T. Rowe Price Retirement 2035 Report (TRRJX)

Benchmark	Morningstar Category
Morningstar Lifetime Moderate 2035 Morningstar Lifetime Moderate 2035 MPT Benchmark Morningstar Moderate Target Risk Primary Prospectus Benchmark S&P Target Date 2035 TR USD Secondary Prospectus Benchmark N/A Analyst Assigned Benchmark Morningstar Lifetime Moderate 2035 Create Custom Benchmark Apply	Target Date 2031-2035 Target Date 2031-2035 Aggressive Allocation Bank Loan Bear Market China Region Commodities Agriculture Commodities Broad Basket Commodities Energy Commodities Industrial Metals Commodities Miscellaneous Commodities Precious Metals Communications Conservative Allocation Consumer Cyclical Consumer Defensive Convertibles Diversified Emerging Mkts Diversified Pacific/Asia Emerging Markets Bond Equity Energy Equity Precious Metals Europe Stock Financial Foreign Large Blend Foreign Large Growth Foreign Large Value Foreign Small/Mid Blend Foreign Small/Mid Growth Foreign Small/Mid Value Global Real Estate Health High Yield Bond High Yield Muni India Equity Industrials Inflation-Protected Bond Intermediate Government Intermediate-Term Bond Japan Stock Large Blend Large Growth Large Value Latin America Stock Leveraged Net Long Long Government Long-Term Bond Long/Short Equity Managed Futures Market Neutral Mid-Cap Blend Mid-Cap Growth Mid-Cap Value Miscellaneous Region Miscellaneous Sector Moderate Allocation Multialternative Multicurrency Multisector Bond Muni California Intermediate Muni California Long Muni Florida Muni Massachusetts Muni Minnesota Muni National Interm Muni National Long Muni National Short Muni New Jersey Muni New York Intermediate Muni New York Long Muni Ohio Muni Pennsylvania Muni Single State Interm Muni Single State Long Muni Single State Short Natural Res Nontraditional Bond Pacific/Asia ex-Japan Stk Real Estate Retirement Income Short Government Short-Term Bond Single Currency Small Blend Small Growth Small Value Stable Value Static Aggressive Allocation Static Conservative Allocation Static Intermediate Bond Static Large Blend Static Large Growth Static Large Value Static Mid-Cap Equity Static Moderate Allocation Static Money Market Static Non US Equity Static Short-Term Bond Static Small-Cap Equity Static US Government Target Date 2000-2010 Target Date 2011-2015 Target Date 2016-2020 Target Date 2021-2025 Target Date 2026-2030 Target Date 2031-2035 Target Date 2036-2040 Target Date 2041-2045 Target Date 2046-2050 Target Date 2051+ Technology Trading-Inverse Commodities Trading-Inverse Debt Trading-Inverse Equity Trading-Leveraged Commodities Trading-Leveraged Debt Trading-Leveraged Equity Trading-Miscellaneous Ultrashort Bond Utilities Volatility World Allocation World Bond World Stock

Benchmark

Morningstar Category

Morningstar Lifetime Moderate 2035

Target Date 2031-2035

Asset Allocation

TRRJX

Asset Distribution

	Type	% Net	% Short	% Long	Bench- mark	Cat Avg
As of 03/31/2013

	Cash	2.68	0.00	2.68	0.02	6.48

	US Stock	59.47	0.00	59.47	57.02	52.20

	Non US Stock	27.66	0.00	27.66	27.05	23.89

	Bond	9.21	0.00	9.21	11.23	15.75

	Other	0.98	0.03	1.01	4.69	1.67

Style Details

Avg Market Cap USD
25,751 mil

Benchmark Market Cap USD
22,335 mil

Category Avg Market Cap USD
28,775 mil

Market Capitalization
Size	% of Portfolio	Benchmark	Category Avg

Giant	38.27	38.35	42.80

Large	35.58	27.48	30.98

Medium	21.50	22.67	19.41

Small	3.55	11.19	5.49

Micro	1.11	0.32	1.31

Value & Growth Measures
	Stock Portfolio	Benchmark	Category Avg
As of 03/31/2013 *Forward-looking based on historical data Style and Market Cap Breakdown and Value and Growth Measures are calculated only using the long position holdings of the portfolio.

Price/Prospective Earnings*	13.86	14.42	14.72

Price/Book*	1.93	1.78	1.90

Price/Sales*	1.22	1.10	1.23

Price/Cash Flow*	5.74	6.13	6.82

Dividend Yield %*	1.89	2.34	2.20

Long-Term Earnings %	12.32	9.37	9.98

Historical Earnings %	-8.76	-1.66	2.52

Sales Growth %	4.39	-18.65	-10.14

Cash-Flow Growth %	2.58	-9.24	-26.61

Book-Value Growth %	-0.87	-29.27	-38.61

Ownership Zone

Weighted Average of holdings

75% of fund's stock holdings

Holdings Style

Portfolio Weight%

> 50% 25–50% 10–25% 0–10%

Investment Style History
Year	Style	% Equity
*As of 03/31/2013 Style Box Detail calculations do not include the fund's short positions (if any).

2013*		87.13

2012		86.86

2011		86.85

2010		88.73

2009		88.55

Fixed-Income Style

Fixed-Income Style History
Year	Style	% Bonds
As of 03/31/2013

2013		9.21

2012		9.18

2011		7.76

2010		7.47

2009		8.07

Bond Statistics
Detail	Value
As of 03/31/2013, *As of 03/31/2013

Average Effective Duration (Years)*	5.52

Average Effective Maturity (Years)*	7.90

Average Credit Quality	BBB

Average Weighted Coupon*	4.78

Average Weighted Price*	107.14

Credit Quality
Type	% Bonds	Benchmark	Category Avg

AAA	53.40	30.22	64.32

AA	5.86	31.68	4.76

A	6.07	20.67	8.97

BBB	18.12	17.29	10.03

BB	5.37	0.11	2.03

B	8.52	0.00	1.85

Below B	2.63	0.03	0.56

Not Rated	0.03	0.00	7.48

As of 03/31/2013 Credit Quality is calculated only using the long position holdings of the portfolio.

Sector Weightings

TRRJX

Equity Sector
Bond Sector

		% Stocks	Benchmark	Category Avg

	Cyclical

	Basic Materials	6.03	5.80	5.05

	Consumer Cyclical	15.05	11.97	12.10

	Financial Services	16.17	17.23	16.25

	Real Estate	3.53	4.24	4.89


	Sensitive

	Communication Services	4.34	3.92	4.08

	Energy	7.90	8.91	8.94

	Industrials	12.18	11.87	11.02

	Technology	12.14	13.17	13.64


	Defensive

	Consumer Defensive	8.12	8.88	9.53

	Healthcare	11.38	10.27	11.53

	Utilities	3.15	3.75	2.97

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Fixed-Income Sectors
Type		% Bonds	Benchmark	Category Avg

	Government	20.21	61.90	26.02

Government		19.05	59.67	22.62

Government-Related		1.16	2.23	3.39


	Corporate	29.55	36.36	26.03


	Securitized	24.66	0.27	16.54

Agency Mortgage-Backed		18.42	0.20	13.80

Non-Agency Residential MBS		2.37	0.03	0.89

Commercial MBS		1.65	0.00	1.05

Asset-Backed		2.18	0.02	0.80

Covered Bond		0.04	0.02	0.00


	Municipal	3.02	0.00	0.69


	Cash & Equivalents	22.55	1.47	30.15


	Other	0.00	0.00	0.58

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Coupon Range
Type	% Bonds	Benchmark	Category Avg

0% PIK	0.14	1.48	1.55

0% to 4%	34.57	57.91	45.92

4% to 6%	40.06	24.90	31.62

6% to 8%	15.84	13.18	13.13

8% to 10%	6.71	2.46	5.82

10% to 12%	1.87	0.09	1.49

More than 12%	0.82	0.00	0.48

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Top 10 Country Breakdown

TRRJX

	% Bonds	Benchmark	Category Avg

United States	73.75	76.53	89.39

Mexico	2.18	0.51	0.72

Brazil	2.09	0.41	0.35

United Kingdom	2.01	2.77	0.98

Japan	1.89	7.47	0.43

Turkey	1.53	0.08	0.26

Cayman Islands	1.35	0.90	0.79

Luxembourg	1.34	0.48	0.99

Canada	1.26	1.62	1.12

Venezuela	1.19	0.00	0.28


As of 03/31/2013 Country breakdown data is calculated only using the long position holdings of the portfolio.

Bond Maturity Breakdown

TRRJX

	% Bonds	Benchmark	Category Avg

1 to 3 Years	4.92	4.90	17.61

3 to 5 Years	18.10	17.91	16.06

5 to 7 Years	9.97	17.33	12.67

7 to 10 Years	19.60	27.60	18.65

10 to 15 Years	7.10	3.99	3.86

15 to 20 Years	3.47	4.97	3.43

20 to 30 Years	31.88	22.81	22.84

Over 30 Years	4.94	0.49	4.72


As of 03/31/2013

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	% Stocks	Benchmark	Category Avg
As of 03/31/2013 Region breakdown data is calculated by using the long position holdings of the portfolio equity part only.

Americas	71.88	71.48	71.56

North America	69.98	70.20	70.06

Latin America	1.91	1.27	1.50

Greater Europe	16.33	15.92	16.66

United Kingdom	5.78	4.83	5.36

Europe Developed	9.38	9.68	9.81

Europe Emerging	0.65	0.69	0.83

Africa/Middle East	0.52	0.71	0.66

Greater Asia	11.79	12.61	11.78

Japan	3.76	4.76	4.38

Australasia	1.63	1.83	1.70

Asia Developed	2.94	3.04	3.04

Asia Emerging	3.45	2.98	2.66


Market Classification

% Developed Markets	93.64	94.51	94.53

% Emerging Markets	6.36	5.49	5.47

TRRJX

Stocks

Cash

Bond

Other

*Grey bar reflects the selected investment's target asset allocation.

Certain information included herein is derived by Morningstar in part from MSCI’s Index Constituents (the “Index Data”). However, MSCI has not reviewed any information contained herein and does not endorse or express any opinion such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the Index Data makes any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information. None of the Index Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. All Index Data and any information derived therefrom is for your internal use only and may not be further redistributed or used to create any financial instruments or products or indices.

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T. Rowe Price Retirement 2035

Summary

Holdings

Premium Details

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Asset Allocation

TRRJX

Style Details

TRRJX

Sector Weightings

TRRJX

Top 10 Country Breakdown

TRRJX

Bond Maturity Breakdown

TRRJX

World Regions

TRRJX

Glide Path

TRRJX