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

T.

ROWE

PRICE

Retirement

2050

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

0.9%

T.

Rowe

Price

Funds:

New

Income

Fund 

53,970

5,214

1,273

7,380,584‌

59,857‌

Limited

Duration

Inflation

Focused

Bond

Fund 

35,721

740

845

7,656,663‌

36,369‌

U.S.

Treasury

Long-Term

Index

Fund 

33,220

950

867

4,595,686‌

35,479‌

International

Bond

Fund

(USD

Hedged) 

15,770

486

420

1,894,862‌

16,106‌

Dynamic

Global

Bond

Fund 

9,531

356

279

1,235,813‌

9,516‌

Total

Bond

Mutual

Funds

(Cost

$168,346)

157,327‌

EQUITY

MUTUAL

FUNDS

98.0%

T.

Rowe

Price

Funds:

Value

Fund 

2,460,432

50,891

40,862

52,324,697‌

2,595,305‌

Growth

Stock

Fund 

2,334,464

22,911

111,226

22,224,076‌

2,348,862‌

U.S.

Large-Cap

Core

Fund 

1,626,831

15,306

25,663

38,854,495‌

1,692,890‌

Equity

Index

500

Fund 

1,604,508

15,078

25,686

11,347,861‌

1,689,015‌

Overseas

Stock

Fund 

1,227,097

15,826

20,575

91,250,556‌

1,272,033‌

International

Value

Equity

Fund 

1,191,408

17,929

20,993

66,690,390‌

1,239,107‌

International

Stock

Fund 

1,045,029

32,614

20,950

52,951,952‌

1,123,111‌

Real

Assets

Fund 

989,445

41,680

18,666

68,676,379‌

1,050,749‌

Mid-Cap

Growth

Fund 

575,262

19,391

10,031

5,556,562‌

609,777‌

Mid-Cap

Value

Fund 

548,084

8,990

10,680

15,876,919‌

572,363‌

Emerging

Markets

Discovery

Stock

Fund 

438,054

4,003

8,260

31,163,632‌

448,445‌

Small-Cap

Stock

Fund 

345,959

4,266

7,171

5,739,796‌

364,477‌

Emerging

Markets

Stock

Fund 

328,452

18,099

6,860

10,060,395‌

352,315‌

Small-Cap

Value

Fund 

323,640

2,985

6,564

6,001,787‌

344,683‌

New

Horizons

Fund (2)

231,732

2,458

5,744

4,127,316‌

241,737‌

Total

Equity

Mutual

Funds

(Cost

$11,697,281)

15,944,869‌

OTHER

MUTUAL

FUNDS

0.0%

T.

Rowe

Price

Funds:

Transition

Fund 

1,750

100,800

100,373

21,902‌

2,192‌

Total

Other

Mutual

Funds

(Cost

$2,170)

2,192‌

SHORT-TERM

INVESTMENTS

1.1%

Money

Market

Funds

 1.0%

T.

Rowe

Price

U.S.

Treasury

Money

Fund,

5.36% (3)

162,485

135,851

138,960

159,375,550‌

159,376‌

T.

ROWE

PRICE

Retirement

2050

Fund

2

$

Value

5/31/24

$

Purchase

Cost

$

Sales

Cost

Shares/Par

$

Value

8/31/24

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

1.1%

(continued)

U.S.

Treasury

Obligations

 0.1%

U.S.

Treasury

Bills,

5.268%,

10/1/24 (4)

19,000,000‌

18,923‌

Total

Short-Term

Investments

(Cost

$178,293)

178,299‌

Total

Investments

in

Securities 100.0%

(Cost

$12,046,090)

$

16,282,687‌

Other

Assets

Less

Liabilities

(0.0)%

(7,911‌)

Net

Assets

100.0%

$

16,274,776‌

(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

2050

Fund

3

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

283

Russell

2000

E-Mini

Index

contracts

9/24

(31,457)

$

(2,513‌)

Long,

79

S&P

500

E-Mini

Index

contracts

9/24

22,361

86‌

Net

payments

(receipts)

of

variation

margin

to

date

2,450‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

23‌

T.

ROWE

PRICE

Retirement

2050

Fund

4

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

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

Global

Bond

Fund 

$

(5‌)

$

(92‌)

$

139‌

Emerging

Markets

Discovery

Stock

Fund 

1,019‌

14,648‌

—‌

Emerging

Markets

Stock

Fund 

405‌

12,624‌

—‌

Equity

Index

500

Fund 

16,808‌

95,115‌

5,604‌

Growth

Stock

Fund 

53,790‌

102,713‌

—‌

International

Bond

Fund

(USD

Hedged) 

11‌

270‌

153‌

International

Stock

Fund 

2,101‌

66,418‌

—‌

International

Value

Equity

Fund 

4,573‌

50,763‌

—‌

Limited

Duration

Inflation

Focused

Bond

Fund 

9‌

753‌

61‌

Mid-Cap

Growth

Fund 

2,840‌

25,155‌

—‌

Mid-Cap

Value

Fund 

1,962‌

25,969‌

—‌

New

Horizons

Fund 

(164‌)

13,291‌

—‌

New

Income

Fund 

(1‌)

1,946‌

727‌

Overseas

Stock

Fund 

5,850‌

49,685‌

—‌

Real

Assets

Fund 

2,058‌

38,290‌

—‌

Small-Cap

Stock

Fund 

2,721‌

21,423‌

—‌

Small-Cap

Value

Fund 

1,401‌

24,622‌

—‌

Transition

Fund 

(373‌)

15‌

—‌

U.S.

Large-Cap

Core

Fund 

10,049‌

76,416‌

—‌

U.S.

Treasury

Long-Term

Index

Fund 

(26‌)

2,176‌

346‌

Value

Fund 

13,149‌

124,844‌

—‌

U.S.

Treasury

Money

Fund,

5.36%

—‌

—‌

2,026‌

Totals

$

118,177‌#

$

747,044‌

$

9,056‌+

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$9,056

of

income

distributions

from

underlying

Price

Funds.

T.

ROWE

PRICE

Retirement

2050

Fund

Unaudited

Notes

to

Portfolio

of

Investments

5

T.

Rowe

Price

Retirement

2050

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

2050

Fund

6

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

2050

Fund

7

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

$

157,327

$

—

$

—

$

157,327

Equity

Mutual

Funds

15,944,869

—

—

15,944,869

Other

Mutual

Funds

2,192

—

—

2,192

Short-Term

Investments

159,376

18,923

—

178,299

Total

Securities

16,263,764

18,923

—

16,282,687

Futures

Contracts*

86

—

—

86

Total

$

16,263,850

$

18,923

$

—

$

16,282,773

Liabilities

Futures

Contracts*

$

2,513

$

—

$

—

$

2,513

*

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

2050

Fund

8

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. 

F166-054Q1

08/24