Fund Facts  

Inception Date: May 31, 2007
CUSIP: 74149P622
Ticker Symbol: PARLX
Morningstar Category:Target-Date 2045
As of Feb 28, 2018
Fund Net Assets ($millions) $1,755

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income.

Principal Investment Strategies  

The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It 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.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2018
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® Retirement 2045   0.38%0.38%14.65%8.37%10.35%7.90%6.07%
S&P Target Date 2045 Indexa,b-0.94%-0.94%12.50%7.88%9.38%6.89%N/A
Morningstar Target-Date 2045a,c-0.54%-0.54%13.18%7.38%8.89%6.57%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund Expensesa
Gross Expenses0.99%
Net Expenses0.99%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., 2018 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The S&P Target Date Indexes reflect exposure to various asset classes included in target date funds driven by a survey of such funds for each particular target date.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 21, 2017Dec 21, 2017$0.610000000
Dec 21, 2016Dec 21, 2016$0.670000000
Dec 18, 2015Dec 18, 2015$0.815000000
Dec 19, 2014Dec 19, 2014$0.530000000
Dec 20, 2013Dec 20, 2013$0.370000000
 

Morningstar Information

Morningstar RatingTM   As of Mar 31, 2018
Period Stars Category Size
Overall 5 Stars162
3-Year 4 Stars162
5-Year 5 Stars123
10-Year 5 Stars55

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Mar 31, 2018
Equity Stylebox Fixed Income Stylebox
Large GrowthMedium Moderate
Allocation of Assets As of Dec 31, 2017
Type of Asset Percent
Equity86%
Fixed Income11%
Cash/Other3%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Dec 31, 2017
Asset ClassPercent
Domestic Stock55.1%
Foreign Stock31.2%
Domestic Bond7.5%
Foreign Bond2.8%
Preferred0.1%
Convertible0.2%
Cash1.1%
Other2.1%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Dec 31, 2017
SectorPercent
Government3.7%
Corporate3.6%
Securitized3.1%
Cash & Equivalents1.1%
Municipal0.1%
Derivative0.0%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Dec 31, 2017
Quality LevelPercent
AAA56.9%
AA3.3%
A8.4%
BBB15.1%
BB6.9%
B6.9%
Below B1.6%
Not Rated0.9%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Dec 31, 2017
Holding NamePercent
T. Rowe Price Value I18.8%
T. Rowe Price Growth Stock I18.4%
T. Rowe Price Overseas Stock I8.4%
T. Rowe Price International Value Eq I8.3%
T. Rowe Price International Stock I7.2%
T. Rowe Price New Income I6.9%
T. Rowe Price Equity Index 500 I6.8%
T. Rowe Price Emerging Markets Stock I4.0%
T. Rowe Price Mid-Cap Growth I3.6%
T. Rowe Price Mid-Cap Value I3.6%
 

Statistics

Portfolio Statistics As of Mar 31, 2018
Statistic3-Year5-Year
Beta1.071.05
Alpha0.030.49
Standard Deviation9.519.18
 
 

Trading Restrictions

Purchase, Sale, and Transfer Restrictions

 

Fund-to-Fund Transfers involving the T.Rowe Price Funds will be limited to reduce excessive trading and its adverse effects on the funds. If you transfer assets out of a T.Rowe Price Fund to another investment option, you must wait at least 31 days before transferring assets back into the same fund.

 

Footnotes

1.

T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved.

2.

The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor's retirement.

3.

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.