T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

August

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

2.0%

Auto

Backed

0.6%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

C

1.06%,

8/18/26 

4,965‌

5,010‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2017-2A,

Class

A

2.97%,

3/20/24 (1)

13,111‌

13,566‌

Exeter

Automobile

Receivables

Trust

Series 2020-1A,

Class

B

2.26%,

4/15/24 (1)

3,948‌

3,961‌

Santander

Drive

Auto

Receivables

Trust

Series 2020-4,

Class

C

1.01%,

1/15/26 

8,070‌

8,133‌

Santander

Retail

Auto

Lease

Trust

Series 2019-A,

Class

C

3.30%,

5/22/23 (1)

16,470‌

16,656‌

Santander

Retail

Auto

Lease

Trust

Series 2019-C,

Class

C

2.39%,

11/20/23 (1)

9,515‌

9,686‌

57,012‌

Collaterized

Debt

Obligation

1.0%

Ares

LVIII

Series 2020-58A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.22%,

1.346%,

1/15/33 (1)

4,080‌

4,083‌

Barings

Series 2013-IA,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.934%,

1/20/28 (1)

11,409‌

11,419‌

BlueMountain

Series 2012-2A,

Class

AR2,

CLO,

FRN

3M

USD

LIBOR

+

1.05%,

1.181%,

11/20/28 (1)

4,071‌

4,071‌

KKR

Series 13,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.926%,

1/16/28 (1)

7,301‌

7,303‌

KKR

Series 13,

Class

B1R,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

1.276%,

1/16/28 (1)

3,420‌

3,410‌

Madison

Park

Funding

XXXVII

Series 2019-37A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.07%,

1.21%,

7/15/33 (1)

6,780‌

6,772‌

Magnetite

XVI

Series 2015-16A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.934%,

1/18/28 (1)

27,166‌

27,170‌

Magnetite

XXV

Series 2020-25A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.325%,

1/25/32 (1)

8,400‌

8,411‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

OZLM

VIII

Series 2014-8A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

1.304%,

10/17/29 (1)

6,340‌

6,340‌

Reese

Park

Series 2020-1A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.446%,

10/15/32 (1)

9,245‌

9,247‌

Symphony

XXIII

Series 2020-23A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.446%,

1/15/34 (1)

6,025‌

6,036‌

94,262‌

Other

Asset-Backed

Securities

0.2%

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

2,703‌

2,835‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

1,708‌

1,757‌

HPEFS

Equipment

Trust

Series 2021-2A,

Class

C

0.88%,

9/20/28 (1)

11,555‌

11,551‌

Sierra

Timeshare

Receivables

Funding

Series 2019-3A,

Class

A

2.34%,

8/20/36 (1)

3,057‌

3,123‌

19,266‌

Student

Loan

0.2%

Navient

Private

Education

Refi

Loan

Trust

Series 2019-GA,

Class

A

2.40%,

10/15/68 (1)

8,689‌

8,871‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-EA,

Class

A

0.97%,

12/16/69 (1)

7,305‌

7,309‌

16,180‌

Total

Asset-Backed

Securities

(Cost

$185,367)

186,720‌

CORPORATE

BONDS

5.7%

Airlines

0.0%

SMBC

Aviation

Capital

Finance,

3.00%,

7/15/22 (1)

4,155‌

4,238‌

4,238‌

Automotive

0.6%

Hyundai

Capital

America,

0.875%,

6/14/24 (1)(2)

17,855‌

17,810‌

Hyundai

Capital

America,

1.15%,

11/10/22 (1)

6,500‌

6,541‌

Hyundai

Capital

America,

1.25%,

9/18/23 (1)

12,140‌

12,253‌

Nissan

Motor,

3.043%,

9/15/23 (1)

7,705‌

8,024‌

Volkswagen

Group

of

America

Finance,

0.875%,

11/22/23 (1)(2)

12,040‌

12,116‌

56,744‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

Banking

1.0%

Bank

of

America,

VR,

0.523%,

6/14/24 (3)

25,000‌

24,975‌

Bank

of

Montreal,

0.625%,

7/9/24 

18,550‌

18,536‌

Goldman

Sachs

Group,

VR,

0.657%,

9/10/24 (2)(3)

25,000‌

24,970‌

Mitsubishi

UFJ

Financial

Group,

VR,

0.953%,

7/19/25 (3)

23,360‌

23,425‌

91,906‌

Building

Products

0.1%

Martin

Marietta

Materials,

0.65%,

7/15/23 

5,540‌

5,546‌

5,546‌

Consumer

Products

0.0%

YMCA

of

Greater

New

York,

2.303%,

8/1/26 

2,240‌

2,265‌

2,265‌

Drugs

0.3%

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

22,385‌

23,929‌

23,929‌

Energy

0.7%

Abu

Dhabi

National

Energy,

3.875%,

5/6/24 

8,200‌

8,877‌

Global

Sukuk,

0.946%,

6/17/24 (1)

24,247‌

24,167‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

1,320‌

1,345‌

Perusahaan

Listrik

Negara,

5.50%,

11/22/21 

18,900‌

19,112‌

Plains

All

American

Pipeline,

3.85%,

10/15/23 

8,952‌

9,435‌

62,936‌

Financial

0.9%

AerCap

Ireland

Capital,

3.50%,

5/26/22 

5,750‌

5,860‌

AerCap

Ireland

Capital,

4.45%,

12/16/21 

9,380‌

9,462‌

Air

Lease,

3.50%,

1/15/22 

9,867‌

9,976‌

Ally

Financial,

1.45%,

10/2/23 

6,710‌

6,805‌

Avolon

Holdings

Funding,

4.25%,

4/15/26 (1)

4,990‌

5,408‌

DAE

Funding,

1.55%,

8/1/24 (1)

5,500‌

5,496‌

MAF

Sukuk,

4.50%,

11/3/25 

13,510‌

14,973‌

Park

Aerospace

Holdings,

5.25%,

8/15/22 (1)(2)

19,105‌

19,845‌

77,825‌

Information

Technology

0.2%

HCL

America,

1.375%,

3/10/26 (1)(2)

19,900‌

19,864‌

19,864‌

Insurance

0.1%

Brighthouse

Financial

Global

Funding,

0.60%,

6/28/23 (1)

9,000‌

9,001‌

9,001‌

Metals

&

Mining

0.2%

POSCO,

2.375%,

1/17/23 

7,025‌

7,178‌

POSCO,

4.00%,

8/1/23 

10,895‌

11,556‌

18,734‌

Oil

Field

Services

0.3%

Energy

Transfer,

4.25%,

3/15/23 

24,956‌

26,017‌

26,017‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Petroleum

0.6%

Bharat

Petroleum,

4.375%,

1/24/22 

13,495‌

13,680‌

Ecopetrol,

5.875%,

9/18/23 

19,000‌

20,508‌

Pertamina

Persero,

4.875%,

5/3/22 

18,000‌

18,539‌

52,727‌

Real

Estate

Investment

Trust

Securities

0.1%

Vanke

Real

Estate

Hong

Kong,

4.15%,

4/18/23 

5,005‌

5,220‌

5,220‌

Retail

0.0%

Nordstrom,

2.30%,

4/8/24 

1,895‌

1,902‌

1,902‌

Transportation

(Excluding

Railroads)

0.0%

China

Merchants

Finance,

5.00%,

5/4/22 

920‌

944‌

944‌

Transportation

Services

0.3%

HPHT

Finance,

2.75%,

9/11/22 

18,800‌

19,152‌

HPHT

Finance,

2.875%,

11/5/24 

12,000‌

12,631‌

31,783‌

Utilities

0.3%

China

Huaneng

Group

Hong

Kong

Treasury

Management

Holding,

1.60%,

1/20/26 (2)

12,015‌

12,124‌

Consorcio

Transmantaro,

4.375%,

5/7/23 (2)

11,300‌

11,749‌

Saudi

Electricity

Global

Sukuk,

4.222%,

1/27/24 

4,100‌

4,428‌

28,301‌

Total

Corporate

Bonds

(Cost

$515,187)

519,882‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

Foreign

Government

&

Municipalities

(Excluding

Canadian)

0.0%

Saudi

Arabian

Oil,

1.25%,

11/24/23 (1)

1,150‌

1,161‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$1,148)

1,161‌

MUNICIPAL

SECURITIES

0.6%

California

0.1%

California

State

Univ.,

Series B,

0.563%,

11/1/24 

4,220‌

4,223‌

4,223‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series C,

0.877%,

11/15/23 

785‌

792‌

Denver

City

&

County

Airport

System,

Series C,

1.115%,

11/15/24 

1,225‌

1,240‌

2,032‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Georgia

0.0%

Atlanta

Water

&

Wastewater,

0.191%,

11/1/21 

670‌

670‌

Atlanta

Water

&

Wastewater,

0.271%,

11/1/22 

670‌

671‌

Atlanta

Water

&

Wastewater,

0.407%,

11/1/23 

670‌

671‌

Atlanta

Water

&

Wastewater,

0.616%,

11/1/24 

670‌

671‌

2,683‌

Hawaii

0.0%

Hawaii,

Series GB,

GO,

0.571%,

10/1/23 

2,885‌

2,901‌

2,901‌

Illinois

0.2%

Illinois,

Series A,

GO,

2.84%,

10/1/23 

20,095‌

20,581‌

20,581‌

Michigan

0.1%

Michigan

Fin.

Auth.,

Series A-1,

0.897%,

6/1/22 

1,350‌

1,352‌

Michigan

Fin.

Auth.,

Series A-1,

1.086%,

6/1/23 

1,450‌

1,457‌

Michigan

Fin.

Auth.,

Series A-1,

1.376%,

6/1/24 

3,425‌

3,463‌

6,272‌

New

York

0.0%

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

Series B,

1.36%,

12/1/21 

840‌

842‌

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

Series B,

1.61%,

12/1/22 

715‌

724‌

1,566‌

Oklahoma

0.0%

Oklahoma

Turnpike

Auth.,

Series B,

0.491%,

1/1/22 

1,340‌

1,342‌

1,342‌

Texas

0.1%

Central

Texas

Turnpike

System,

Series B,

VRDN,

1.98%,

8/15/42

(Tender

8/15/22) 

6,275‌

6,360‌

Dallas

Area

Rapid

Transit,

0.297%,

12/1/21 

905‌

905‌

Dallas

Area

Rapid

Transit,

0.397%,

12/1/22 

670‌

671‌

Dallas

Area

Rapid

Transit,

0.541%,

12/1/23 

485‌

487‌

Dallas

Area

Rapid

Transit,

0.761%,

12/1/24 

380‌

382‌

8,805‌

West

Virginia

0.1%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

0.947%,

6/1/22 

1,330‌

1,335‌

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.193%,

6/1/23 

2,000‌

2,017‌

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series A,

1.497%,

6/1/24 

2,680‌

2,717‌

6,069‌

Total

Municipal

Securities

(Cost

$55,735)

56,474‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

5.1%

Commercial

Mortgage-Backed

Securities

0.5%

Atrium

Hotel

Portfolio

Trust

Series 2017-ATRM,

Class

A,

ARM

1M

USD

LIBOR

+

0.93%,

1.026%,

12/15/36 (1)

8,480‌

8,480‌

Atrium

Hotel

Portfolio

Trust

Series 2017-ATRM,

Class

B,

ARM

1M

USD

LIBOR

+

1.50%,

1.596%,

12/15/36 (1)

12,725‌

12,714‌

Atrium

Hotel

Portfolio

Trust

Series 2017-ATRM,

Class

C,

ARM

1M

USD

LIBOR

+

1.65%,

1.746%,

12/15/36 (1)

3,860‌

3,852‌

BX

Commercial

Mortgage

Trust

Series 2019-IMC,

Class

C,

ARM

1M

USD

LIBOR

+

1.60%,

1.696%,

4/15/34 (1)

11,895‌

11,859‌

InTown

Hotel

Portfolio

Trust

Series 2018-STAY,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.046%,

1/15/33 (1)

3,310‌

3,318‌

InTown

Hotel

Portfolio

Trust

Series 2018-STAY,

Class

B,

ARM

1M

USD

LIBOR

+

1.30%,

1.396%,

1/15/33 (1)

1,855‌

1,860‌

New

Orleans

Hotel

Trust

Series 2019-HNLA,

Class

C,

ARM

1M

USD

LIBOR

+

1.589%,

1.685%,

4/15/32 (1)

5,220‌

5,169‌

47,252‌

Home

Equity

Loans

Backed

0.2%

Citigroup

Mortgage

Loan

Trust

Series 2019-IMC1,

Class

A1,

CMO,

ARM

2.72%,

7/25/49 (1)

3,876‌

3,911‌

Flagstar

Mortgage

Trust

Series 2021-5INV,

Class

A5,

CMO,

ARM

2.50%,

5/25/33 (1)

14,807‌

15,204‌

19,115‌

Whole

Loans

Backed

4.4%

Angel

Oak

Mortgage

Trust

I

Series 2019-2,

Class

A1,

CMO,

ARM

3.628%,

3/25/49 (1)

2,760‌

2,788‌

Bayview

Mortgage

Fund

IVc

Trust

Series 2017-RT3,

Class

A,

CMO,

ARM

3.50%,

1/28/58 (1)

9,414‌

9,513‌

Bayview

MSR

Opportunity

Master

Fund

Trust

Series 2021-2,

Class

A5,

CMO,

ARM

2.50%,

6/25/51 (1)

13,718‌

14,108‌

Bayview

Opportunity

Master

Fund

IVb

Trust

Series 2017-SPL4,

Class

A,

CMO,

ARM

3.50%,

1/28/55 (1)

2,800‌

2,852‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Connecticut

Avenue

Securities

Series 2017-C02,

Class

2ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.35%,

1.434%,

9/25/29 

14,314‌

14,405‌

Connecticut

Avenue

Securities

Series 2017-C04,

Class

2ED2,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

1.184%,

11/25/29 

15,235‌

15,047‌

Connecticut

Avenue

Securities

Series 2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.284%,

1/25/30 

9,705‌

9,471‌

Connecticut

Avenue

Securities

Series 2017-C06,

Class

1M2B,

CMO,

ARM

1M

USD

LIBOR

+

2.65%,

2.734%,

2/25/30 

8,159‌

8,217‌

Connecticut

Avenue

Securities

Series 2018-C01,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

7/25/30 

10,628‌

10,628‌

Connecticut

Avenue

Securities

Series 2018-C02,

Class

2EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

8/25/30 

5,118‌

5,038‌

Connecticut

Avenue

Securities

Series 2018-C02,

Class

2ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

8/25/30 

12,113‌

11,994‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

10/25/30 

18,163‌

18,066‌

Connecticut

Avenue

Securities

Series 2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

10/25/30 

13,006‌

12,946‌

CSMC

Trust

Series 2021-RPL6,

Class

A1,

CMO,

ARM

2.00%,

10/25/60 (1)

12,744‌

12,995‌

Ellington

Financial

Mortgage

Trust

Series 2019-2,

Class

A1,

CMO,

ARM

2.739%,

11/25/59 (1)

2,865‌

2,912‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series 2017-SC01,

Class

M1,

CMO,

ARM

3.619%,

12/25/46 (1)

1,928‌

1,946‌

Galton

Funding

Mortgage

Trust

Series 2018-1,

Class

A23,

CMO,

ARM

3.50%,

11/25/57 (1)

1,993‌

2,016‌

Galton

Funding

Mortgage

Trust

Series 2018-2,

Class

A31,

CMO,

ARM

4.50%,

10/25/58 (1)

3,030‌

3,086‌

Galton

Funding

Mortgage

Trust

Series 2020-H1,

Class

A3,

CMO,

ARM

2.617%,

1/25/60 (1)

6,188‌

6,219‌

GS

Mortgage-Backed

Securities

Trust

Series 2014-EB1A,

Class

2A1,

CMO,

ARM

1.66%,

7/25/44 (1)

190‌

191‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

GS

Mortgage-Backed

Securities

Trust

Series 2021-PJ6,

Class

A8,

CMO,

ARM

2.50%,

11/25/51 (1)

24,491‌

25,118‌

Homeward

Opportunities

Fund

I

Trust

Series 2019-3,

Class

A3,

CMO,

ARM

3.031%,

11/25/59 (1)

4,917‌

5,009‌

JPMorgan

Mortgage

Trust

Series 2019-INV2,

Class

A3,

CMO,

ARM

3.50%,

2/25/50 (1)

1,884‌

1,916‌

JPMorgan

Mortgage

Trust

Series 2020-LTV1,

Class

A4,

CMO,

ARM

3.50%,

6/25/50 (1)

1,244‌

1,244‌

MetLife

Securitization

Trust

Series 2017-1A,

Class

A,

CMO,

ARM

3.00%,

4/25/55 (1)

3,368‌

3,445‌

MetLife

Securitization

Trust

Series 2018-1A,

Class

A,

CMO,

ARM

3.75%,

3/25/57 (1)

9,551‌

9,878‌

Mill

City

Mortgage

Loan

Trust

Series 2016-1,

Class

A1,

CMO,

ARM

2.50%,

4/25/57 (1)

306‌

307‌

Mill

City

Mortgage

Loan

Trust

Series 2017-2,

Class

A1,

CMO,

ARM

2.75%,

7/25/59 (1)

3,083‌

3,123‌

New

Residential

Mortgage

Loan

Trust

Series 2019-NQM5,

Class

A3,

CMO,

ARM

3.065%,

11/25/59 (1)

3,689‌

3,730‌

New

Residential

Mortgage

Loan

Trust

Series 2020-NQM1,

Class

A1,

CMO,

ARM

2.464%,

1/26/60 (1)

4,572‌

4,613‌

OBX

Trust

Series 2019-EXP1,

Class

1A3,

CMO,

ARM

4.00%,

1/25/59 (1)

4,754‌

4,830‌

OBX

Trust

Series 2019-EXP3,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

10/25/59 (1)

3,465‌

3,470‌

OBX

Trust

Series 2019-EXP3,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

1.184%,

10/25/59 (1)

3,147‌

3,191‌

OBX

Trust

Series 2020-EXP1,

Class

1A9,

CMO,

ARM

3.50%,

2/25/60 (1)

4,013‌

4,106‌

OBX

Trust

Series 2020-EXP1,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

2/25/60 (1)

1,790‌

1,789‌

OBX

Trust

Series 2020-INV1,

Class

A21,

CMO,

ARM

3.50%,

12/25/49 (1)

2,375‌

2,411‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Sequoia

Mortgage

Trust

Series 2018-CH1,

Class

A2,

CMO,

ARM

3.50%,

2/25/48 (1)

2,111‌

2,125‌

Sequoia

Mortgage

Trust

Series 2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

1,899‌

1,921‌

Sequoia

Mortgage

Trust

Series 2018-CH3,

Class

A2,

CMO,

ARM

4.00%,

8/25/48 (1)

1,984‌

2,017‌

SG

Residential

Mortgage

Trust

Series 2019-3,

Class

A3,

CMO,

ARM

3.082%,

9/25/59 (1)

5,292‌

5,316‌

SG

Residential

Mortgage

Trust

Series 2021-1,

Class

A1,

CMO,

ARM

1.16%,

7/25/61 (1)

18,229‌

18,217‌

Starwood

Mortgage

Residential

Trust

Series 2019-INV1,

Class

A1,

CMO,

ARM

2.61%,

9/27/49 (1)

4,077‌

4,122‌

Starwood

Mortgage

Residential

Trust

Series 2020-1,

Class

A3,

CMO,

ARM

2.562%,

2/25/50 (1)

4,722‌

4,764‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2017-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.284%,

10/25/29 

2,011‌

2,011‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2017-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

3/25/30 

891‌

891‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2018-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.80%,

0.884%,

12/25/30 (1)

3,039‌

3,039‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2018-DNA2,

Class

M2AS,

CMO,

ARM

1M

USD

LIBOR

+

0.95%,

1.034%,

12/25/30 (1)

12,137‌

12,112‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2018-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

9/25/48 (1)

27‌

27‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2018-DNA3,

Class

M2AS,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

9/25/48 (1)

8,860‌

8,869‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2018-HQA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

10/25/48 (1)

1,374‌

1,374‌

Structured

Agency

Credit

Risk

Debt

Notes

Series 2020-HQA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.10%,

1.15%,

11/25/50 (1)

2,219‌

2,220‌

Towd

Point

Mortgage

Trust

Series 2016-1,

Class

A1B,

CMO,

ARM

2.75%,

2/25/55 (1)

114‌

114‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

Towd

Point

Mortgage

Trust

Series 2016-1,

Class

A3B,

CMO,

ARM

3.00%,

2/25/55 (1)

901‌

908‌

Towd

Point

Mortgage

Trust

Series 2016-2,

Class

A1A,

CMO,

ARM

2.75%,

8/25/55 (1)

1,040‌

1,045‌

Towd

Point

Mortgage

Trust

Series 2016-3,

Class

A1,

CMO,

ARM

2.25%,

4/25/56 (1)

915‌

917‌

Towd

Point

Mortgage

Trust

Series 2016-4,

Class

A1,

CMO,

ARM

2.25%,

7/25/56 (1)

1,125‌

1,133‌

Towd

Point

Mortgage

Trust

Series 2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

2,130‌

2,161‌

Towd

Point

Mortgage

Trust

Series 2017-2,

Class

A1,

CMO,

ARM

2.75%,

4/25/57 (1)

1,879‌

1,903‌

Towd

Point

Mortgage

Trust

Series 2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

8,903‌

9,105‌

Towd

Point

Mortgage

Trust

Series 2017-6,

Class

A1,

CMO,

ARM

2.75%,

10/25/57 (1)

13,364‌

13,611‌

Towd

Point

Mortgage

Trust

Series 2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58 (1)

2,687‌

2,747‌

Towd

Point

Mortgage

Trust

Series 2018-5,

Class

A1A,

CMO,

ARM

3.25%,

7/25/58 (1)

3,732‌

3,800‌

Verus

Securitization

Trust

Series 2019-INV3,

Class

A3,

CMO,

ARM

3.10%,

11/25/59 (1)

8,106‌

8,219‌

Verus

Securitization

Trust

Series 2020-1,

Class

A3,

CMO,

STEP

2.724%,

1/25/60 (1)

7,983‌

8,076‌

Verus

Securitization

Trust

Series 2021-3,

Class

A1,

CMO,

ARM

1.046%,

6/25/66 (1)

17,837‌

17,859‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series 2021-RR1,

Class

A3,

CMO,

ARM

2.50%,

12/25/50 (1)

12,613‌

12,904‌

396,145‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$461,818)

462,512‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.6%

U.S.

Government

Agency

Obligations

0.0%

Federal

Home

Loan

Mortgage,

ARM

12M

USD

LIBOR

+

1.625%,

1.875%,

7/1/38 

16‌

16‌

12M

USD

LIBOR

+

1.961%,

2.336%,

2/1/33 

—‌

—‌

12M

USD

LIBOR

+

1.987%,

2.362%,

2/1/34 

1‌

2‌

12M

USD

LIBOR

+

2.029%,

2.448%,

11/1/36 

17‌

17‌

1Y

CMT

+

2.219%,

2.344%,

10/1/33 

—‌

—‌

Federal

National

Mortgage

Assn.,

ARM

12M

USD

LIBOR

+

1.34%,

1.715%,

12/1/35 

5‌

5‌

12M

USD

LIBOR

+

1.59%,

1.926%,

12/1/35 

13‌

13‌

12M

USD

LIBOR

+

1.674%,

2.049%,

2/1/33 

1‌

1‌

12M

USD

LIBOR

+

1.676%,

2.013%,

7/1/34 

1‌

1‌

12M

USD

LIBOR

+

1.715%,

2.09%,

12/1/32 

15‌

16‌

12M

USD

LIBOR

+

1.715%,

2.215%,

10/1/32 

6‌

6‌

12M

USD

LIBOR

+

1.726%,

2.226%,

9/1/32 

1‌

1‌

12M

USD

LIBOR

+

1.77%,

2.145%,

12/1/35 

2‌

2‌

12M

USD

LIBOR

+

1.78%,

2.155%,

1/1/34 

5‌

5‌

12M

USD

LIBOR

+

1.83%,

2.156%,

8/1/38 

8‌

8‌

12M

USD

LIBOR

+

1.853%,

2.103%,

8/1/38 

7‌

7‌

12M

USD

LIBOR

+

1.892%,

2.307%,

12/1/35 

4‌

4‌

1Y

CMT

+

2.00%,

2.125%,

1/1/35 

—‌

—‌

1Y

CMT

+

2.125%,

2.125%,

7/1/33 

—‌

—‌

COF11

+

1.25%,

2.187%,

7/1/27 

—‌

—‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

—‌

—‌

Federal

National

Mortgage

Assn.,

UMBS,

7.00%,

10/1/23 

—‌

1‌

105‌

U.S.

Government

Obligations

0.6%

Government

National

Mortgage

Assn.

8.50%,

4/15/22

-

6/20/27 

34‌

35‌

9.00%,

12/15/22 

—‌

—‌

Government

National

Mortgage

Assn.,

CMO,

3.50%,

5/20/49 

5,002‌

5,307‌

Government

National

Mortgage

Assn.,

TBA,

2.00%,

10/20/51 (4)

46,935‌

47,826‌

53,168‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$53,033)

53,273‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

84.9%

U.S.

Treasury

Obligations

84.9%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/22 

3,665‌

3,708‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/23 

158,788‌

164,644‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

359,291‌

385,340‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

671,694‌

721,442‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 (5)

1,095,935‌

1,181,897‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

770,239‌

840,043‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 (2)

731,977‌

799,570‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

574,780‌

621,032‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/23 

215,554‌

227,712‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

119,821‌

133,712‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

4/15/24 

522,676‌

560,570‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

4/15/23 

561,724‌

589,547‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/24 

713,536‌

764,264‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

712,151‌

792,602‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$7,543,742)

7,786,083‌

SHORT-TERM

INVESTMENTS

0.8%

Money

Market

Funds

0.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (6)(7)

75,799‌

75,799‌

Total

Short-Term

Investments

(Cost

$75,799)

75,799‌

SECURITIES

LENDING

COLLATERAL

1.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.0%

Short-Term

Funds

0.0%

T.

Rowe

Price

Short-Term

Fund,

0.07% (6)(7)

266‌

2,661‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

2,661‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

1.8%

Short-Term

Funds

1.8%

T.

Rowe

Price

Short-Term

Fund,

0.07% (6)(7)

15,947‌

159,474‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

159,474‌

Total

Securities

Lending

Collateral

(Cost

$162,135)

162,135‌

Total

Investments

in

Securities

101.5%

(Cost

$9,053,964)

$

9,304,039‌

Other

Assets

Less

Liabilities

(1.5)%

(137,030‌)

Net

Assets

100.0%

$

9,167,009‌

‡

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

$674,644

and

represents

7.4%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2021.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

is

provided

if

the

rate

is

currently

floating.

(4)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$47,826

and

represents

0.5%

of

net

assets.

(5)

At

August

31,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(6)

Seven-day

yield

(7)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

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. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

COF11

The

11th

district

monthly

weighted

average

cost

of

funds

index

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

14

.

.

.

.

.

.

.

.

.

.

CPI

Consumer

Price

Index

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

NZD

New

Zealand

Dollar

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.

TBA

To-Be-Announced

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

15

(Amounts

in

000s)

SWAPS

0.8%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.8%

Zero-Coupon

Inflation

Swaps

0.8%

Bank

of

America,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.60%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/21/23

148,955

6,896

—

6,896‌

Barclays

Bank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.49%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/29/22

20,000

962

—

962‌

Citibank,

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.38%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/7/21

147,826

5,476

—

5,476‌

Citibank,

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.41%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/9/21

295,724

10,881

—

10,881‌

Citibank,

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.71%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/16/21

134,000

4,684

—

4,684‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.42%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/7/22

147,805

7,438

—

7,438‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.43%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/8/22

73,903

3,700

—

3,700‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.44%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/8/22

73,902

3,698

—

3,698‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.49%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/26/23

84,383

4,206

—

4,206‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.59%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/20/23

117,403

5,462

—

5,462‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

16

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.59%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/18/23

66,385

3,056

—

3,056‌

Citibank,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.60%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/18/23

90,615

4,161

—

4,161‌

Goldman

Sachs,

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.61%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/21/23

122,539

5,654

—

5,654‌

UBS

Investment

Bank,

5

Year

Zero-

Coupon

Inflation

Swap,

Pay

Fixed

2.29%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/5/23

201,300

4,574

—

4,574‌

Total

Bilateral

Zero-Coupon

Inflation

Swaps

—

70,848‌

Total

Bilateral

Swaps

—

70,848‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Zero-Coupon

Inflation

Swaps

0.0%

2

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.14%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/3/23

153,500

330

—

330‌

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.56%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/25/23

91,720

4,342

—

4,342‌

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.94%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/3/24

94,034

273

1

272‌

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.95%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/3/24

61,134

143

—

143‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

17

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

3

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.96%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/2/24

158,669

379

—

379‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

5,466‌

Total

Centrally

Cleared

Swaps

5,466‌

Net

payments

(receipts)

of

variation

margin

to

date

(6,309‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(843‌)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

18

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Canadian

Imperial

Bank

of

Commerce

10/22/21

CAD

11,745‌

USD

9,135‌

$

173‌

Canadian

Imperial

Bank

of

Commerce

10/22/21

USD

9,302‌

CAD

11,745‌

(7‌)

Citibank

10/22/21

AUD

12,805‌

USD

9,130‌

240‌

Citibank

10/22/21

NZD

13,405‌

USD

9,150‌

295‌

Citibank

10/22/21

USD

9,290‌

AUD

12,805‌

(80‌)

Goldman

Sachs

10/22/21

USD

9,314‌

NZD

13,405‌

(130‌)

Goldman

Sachs

11/19/21

GBP

6,710‌

USD

9,139‌

88‌

Morgan

Stanley

11/19/21

EUR

7,830‌

USD

9,161‌

98‌

Morgan

Stanley

11/19/21

USD

9,209‌

EUR

7,830‌

(50‌)

Morgan

Stanley

11/19/21

USD

9,199‌

GBP

6,710‌

(28‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

599‌

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

19

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

1,476

U.S.

Treasury

Notes

five

year

contracts

12/21

182,609

$

113‌

Long,

2,773

U.S.

Treasury

Notes

ten

year

contracts

12/21

370,065

105‌

Long,

91

U.S.

Treasury

Notes

two

year

contracts

12/21

20,050

12‌

Net

payments

(receipts)

of

variation

margin

to

date

(459‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(229‌)

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

20

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,

2021.

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,

0.05%

$

—‌

$

—‌

$

14‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

—‌

—‌++

Totals

$

—‌#

$

—‌

$

14‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

08/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

46,888‌

 ¤

 ¤

$

75,799‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

23,289‌

 ¤

 ¤

162,135‌

Total

$

237,934‌^

#

Capital

gain

distributions

from

mutual

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

$14

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

$237,934.

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

21

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

22

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 fund’s

own

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

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

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

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

23

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

24

F161-054Q1

08/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

9,066,105‌

$

—‌

$

9,066,105‌

Short-Term

Investments

75,799‌

—‌

—‌

75,799‌

Securities

Lending

Collateral

162,135‌

—‌

—‌

162,135‌

Total

Securities

237,934‌

9,066,105‌

—‌

9,304,039‌

Swaps*

—‌

76,314‌

—‌

76,314‌

Forward

Currency

Exchange

Contracts

—‌

894‌

—‌

894‌

Futures

Contracts*

230‌

—‌

—‌

230‌

Total

$

238,164‌

$

9,143,313‌

$

—‌

$

9,381,477‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

295‌

$

—‌

$

295‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

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.