 0.0064 0.0046 0.0089 <div id="xdx_A87_eoef--ExpenseFootnotesTextBlock_zI3XydFSCaYd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 2%; text-align: left">a</td> <td style="padding-top: 4pt; white-space: nowrap; vertical-align: bottom; width: 98%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="white-space: nowrap; vertical-align: top; text-align: left">b</td> <td style="padding-top: 4pt; vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6n60akfNM1g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zxqTlMwedEl7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear01_zfvAcajE0XA3" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear03_zNq1EflJYlGd" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_zhA29CfnCKI9" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear10_zNBSYe51pxT7" style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_41F_20260727__20260727__oef--ClassAxis__custom--C000220710Member_zK0m96YtIiAd"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 5%; background-color: #D9D9D9"> Investor Class </td> <td style="white-space: nowrap; vertical-align: bottom; width: 19%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">65</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">205</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">355</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; background-color: #D9D9D9; text-align: center">788</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000220709Member_zzjrZsYEyH9j"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">47</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">148</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">256</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">569</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr id="xdx_419_20260727__20260727__oef--ClassAxis__custom--C000220708Member_zE8GPleQNaw8"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">91</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">284</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">492</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #D9D9D9; text-align: center">1,086</td> <td style="white-space: nowrap; text-align: right"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> 65 205 355 788 47 148 256 569 91 284 492 1086 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 47.4% of the average value of its portfolio. 0.474 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2065) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trqchart2.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap">Target 2065 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s) </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 16%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 3%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 37%"> </td> <td style="border-right: Black 1pt solid; vertical-align: top; width: 33%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">97.99</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">4.90 </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">23.73 </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">4.18</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">55.73</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">5.70</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">3.75</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">2.00 </td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">1.40 </td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">0.60 </td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-bottom: Black 1pt solid">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" id="xdx_A55_zTsjM7nx3VNe" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000220710Member_zlBiFKPEldSj"> </th></tr> <tr id="xdx_412_20210101__20211231_z69WVuLxOoIa" style="vertical-align: bottom; text-align: center"> <th>2021</th> <th>18.14</th></tr> <tr id="xdx_415_20220101__20221231_ztNG1LpcaAn3" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2022</td> <td style="text-align: center; width: 50%; vertical-align: top">-19.29</td></tr> <tr id="xdx_414_20230101__20231231_zPMsRekWRGo5" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">20.86</td></tr> <tr id="xdx_417_20240101__20241231_zeKoz6kMHdt8" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2024</td> <td style="text-align: center; vertical-align: top">14.32</td></tr> <tr id="xdx_417_20250101__20251231_zdAJfwnbJwp2" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2025</td> <td style="text-align: center; vertical-align: top">18.85</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 20%; background-color: #616161; border-collapse: collapse; margin-left: 0.25in"> <tr style="vertical-align: top"> <td style="padding-left: 2.4pt; padding-top: 4pt; font-size: 10pt; color: white; font-weight: bold; padding-bottom: 4pt">TARGET 2065 FUND</td></tr> </table> Calendar Year Returns <img alt="PerformanceBarChartData(2021:18.14,2022:-19.29,2023:20.86,2024:14.32,2025:18.85)" src="trqchart3.jpg" style="height: 228px; width: 500px"/> 0.1814 -0.1929 0.2086 0.1432 0.1885 Calendar Year Returns <div id="xdx_A87_eoef--BarChartClosingTextBlock_zpAk4pCNAAP9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12/31/23</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">10.66%</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/22</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-14.97%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 11.42%. Best Quarter 2023-12-31 0.1066 Worst Quarter 2022-06-30 -0.1497 The fund’s return for the six months ended 2026-06-30 0.1142 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. <div id="xdx_A88_eoef--PerformanceTableTextBlock_zBUgcq9noH64"></div> Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; line-height: 100%; width: 35%"> </td> <td style="border-top: Black 1pt solid; text-align: center; white-space: nowrap; line-height: 100%; width: 62%">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; line-height: 100%; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_49A_20250101__20251231_zgsNLCcISGcg" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td id="xdx_493_20210101__20251231_zEAukj5AyGej" style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" id="xdx_49B_20201013__20251231_zPeN55jbWKC3" style="line-height: 100%"> </td> <td colspan="2" style="line-height: 100%"> </td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">Since</td> <td colspan="2" style="text-align: center; line-height: 100%">Inception</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">1 Year</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%">5 Years</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="text-align: center; line-height: 100%">inception</td> <td colspan="2" style="text-align: center; line-height: 100%">date</td> <td style="border-right: black 1pt solid; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Investor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">10/13/2020</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220710Member_zRRA4FsVGS57" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">18.85</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%</td> <td colspan="2" style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">9.38</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">11.20</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%">%</td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220710Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAJTOzQQVPud" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">17.74</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">8.51</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%">10.28</td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%">Returns after taxes on distributions and sale</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220710Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ziRsbQVTEtd1"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; line-height: 100%">of fund shares</td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">11.98</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">7.25</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%">8.74</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">I Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">10/13/2020</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220709Member_zAU8W9l9QVY3"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">19.13</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">9.59</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">11.39</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%">Advisor Class</td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; line-height: 100%">10/13/2020</td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220708Member_zQndoHAFxrNg"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 41%; line-height: 100%">Returns before taxes</td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #E6E6E6; line-height: 100%">18.50</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #E6E6E6; line-height: 100%">9.10</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #E6E6E6; line-height: 100%">10.90</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="10" style="line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td colspan="2" style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="12" style="white-space: nowrap; vertical-align: top; line-height: 100%">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zEN2KWtgdVw2"> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">17.15</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">13.15</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">14.48</td> <td style="padding-bottom: 6pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">a</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; line-height: 100%"> </td> <td colspan="12" style="line-height: 100%"> </td> <td style="text-align: center; white-space: nowrap; line-height: 100%"> </td> <td style="white-space: nowrap; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; line-height: 100%"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="12" style="white-space: nowrap; vertical-align: top; line-height: 100%">S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPTargetDate2065PlusIndexMember_zGzbyNvFVUDb"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">20.17</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: top; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">10.43</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">12.02</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 6pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%">a</td> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; line-height: 100%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 2%">a</td><td style="padding-top: 0pt">Return since 10/13/20.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2020-10-13 0.1885 0.0938 0.1120 0.1774 0.0851 0.1028 0.1198 0.0725 0.0874 2020-10-13 0.1913 0.0959 0.1139 2020-10-13 0.1850 0.0910 0.1090 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1448 0.2017 0.1043 0.1202 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zA1bilwayOxk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_zeaxt86IlWti" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 48%">Fees and Expenses of the Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 8%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 4%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="text-align: center">Investor Class</td> <td colspan="2" style="text-align: center">I Class</td> <td colspan="2" style="text-align: center">Advisor Class</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="7" id="xdx_988_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000091909Member_zsZZ4yVxL6ee" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr id="xdx_404_eoef--MaximumAccountFee_d0_zwyiWeHyMQKi" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Maximum account fee</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">$20</td> <td style="white-space: nowrap; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right">—</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zoTe0ANHzTQe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zcMw54cLKP2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap"> </td> <td id="xdx_493_20260727__20260727__oef--ClassAxis__custom--C000259777Member_z3d6dgNKhZql" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000259778Member_zw7YxniuULCg" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_49F_20260727__20260727__oef--ClassAxis__custom--C000259779Member_z1USWFv30I3a" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Management fees</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.46</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="white-space: nowrap; background-color: #E6E6E6">%b </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 46%"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; width: 8%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp0_zfnGfOis4yP8" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp0_zFOFgiQIsbRg" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 6pt; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp0_z8bLKWYmFJFb" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 6pt">Total annual fund operating expenses</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.64</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.46</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.89</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> 0.0064 0.0046 0.0064 0 0 0.0025 0 0 0 0.0064 0.0046 0.0089 <div id="xdx_A8D_eoef--ExpenseFootnotesTextBlock_zXrn4SW9koZi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 2%; text-align: left">a</td> <td id="xdx_F18_zh1OxwZzuxr8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 4pt; white-space: nowrap; vertical-align: bottom; width: 98%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: left">b</td> <td id="xdx_F14_zOxl1RrEUcS7" style="font: 10pt Times New Roman, Times, Serif; padding-top: 4pt; vertical-align: bottom">The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.</td></tr> </table> Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjOXQcl5ZTOa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zpry61iqMBK5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear01_zshlNQMJjN65" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">1 Year</td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear03_z52RDxGoaCW3" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">3 Years</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear05_zRcLPHFY1b0c" style="border-top: black 1pt solid; white-space: nowrap; text-align: right">5 Years</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear10_zE9mwStOztV" style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_413_20260727__20260727__oef--ClassAxis__custom--C000259777Member_zI299u9hswlk"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 15%; background-color: #D9D9D9"> Investor Class </td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">65</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">205</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">357</td> <td style="white-space: nowrap; vertical-align: bottom; width: 13%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">798</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000259778Member_zApwJbT4QYR4"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> I Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">47</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">148</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">258</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">579</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000259779Member_zPXLfSveeRa5"> <td style="border-left: black 1pt solid; white-space: nowrap; background-color: #D9D9D9"> Advisor Class </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">91</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">284</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="white-space: nowrap; background-color: #D9D9D9; text-align: center">493</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #D9D9D9; text-align: center">1,096</td> <td style="white-space: nowrap; text-align: right"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> 65 205 357 798 47 148 258 579 91 284 493 1096 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period June 18, 2025 through May 31, 2026, the fund’s portfolio turnover rate was 57.0% of the average value of its portfolio. 0.570 Principal Investment Strategies The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocations among underlying T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2070) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date. Over time, the fund’s allocations to the broad asset classes (“Equity” and “Fixed Income”), and to the sectors and underlying funds used to represent those asset classes, will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to equity funds with the remainder of the allocation to fixed income funds). Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income. TARGET FUNDS <img alt="" src="trmpros003.jpg" style="height: 225px; width: 500px"/> At the target date, the glide path provides for a neutral allocation to equity of 42.5%. The fund’s overall exposure to equity will continue to decline until approximately 30 years after its target date, when its neutral allocations to equity and fixed income will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to fixed income, although the underlying fixed income funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Equity and Fixed Income), which reflect any tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the broad asset classes and the underlying T. Rowe Price mutual funds that are used to represent those asset classes and specific sectors. The fund invests in underlying funds that do not charge a management fee or in Z Class shares of an underlying fund when it is available. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to equity is represented by a diversified mix of U.S. and international equity funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to fixed income is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2026. The numbers may not add to 100% due to rounding. Updated allocations between equity funds and fixed income funds, and actual allocations to each underlying T. Rowe Price mutual fund, are available through troweprice.com. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="border-bottom: black 1pt solid; white-space: nowrap">Target 2070 Fund</td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Asset Class</td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap"> Sector(s) </td> <td colspan="2" style="white-space: nowrap; text-align: center"> Neutral Allocation </td> <td colspan="2" style="border-right: black 1pt solid; text-align: center"> Underlying Fund(s)</td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 4%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%"> </td> <td style="white-space: nowrap; vertical-align: top; width: 23%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 5%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 53%"> </td> <td style="border-right: black 1pt solid; vertical-align: top; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Equity</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">97.99</td> <td style="white-space: nowrap; background-color: #E5E5E5">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap">Hedged Equity</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">0.00 </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5">%</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Hedged Equity </td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap">Inflation Focused</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">4.90 </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Real Assets</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Developed Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">23.73 </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Value Equity, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Overseas Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">International Emerging Markets</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">4.18</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Discovery Stock and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Emerging Markets Stock</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Large-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">55.73</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Equity Index 500,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Growth Stock,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Equity Research,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Large-Cap Core, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Mid-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">5.70</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Growth,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Mid-Cap Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid">Mid-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">U.S. Small-Cap</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">3.75</td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Horizons,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Index,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Stock, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Small-Cap Value</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap">Fixed Income</td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right">2.00 </td> <td style="white-space: nowrap; background-color: white"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Core Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">1.40 </td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Global Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">International Bond (USD Hedged), and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">New Income</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap">Diversifying Fixed Income</td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right">0.60 </td> <td style="border-top: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid">Dynamic Credit,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Emerging Markets Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Floating Rate,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">High Yield,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">Limited Duration Inflation Focused Bond,</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E5E5E5"> </td> <td colspan="2" style="border-right: black 1pt solid">U.S. Treasury Long-Term Index, and/or</td></tr> <tr style="vertical-align: top"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5; text-align: right"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E5E5E5"> </td> <td style="border-bottom: Black 1pt solid">U.S. Treasury Money</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top"> </td></tr> </table> The fund’s share price fluctuates, which means you could lose money by investing in the fund. Active management/Asset allocation: The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective(s). There can be no assurance that the assets of the fund will be allocated as intended. Any decision to adjust the composition of, or allocation to, an underlying fund will have an effect on the fund’s overall investment performance, including a potentially material, adverse effect. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by an underlying fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of an underlying fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Equity exposure: An underlying equity fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying equity fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. Foreign investing: Underlying funds with exposure to foreign investments carry greater risk because non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investing in underlying funds that hold securities of issuers in emerging market countries involves greater risk and overall volatility than investing in underlying funds that hold securities of issuers in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization: Because the fund invests in certain underlying funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than large-cap companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in large-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style: Because the fund invests in certain underlying funds that focus on growth stocks and certain underlying funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level. Inflation: To the extent the fund invests in underlying funds that are designed to provide protection against the impact of inflation, those investments could adversely affect the fund’s performance when inflation or expectations of inflation are low. During such periods, the values of an underlying fund’s investments in inflation-linked securities or stocks designed to outperform the overall stock market during periods of high or rising inflation could fall and result in losses for the fund, causing the fund to lag the performance of similarly managed funds. Liquidity: A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit an underlying fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. New fund: Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than funds that have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio manager of a fund with a limited performance track record. Due to the fund’s size, large shareholder purchases or redemptions could require the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax implications for the fund and its shareholders, and make it difficult to invest fully in accordance with the fund’s investment program. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance Because the fund commenced operations in 2025, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year. Current performance information is available through troweprice.com. Performance history will be presented after the fund has been in operation for one full calendar year. troweprice.com Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders. Return since 10/13/20. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. The management fee will decline over time in accordance with a predetermined contractual fee schedule, which is set forth under “The Management Fee” in section 2 of the fund’s prospectus, with any annual decrease occurring after the end of the fund’s fiscal year. The fee schedule can only be changed with approval by the fund’s Board of Directors, and, if required by SEC rules, the fund’s shareholders.