T. Rowe Price Retirement Funds

[Pages:2]T. Rowe Price Retirement Funds

June 30, 2022

Looking for a target date series with an extended glide path?

YOUR SEARCH IS OVER.

OUR BEST THINKING

Our robust, goal-driven solution is built from our best thinking. Our seasoned portfolio managers utilize T. Rowe Price's established investment management, retirement, and asset allocation expertise to help participants reach their goal of lifetime income through retirement.

LONG-TERM FOCUS

While we're always aware of shortterm market risk, the longer-term risk of participants outliving their savings is the primary driver behind T. Rowe Price Retirement Funds' design.

INDUSTRY LEADERS

Pioneers of utilizing a meaningful equity allocation supporting a stream of income throughout a long retirement aiming to meet the objectives of plan sponsors and participants.

ASSET ALLOCATION ADJUSTS OVER TIME Our glide path is designed to take investors to and through retirement. Each Retirement Fund's equity and fixed income allocation changes gradually over time based on the glide path. The funds' allocations are actively managed for 30 years after their target dates.

% Equity 100

80

T. Rowe Price Retirement Glide Path S&P TD Glide Path1

60

40

20

YEARS TO RETIREMENT 0

YEARS PAST RETIREMENT

Equity Allocation

40+ 35 30 25 20 15 10 5

0

5 10 15 20 25 30 35 40

Retirement 98.0 98.0 98.0 97.0 95.0 87.0 77.0 65.0 55.0 51.0 48.0 45.0 41.0 36.0 30.0 30.0 30.0

S&P TD

92.0 88.5 85.5 82.0 77.5 71.5 64.0 55.5 46.5 36.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

1 S&P Target Date Index.

Sources: Ibbotson Associates, S&P and T. Rowe Price. All numbers have been rounded.

The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds' allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons.

Not FDIC-insured. May lose value. No bank guarantee.

INVEST WITH CONFIDENCE?

T. Rowe Price Retirement Funds

June 30, 2022

Experienced Management

Wyatt Lee Investment Experience: 25 years At T. Rowe Price: 23 years

Kim DeDominicis Investment Experience: 22 years At T. Rowe Price: 22 years

Andrew Jacobs Van Merlen Investment Experience: 19 years At T. Rowe Price: 21 years

Diversified and Actively Managed

T. Rowe Price employs a broadly diversified portfolio that reflects the global investment opportunity set. Our broad range of active management capabilities across asset classes, regions, styles, and capitalizations have helped us deliver strong, long-term performance for our clients.

SECTOR REPRESENTATION Large-Cap

Equity

U.S. Equity

Mid-Cap Small-Cap

International Equity

Developed Markets Emerging Markets

Real Assets Equity

UNDERLYING INVESTMENTS

Growth Stock Fund Equity Index 500 Fund Large-Cap Core Fund U.S. Structured Research Equity Fund

Value Fund

Mid-Cap Growth Fund Mid-Cap Value Fund

New Horizons Fund Small-Cap Stock Fund Small-Cap Value Fund International Stock Fund Overseas Stock Fund International Value Equity Fund

Emerging Markets Stock Fund Emerging Markets Discovery Stock Fund

Real Assets Fund

Fixed Income

Core Fixed Income

High Yield Emerging Markets

Long Treasuries Inflation Focused

New Income Fund International Bond Fund ($ Hedged)

Dynamic Global Bond Fund High Yield Fund

Floating Rate Fund

Emerging Markets Bond Fund

US Treasury Long Term Index Fund*

Inflation Focused Bond Fund

*Formerly U.S. Treasury Long Term Fund

Performance and Product Information

Retirement 2005 Fund Retirement 2010 Fund

Ticker TRRFX TRRAX

CUSIP 74149P812 74149P101

Expense Ratio1

0.49%

0.49

Three Months

-9.26%

-9.63

Retirement 2015 Fund Retirement 2020 Fund Retirement 2025 Fund Retirement 2030 Fund

TRRGX 74149P796 0.51

-9.94

TRRBX 74149P200 0.53 -10.29

TRRHX 74149P788 0.55 -11.17

TRRCX 74149P309 0.58 -12.37

Retirement 2035 Fund Retirement 2040 Fund Retirement 2045 Fund Retirement 2050 Fund

TRRJX 74149P770 0.59 -13.47 TRRDX 74149P408 0.60 -14.36 TRRKX 74149P762 0.62 -14.78 TRRMX 74149P754 0.63 -14.87

Retirement 2055 Fund Retirement 2060 Fund Retirement 2065 Fund

TRRNX 74149P747 0.64 -14.89 TRRLX 74149P325 0.64 -14.93 TRSJX 872797683 0.64 -14.96

Year-To- One Date Year -13.43% -11.50% -13.91 -11.85 -14.29 -12.16 -14.81 -12.55 -16.03 -13.55 -17.61 -14.91 -19.00 -16.14 -20.09 -17.15 -20.56 -17.53 -20.68 -17.58 -20.67 -17.63 -20.74 -17.65 -20.65 -17.37

Three Years 2.91% 3.26 3.66 4.13 4.68 5.04 5.36 5.68 5.99 5.96 5.92 5.90

?

Annualized

Five

Ten

Since

Years Years Inception

3.92% 5.14% 5.27%

4.28

5.68

6.77

4.69

6.44

5.99

5.21

7.22

7.80

5.72

7.94

6.76

6.10 8.53

8.58

6.41 8.96

7.24

6.71 9.29

8.92

6.92 9.43

7.53

6.91 9.43

6.65

6.88 9.39

6.63

6.88

?

6.77

?

?

2.38

Inception Date

2/27/2004 9/30/2002 2/27/2004 9/30/2002 2/27/2004 9/30/2002 2/27/2004 9/30/2002 5/31/2005 12/29/2006 12/29/2006 6/23/2014 10/13/2020

Product

Administrative Fee Payment Available2

Retirement Funds

Investor Up to 15 bps

Advisor Up to 15 bps

R

Up to 15 bps

12b?1 Fees3

N/A 25 bps 50 bps

Eligibility Requirements

None None None

Product

Administrative Fee Payment Available2

Retirement I Funds

12b?1 Fees3

I

Not Available

N/A

Eligibility Requirements

Minimum $1 mm Waived for DC plans4

SHARE CLASS SHARE CLASS

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, or to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please visit our website at or contact a T. Rowe Price representative. Advisors, please call 1-800-564-6958; Intermediaries, please call 1-877-804-2315; Individual Investors, please call 1-800-225-5132. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions. 1 Expense ratios are based on the most recent prospectus. 2 The Administrative Fee Payment (AFP) program permits the Price Funds to make payments to third-party intermediaries for administrative services. Eligible third-party

intermediaries, including banks, broker/dealers, insurance companies, retirement plans, and recordkeepers, relieve the Price Funds from performing certain sub-accounting and service functions. Their underlying clients, however, incur the cost of these administrative services through the Price Funds' expense ratios. 3 12b-1 fees allow the Price Funds to compensate eligible intermediaries for various combinations of distribution, shareholder services, maintenance of shareholder accounts, and/or other administrative services. 4 Minimum may be adjusted based on eligibility criteria. ? 2022 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

T. Rowe Price Investment Services, Inc.

CCON0121560 202104-1600969 (7/22)

INVEST WITH CONFIDENCE?

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download