T.
ROWE
PRICE
Real
Assets
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.3%
COMMODITY
INDUSTRIALS
0.2%
Industrial
Machinery
0.1%
IMI
(GBP)
324,486
5,965
5,965
Metal
&
Glass
Containers
0.1%
Gores
Holdings
V
SPAC/
Ardagh
Group
PIPE (1)(2)
213,108
1,914
1,914
Total
Commodity
Industrials
7,879
CONSUMER
DISCRETIONARY
0.7%
Auto
Parts
&
Equipment
0.1%
Magna
International
36,468
3,211
3,211
Hotels,
Resorts,
&
Cruise
Lines
0.5%
Hilton
Worldwide
Holdings (1)
43,841
5,301
Marriott
International,
Class
A (1)
66,112
9,792
Whitbread
(GBP) (1)
110,898
5,235
20,328
Tires
&
Rubber
0.1%
Bridgestone
(JPY)
68,300
2,777
2,777
Total
Consumer
Discretionary
26,316
CONSUMER
STAPLES
0.3%
Agricultural
Products
0.2%
Darling
Ingredients (1)
138,100
10,161
10,161
Packaged
Foods
&
Meat
0.1%
Sanderson
Farms
29,995
4,673
4,673
Total
Consumer
Staples
14,834
ENERGY
6.7%
Integrated
Oil
&
Gas
2.5%
Chevron (3)
223,140
23,383
Equinor
(NOK)
1,093,540
21,346
Galp
Energia
(EUR)
1,803,493
20,906
TOTAL
(EUR)
949,388
44,260
109,895
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Oil
&
Gas
Equipment
&
Services
0.7%
Cactus,
Class
A
202,249
6,193
ChampionX
(1)
306,858
6,668
Enerflex
(CAD)
683,824
4,413
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (1)(4)(5)(6)
2,530,088
1,670
Halliburton
208,069
4,465
Liberty
Oilfield
Services,
Class
A
260,603
2,942
Tenaris
(EUR)
573,359
6,484
32,835
Oil
&
Gas
Exploration
&
Production
3.0%
Aker
BP
(NOK)
309,402
8,777
ConocoPhillips
670,923
35,539
Devon
Energy
534,917
11,688
EOG
Resources (3)
347,895
25,233
Hess
124,715
8,825
Lundin
Energy
(SEK)
345,059
10,853
Magnolia
Oil
&
Gas,
Class
A (1)
489,055
5,614
Parex
Resources
(CAD) (1)
297,546
5,306
Pioneer
Natural
Resources (3)
119,007
18,900
130,735
Oil
&
Gas
Storage
&
Transportation
0.5%
Enbridge
166,306
6,054
TC
Energy
282,850
12,940
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $112 (1)(4)(5)
37
206
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $2,704 (1)(4)(5)
759
4,224
23,424
Total
Energy
296,889
FINANCIALS
0.1%
Asset
Management
&
Custody
Banks
0.1%
Bluescape
Opportunities
Acquisition (1)
225,036
2,399
Total
Financials
2,399
INDUSTRIALS
&
BUSINESS
SERVICES
5.2%
Aerospace
&
Defense
0.3%
BWX
Technologies
45,395
2,993
Lockheed
Martin
7,867
2,907
Northrop
Grumman
8,958
2,899
Safran
(EUR) (1)
19,618
2,669
11,468
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Agricultural
&
Farm
Machinery
0.9%
AGCO
66,669
9,577
Deere
38,704
14,481
Lindsay
47,800
7,964
Toro
62,101
6,405
38,427
Construction
&
Engineering
0.1%
Valmont
Industries
27,100
6,441
6,441
Construction
Machinery
&
Heavy
Trucks
1.0%
Alamo
Group
38,100
5,949
Bucher
Industries
(CHF)
11,594
5,908
Caterpillar
67,280
15,600
Epiroc
,
Class
B
(SEK)
563,156
11,731
Metso
Outotec
(EUR)
561,680
6,263
45,451
Diversified
Support
Services
0.1%
Copart
(1)
22,746
2,470
2,470
Electrical
Components
&
Equipment
1.0%
Array
Technologies (1)
266,248
7,940
Emerson
Electric
53,100
4,791
Hubbell
41,200
7,700
Legrand
(EUR)
65,710
6,105
Rockwell
Automation
10,727
2,847
Schneider
Electric
(EUR)
60,356
9,194
Shoals
Technologies
Group,
Class
A (1)
153,990
5,356
43,933
Human
Resource
&
Employment
Services
0.1%
Recruit
Holdings
(JPY)
58,700
2,882
2,882
Industrial
Conglomerates
0.1%
3M
15,134
2,916
Roper
Technologies
6,854
2,764
5,680
Industrial
Machinery
1.0%
Aalberts
(EUR)
96,402
4,876
Atlas
Copco,
B
Shares
(SEK)
125,544
6,543
Kadant
31,202
5,773
Sandvik
(SEK) (1)
247,583
6,774
Timken
76,800
6,234
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Weir
Group
(GBP) (1)
419,755
10,288
40,488
Railroads
0.1%
Union
Pacific
12,696
2,798
2,798
Research
&
Consulting
Services
0.3%
ALS
(AUD)
581,779
4,302
CoStar
Group (1)
3,019
2,481
Leidos
Holdings
25,914
2,495
Verisk
Analytics
18,916
3,342
12,620
Trading
Companies
&
Distributors
0.1%
Toromont
Industries
(CAD)
61,677
4,721
4,721
Trucking
0.1%
Knight-Swift
Transportation
Holdings
61,033
2,935
Old
Dominion
Freight
Line
12,519
3,010
5,945
Total
Industrials
&
Business
Services
223,324
INFORMATION
TECHNOLOGY
0.6%
Internet
Services
&
Infrastructure
0.1%
GDS
Holdings,
Class
A
(HKD) (1)
609,691
6,204
6,204
Semiconductor
Equipment
0.4%
Entegris
105,734
11,821
SUMCO
(JPY)
291,600
6,683
18,504
Semiconductors
0.1%
Infineon
Technologies
(EUR)
60,784
2,586
2,586
Total
Information
Technology
27,294
MATERIALS
39.8%
Aluminum
0.6%
Hindalco
Industries
(INR)
1,386,755
6,224
Norsk
Hydro
(NOK)
2,948,962
18,941
Press
Metal
Aluminium
Holdings
(MYR)
1,292,400
3,091
28,256
Commodity
Chemicals
0.2%
Westlake
Chemical
119,135
10,578
10,578
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Construction
Materials
0.1%
Imerys
(EUR)
116,269
5,655
5,655
Copper
2.8%
Antofagasta
(GBP)
244,096
5,686
ERO
Copper
(CAD) (1)
584,993
10,069
First
Quantum
Minerals
(CAD)
516,994
9,853
Freeport-McMoRan (1)
1,281,490
42,199
Jiangxi
Copper,
Class
H
(HKD)
1,313,000
2,521
KGHM
Polska
Miedz
(PLN) (1)
107,329
5,157
Lundin
Mining
(CAD)
1,859,254
19,130
OZ
Minerals
(AUD)
598,203
10,434
Southern
Copper
297,929
20,220
125,269
Diversified
Chemicals
0.2%
Huntsman
267,379
7,708
7,708
Diversified
Metals
&
Mining
11.1%
African
Rainbow
Minerals
(ZAR)
100,212
1,882
Anglo
American
(GBP)
1,064,748
41,704
BHP
Group
(AUD)
5,518,459
191,432
Boliden
(SEK)
1,275,376
47,321
China
Molybdenum,
Class
H
(HKD)
4,245,000
2,592
Glencore
(GBP) (1)
8,673,267
34,055
Grupo
Mexico,
Series
B
(MXN)
2,692,688
14,194
IGO
(AUD)
2,444,363
11,722
Korea
Zinc
(KRW)
7,047
2,552
MMC
Norilsk
Nickel
(RUB)
55,892
17,542
Rio
Tinto
(GBP)
1,181,746
90,153
South32
(AUD)
5,962,890
12,797
Sumitomo
Metal
Mining
(JPY)
176,400
7,644
Teck
Resources,
Class
B
409,674
7,857
Vedanta
(INR)
1,634,137
5,134
488,581
Fertilizers
&
Agricultural
Chemicals
0.2%
CF
Industries
Holdings
172,640
7,834
7,834
Forest
Products
0.3%
Svenska
Cellulosa
,
Class
B
(SEK) (1)
457,813
8,103
West
Fraser
Timber
(CAD)
76,933
5,535
13,638
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Gold
8.7%
Agnico
Eagle
Mines
(CAD)
313,054
18,098
Alamos
Gold,
Class
A
(CAD)
175,031
1,368
Aneka
Tambang
(IDR)
3,755,500
586
AngloGold
Ashanti
(ZAR)
539,641
11,746
B2Gold
(CAD)
1,264,450
5,443
Barrick
Gold
(CAD)
2,303,043
45,687
Centamin
(GBP)
516,167
740
Centerra
Gold
(CAD)
98,615
873
Chalice
Mining
(AUD) (1)
124,040
491
Cia
de
Minas
Buenaventura,
ADR (1)
284,367
2,852
Coeur
Mining (1)
108,842
983
De
Grey
Mining
(AUD) (1)
398,348
299
Dundee
Precious
Metals
(CAD)
64,563
394
Eldorado
Gold
(CAD) (1)
77,757
840
Endeavour
Mining
(CAD)
82,861
1,670
Equinox
Gold
(CAD) (1)
96,948
773
Evolution
Mining
(AUD)
2,100,631
6,544
Franco-Nevada
(CAD)
333,470
41,791
Gold
Fields
(ZAR)
1,143,554
10,748
Gold
Road
Resources
(AUD)
333,974
280
Greatland
Gold
(GBP) (1)
1,623,177
430
Harmony
Gold
Mining
(ZAR) (1)
475,835
2,029
Harmony
Gold
Mining,
ADR (1)
252,342
1,100
IAMGOLD
(CAD) (1)
211,410
629
Kinross
Gold
(CAD)
1,628,742
10,848
Kirkland
Lake
Gold
(CAD)
615,183
20,775
New
Gold
(CAD) (1)
286,696
443
Newcrest
Mining
(AUD)
1,056,825
19,966
Newmont
1,040,266
62,697
Northern
Star
Resources
(AUD)
3,244,242
23,500
Novagold
Resources
(CAD) (1)
110,238
961
OceanaGold
(CAD) (1)
310,574
462
Orla
Mining
(CAD) (1)
60,875
227
Osisko
Gold
Royalties
(CAD)
55,544
612
Osisko
Mining
(CAD) (1)
270,757
633
Perseus
Mining
(AUD) (1)
6,869,835
5,616
Petropavlovsk
(GBP) (1)
1,143,844
376
Polymetal
International
(RUB)
310,607
6,093
Polyus
(RUB)
44,192
8,177
Pretium
Resources
(CAD) (1)
83,375
865
Ramelius
Resources
(AUD)
342,963
386
Regis
Resources
(AUD)
226,986
502
Royal
Gold
29,217
3,144
Sabina
Gold
&
Silver
(CAD) (1)
137,616
198
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sandstorm
Gold
(CAD) (1)
85,450
580
Seabridge
Gold
(CAD) (1)
24,002
388
Shandong
Gold
Mining,
Class
A
(CNH)
262,230
856
Shandong
Gold
Mining,
Class
H
(HKD)
795,250
1,500
Silver
Lake
Resources
(AUD) (1)
4,383,667
5,001
SSR
Mining
(CAD)
283,485
4,054
St.
Barbara
(AUD)
314,152
471
Torex
Gold
Resources
(CAD) (1)
38,250
483
Wesdome
Gold
Mines
(CAD) (1)
1,225,480
8,133
Westgold
Resources
(AUD) (1)
167,505
255
Wheaton
Precious
Metals
(CAD)
580,787
22,183
Yamana
Gold
(CAD)
1,231,586
5,351
Zhaojin
Mining
Industry,
Class
H
(HKD)
465,500
426
Zijin
Mining
Group,
Class
H
(HKD)
9,346,000
11,558
384,114
Industrial
Gases
1.6%
Air
Liquide
(EUR)
76,871
12,551
Air
Products
&
Chemicals
65,143
18,327
Air
Water
(JPY)
201,000
3,526
Linde
133,114
37,291
71,695
Metal
&
Glass
Containers
0.4%
Ball
123,081
10,430
Crown
Holdings
60,400
5,861
Vidrala
(EUR)
24,761
2,724
19,015
Paper
Packaging
1.9%
Avery
Dennison
66,296
12,175
DS
Smith
(GBP)
1,571,417
8,830
Graphic
Packaging
Holding
345,186
6,269
International
Paper
345,047
18,657
Mayr
Melnhof
Karton
(EUR)
22,532
4,634
Packaging
Corp.
of
America
176,021
23,671
Westrock
179,828
9,360
83,596
Paper
Products
0.9%
Mondi
(GBP)
715,142
18,231
Stora
Enso,
R
Shares
(EUR)
374,152
6,980
UPM-
Kymmene
(EUR)
443,676
15,945
41,156
Precious
Metals
&
Minerals
2.0%
Alrosa
(RUB)
4,801,440
6,720
Anglo
American
Platinum
(ZAR)
100,349
14,636
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Asahi
Holdings
(JPY)
66,600
1,279
Eurasia
Mining
(GBP) (1)
1,670,798
689
Fresnillo
(GBP)
347,935
4,144
Impala
Platinum
Holdings
(ZAR)
1,486,564
27,444
Industrias
Penoles
(MXN) (1)
260,157
3,358
Northam
Platinum
(ZAR) (1)
663,584
11,529
Sibanye
Stillwater
(ZAR)
3,832,265
17,060
SilverCrest
Metals
(CAD) (1)
102,195
828
87,687
Silver
0.1%
Pan
American
Silver
(CAD)
195,054
5,851
5,851
Specialty
Chemicals
3.0%
Akzo
Nobel
(EUR)
111,792
12,481
Atotech
(1)
399,199
8,084
Borregaard
(NOK)
307,886
6,706
Celanese
39,416
5,905
Covestro
(EUR)
111,876
7,527
Croda
International
(GBP)
105,191
9,204
Koninklijke
DSM
(EUR)
71,152
12,029
PPG
Industries
93,164
13,999
Quaker
Chemical
38,973
9,500
RPM
International
164,682
15,126
Sherwin-Williams
34,521
25,477
Shin-Etsu
Chemical
(JPY)
44,600
7,555
133,593
Steel
5.7%
ArcelorMittal
(EUR) (1)
666,474
19,182
BlueScope
Steel
(AUD)
467,039
6,892
China
Steel
(TWD)
11,160,000
10,153
Cia
Siderurgica
Nacional
(BRL)
655,700
4,395
Eregli
Demir
ve
Celik
Fabrikalari
(TRY)
1,327,405
2,458
Evraz
(GBP)
389,782
3,104
Fortescue
Metals
Group
(AUD)
1,297,200
19,770
Hitachi
Metals
(JPY)
199,000
3,285
Hyundai
Steel
(KRW)
81,885
3,494
Inner
Mongolia
BaoTou
Steel
Union,
Class
A
(CNH) (1)
10,161,300
2,421
JFE
Holdings
(JPY)
456,700
5,635
JSW
Steel
(INR)
807,098
5,212
Kumba
Iron
Ore
(ZAR)
61,109
2,517
Nippon
Steel
(JPY)
750,700
12,813
Novolipetsk
Steel
(RUB)
1,126,340
3,599
Nucor
280,701
22,532
POSCO
(KRW)
70,117
19,868
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Reliance
Steel
&
Aluminum
182,930
27,858
Severstal
PAO
(RUB)
197,879
4,028
Steel
Dynamics
161,005
8,173
Tata
Steel
(INR)
644,703
7,251
Vale
(BRL)
2,886,584
50,017
voestalpine
(EUR)
107,747
4,462
249,119
Total
Materials
1,763,345
REAL
ESTATE
38.1%
Diversified
Real
Estate
Activities
1.7%
CapitaLand
(SGD)
2,414,000
6,764
Hang
Lung
Properties
(HKD)
2,525,000
6,591
Heiwa
Real
Estate
(JPY)
183,400
5,738
Mitsui
Fudosan
(JPY)
1,096,200
24,988
Sun
Hung
Kai
Properties
(HKD)
1,800,000
27,255
Tokyo
Tatemono
(JPY)
359,100
5,475
76,811
Diversified
Real
Estate
Investment
Trusts
1.5%
Alexander
&
Baldwin,
REIT
30,847
518
Essential
Properties
Realty
Trust,
REIT
121,676
2,778
Gecina
(EUR)
39,989
5,505
PS
Business
Parks,
REIT
164,796
25,474
STORE
Capital,
REIT
192,459
6,447
VEREIT,
REIT
174,512
6,740
WP
Carey,
REIT
255,970
18,112
65,574
Health
Care
Real
Estate
Investment
Trusts
2.7%
Healthcare
Realty
Trust,
REIT
711,959
21,587
Healthcare
Trust
of
America,
Class
A,
REIT
575,565
15,874
Welltower
,
REIT
1,159,877
83,082
120,543
Hotel
&
Resort
Real
Estate
Investment
Trusts
2.1%
Apple
Hospitality
REIT,
REIT
2,153,953
31,383
Hoshino
Resorts
REIT
(JPY)
1,223
7,068
Host
Hotels
&
Resorts,
REIT
239,882
4,042
Pebblebrook
Hotel
Trust,
REIT
1,102,547
26,781
Sunstone
Hotel
Investors,
REIT
1,708,187
21,284
90,558
Industrial
Real
Estate
Investment
Trusts
5.4%
EastGroup
Properties,
REIT
149,520
21,423
Goodman
Group
(AUD)
850,796
11,748
Industrial
&
Infrastructure
Fund
Investment
(JPY)
5,979
10,267
T.
ROWE
PRICE
Real
Assets
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Innovative
Industrial
Properties,
REIT
4,576
824
Lexington
Realty
Trust,
REIT
66,300
737
Mapletree
Industrial
Trust
(SGD)
3,209,600
6,545
Mitsui
Fudosan
Logistics
Park
(JPY)
1,874
9,268
Prologis,
REIT
1,006,082
106,645
Rexford
Industrial
Realty,
REIT
501,769
25,289
Summit
Industrial
Income
REIT
(CAD)
1,349,547
15,314
Terreno
Realty,
REIT
532,895
30,785
238,845
Office
Real
Estate
Investment
Trusts
4.6%
Alexandria
Real
Estate
Equities,
REIT
344,080
56,532
Daiwa
Office
Investment
(JPY)
840
5,920
Derwent
London
(GBP)
360,526
16,043
Douglas
Emmett,
REIT
1,069,024
33,567
Great
Portland
Estates
(GBP)
1,286,068
12,051
Highwoods
Properties,
REIT
204,989
8,802
Inmobiliaria
Colonial
Socimi
(EUR)
984,052
9,531
JBG
SMITH
Properties,
REIT
317,284
10,086
Kilroy
Realty,
REIT
457,641
30,035
SL
Green
Realty,
REIT
296,236
20,734
203,301
Real
Estate
Development
0.2%
Howard
Hughes (1)
69,999
6,659
6,659
Real
Estate
Operating
Companies
1.8%
China
Resources
Mixc
Lifestyle
Services
(HKD) (1)
433,200
2,598
CTP
(EUR) (1)
248,747
4,405
Deutsche
Wohnen
(EUR)
371,263
17,319
Fabege
(SEK)
688,531
9,287
Grainger
(GBP)
973,604
3,580
Hongkong
Land
Holdings
2,202,700
10,833
Kojamo
(EUR)
639,222
12,522
PSP
Swiss
Property
(CHF)
63,626
7,751
Shurgard
Self
Storage
(EUR)
232,571
10,593
78,888
Residential
Real
Estate
Investment
Trusts
8.8%
American
Campus
Communities,
REIT
690,562
29,811
Apartment
Income
REIT,
REIT
432,246
18,483
AvalonBay
Communities,
REIT
315,902
58,287
Camden
Property
Trust,
REIT
663,484
72,923
Canadian
Apartment
Properties
REIT
(CAD)
216,788
9,291
Equity
LifeStyle
Properties,
REIT
869,762
55,352
Equity
Residential,
REIT
898,375
64,351
Essex
Property
Trust,
REIT
198,249
53,892
T.
ROWE
PRICE
Real
Assets
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Nippon
Accommodations
Fund
(JPY)
1,358
7,968
UNITE
Group
(GBP) (1)
1,020,744
15,012
385,370
Retail
Real
Estate
Investment
Trusts
3.7%
Acadia
Realty
Trust,
REIT
2,025,637
38,426
Agree
Realty,
REIT
10,635
716
Federal
Realty
Investment
Trust,
REIT
93,503
9,486
Frasers
Centrepoint
Trust
(SGD)
3,927,800
7,200
Japan
Metropolitan
Fund
Invest
(JPY)
10,921
11,188
National
Retail
Properties,
REIT
100,193
4,416
Realty
Income,
REIT
172,948
10,982
Regency
Centers,
REIT
636,862
36,116
Scentre
Group
(AUD)
6,563,956
14,133
Shaftesbury
(GBP) (1)
639,225
5,653
Simon
Property
Group,
REIT
204,947
23,317
Spirit
Realty
Capital,
REIT
29,398
1,249
Urban
Edge
Properties,
REIT
110,500
1,826
164,708
Specialized
Real
Estate
Investment
Trusts
5.6%
Big
Yellow
Group
(GBP)
268,567
4,126
CubeSmart
,
REIT
1,192,353
45,107
CyrusOne
,
REIT
184,584
12,500
Digital
Realty
Trust,
REIT
155,534
21,905
EPR
Properties,
REIT
76,023
3,542
Equinix
,
REIT
138,160
93,892
PotlatchDeltic
,
REIT
15,297
810
Public
Storage,
REIT
197,763
48,800
Rayonier,
REIT
222,647
7,180
Weyerhaeuser,
REIT
197,222
7,021
244,883
Total
Real
Estate
1,676,140
UTILITIES
1.6%
Electric
Utilities
0.8%
American
Electric
Power
74,800
6,336
Iberdrola
(EUR)
374,698
4,836
IDACORP
44,500
4,449
NextEra
Energy
97,524
7,374
Terna
Rete
Elettrica
Nazionale
(EUR)
679,602
5,132
Xcel
Energy
98,166
6,529
34,656
Multi-Utilities
0.8%
Ameren
122,937
10,002
Dominion
Energy
83,400
6,335
T.
ROWE
PRICE
Real
Assets
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
DTE
Energy
53,000
7,056
Public
Service
Enterprise
Group
64,800
3,902
WEC
Energy
Group
74,000
6,926
34,221
Total
Utilities
68,877
Total
Common
Stocks
(Cost
$2,947,664)
4,107,297
CONVERTIBLE
PREFERRED
STOCKS
1.0%
CONSUMER
STAPLES
0.1%
Agricultural
Products
0.1%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $2,712 (1)(4)(5)
146,876
4,855
Total
Consumer
Staples
4,855
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Electrical
Components
&
Equipment
0.0%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $699 (1)(4)(5)
699,536
699
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $984 (1)(4)(5)
983,766
984
Total
Industrials
&
Business
Services
1,683
UTILITIES
0.9%
Electric
Utilities
0.7%
NextEra
Energy,
5.279%,
3/1/23
316,636
15,712
Southern,
Series
A,
6.75%,
8/1/22
269,962
13,698
29,410
Multi-Utilities
0.2%
Sempra
Energy,
Series
B,
6.75%,
7/15/21
77,941
8,030
8,030
Total
Utilities
37,440
Total
Convertible
Preferred
Stocks
(Cost
$37,735)
43,978
EQUITY
MUTUAL
FUNDS
3.5%
iShares
Russell
1000
Value
ETF
224,061
33,956
SPDR
Dow
Jones
REIT
ETF
99,129
9,385
SPDR
S&P
Homebuilders
ETF
498,100
35,051
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
794,695
64,641
VanEck
Vectors
Oil
Services
ETF
51,214
9,789
Total
Equity
Mutual
Funds
(Cost
$123,148)
152,822
T.
ROWE
PRICE
Real
Assets
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PREFERRED
STOCKS
0.2%
MATERIALS
0.2%
Steel
0.2%
Bradespar
(BRL) (7)
214,300
2,610
Gerdau
(BRL) (7)
1,024,900
5,480
Total
Materials
8,090
Total
Preferred
Stocks
(Cost
$6,516)
8,090
SHORT-TERM
INVESTMENTS
1.8%
Money
Market
Funds
1.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (8)(9)
73,415,598
73,416
73,416
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.07%,
12/30/21 (10)
5,250,000
5,248
5,248
Total
Short-Term
Investments
(Cost
$78,663)
78,664
(Amounts
in
000s,
except
for
contracts)
Options
Purchased
0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Invesco
QQQ
Trust,
Series
1,
Call,
4/16/21
@
$347.00 (1)
4,464
142,460
72
Morgan
Stanley
iShares
U.S.
Real
Estate
ETF,
Call,
4/16/21
@
$93.00 (1)
14,729
135,418
854
Total
Options
Purchased
(Cost
$2,201)
926
Total
Investments
in
Securities
99.8%
(Cost
$3,195,927)
$
4,391,777
Other
Assets
Less
Liabilities
0.2%
7,810
Net
Assets
100.0%
$
4,399,587
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
T.
ROWE
PRICE
Real
Assets
Fund
14
.
.
.
.
.
.
.
.
.
.
(2)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2021,
was
$2,131
and
was
valued
at
$1,914
(0.0%
of
net
assets).
(3)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
March
31,
2021.
(4)
Level
3
in
fair
value
hierarchy.
(5)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$12,638
and
represents
0.3%
of
net
assets.
(6)
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.
(7)
Preferred
stocks
are
shares
that
carry
certain
preferential
rights.
The
dividend
rate
may
not
be
consistent
each
pay
period
and
could
be
zero
for
a
particular
year.
(8)
Seven-day
yield
(9)
Affiliated
Companies
(10)
At
March
31,
2021,
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
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Offshore
China
Renminbi
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
OTC
Over-the-counter
PIPE
Private
Investment
in
Public
Equity
PLN
Polish
Zloty
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RUB
Russian
Ruble
T.
ROWE
PRICE
Real
Assets
Fund
15
.
.
.
.
.
.
.
.
.
.
SEK
Swedish
Krona
SGD
Singapore
Dollar
SPAC
Special
Purpose
Acquisition
Company
TRY
Turkish
Lira
TWD
Taiwan
Dollar
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Real
Assets
Fund
16
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Chevron,
Call,
9/17/21
@
$120.00
114
1,195
(32)
JPMorgan
Chase
EOG
Resources,
Call,
7/16/21
@
$90.00
175
1,269
(43)
JPMorgan
Chase
Pioneer
Natural
Resources,
Call,
6/18/21
@
$175.00
60
953
(39)
Total
Options
Written
(Premiums
$(181))
$
(114)
T.
ROWE
PRICE
Real
Assets
Fund
17
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
4/15/21
GBP
39,203
USD
54,495
$
(447)
Canadian
Imperial
Bank
of
Commerce
4/15/21
CAD
68,821
USD
54,412
353
Morgan
Stanley
4/15/21
JPY
7,088,225
USD
65,097
(1,070)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1,164)
T.
ROWE
PRICE
Real
Assets
Fund
18
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
84
ASX
SPI
200
Index
contracts
6/21
10,792
$
45
Long,
125
S&P/TSX
60
Index
contracts
6/21
22,104
6
Long,
406
Xae
Energy
Index
contracts
6/21
20,653
(1,612)
Net
payments
(receipts)
of
variation
margin
to
date
1,450
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(111)
T.
ROWE
PRICE
Real
Assets
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
6,641
¤
¤
$
73,416^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5
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
$73,416.
T.
ROWE
PRICE
Real
Assets
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
Real
Assets
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Real
Assets
Fund
21
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
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
fund
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
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Real
Assets
Fund
22
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
T.
ROWE
PRICE
Real
Assets
Fund
23
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F176-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,198,256
$
1,902,941
$
6,100
$
4,107,297
Convertible
Preferred
Stocks
—
37,440
6,538
43,978
Equity
Mutual
Funds
152,822
—
—
152,822
Preferred
Stocks
—
8,090
—
8,090
Short-Term
Investments
73,416
5,248
—
78,664
Options
Purchased
—
926
—
926
Total
Securities
2,424,494
1,954,645
12,638
4,391,777
Forward
Currency
Exchange
Contracts
—
353
—
353
Futures
Contracts*
51
—
—
51
Total
$
2,424,545
$
1,954,998
$
12,638
$
4,392,181
Liabilities
Options
Written
$
—
$
114
$
—
$
114
Forward
Currency
Exchange
Contracts
—
1,517
—
1,517
Futures
Contracts*
1,612
—
—
1,612
Total
$
1,612
$
1,631
$
—
$
3,243
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.