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Understanding the Underlying Investments

Portfolio Composition Details

T. Rowe Price mutual funds compose the underlying investments for each of the portfolios in the T. Rowe Price College Savings Plan.

The neutral asset allocations depicted below will be effective November 30, 2020. Asset allocations for each portfolio will vary and may be higher or lower than what is shown below. Neutrals reflect transitions from Investor Class to I Class which have not yet occurred and are scheduled to occur on or about November 17, 2020.  For current allocations, please call 866-521-1894 and speak with a College Savings Specialist. 

Portfolio 2039

This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio will seek long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. Due to the long time horizon until expected enrollment, this portfolio will initially have the same allocations as Portfolio 2036, although its allocations will begin to shift and become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. three years later than Portfolio 2036.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

30.72%

Blue Chip Growth Fund—I Class

10.24%

Value Fund—I Class

10.24%

International Stock Fund —I Class

 8.08%

International Value Equity Fund—I Class

 8.08%

Overseas Stock Fund—I Class

 8.08%

Small-Cap Stock Fund—I Class

 7.31%

Real Assets Fund—I Class

 5.00%

Emerging Markets Stock Fund—I Class

 4.27%

Mid-Cap Growth Fund—I Class

 3.99%

Mid-Cap Value Fund—I Class

 3.99%

Portfolio 2036

This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

30.72%

Blue Chip Growth Fund—I Class

10.24%

Value Fund—I Class

10.24%

International Stock Fund —I Class

 8.08%

International Value Equity Fund—I Class

 8.08%

Overseas Stock Fund—I Class

 8.08%

Small-Cap Stock Fund—I Class

 7.31%

Real Assets Fund—I Class

 5.00%

Emerging Markets Stock Fund—I Class

 4.27%

Mid-Cap Growth Fund—I Class

 3.99%

Mid-Cap Value Fund—I Class

 3.99%

Portfolio 2033

This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

26.87%

Blue Chip Growth Fund—I Class

8.96%

Value Fund—I Class

8.96%

International Stock Fund —I Class

 7.07%

International Value Equity Fund—I Class

 7.07%

Overseas Stock Fund—I Class

 7.07%

Small-Cap Stock Fund—I Class

 6.40%

Real Assets Fund—I Class

 4.38%

Emerging Markets Stock Fund—I Class

 3.74%

Mid-Cap Growth Fund—I Class

 3.49%

Mid-Cap Value Fund—I Class

 3.49%

STOCK FUNDS

 

Spectrum Income Fund—Investor Class

12.50%

Portfolio 2030

This equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds focused on domestic and international equity markets, with some exposure to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

22.21%

Blue Chip Growth Fund—I Class

7.40%

Value Fund—I Class

7.40%

International Stock Fund—I Class

5.83%

International Value Equity  Fund—I Class

5.83%

Overseas Stock Fund—I Class

5.83%

Small-Cap Stock Fund—I Class

5.29%

Real Assets Fund—I Class

3.61%

Emerging Markets Stock Fund—I Class

3.09%

Mid-Cap Growth Fund—I Class

2.88%

Mid-Cap Value Fund—I Class

2.88%

BOND FUNDS

 

Spectrum Income Fund—Investor Class

27.75%

Portfolio 2027

This balanced portfolio invests in both stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments, with a higher exposure to stocks. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

17.36%

Blue Chip Growth Fund—I Class

5.79%

Value Fund—I Class

 5.79%

International Stock Fund—I Class

 4.56%

International Value Equity Fund—I Class

 4.56%

Overseas Stock Fund—I Class

 4.56%

Small-Cap Stock Fund—I Class

 4.13%

Real Assets Fund—I Class

 2.83%

Emerging Markets Stock Fund—I Class

 2.42%

Mid-Cap Growth Fund—I Class

 2.25%

Mid-Cap Value Fund—I Class

 2.25%

BOND FUNDS

 

Spectrum Income Fund—Investor Class

40.00%

New Income Fund—I Class

3.50%

Portfolio 2024

This balanced portfolio invests in an approximately equal mix of stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

21.54%

Blue Chip Growth Fund—I Class

2.69%

Value Fund—I Class

2.69%

International Stock Fund—I Class

2.34%

International Value Equity Fund—I Class

2.34%

Overseas Stock Fund—I Class

2.34%

Real Assets Stock Fund—I Class

2.00%

Small-Cap Fund—I Class

1.67%

Mid-Cap Growth Fund—I Class

0.91%

Mid-Cap Value Fund—I Class

0.91%

Emerging Markets Stock Fund—I Class

0.57%

BOND FUNDS

 

Spectrum Income Fund—Investor Class

30.00%

New Income Fund—I Class

20.00%

Limited Duration Inflation

Focused Bond Fund—I Class

10.00%

Portfolio 2021

This portfolio invests primarily in fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments with some exposure to stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. . For diversification and some capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings.", the portfolio may also invest a small component in international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

19.45%

Real Assets Fund—I Class

 1.14%

International Stock Fund—I Class

 0.72%

International Value Equity Fund—I Class

 0.72%

Overseas Stock Fund—I Class

 0.72%

BOND FUNDS

 

New Income Fund—I Class

36.90%

Limited Duration Inflation

Focused Bond Fund—I Class

36.25%

Spectrum Income Fund—Investor Class

4.10%

Portfolio for Education Today*

This portfolio is designed for beneficiariesThe future student designated by an account holder to receive the benefit of an account. who are already enrolled or are about to enroll in school. Emphasizing a mix of high-quality fixed incomeGenerally-conservative government and corporate-issued bonds and other fixed instruments that have been highly rated by credit ratings agencies and are expected to have a relatively low risk of encountering financial problems and are expected to make their interest or principal payments on schedule. investments, this portfolio also maintains an approximate 20% allocation to stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. funds with a primary focus on domestic equityFunds that invest in stocks of companies based in the United States.. There is exposure to international stocks as well. The portfolio seeks to generate income—at a time when a beneficiary may be taking distributions from an account for education expenses—while also aiming to provide portfolio growth that meets or exceeds tuition inflation. There is no guarantee the portfolio will provide adequate income, and you could experience losses near, at, or through enrollment.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

17.11%

Real Assets Fund—I Class

1.00%

International Stock Fund—I Class

0.63%

International Value Equity Fund—I Class

0.63%

Overseas Stock Fund—I Class

0.63%

BOND FUNDS

 

Limited Duration Inflation Focused Bond Fund—I Class

40.00%

New Income Fund—I Class

40.00%

Balanced Portfolio

This moderately aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. portfolio focuses on a mix of approximately 60% of its holdings invested in stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. , including some exposure to international stocks, while seeking diversification through approximately 40% of its holdings allocated to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. This strategy is based on accepting the risks associated with stocks, which have the potential to provide high returns, and seeking to balance the effects of volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. through diversification in fixed income securities.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

18.43%

Blue Chip Growth Fund—I Class

6.14%

Value Fund—I Class

6.14%

International Stock Fund —I Class

4.85%

International Value Equity Fund—I Class

4.85%

Overseas Stock Fund—I Class

4.85%

Small-Cap Stock Fund—I Class

4.39%

Real Assets Fund—I Class

3.00%

Emerging Markets Stock Fund—I Class

2.57%

Mid-Cap Growth Fund—I Class

2.39%

Mid-Cap Value Fund—I Class

 2.39%

BONDS FUNDS

 

Spectrum Income Fund—Investor Class

40.00%

Equity Portfolio

Emphasizing long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings.", this all-equity portfolio invests in a broad range of funds focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. It is designed for Account Holders who want a broadly diversified portfolio of primarily actively managed mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund. that does not become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. over time. Because this portfolio invests in many underlying funds, it will have partial exposure to the risks of different areas of the market. This strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation.

STOCK FUNDS

NEUTRAL ALLOCATION %

Equity Index 500 Fund—I Class

30.72%

Blue Chip Growth Fund—I Class

10.24%

Value Fund—I Class

10.24%

International Stock Fund —I Class

 8.08%

International Value Equity Fund—I Class

 8.08%

Overseas Stock Fund—I Class

 8.08%

Small-Cap Stock Fund—I Class

 7.31%

Real Assets Fund—I Class

 5.00%

Emerging Markets Stock Fund—I Class

 4.27%

Mid-Cap Growth Fund—I Class

 3.99%

Mid-Cap Value Fund—I Class

 3.99%

Fixed Income Portfolio

This portfolio’s primary objective is to seek a high level of current income with moderate price fluctuations by investing exclusively in the T. Rowe Price Spectrum Income Fund, which invests in a diversified group of other T. Rowe Price mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund.. The fund, which invests in a variety of domestic and international bondAn investment in which an investor loans money to an entity such as a corporation or government. The entity borrows the funds for a defined period of time and repays the loaned amount along with the predetermined interest. funds, a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries., and an income-oriented stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of declining markets and to benefit from good performance in particular market segments over time. The portfolio is subject to interest rate risk, credit risk, asset allocationThe division of a portfolio among various asset classes including stocks, bonds, and money market investments. An investor can include multiple portfolios to produce a desired overall combination or consider one portfolio that combines various assets to achieve the desired outcome. risk, liquidity risk, international investing risk, emerging markets risk, and dividend-paying stock risk. The strategy is based on a lower-risk investment approach that seeks to conserve principal and generate a reasonable level of return while minimizing the risks associated with equity markets.

BOND FUNDS

NEUTRAL ALLOCATION %

Spectrum Income Fund—Investor Class 

100%

Money Market Portfolio

This portfolio invests exclusively in the T. Rowe Price U.S. Treasury Money Fund, which is a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries. managed to provide a stable share price of $1.00 by investing short-term, high-quality securities backed by the U.S. government and repurchase agreements thereon. This Portfolio is designed for account holders who are conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. investors or who have a beneficiaryThe future student designated by an account holder to receive the benefit of an account. nearing enrollment.

You could lose money by investing in this Portfolio. Although the money market fund in which this Portfolio invests seeks to preserve its value at $1.00 per share, the underlying money market fund cannot guarantee that it will do so. An investment in this Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying money market fund's sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying money market fund at any time. 

MONEY MARKET FUNDS

NEUTRAL ALLOCATION %

U.S. Treasury Money Fund—I Class

100%

Total Equity Market Index Portfolio

This portfolio invests exclusively in the T. Rowe Price Total Equity Market Index FundA type of mutual fund that is designed with the goal of replicating a particular hypothetical portfolio of stocks or bonds representing some defined area of the financial market.. The Total Equity Market Index Fund is a passively managedAn investment strategy that seeks to replicate a market index or benchmark without additional consideration of a portfolio manager. Index funds are examples of passive management. fund that seeks to closely track its benchmarkA specified comparison used to evaluate the investment return, risk, and asset allocation of a portfolio., the S&PAn abbreviation for Standard & Poor’s®, a company that provides many financial market indexes. The most well-known is the S&P 500® Index, which tracks 500 of the largest publicly traded companies in the United States. Total Market Index. The fund is passively managed, so it generally does not reallocate its holdings based on changes in market conditions or outlook. As a result, its expenses are typically lower than the expenses of an actively managed fund. The fund seeks to match the performance of the entire U.S. stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. market as represented by the S&P Total Market Index but does not attempt to fully replicate the index by holding each of those stocks. Index investing can provide a convenient and relatively low-cost way to approximate the performance of a particular market, but it may not offer the flexibility to shift assets toward stocks or sectors that are rising or away from stocks or sectors that are declining.

The S&P Total Market Index is a product of SPDJI and has been licensed for use by T. Rowe Price. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by T. Rowe Price.

STOCK FUNDS

NEUTRAL ALLOCATION %

Total Equity Market Index Fund—Investor Class

100%

*Portfolio for College was renamed Portfolio for Education Today, effective November 15, 2019. 

The principal value of the Enrollment-Based Portfolios is not guaranteed at any time, including at or after the target enrollment date. The portfolios invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The portfolios emphasize potential capital appreciation during the early phases of asset accumulation, balance the need for appreciation with the need for income as matriculation approaches, and focus more on income and principal stability while the child is in school. While moving assets into bond and money market funds can help lower investment risks, there is no guarantee against loss. The portfolios maintain a substantial allocation to equities both prior to and after the target enrollment date, which can result in greater volatility.

Frequently Asked Questions

Am I able to add individual securities to my T. Rowe Price College Savings Plan investment options?

 

No. The 13 plan-specific portfolios are the only investment options available...

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How much can I expect my investments to earn?

 

Your investment earnings depend on the market's overall performance and the specific investment portfolio that you choose...

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