T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

February

28,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

0.9%

Car

Loan

0.3%

AmeriCredit

Automobile

Receivables

Trust

Series

2020-3,

Class

C

1.06%,

8/18/26 

330‌

309‌

Enterprise

Fleet

Financing

Series

2022-4,

Class

A2

5.76%,

10/22/29 (1)

810‌

814‌

Santander

Retail

Auto

Lease

Trust

Series

2022-A,

Class

B

1.61%,

1/20/26 (1)

470‌

439‌

1,562‌

Other

Asset-Backed

Securities

0.4%

CNH

Equipment

Trust

Series

2022-C,

Class

A3

5.15%,

4/17/28 

885‌

882‌

Elara

HGV

Timeshare

Issuer

Series

2016-A,

Class

A

2.73%,

4/25/28 (1)

252‌

251‌

HPEFS

Equipment

Trust

Series

2021-2A,

Class

C

0.88%,

9/20/28 (1)

700‌

668‌

HPEFS

Equipment

Trust

Series

2022-3A,

Class

C

6.13%,

8/20/29 (1)

510‌

513‌

MVW

Owner

Trust

Series

2018-1A,

Class

A

3.45%,

1/21/36 (1)

142‌

137‌

2,451‌

Student

Loan

0.2%

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62 (1)

1,090‌

975‌

975‌

Total

Asset-Backed

Securities

(Cost

$5,192)

4,988‌

MUNICIPAL

SECURITIES

0.5%

California

0.1%

California

State

Univ.,

Series B,

0.563%,

11/1/24 

260‌

242‌

242‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series C,

0.877%,

11/15/23 

55‌

53‌

Denver

City

&

County

Airport

System,

Series C,

1.115%,

11/15/24 

80‌

75‌

128‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Georgia

0.0%

Atlanta

Water

&

Wastewater,

0.407%,

11/1/23 

45‌

44‌

Atlanta

Water

&

Wastewater,

0.616%,

11/1/24 

45‌

42‌

86‌

Illinois

0.2%

Illinois,

Series A,

GO,

2.84%,

10/1/23 

1,350‌

1,330‌

1,330‌

Michigan

0.1%

Michigan

Fin.

Auth.,

Series A-1,

1.086%,

6/1/23 

100‌

99‌

Michigan

Fin.

Auth.,

Series A-1,

1.376%,

6/1/24 

225‌

213‌

312‌

Texas

0.0%

Dallas

Area

Rapid

Transit,

0.541%,

12/1/23 

30‌

29‌

Dallas

Area

Rapid

Transit,

0.761%,

12/1/24 

25‌

23‌

52‌

West

Virginia

0.1%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.193%,

6/1/23 

135‌

133‌

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.497%,

6/1/24 

180‌

171‌

304‌

Total

Municipal

Securities

(Cost

$2,530)

2,454‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

3.1%

Collateralized

Mortgage

Obligations

3.1%

COLT

Mortgage

Loan

Trust

Series

2021-6,

Class

A1,

CMO,

ARM

1.907%,

12/25/66 (1)

1,423‌

1,204‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

5.817%,

1/25/30 

15‌

15‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

5.467%,

10/25/30 

321‌

320‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

5.467%,

10/25/30 

19‌

19‌

Connecticut

Avenue

Securities

Trust

Series

2022-R01,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.00%,

5.484%,

12/25/41 (1)

757‌

752‌

Connecticut

Avenue

Securities

Trust

Series

2022-R02,

Class

2M1,

CMO,

ARM

SOFR30A

+

1.20%,

5.684%,

1/25/42 (1)

502‌

497‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Flagstar

Mortgage

Trust

Series

2021-5INV,

Class

A5,

CMO,

ARM

2.50%,

7/25/51 (1)

703‌

606‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A3,

CMO,

ARM

2.617%,

1/25/60 (1)

235‌

208‌

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM

3.059%,

7/25/44 (1)

6‌

6‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ6,

Class

A8,

CMO,

ARM

2.50%,

11/25/51 (1)

1,233‌

1,063‌

GS

Mortgage-Backed

Securities

Trust

Series

2022-GR1,

Class

A5,

CMO,

ARM

2.50%,

6/25/52 (1)

1,808‌

1,559‌

MetLife

Securitization

Trust

Series

2018-1A,

Class

A,

CMO,

ARM

3.75%,

3/25/57 (1)

504‌

472‌

NYMT

Loan

Trust

Series

2022-CP1,

Class

A1,

CMO

2.042%,

7/25/61 (1)

764‌

681‌

OBX

Trust

Series

2019-EXP1,

Class

1A3,

CMO,

ARM

4.00%,

1/25/59 (1)

81‌

77‌

OBX

Trust

Series

2020-EXP1,

Class

1A9,

CMO,

ARM

3.50%,

2/25/60 (1)

91‌

80‌

OBX

Trust

Series

2020-EXP1,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

5.367%,

2/25/60 (1)

29‌

26‌

OBX

Trust

Series

2020-INV1,

Class

A21,

CMO,

ARM

3.50%,

12/25/49 (1)

47‌

42‌

Oceanview

Mortgage

Trust

Series

2022-1,

Class

A5,

CMO,

ARM

2.50%,

12/25/51 (1)

864‌

745‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

27‌

26‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A2,

CMO,

ARM

4.00%,

8/25/48 (1)

12‌

12‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A2,

CMO,

ARM

4.00%,

10/25/48 (1)

5‌

5‌

SG

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

1.16%,

7/25/61 (1)

763‌

605‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA1,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.00%,

5.484%,

1/25/42 (1)

1,424‌

1,401‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA2,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.30%,

5.784%,

2/25/42 (1)

1,184‌

1,176‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA3,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.00%,

6.484%,

4/25/42 (1)

1,620‌

1,627‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA4,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.20%,

6.684%,

5/25/42 (1)

1,331‌

1,343‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.95%,

7.434%,

6/25/42 (1)

1,661‌

1,701‌

Verus

Securitization

Trust

Series

2021-3,

Class

A1,

CMO,

ARM

1.046%,

6/25/66 (1)

652‌

541‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2021-RR1,

Class

A3,

CMO,

ARM

2.50%,

12/25/50 (1)

467‌

406‌

17,215‌

Residential

Mortgage

0.0%

MetLife

Securitization

Trust

Series

2017-1A,

Class

A,

CMO,

ARM

3.00%,

4/25/55 (1)

128‌

120‌

Mill

City

Mortgage

Loan

Trust

Series

2017-2,

Class

A1,

CMO,

ARM

2.75%,

7/25/59 (1)

44‌

44‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

17‌

17‌

181‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$18,781)

17,396‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Obligations

0.0%

Government

National

Mortgage

Assn.,

CMO,

3.50%,

5/20/49 

133‌

124‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$134)

124‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

94.7%

U.S.

Treasury

Obligations

94.7%

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

2,516‌

1,686‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/52 

11,460‌

7,653‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

9,136‌

6,413‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

10,850‌

8,953‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

19,750‌

16,874‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/45 

1,961‌

1,630‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 (2)

12,408‌

10,433‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

10,765‌

9,377‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

782‌

675‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

6,826‌

5,880‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

8,000‌

7,573‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/53 

2,328‌

2,298‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

12,754‌

12,407‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

15,253‌

14,612‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 (3)

24,818‌

23,464‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

30,681‌

29,075‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

22,179‌

20,928‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

44,642‌

41,698‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

27,961‌

25,230‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

6,100‌

5,457‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

27,908‌

24,877‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

23,084‌

20,379‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

28,491‌

27,561‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

24,232‌

22,948‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

16,900‌

15,989‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

26,099‌

25,182‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

23,566‌

21,765‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

1/15/33 

17,632‌

16,993‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

96,455‌

96,380‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$565,575)

524,390‌

SHORT-TERM

INVESTMENTS

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.60% (4)(5)

1,080‌

1,080‌

Total

Short-Term

Investments

(Cost

$1,080)

1,080‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

SECURITIES

LENDING

COLLATERAL

1.7%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

1.7%

Money

Market

Funds

1.7%

T.

Rowe

Price

Government

Reserve

Fund,

4.60% (4)(5)

9,479‌

9,479‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

9,479‌

Total

Securities

Lending

Collateral

(Cost

$9,479)

9,479‌

Total

Investments

in

Securities

101.1%

(Cost

$602,771)

$

559,911‌

Other

Assets

Less

Liabilities

(1.1)%

(6,212‌)

Net

Assets

100.0%

$

553,699‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$20,839

and

represents

3.8%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

February

28,

2023.

(3)

At

February

28,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(4)

Seven-day

yield

(5)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

GO

General

Obligation

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

USD

U.S.

Dollar

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

7

(Amounts

in

000s)

SWAPS

0.9%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.8%

Zero-Coupon

Inflation

Swaps

0.8%

Barclays

Bank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

0.285%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/27/23

29,300

4,391

—

4,391‌

Total

Bilateral

Zero-Coupon

Inflation

Swaps

—

4,391‌

Total

Bilateral

Swaps

—

4,391‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Zero-Coupon

Inflation

Swaps

0.1%

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.313%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/27/25

6,100

44

—

44‌

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.328%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/26/24

12,300

(104)

—

(104‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.515%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

11/13/23

11,300

519

1

518‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

458‌

Total

Centrally

Cleared

Swaps

458‌

Net

payments

(receipts)

of

variation

margin

to

date

(430‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

28‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

8

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

126

U.S.

Treasury

Notes

five

year

contracts

6/23

13,489

$

—‌

Short,

25

Ultra

U.S.

Treasury

Bonds

contracts

6/23

(3,377)

2‌

Net

payments

(receipts)

of

variation

margin

to

date

—‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

2‌

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

9

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

nine

months

ended

February

28,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.60%

$

—‌

$

—‌

$

27‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.60%

—‌

—‌

326‌

Totals

$

—‌#

$

—‌

$

353‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

02/28/23

T.

Rowe

Price

Government

Reserve

Fund,

4.60%

$

—‌

 ¤

 ¤

$

9,479‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.60%

21,534‌

 ¤

 ¤

1,080‌

Total

$

10,559‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$353

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$10,559.

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

T.

Rowe

Price

Inflation

Protected

Bond

Fund,

Inc. (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,

and

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

Inflation

Protected

Bond

Fund

11

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 

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

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.   

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

T.

ROWE

PRICE

Inflation

Protected

Bond

Fund

12

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

549,352‌

$

—‌

$

549,352‌

Short-Term

Investments

1,080‌

—‌

—‌

1,080‌

Securities

Lending

Collateral

9,479‌

—‌

—‌

9,479‌

Total

Securities

10,559‌

549,352‌

—‌

559,911‌

Swaps*

—‌

4,953‌

—‌

4,953‌

Futures

Contracts*

2‌

—‌

—‌

2‌

Total

$

10,561‌

$

554,305‌

$

—‌

$

564,866‌

Liabilities

Swaps*

$

—‌

$

104‌

$

—‌

$

104‌

1

Includes

Asset-Backed

Securities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-

Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

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

Inflation

Protected

Bond

Fund

13

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.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

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.

F147-054Q3

02/23