Retirement Balanced I Fund - I Class

Invests 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.

In general, the stock portion of the portfolio is subject to market risk, or falling share prices. The bond portion is affected by interest rate and credit risk.

Morningstar (Category)

Morningstar
(Overall Rating)1

Conservative Allocation
  (524 funds)

Data as of 12/31/2020

Data as of 12/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$409.1m

Data as of 12/31/2020

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$12.83
$-0.01

Data as of 01/21/2021

Data as of 01/21/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Wyatt Lee, CFA
Wyatt Lee, CFA, Co-Portfolio Manager

Wyatt Lee is a portfolio manager in the Multi-Asset Division. He is co-manager and head of the Target Date Strategies. Wyatt is a member of the firm's Asset Allocation Committee and Multi-Asset Ste...

Kim DeDominicis
Kim DeDominicis, Co-Portfolio Manager

Kim DeDominicis is a portfolio manager of the target date strategies in the Multi-Asset Division. She also leads the College Savings Plan investment efforts. Kim is a vice president of T. Rowe Pric...

View more

Strategy

Investment Objective

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

Morningstar Rating

Period Rating Funds In Category (Allocation--30% to 50% Equity)
Overall 524
3 Years 524
5 Years 461
10 Years N/A 280

Yields & Dividends (I Class)

30-Day SEC Standardized Yield
with waiver
N/A

Data as of N/A

without waiver
0.14%

Data as of 12/31/2020

30-Day Annualized Dividend Yield
with waiver
N/A
Monthly Dividend
(USD)
$0.060477897

Data as of 12/31/2020

Monthly Dividend
Rate
N/A

Average Annual Total Returns (I Class)

1 YR
11.65%
Benchmark
11.69%
Value
-0.04% -0.04%

Data as of 12/31/2020

3 YR
7.63%
Benchmark
7.71%
Value
-0.08% -0.08%
5 YR
7.96%
Benchmark
7.82%
Value
0.14% 0.14%
Since Inception
8.10%
Benchmark
7.97%
Value
0.13% 0.13%

Expense Ratio

Gross
0.35%
Net
0.35%

Benchmark: Combined Index Portfolio - Retirement Balanced Broad Index

Fund Inception: 09/29/2015

Current performance may be lower or higher 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. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Effective December 1, 2019, the "net" version of the international benchmark in the Combined Index Portfolio replaced the "gross" version of the international benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes. Prior performance of the international benchmark component has been restated to show net of withholding taxes.

Effective May 1, 2011, the Combined Index Portfolio for each fund changed to include the Russell 3000 Index, MSCI All Country World Index Ex-U.S. Net, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 1-5 Year Treasury TIPS Index. Prior to this change, the Combined Index Portfolio for each fund was comprised of the Russell 3000 Index, the MSCI All Country World Index Ex-U.S. Net, the Bloomberg Barclays U.S. Aggregate Bond Index, and the FTSE 3-Month Treasury Bill Index. Each index is weighted at the appropriate strategic neutral allocation of its respective asset class, which is predetermined and changes over time. Historical benchmark representations were not restated to reflect the component benchmark changes.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (I Class)

Daily YTD
1.69%
Benchmark
1.40%
Value
0.29%

Data as of 01/21/2021

Monthly YTD
11.65%
Benchmark
11.69%
Value
-0.04%

Data as of 12/31/2020

One Month
2.63%
Benchmark
2.23%
Value
0.40%
Three Months
7.60%
Benchmark
6.71%
Value
0.89%

Benchmark: Combined Index Portfolio - Retirement Balanced Broad Index

Fund Inception: 09/29/2015

Asset Allocation

Net Assets
(USD)
$409.1m
Largest Investment Grade Bonds 37.46% $153.2m
Other View complete Asset Allocation

Data as of 12/31/2020

Holdings

Total
Holdings
23
Largest Holding TRP Limited Duration Infl Focused Bd - Z 24.56% Was (09/30/2020) 26.32%
Other View complete Full Holdings
Top 10 Holdings 30.96% View the latest Top 10 Holdings

Data as of 12/31/2020

Total Equity Holdings

15
% of fund 40.51%
Was (09/30/2020) 42.91%

Total Fixed Income Holdings

8
% of fund 56.65%
Was (09/30/2020) 54.25%

Data as of 12/31/2020

Sectors

Total
Sectors
12
Largest Sector Information Technology 8.56% Was (11/30/2020) 8.65%
Other View complete Sector Diversification

Data as of 12/31/2020

Benchmark: Russell 3000 Index

Over

Trusts & Funds
By 0.03%
Fund 0.03%
Benchmark 0.00%

Under

Information Technology
By -18.56%
Fund 8.56%
Benchmark 27.12%

Data as of 12/31/2020

Team (As of )

Wyatt Lee, CFA

Wyatt Lee, CFA
Co-Portfolio Manager

Wyatt Lee is a portfolio manager in the Multi-Asset Division. He is co-manager and head of the Target Date Strategies. Wyatt is a member of the firm's Asset Allocation Committee and Multi-Asset Steering Committee. Wyatt also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 21
  • Years investment
    experience 23
Kim DeDominicis

Kim DeDominicis
Co-Portfolio Manager

Kim DeDominicis is a portfolio manager of the target date strategies in the Multi-Asset Division. She also leads the College Savings Plan investment efforts. Kim is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 20
  • Years investment
    experience 21
Andrew Jacobs Van Merlen, CFA

Andrew Jacobs Van Merlen, CFA
Co-Portfolio Manager

Andrew Jacobs van Merlen is a portfolio manager in the Multi-Asset Division and co-portfolio manager for the target date strategies. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 20
  • Years investment
    experience 18
Joseph F. Martel, CFA, CAIA

Joseph F. Martel, CFA, CAIA
Portfolio Specialist

Joe Martel is a portfolio specialist in the Multi-Asset Division. He is a member the Target Date Solutions investment team. Joe is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 19
  • Years investment
    experience 19
Kathryn Farrell, CFA

Kathryn Farrell, CFA
Portfolio Specialist

Kathryn Farrell is a portfolio specialist covering the target date strategies in the Multi-Asset Division.

  • Years at
    T. Rowe Price 3
  • Years investment
    experience 13

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
I Class
Cusip 872797840
$1,000,000* N/A 0.00% 0.35% 0.35% N/A N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

The principal value of the Retirement I Funds – I class 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.

 

1

© 2021 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. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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