T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

February

28,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

0.7%

Auto

Backed

0.3%

Capital

One

Prime

Auto

Receivables

Trust

Series 2020-1,

Class

A4

1.63%,

8/15/25 

5,155‌

5,038‌

CarMax

Auto

Owner

Trust

Series 2023-1,

Class

A4

4.65%,

1/16/29 

2,435‌

2,387‌

Enterprise

Fleet

Financing

Series 2022-4,

Class

A2

5.76%,

10/22/29 (1)

12,820‌

12,884‌

Ford

Credit

Auto

Owner

Trust

Series 2020-1,

Class

A

2.04%,

8/15/31 (1)

2,333‌

2,187‌

22,496‌

Other

Asset-Backed

Securities

0.2%

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

1,785‌

1,684‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

936‌

899‌

Hpefs

Equipment

Trust

Series 2022-3A,

Class

C

6.13%,

8/20/29 (1)

5,235‌

5,266‌

Santander

Retail

Auto

Lease

Trust

Series 2022-A,

Class

B

1.61%,

1/20/26 (1)

6,005‌

5,614‌

Sierra

Timeshare

Receivables

Funding

Series 2019-3A,

Class

A

2.34%,

8/20/36 (1)

1,453‌

1,373‌

14,836‌

Student

Loan

0.2%

Navient

Private

Education

Refi

Loan

Trust

Series 2019-GA,

Class

A

2.40%,

10/15/68 (1)

4,822‌

4,395‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-EA,

Class

A

0.97%,

12/16/69 (1)

5,292‌

4,454‌

8,849‌

Total

Asset-Backed

Securities

(Cost

$48,004)

46,181‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

0.5%

California

0.0%

California

State

Univ.,

Series B,

0.563%,

11/1/24 

4,220‌

3,929‌

3,929‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series C,

0.877%,

11/15/23 

785‌

762‌

Denver

City

&

County

Airport

System,

Series C,

1.115%,

11/15/24 

1,225‌

1,145‌

1,907‌

Georgia

0.0%

Atlanta

Water

&

Wastewater,

0.407%,

11/1/23 

670‌

650‌

Atlanta

Water

&

Wastewater,

0.616%,

11/1/24 

670‌

624‌

1,274‌

Illinois

0.3%

Illinois,

Series A,

GO,

2.84%,

10/1/23 

20,095‌

19,791‌

19,791‌

Michigan

0.1%

Michigan

Fin.

Auth.,

Series A-1,

1.086%,

6/1/23 

1,450‌

1,434‌

Michigan

Fin.

Auth.,

Series A-1,

1.376%,

6/1/24 

3,425‌

3,246‌

4,680‌

Texas

0.0%

Dallas

Area

Rapid

Transit,

0.541%,

12/1/23 

485‌

469‌

Dallas

Area

Rapid

Transit,

0.761%,

12/1/24 

380‌

353‌

822‌

West

Virginia

0.1%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.193%,

6/1/23 

2,000‌

1,978‌

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.497%,

6/1/24 

2,680‌

2,546‌

4,524‌

Total

Municipal

Securities

(Cost

$38,085)

36,927‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

2.8%

Home

Equity

Loans

Backed

0.1%

Flagstar

Mortgage

Trust

Series 2021-5INV,

Class

A5,

CMO,

ARM

2.50%,

7/25/51 (1)

11,658‌

10,053‌

10,053‌

Whole

Loans

Backed

2.7%

Bayview

MSR

Opportunity

Master

Fund

Trust

Series 2021-2,

Class

A5,

CMO,

ARM

2.50%,

6/25/51 (1)

10,849‌

9,360‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

COLT

Funding

Series 2021-6,

Class

A1,

CMO,

ARM

1.907%,

12/25/66 (1)

18,203‌

15,402‌

Connecticut

Avenue

Securities

Series 2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

5.817%,

1/25/30 

397‌

396‌

Connecticut

Avenue

Securities

Series 2017-C06,

Class

1M2B,

CMO,

ARM

1M

USD

LIBOR

+

2.65%,

7.267%,

2/25/30 

5,087‌

5,077‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

5.467%,

10/25/30 

8,706‌

8,671‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

5.467%,

10/25/30 

545‌

542‌

Connecticut

Avenue

Securities

Trust

Series 2022-R01,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.00%,

5.484%,

12/25/41 (1)

9,746‌

9,676‌

CSMC

Trust

Series 2021-RPL6,

Class

A1,

CMO,

ARM

2.00%,

10/25/60 (1)

9,284‌

8,137‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series 2017-SC01,

Class

M1,

CMO,

ARM

3.647%,

12/25/46 (1)

856‌

817‌

Galton

Funding

Mortgage

Trust

Series 2018-1,

Class

A23,

CMO,

ARM

3.50%,

11/25/57 (1)

806‌

727‌

Galton

Funding

Mortgage

Trust

Series 2020-H1,

Class

A3,

CMO,

ARM

2.617%,

1/25/60 (1)

6,139‌

5,443‌

GS

Mortgage-Backed

Securities

Trust

Series 2014-EB1A,

Class

2A1,

CMO,

ARM

3.059%,

7/25/44 (1)

109‌

108‌

GS

Mortgage-Backed

Securities

Trust

Series 2021-PJ6,

Class

A8,

CMO,

ARM

2.50%,

11/25/51 (1)

20,546‌

17,717‌

GS

Mortgage-Backed

Securities

Trust

Series 2022-GR1,

Class

A5,

CMO,

ARM

2.50%,

6/25/52 (1)

23,327‌

20,115‌

JPMorgan

Mortgage

Trust

Series 2019-INV2,

Class

A3,

CMO,

ARM

3.50%,

2/25/50 (1)

852‌

766‌

MetLife

Securitization

Trust

Series 2017-1A,

Class

A,

CMO,

ARM

3.00%,

4/25/55 (1)

2,323‌

2,167‌

MetLife

Securitization

Trust

Series 2018-1A,

Class

A,

CMO,

ARM

3.75%,

3/25/57 (1)

6,641‌

6,224‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Mill

City

Mortgage

Loan

Trust

Series 2017-2,

Class

A1,

CMO,

ARM

2.75%,

7/25/59 (1)

734‌

722‌

NYMT

Loan

Trust

Series 2022-CP1,

Class

A1,

CMO

2.042%,

7/25/61 (1)

9,873‌

8,806‌

OBX

Trust

Series 2019-EXP1,

Class

1A3,

CMO,

ARM

4.00%,

1/25/59 (1)

1,008‌

959‌

OBX

Trust

Series 2019-EXP3,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

5.517%,

10/25/59 (1)

985‌

958‌

OBX

Trust

Series 2019-EXP3,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

5.717%,

10/25/59 (1)

895‌

873‌

OBX

Trust

Series 2020-EXP1,

Class

1A9,

CMO,

ARM

3.50%,

2/25/60 (1)

2,389‌

2,103‌

OBX

Trust

Series 2020-EXP1,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

5.367%,

2/25/60 (1)

735‌

679‌

OBX

Trust

Series 2020-INV1,

Class

A21,

CMO,

ARM

3.50%,

12/25/49 (1)

1,253‌

1,109‌

OBX

Trust

Series 2022-NQM1,

Class

A1,

CMO,

ARM

2.305%,

11/25/61 (1)

8,630‌

7,185‌

Oceanview

Mortgage

Trust

Series 2022-1,

Class

A5,

CMO,

ARM

2.50%,

12/25/51 (1)

10,824‌

9,333‌

Sequoia

Mortgage

Trust

Series 2018-CH1,

Class

A2,

CMO,

ARM

3.50%,

3/25/48 (1)

808‌

724‌

Sequoia

Mortgage

Trust

Series 2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

725‌

673‌

Sequoia

Mortgage

Trust

Series 2018-CH3,

Class

A2,

CMO,

ARM

4.00%,

8/25/48 (1)

217‌

211‌

SG

Residential

Mortgage

Trust

Series 2021-1,

Class

A1,

CMO,

ARM

1.16%,

7/25/61 (1)

12,689‌

10,063‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2022-DNA2,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.30%,

5.784%,

2/25/42 (1)

7,695‌

7,644‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.95%,

7.434%,

6/25/42 (1)

3,426‌

3,509‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Towd

Point

Mortgage

Trust

Series 2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

520‌

512‌

Towd

Point

Mortgage

Trust

Series 2017-2,

Class

A1,

CMO,

ARM

2.75%,

4/25/57 (1)

432‌

427‌

Towd

Point

Mortgage

Trust

Series 2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58 (1)

1,334‌

1,293‌

Verus

Securitization

Trust

Series 2021-3,

Class

A1,

CMO,

ARM

1.046%,

6/25/66 (1)

10,678‌

8,860‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series 2021-RR1,

Class

A3,

CMO,

ARM

2.50%,

12/25/50 (1)

7,758‌

6,745‌

184,733‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$221,165)

194,786‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Agency

Obligations

0.0%

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.625%,

3.875%,

7/1/38 

7‌

7‌

12M

USD

LIBOR

+

1.961%,

2.461%,

2/1/33 

—‌

—‌

12M

USD

LIBOR

+

1.987%,

4.299%,

2/1/34 

1‌

1‌

12M

USD

LIBOR

+

2.03%,

4.276%,

11/1/36 

16‌

15‌

1Y

CMT

+

2.219%,

4.344%,

10/1/33 

—‌

—‌

Federal

National

Mortgage

Assn.,

ARM 

12M

USD

LIBOR

+

1.34%,

3.59%,

12/1/35 

4‌

4‌

12M

USD

LIBOR

+

1.584%,

3.834%,

12/1/35 

11‌

11‌

12M

USD

LIBOR

+

1.671%,

4.046%,

2/1/33 

—‌

—‌

12M

USD

LIBOR

+

1.689%,

3.698%,

7/1/34 

1‌

1‌

12M

USD

LIBOR

+

1.715%,

3.965%,

10/1/32

-

12/1/32 

14‌

14‌

12M

USD

LIBOR

+

1.726%,

3.976%,

9/1/32 

1‌

1‌

12M

USD

LIBOR

+

1.77%,

4.145%,

12/1/35 

1‌

1‌

12M

USD

LIBOR

+

1.78%,

4.03%,

1/1/34 

5‌

5‌

12M

USD

LIBOR

+

1.83%,

3.175%,

8/1/38 

8‌

8‌

12M

USD

LIBOR

+

1.853%,

4.103%,

8/1/38 

5‌

5‌

12M

USD

LIBOR

+

1.892%,

4.142%,

12/1/35 

4‌

3‌

1Y

CMT

+

2.125%,

3.875%,

7/1/33 

—‌

—‌

ECOFC

+

1.254%,

3.347%,

7/1/27 

—‌

—‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

—‌

—‌

Federal

National

Mortgage

Assn.,

UMBS,

7.00%,

10/1/23 

—‌

—‌

76‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

Government

Obligations

0.0%

Government

National

Mortgage

Assn. 

8.50%,

7/15/24

-

6/20/27 

16‌

16‌

Government

National

Mortgage

Assn.,

CMO,

3.50%,

5/20/49 

2,785‌

2,613‌

2,629‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$2,900)

2,705‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

90.9%

U.S.

Treasury

Obligations

90.9%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

101,181‌

98,999‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

332,513‌

323,473‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

596,499‌

572,826‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

646,901‌

619,711‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 (2)

317,857‌

300,524‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

458,067‌

434,090‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

674,995‌

636,921‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

912,455‌

852,290‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

743,798‌

719,509‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

200,940‌

190,108‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

449,048‌

433,261‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

1,036,041‌

1,035,232‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$6,435,844)

6,216,944‌

SHORT-TERM

INVESTMENTS

4.1%

Money

Market

Funds

4.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.60% (3)(4)

278,872‌

278,872‌

Total

Short-Term

Investments

(Cost

$278,872)

278,872‌

Total

Investments

in

Securities

99.0%

(Cost

$7,024,870)

$

6,776,415‌

Other

Assets

Less

Liabilities

1.0%

65,172‌

Net

Assets

100.0%

$

6,841,587‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

7

‡

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

$218,856

and

represents

3.2%

of

net

assets.

(2)

At

February

28,

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

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

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. 

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

ECOFC

Enterprise

11th

District

COFI

Replacement

Index

GO

General

Obligation

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.

UMBS

Uniform

Mortgage-Backed

Securities

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

8

(Amounts

in

000s)

SWAPS

0.5%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.3%

Zero-Coupon

Inflation

Swaps

0.3%

UBS

Investment

Bank,

1

Year

Zero-

Coupon

Inflation

Swap

Pay

Fixed

2.290%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

6/5/23

201,300

17,970

12,316

5,654‌

Total

Bilateral

Zero-Coupon

Inflation

Swaps

12,316

5,654‌

Total

Bilateral

Swaps

12,316

5,654‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.2%

Zero-Coupon

Inflation

Swaps

0.2%

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.000%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/21/24

36,750

(76)

—

(76‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.010%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/21/24

36,750

(82)

1

(83‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/22/24

77,055

(224)

—

(224‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.129%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/22/24

77,055

(248)

—

(248‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.135%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

8/3/23

153,500

9,920

—

9,920‌

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.320%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/30/24

77,055

(757)

—

(757‌)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.739%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/3/25

33,144

(23)

—

(23‌)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.953%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

8/3/24

61,134

3,872

1

3,871‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

9

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.960%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

8/2/24

39,667

2,514

—

2,514‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

14,894‌

Total

Centrally

Cleared

Swaps

14,894‌

Net

payments

(receipts)

of

variation

margin

to

date

(14,147‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

747‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

10

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

1,550

U.S.

Treasury

Notes

five

year

contracts

6/23

165,935

$

3‌

Short,

307

Ultra

U.S.

Treasury

Bonds

contracts

6/23

(41,464)

17‌

Net

payments

(receipts)

of

variation

margin

to

date

(9‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

11‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

11

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

February

28,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.60%

$

—‌

$

—‌

$

5,499‌++

Totals

$

—‌#

$

—‌

$

5,499‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

02/28/23

T.

Rowe

Price

Government

Reserve

Fund,

4.60%

$

296,534‌

 ¤

 ¤

$

278,872‌

Total

$

278,872‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$5,499

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

$278,872.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

12

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

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

13

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

14

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

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

6,497,543‌

$

—‌

$

6,497,543‌

Short-Term

Investments

278,872‌

—‌

—‌

278,872‌

Total

Securities

278,872‌

6,497,543‌

—‌

6,776,415‌

Swaps*

—‌

34,275‌

—‌

34,275‌

Futures

Contracts*

20‌

—‌

—‌

20‌

Total

$

278,892‌

$

6,531,818‌

$

—‌

$

6,810,710‌

Liabilities

Swaps*

$

—‌

$

1,411‌

$

—‌

$

1,411‌

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

15

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.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F161-054Q3

02/23