T.
ROWE
PRICE
Target
2015
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
(1)
(1)
$
Value
5/31/23
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
2/29/24
(Cost
and
value
in
$000s)
BOND
MUTUAL
FUNDS
59.8%
T.
Rowe
Price
Funds:
Limited
Duration
Inflation
Focused
Bond
Fund
32,027
3,738
3,359
6,976,393
32,022
New
Income
Fund
26,949
3,915
3,135
3,473,242
27,508
International
Bond
Fund
(USD
Hedged)
9,867
456
1,370
1,157,465
9,723
Emerging
Markets
Bond
Fund
7,632
501
2,232
758,829
6,845
Dynamic
Global
Bond
Fund
6,916
576
1,105
829,657
6,421
High
Yield
Fund
6,691
492
1,220
1,085,849
6,363
U.S.
Treasury
Long-Term
Index
Fund
6,093
631
1,063
734,185
5,499
Dynamic
Credit
Fund
–
2,556
92
277,405
2,455
Floating
Rate
Fund
3,094
238
1,062
257,474
2,392
Total
Bond
Mutual
Funds
(Cost
$109,514)
99,228
EQUITY
MUTUAL
FUNDS
37.7%
T.
Rowe
Price
Funds:
Growth
Stock
Fund
10,586
487
3,787
93,169
8,989
Value
Fund
9,438
490
2,338
199,007
8,856
Hedged
Equity
Fund
–
6,056
335
567,607
6,459
U.S.
Large-Cap
Core
Fund
3,284
1,849
412
149,114
5,817
Overseas
Stock
Fund
5,014
277
957
354,012
4,489
Equity
Index
500
Fund
6,139
1,512
2,637
33,175
4,455
International
Value
Equity
Fund
4,219
227
766
244,027
3,951
International
Stock
Fund
4,275
183
865
197,793
3,837
Real
Assets
Fund
2,734
1,248
362
277,098
3,768
Mid-Cap
Growth
Fund
2,322
201
342
22,847
2,439
Mid-Cap
Value
Fund
2,151
202
506
64,032
2,097
Emerging
Markets
Discovery
Stock
Fund
1,875
101
568
120,971
1,588
Small-Cap
Stock
Fund
1,487
100
185
26,364
1,570
Emerging
Markets
Stock
Fund
1,501
67
181
39,800
1,360
Small-Cap
Value
Fund
1,295
78
180
25,398
1,317
New
Horizons
Fund (2)
1,009
21
107
18,128
1,084
U.S.
Equity
Research
Fund
2,171
33
1,870
8,662
436
Total
Equity
Mutual
Funds
(Cost
$45,892)
62,512
OTHER
MUTUAL
FUNDS
0.0%
T.
Rowe
Price
Funds:
Transition
Fund
22
3,560
3,564
169
17
Total
Other
Mutual
Funds
(Cost
$17)
17
T.
ROWE
PRICE
Target
2015
Fund
2
$
Value
5/31/23
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
2/29/24
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
2.5%
Money
Market
Funds
2.5%
T.
Rowe
Price
U.S.
Treasury
Money
Fund,
5.40% (3)
5,303
9,996
11,196
4,102,961
4,103
Total
Short-Term
Investments
(Cost
$4,103)
4,103
Total
Investments
in
Securities
100.0%
(Cost
$159,526)
$
165,860
Other
Assets
Less
Liabilities
(0.0)%
(80)
Net
Assets
100.0%
$
165,780
(1)
Each
underlying
Price
Fund
is
an
affiliated
company;
the
fund
is
invested
in
the Z
Class
of
each
underlying
Price
Fund,
except
for
the
Transition
Fund,
if
held,
which
is
a
single
class
fund.
Additional
information
about
each underlying
Price
Fund
is
available
by
calling
1-877-495-1138
and
at www.troweprice.com.
(2)
Non-income
producing
(3)
Seven-day
yield
T.
ROWE
PRICE
Target
2015
Fund
3
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
29,
2024.
Net
realized
gain
(loss),
investment
income,
and
change
in
net
unrealized
gain/loss
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Funds:
Dynamic
Credit
Fund
$
(1)
$
(9)
$
59
Dynamic
Global
Bond
Fund
(114)
34
—
Emerging
Markets
Bond
Fund
(506)
944
352
Emerging
Markets
Discovery
Stock
Fund
(74)
180
64
Emerging
Markets
Stock
Fund
23
(27)
36
Equity
Index
500
Fund
1,756
(559)
66
Floating
Rate
Fund
(42)
122
188
Growth
Stock
Fund
563
1,703
32
Hedged
Equity
Fund
15
738
37
High
Yield
Fund
(130)
400
356
International
Bond
Fund
(USD
Hedged)
(163)
770
—
International
Stock
Fund
127
244
70
International
Value
Equity
Fund
135
271
142
Limited
Duration
Inflation
Focused
Bond
Fund
(203)
(384)
1,391
Mid-Cap
Growth
Fund
170
258
17
Mid-Cap
Value
Fund
177
250
37
New
Horizons
Fund
14
161
—
New
Income
Fund
(392)
(221)
910
Overseas
Stock
Fund
215
155
129
Real
Assets
Fund
(16)
148
92
Small-Cap
Stock
Fund
92
168
16
Small-Cap
Value
Fund
63
124
18
Transition
Fund
(23)
(1)
4
U.S.
Equity
Research
Fund
116
102
9
U.S.
Large-Cap
Core
Fund
27
1,096
51
U.S.
Treasury
Long-Term
Index
Fund
(342)
(162)
165
Value
Fund
302
1,266
170
U.S.
Treasury
Money
Fund,
5.40%
—
—
188
Totals
$
1,789#
$
7,771
$
4,599+
T.
ROWE
PRICE
Target
2015
Fund
4
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$766
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$4,599
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Target
2015
Fund
Unaudited
Notes
to
Portfolio
of
Investments
5
T.
Rowe
Price
Target
2015
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
The
fund’s
financial
instruments
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee.
The
Valuation
Designee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1 – quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2 – inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3 – unobservable
inputs
(including
the
Valuation Designee’s
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Target
2015
Fund
6
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Investments
in
the
underlying
Price
Funds
are
valued
at
their
closing
net
asset
value
per
share
on
the
day
of
valuation.
Valuation
Inputs
On
February
29,
2024,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions
imposed
on
Russia
that
target
certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
T.
ROWE
PRICE
Target
2015
Fund
7
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F184-054Q3
02/24