# T. Rowe Price Retirement 2005 Fund (TRRFX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/trrfx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe Price · Asset class: Bond - Strategy: Actively Managed · Inception: 2004-03-01 To achieve its financial goals, this fund invests in a broad and varied selection of other T. Rowe Price stock and bond mutual funds, ensuring exposure to diverse asset classes and market segments. Its investment strategy is explicitly designed around the 2005 target retirement year found in its name, operating on the premise that investors will retire at age 65. ## Key Facts | Metric | Value | |---|---| | Price | $13.22 | | Expense Ratio | 0.49% | | Assets Under Management | $1.12B | | NAV | $13.22 | | Holdings Count | — | | Distribution Yield (TTM) | 5.33% | | Annual Distribution (TTM) | $0.71 /share | | Distribution Frequency | Annual | | 52-Week Range | $12.41 – $13.47 | | Beta | 0.69 | ## Latest Distribution - Amount: $0.7050 /share - Ex-date: 2025-12-19 - Pay date: 2025-12-22 ## Frequently Asked Questions ### What does TRRFX invest in? To achieve its financial goals, this fund invests in a broad and varied selection of other T. Rowe Price stock and bond mutual funds, ensuring exposure to diverse asset classes and market segments. Its investment strategy is explicitly designed around the 2005 target retirement year found in its name, operating on the premise that investors will retire at age 65. ### What is the expense ratio of TRRFX? T. Rowe Price Retirement 2005 Fund (TRRFX) charges an expense ratio of 0.49%. This is the annual fee deducted from fund assets to cover management and operations. ### What is TRRFX's dividend yield? TRRFX's trailing-twelve-month yield is 5.33%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of TRRFX? Effective duration measures TRRFX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. TRRFX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of TRRFX? TRRFX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of TRRFX? Yield to maturity (YTM) is the total return you'd earn from TRRFX if every bond in the portfolio is held to maturity at the current price. TRRFX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does TRRFX pay a dividend? Yes, T. Rowe Price Retirement 2005 Fund (TRRFX) distributes dividends to shareholders. The trailing-twelve-month yield is 5.33%. Full dividend history is on this page. ### How often does TRRFX pay dividends? T. Rowe Price Retirement 2005 Fund pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is TRRFX's next ex-dividend date? The most recently announced ex-dividend date for TRRFX was 2025-12-19. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will TRRFX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.49% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TRRFX charge its expense ratio? The expense ratio is deducted in tiny daily slices from TRRFX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TRRFX cost more than a fund like VOO? TRRFX is actively managed (current expense ratio 0.49%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether TRRFX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to TRRFX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as TRRFX (0.49%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/trrfx - Distribution history: https://www.dividenddata.com/funds/trrfx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/trrfx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/trrfx/expenses - Peer comparison: https://www.dividenddata.com/funds/trrfx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.