T. Rowe Price Real Assets Fund (PRAFX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-22410

T. Rowe Price Real Assets Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRAFX

Real

Assets

Fund

–

.

PRIKX

Real

Assets

Fund–

.

I  Class

TRZRX

Real

Assets

Fund–

.

Z Class

T.

ROWE

PRICE

Real

Assets

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Real

Assets

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Real

Assets

Fund

2

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Real

Assets

Fund

Portfolio

Summary

3

INDUSTRY

DIVERSIFICATION

Percent

of

Net

Assets

12/31/22

6/30/23

Diversified

Metals

and

Mining

10.5‌%

10.4‌%

Gold

6.1‌

9.1‌

Industrial

REITs

5.6‌

6.8‌

Oil

and

Gas

Exploration

and

Production

6.2‌

5.7‌

Integrated

Oil

and

Gas

4.5‌

5.6‌

Steel

5.5‌

5.3‌

Multifamily

Residential

REITs

0.0‌

4.4‌

Retail

REITs

3.6‌

4.0‌

Self-Storage

REITs

0.0‌

3.3‌

Copper

2.0‌

3.0‌

Other

and

Reserves

56.0‌

42.4‌

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Real

Assets

Fund

4

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Percent

of

Net

Assets

6/30/23

Prologis

3.0‌%

BHP

Group

3.0‌ 

Equinix

2.5‌ 

Public

Storage

1.7‌ 

Newmont

1.6‌ 

Equity

LifeStyle

Properties

1.5‌ 

Franco-Nevada

1.5‌ 

American

Tower

1.4‌ 

Welltower

1.4‌ 

Simon

Property

Group

1.4‌ 

Anglo

American

1.3‌ 

AvalonBay

Communities

1.2‌ 

Regency

Centers

1.2‌ 

Equity

Residential

1.2‌ 

Nucor

1.2‌ 

Northern

Star

Resources

1.1‌ 

Agnico

Eagle

Mines

1.1‌ 

Reliance

Steel

&

Aluminum

1.0‌ 

TotalEnergies

1.0‌ 

ExxonMobil

1.0‌ 

Rio

Tinto

1.0‌ 

SBA

Communications

1.0‌ 

Glencore

0.9‌ 

Steel

Dynamics

0.9‌ 

ConocoPhillips

0.9‌ 

Total

35.0‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Real

Assets

Fund

5

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Real

Assets

Fund

6

REAL

ASSETS

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$1,011.10

$4.74

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.08

  4.76

I

Class

Actual

  1,000.00

  1,012.70

  3.44

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.37

  3.46

Z

Class

Actual

  1,000.00

  1,015.60

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.79

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.95%,

the

2

I Class

was

0.69%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

13.55‌

$

15.30‌

$

12.40‌

$

11.75‌

$

10.09‌

$

11.69‌

Investment

activities

Net

investment

income

(1)(2)

0.22‌

0.41‌

0.29‌

0.25‌

0.28‌

0.22‌

Net

realized

and

unrealized

gain/loss

(0.07‌)

(1.97‌)

2.89‌

0.57‌

1.69‌

(1.56‌)

Total

from

investment

activities

0.15‌

(1.56‌)

3.18‌

0.82‌

1.97‌

(1.34‌)

Distributions

Net

investment

income

—‌

(0.19‌)

(0.28‌)

(0.17‌)

(0.31‌)

(0.26‌)

NET

ASSET

VALUE

End

of

period

$

13.70‌

$

13.55‌

$

15.30‌

$

12.40‌

$

11.75‌

$

10.09‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

1.11‌%

(10.26‌)%

25.72‌%

6.99‌%

19.60‌%

(11.52‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.95‌%

(4)

0.92‌%

0.84‌%

0.83‌%

0.81‌%

0.81‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.95‌%

(4)

0.92‌%

0.84‌%

0.83‌%

0.81‌%

0.81‌%

Net

investment

income

3.26‌%

(4)

2.91‌%

2.03‌%

2.34‌%

2.45‌%

1.98‌%

Portfolio

turnover

rate

39.5‌%

47.8‌%

55.7‌%

52.5‌%

59.5‌%

53.8‌%

Net

assets,

end

of

period

(in

millions)

$141

$145

$323

$335

$2,322

$2,129

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

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.

(4)

Annualized

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

13.39‌

$

15.23‌

$

12.34‌

$

11.73‌

$

10.08‌

$

11.68‌

Investment

activities

Net

investment

income

(1)(2)

0.24‌

0.38‌

0.31‌

0.23‌

0.29‌

0.25‌

Net

realized

and

unrealized

gain/loss

(0.07‌)

(1.91‌)

2.89‌

0.61‌

1.69‌

(1.57‌)

Total

from

investment

activities

0.17‌

(1.53‌)

3.20‌

0.84‌

1.98‌

(1.32‌)

Distributions

Net

investment

income

—‌

(0.31‌)

(0.31‌)

(0.23‌)

(0.33‌)

(0.28‌)

NET

ASSET

VALUE

End

of

period

$

13.56‌

$

13.39‌

$

15.23‌

$

12.34‌

$

11.73‌

$

10.08‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

1.27‌%

(10.11‌)%

26.02‌%

7.18‌%

19.72‌%

(11.36‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.70‌%

(4)

0.68‌%

0.67‌%

0.66‌%

0.66‌%

0.66‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.69‌%

(4)

0.68‌%

0.67‌%

0.66‌%

0.66‌%

0.66‌%

Net

investment

income

3.52‌%

(4)

2.76‌%

2.19‌%

2.15‌%

2.56‌%

2.18‌%

Portfolio

turnover

rate

39.5‌%

47.8‌%

55.7‌%

52.5‌%

59.5‌%

53.8‌%

Net

assets,

end

of

period

(in

thousands)

$832,555

$822,109

$508,942

$367,792

$945,041

$631,471

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

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.

(4)

Annualized

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

13.47‌

$

15.28‌

$

12.38‌

$

8.07‌

Investment

activities

Net

investment

income

(2)(3)

0.29‌

0.50‌

0.41‌

0.21‌

Net

realized

and

unrealized

gain/loss

(0.08‌)

(1.93‌)

2.89‌

4.38‌

Total

from

investment

activities

0.21‌

(1.43‌)

3.30‌

4.59‌

Distributions

Net

investment

income

—‌

(0.38‌)

(0.40‌)

(0.28‌)

NET

ASSET

VALUE

End

of

period

$

13.68‌

$

13.47‌

$

15.28‌

$

12.38‌

Ratios/Supplemental

Data

Total

return

(3)(4)

1.56‌%

(9.43‌)%

26.76‌%

56.91‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.65‌%

(5)

0.65‌%

0.65‌%

0.65‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

(5)

0.00‌%

0.00‌%

0.00‌%

(5)

Net

investment

income

4.23‌%

(5)

3.57‌%

2.88‌%

2.38‌%

(5)

Portfolio

turnover

rate

39.5‌%

47.8‌%

55.7‌%

52.5‌%

Net

assets,

end

of

period

(in

millions)

$6,218

$5,657

$4,113

$2,914

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(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

Real

Assets

Fund

June

30,

2023

(Unaudited)

12

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

92.9%

COMMUNICATION

SERVICES

0.2%

Integrated

Telecommunication

Services

0.2%

Cellnex

Telecom

(EUR) 

398,216‌

16,089‌

Total

Communication

Services

16,089‌

CONSUMER

DISCRETIONARY

0.8%

Homebuilding

0.1%

Persimmon

(GBP) 

675,427‌

8,801‌

8,801‌

Hotels,

Resorts,

&

Cruise

Lines

0.7%

H

World

Group

(HKD)  (1)

2,318,900‌

8,987‌

Hilton

Worldwide

Holdings 

115,852‌

16,862‌

InterContinental

Hotels

Group

(GBP) 

178,499‌

12,339‌

Kyoritsu

Maintenance

(JPY) 

132,300‌

5,030‌

Marriott

International,

Class

A 

32,601‌

5,988‌

49,206‌

Total

Consumer

Discretionary

58,007‌

CONSUMER

STAPLES

0.7%

Agricultural

Products

&

Services

0.4%

Darling

Ingredients  (1)

442,744‌

28,243‌

28,243‌

Packaged

Foods

&

Meat

0.3%

Bakkafrost

(NOK) 

189,974‌

11,365‌

Minerva

(BRL) 

5,914,222‌

13,006‌

24,371‌

Total

Consumer

Staples

52,614‌

ENERGY

14.9%

Coal

&

Consumable

Fuels

0.8%

Cameco (2)

1,119,025‌

35,059‌

NAC

Kazatomprom,

GDR 

831,251‌

22,324‌

57,383‌

Integrated

Oil

&

Gas

5.6%

BP,

ADR 

1,189,075‌

41,963‌

Chevron 

322,652‌

50,769‌

Equinor

(NOK) 

1,257,581‌

36,619‌

Exxon

Mobil 

660,062‌

70,792‌

Galp

Energia

(EUR) 

1,043,723‌

12,197‌

OMV

(EUR) 

406,801‌

17,274‌

Shell

(GBP) 

2,102,406‌

62,718‌

Suncor

Energy

(CAD) 

1,273,784‌

37,365‌

T.

ROWE

PRICE

Real

Assets

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

TotalEnergies

(EUR) 

1,243,420‌

71,378‌

401,075‌

Oil

&

Gas

Equipment

&

Services

1.8%

Baker

Hughes 

737,825‌

23,323‌

Cactus,

Class

A 

210,788‌

8,921‌

ChampionX 

514,875‌

15,982‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $2,530  (1)(3)(4)(5)

2,530,088‌

1,138‌

Halliburton 

304,312‌

10,039‌

Schlumberger 

787,420‌

38,678‌

TechnipFMC  (1)

1,992,827‌

33,121‌

131,202‌

Oil

&

Gas

Exploration

&

Production

5.7%

Canadian

Natural

Resources

(CAD)  (2)

445,858‌

25,067‌

Chesapeake

Energy  (2)

324,749‌

27,175‌

Comstock

Resources 

793,868‌

9,209‌

ConocoPhillips 

633,258‌

65,612‌

EOG

Resources 

416,473‌

47,661‌

EQT 

936,789‌

38,530‌

Hess 

435,040‌

59,144‌

Kosmos

Energy  (1)

2,976,133‌

17,827‌

Magnolia

Oil

&

Gas,

Class

A 

575,069‌

12,019‌

Pioneer

Natural

Resources 

165,776‌

34,345‌

Range

Resources 

1,023,329‌

30,086‌

Southwestern

Energy  (1)

3,230,928‌

19,418‌

Tourmaline

Oil

(CAD) 

187,379‌

8,829‌

Whitecap

Resources

(CAD)  (2)

1,802,848‌

12,615‌

407,537‌

Oil

&

Gas

Refining

&

Marketing

0.7%

Marathon

Petroleum 

200,100‌

23,332‌

Valero

Energy 

201,127‌

23,592‌

46,924‌

Oil

&

Gas

Storage

&

Transportation

0.3%

Equitrans

Midstream 

307,561‌

2,941‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/17,

Cost $112  (1)(4)(5)

37‌

666‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

3/8/17

-

10/16/17,

Cost $2,704  (1)(4)(5)

759‌

13,662‌

Williams 

118,088‌

3,853‌

21,122‌

Total

Energy

1,065,243‌

T.

ROWE

PRICE

Real

Assets

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ENERGY

SERVICES

&

PROCESSORS

0.1%

Oil

&

Gas

Refining

&

Marketing

0.1%

Noble (1)

209,200‌

8,642‌

Total

Energy

Services

&

Processors

8,642‌

INDUSTRIALS

&

BUSINESS

SERVICES

6.9%

Building

Products

0.2%

Carrier

Global 

243,219‌

12,090‌

12,090‌

Construction

&

Engineering

0.2%

Quanta

Services 

70,876‌

13,924‌

13,924‌

Construction

Machinery

&

Heavy

Transportation

Equi

0.8%

Cummins 

48,123‌

11,798‌

Epiroc,

Class

A

(SEK) 

645,932‌

12,235‌

Epiroc,

Class

B

(SEK) 

681,043‌

11,023‌

Metso

(EUR) 

2,021,734‌

24,396‌

59,452‌

Electrical

Components

&

Equipment

0.7%

Hubbell 

68,238‌

22,625‌

Schneider

Electric

(EUR) 

83,782‌

15,221‌

Shoals

Technologies

Group,

Class

A  (1)

456,942‌

11,680‌

49,526‌

Industrial

Machinery

&

Supplies

&

Components

0.8%

Sandvik

(SEK) 

2,206,734‌

43,085‌

Weir

Group

(GBP) 

615,808‌

13,748‌

56,833‌

Passenger

Airlines

1.9%

Alaska

Air

Group  (1)

207,574‌

11,039‌

Allegiant

Travel  (1)

128,741‌

16,257‌

Delta

Air

Lines  (1)

513,966‌

24,434‌

Frontier

Group

Holdings  (1)

1,630,975‌

15,771‌

JetBlue

Airways  (1)

865,365‌

7,667‌

Southwest

Airlines 

460,967‌

16,692‌

Sun

Country

Airlines

Holdings  (1)

1,004,171‌

22,574‌

United

Airlines

Holdings  (1)

406,835‌

22,323‌

136,757‌

Rail

Transportation

1.7%

Canadian

National

Railway

(CAD) 

172,978‌

20,947‌

Canadian

Pacific

Kansas

City 

257,331‌

20,785‌

CSX 

583,123‌

19,885‌

Norfolk

Southern 

136,935‌

31,051‌

T.

ROWE

PRICE

Real

Assets

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Union

Pacific 

135,815‌

27,790‌

120,458‌

Research

&

Consulting

Services

0.2%

ALS

(AUD) 

2,290,037‌

17,111‌

17,111‌

Trading

Companies

&

Distributors

0.4%

Toromont

Industries

(CAD) 

323,259‌

26,556‌

26,556‌

Total

Industrials

&

Business

Services

492,707‌

INFORMATION

TECHNOLOGY

0.2%

Semiconductor

Materials

&

Equipment

0.2%

SolarEdge

Technologies  (1)

66,836‌

17,982‌

Total

Information

Technology

17,982‌

MATERIALS

31.9%

Aluminum

0.7%

Aluminium

Bahrain

(BHD) 

2,711,930‌

7,793‌

Norsk

Hydro

(NOK) 

6,870,943‌

40,960‌

48,753‌

Construction

Materials

0.6%

Martin

Marietta

Materials 

21,147‌

9,764‌

Vulcan

Materials 

149,753‌

33,760‌

43,524‌

Copper

2.4%

Antofagasta

(GBP) 

210,296‌

3,911‌

Central

Asia

Metals

(GBP) 

4,881,370‌

11,162‌

ERO

Copper

(CAD)  (1)

1,709,347‌

34,580‌

First

Quantum

Minerals

(CAD) 

2,146,270‌

50,775‌

Freeport-McMoRan 

922,148‌

36,886‌

Southern

Copper 

485,755‌

34,848‌

172,162‌

Diversified

Metals

&

Mining

9.6%

Adriatic

Metals,

CDI

(AUD)  (1)

4,906,284‌

10,448‌

Allkem

(AUD)  (1)

632,543‌

6,802‌

Anglo

American

(GBP) 

3,242,279‌

92,319‌

BHP

Group

(AUD) 

7,121,122‌

214,075‌

Boliden

(SEK) 

249,089‌

7,218‌

Filo

(CAD)  (1)

406,177‌

7,914‌

G

Mining

Ventures

(CAD)  (1)(2)

2,022,827‌

1,664‌

Glencore

(GBP) 

11,933,919‌

67,664‌

Grupo

Mexico,

Series

B

(MXN) 

2,917,300‌

14,027‌

IGO

(AUD) 

979,525‌

9,998‌

T.

ROWE

PRICE

Real

Assets

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ivanhoe

Electric  (1)(2)

982,856‌

12,816‌

Ivanhoe

Mines,

Class

A

(CAD)  (1)

3,381,294‌

30,884‌

Korea

Zinc

(KRW) 

13,222‌

4,911‌

Meridian

Mining

U.K.

Societas

(CAD)  (1)(2)

1,425,543‌

452‌

MMC

Norilsk

Nickel

(RUB)  (5)

75,310‌

—‌

Pilbara

Minerals

(AUD) 

2,182,392‌

7,173‌

Rio

Tinto

(AUD) 

906,154‌

69,393‌

Rio

Tinto

(GBP) 

863,802‌

54,894‌

South32

(AUD) 

6,121,299‌

15,411‌

Sumitomo

Metal

Mining

(JPY) 

347,000‌

11,202‌

Teck

Resources,

Class

B 

1,130,540‌

47,596‌

Verai

Discoveries,

Series

A1,

Acquisition

Date:

10/17/22,

Cost $1,258  (1)(4)(5)

62,199‌

1,258‌

688,119‌

Fertilizers

&

Agricultural

Chemicals

0.9%

CF

Industries

Holdings 

251,301‌

17,445‌

FMC 

170,542‌

17,795‌

Nutrien 

451,093‌

26,637‌

61,877‌

Forest

Products

0.2%

Svenska

Cellulosa,

Class

B

(SEK) 

713,111‌

9,103‌

West

Fraser

Timber

(CAD) 

64,380‌

5,531‌

14,634‌

Gold

9.0%

Agnico

Eagle

Mines

(CAD) 

1,219,840‌

60,911‌

Agnico

Eagle

Mines 

319,952‌

15,991‌

Barrick

Gold  (2)

1,852,756‌

31,367‌

Bellevue

Gold

(AUD)  (1)

8,491,529‌

7,264‌

Calibre

Mining

(CAD)  (1)

5,994,620‌

6,290‌

Capricorn

Metals

(AUD)  (1)

2,257,714‌

6,132‌

Centamin

(GBP) 

6,494,638‌

7,535‌

Emerald

Resources

(AUD)  (1)

11,036,360‌

15,123‌

Endeavour

Mining

(CAD)  (2)

1,389,462‌

33,301‌

Franco-Nevada

(CAD) 

745,140‌

106,201‌

K92

Mining

(CAD)  (1)(2)

1,976,226‌

8,578‌

Karora

Resources

(CAD)  (1)

4,944,330‌

15,116‌

Kinross

Gold 

1,007,183‌

4,804‌

Newcrest

Mining

(AUD) 

2,629,102‌

46,899‌

Newmont 

2,617,816‌

111,676‌

Northern

Star

Resources

(AUD) 

10,142,765‌

82,632‌

Orla

Mining

(CAD)  (1)(2)

2,274,878‌

9,548‌

Osisko

Mining

(CAD)  (1)(2)

5,798,015‌

14,093‌

Osisko

Mining,

Warrants,

8/28/24

(CAD) 

1,873,988‌

516‌

Polyus

(RUB)  (1)(5)

63,061‌

—‌

T.

ROWE

PRICE

Real

Assets

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Predictive

Discovery

(AUD)  (1)

27,132,811‌

3,003‌

Red

5

(AUD)  (1)

49,572,082‌

6,352‌

Royal

Gold 

61,766‌

7,090‌

Skeena

Resources

(CAD)  (1)(2)

690,669‌

3,331‌

Snowline

Gold

(CAD)  (1)

515,770‌

1,444‌

Wesdome

Gold

Mines

(CAD)  (1)

5,289,014‌

27,548‌

Wheaton

Precious

Metals

(CAD) 

425,283‌

18,392‌

651,137‌

Industrial

Gases

0.8%

Air

Products

&

Chemicals 

55,826‌

16,721‌

Linde 

105,263‌

40,114‌

56,835‌

Metal

Glass

&

Plastic

Containers

0.2%

Ball 

231,460‌

13,473‌

13,473‌

Paper

&

Plastic

Packaging

Products

&

Materials

0.4%

Avery

Dennison 

53,923‌

9,264‌

Packaging

Corp.

of

America 

119,173‌

15,750‌

Westrock 

258,316‌

7,509‌

32,523‌

Paper

Products

0.2%

Suzano

(BRL) 

1,339,531‌

12,385‌

12,385‌

Precious

Metals

&

Minerals

0.6%

Alrosa

(RUB)  (1)(5)

19,084,530‌

—‌

Anglo

American

Platinum

(ZAR) 

285,648‌

12,912‌

ARE

Holdings

(JPY)  (2)

57,500‌

777‌

Impala

Platinum

Holdings

(ZAR) 

1,005,163‌

6,697‌

Industrias

Penoles

(MXN)  (1)(2)

245,656‌

3,443‌

Northam

Platinum

Holdings

(ZAR)  (1)

1,936,936‌

12,893‌

Royal

Bafokeng

Platinum

(ZAR) 

117,547‌

779‌

Sibanye

Stillwater

(ZAR) 

3,270,365‌

5,044‌

SilverCrest

Metals

(CAD)  (1)(2)

190,870‌

1,118‌

43,663‌

Silver

0.1%

MAG

Silver  (1)(2)

959,916‌

10,693‌

10,693‌

Specialty

Chemicals

0.9%

Akzo

Nobel

(EUR) 

171,424‌

14,015‌

Covestro

(EUR)  (1)

310,940‌

16,179‌

RPM

International 

174,383‌

15,647‌

T.

ROWE

PRICE

Real

Assets

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sherwin-Williams 

62,460‌

16,584‌

62,425‌

Steel

5.3%

ArcelorMittal

(EUR) 

1,053,303‌

28,738‌

BlueScope

Steel

(AUD) 

679,212‌

9,348‌

Eregli

Demir

ve

Celik

Fabrikalari

(TRY)  (1)

1,995,617‌

2,833‌

Hoa

Phat

Group

(VND) 

33,970,500‌

37,795‌

Nippon

Steel

(JPY) 

1,740,300‌

36,423‌

Nucor 

514,639‌

84,391‌

POSCO

Holdings

(KRW) 

66,332‌

19,631‌

Reliance

Steel

&

Aluminum 

268,723‌

72,982‌

Steel

Dynamics 

615,167‌

67,010‌

voestalpine

(EUR) 

394,465‌

14,176‌

Warrior

Met

Coal 

133,433‌

5,197‌

378,524‌

Total

Materials

2,290,727‌

REAL

ESTATE

35.7%

Data

Center

Real

Estate

Investment

Trusts

2.5%

Equinix,

REIT 

225,887‌

177,082‌

177,082‌

Diversified

Real

Estate

Activites

1.3%

Kerry

Properties

(HKD) 

4,244,500‌

8,830‌

Mitsui

Fudosan

(JPY) 

2,044,600‌

40,752‌

Sun

Hung

Kai

Properties

(HKD) 

2,669,000‌

33,722‌

Tokyo

Tatemono

(JPY) 

680,800‌

8,767‌

92,071‌

Diversified

Real

Estate

Investment

Trusts

0.1%

Tokyu

REIT

(JPY) 

5,430‌

7,255‌

7,255‌

Health

Care

Real

Estate

Investment

Trusts

2.5%

Healthcare

Realty

Trust,

REIT 

1,353,159‌

25,520‌

Ventas,

REIT 

1,111,402‌

52,536‌

Welltower,

REIT 

1,249,952‌

101,109‌

179,165‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

1.1%

Apple

Hospitality

REIT,

REIT 

1,974,713‌

29,838‌

Hoshino

Resorts

REIT

(JPY) 

2,445‌

10,491‌

Host

Hotels

&

Resorts,

REIT 

851,686‌

14,334‌

Invincible

Investment

(JPY) 

39,398‌

15,662‌

Pebblebrook

Hotel

Trust,

REIT  (2)

585,730‌

8,165‌

78,490‌

T.

ROWE

PRICE

Real

Assets

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Industrial

Real

Estate

Investment

Trusts

6.8%

EastGroup

Properties,

REIT 

258,310‌

44,842‌

Goodman

Group

(AUD) 

2,338,322‌

31,434‌

Granite

Real

Estate

Investment

Trust

(CAD)  (2)

281,042‌

16,628‌

Industrial

&

Infrastructure

Fund

Investment

(JPY) 

10,728‌

11,294‌

Mitsui

Fudosan

Logistics

Park

(JPY) 

5,308‌

18,435‌

Prologis,

REIT 

1,764,270‌

216,352‌

Rexford

Industrial

Realty,

REIT 

1,215,084‌

63,452‌

Segro

(GBP) 

1,495,057‌

13,635‌

Terreno

Realty,

REIT 

976,778‌

58,704‌

Warehouses

De

Pauw

(EUR) 

567,601‌

15,588‌

490,364‌

Multi-Family

Residential

Real

Estate

Investment

Trusts

4.4%

Apartment

Income

REIT,

REIT 

57,270‌

2,067‌

Apartment

Investment

&

Management,

Class

A,

REIT 

582,815‌

4,966‌

AvalonBay

Communities,

REIT 

471,000‌

89,146‌

Camden

Property

Trust,

REIT 

362,298‌

39,443‌

Canadian

Apartment

Properties

REIT

(CAD)  (2)

514,353‌

19,747‌

Equity

Residential,

REIT 

1,281,179‌

84,519‌

Essex

Property

Trust,

REIT 

279,655‌

65,523‌

UNITE

Group

(GBP) 

863,975‌

9,571‌

314,982‌

Office

Real

Estate

Investment

Trusts

1.7%

Alexandria

Real

Estate

Equities,

REIT 

373,936‌

42,438‌

Derwent

London

(GBP) 

348,101‌

9,061‌

Douglas

Emmett,

REIT  (2)

1,378,352‌

17,326‌

Gecina

(EUR) 

191,240‌

20,401‌

Great

Portland

Estates

(GBP) 

1,965,136‌

10,393‌

Kilroy

Realty,

REIT 

526,251‌

15,835‌

SL

Green

Realty,

REIT  (2)

174,998‌

5,259‌

120,713‌

Other

Specialized

Reits

0.4%

Gaming

&

Leisure

Properties,

REIT 

601,844‌

29,165‌

29,165‌

Real

Estate

Development

0.2%

Katitas

(JPY) 

865,500‌

14,985‌

14,985‌

Real

Estate

Operating

Companies

0.8%

Hongkong

Land

Holdings 

1,391,300‌

5,440‌

Kojamo

(EUR) 

379,789‌

3,570‌

Shurgard

Self

Storage

(EUR) 

396,652‌

18,120‌

StorageVault

Canada

(CAD) 

2,396,172‌

10,581‌

T.

ROWE

PRICE

Real

Assets

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wharf

Real

Estate

Investment

(HKD) 

4,202,000‌

21,083‌

58,794‌

Retail

Real

Estate

Investment

Trusts

3.9%

Acadia

Realty

Trust,

REIT 

2,528,826‌

36,390‌

CapitaLand

Integrated

Commercial

Trust

(SGD) 

18,321,100‌

25,964‌

Federal

Realty

Investment

Trust,

REIT 

50,930‌

4,928‌

Kimco

Realty,

REIT 

727,461‌

14,346‌

Regency

Centers,

REIT 

1,370,786‌

84,673‌

Scentre

Group

(AUD) 

10,509,685‌

18,587‌

Simon

Property

Group,

REIT 

863,183‌

99,680‌

284,568‌

Retail

Reits

0.1%

Nexus

Select

Trust

(INR)  (1)

4,607,671‌

6,007‌

6,007‌

Self-Storage

Real

Estate

Investment

Trusts

2.9%

Big

Yellow

Group

(GBP) 

839,315‌

11,453‌

CubeSmart,

REIT 

1,334,119‌

59,582‌

Extra

Space

Storage,

REIT 

82,687‌

12,308‌

Public

Storage,

REIT 

427,624‌

124,815‌

208,158‌

Self-Storage

Reits

0.4%

Life

Storage,

REIT 

224,221‌

29,812‌

29,812‌

Single-Family

Residential

Real

Estate

Investment

Trusts

2.4%

American

Homes

4

Rent,

Class

A,

REIT 

1,811,655‌

64,223‌

Equity

LifeStyle

Properties,

REIT 

1,653,651‌

110,613‌

174,836‌

Single-Family

Residential

Reits

0.3%

Sun

Communities,

REIT 

177,286‌

23,129‌

23,129‌

Telecom

Tower

Real

Estate

Investment

Trusts

2.9%

American

Tower,

REIT 

527,631‌

102,329‌

Crown

Castle,

REIT 

310,539‌

35,383‌

SBA

Communications,

REIT 

299,261‌

69,356‌

207,068‌

Timber

Real

Estate

Investment

Trusts

1.0%

PotlatchDeltic,

REIT 

239,163‌

12,640‌

Rayonier,

REIT 

936,690‌

29,412‌

Weyerhaeuser,

REIT 

993,245‌

33,283‌

75,335‌

Total

Real

Estate

2,571,979‌

T.

ROWE

PRICE

Real

Assets

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UTILITIES

1.5%

Electric

Utilities

1.0%

FirstEnergy 

268,550‌

10,441‌

Iberdrola

(EUR) 

449,290‌

5,867‌

NextEra

Energy 

265,297‌

19,685‌

PG&E  (1)

758,498‌

13,107‌

Southern 

319,412‌

22,439‌

71,539‌

Multi-Utilities

0.5%

Ameren 

151,716‌

12,391‌

CMS

Energy 

182,919‌

10,746‌

Dominion

Energy 

204,309‌

10,581‌

33,718‌

Total

Utilities

105,257‌

Total

Common

Stocks

(Cost

$6,152,006)

6,679,247‌

CONVERTIBLE

PREFERRED

STOCKS

1.7%

CONSUMER

STAPLES

0.1%

Agricultural

Products

&

Services

0.1%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $2,712  (1)(4)(5)

146,876‌

7,348‌

Total

Consumer

Staples

7,348‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Electrical

Components

&

Equipment

0.0%

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $668  (1)(4)(5)

699,536‌

839‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $940  (1)(4)(5)

983,766‌

1,181‌

Total

Industrials

&

Business

Services

2,020‌

MATERIALS

1.6%

Copper

0.6%

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $3,736  (1)(4)(5)

64,540‌

8,577‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $33,521  (1)(4)(5)

252,242‌

33,521‌

42,098‌

Diversified

Metals

&

Mining

0.8%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $18,268  (1)(4)(5)

666,457‌

28,512‌

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $19,888  (1)(4)(5)

464,875‌

19,888‌

T.

ROWE

PRICE

Real

Assets

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kobold

Metals,

Series

B-Prime-1,

Acquisition

Date:

3/21/23,

Cost $6,053  (1)(4)(5)

141,490‌

6,053‌

Sortera

Tech,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $2,367  (1)(4)(5)

171,757‌

2,367‌

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $2,464  (1)(4)(5)

121,855‌

2,464‌

59,284‌

Specialty

Chemicals

0.2%

Lilac

Solutions,

Acquisition

Date:

11/21/22,

Cost $2,466  (1)(4)(5)

(6)

2,465,817‌

2,466‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $9,143  (1)

(4)(5)(6)

696,477‌

9,507‌

11,973‌

Total

Materials

113,355‌

Total

Convertible

Preferred

Stocks

(Cost

$102,227)

122,723‌

EQUITY

MUTUAL

FUNDS

0.6%

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF  (2)

171,496‌

22,094‌

VanEck

Vectors

Oil

Services

ETF  (2)

70,267‌

20,208‌

Total

Equity

Mutual

Funds

(Cost

$22,233)

42,302‌

PREFERRED

STOCKS

0.0%

ENERGY

0.0%

Oil

&

Gas

Equipment

&

Services

0.0%

Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

11/30/22,

Cost $142  (1)(4)(5)

141,772‌

142‌

Total

Energy

142‌

Total

Preferred

Stocks

(Cost

$142)

142‌

SHORT-TERM

INVESTMENTS

4.3%

Money

Market

Funds

3.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%  (6)(7)

260,783,790‌

260,784‌

260,784‌

U.S.

Treasury

Obligations

0.7%

U.S.

Treasury

Bills,

5.245%,

11/9/23  (8)

47,357,000‌

46,474‌

46,474‌

Total

Short-Term

Investments

(Cost

$307,258)

307,258‌

T.

ROWE

PRICE

Real

Assets

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

1.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.7%

Money

Market

Funds

0.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (6)(7)

52,680,213‌

52,680‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

52,680‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.9%

Money

Market

Funds

0.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (6)(7)

65,093,412‌

65,094‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

65,094‌

Total

Securities

Lending

Collateral

(Cost

$117,774)

117,774‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

NASDAQ

100

Stock

Index,

Call,

8/18/23

@

$15,100.00  (1)

85‌

129,023‌

4,149‌

Morgan

Stanley

NASDAQ

100

Stock

Index,

Call,

8/18/23

@

$15,750.00  (1)

199‌

302,066‌

3,644‌

Total

Options

Purchased

(Cost

$3,016)

7,793‌

Total

Investments

in

Securities

101.2%

of

Net

Assets

(Cost

$6,704,656)

$

7,277,239‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2023.

(3)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

T.

ROWE

PRICE

Real

Assets

Fund

24

.

.

.

.

.

.

.

.

.

.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$139,589

and

represents

1.9%

of

net

assets.

(5)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(6)

Affiliated

Companies

(7)

Seven-day

yield

(8)

At

June

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

BHD

Bahrain

Dinar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

ETF

Exchange-Traded

Fund

EUR

Euro

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

OTC

Over-the-counter

PLN

Polish

Zloty

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RUB

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secured

overnight

financing

rate

TRY

Turkish

Lira

USD

U.S.

Dollar

VND

Vietnam

Dong

ZAR

South

African

Rand

T.

ROWE

PRICE

Real

Assets

Fund

25

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Interest

Rate

Swaps

0.0%

1

Year

Interest

Rate

Swap,

Receive

Fixed

5.610%

Annually,

Pay

Variable

4.945%

(SOFR)

Annually,

3/11/24

101,570

294

—

294‌

Total

Centrally

Cleared

Interest

Rate

Swaps

294‌

Total

Centrally

Cleared

Swaps

294‌

Net

payments

(receipts)

of

variation

margin

to

date

(277‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

17‌

T.

ROWE

PRICE

Real

Assets

Fund

26

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

7/14/23

PLN

114,422‌

USD

27,666‌

$

454‌

BNP

Paribas

7/14/23

JPY

8,821,485‌

USD

63,497‌

(2,224‌)

Citibank

7/14/23

AUD

25,059‌

USD

16,848‌

(147‌)

Citibank

7/14/23

IDR

395,625,084‌

USD

26,536‌

(193‌)

Deutsche

Bank

7/14/23

INR

3,280,949‌

USD

39,689‌

277‌

Deutsche

Bank

7/14/23

NOK

313,394‌

USD

29,166‌

47‌

Goldman

Sachs

7/5/23

BRL

392,859‌

USD

77,873‌

4,097‌

Goldman

Sachs

7/5/23

USD

81,520‌

BRL

392,859‌

(451‌)

JPMorgan

Chase

8/15/23

JPY

876,600‌

USD

6,356‌

(238‌)

Morgan

Stanley

7/14/23

CAD

52,279‌

USD

39,231‌

241‌

UBS

Investment

Bank

7/14/23

CHF

25,043‌

USD

27,826‌

195‌

Wells

Fargo

7/5/23

BRL

392,859‌

USD

81,520‌

451‌

Wells

Fargo

7/5/23

USD

81,806‌

BRL

392,859‌

(164‌)

Wells

Fargo

7/14/23

GBP

37,301‌

USD

46,963‌

415‌

Wells

Fargo

8/2/23

BRL

238,544‌

USD

49,417‌

98‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

2,858‌

T.

ROWE

PRICE

Real

Assets

Fund

27

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

328

ASX

SPI

200

Index

contracts

9/23

39,116

$

192‌

Short,

1,431

Euro

STOXX

contracts

9/23

(69,128)

(1,296‌)

Long,

175

NASDAQ

100

E-Mini

contracts

9/23

53,680

1,976‌

Long,

650

S&P

500

E-mini

Index

Consumer

Staples

Sector

contracts

9/23

48,977

871‌

Long,

377

S&P

500

E-mini

Index

Energy

Sector

contracts

9/23

32,313

141‌

Long,

209

TOPIX

Index

contracts

9/23

33,140

1,125‌

Short,

736

U.S.

Treasury

Notes

ten

year

contracts

9/23

(82,628)

1,414‌

Short,

253

Ultra

U.S.

Treasury

Bonds

contracts

9/23

(34,463)

(400‌)

Net

payments

(receipts)

of

variation

margin

to

date

(3,728‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

295‌

T.

ROWE

PRICE

Real

Assets

Fund

28

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

June

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

Lilac

Solutions 

$

—‌

$

—‌

$

—‌

Lilac

Solutions,

Series

B 

—‌

—‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%

—‌

—‌

2,781‌

Totals

$

—‌#

$

—‌

$

2,781‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

Lilac

Solutions 

$

*

$

—‌

$

—‌

$

2,466‌

Lilac

Solutions,

Series

B 

*

—‌

—‌

9,507‌

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

—‌

  ¤

  ¤

117,774‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%

371,041‌

  ¤

  ¤

260,784‌

Total

$

390,531‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$2,781

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

$390,167.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Real

Assets

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

29

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$6,704,656)

$

7,277,239‌

Receivable

for

shares

sold

202,066‌

Receivable

for

investment

securities

sold

17,797‌

Dividends

receivable

13,360‌

Foreign

currency

(cost

$10,797)

10,788‌

Unrealized

gain

on

forward

currency

exchange

contracts

6,275‌

Due

from

affiliates

2,985‌

Restricted

cash

pledged

for

bilateral

derivatives

2,570‌

Cash

1,281‌

Variation

margin

receivable

on

futures

contracts

295‌

Variation

margin

receivable

on

centrally

cleared

swaps

17‌

Other

assets

4,851‌

Total

assets

7,539,524‌

Liabilities

Payable

for

investment

securities

purchased

218,875‌

Obligation

to

return

securities

lending

collateral

117,774‌

Payable

for

shares

redeemed

4,999‌

Investment

management

fees

payable

3,506‌

Unrealized

loss

on

forward

currency

exchange

contracts

3,417‌

Payable

to

directors

6‌

Other

liabilities

197‌

Total

liabilities

348,774‌

NET

ASSETS

$

7,190,750‌

T.

ROWE

PRICE

Real

Assets

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

30

($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)

$

317,874‌

Paid-in

capital

applicable

to

526,206,125

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

6,872,876‌

NET

ASSETS

$

7,190,750‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$140,636;

Shares

outstanding:

10,266,024)

$

13.70‌

I

Class

(Net

assets:

$832,555;

Shares

outstanding:

61,400,903)

$

13.56‌

Z

Class

(Net

assets:

$6,217,559;

Shares

outstanding:

454,539,198)

$

13.68‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Statement

of

Operations

31

($000s)

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$3,060)

$

138,130‌

    Interest

2,909‌

Securities

lending

1,211‌

Total

income

142,250‌

Expenses

Investment

management

21,395‌

Shareholder

servicing

Investor

Class

$

198‌

I

Class

165‌

363‌

Prospectus

and

shareholder

reports

Investor

Class

10‌

I

Class

1‌

Z

Class

1‌

12‌

Custody

and

accounting

361‌

Registration

167‌

Legal

and

audit

36‌

Directors

12‌

Proxy

and

annual

meeting

6‌

Miscellaneous

55‌

Waived

/

paid

by

Price

Associates

(18,894‌)

Total

expenses

3,513‌

Net

investment

income

138,737‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Statement

of

Operations

32

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(59,375‌)

Futures

(4,527‌)

Swaps

(28‌)

Forward

currency

exchange

contracts

(7,637‌)

Foreign

currency

transactions

(909‌)

Net

realized

loss

(72,476‌)

Change

in

net

unrealized

gain

/

loss

Securities

46,333‌

Futures

(4,852‌)

Swaps

292‌

Forward

currency

exchange

contracts

931‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(12‌)

Change

in

net

unrealized

gain

/

loss

42,692‌

Net

realized

and

unrealized

gain

/

loss

(29,784‌)

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

108,953‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

33

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

138,737‌

$

204,725‌

Net

realized

loss

(72,476‌)

(85,473‌)

Change

in

net

unrealized

gain

/

loss

42,692‌

(761,364‌)

Increase

(decrease)

in

net

assets

from

operations

108,953‌

(642,112‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

–‌

(1,981‌)

I

Class

–‌

(18,726‌)

Z

Class

–‌

(156,201‌)

Decrease

in

net

assets

from

distributions

–‌

(176,908‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

7,931‌

56,553‌

I

Class

59,349‌

442,517‌

Z

Class

708,707‌

2,617,642‌

Distributions

reinvested

Investor

Class

–‌

1,965‌

I

Class

–‌

18,683‌

Z

Class

–‌

156,201‌

Shares

redeemed

Investor

Class

(13,757‌)

(200,789‌)

I

Class

(60,576‌)

(60,322‌)

Z

Class

(243,681‌)

(534,803‌)

Increase

in

net

assets

from

capital

share

transactions

457,973‌

2,497,647‌

T.

ROWE

PRICE

Real

Assets

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

34

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Increase

during

period

566,926‌

1,678,627‌

Beginning

of

period

6,623,824‌

4,945,197‌

End

of

period

$

7,190,750‌

$

6,623,824‌

*Share

information

(000s)

Shares

sold

Investor

Class

571‌

3,903‌

I

Class

4,392‌

30,842‌

Z

Class

51,932‌

177,805‌

Distributions

reinvested

Investor

Class

–‌

141‌

I

Class

–‌

1,351‌

Z

Class

–‌

11,237‌

Shares

redeemed

Investor

Class

(991‌)

(14,494‌)

I

Class

(4,372‌)

(4,239‌)

Z

Class

(17,491‌)

(38,160‌)

Increase

in

shares

outstanding

34,041‌

168,386‌

T.

ROWE

PRICE

Real

Assets

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

35

T.

Rowe

Price

Real

Assets

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. The

fund

seeks

to

provide

long-term

growth

of

capital.

The

fund

has

three classes

of

shares:

the

Real

Assets

Fund

(Investor

Class),

the

Real

Assets

Fund–I

Class

(I

Class)

and

the

Real

Assets

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.

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.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

T.

ROWE

PRICE

Real

Assets

Fund

36

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

and

paid

by

each

class 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,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

In-Kind

Redemptions

 In

accordance

with

guidelines

described

in

the

fund’s

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

six

months ended

June

30,

2023,

the

fund

realized

$14,144,000 of

net

gain

on

$33,656,000

of

in-kind

redemptions.

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

4

p.m.

ET,

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.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

T.

ROWE

PRICE

Real

Assets

Fund

37

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did 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

  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

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

T.

ROWE

PRICE

Real

Assets

Fund

38

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 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

T.

ROWE

PRICE

Real

Assets

Fund

39

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

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

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

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.

T.

ROWE

PRICE

Real

Assets

Fund

40

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

June

30,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

June

30,

2023,

totaled $12,794,000 for

the

six

months ended

June

30,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

4,147,216‌

$

2,515,307‌

$

16,724‌

$

6,679,247‌

Convertible

Preferred

Stocks

—‌

—‌

122,723‌

122,723‌

Equity

Mutual

Funds

42,302‌

—‌

—‌

42,302‌

Preferred

Stocks

—‌

—‌

142‌

142‌

Short-Term

Investments

260,784‌

46,474‌

—‌

307,258‌

Securities

Lending

Collateral

117,774‌

—‌

—‌

117,774‌

Options

Purchased

—‌

7,793‌

—‌

7,793‌

Total

Securities

4,568,076‌

2,569,574‌

139,589‌

7,277,239‌

Swaps*

—‌

294‌

—‌

294‌

Forward

Currency

Exchange

Contracts

—‌

6,275‌

—‌

6,275‌

Futures

Contracts*

5,719‌

—‌

—‌

5,719‌

Total

$

4,573,795‌

$

2,576,143‌

$

139,589‌

$

7,289,527‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

3,417‌

$

—‌

$

3,417‌

Futures

Contracts*

1,696‌

—‌

—‌

1,696‌

Total

$

1,696‌

$

3,417‌

$

—‌

$

5,113‌

*

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

Real

Assets

Fund

41

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2023,

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.

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

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

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

6/30/23

Investment

in

Securities

Common

Stocks

$

14,174‌

$

2,550‌

$

—‌

$

16,724‌

Convertible

Preferred

Stocks

84,171‌

10,244‌

28,308‌

122,723‌

Preferred

Stocks

142‌

—‌

—‌

142‌

Total

$

98,487‌

$

12,794‌

$

28,308‌

$

139,589‌

T.

ROWE

PRICE

Real

Assets

Fund

42

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

$

1,708‌

Foreign

exchange

derivatives

Forwards

6,275‌

Equity

derivatives

Futures

,

Securities^

12,098‌

^

,*

Total

$

20,081‌

^

,*

Liabilities

Interest

rate

derivatives

Futures

$

400‌

Foreign

exchange

derivatives

Forwards

3,417‌

Equity

derivatives

Futures

1,296‌

Total

$

5,113‌

*

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.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T.

ROWE

PRICE

Real

Assets

Fund

43

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

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.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

(70‌)

$

—‌

$

(28‌)

$

(98‌)

Foreign

exchange

derivatives

—‌

—‌

(7,637‌)

—‌

(7,637‌)

Equity

derivatives

(6,527‌)

(4,457‌)

—‌

—‌

(10,984‌)

Total

$

(6,527‌)

$

(4,527‌)

$

(7,637‌)

$

(28‌)

$

(18,719‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

845‌

$

—‌

$

292‌

$

1,137‌

Foreign

exchange

derivatives

—‌

—‌

931‌

—‌

931‌

Equity

derivatives

4,777‌

(5,697‌)

—‌

—‌

(920‌)

Total

$

4,777‌

$

(4,852‌)

$

931‌

$

292‌

$

1,148‌

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Real

Assets

Fund

44

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

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.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

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,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2023,

cash

of $2,570,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

T.

ROWE

PRICE

Real

Assets

Fund

45

derivatives. As

of

June

30,

2023,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $9,900,000 cash

and

securities

valued

at

$50,000. As

of

June

30,

2023,

securities

valued

at $21,232,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

6%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

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

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

T.

ROWE

PRICE

Real

Assets

Fund

46

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.

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

June

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

5%

and

7%

of

net

assets.

Options

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

6%

of

net

assets.

Swaps

 The

fund

is

subject

to

interest

rate

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

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

T.

ROWE

PRICE

Real

Assets

Fund

47

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

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.

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

in

the

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.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

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

June

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

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.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

T.

ROWE

PRICE

Real

Assets

Fund

48

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

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.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2023,

the

value

of

loaned

securities

was

$112,051,000,

the

value

of

cash

collateral

and

related

investments

was

$117,774,000.

Other

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $3,136,214,000 and

$2,585,320,000,

respectively,

for

the

six

months ended

June

30,

2023.

T.

ROWE

PRICE

Real

Assets

Fund

49

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

December

31,

2022,

the

fund

had

$143,253,000 of

available

capital

loss

carryforwards.

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$6,876,752,000.

Net

unrealized

gain

aggregated

$407,603,000

at

period-end,

of

which $944,744,000

related

to

appreciated

investments

and $537,141,000

related

to

depreciated

investments.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

ROWE

PRICE

Real

Assets

Fund

50

NOTE

7

-

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). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

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

0.35%

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

0.260%

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

June

30,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class

was

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

was

required

to

waive

its

management

fee

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

T.

ROWE

PRICE

Real

Assets

Fund

51

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.

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 June

30,

2023

as

indicated

in

the

table

below

and

remain

subject

to

repayment

by

the

fund.

Including

this

amount,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $36,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2023.

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

two

wholly

owned

subsidiaries

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.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates;

$166,000

for

T.

Rowe

Price

Services,

Inc.;

and

$2,000

for

T.

Rowe

Price

Retirement

Plan

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.

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.99%

0.05%

0.00%

Expense

limitation

date

04/30/23

04/30/25

N/A

(Waived)/repaid

during

the

period

($000s)

$1

$(35)

$(18,860)

T.

ROWE

PRICE

Real

Assets

Fund

52

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

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

June

30,

2023,

the

fund

was

charged $122,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$64,000

was

for

services

provided

by

Price.

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

June

30,

2023,

no

shares

of

the

Investor

Class

were

held

by

college

savings

plans

and

approximately

43%

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

June

30,

2023,

approximately

43%

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.

Cash

collateral

from

securities

lending,

if

any,

is

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

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T.

ROWE

PRICE

Real

Assets

Fund

53

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades.

This

agreement

may

be

rescinded

at

any

time.

For

the

six

months ended

June

30,

2023,

this

reimbursement

amounted

to

$176,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Real

Assets

Fund

54

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

448,926,047

2,553,572

Mark

J.

Parrell

450,105,884

1,371,106

Kellye

L.

Walker

448,918,577

2,562,091

Eric

L.

Veiel

450,113,707

1,364,524

T.

ROWE

PRICE

Real

Assets

Fund

55

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd,

T.

Rowe

Price

Hong

Kong

Limited,

and

T.

Rowe

Price

Japan,

Inc.

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadvisers

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadvisers’

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

T.

ROWE

PRICE

Real

Assets

Fund

56

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

ROWE

PRICE

Real

Assets

Fund

57

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T.

Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

largely

covered

by

the

all-inclusive

fees

charged

by

the

investing

T.

Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T.

Rowe

Price

funds

of

funds’

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

ROWE

PRICE

Real

Assets

Fund

58

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

second

quintile

(Expense

Group)

and

third

quintile

(Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

first

quintile

(Expense

Group)

and

second

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

and

Subadvisory

Contracts

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

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.

F176-051

8/23

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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.
(2)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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.

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 Real Assets Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 18, 2023

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	August 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023