Zr-based alloy ingots with nominal compositions of Zr52.5Cu17.9Ni14.6Al10.0Ti5.0 (at.%), Vitre-loy 105, were isothermally annealed below the glass-transition temperature at 630 K for 10, 20, 30, 40, and 60 minutes in vacuum to obtain samples with various states of structural relaxation and compared to the as-cast state. Structural studies were performed using time-of-flight neutron diffraction followed by pair distribution function (PDF) analyses. Differential scanning calo-rimetry (DSC) was conducted to examine changes in the specific heat, which were correlated to the amount of structural relaxation in the various samples. These samples exhibited increasing structural relaxation with longer annealing times, which was evidenced in the atomic PDF. Relaxation related to the exothermic peak results in changes in the PDF that are consistent with the elimination of short and long inter-atomic distances. Further annealing led to rearrangements in the second atomic shell that may be related to local phase separation.