TRLAX – T. Rowe Price Retirement Income 2020 Inv Investment Strategy | Morningstar

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Strategy

The investment seeks to provide monthly income. The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to the fund’s target retirement date. The fund is managed based on the specific retirement year (target date 2020) 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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
TRLAX	T. Rowe Price Retirement Income 2020 Fund Investor Class	No Load	Open			May 25, 2017	$43.92M	0.510%	Average	$2,500	−$8.87M
TRABX	T. Rowe Price Retirement Income 2020 Fund-I Class	Institutional	Open			Jan 17, 2024	$145.70M	0.360%	Average	$500,000	−$907,071.03

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