T. Rowe Price Target 2045 Fund I Class (TRFWX)
| Fund Assets | 458.78M |
| Expense Ratio | 0.43% |
| Min. Investment | $2,500 |
| Turnover | 23.50% |
| Dividend (ttm) | 1.04 |
| Dividend Yield | 5.22% |
| Dividend Growth | 100.29% |
| Payout Frequency | Annual |
| Ex-Dividend Date | Dec 22, 2025 |
| Previous Close | 19.81 |
| YTD Return | 4.30% |
| 1-Year Return | 18.07% |
| 5-Year Return | 42.54% |
| 52-Week Low | 14.74 |
| 52-Week High | 20.04 |
| Beta (5Y) | 0.82 |
| Holdings | 25 |
| Inception Date | Feb 26, 2016 |
About TRFWX
T. Rowe Price Target 2045 Fund I Class is a target-date mutual fund designed to help investors prepare for retirement around the year 2045. Its primary function is to provide a diversified investment approach by allocating assets across a broad range of T. Rowe Price stock and bond funds. The fund maintains a higher exposure to equities in the early years to emphasize capital growth, gradually shifting towards fixed income assets as the target date approaches to balance growth with income and manage risk. This glide path adjustment seeks to support asset accumulation during the saver’s working years, while also aiming to maintain income potential and reduce volatility as retirement nears and continues. The fund impacts a wide spectrum of market sectors, investing significantly in U.S. and international equities as well as core and opportunistic fixed income instruments. By pooling assets into underlying funds representing various asset classes and sectors, it plays a significant role in the retirement planning market, offering a managed, all-in-one portfolio solution for individuals seeking a professionally allocated long-term investment strategy that adapts as the investor’s retirement approaches.
Performance
TRFWX had a total return of 18.07% in the past year, including dividends. Since the fund's inception, the average annual return has been 14.40%.
Other Share Classes
These are alternative share classes of the same fund, from the same provider.
| Symbol | Share Class | Expense Ratio |
|---|---|---|
| PAFFX | -advisor Class | 0.85% |
Top 10 Holdings
76.89% of assets| Name | Symbol | Weight |
|---|---|---|
| T. Rowe Price Value Z | TRZAX | 13.33% |
| T. Rowe Price Growth Stock Z | TRJZX | 13.03% |
| T. Rowe Price Equity Index 500 Z | TRHZX | 8.15% |
| T. Rowe Price US Large-Cap Core Z | TRZLX | 7.99% |
| T. Rowe Price International Value Eq Z | TROZX | 7.83% |
| T. Rowe Price Overseas Stock Z | TRZSX | 6.79% |
| T. Rowe Price New Income Z | TRVZX | 5.99% |
| T. Rowe Price International Stock Z | TRNZX | 5.59% |
| T. Rowe Price Real Assets Z | TRZRX | 5.35% |
| T. Rowe Price U.S. Treasury Funds, Inc. - T. Rowe Price U.S. Treasury Money Fund | TRZXX | 2.84% |
Dividend History
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Dec 22, 2025 | $1.0369 | Dec 23, 2025 |
| Dec 23, 2024 | $0.5177 | Dec 24, 2024 |
| Dec 22, 2023 | $0.4956 | Dec 26, 2023 |
| Dec 22, 2022 | $0.8362 | Dec 23, 2022 |
| Dec 22, 2021 | $0.185 | Dec 23, 2021 |
| Dec 22, 2020 | $0.480 | Dec 23, 2020 |