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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Target Solution

Our Target solution is designed help employees reach their retirement goals. Our Target glide path takes a moderate approach that balances managing volatility and growth potential around retirement.

  • Our Target solution launched in 2013
  • Focused on managing volatility around retirement and helping support income in retirement
  • Strong track record of performance, with a history of consistent returns and lower downside capture 

Our commitment to research gives us a deep understanding of evolving markets, demographics, and participant actions. Our proprietary models account for capital markets, savings rates, employer match, life expectancy, and employee preferences such as planning horizon, investment goals, risk aversion or depletion aversion. The data inputs are grounded in real-world data from our recordkeeping platform that allows for us to model a multitude of scenarios your employees face and enables a glide path construction to address those scenarios. 

Our Target solution considers a wide range of participant needs and dynamically adjusts the risk to focus over time.

Target Glide Path Chart

IMPORTANT CHANGES TO THE TARGET DATE STRATEGIES: Beginning in the second quarter of 2020, T. Rowe Price is making changes to the glide paths of our target date strategies. The glide paths will be transitioning to the allocations shown above. See Important Information below for more details.

A history of strong results while aligning to investor priorities

Our Target Funds have helped manage volatility for investors at retirement (Target 2020 Fund) or near retirement (Target 2025 Fund).

Upside Downside Capture Chart

Upside/downside capture of the T. Rowe Price Target 2020 and 2025 Funds after fees
(Investor Class, as of 3/31/2021)

What is upside/downside capture?
Upside and downside capture are measures, by percentage, of how well a fund performed compared with an index during times of market growth or market downturns, respectively. A higher upside capture and lower downside capture can result in better returns for investors. 

Performance data quoted represents past performance and is not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. 

View most recent standardized returns, expense ratios, and other information about the full suite of Target Funds.

Source: Morningstar Direct. See Important information about performance below for complete details.

Contact your T. Rowe Price representative to learn more. 

T. Rowe Price Target Funds I Class Gold

Morningstar Quantitative Rating (TM) as of 3/31/21

T. Rowe Price Target Funds Investor Class Silver

Morningstar Quantitative Rating (TM) as of 3/31/21

I Class Shares may not be available to all investors. Ratings for other share classes may differ.  The Morningstar category for all vintages for the Target Series is US Fund Target Date. See Morningstar Rating Disclosure for important information about the ratings.

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T. Rowe Price is not responsible for the content of third party websites, including any performance data contained within them. Past performance cannot guarantee future results.