T. Rowe Price Retirement Blend 2040 Fund
Target-date 2040 fund
As of its 2026 Q2 report, T. Rowe Price Retirement Blend 2040 Fund held 24 positions with $1.82B in net assets. Its ten largest holdings made up 81.1% of the fund. Over the 12 months to Jun 2026, TRBLX returned 20.9%, with dividends reinvested. In 2026 Q3 it added 1 new positions and exited none.
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, rather than holding securities directly. Its allocations shift over a predetermined glide path that becomes progressively more conservative as the target retirement date approaches and continues to decline in equity exposure for approximately 30 years after that date. The fund is designed to support both pre-retirement accumulation and post-retirement withdrawals, with a neutral equity allocation of 55% at the target date that gradually moves toward 40% over time. Because the fund's actual allocations may diverge from its neutral targets by up to 5% based on tactical market decisions, returns will reflect those tactical choices.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TRHZXTRP EQUITY INDEX 500 FD-Z | 25.25% | $459.96M | 2.3M | $197.02 |
TLIEXTRP INTL EQUITY INDEX FD-Z | 12.10% | $220.31M | 10.1M | $21.87 |
TRJZXTRP GROWTH STOCK FD-Z | 10.35% | $188.53M | 1.6M | $117.94 |
TRZAXTRP VALUE FD-Z | 9.84% | $179.29M | 3.3M | $53.67 |
TSBZXTRP QM US BOND INDEX FD-Z | 5.41% | $98.62M | 10.3M | $9.60 |
TRZRXTRP REAL ASSETS FD-Z | 5.21% | $94.99M | 4.7M | $20.13 |
TROZXTRP INTL VALUE EQUITY FD-Z | 4.28% | $77.92M | 3.0M | $26.37 |
TRNZXTRP INTL STOCK FD-Z | 2.92% | $53.16M | 2.3M | $22.83 |
TRFZXTRP EM MKTS DISCOVERY STK FD-Z CL | 2.90% | $52.78M | 2.3M | $22.74 |
TRGZXTRP EMER MKTS STOCK FD-Z | 2.80% | $50.92M | 900.0K | $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 24 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 | 84.69% |
| Bonds | 10.67% |
| Cash & short-term | 3.08% |
| Securitized | 2.06% |
| 2 smaller | 0.27% |
Look-through blends 23 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
TRBLX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.90%. Past returns are a record, not a forecast.
Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +20.92% | +58.98% | +51.43% | -9.08% | |
| — | +21.06% | +59.91% | +52.68% | -9.08% |
These classes hold the same portfolio, so the 1.25pp spread over 5 years is the cost difference between them — roughly 0.25pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Retirement Blend 2040 Fund is a target-date 2040 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2040
- Features
- Fund of funds
- Portfolio turnover
- 17.30% 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.
1 new
0 exited
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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