NPORT-EX 2 70U8TRP083123.htm T. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC.
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.