T. Rowe Price Retirement 2040 Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. · Series S000002113 · 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 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 Q2
| Stocks | 84.72% |
| Bonds | 10.52% |
| Cash & short-term | 2.47% |
| Securitized | 2.28% |
| 2 smaller | 0.44% |
Look-through blends 24 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, ESM6 S&P500 EMINI FUT JUN26, MFSM6 MSCI EAFE JUN26, RTYM6 E-MINI RUSS 2000 JUN26, FVU6 US 5YR NOTE (CBT) SEP26
Exited: U S TREASURY BILL, MFSH6 MSCI EAFE MAR26, RTYH6 E-MINI RUSS 2000 MAR26, ESH6 S&P500 EMINI FUT 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 |
|---|---|---|---|---|---|
| +24.94% | +57.59% | +45.67% | 11.16% | -8.78% | |
| +24.63% | +56.39% | +43.77% | 11.19% | -8.83% | |
| +24.34% | +55.17% | +41.94% | 11.21% | -8.88% | |
| +25.15% | — | — | 11.18% | — |
These classes hold the same portfolio, so the 0.81pp spread over 1 year is the cost difference between them — roughly 0.81pp 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 |
|---|---|---|---|---|---|
| TRJZX | TRP GROWTH STOCK FD-ZTRJZX | 14.69% | $117.94 | $4.03B | 34.1M |
| TRZAX | TRP VALUE FD-ZTRZAX | 14.24% | $53.67 | $3.90B | 72.7M |
| TRZLX | TRP US LARGE-CAP CORE FD-ZTRZLX | 7.97% | $47.12 | $2.18B | 46.3M |
| TRHZX | TRP EQUITY INDEX 500 FD-ZTRHZX | 7.94% | $197.02 | $2.18B | 11.0M |
| TROZX | TRP INTL VALUE EQUITY FD-ZTROZX | 7.18% | $26.37 | $1.97B | 74.6M |
| TRZSX | TRP OVERSEAS STOCK FD-ZTRZSX | 6.59% | $17.81 | $1.81B | 101.4M |
| TRNZX | TRP INTL STOCK FD-ZTRNZX | 5.80% | $22.83 | $1.59B | 69.7M |
| TRVZX | TRP NEW INCOME FD-ZTRVZX | 5.48% | $7.92 | $1.50B | 189.5M |
| TRZRX | TRP REAL ASSETS FD-ZTRZRX | 5.22% | $20.13 | $1.43B | 71.1M |
| TRFZX | TRP EM MKTS DISCOVERY STK FD-Z CLTRFZX | 2.95% | $22.74 | $808.06M | 35.5M |
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 78.06% of net assets, top 25 99.98%, across 30 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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