Target 2055 Fund

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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Target Date 2051+
  (201 funds)

Data as of 08/31/2021

Data as of 08/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$171.2m

Data as of 08/31/2021

Data as of 08/31/2021

Price
(USD)

Daily Price Change

$18.72
$+0.09

Data as of 09/15/2021

Data as of 09/15/2021

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 also is a member of the firm's Asset Allocation and Multi-Asset Steering...

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

Target Glide Path

Target Retirement Glide Path

IMPORTANT CHANGES TO THE TARGET DATE FUNDS: T. Rowe Price is making changes to the glide path of our target date funds. The glide path will be transitioning to the allocations shown above. Specifically, beginning in the second quarter of 2020, the funds’ glide path will gradually change to increase its overall equity allocation at certain points and accordingly decrease its bond allocation. Note that there will be no change to the allocation at the target retirement date. For example, the equity allocation at the beginning of the enhanced glide path will be increasing from the original 90% allocation and will be increasing from the original 20% allocation at the end of the glide path. Adjustments to equity and bond allocations will be made incrementally, and we expect the transition to the enhanced glide path to be completed in the second quarter of 2022, depending on market conditions. The 2065 vintage follows the enhanced glide path and does not have a transition period. Please see the prospectus for additional details.

• Target Funds maintain more moderate equity exposure to address market risk near the retirement date.

• Reallocation to a more conservative asset mix over time out to 30 years past expected retirement date.

• Minimum equity exposure of approximately 30% reached 30 years after expected retirement date.

Morningstar Rating

Period Rating Funds In Category (Target-Date 2055)
Overall 201
3 Years 201
5 Years 154
10 Years N/A 65

The Morningstar Rating™ for funds, or "star rating", is calculated for funds 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.

Average Annual Total Returns (Investor Class)

1 YR
38.97%
Benchmark
37.22%
Value
1.75% 2.10%

Data as of 06/30/2021

3 YR
15.04%
Benchmark
15.22%
Value
-0.18% 0.37%

Data as of 06/30/2021

5 YR
14.86%
Benchmark
14.69%
Value
0.17% 0.03%

Data as of 06/30/2021

Since Inception
11.88%
Benchmark
11.75%
Value
0.13% 0.11%

Data as of 06/30/2021

Benchmark: Combined Index Portfolio - Target 2055 Broad Index

Fund Inception: 08/20/2013

Expense Ratio

Gross
0.63%
Net
0.63%

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

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.

The Combined Index Portfolio is composed of the Russell 3000 Index, the MSCI All Country World ex-U.S. Index Net, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 1-5 Year Treasury TIPS 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 (Investor Class)

Daily YTD
15.63%
Benchmark
14.95%
Value
0.68%

Data as of 09/15/2021

Monthly YTD
16.12%
Benchmark
15.61%
Value
0.51%

Data as of 08/31/2021

One Month
2.51%
Benchmark
2.41%
Value
0.10%

Data as of 08/31/2021

Three Months
4.16%
Benchmark
4.67%
Value
-0.51%

Data as of 08/31/2021

Benchmark: Combined Index Portfolio - Target 2055 Broad Index

Fund Inception: 08/20/2013

Asset Allocation

Net Assets
(USD)
$171.2m

Data as of 08/31/2021

Largest US Equities 61.88% $106.0m
Other View complete

Holdings

Total
Holdings
21

Data as of 06/30/2021

Largest Holding TRP Value - Z 20.14% Was (03/31/2021) 20.30%
Other View complete
Top 10 Holdings 2.87% View the latest

Total Equity Holdings

15
% of fund 92.77%
Was (03/31/2021) 92.65%

Total Fixed Income Holdings

6
% of fund 5.51%
Was (03/31/2021) 5.96%

Data as of 06/30/2021

Sectors

Total
Sectors
13

Data as of 08/31/2021

Benchmark: Russell 3000 Index

Largest Sector Information Technology 18.89% Was (07/31/2021) 18.65%
Other View complete

Over

Materials
By 3.10%
Fund 5.53%
Benchmark 2.43%

Under

Information Technology
By -8.41%
Fund 18.89%
Benchmark 27.30%

Data as of 08/31/2021

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 also is a member of the firm's Asset Allocation and Multi-Asset Steering Committees. Wyatt is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2013
  • Years at
    T. Rowe Price 22
  • Years investment
    experience 24
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., T. Rowe Price Trust Company, and T. Rowe Price Associates, Inc. 

  • Years at
    T. Rowe Price 21
  • 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 and co-portfolio manager for the target date strategies in the Multi-Asset Division. Andrew is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, 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 4
  • Years investment
    experience 14

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

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
Investor Class
Cusip 74149P465
$2,500 $100 0.00% 0.63% 0.63% N/A N/A
Advisor Class
Cusip 74149P333
$2,500 $100 0.25% 0.88% 0.88% N/A
N/A
I Class
Cusip 872797725
$1,000,000 N/A 0.00% 0.45% 0.45% 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 Target 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 asset accumulation prior to retirement, balance the need for reduced market risk and income as retirement approaches, and focus on supporting an income stream over a moderate 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 significant allocation to equities both prior to and after the target date, which can result in greater volatility.

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.

T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds.

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