T. Rowe Price Retirement 2020 Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. · Series S000002111 · 4 share classes
data updated 2026-09-08
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 representing equity and fixed income asset classes, with allocations that shift over time according to a predetermined glide path tied to its 2020 target retirement date. Prior to and after the target date, the fund gradually reduces its equity allocation and increases fixed income exposure to lower portfolio volatility as retirement approaches and throughout retirement. The fund is designed to support regular withdrawals in retirement while providing some growth above inflation, though it does not guarantee a particular income level. Because the fund's returns depend on the performance of its underlying T. Rowe Price funds, divergence from the fund's stated neutral allocations may occur due to significant market movements or cash flows.
Portfolio turnover 13.40% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 50.61% |
| Bonds | 38.32% |
| Securitized | 6.56% |
| Cash & short-term | 3.78% |
| 2 smaller | 1.70% |
Look-through blends 26 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
New: U S TREASURY BILL, RTYM6 E-MINI RUSS 2000 JUN26, MFSM6 MSCI EAFE JUN26, FVU6 US 5YR NOTE (CBT) SEP26, ESM6 S&P500 EMINI FUT JUN26
Exited: U S TREASURY BILL, MFSH6 MSCI EAFE MAR26, ESH6 S&P500 EMINI FUT MAR26, RTYH6 E-MINI RUSS 2000 MAR26
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +15.86% | +37.63% | +29.38% | 7.20% | -6.10% | |
| +15.54% | +36.51% | +27.74% | 7.17% | -6.16% | |
| +15.23% | +35.49% | +26.10% | 7.11% | -6.27% | |
| +15.96% | — | — | 7.14% | — |
These classes hold the same portfolio, so the 0.73pp spread over 1 year is the cost difference between them — roughly 0.73pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 2026Q2
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 |
|---|---|---|---|---|---|
| TRVZX | TRP NEW INCOME FD-ZTRVZX | 14.93% | $7.92 | $1.99B | 251.0M |
| TRPZX | TRP LTD DURATION INFL FOCUSED BD FD-ZTRPZX | 12.78% | $4.72 | $1.70B | 360.5M |
| TRJZX | TRP GROWTH STOCK FD-ZTRJZX | 8.07% | $117.94 | $1.07B | 9.1M |
| TRZAX | TRP VALUE FD-ZTRZAX | 7.80% | $53.67 | $1.04B | 19.3M |
| TRMZX | TRP INTL BOND FD (USD HEDGED)-ZTRMZX | 5.59% | $8.52 | $743.68M | 87.3M |
| PZHEX | TRP HEDGED EQUITY FD-ZPZHEX | 5.05% | $14.09 | $671.64M | 47.7M |
| TRHZX | TRP EQUITY INDEX 500 FD-ZTRHZX | 4.33% | $197.02 | $576.02M | 2.9M |
| TRZLX | TRP US LARGE-CAP CORE FD-ZTRZLX | 4.25% | $47.12 | $565.39M | 12.0M |
| TROZX | TRP INTL VALUE EQUITY FD-ZTROZX | 3.81% | $26.37 | $507.38M | 19.2M |
| TRZSX | TRP OVERSEAS STOCK FD-ZTRZSX | 3.49% | $17.81 | $464.68M | 26.1M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
Top 10 positions are 70.10% of net assets, top 25 98.95%, across 32 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.
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