T. Rowe Price Retirement 2050 Fund (TRRMX) NPORT-P T. Rowe Price Retirement 2025 Fund (Aug 2024 report)

T.

ROWE

PRICE

Retirement

2025

Fund

August

31,

2024

(Unaudited)

1

Portfolio

of

Investments

(1)

(1)

$

Value

5/31/24

$

Purchase

Cost

$

Sales

Cost

Shares/Par

$

Value

8/31/24

(Cost

and

value

in

$000s)

BOND

MUTUAL

FUNDS

39.5%

T.

Rowe

Price

Funds:

New

Income

Fund 

2,494,238

95,999

108,558

317,809,239‌

2,577,433‌

Limited

Duration

Inflation

Focused

Bond

Fund 

1,682,770

100,175

72,485

368,890,797‌

1,752,231‌

International

Bond

Fund

(USD

Hedged) 

862,570

57,932

23,230

107,539,229‌

914,083‌

U.S.

Treasury

Long-Term

Index

Fund 

637,633

7,749

30,661

85,980,877‌

663,772‌

Dynamic

Global

Bond

Fund 

570,420

19,486

23,350

73,027,094‌

562,309‌

Emerging

Markets

Bond

Fund 

538,500

9,705

23,266

58,159,304‌

542,626‌

High

Yield

Fund 

502,467

10,111

20,525

84,776,462‌

506,116‌

Dynamic

Credit

Fund 

185,232

9,682

5,526

21,547,772‌

190,913‌

Floating

Rate

Fund 

194,253

4,565

27,850

18,447,745‌

171,380‌

Total

Bond

Mutual

Funds

(Cost

$8,726,888)

7,880,863‌

EQUITY

MUTUAL

FUNDS

59.1%

T.

Rowe

Price

Funds:

Value

Fund 

1,723,057

2,798

72,216

34,710,868‌

1,721,659‌

Growth

Stock

Fund 

1,590,381

3,182

96,420

14,550,752‌

1,537,869‌

U.S.

Large-Cap

Core

Fund 

1,134,730

1,093

53,224

25,853,741‌

1,126,448‌

Equity

Index

500

Fund 

1,092,848

5,017

44,820

7,446,812‌

1,108,384‌

Hedged

Equity

Fund 

1,016,169

1,723

37,963

83,129,873‌

1,037,461‌

Overseas

Stock

Fund 

881,257

1,524

32,206

63,185,104‌

880,800‌

International

Value

Equity

Fund 

829,567

1,586

23,954

45,012,982‌

836,341‌

Real

Assets

Fund 

761,138

2,291

25,464

50,106,247‌

766,626‌

International

Stock

Fund 

735,871

1,228

36,033

34,953,175‌

741,357‌

Mid-Cap

Growth

Fund 

427,842

665

32,071

3,741,528‌

410,595‌

Mid-Cap

Value

Fund 

402,107

1,040

15,870

11,165,313‌

402,510‌

Emerging

Markets

Discovery

Stock

Fund 

300,983

482

11,277

20,939,981‌

301,326‌

Small-Cap

Value

Fund 

239,934

363

6,844

4,373,591‌

251,175‌

Emerging

Markets

Stock

Fund 

245,745

453

5,855

7,144,216‌

250,190‌

Small-Cap

Stock

Fund 

236,681

1,346

10,750

3,781,902‌

240,151‌

New

Horizons

Fund (2)

182,417

296

7,902

3,143,849‌

184,135‌

Total

Equity

Mutual

Funds

(Cost

$7,578,090)

11,797,027‌

OTHER

MUTUAL

FUNDS

0.0%

T.

Rowe

Price

Funds:

Transition

Fund 

2,084

92,500

92,553

20,448‌

2,047‌

Total

Other

Mutual

Funds

(Cost

$2,021)

2,047‌

T.

ROWE

PRICE

Retirement

2025

Fund

2

$

Value

5/31/24

$

Purchase

Cost

$

Sales

Cost

Shares/Par

$

Value

8/31/24

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

1.5%

Money

Market

Funds

 1.4%

T.

Rowe

Price

U.S.

Treasury

Money

Fund,

5.36% (3)

266,265

285,213

265,816

285,662,145‌

285,662‌

U.S.

Treasury

Obligations

 0.1%

U.S.

Treasury

Bills,

5.268%,

10/1/24 (4)

24,000,000‌

23,903‌

Total

Short-Term

Investments

(Cost

$309,558)

309,565‌

Total

Investments

in

Securities 100.1%

(Cost

$16,616,557)

$

19,989,502‌

Other

Assets

Less

Liabilities

(0.1)%

(11,293‌)

Net

Assets

100.0%

$

19,978,209‌

(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

(4)

At

August

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

T.

ROWE

PRICE

Retirement

2025

Fund

3

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

758

MSCI

EAFE

Index

contracts

9/24

(93,177)

$

(3,000‌)

Short,

1,011

Russell

2000

E-Mini

Index

contracts

9/24

(112,378)

(8,978‌)

Short,

132

S&P

500

E-Mini

Index

contracts

9/24

(37,362)

(759‌)

Net

payments

(receipts)

of

variation

margin

to

date

11,657‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(1,080‌)

T.

ROWE

PRICE

Retirement

2025

Fund

4

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

three

months

ended

August

31,

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 

$

(34‌)

$

1,525‌

$

3,646‌

Dynamic

Global

Bond

Fund 

(1,613‌)

(4,247‌)

8,322‌

Emerging

Markets

Bond

Fund 

(3,067‌)

17,687‌

8,805‌

Emerging

Markets

Discovery

Stock

Fund 

(485‌)

11,138‌

—‌

Emerging

Markets

Stock

Fund 

(161‌)

9,847‌

—‌

Equity

Index

500

Fund 

19,223‌

55,339‌

3,747‌

Floating

Rate

Fund 

(677‌)

412‌

4,267‌

Growth

Stock

Fund 

66,159‌

40,726‌

—‌

Hedged

Equity

Fund 

7,278‌

57,532‌

—‌

High

Yield

Fund 

(1,288‌)

14,063‌

9,255‌

International

Bond

Fund

(USD

Hedged) 

(1,278‌)

16,811‌

8,535‌

International

Stock

Fund 

5,918‌

40,291‌

—‌

International

Value

Equity

Fund 

8,065‌

29,142‌

—‌

Limited

Duration

Inflation

Focused

Bond

Fund 

(4,605‌)

41,771‌

2,967‌

Mid-Cap

Growth

Fund 

4,753‌

14,159‌

—‌

Mid-Cap

Value

Fund 

4,493‌

15,233‌

—‌

New

Horizons

Fund 

721‌

9,324‌

—‌

New

Income

Fund 

(9,518‌)

95,754‌

31,838‌

Overseas

Stock

Fund 

8,333‌

30,225‌

—‌

Real

Assets

Fund 

790‌

28,661‌

—‌

Small-Cap

Stock

Fund 

3,133‌

12,874‌

—‌

Small-Cap

Value

Fund 

1,264‌

17,722‌

—‌

Transition

Fund 

(344‌)

16‌

—‌

U.S.

Large-Cap

Core

Fund 

15,415‌

43,849‌

—‌

U.S.

Treasury

Long-Term

Index

Fund 

(7,994‌)

49,051‌

6,578‌

Value

Fund 

23,867‌

68,020‌

—‌

U.S.

Treasury

Money

Fund,

5.36%

—‌

—‌

2,970‌

Totals

$

138,348‌#

$

716,925‌

$

90,930‌+

T.

ROWE

PRICE

Retirement

2025

Fund

5

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$90,930

of

income

distributions

from

underlying

Price

Funds.

T.

ROWE

PRICE

Retirement

2025

Fund

Unaudited

Notes

to

Portfolio

of

Investments

6

T.

Rowe

Price

Retirement

2025

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)

T.

ROWE

PRICE

Retirement

2025

Fund

7

Level

3 – unobservable

inputs

(including

the

Valuation Designee’s

assumptions

in

determining

fair

value)

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.

Debt

securities

generally

are

traded

in

the

over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Futures

contracts

are

valued

at

closing

settlement

prices.

T.

ROWE

PRICE

Retirement

2025

Fund

8

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Bond

Mutual

Funds

$

7,880,863

$

—

$

—

$

7,880,863

Equity

Mutual

Funds

11,797,027

—

—

11,797,027

Other

Mutual

Funds

2,047

—

—

2,047

Short-Term

Investments

285,662

23,903

—

309,565

Total

$

19,965,599

$

23,903

$

—

$

19,989,502

Liabilities

Futures

Contracts*

$

12,737

$

—

$

—

$

12,737

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Retirement

2025

Fund

9

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events. 

F157-054Q1

08/24