T. Rowe Price Retirement 2045 Fund
Target-date 2045 fund
As of its 2026 Q2 report, T. Rowe Price Retirement 2045 Fund held 28 positions with $19.77B in net assets. Its ten largest holdings made up 82.5% of the fund. Over the 12 months to May 2026, TRRKX returned 25.6%, with dividends reinvested. In 2026 Q2 it added 4 new positions and exited 4.
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 2045 target retirement date. The asset mix gradually becomes more conservative as the target date approaches and remains conservative thereafter, moving from higher equity exposure toward a neutral 55% equity allocation at the target date and continuing to decline until stabilizing approximately 30 years after retirement. The fund is designed to support both pre-retirement accumulation and post-retirement withdrawals, though it does not guarantee a particular income level. Because the fund's returns depend on the performance of the underlying T. Rowe Price funds it selects, its results will diverge from any single benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TRJZXTRP GROWTH STOCK FD-Z | 16.09% | $3.18B | 27.0M | $117.94 |
TRZAXTRP VALUE FD-Z | 15.51% | $3.07B | 57.1M | $53.67 |
TRZLXTRP US LARGE-CAP CORE FD-Z | 8.76% | $1.73B | 36.7M | $47.12 |
TRHZXTRP EQUITY INDEX 500 FD-Z | 8.63% | $1.71B | 8.7M | $197.02 |
TROZXTRP INTL VALUE EQUITY FD-Z | 7.89% | $1.56B | 59.2M | $26.37 |
TRZSXTRP OVERSEAS STOCK FD-Z | 7.24% | $1.43B | 80.3M | $17.81 |
TRNZXTRP INTL STOCK FD-Z | 6.38% | $1.26B | 55.2M | $22.83 |
TRZRXTRP REAL ASSETS FD-Z | 5.67% | $1.12B | 55.7M | $20.13 |
TRFZXTRP EM MKTS DISCOVERY STK FD-Z CL | 3.23% | $637.88M | 28.1M | $22.74 |
TRGZXTRP EMER MKTS STOCK FD-Z | 3.10% | $612.31M | 10.8M | $56.58 |
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.
All 28 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 92.52% |
| Bonds | 4.60% |
| Cash & short-term | 2.19% |
| Securitized | 0.87% |
| 2 smaller | 0.10% |
Look-through blends 23 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
TRRKX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.83%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +25.62% | +69.03% | +52.95% | -9.04% | |
| — | +24.98% | +66.48% | +49.10% | -9.15% | |
| — | +25.32% | +67.67% | +50.99% | -9.09% | |
| — | +25.83% | — | — | — |
These classes hold the same portfolio, so the 0.85pp spread over 1 year is the cost difference between them — roughly 0.85pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Retirement 2045 Fund is a target-date 2045 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2045
- Features
- Fund of funds
- Portfolio turnover
- 13.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
4 new
4 exited
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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — TRRKX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”