T.

ROWE

PRICE

Retirement

Income

2020

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

(1)

(1)

$

Value

12/31/23

$

Purchase

Cost

$

Sales

Cost

Shares

$

Value

3/31/24

(Cost

and

value

in

$000s)

BOND

MUTUAL

FUNDS

44.6%

T.

Rowe

Price

Funds:

New

Income

Fund 

20,859

2,599

528

2,837,303‌

22,557‌

Limited

Duration

Inflation

Focused

Bond

Fund 

15,867

2,520

433

3,908,339‌

18,017‌

International

Bond

Fund

(USD

Hedged) 

7,139

642

183

897,345‌

7,592‌

U.S.

Treasury

Long-Term

Index

Fund 

5,227

374

132

696,371‌

5,258‌

Dynamic

Global

Bond

Fund 

4,825

524

131

672,805‌

5,201‌

Emerging

Markets

Bond

Fund 

4,862

371

114

562,453‌

5,152‌

High

Yield

Fund 

4,561

359

103

814,542‌

4,789‌

Dynamic

Credit

Fund 

1,747

169

50

211,316‌

1,857‌

Floating

Rate

Fund 

1,671

139

37

190,929‌

1,774‌

Total

Bond

Mutual

Funds

(Cost

$78,782)

72,197‌

EQUITY

MUTUAL

FUNDS

53.1%

T.

Rowe

Price

Funds:

Value

Fund 

10,923

716

335

268,880‌

12,602‌

Growth

Stock

Fund 

10,763

688

1,040

118,517‌

11,650‌

Hedged

Equity

Fund 

7,548

569

188

738,923‌

8,631‌

U.S.

Large-Cap

Core

Fund 

6,714

665

162

201,249‌

8,165‌

Equity

Index

500

Fund 

6,923

491

1,332

46,461‌

6,418‌

Overseas

Stock

Fund 

5,763

370

121

478,990‌

6,265‌

International

Value

Equity

Fund 

5,071

436

122

335,306‌

5,704‌

Real

Assets

Fund 

4,944

495

123

376,783‌

5,490‌

International

Stock

Fund 

4,888

324

115

267,685‌

5,303‌

Mid-Cap

Growth

Fund 

2,923

176

60

30,079‌

3,295‌

Mid-Cap

Value

Fund 

2,594

159

53

86,262‌

3,004‌

Small-Cap

Stock

Fund 

2,015

106

38

35,786‌

2,202‌

Emerging

Markets

Discovery

Stock

Fund 

2,172

127

293

153,440‌

2,088‌

Emerging

Markets

Stock

Fund 

1,749

113

42

52,923‌

1,818‌

Small-Cap

Value

Fund 

1,665

100

36

33,210‌

1,800‌

New

Horizons

Fund (2)

1,292

81

28

23,480‌

1,427‌

U.S.

Equity

Research

Fund 

749

14

460

4,283‌

222‌

Total

Equity

Mutual

Funds

(Cost

$67,749)

86,084‌

OTHER

MUTUAL

FUNDS

0.0%

T.

Rowe

Price

Funds:

Transition

Fund 

17

984

982

190‌

19‌

Total

Other

Mutual

Funds

(Cost

$19)

19‌

T.

ROWE

PRICE

Retirement

Income

2020

Fund

2

$

Value

12/31/23

$

Purchase

Cost

$

Sales

Cost

Shares

$

Value

3/31/24

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

2.3%

Money

Market

Funds

2.3%

T.

Rowe

Price

U.S.

Treasury

Money

Fund,

5.39% (3)

3,278

2,417

1,979

3,716,620‌

3,716‌

Total

Short-Term

Investments

(Cost

$3,716)

3,716‌

Total

Investments

in

Securities

100.0%

(Cost

$150,266)

$

162,016‌

Other

Assets

Less

Liabilities

(0.0)%

(62‌)

Net

Assets

100.0%

$

161,954‌

(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

Retirement

Income

2020

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

three

months

ended

March

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 

$

—‌

$

(9‌)

$

31‌

Dynamic

Global

Bond

Fund 

(10‌)

(17‌)

—‌

Emerging

Markets

Bond

Fund 

(9‌)

33‌

79‌

Emerging

Markets

Discovery

Stock

Fund 

(21‌)

82‌

—‌

Emerging

Markets

Stock

Fund 

(1‌)

(2‌)

—‌

Equity

Index

500

Fund 

308‌

336‌

21‌

Floating

Rate

Fund 

(1‌)

1‌

40‌

Growth

Stock

Fund 

93‌

1,239‌

—‌

Hedged

Equity

Fund 

—‌

702‌

—‌

High

Yield

Fund 

(2‌)

(28‌)

82‌

International

Bond

Fund

(USD

Hedged) 

(10‌)

(6‌)

—‌

International

Stock

Fund 

2‌

206‌

—‌

International

Value

Equity

Fund 

2‌

319‌

—‌

Limited

Duration

Inflation

Focused

Bond

Fund 

(21‌)

63‌

70‌

Mid-Cap

Growth

Fund 

4‌

256‌

—‌

Mid-Cap

Value

Fund 

5‌

304‌

—‌

New

Horizons

Fund 

1‌

82‌

—‌

New

Income

Fund 

(11‌)

(373‌)

246‌

Overseas

Stock

Fund 

12‌

253‌

—‌

Real

Assets

Fund 

—‌

174‌

—‌

Small-Cap

Stock

Fund 

1‌

119‌

—‌

Small-Cap

Value

Fund 

—‌

71‌

—‌

Transition

Fund 

6‌

—‌

1‌

U.S.

Equity

Research

Fund 

131‌

(81‌)

—‌

U.S.

Large-Cap

Core

Fund 

6‌

948‌

—‌

U.S.

Treasury

Long-Term

Index

Fund 

(15‌)

(211‌)

49‌

Value

Fund 

25‌

1,298‌

—‌

U.S.

Treasury

Money

Fund,

5.39%

—‌

—‌

45‌

Totals

$

495‌#

$

5,759‌

$

664‌+

T.

ROWE

PRICE

Retirement

Income

2020

Fund

4

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$9

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$664

of

income

distributions

from

underlying

Price

Funds.

T.

ROWE

PRICE

Retirement

Income

2020

Fund

Unaudited

Notes

to

Portfolio

of

Investments

5

T.

Rowe

Price

Retirement

Income

2020

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

Retirement

Income

2020

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

March

31,

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

Retirement

Income

2020

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.

F1083-054Q1

03/24