UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21919

T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

November

30,

2023

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRBFX

Limited

Duration

Inflation

Focused

Bond

Fund

–

.

TRLDX

Limited

Duration

Inflation

Focused

Bond

Fund–

.

I  Class

TRPZX

Limited

Duration

Inflation

Focused

Bond

Fund–

.

Z Class

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/help/fees-and-

minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

mixed

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2023.

Nearly

all

equity

benchmarks

finished

the

period

with

positive

results

after

a

strong

rally

in

November;

however,

rising

U.S.

Treasury

yields

left

some

fixed

income

sectors

in

negative

territory.

Within

the

S&P

500

Index,

the

financials

sector

recovered

from

the

failure

of

three

large

regional

banks

earlier

in

the

year and

recorded

the

best

results

for

the

period.

The

information

technology

sector

also

delivered

strong

gains

as

technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments.

Outside

the

U.S.,

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets,

although

emerging

Europe

and

Latin

America

produced

very

strong

returns

at

the

regional

level.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

5.2%

in

the

third

quarter’s

revised

estimate,

the

highest

since

the

end

of

2021.

Corporate

fundamentals

were

also

broadly

supportive.

Although

year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

results

were

better

than

expected,

and

earnings

growth

turned

positive

again

in

the

third

quarter.

Inflation

remained

a

concern

for

both

investors

and

policymakers,

but

lower-

than-expected

inflation

data

in

November

helped

spur

a

rally

late

in

the

period

as

many

investors

concluded

that

the

Federal

Reserve

had

reached

the

end

of

its

hiking

cycle.

The

Fed

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.25%

to

5.50%

in

July,

the

highest

level

since

March

2001,

and

then

held

rates

steady

for

the

remainder

of

the

period.

Despite

a

drop

in

yields

as

investor

sentiment

shifted

in

November,

intermediate-

and

longer-term

U.S.

Treasury

yields

finished

the

period

notably

higher.

After

starting

the

period

at

3.64%,

the

yield

on

the

benchmark

10-year

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling to

4.37%

by

the

end

of

November.

The

rise

in

yields

led

to

negative

returns

in

some

fixed

income

sectors,

but

both

investment-grade

and

high

yield

corporate

bonds

produced

solid

returns,

supported

by

the

higher

coupons

that

have

become

available

over

the

past

year

as

well

as

by increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

2

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

adopted

new

rules

recently

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

Although

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Portfolio

Summary

3

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

CREDIT

QUALITY

DIVERSIFICATION

Limited

Duration

Inflation

Focused

Bond

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

Securities

that

have

not

been

rated

by

any

rating

agency

totaled

0.05%

of

the

portfolio

at

the

end

of

the

reporting

period.

*

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

4

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

5

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

6

LIMITED

DURATION

INFLATION

FOCUSED

BOND

FUND

Beginning

Account

Value

6/1/23

Ending

Account

Value

11/30/23

Expenses

Paid

During

Period*

6/1/23

to

11/30/23

Investor

Class

Actual

$1,000.00

$1,009.50

$2.61

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.40

  2.63

I

Class

Actual

  1,000.00

  1,009.70

  1.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.50

  1.52

Z

Class

Actual

  1,000.00

  1,010.50

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.00

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.52%,

the

2

I Class

was

0.30%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

4

.73‌

$

5

.21‌

$

5

.39‌

$

5

.02‌

$

4

.99‌

$

4

.97‌

Investment

activities

Net

investment

income

(1)(2)

0

.11‌

0

.29‌

0

.30‌

0

.10‌

0

.10‌

0

.10‌

Net

realized

and

unrealized

gain/loss

(

0

.21‌

)

(

0

.48‌

)

(

0

.22‌

)

0

.33‌

0

.03‌

0

.05‌

Total

from

investment

activities

(

0

.10‌

)

(3)

(

0

.19‌

)

0

.08‌

0

.43‌

0

.13‌

0

.15‌

Distributions

Net

investment

income

(

0

.02‌

)

(

0

.27‌

)

(

0

.21‌

)

(

0

.01‌

)

(

0

.04‌

)

(

0

.04‌

)

Net

realized

gain

—‌

(

0

.02‌

)

(

0

.05‌

)

(

0

.05‌

)

(

0

.06‌

)

(

0

.09‌

)

Total

distributions

(

0

.02‌

)

(

0

.29‌

)

(

0

.26‌

)

(

0

.06‌

)

(

0

.10‌

)

(

0

.13‌

)

NET

ASSET

VALUE

End

of

period

$

4

.61‌

$

4

.73‌

$

5

.21‌

$

5

.39‌

$

5

.02‌

$

4

.99‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

Ratios/Supplemental

Data

Total

return

(2)(4)

0

.95‌

%

(

3

.69‌

)

%

1

.49‌

%

8

.55‌

%

2

.63‌

%

3

.06‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

(5)

0

.61‌

%

(6)

0

.54‌

%

0

.49‌

%

0

.48‌

%

0

.47‌

%

0

.39‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.52‌

%

(6)

0

.46‌

%

0

.41‌

%

0

.39‌

%

0

.39‌

%

0

.39‌

%

Net

investment

income

4

.75‌

%

(6)

5

.85‌

%

5

.67‌

%

1

.99‌

%

1

.94‌

%

2

.07‌

%

Portfolio

turnover

rate

42

.7‌

%

155

.9‌

%

141

.0‌

%

136

.7‌

%

101

.8‌

%

124

.6‌

%

Net

assets,

end

of

period

(in

millions)

$117

$132

$903

$982

$2,053

$7,078

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

See

Note

6.

Prior

to

5/31/20,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

(6)

Annualized

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

4

.70‌

$

5

.24‌

$

5

.42‌

$

5

.03‌

$

5

.01‌

$

4

.98‌

Investment

activities

Net

investment

income

(1)(2)

0

.12‌

0

.18‌

0

.35‌

0

.06‌

0

.11‌

0

.11‌

Net

realized

and

unrealized

gain/loss

(

0

.23‌

)

(

0

.35‌

)

(

0

.27‌

)

0

.39‌

0

.02‌

0

.06‌

Total

from

investment

activities

(

0

.11‌

)

(3)

(

0

.17‌

)

0

.08‌

0

.45‌

0

.13‌

0

.17‌

Distributions

Net

investment

income

(

0

.02‌

)

(

0

.35‌

)

(

0

.21‌

)

(

0

.01‌

)

(

0

.05‌

)

(

0

.05‌

)

Net

realized

gain

—‌

(

0

.02‌

)

(

0

.05‌

)

(

0

.05‌

)

(

0

.06‌

)

(

0

.09‌

)

Total

distributions

(

0

.02‌

)

(

0

.37‌

)

(

0

.26‌

)

(

0

.06‌

)

(

0

.11‌

)

(

0

.14‌

)

NET

ASSET

VALUE

End

of

period

$

4

.57‌

$

4

.70‌

$

5

.24‌

$

5

.42‌

$

5

.03‌

$

5

.01‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

Ratios/Supplemental

Data

Total

return

(2)(4)

0

.97‌

%

(

3

.17‌

)

%

1

.41‌

%

9

.00‌

%

2

.56‌

%

3

.40‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

(5)

0

.43‌

%

(6)

0

.44‌

%

0

.34‌

%

0

.41‌

%

0

.35‌

%

0

.26‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.30‌

%

(6)

0

.30‌

%

0

.30‌

%

0

.30‌

%

0

.26‌

%

0

.26‌

%

Net

investment

income

4

.95‌

%

(6)

3

.70‌

%

6

.47‌

%

1

.15‌

%

2

.11‌

%

2

.21‌

%

Portfolio

turnover

rate

42

.7‌

%

155

.9‌

%

141

.0‌

%

136

.7‌

%

101

.8‌

%

124

.6‌

%

Net

assets,

end

of

period

(in

thousands)

$892,685

$944,203

$423,953

$233,124

$22,524

$1,412,546

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

See

Note

6.

Prior

to

5/31/20,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

(6)

Annualized

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

Z

Class

(1)

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

5/31/23

5/31/22

5/31/21

NET

ASSET

VALUE

Beginning

of

period

$

4

.68‌

$

5

.22‌

$

5

.40‌

$

5

.01‌

$

4

.90‌

Investment

activities

Net

investment

income

(2)(3)

0

.12‌

0

.24‌

0

.31‌

0

.13‌

0

.01‌

Net

realized

and

unrealized

gain/

loss

(

0

.24‌

)

(

0

.40‌

)

(

0

.21‌

)

0

.33‌

0

.11‌

Total

from

investment

activities

(

0

.12‌

)

(4)

(

0

.16‌

)

0

.10‌

0

.46‌

0

.12‌

Distributions

Net

investment

income

(

0

.02‌

)

(

0

.36‌

)

(

0

.23‌

)

(

0

.02‌

)

(

0

.01‌

)

Net

realized

gain

—‌

(

0

.02‌

)

(

0

.05‌

)

(

0

.05‌

)

—‌

Total

distributions

(

0

.02‌

)

(

0

.38‌

)

(

0

.28‌

)

(

0

.07‌

)

(

0

.01‌

)

NET

ASSET

VALUE

End

of

period

$

4

.54‌

$

4

.68‌

$

5

.22‌

$

5

.40‌

$

5

.01‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

5/31/23

5/31/22

5/31/21

Ratios/Supplemental

Data

Total

return

(3)(5)

1

.05‌

%

(

3

.03‌

)

%

1

.79‌

%

9

.17‌

%

2

.50‌

%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.34‌

%

(6)

0

.34‌

%

0

.34‌

%

0

.34‌

%

0

.35‌

%

(6)

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.00‌

%

(6)

0

.00‌

%

0

.00‌

%

0

.00‌

%

0

.00‌

%

(6)

Net

investment

income

5

.26‌

%

(6)

4

.89‌

%

5

.85‌

%

2

.44‌

%

0

.97‌

%

(6)

Portfolio

turnover

rate

42

.7‌

%

155

.9‌

%

141

.0‌

%

136

.7‌

%

101

.8‌

%

Net

assets,

end

of

period

(in

millions)

$6,228

$6,195

$8,537

$8,707

$5,430

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6)

Annualized

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2023

(Unaudited)

13

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

0.0%

Other

Asset-Backed

Securities

0.0%

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33  (1)

1,456‌

1,378‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30  (1)

647‌

626‌

Sierra

Timeshare

Receivables

Funding

Series 2019-3A,

Class

A

2.34%,

8/20/36  (1)

1,024‌

975‌

Total

Asset-Backed

Securities

(Cost

$3,127)

2,979‌

MUNICIPAL

SECURITIES

0.2%

California

0.1%

California

State

Univ.,

Series B,

0.563%,

11/1/24 

4,220‌

4,040‌

4,040‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series C,

1.115%,

11/15/24 

1,225‌

1,178‌

1,178‌

Georgia

0.0%

Atlanta

Water

&

Wastewater,

0.616%,

11/1/24 

670‌

642‌

642‌

Michigan

0.1%

Michigan

Fin.

Auth.,

Series A-1,

1.376%,

6/1/24 

3,425‌

3,346‌

3,346‌

Texas

0.0%

Dallas

Area

Rapid

Transit,

0.541%,

12/1/23 

485‌

485‌

Dallas

Area

Rapid

Transit,

0.761%,

12/1/24 

380‌

364‌

849‌

West

Virginia

0.0%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.497%,

6/1/24 

2,680‌

2,623‌

2,623‌

Total

Municipal

Securities

(Cost

$13,085)

12,678‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.2%

Whole

Loans

Backed

0.2%

Connecticut

Avenue

Securities

Series 2017-C05,

Class

1ED3,

CMO,

ARM

SOFR30A

+

1.314%,

6.643%,

1/25/30 

157‌

157‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

‡

Connecticut

Avenue

Securities

Series 2017-C06,

Class

1M2B,

CMO,

ARM

SOFR30A

+

2.764%,

8.093%,

2/25/30 

3,404‌

3,412‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1EB2,

CMO,

ARM

SOFR30A

+

0.964%,

6.293%,

10/25/30 

4,750‌

4,743‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1ED2,

CMO,

ARM

SOFR30A

+

0.964%,

6.293%,

10/25/30 

297‌

297‌

GS

Mortgage-Backed

Securities

Trust

Series 2014-EB1A,

Class

2A1,

CMO,

ARM

4.154%,

7/25/44  (1)

85‌

85‌

OBX

Trust

Series 2020-EXP1,

Class

2A1,

CMO,

ARM

1M

TSFR

+

0.864%,

6.207%,

2/25/60  (1)

669‌

601‌

Sequoia

Mortgage

Trust

Series 2018-CH1,

Class

A2,

CMO,

ARM

3.50%,

3/25/48  (1)

638‌

558‌

Sequoia

Mortgage

Trust

Series 2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48  (1)

683‌

621‌

Sequoia

Mortgage

Trust

Series 2018-CH3,

Class

A2,

CMO,

ARM

4.00%,

8/25/48  (1)

188‌

181‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$10,920)

10,655‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Agency

Obligations

0.0%

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.219%,

6.344%,

10/1/33 

—‌

—‌

RFUCCT1Y

+

1.961%,

4.461%,

2/1/33 

—‌

—‌

RFUCCT1Y

+

1.975%,

4.225%,

2/1/34 

—‌

1‌

RFUCCT1Y

+

2.031%,

5.049%,

11/1/36 

15‌

15‌

Federal

National

Mortgage

Assn.,

ARM 

ECOFC

+

1.254%,

4.267%,

7/1/27 

—‌

—‌

RFUCCT1Y

+

1.34%,

3.59%,

12/1/35 

4‌

4‌

RFUCCT1Y

+

1.584%,

4.499%,

12/1/35 

10‌

11‌

RFUCCT1Y

+

1.671%,

4.046%,

2/1/33 

—‌

—‌

RFUCCT1Y

+

1.688%,

4.757%,

7/1/34 

1‌

1‌

RFUCCT1Y

+

1.715%,

3.965%,

12/1/32 

8‌

8‌

RFUCCT1Y

+

1.715%,

5.965%,

10/1/32 

5‌

5‌

RFUCCT1Y

+

1.77%,

4.145%,

12/1/35 

1‌

1‌

RFUCCT1Y

+

1.78%,

4.03%,

1/1/34 

4‌

4‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

‡

RFUCCT1Y

+

1.83%,

6.08%,

8/1/38 

3‌

3‌

RFUCCT1Y

+

1.853%,

6.103%,

8/1/38 

4‌

4‌

RFUCCT1Y

+

1.892%,

4.779%,

12/1/35 

3‌

4‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

—‌

—‌

61‌

U.S.

Government

Obligations

0.0%

Government

National

Mortgage

Assn. 

8.50%,

7/15/24

-

6/20/27 

8‌

8‌

Government

National

Mortgage

Assn.,

CMO,

3.50%,

5/20/49 

2,445‌

2,197‌

2,205‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$2,532)

2,266‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

95.5%

U.S.

Treasury

Obligations

95.5%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

1,210,196‌

1,159,519‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

673,587‌

642,434‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

617,917‌

582,000‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

27,116‌

25,553‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

1,133,498‌

1,063,186‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

909,072‌

841,744‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

1,408,663‌

1,348,354‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27  (2)

804,821‌

786,587‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28 

454,544‌

459,232‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$7,121,203)

6,908,609‌

SHORT-TERM

INVESTMENTS

4.2%

Money

Market

Funds

4.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (3)(4)

306,217‌

306,217‌

Total

Short-Term

Investments

(Cost

$306,217)

306,217‌

Total

Investments

in

Securities

100.1%

of

Net

Assets

(Cost

$7,457,084)

$

7,243,404‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

16

‡

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

$5,025

and

represents

0.1%

of

net

assets.

(2)

At

November

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(3)

Seven-day

yield

(4)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

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. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

ECOFC

Enterprise

11th

District

COFI

Replacement

Index

RFUCCT1Y

Twelve

month

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

17

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

Exchange-Traded

Options

Written

(0.0)%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

1/26/24

@

$107.50

6,610

725,757

(2,685)

Total

Options

Written

(Premiums

$(2,528))

$

(2,685)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

18

(Amounts

in

000s)

SWAPS

0.1%

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

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/22/24

77,055

(184)

—

(184‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.129%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/22/24

77,055

(209)

1

(210‌)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.953%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/3/24

61,134

4,016

—

4,016‌

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.960%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/2/24

39,667

2,602

—

2,602‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

6,224‌

Total

Centrally

Cleared

Swaps

6,224‌

Net

payments

(receipts)

of

variation

margin

to

date

(6,189‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

35‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

19

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

1/19/24

CHF

16,240‌

USD

18,148‌

$

502‌

Canadian

Imperial

Bank

of

Commerce

1/19/24

CAD

24,520‌

USD

17,912‌

173‌

Canadian

Imperial

Bank

of

Commerce

1/19/24

USD

18,021‌

CAD

24,520‌

(63‌)

Citibank

1/19/24

AUD

28,340‌

USD

18,452‌

303‌

Citibank

1/19/24

USD

18,064‌

AUD

28,330‌

(685‌)

Goldman

Sachs

1/19/24

USD

18,022‌

AUD

28,340‌

(734‌)

JPMorgan

Chase

1/19/24

AUD

28,330‌

USD

18,454‌

295‌

UBS

Investment

Bank

1/19/24

USD

18,022‌

CHF

16,240‌

(628‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(837‌)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

20

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,503

U.S.

Treasury

Notes

ten

year

contracts

3/24

(165,025)

$

(718‌)

Net

payments

(receipts)

of

variation

margin

to

date

1,494‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

776‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

21

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

six

months

ended

November

30,

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,

5.42%

$

—‌

$

—‌

$

8,910‌++

Totals

$

—‌#

$

—‌

$

8,910‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

11/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

$

555,211‌

 ¤

  ¤

$

306,217‌

Total

$

306,217‌^

#

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

as

described

in

Note

4

.

+

Investment

income

comprised

$8,910

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

$306,217.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

22

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$7,457,084)

$

7,243,404‌

Receivable

for

investment

securities

sold

8,535‌

Interest

receivable

6,137‌

Unrealized

gain

on

forward

currency

exchange

contracts

1,273‌

Due

from

affiliates

1,268‌

Variation

margin

receivable

on

futures

contracts

776‌

Receivable

for

shares

sold

188‌

Variation

margin

receivable

on

centrally

cleared

swaps

35‌

Cash

16‌

Foreign

currency

(cost

$1)

1‌

Other

assets

67‌

Total

assets

7,261,700‌

Liabilities

Payable

for

shares

redeemed

10,702‌

Payable

for

investment

securities

purchased

6,894‌

Options

written

(premiums

$2,528)

2,685‌

Unrealized

loss

on

forward

currency

exchange

contracts

2,110‌

Investment

management

fees

payable

1,485‌

Payable

to

directors

4‌

Other

liabilities

266‌

Total

liabilities

24,146‌

NET

ASSETS

$

7,237,554‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

23

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(

833,241‌

)

Paid-in

capital

applicable

to

1,591,270,771

shares

of

$0.00001

par

value

capital

stock

outstanding;

6,000,000,000

shares

of

the

Corporation

authorized

8,070,795‌

NET

ASSETS

$

7,237,554‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$116,569;

Shares

outstanding:

25,289,668)

$

4.61‌

I

Class

(Net

assets:

$892,685;

Shares

outstanding:

195,398,554)

$

4.57‌

Z

Class

(Net

assets:

$6,228,300;

Shares

outstanding:

1,370,582,549)

$

4.54‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Statement

of

Operations

24

($000s)

6

Months

Ended

11/30/23

Investment

Income

(Loss)

Income

    Interest

$

180,727‌

Dividend

8,910‌

Securities

lending

8‌

Total

income

189,645‌

Expenses

Investment

management

12,136‌

Shareholder

servicing

Investor

Class

$

137‌

I

Class

402‌

539‌

Prospectus

and

shareholder

reports

Investor

Class

18‌

I

Class

4‌

Z

Class

3‌

25‌

Custody

and

accounting

149‌

Registration

39‌

Legal

and

audit

20‌

Directors

13‌

Proxy

and

annual

meeting

7‌

Miscellaneous

45‌

Waived

/

paid

by

Price

Associates

(

11,251‌

)

Total

expenses

1,722‌

Net

investment

income

187,923‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Statement

of

Operations

25

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(

98,109‌

)

Futures

(

35,157‌

)

Swaps

16,591‌

Options

written

6,757‌

Forward

currency

exchange

contracts

(

747‌

)

Foreign

currency

transactions

(

4‌

)

Net

realized

loss

(

110,669‌

)

Change

in

net

unrealized

gain

/

loss

Securities

11,961‌

Futures

3,271‌

Swaps

(

13,994‌

)

Options

written

(

157‌

)

Forward

currency

exchange

contracts

(

837‌

)

Change

in

net

unrealized

gain

/

loss

244‌

Net

realized

and

unrealized

gain

/

loss

(

110,425‌

)

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

77,498‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

26

($000s)

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

187,923‌

$

353,378‌

Net

realized

loss

(

110,669‌

)

(

380,360‌

)

Change

in

net

unrealized

gain

/

loss

244‌

(

224,532‌

)

Increase

(decrease)

in

net

assets

from

operations

77,498‌

(

251,514‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

4,039‌

)

(

10,091‌

)

I

Class

(

33,161‌

)

(

67,587‌

)

Z

Class

(

249,183‌

)

(

448,896‌

)

Decrease

in

net

assets

from

distributions

(

286,383‌

)

(

526,574‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

20,678‌

166,843‌

I

Class

489,510‌

862,657‌

Z

Class

437,175‌

918,356‌

Distributions

reinvested

Investor

Class

4,015‌

10,040‌

I

Class

33,070‌

67,497‌

Z

Class

249,183‌

448,896‌

Shares

redeemed

Investor

Class

(

36,529‌

)

(

900,377‌

)

I

Class

(

549,325‌

)

(

339,434‌

)

Z

Class

(

472,253‌

)

(

3,049,280‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

175,524‌

(

1,814,802‌

)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

27

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Net

Assets

Decrease

during

period

(

33,361‌

)

(

2,592,890‌

)

Beginning

of

period

7,270,915‌

9,863,805‌

End

of

period

$

7,237,554‌

$

7,270,915‌

*Share

information

(000s)

Shares

sold

Investor

Class

4,370‌

33,158‌

I

Class

104,397‌

173,459‌

Z

Class

93,540‌

192,205‌

Distributions

reinvested

Investor

Class

871‌

2,124‌

I

Class

7,235‌

14,397‌

Z

Class

54,868‌

96,156‌

Shares

redeemed

Investor

Class

(

7,733‌

)

(

180,940‌

)

I

Class

(

117,156‌

)

(

67,816‌

)

Z

Class

(

101,086‌

)

(

600,362‌

)

Increase

(decrease)

in

shares

outstanding

39,306‌

(

337,619‌

)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

28

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. The

fund

seeks

a

level

of

income

that

is

consistent

with

the

current

rate

of

inflation.

The

fund

has

three classes

of

shares:

the

Limited

Duration

Inflation

Focused

Bond

Fund

(Investor

Class),

the

Limited

Duration

Inflation

Focused

Bond

Fund–I

Class

(I

Class),

and

the

Limited

Duration

Inflation

Focused

Bond

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

 Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

 Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

 Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

 Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

 Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

 Dividend

income and

capital

gain

distributions

are

recorded

on

the

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

29

ex-dividend

date.

 Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

 Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

 Income

distributions,

if

any, are

declared

by

each

class

daily

and

paid

monthly,

except

for

distributions

of

inflation

adjustments,

if

any,

which

are

declared

and

paid

annually.

 A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

30

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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)

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

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

31

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.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

32

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

November

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

6,937,187‌

$

—‌

$

6,937,187‌

Short-Term

Investments

306,217‌

—‌

—‌

306,217‌

Total

Securities

306,217‌

6,937,187‌

—‌

7,243,404‌

Swaps*

—‌

6,618‌

—‌

6,618‌

Forward

Currency

Exchange

Contracts

—‌

1,273‌

—‌

1,273‌

Total

$

306,217‌

$

6,945,078‌

$

—‌

$

7,251,295‌

Liabilities

Options

Written

$

2,685‌

$

—‌

$

—‌

$

2,685‌

Swaps*

—‌

394‌

—‌

394‌

Forward

Currency

Exchange

Contracts

—‌

2,110‌

—‌

2,110‌

Futures

Contracts*

718‌

—‌

—‌

718‌

Total

$

3,403‌

$

2,504‌

$

—‌

$

5,907‌

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

Limited

Duration

Inflation

Focused

Bond

Fund

33

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

34

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

$

6,618‌

Foreign

exchange

derivatives

Forwards

1,273‌

*

Total

$

7,891‌

*

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

$

394‌

Interest

rate

derivatives

Futures,

Options

Written

3,403‌

Foreign

exchange

derivatives

Forwards

2,110‌

Total

$

5,907‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

15,551‌

$

15,551‌

Interest

rate

derivatives

6,757‌

(35,157‌)

—‌

—‌

(28,400‌)

Foreign

exchange

derivatives

—‌

—‌

(747‌)

—‌

(747‌)

Credit

derivatives

—‌

—‌

—‌

1,040‌

1,040‌

Total

$

6,757‌

$

(35,157‌)

$

(747‌)

$

16,591‌

$

(12,556‌)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

35

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

($000s)                                                

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

(13,994‌)

$

(13,994‌)

Interest

rate

derivatives

(157‌)

3,271‌

—‌

—‌

3,114‌

Foreign

exchange

derivatives

—‌

—‌

(837‌)

—‌

(837‌)

Total

$

(157‌)

$

3,271‌

$

(837‌)

$

(13,994‌)

$

(11,717‌)

T.

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Inflation

Focused

Bond

Fund

36

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2023,

securities

valued

at $1,784,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

November

30,

2023,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $537,000 cash

and

securities

valued

at

$282,000. As

of

November

30,

2023,

securities

valued

at $9,691,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

T.

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Focused

Bond

Fund

37

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

14%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

T.

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Bond

Fund

38

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and

interest

rates;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

11%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

T.

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Inflation

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Bond

Fund

39

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

3%

and

9%

of

net

assets.

T.

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Bond

Fund

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NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

41

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2023,

there

were

no

securities

on

loan. 

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $– and

$25,897,000,

respectively,

for

the

six

months ended

November

30,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$3,123,771,000 and

$2,929,880,000,

respectively,

for

the

six

months ended

November

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2023,

the

fund

had

$424,689,000

of

available

capital

loss

carryforwards.

At

November

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$7,489,926,000.

Net

unrealized

loss

aggregated

$244,537,000

at

period-end,

of

which

$13,256,000

related

to

appreciated

investments

and

$257,793,000

related

to

depreciated

investments.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

42

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.05%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

2023,

the

effective

annual

group

fee

rate

was

0.29%. Effective

August

1,

2017,

Price

Associates

has

contractually

agreed,

at

least

through

September

30,

2024,

to

waive

a

portion

of

its

management

fee

in

order

to

limit

the

fund’s

management

fees

to 0.25% of

the

fund’s

average

daily

net

assets.

Thereafter,

this

agreement

will

automatically

renew

for

one-

year

terms

unless

terminated

or

modified

by

the

fund’s

Board.

Any

fees

waived

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. The

total

management

fees

waived

were $3,059,000

and

allocated

ratably

in

the

amounts

of

$50,000

for

the

Investor

Class,

$389,000

for

the

I

Class,

and

$2,620,000

for

the

Z

Class,

for

the

six

months

ended

November

30,

2023.

Effective

November

1,

2023,

the Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

Prior

to

November

1,

2023,

the

Investor Class

was

not

subject

to

a

contractual

expense

limitation.

During

the

limitation

period,

Price

Associates

is required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

43

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended November

30,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $583,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2023.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.69%

0.05%

0.00%

Expense

limitation

date

09/30/25

09/30/25

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$(207)

$(7,985)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

44

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

November

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$55,000

for

Price

Associates;

$135,000

for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates have

invested.

As

approved

by

the

fund’s

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

November

30,

2023,

the

fund

was

charged $356,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$299,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

November

30,

2023,

no

shares

of

the

Investor

Class

were

held

by

college

savings

plans

and

approximately

77%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

November

30,

2023, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

45

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

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.

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.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

46

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

1,474,781,807

3,716,070

Mark

J.

Parrell

1,474,462,611

4,021,372

Kellye

L.

Walker

1,472,425,675

6,072,742

Eric

L.

Veiel

1,474,344,026

4,158,531

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

47

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

48

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

49

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F161-051

1/24

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2.   Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3.   Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4.   Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5.   Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

(a)   Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)   Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.   Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)   The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2024