# EDGAR Filing Document

**Accession Number:** 0001368135
**File Stem:** 0001193125-26-018918
**Filing Date:** 2026-1
**Character Count:** 93765
**Document Hash:** 2106b852925bfaf44053e0418bc4a4f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018918.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018918

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0001368135

**ORGANIZATION NAME:**
- **EIN:** 510593985
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21919
- **FILM NUMBER:** 26550029

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Inflation Focused Bond Fund, Inc.
- **DATE OF NAME CHANGE:** 20100706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Short-Term Income Fund, Inc.
- **DATE OF NAME CHANGE:** 20060629

## Series and Classes Contracts Data

### T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. (Series ID: S000013369)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000036131 | T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.   | TRBFX           |
| C000161061 | T. Rowe Price Limited Duration Inflation Focused Bond Fund-I Class | TRLDX           |
| C000219321 | T. Rowe Price Limited Duration Inflation Focused Bond Fund-Z Class | TRPZX           |

?xml version='1.0' encoding='ASCII'? Limited Duration Inflation Focused Bond Fund_STI_F161-051

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21919

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

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

------

#### Item 1. Reports to Shareholders

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Report pursuant to Rule 30e-1
![Image](g80856g40e43.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Limited Duration Inflation Focused Bond Fund

#### Investor Class (TRBFX)
This semi-annual shareholder report contains important information about Limited Duration Inflation Focused Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Limited Duration Inflation Focused Bond Fund - Investor Class | $26 | 0.52% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8987379 |
| Number of Portfolio Holdings | 52 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.8% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.9% |
| Non-U.S. Government Mortgage-Backed Securities | 0.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 0.0 |
| Short-Term and Other | 0.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 95.9% |
| U.S. Treasury Inflation-Indexed Bonds | 4.0 |
| Sequoia Mortgage Trust | 0.0 |
| GS Mortgage-Backed Securities Trust | 0.0 |
| Federal National Mortgage Assn. | 0.0 |
| Federal Home Loan Mortgage | 0.0 |
| Government National Mortgage Assn. | 0.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F161-053 1/26

Limited Duration Inflation Focused Bond Fund

Investor Class (TRBFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g80856g10q31.jpg)

![Image](g80856g40e43.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Limited Duration Inflation Focused Bond Fund

#### I Class (TRLDX)
This semi-annual shareholder report contains important information about Limited Duration Inflation Focused Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Limited Duration Inflation Focused Bond Fund - I Class | $15 | 0.30% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8987379 |
| Number of Portfolio Holdings | 52 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.8% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.9% |
| Non-U.S. Government Mortgage-Backed Securities | 0.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 0.0 |
| Short-Term and Other | 0.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 95.9% |
| U.S. Treasury Inflation-Indexed Bonds | 4.0 |
| Sequoia Mortgage Trust | 0.0 |
| GS Mortgage-Backed Securities Trust | 0.0 |
| Federal National Mortgage Assn. | 0.0 |
| Federal Home Loan Mortgage | 0.0 |
| Government National Mortgage Assn. | 0.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F423-053 1/26

Limited Duration Inflation Focused Bond Fund

I Class (TRLDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g80856g10q31.jpg)

![Image](g80856g40e43.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Limited Duration Inflation Focused Bond Fund

#### Z Class (TRPZX)
This semi-annual shareholder report contains important information about Limited Duration Inflation Focused Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Limited Duration Inflation Focused Bond Fund - Z Class | $0 | 0.00% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8987379 |
| Number of Portfolio Holdings | 52 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 16.8% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.9% |
| Non-U.S. Government Mortgage-Backed Securities | 0.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 0.0 |
| Short-Term and Other | 0.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 95.9% |
| U.S. Treasury Inflation-Indexed Bonds | 4.0 |
| Sequoia Mortgage Trust | 0.0 |
| GS Mortgage-Backed Securities Trust | 0.0 |
| Federal National Mortgage Assn. | 0.0 |
| Federal Home Loan Mortgage | 0.0 |
| Government National Mortgage Assn. | 0.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1259-053 1/26

Limited Duration Inflation Focused Bond Fund

Z Class (TRPZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g80856g10q31.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

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

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

November

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

TRBFX

Limited

Duration

Inflation

Focused

Bond

Fund

TRLDX

Limited

Duration

Inflation

Focused

Bond

Fund–

.

I Class

TRPZX

Limited

Duration

Inflation

Focused

Bond

Fund–

.

Z Class

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.80

$

.71

$

.73

$

.21

$

.39

$

.02

Investment

activities

Net

investment

income

(1)(2)

.11

.18

.21

.29

.30

.10

Net

realized

and

unrealized

gain/

loss

—

(3) 0

.11

(0

.05)

(0

.48)

(0

.22)

.33

Total

from

investment

activities

.11

.29

.16

(0

.19)

.08

.43

Distributions

Net

investment

income

(0

.18)

(0

.20)

(0

.18)

(0

.27)

(0

.21)

(0

.01)

Net

realized

gain

—

—

—

(0

.02)

(0

.05)

(0

.05)

Total

distributions

(0

.18)

(0

.20)

(0

.18)

(0

.29)

(0

.26)

(0

.06)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .73

#### $

#### 4

#### .80

#### $

#### 4

#### .71

#### $

#### 4

#### .73

#### $

#### 5

#### .21

#### $

#### 5

#### .39
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2

#### .29

#### %

#### 6

#### .36

#### %

#### 3

#### .56

#### %

#### (#### 3

#### .69

####)

#### %

#### 1

#### .49

#### %

#### 8

#### .55

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.61

%

(5) 0

.57

%

.58

%

.54

%

.49

%

.48

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.52

%

(5) 0

.48

%

.50

%

.46

%

.41

%

.39

%

Net

investment

income

.36

%

(5) 3

.82

%

.37

%

.85

%

.67

%

.99

%

Portfolio

turnover

rate

.8

%

.9

%

.5

%

.9

%

.0

%

.7

%

Net

assets,

end

of

period

(in

millions)

$78

$80

$90

$132

$903

$982

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.76

$

.67

$

.70

$

.24

$

.42

$

.03

Investment

activities

Net

investment

income

(1)(2)

.11

.19

.22

.18

.35

.06

Net

realized

and

unrealized

gain/

loss

—

(3) 0

.11

(0

.05)

(0

.35)

(0

.27)

.39

Total

from

investment

activities

.11

.30

.17

(0

.17)

.08

.45

Distributions

Net

investment

income

(0

.18)

(0

.21)

(0

.20)

(0

.35)

(0

.21)

(0

.01)

Net

realized

gain

—

—

—

(0

.02)

(0

.05)

(0

.05)

Total

distributions

(0

.18)

(0

.21)

(0

.20)

(0

.37)

(0

.26)

(0

.06)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .69

#### $

#### 4

#### .76

#### $

#### 4

#### .67

#### $

#### 4

#### .70

#### $

#### 5

#### .24

#### $

#### 5

#### .42
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2

#### .40

#### %

#### 6

#### .54

#### %

#### 3

#### .65

#### %

#### (#### 3

#### .17

####)

#### %

#### 1

#### .41

#### %

#### 9

#### .00

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.38

%

(5) 0

.38

%

.42

%

.44

%

.34

%

.41

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.30

%

(5) 0

.30

%

.30

%

.30

%

.30

%

.30

%

Net

investment

income

.58

%

(5) 4

.00

%

.74

%

.70

%

.47

%

.15

%

Portfolio

turnover

rate

.8

%

.9

%

.5

%

.9

%

.0

%

.7

%

Net

assets,

end

of

period

(in

millions)

$1,085

$1,124

$1,177

$944

$424

$233

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.74

$

.65

$

.68

$

.22

$

.40

$

.01

Investment

activities

Net

investment

income

(1)(2)

.12

.20

.23

.24

.31

.13

Net

realized

and

unrealized

gain/

loss

—

(3) 0

.11

(0

.05)

(0

.40)

(0

.21)

.33

Total

from

investment

activities

.12

.31

.18

(0

.16)

.10

.46

Distributions

Net

investment

income

(0

.19)

(0

.22)

(0

.21)

(0

.36)

(0

.23)

(0

.02)

Net

realized

gain

—

—

—

(0

.02)

(0

.05)

(0

.05)

Total

distributions

(0

.19)

(0

.22)

(0

.21)

(0

.38)

(0

.28)

(0

.07)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .67

#### $

#### 4

#### .74

#### $

#### 4

#### .65

#### $

#### 4

#### .68

#### $

#### 5

#### .22

#### $

#### 5

#### .40
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 2

#### .54

#### %

#### 6

#### .81

#### %

#### 4

#### .08

#### %

#### (#### 3

#### .03

####)

#### %

#### 1

#### .79

#### %

#### 9

#### .17

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.34

%

(5) 0

.34

%

.34

%

.34

%

.34

%

.34

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.00

%

(5) 0

.00

%

.00

%

.00

%

.00

%

.00

%

Net

investment

income

.87

%

(5) 4

.32

%

.98

%

.89

%

.85

%

.44

%

Portfolio

turnover

rate

.8

%

.9

%

.5

%

.9

%

.0

%

.7

%

Net

assets,

end

of

period

(in

millions)

$7,824

$7,426

$7,043

$6,195

$8,537

$8,707

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2025

Unaudited

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### NON-U.S.

#### GOVERNMENT

#### MORTGAGE-BACKED

#### SECURITIES

#### 0.0%

#### Whole

#### Loans

#### Backed

#### 0.0%
GS

Mortgage-Backed

Securities

Trust

Series 2014-EB1A,

Class

2A1,

CMO,

ARM

6.036%,

7/25/44 (1)

Sequoia

Mortgage

Trust

Series 2018-CH1,

Class

A2,

CMO,

ARM

3.50%,

3/25/48 (1)

#### Total

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities

#### (Cost

#### $484)

#### 448

#### U.S.

#### GOVERNMENT

#### &

#### AGENCY

#### MORTGAGE-BACKED

#### SECURITIES

#### 0.0%

#### U.S.

#### Government

#### Agency

#### Obligations

#### 0.0%
Federal

Home

Loan

Mortgage,

ARM

1Y

CMT

+

2.219%,

6.094%,

10/1/33

—

—

RFUCCT1Y

+

1.961%,

6.836%,

2/1/33

—

—

RFUCCT1Y

+

1.975%,

6.85%,

2/1/34

—

RFUCCT1Y

+

2.032%,

6.604%,

11/1/36

Federal

National

Mortgage

Assn.,

ARM

ECOFC

+

1.254%,

4.334%,

7/1/27

—

—

RFUCCT1Y

+

1.34%,

6.215%,

12/1/35

RFUCCT1Y

+

1.613%,

6.359%,

12/1/35

RFUCCT1Y

+

1.672%,

6.672%,

2/1/33

—

—

RFUCCT1Y

+

1.684%,

6.449%,

7/1/34

—

—

RFUCCT1Y

+

1.715%,

6.215%,

10/1/32

RFUCCT1Y

+

1.715%,

6.56%,

12/1/32

RFUCCT1Y

+

1.77%,

6.645%,

12/1/35

RFUCCT1Y

+

1.78%,

6.405%,

1/1/34

RFUCCT1Y

+

1.83%,

6.58%,

8/1/38

RFUCCT1Y

+

1.853%,

6.603%,

8/1/38

RFUCCT1Y

+

1.892%,

6.392%,

12/1/35

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32

—

—

#### U.S.

#### Government

#### Obligations

#### 0.0%
Government

National

Mortgage

Assn.

8.50%,

11/20/26

-

6/20/27

#### Total

#### U.S.

#### Government

#### &

#### Agency

#### Mortgage-Backed

#### Securities

#### (Cost

#### $51)

#### 52
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### U.S.

#### GOVERNMENT

#### AGENCY

#### OBLIGATIONS

#### (EXCLUDING

#### MORTGAGE-BACKED)

#### 99.9%

#### U.S.

#### Treasury

#### Obligations

#### 99.9%
U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 (2)

564,692

559,840

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27

710,597

698,050

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30

88,369

84,206

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30

458,699

435,549

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29

556,502

538,372

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27

18,589

18,390

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28

254,648

250,630

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28

331,465

328,487

U.S.

Treasury

Inflation-Indexed

Notes,

0.875%,

1/15/29

185,787

183,581

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

10/15/30

364,154

361,281

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28

633,002

632,162

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27

780,942

788,752

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/29

589,595

598,623

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

620,998

628,324

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/28

64,433

65,083

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29

1,309,705

1,344,392

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

1/15/27

45,580

46,071

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28

1,166,365

1,206,823

U.S.

Treasury

Inflation-Indexed

Notes,

2.50%,

1/15/29

52,948

54,946

U.S.

Treasury

Inflation-Indexed

Notes,

3.875%,

4/15/29

140,826

152,631

#### Total

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed)

#### (Cost

#### $8,845,199)

#### 8,976,193

#### SHORT-TERM

#### INVESTMENTS

#### 0.0%

#### Money

#### Market

#### Funds

#### 0.0%
T. Rowe

Price

Government

Reserve

Fund,

4.02% (3)(4)

4,311

4,311

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $4,311)

#### 4,311

#### Total

#### Investments

#### in

#### Securities

#### 99.9%

#### of

#### Net

#### Assets

#### (Cost

#### $8,850,045)

#### $

#### 8,981,004
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

‡

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

$448

and

represents

0.0%

of

net

assets.

(2) At

November

30,

2025,

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

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

RFUCCT1Y

Twelve

month

FTSE

USD

IBOR

Consumer

Cash

Fallback

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

(Amounts

in

000s)

#### SWAPS

#### (0.0)%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### (0.0)%

#### Zero-Coupon

#### Inflation

#### Swaps

#### (0.0)%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.800%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/25/27

101,986

(261) —

(261)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.827%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/25/27

31,328

(97) —

(97)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.830%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/25/27

101,986

(322) —

(322)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.581%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/16/30

42,477

(270) —

(270)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.596%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/16/30

17,948

(126) —

(126)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.597%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/16/30

33,375

(237) —

(237)

#### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### (#### 1,313

####)

#### Total

#### Centrally

#### Cleared

#### Swaps

#### (#### 1,313

####)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 1,923

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### 610
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Long,

1,185

U.S.

Treasury

Notes

five

year

contracts

3/26

130,073

$

Long,

831

U.S.

Treasury

Notes

two

year

contracts

3/26

173,562

(46)

Short,

910

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/26

(105,745)

(357)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 342

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 2
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

November

30,

2025. 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,

4.02%

$

—

#

$

—

$

+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 5/31/25

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 11/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.02%

$

16,790

¤

¤

$

4,311

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$426

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

$4,311.

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2025

Unaudited

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$8,850,045)

$

8,981,004

Interest

receivable

17,995

Due

from

affiliates

1,592

Variation

margin

receivable

on

centrally

cleared

swaps

610

Receivable

for

shares

sold

Variation

margin

receivable

on

futures

contracts

Foreign

currency

(cost

$1)

Other

assets

Total

assets

9,001,511

#### Liabilities
Payable

for

shares

redeemed

11,539

Investment

management

fees

payable

1,832

Payable

to

directors

Other

liabilities

756

Total

liabilities

14,132

Commitments

and

Contingent

Liabilities

(note

6)

#### NET

#### ASSETS

#### $

#### 8,987,379
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

November

30,

2025

Unaudited

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(620,000)

Paid-in

capital

applicable

to

1,923,318,571

shares

of

$0.00001

par

value

capital

stock

outstanding;

6,000,000,000

shares

of

the

Corporation

authorized

9,607,379

#### NET

#### ASSETS

#### $

#### 8,987,379

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $77,689;

#### Shares

#### outstanding:

#### 16,428,743)

#### $

#### 4.73

#### I

#### Class

#### (Net

#### assets:

#### $1,085,122;

#### Shares

#### outstanding:

#### 231,324,181)

#### $

#### 4.69

#### Z

#### Class

#### (Net

#### assets:

#### $7,824,568;

#### Shares

#### outstanding:

#### 1,675,565,647)

#### $

#### 4.67
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Statement

#### of

#### Operations

($000s)

Months

Ended

11/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

$

220,605

Dividend

Other

Total

income

221,039

Expenses

Investment

management

15,121

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(13,835)

Total

expenses

1,875

Net

investment

income

219,164

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

8,043

Futures

(5,108)

Swaps

(13)

Net

realized

gain

2,922

Change

in

net

unrealized

gain

/

loss

Securities

(1,065)

Futures

Swaps

(1,069)

Change

in

net

unrealized

gain

/

loss

(1,652)

Net

realized

and

unrealized

gain

/

loss

1,270

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 220,434
T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

219,164

$

361,421

Net

realized

gain

2,922

9,132

Change

in

net

unrealized

gain

/

loss

(1,652)

194,723

Increase

in

net

assets

from

operations

220,434

565,276

Distributions

to

shareholders

Net

earnings

Investor

Class

(2,887)

(3,551)

I

Class

(41,602)

(49,298)

Z

Class

(309,703)

(335,134)

Decrease

in

net

assets

from

distributions

(354,192)

(387,983)

Capital

share

transactions

\*

Shares

sold

Investor

Class

11,439

25,688

I

Class

138,392

272,546

Z

Class

840,804

1,165,475

Distributions

reinvested

Investor

Class

2,856

3,515

I

Class

41,446

49,255

Z

Class

309,328

335,510

Shares

redeemed

Investor

Class

(15,827)

(41,035)

I

Class

(202,889)

(397,039)

Z

Class

(634,051)

(1,271,887)

Increase

in

net

assets

from

capital

share

transactions

491,498

142,028

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Net

#### Assets
Increase

during

period

357,740

319,321

Beginning

of

period

8,629,639

8,310,318

#### End

#### of

#### period

#### $

#### 8,987,379

#### $

#### 8,629,639
\*Share

information

(000s)

Shares

sold

Investor

Class

2,358

5,396

I

Class

28,799

57,562

Z

Class

176,045

248,695

Distributions

reinvested

Investor

Class

601

747

I

Class

8,797

10,555

Z

Class

65,892

72,150

Shares

redeemed

Investor

Class

(3,260)

(8,626)

I

Class

(42,124)

(84,348)

Z

Class

(132,220)

(269,838)

Increase

in

shares

outstanding

104,888

32,293

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Limited

Duration

Inflation

Focused

Bond

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks a

level

of

income

that

is

consistent

with

the

current

rate

of

inflation.

The

fund

has three classes

of

shares:

the

Limited

Duration

Inflation

Focused

Bond

Fund,

Inc.

(Investor

Class),

the

Limited

Duration

Inflation

Focused

Bond

Fund–I

Class

(I

Class)

and

the

Limited

Duration

Inflation

Focused

Bond

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class

daily

and

paid

monthly,

except

for

distributions

of

inflation

adjustments,

if

any,

which

are

declared

and

paid

annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

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

Level

–

inputs

other

than

Level

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

–

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

are

generally traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

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

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

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
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2025

(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

$

—

$

8,976,693

$

—

$

8,976,693

Short-Term

Investments

4,311

—

—

4,311

Total

Securities

4,311

8,976,693

—

8,981,004

Futures

Contracts\*

—

—

Total

$

4,374

$

8,976,693

$

—

$

8,981,067

#### Liabilities
Swaps\*

$

—

$

1,313

$

—

$

1,313

Futures

Contracts\*

—

—

Total

$

$

1,313

$

—

$

1,716

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

November

30,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

November

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

Includes

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

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Futures

$

\*

Total

$

\*

#### Liabilities
Inflation

derivatives

Centrally

Cleared

Swaps

$

1,313

Interest

rate

derivatives

Futures

Total

$

1,716

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

(13) $

(13) Interest

rate

derivatives

(5,108)

—

(5,108)

Total

$

(5,108)

$

(13) $

(5,121)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

(1,069)

$

(1,069)

Interest

rate

derivatives

—

Total

$

$

(1,069)

$

(587) T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2025,

securities

valued

at $8,669,000

had

been

posted

by

the

fund

for

exchange-

traded

and/or

centrally

cleared

derivatives.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

November

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

5%

of

net

assets.

#### Swaps
The

fund

is

subject

to

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

November

30,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

4%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Mortgage-Backed

#### Securities
The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term

and

U.S.

government securities

aggregated $0 and

$41,000,

respectively,

for

the

six

months ended

November

30,

2025. Purchases

and

sales

of

U.S.

government

securities

aggregated $1,713,914,000 and

$1,508,045,000,

respectively,

for

the

six

months ended

November

30,

2025. T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

#### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2025,

the

fund

had

$690,554,000

of

available

capital

loss

carryforwards.

At

November

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$8,860,683,000.

Net

unrealized

gain

aggregated

$118,668,000

at

period-end,

of

which

$132,773,000

related

to

appreciated

investments

and

$14,105,000

related

to

depreciated

investments.

#### NOTE

#### 6

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.05%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

November

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%. Effective

August

1,

2017,

Price

Associates

has

contractually

agreed,

at

least

through

July

31,

2026,

to

waive

a

portion

of

its

management

fee

in

order

to

limit

the

fund's

management

fees

to 0.25% of

the

fund's

average

daily

net

assets.

Thereafter,

this

agreement

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

will

automatically

renew

for

one-year

terms

unless

terminated

or

modified

by

the

fund's

Board.

Any

fees

waived

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. The

total

management

fees

waived

were $3,901,000

and

allocated

ratably

in

the

amounts

of

$34,000

for

the

Investor

Class,

$479,000

for

the

I

Class,

and

$3,388,000

for

the

Z

Class,

for

the

six

months

ended

November

30,

2025. The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended November

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $36,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

November

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$61,000

for

Price

Associates

and

$112,000

for

T. Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.69%

0.05%

0.00%

Expense

limitation

date

07/31/27

07/31/27

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$41

$(9,975)

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates have

invested.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

November

30,

2025,

the

fund

was

charged $160,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, which

is

net

of

a

reimbursement

by

Price

of

$76,000.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

At

November

30,

2025,

approximately

69%

of

the

outstanding

shares

of

the

I

class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

November

30,

2025, approximately

5%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 7

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 8

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

T. ROWE

PRICE

Limited

Duration

Inflation

Focused

Bond

Fund

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F161-051

1/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d80856dex99cert.htm) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d80856dex99906ce.htm)

------

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

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date  | January 16, 2026 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | January 16, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Limited
Duration Inflation Focused Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Limited
Duration Inflation Focused Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Limited Duration Inflation Focused Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---