T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

August

31,

2023

(Unaudited)

1

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)

1,551‌

1,460‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

738‌

710‌

Sierra

Timeshare

Receivables

Funding

Series 2019-3A,

Class

A

2.34%,

8/20/36 (1)

1,142‌

1,076‌

Total

Asset-Backed

Securities

(Cost

$3,431)

3,246‌

MUNICIPAL

SECURITIES

0.5%

California

0.1%

California

State

Univ.,

Series B,

0.563%,

11/1/24 

4,220‌

3,989‌

3,989‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series C,

0.877%,

11/15/23 

785‌

778‌

Denver

City

&

County

Airport

System,

Series C,

1.115%,

11/15/24 

1,225‌

1,163‌

1,941‌

Georgia

0.0%

Atlanta

Water

&

Wastewater,

0.407%,

11/1/23 

670‌

665‌

Atlanta

Water

&

Wastewater,

0.616%,

11/1/24 

670‌

634‌

1,299‌

Illinois

0.3%

Illinois,

Series A,

GO,

2.84%,

10/1/23 

20,095‌

20,050‌

20,050‌

Michigan

0.1%

Michigan

Fin.

Auth.,

Series A-1,

1.376%,

6/1/24 

3,425‌

3,304‌

3,304‌

Texas

0.0%

Dallas

Area

Rapid

Transit,

0.541%,

12/1/23 

485‌

479‌

Dallas

Area

Rapid

Transit,

0.761%,

12/1/24 

380‌

359‌

838‌

West

Virginia

0.0%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.497%,

6/1/24 

2,680‌

2,596‌

2,596‌

Total

Municipal

Securities

(Cost

$34,635)

34,017‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

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%,

6.602%,

1/25/30 

236‌

236‌

Connecticut

Avenue

Securities

Series 2017-C06,

Class

1M2B,

CMO,

ARM

SOFR30A

+

2.764%,

8.052%,

2/25/30 

3,978‌

3,977‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1EB2,

CMO,

ARM

SOFR30A

+

0.964%,

6.252%,

10/25/30 

6,048‌

6,029‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1ED2,

CMO,

ARM

SOFR30A

+

0.964%,

6.252%,

10/25/30 

379‌

377‌

GS

Mortgage-Backed

Securities

Trust

Series 2014-EB1A,

Class

2A1,

CMO,

ARM

3.928%,

7/25/44 (1)

94‌

94‌

OBX

Trust

Series 2020-EXP1,

Class

2A1,

CMO,

ARM

1M

TSFR

+

0.864%,

6.179%,

2/25/60 (1)

675‌

605‌

Sequoia

Mortgage

Trust

Series 2018-CH1,

Class

A2,

CMO,

ARM

3.50%,

3/25/48 (1)

675‌

601‌

Sequoia

Mortgage

Trust

Series 2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

709‌

652‌

Sequoia

Mortgage

Trust

Series 2018-CH3,

Class

A2,

CMO,

ARM

4.00%,

8/25/48 (1)

189‌

183‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$13,041)

12,754‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Agency

Obligations

0.0%

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.961%,

4.461%,

2/1/33 

—‌

—‌

12M

USD

LIBOR

+

1.975%,

4.225%,

2/1/34 

—‌

1‌

12M

USD

LIBOR

+

2.03%,

4.276%,

11/1/36 

15‌

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

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

12M

USD

LIBOR

+

1.688%,

4.755%,

7/1/34 

1‌

1‌

12M

USD

LIBOR

+

1.715%,

3.965%,

10/1/32

-

12/1/32 

14‌

13‌

12M

USD

LIBOR

+

1.77%,

4.145%,

12/1/35 

1‌

1‌

12M

USD

LIBOR

+

1.78%,

4.03%,

1/1/34 

4‌

4‌

12M

USD

LIBOR

+

1.83%,

6.08%,

8/1/38 

3‌

3‌

12M

USD

LIBOR

+

1.853%,

6.103%,

8/1/38 

5‌

5‌

12M

USD

LIBOR

+

1.892%,

4.142%,

12/1/35 

4‌

4‌

ECOFC

+

1.254%,

4.02%,

7/1/27 

—‌

—‌

RFUCCT1Y

+

1.671%,

4.046%,

2/1/33 

—‌

—‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

—‌

—‌

Federal

National

Mortgage

Assn.,

UMBS,

7.00%,

10/1/23 

—‌

—‌

62‌

U.S.

Government

Obligations

0.0%

Government

National

Mortgage

Assn. 

8.50%,

7/15/24

-

6/20/27 

11‌

11‌

Government

National

Mortgage

Assn.,

CMO,

3.50%,

5/20/49 

2,535‌

2,329‌

2,340‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$2,628)

2,402‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

96.8%

U.S.

Treasury

Obligations

96.8%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

220,823‌

213,439‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

1,452,304‌

1,385,135‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

597,411‌

566,980‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

519,171‌

486,885‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

341,170‌

320,326‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

1,123,626‌

1,050,590‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

916,946‌

847,889‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

31,552‌

30,319‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

133,828‌

127,597‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

1,027,682‌

989,465‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33 

84,781‌

81,178‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 (2)

817,749‌

802,288‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$7,139,452)

6,902,091‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

SHORT-TERM

INVESTMENTS

2.4%

Money

Market

Funds

2.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (3)(4)

168,404‌

168,404‌

Total

Short-Term

Investments

(Cost

$168,404)

168,404‌

Total

Investments

in

Securities

99.9%

(Cost

$7,361,591)

$

7,122,914‌

Other

Assets

Less

Liabilities

0.1%

10,284‌

Net

Assets

100.0%

$

7,133,198‌

‡

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

$5,381

and

represents

0.1%

of

net

assets.

(2)

At

August

31,

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)

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. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

ECOFC

Enterprise

11th

District

COFI

Replacement

Index

EUR

Euro

GBP

British

Pound

GO

General

Obligation

JPY

Japanese

Yen

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.

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

5

(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,

Call,

10/27/23

@

$112.00

1,295

143,785

(992)

U.S.

Treasury

10-Year

Notes

Futures,

Put,

10/27/23

@

$108.00

1,295

143,785

(364)

Total

Options

Written

(Premiums

$(1,292))

$

(1,356)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

6

(Amounts

in

000s)

SWAPS

0.1%

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

142,006

2,488

2,318

170‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

170‌

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

(346)

—

(346‌)

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.129%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/22/24

77,055

(369)

1

(370‌)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.953%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

8/3/24

61,134

3,869

—

3,869‌

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.960%

at

maturity,

Receive

Variable

(Change

in

CPI)

at

maturity,

8/2/24

39,667

2,512

—

2,512‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

5,665‌

Total

Centrally

Cleared

Swaps

5,835‌

Net

payments

(receipts)

of

variation

margin

to

date

(5,821‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

14‌

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$264.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

7

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/20/23

AUD

55,160‌

USD

35,962‌

$

(155‌)

Bank

of

America

10/20/23

JPY

2,037,845‌

USD

14,615‌

(495‌)

Bank

of

America

11/24/23

EUR

16,275‌

USD

17,858‌

(137‌)

Bank

of

America

11/24/23

GBP

13,930‌

USD

17,712‌

(62‌)

Bank

of

America

11/24/23

USD

17,584‌

GBP

13,930‌

(65‌)

Citibank

10/20/23

USD

26,609‌

AUD

41,317‌

(212‌)

Citibank

10/20/23

USD

7,917‌

JPY

1,082,635‌

415‌

Goldman

Sachs

10/20/23

CAD

23,755‌

USD

17,722‌

(129‌)

Goldman

Sachs

10/20/23

USD

17,758‌

AUD

26,560‌

517‌

HSBC

Bank

10/20/23

AUD

13,280‌

USD

8,707‌

(87‌)

HSBC

Bank

10/20/23

USD

6,832‌

JPY

955,210‌

214‌

JPMorgan

Chase

10/20/23

CAD

23,955‌

USD

17,721‌

20‌

RBC

Dominion

Securities

10/20/23

CAD

9,530‌

USD

7,255‌

(197‌)

RBC

Dominion

Securities

10/20/23

USD

42,803‌

CAD

57,240‌

411‌

UBS

Investment

Bank

10/20/23

AUD

13,280‌

USD

8,702‌

(81‌)

UBS

Investment

Bank

10/20/23

USD

8,898‌

AUD

13,842‌

(88‌)

UBS

Investment

Bank

11/24/23

USD

17,662‌

EUR

16,275‌

(59‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(190‌)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

8

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

1,906

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

221,304

$

130‌

Net

payments

(receipts)

of

variation

margin

to

date

(37‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

93‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

9

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

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,

5.40%

$

—‌

$

—‌

$

4,860‌++

Totals

$

—‌#

$

—‌

$

4,860‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

08/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

555,211‌

 ¤

 ¤

$

168,404‌

Total

$

168,404‌^

#

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

$4,860

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

$168,404.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

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

11

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

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.

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.

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

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

12

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

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

August

31,

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

$

—‌

$

6,954,510‌

$

—‌

$

6,954,510‌

Short-Term

Investments

168,404‌

—‌

—‌

168,404‌

Total

Securities

168,404‌

6,954,510‌

—‌

7,122,914‌

Swaps*

—‌

6,551‌

—‌

6,551‌

Forward

Currency

Exchange

Contracts

—‌

1,577‌

—‌

1,577‌

Futures

Contracts*

130‌

—‌

—‌

130‌

Total

$

168,534‌

$

6,962,638‌

$

—‌

$

7,131,172‌

Liabilities

Options

Written

$

1,356‌

$

—‌

$

—‌

$

1,356‌

Swaps*

—‌

716‌

—‌

716‌

Forward

Currency

Exchange

Contracts

—‌

1,767‌

—‌

1,767‌

Total

$

1,356‌

$

2,483‌

$

—‌

$

3,839‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

13

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

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.

F161-054Q1

08/23

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.