T. Rowe Price Retirement 2040 Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. · Series S000002113 · 4 share classes
data updated 2026-08-17
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.
The fund invests in a diversified portfolio of other T. Rowe Price mutual funds across equity and fixed income asset classes, with allocations that shift over time according to a predetermined glide path tied to its 2040 target retirement date. The equity allocation, currently 87%, gradually declines as the target date approaches and continues declining for approximately 30 years after retirement, eventually stabilizing at 55% equity and 45% fixed income to balance growth with reduced volatility and income needs. Because the fund's actual allocations may diverge from its neutral glide path allocations by up to plus or minus 5% based on T. Rowe Price's tactical market outlook, results will differ from the predetermined path.
Portfolio turnover 14.90% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Stocks | 98.14% |
| Cash & short-term | 1.72% |
| Bonds | 0.14% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
New: U S TREASURY BILL, MFSH6 MSCI EAFE MAR26, RTYH6 E-MINI RUSS 2000 MAR26, ESH6 S&P500 EMINI FUT MAR26
Exited: TREASURY BILL, U S TREASURY BILL, ESZ5 S&P500 EMINI FUT DEC25, RTYZ5 E-MINI RUSS 2000 DEC25, MFSZ5 MSCI EAFE DEC25
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-28
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | TRP VALUE FD-Z | 14.59% | $52.81 | $3.97B | 75.1M |
| — | TRP GROWTH STOCK FD-Z | 13.01% | $103.55 | $3.54B | 34.2M |
| — | TRP INTL VALUE EQUITY FD-Z | 8.04% | $26.62 | $2.19B | 82.2M |
| — | TRP EQUITY INDEX 500 FD-Z | 7.98% | $178.82 | $2.17B | 12.1M |
| — | TRP US LARGE-CAP CORE FD-Z | 7.64% | $44.52 | $2.08B | 46.7M |
| — | TRP OVERSEAS STOCK FD-Z | 7.50% | $17.80 | $2.04B | 114.6M |
| — | TRP REAL ASSETS FD-Z | 5.98% | $20.99 | $1.63B | 77.5M |
| — | TRP INTL STOCK FD-Z | 5.91% | $22.54 | $1.61B | 71.4M |
| — | TRP NEW INCOME FD-Z | 4.78% | $8.11 | $1.30B | 160.3M |
| — | TRP EM MKTS DISCOVERY STK FD-Z CL | 3.01% | $20.86 | $819.26M | 39.3M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-02-28 — not a live quote, and not what the fund paid.
Top 10 positions are 78.45% of net assets, top 25 99.98%, across 29 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free