T. Rowe Price Retirement Balanced Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Retirement Balanced Fund is a target-date fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Fund of funds
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, holding the Z Class of each underlying fund, with a neutral allocation of 40% to equity funds and 60% to fixed income funds. The equity allocation spans U.S. and international stocks across growth and value approaches and market capitalizations, while the fixed income allocation combines core fixed income funds designed for lower volatility with diversifying fixed income funds across multiple sectors and strategies. T. Rowe Price may make tactical overweights or underweights to either asset class based on market outlook, though target allocations are not expected to vary from neutral by more than plus or minus 5%. Because the fund's returns depend on the performance of the underlying funds it selects, divergence from the fund's stated allocations may occur due to significant market movements or cash flows.
Portfolio turnover 18.60% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 48.03% |
| Stocks | 40.37% |
| Securitized | 7.17% |
| Cash & short-term | 3.71% |
| 2 smaller | 1.91% |
Look-through blends 25 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
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 |
|---|---|---|---|---|---|
| +13.28% | +31.96% | +24.66% | 5.98% | -5.08% | |
| +13.01% | +30.97% | +23.18% | 5.97% | -5.14% | |
| +12.73% | +29.92% | +21.57% | 5.97% | -5.21% | |
| +13.52% | — | — | 6.08% | — |
These classes hold the same portfolio, so the 0.79pp spread over 1 year is the cost difference between them — roughly 0.79pp 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
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 |
|---|---|---|---|---|---|
| TRPZX | TRP LTD DURATION INFL FOCUSED BD FD-ZTRPZX | 20.39% | $4.72 | $452.29M | 95.8M |
| TRVZX | TRP NEW INCOME FD-ZTRVZX | 16.29% | $7.92 | $361.29M | 45.6M |
| TRJZX | TRP GROWTH STOCK FD-ZTRJZX | 6.43% | $117.94 | $142.63M | 1.2M |
| TRMZX | TRP INTL BOND FD (USD HEDGED)-ZTRMZX | 6.23% | $8.52 | $138.19M | 16.2M |
| TRZAX | TRP VALUE FD-ZTRZAX | 6.15% | $53.67 | $136.48M | 2.5M |
| PZHEX | TRP HEDGED EQUITY FD-ZPZHEX | 4.01% | $14.09 | $88.94M | 6.3M |
| TRDZX | TRP DYNAMIC GLOBAL BOND FD-ZTRDZX | 3.78% | $7.62 | $83.82M | 11.0M |
| TREZX | TRP EMER MKTS BND FD-ZTREZX | 3.60% | $9.91 | $79.79M | 8.1M |
| TRZLX | TRP US LARGE-CAP CORE FD-ZTRZLX | 3.43% | $47.12 | $75.98M | 1.6M |
| TRHZX | TRP EQUITY INDEX 500 FD-ZTRHZX | 3.31% | $197.02 | $73.34M | 372.2K |
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 73.63% of net assets, top 25 99.34%, across 26 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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