T.
ROWE
PRICE
Retirement
2045
Fund
August
31,
2026
Unaudited
1
Portfolio
of
Investments
(1)
(1)
$
Value
5/31/26
$
Purchase
Cost
$
Sales
Cost
Shares/Par
$
Value
8/31/26
(Cost
and
value
in
$000s)
BOND
FUNDS
6.1%
T.
Rowe
Price
Funds:
New
Income
Fund 
415,805
74,931
18,538
59,777,284
465,067‌
U.S.
Treasury
Long-Term
Index
Fund 
233,013
32,330
12,282
36,305,254
246,513‌
International
Bond
Fund
(USD
Hedged) 
162,620
12,821
7,565
19,753,538
166,720‌
Limited
Duration
Inflation
Focused
Bond
Fund 
136,314
15,297
7,214
30,602,877
143,527‌
Dynamic
Global
Bond
Fund 
100,416
6,943
4,608
13,527,948
102,271‌
Emerging
Markets
Bond
Fund 
28,042
4,427
1,315
3,144,649
30,786‌
High
Yield
Fund 
23,156
9,037
1,323
5,194,515
30,648‌
Total
Bond
Funds
(Cost
$1,236,991)
1,185,532‌
EQUITY
FUNDS
93.7%
T.
Rowe
Price
Funds:
Value
Fund 
3,064,222
24,383
99,613
55,311,027
3,231,270‌
Growth
Stock
Fund 
3,180,842
212,589
61,160
28,143,521
3,196,541‌
U.S.
Large-Cap
Core
Fund 
1,730,345
15,768
53,095
35,708,762
1,765,798‌
Equity
Index
500
Fund 
1,705,447
6,205
58,890
8,106,377
1,619,330‌
International
Value
Equity
Fund 
1,560,312
—
77,832
53,891,271
1,490,648‌
Overseas
Stock
Fund 
1,430,161
1,348
54,930
75,795,355
1,403,730‌
International
Stock
Fund 
1,260,733
365
97,617
50,131,767
1,189,125‌
Real
Assets
Fund 
1,121,674
10,125
33,940
54,004,150
1,125,987‌
Emerging
Markets
Discovery
Stock
Fund 
637,654
395
18,503
26,858,673
591,428‌
Emerging
Markets
Stock
Fund 
612,089
576
18,440
10,393,205
581,292‌
Mid-Cap
Value
Fund 
606,318
—
65,524
14,245,229
550,256‌
Mid-Cap
Growth
Fund 
543,172
350
20,866
5,170,355
532,960‌
New
Horizons
Fund (2)
363,775
35
18,904
5,577,680
337,282‌
Small-Cap
Stock
Fund 
336,220
218
14,664
4,960,740
325,921‌
Small-Cap
Value
Fund 
352,682
—
31,469
5,254,287
322,456‌
Total
Equity
Funds
(Cost
$11,244,792)
18,264,024‌
OTHER
MUTUAL
FUNDS
0.0%
T.
Rowe
Price
Funds:
Transition
Fund 
2,685
67,566
68,482
18,100
1,755‌
Total
Other
Mutual
Funds
(Cost
$1,755)
1,755‌
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
 0.1%
T.
Rowe
Price
U.S.
Treasury
Money
Fund,
3.74% (3)
149,426
218,738
351,087
17,077,210
17,077‌
T.
ROWE
PRICE
Retirement
2045
Fund
2
$
Value
5/31/26
$
Purchase
Cost
$
Sales
Cost
Shares/Par
$
Value
8/31/26
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
0.2%
(continued)
U.S.
Treasury
Obligations
 0.1%
U.S.
Treasury
Bills,
3.743%,
11/3/26 (4)
20,000,000
19,869‌
U.S.
Treasury
Bills,
3.707%,
10/15/26 (4)
1,010,000
1,006‌
Total
Short-Term
Investments
(Cost
$37,953)
37,952‌
Total
Investments
in
Securities 100.0%
(Cost
$12,521,491)
$
19,489,263‌
Other
Assets
Less
Liabilities
(0.0)%
(9,061‌)
Net
Assets
100.0%
$
19,480,202‌
(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,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Retirement
2045
Fund
3
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
477
MSCI
EAFE
Index
contracts
9/26
(77,007)
$
(1,427‌)
Short,
342
Russell
2000
E-Mini
Index
contracts
9/26
(50,594)
1,003‌
Long,
507
S&P
500
E-Mini
Index
contracts
9/26
195,170
3,588‌
Net
payments
(receipts)
of
variation
margin
to
date
(3,211‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(47‌)
T.
ROWE
PRICE
Retirement
2045
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,
2026.
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 
$
(308‌)
$
(480‌)
$
1,636‌
Emerging
Markets
Bond
Fund 
(3‌)
(368‌)
495‌
Emerging
Markets
Discovery
Stock
Fund 
8,108‌
(28,118‌)
—‌
Emerging
Markets
Stock
Fund 
5,883‌
(12,933‌)
—‌
Equity
Index
500
Fund 
56,095‌
(33,432‌)
4,608‌
Growth
Stock
Fund 
17,739‌
(135,730‌)
—‌
High
Yield
Fund 
(11‌)
(222‌)
505‌
International
Bond
Fund
(USD
Hedged) 
(141‌)
(1,156‌)
1,385‌
International
Stock
Fund 
20,829‌
25,644‌
—‌
International
Value
Equity
Fund 
63,999‌
8,168‌
—‌
Limited
Duration
Inflation
Focused
Bond
Fund 
(46‌)
(870‌)
610‌
Mid-Cap
Growth
Fund 
908‌
10,304‌
—‌
Mid-Cap
Value
Fund 
16,421‌
9,462‌
—‌
New
Horizons
Fund 
260‌
(7,624‌)
—‌
New
Income
Fund 
(947‌)
(7,131‌)
5,564‌
Overseas
Stock
Fund 
27,881‌
27,151‌
—‌
Real
Assets
Fund 
10,460‌
28,128‌
—‌
Small-Cap
Stock
Fund 
3,440‌
4,147‌
—‌
Small-Cap
Value
Fund 
7,587‌
1,243‌
—‌
Transition
Fund 
(467‌)
(14‌)
152‌
U.S.
Large-Cap
Core
Fund 
11,013‌
72,780‌
—‌
U.S.
Treasury
Long-Term
Index
Fund 
(1,892‌)
(6,548‌)
2,673‌
Value
Fund 
25,575‌
242,278‌
—‌
U.S.
Treasury
Money
Fund,
3.74%
—‌
—‌
813‌
Totals
$
272,383‌#
$
194,679‌
$
18,441‌+
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$14
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$18,441
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Retirement
2045
Fund
Unaudited
Notes
to
Portfolio
of
Investments
5
T.
Rowe
Price
Retirement
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act). The
Retirement
2045
Fund
(the
fund)
is an open-end
management
investment
company
established
by
the
corporation
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.
Eastern
time,
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
2045
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
are
generally
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
factors
such
as,
but
not
limited
to,
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Retirement
2045
Fund
7
OTHER
MATTERS 
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events. 
F159-054Q1
08/26
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Bond
Funds
$
1,185,532
$
—
$
—
$
1,185,532
Equity
Funds
18,264,024
—
—
18,264,024
Other
Mutual
Funds
1,755
—
—
1,755
Short-Term
Investments
17,077
20,875
—
37,952
Total
Securities
19,468,388
20,875
—
19,489,263
Futures
Contracts*
4,591
—
—
4,591
Total
$
19,472,979
$
20,875
$
—
$
19,493,854
Liabilities
Futures
Contracts*
$
1,427
$
—
$
—
$
1,427
*
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.