T. Rowe Price Target 2045 Advisor (PAFFX)

Fund Assets	458.78M
Expense Ratio	0.84%
Min. Investment	$2,500
Turnover	23.50%
Dividend (ttm)	0.28
Dividend Yield	1.32%
Dividend Growth	11.27%
Payout Frequency	Annual
Ex-Dividend Date	Dec 22, 2025

Previous Close	20.94
YTD Return	10.12%
1-Year Return	13.27%
5-Year Return	43.89%
52-Week Low	18.37
52-Week High	21.42
Beta (5Y)	0.81
Holdings	25
Inception Date	Aug 20, 2013

About PAFFX

T. Rowe Price Target 2045 Fund Advisor Class is a target-date mutual fund designed for individuals planning to retire around the year 2045. Its primary function is to provide long-term growth of capital and income by dynamically adjusting its mix of underlying T. Rowe Price-managed stock and bond funds to align with a projected retirement timeline. The fund’s asset allocation starts with a significant emphasis on equities to pursue capital appreciation, gradually shifting toward a higher proportion of fixed income securities as the target date approaches to manage risk and support income needs in retirement. This glide path strategy reflects the evolving risk tolerance and income requirements of an investor as retirement nears. The fund is broadly diversified across domestic and international equities, fixed income, and other asset classes, offering exposure to various sectors of the global economy. It is routinely evaluated and repositioned by professional managers, playing an important role as a one-fund retirement solution in employer-sponsored retirement plans and individual retirement accounts. As part of the T. Rowe Price series of target-date funds, it seeks to balance growth potential with risk reduction over the long term, supporting investors planning for a specific retirement goal.

• Fund Family: T. Rowe Price
• Category: Target-Date 2045
• Performance Rating: Below Average
• Risk Rating: Below Average
• Stock Exchange: NASDAQ
• Ticker Symbol: PAFFX
• Share Class: -advisor Class
• Index: S&P Target Date 2045 TR

Performance

PAFFX had a total return of 13.27% in the past year, including dividends. Since the fund's inception, the average annual return has been 14.64%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
TRFWX	-i Class	0.42%

Top 10 Holdings

76.88% of assets

Name	Symbol	Weight
T. Rowe Price Value Z	TRZAX	14.63%
T. Rowe Price Growth Stock Z	TRJZX	13.88%
T. Rowe Price US Large-Cap Core Z	TRZLX	7.85%
T. Rowe Price Equity Index 500 Z	TRHZX	7.73%
T. Rowe Price International Value Eq Z	TROZX	6.91%
T. Rowe Price New Income Z	TRVZX	6.70%
T. Rowe Price Overseas Stock Z	TRZSX	6.15%
T. Rowe Price International Stock Z	TRNZX	5.40%
T. Rowe Price Real Assets Z	TRZRX	4.89%
T. Rowe Price Em Mkts Discv Stk Z	TRFZX	2.74%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 22, 2025	$0.9473	Dec 23, 2025
Dec 23, 2024	$0.4219	Dec 24, 2024
Dec 22, 2023	$0.426	Dec 26, 2023
Dec 22, 2022	$0.751	Dec 23, 2022
Dec 22, 2021	$0.111	Dec 23, 2021
Dec 22, 2020	$0.440	Dec 23, 2020

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Sep 22, 2026

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