Fund Facts  

Inception Date: Feb 27, 2004
Ticker Symbol: TRRFX
Morningstar Category:Target-Date 2000-2010
As of Aug 31, 2016
Fund Net Assets ($millions) $1,817

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. It is managed based on the specific retirement year (target date 2005) included in its name and assumes a retirement age of 65. While the fund is non-diversified, it invests in diversified underlying holdings.

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 Sep 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® Retirement 2005a2.76%7.64%9.54%5.07%7.65%5.30%5.73%
S&P Target Date Retirement Income Indexa,b1.66%5.81%7.02%4.27%5.67%4.31%N/A
Morningstar Target-Date 2000-2010a,c2.43%6.42%8.07%4.35%6.86%4.04%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 performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total Expensesa0.58%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 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 Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 18, 2015Dec 18, 2015$0.470000000
Dec 19, 2014Dec 19, 2014$0.530000000
Dec 20, 2013Dec 20, 2013$0.400000000
Dec 20, 2012Dec 20, 2012$0.310000000
Dec 21, 2011Dec 21, 2011$0.320000000
 

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2016
Period Stars Category Size
Overall 4 Stars89
3-Year 4 Stars89
5-Year 4 Stars79
10-Year 4 Stars39

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Sep 30, 2016
Equity Stylebox Fixed Income Stylebox
Large BlendMedium Moderate
Allocation of Assets As of Jun 30, 2016
Type of Asset Percent
Equity37%
Fixed Income57%
Cash/Other6%

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

 
 

Characteristics

Allocation of Assets As of Jun 30, 2016
Asset ClassPercent
Domestic Stock24.9%
Foreign Stock12.3%
Domestic Bond44.7%
Foreign Bond12.0%
Preferred0.1%
Convertible0.1%
Cash5.4%
Other0.6%

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

 
Fixed Income Sector As of Jun 30, 2016
SectorPercent
Government24.8%
Securitized16.7%
Corporate14.8%
Cash & Equivalents5.4%
Municipal0.3%
Derivative0.0%

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

 
Credit Quality As of Jun 30, 2016
Quality LevelPercent
AAA58.0%
AA3.0%
A7.1%
BBB15.5%
BB6.5%
B6.3%
Below B2.6%
Not Rated1.0%

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

 
Top Ten Holdings As of Jun 30, 2016
Holding NamePercent
T. Rowe Price New Income30.2%
T. Rowe Price Equity Index 50019.9%
T. Rowe Price Ltd Dur Infl Focus Bd18.0%
T. Rowe Price Emerging Markets Bond4.4%
T. Rowe Price International Bond4.4%
T. Rowe Price High Yield4.3%
T. Rowe Price Overseas Stock3.6%
T. Rowe Price International Gr & Inc3.5%
T. Rowe Price International Stock3.2%
T. Rowe Price Emerging Markets Stock2.1%
 

Statistics

Portfolio Statistics As of Sep 30, 2016
Statistic3-Year5-Year
Beta1.051.07
Alpha0.160.11
Standard Deviation5.185.97
 
 

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 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 before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2016 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.