T. Rowe Price Retirement I 2065 Fund - I Class
Data updated: 2024-01-26
C000220707 — T. Rowe Price Retirement I 2065 Fund - I Class. Target Date / Glide Path Allocation · $322.09M AUM. Holdings, fees, performance and SEC filings.
C000220707 Fund Overview
T. Rowe Price Retirement I 2065 Fund - I Class is a US mutual fund managed by T. Rowe Price Retirement Funds, Inc., categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: T. Rowe Price Retirement Funds, Inc.
- Category: Target Date / Glide Path Allocation
- Assets under management: $322.09M
- 1-year return: 10.0%
- SEC CIK: 0001177017
- SEC series ID: S000068998
- Share class ID: C000220707
C000220707 Investment Objective and Strategy
T. Rowe Price Retirement I 2065 Fund - I Class describes its objective and strategy as follows, from its latest prospectus filed with the SEC by T. Rowe Price Retirement Funds, Inc..
Investment objective
The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.
Principal investment strategy
Important Note: The funds Board of Directors has approved a plan of reorganization pursuant to which the fund will transfer substantially all of its assets and liabilities to the T. Rowe Price Retirement 2065 Fund (the Acquiring Fund) in exchange for I Class shares of equal value of the Acquiring Fund (the Reorganization). The fund and the Acquiring Fund have similar investment objectives, investment strategies and policies, investment glide paths and underlying funds, and the contractual management fee schedule for the fund is identical to the contractual management fee schedule applicable to the I Class of the Acquiring Fund. The Reorganization is expected to occur on February 16, 2024, and will be structured as a tax-free exchange for fund shareholders. In connection with the Reorganization, the I Class shares of the Acquiring Fund received in the exchange will be distributed to the funds shareholders and the fund will then be liquidated and terminated.
The Reorganization does not require any action or approval by fund shareholders, although shareholders may redeem their shares at any time prior to the Reorganization. While the Reorganization will not be a taxable event, redeeming or exchanging fund shares prior to the Reorganization may be a taxable event depending on your individual tax situation. Detailed information about the Reorganization will be provided to shareholders in an information statement expected to be sent in mid-November 2023. The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The funds allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2065) included in its name and assumes a retirement age of 65.
The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the funds target date. Over time, the allocation to asset classes and funds will change according to a predetermined glide path shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the funds asset mix becomes more conservativeboth prior to and after retirementas time elapses.
This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the funds potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income.
The glide path provides for a neutral allocation to stocks at the target date of 55%. The funds overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the funds overall allocation to bonds, although the underlying bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as neutral allocations because they are strategic and do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%.
The target allocations and actual allocations may differ due to significant market movements or cash flows. The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class expenses, with certain limited exceptions. The funds overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The funds overall allocation to bonds is represented by a core fixed income component designed to have lower overall volatility and a diversifying fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns.
The information in the table represents the neutral allocations for the fund as of October 1, 2023. The numbers may not add to 100% due to rounding. The funds shareholder reports set forth its actual allocations between stock funds and bond funds and to the individual T. Rowe Price mutual funds. T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund investments. Retirement I 2065 FundI Class Asset Class Sector(s) Neutral Allocation Underlying Fund(s) Stocks 98.01 % Hedged Equity 0.00 % Hedged Equity Inflation Focused 4.90 Real Assets International Developed Market 23.74 International Stock, International Value Equity, and/or Overseas Stock International Emerging Market 4.19 Emerging Markets Discovery Stock and/or Emerging Markets Stock U.S.
Large-Cap 52.14 Equity Index 500, Growth Stock, U.S. Equity Research, U.S. Large-Cap Core, and/or Value U.S. Mid-Cap 6.52 Mid-Cap Growth, Mid-Cap Index, and/or Mid-Cap Value U.S. Small-Cap 6.52 New Horizons, Small-Cap Index, Small-Cap Stock, and/or Small-Cap Value Bonds 2.00 Core Fixed Income 1.40 Dynamic Global Bond, International Bond (USD Hedged), and/or New Income Diversifying Fixed Income 0.60 Dynamic Credit, Emerging Markets Bond, Floating Rate, High Yield, Limited Duration Inflation Focused Bond, U.S. Treasury Long-Term Index, and/or U.S. Treasury Money
C000220707 Holdings
Top 10 holdings of T. Rowe Price Retirement I 2065 Fund - I Class by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| T Rowe Price Growth Stock Fund Inc | 16.14% |
| T Rowe Price Value Fund Inc | 15.24% |
| T Rowe Price Equity Index 500 Fund | 10.35% |
| T Rowe Price US Large-Cap Core Fund Inc | 9.12% |
| T Rowe Price Overseas Stock Fund | 7.93% |
| T Rowe Price International Value Equity Fund | 6.95% |
| T Rowe Price International Stock Fund | 6.69% |
| T Rowe Price Real Assets Fund Inc | 5.98% |
| T Rowe Price Mid-Cap Growth Fund Inc | 3.78% |
| T Rowe Price Mid-Cap Value Fund Inc | 3.38% |
C000220707 Portfolio Allocation
Asset-class allocation of T. Rowe Price Retirement I 2065 Fund - I Class by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.1% |
| Cash & Equivalents | 1.0% |
C000220707 Performance
Total returns for C000220707 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.0% |
| 3 years (annualised) | 4.9% |
C000220707 Risk Information
Risk metrics for C000220707, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.5%
C000220707 Costs and Fees
C000220707 costs about $46 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.46%
- Gross expense ratio: 0.46%
- Portfolio turnover: 14%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000220707 Cashflows
Over the 12 months to 2023-11, T. Rowe Price Retirement I 2065 Fund - I Class had net inflows of $251.76M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-11 | $26.06M |
| 2023-10 | $28.66M |
| 2023-09 | $22.87M |
| 2023-08 | $24.51M |
| 2023-07 | $20.40M |
| 2023-06 | $19.19M |
C000220707 Debt Constituents
No individual debt constituents are reported in T. Rowe Price Retirement I 2065 Fund - I Class's latest SEC N-PORT filing.
C000220707 Prospectus and SEC Filings
Official T. Rowe Price Retirement I 2065 Fund - I Class filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-09-28
- Prospectus (485BPOS) — filed 2022-09-29
- Prospectus (485BPOS) — filed 2021-09-28
- Portfolio holdings (N-PORT) — filed 2024-01-26
- Portfolio holdings (N-PORT) — filed 2023-10-27
- Portfolio holdings (N-PORT) — filed 2023-07-27
- Annual census (N-CEN) — filed 2023-08-11
- Annual census (N-CEN) — filed 2022-08-08
Related Funds
Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.