T.
ROWE
PRICE
Real
Assets
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
90.1%
COMMUNICATION
SERVICES
0.2%
Integrated
Telecommunication
Services
0.2%
Cellnex
Telecom
(EUR)
125,948
7,769
Total
Communication
Services
7,769
CONSUMER
DISCRETIONARY
1.5%
Auto
Parts
&
Equipment
0.1%
Magna
International
36,468
2,744
2,744
Hotels,
Resorts,
&
Cruise
Lines
1.3%
Hilton
Worldwide
Holdings (1)
50,762
6,706
Huazhu
Group,
ADR (1)
194,500
8,920
Kyoritsu
Maintenance
(JPY)
295,700
11,508
Marriott
International,
Class
A (1)
150,380
22,270
Whitbread
(GBP) (1)
237,979
10,581
59,985
Tires
&
Rubber
0.1%
Bridgestone
(JPY)
68,300
3,231
3,231
Total
Consumer
Discretionary
65,960
CONSUMER
STAPLES
0.3%
Agricultural
Products
0.2%
Darling
Ingredients (1)
144,700
10,404
10,404
Packaged
Foods
&
Meat
0.1%
Sanderson
Farms
24,495
4,610
4,610
Total
Consumer
Staples
15,014
ENERGY
9.0%
Coal
&
Consumable
Fuels
0.3%
NAC
Kazatomprom,
GDR
379,963
13,360
13,360
Integrated
Oil
&
Gas
3.2%
Chevron
310,910
31,542
Equinor
(NOK)
1,341,517
34,116
Galp
Energia
(EUR)
2,286,371
25,969
TotalEnergies
(EUR)
1,139,433
54,462
146,089
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Oil
&
Gas
Equipment
&
Services
0.9%
Cactus,
Class
A
225,488
8,505
ChampionX (1)
366,929
8,205
Enerflex
(CAD)
884,053
6,477
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (1)(2)(3)(4)
2,530,088
2,530
Halliburton
262,715
5,680
Liberty
Oilfield
Services,
Class
A (1)
187,803
2,278
Tenaris
(EUR)
656,107
6,902
40,577
Oil
&
Gas
Exploration
&
Production
4.1%
Aker
BP
(NOK)
314,053
10,179
ConocoPhillips
814,293
55,185
Devon
Energy
626,974
22,264
EOG
Resources
405,596
32,557
Hess
168,334
13,149
Lundin
Energy
(SEK)
396,258
14,710
Magnolia
Oil
&
Gas,
Class
A
565,963
10,068
Pioneer
Natural
Resources
159,643
26,582
184,694
Oil
&
Gas
Storage
&
Transportation
0.5%
Enbridge
152,206
6,057
TC
Energy
258,908
12,451
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $112 (1)(2)(4)
37
170
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $2,704 (1)(2)(4)
759
3,484
22,162
Total
Energy
406,882
INDUSTRIALS
&
BUSINESS
SERVICES
8.6%
Aerospace
&
Defense
0.2%
BWX
Technologies
45,395
2,445
Lockheed
Martin
7,867
2,715
Northrop
Grumman
8,958
3,226
Safran
(EUR)
19,618
2,481
10,867
Agricultural
&
Farm
Machinery
0.4%
AGCO
63,769
7,814
Deere
36,670
12,287
20,101
Airlines
0.5%
Alaska
Air
Group (1)
48,541
2,844
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Allegiant
Travel (1)
14,594
2,853
Delta
Air
Lines (1)
66,936
2,852
Frontier
Group
Holdings (1)
180,800
2,855
JetBlue
Airways (1)
184,078
2,815
Mesa
Air
Group (1)
40,548
311
Southwest
Airlines (1)
53,544
2,754
Sun
Country
Airlines
Holdings (1)
88,025
2,952
United
Airlines
Holdings (1)
58,303
2,773
23,009
Construction
Machinery
&
Heavy
Trucks
3.0%
Alamo
Group
35,800
4,995
Caterpillar
304,303
58,417
Epiroc,
Class
A
(SEK)
1,966,669
40,773
Epiroc,
Class
B
(SEK)
589,615
10,443
Metso
Outotec
(EUR)
2,318,937
21,163
135,791
Diversified
Support
Services
0.1%
Copart (1)
22,746
3,155
3,155
Electrical
Components
&
Equipment
0.8%
Hubbell
54,300
9,810
Legrand
(EUR)
63,928
6,850
Rockwell
Automation
10,727
3,154
Schneider
Electric
(EUR)
67,702
11,276
Shoals
Technologies
Group,
Class
A (1)
213,090
5,941
37,031
Human
Resource
&
Employment
Services
0.1%
Recruit
Holdings
(JPY)
58,700
3,588
3,588
Industrial
Conglomerates
0.1%
3M
15,134
2,655
Roper
Technologies
6,854
3,058
5,713
Industrial
Machinery
2.2%
Atlas
Copco,
B
Shares
(SEK)
118,387
6,017
IMI
(GBP)
161,719
3,595
Kadant
30,402
6,205
Sandvik
(SEK)
1,994,303
45,562
Timken
74,700
4,887
Weir
Group
(GBP) (1)
1,418,692
32,025
98,291
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Railroads
0.6%
Canadian
National
Railway
(CAD)
19,699
2,283
Canadian
Pacific
Railway
35,343
2,300
CSX
76,183
2,265
Norfolk
Southern
36,854
8,817
Union
Pacific
49,991
9,799
25,464
Research
&
Consulting
Services
0.5%
ALS
(AUD)
1,484,770
13,372
CoStar
Group (1)
30,190
2,598
Leidos
Holdings
25,914
2,491
Verisk
Analytics
18,916
3,788
22,249
Trucking
0.1%
Knight-Swift
Transportation
Holdings
61,033
3,122
Old
Dominion
Freight
Line
12,519
3,580
6,702
Total
Industrials
&
Business
Services
391,961
INFORMATION
TECHNOLOGY
0.4%
Semiconductor
Equipment
0.3%
Entegris
91,234
11,486
SUMCO
(JPY)
206,000
4,110
15,596
Semiconductors
0.1%
Infineon
Technologies
(EUR)
60,784
2,486
2,486
Total
Information
Technology
18,082
MATERIALS
29.1%
Aluminum
1.0%
Constellium (1)
948,608
17,815
Granges
(SEK)
1,596,252
19,174
Norsk
Hydro
(NOK)
1,423,165
10,623
47,612
Construction
Materials
1.3%
Martin
Marietta
Materials
90,366
30,876
Vulcan
Materials
178,638
30,219
61,095
Copper
1.7%
Antofagasta
(GBP)
827,991
15,047
ERO
Copper
(CAD) (1)
1,318,167
23,374
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OZ
Minerals
(AUD)
1,122,714
18,026
Southern
Copper
377,108
21,171
77,618
Diversified
Metals
&
Mining
7.5%
Anglo
American
(GBP)
464,619
16,284
BHP
Group
(AUD)
4,898,700
130,834
BHP
Group
(GBP)
1,884,751
47,485
Boliden
(SEK)
1,871,900
59,939
IGO
(AUD)
2,617,427
16,404
MMC
Norilsk
Nickel
(RUB)
50,664
15,112
Rio
Tinto
(AUD)
318,069
22,644
Rio
Tinto
(GBP)
496,371
32,538
341,240
Fertilizers
&
Agricultural
Chemicals
0.2%
CF
Industries
Holdings
122,602
6,844
6,844
Forest
Products
0.3%
Svenska
Cellulosa,
Class
B
(SEK)
438,715
6,799
West
Fraser
Timber
(CAD)
70,133
5,907
12,706
Gold
5.1%
Alamos
Gold,
Class
A
(CAD)
495,246
3,562
Cia
de
Minas
Buenaventura,
ADR (1)
488,903
3,305
Dundee
Precious
Metals
(CAD)
611,510
3,679
Franco-Nevada
(CAD)
81,630
10,605
K92
Mining
(CAD) (1)
3,164,044
15,213
Kirkland
Lake
Gold
(CAD)
1,008,899
42,026
Northern
Star
Resources
(AUD)
6,767,054
41,446
Perseus
Mining
(AUD) (1)
32,592,499
32,787
Polyus
(RUB)
95,853
15,712
Pretium
Resources
(CAD) (1)
393,130
3,802
Royal
Gold
26,360
2,517
Wesdome
Gold
Mines
(CAD) (1)
6,530,424
52,332
Wheaton
Precious
Metals
(CAD)
126,733
4,771
231,757
Industrial
Gases
1.2%
Air
Liquide
(EUR)
74,131
11,873
Air
Products
&
Chemicals
61,043
15,634
Linde
94,920
27,847
55,354
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metal
&
Glass
Containers
0.2%
Ball
108,781
9,787
9,787
Paper
Packaging
1.5%
Avery
Dennison
54,266
11,244
International
Paper
326,247
18,244
Mayr
Melnhof
Karton
(EUR)
36,534
6,984
Packaging
Corp.
of
America
167,045
22,959
Westrock
172,028
8,572
68,003
Paper
Products
0.9%
Mondi
(GBP)
684,255
16,768
Stora
Enso,
Class
R
(EUR)
424,609
7,072
UPM-Kymmene
(EUR)
437,066
15,470
39,310
Precious
Metals
&
Minerals
1.1%
Alrosa
(RUB)
20,194,720
36,802
Impala
Platinum
Holdings
(ZAR)
230,690
2,600
Sibanye
Stillwater
(ZAR)
2,820,722
8,567
47,969
Silver
0.4%
MAG
Silver (1)
913,213
14,794
Pan
American
Silver
144,400
3,360
18,154
Specialty
Chemicals
3.4%
Akzo
Nobel
(EUR)
156,352
17,084
Albemarle
139,940
30,643
Atotech (1)
266,018
6,424
Borregaard
(NOK)
285,093
6,916
Croda
International
(GBP)
82,228
9,421
Koninklijke
DSM
(EUR)
54,741
10,947
PPG
Industries
90,766
12,980
Quaker
Chemical
22,615
5,376
RPM
International
218,769
16,987
Sherwin-Williams
111,617
31,223
Shin-Etsu
Chemical
(JPY)
43,400
7,325
155,326
Steel
3.3%
Nippon
Steel
(JPY)
1,244,200
22,378
Nucor
223,411
22,004
Reliance
Steel
&
Aluminum
390,346
55,593
Steel
Dynamics
505,936
29,587
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vale
(BRL)
1,351,584
18,825
148,387
Total
Materials
1,321,162
METALS
&
MINING
RELATED
0.0%
Gold
&
Silver
0.0%
Karora
Resources
(CAD) (1)
285,914
747
Total
Metals
&
Mining
Related
747
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Bluescape
Opportunities
Acquisition (1)
218,936
2,248
Total
Miscellaneous
2,248
REAL
ESTATE
38.3%
Diversified
Real
Estate
Activities
1.2%
Heiwa
Real
Estate
(JPY)
180,300
6,255
Mitsui
Fudosan
(JPY)
1,022,000
24,277
Sun
Hung
Kai
Properties
(HKD)
1,431,000
17,868
Tokyo
Tatemono
(JPY)
412,100
6,527
54,927
Diversified
Real
Estate
Investment
Trusts
1.1%
Essential
Properties
Realty
Trust,
REIT
60,091
1,678
Gecina
(EUR)
39,522
5,317
PS
Business
Parks,
REIT
156,191
24,481
STORE
Capital,
REIT
96,157
3,080
Sunlight
Real
Estate
Investment
Trust
(HKD)
7,152,000
4,123
VEREIT,
REIT
86,860
3,929
WP
Carey,
REIT
124,168
9,069
51,677
Equity
Real
Estate
Investment
Trusts
(Reits)
0.3%
Kimco
Realty,
REIT
636,807
13,214
13,214
Health
Care
Real
Estate
Investment
Trusts
2.7%
Healthcare
Realty
Trust,
REIT
545,324
16,240
Healthcare
Trust
of
America,
Class
A,
REIT
566,457
16,801
Welltower,
REIT
1,099,115
90,567
123,608
Hotel
&
Resort
Real
Estate
Investment
Trusts
2.1%
Apple
Hospitality
REIT,
REIT
2,203,209
34,657
Hoshino
Resorts
REIT
(JPY)
475
3,130
Host
Hotels
&
Resorts,
REIT (1)
441,438
7,209
Pebblebrook
Hotel
Trust,
REIT
1,287,345
28,849
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sunstone
Hotel
Investors,
REIT (1)
1,722,594
20,568
94,413
Industrial
Real
Estate
Investment
Trusts
6.0%
EastGroup
Properties,
REIT
139,894
23,311
Goodman
Group
(AUD)
866,913
13,339
Industrial
&
Infrastructure
Fund
Investment
(JPY)
6,509
11,860
Innovative
Industrial
Properties,
REIT
2,329
538
Lexington
Realty
Trust,
REIT
30,354
387
Mapletree
Industrial
Trust
(SGD)
2,328,109
4,758
Mitsui
Fudosan
Logistics
Park
(JPY)
2,074
10,982
Prologis,
REIT
972,172
121,940
Rexford
Industrial
Realty,
REIT
541,337
30,721
Summit
Industrial
Income
REIT
(CAD)
1,375,161
22,626
Terreno
Realty,
REIT
527,191
33,334
273,796
Office
Real
Estate
Investment
Trusts
4.8%
Alexandria
Real
Estate
Equities,
REIT
344,275
65,781
Centuria
Office
REIT
(AUD)
3,050,671
5,490
Daiwa
Office
Investment
(JPY)
1,684
11,364
Derwent
London
(GBP)
339,068
15,711
Douglas
Emmett,
REIT
1,240,195
39,203
Great
Portland
Estates
(GBP)
1,310,432
13,153
Highwoods
Properties,
REIT
223,896
9,820
Inmobiliaria
Colonial
Socimi
(EUR)
605,947
5,876
Kilroy
Realty,
REIT
501,240
33,187
SL
Green
Realty,
REIT
267,497
18,949
218,534
Real
Estate
Development
0.4%
Howard
Hughes (1)
214,913
18,872
18,872
Real
Estate
Operating
Companies
2.0%
China
Resources
Mixc
Lifestyle
Services
(HKD)
1,131,600
6,225
CTP
(EUR)
539,651
11,722
Fabege
(SEK)
784,911
11,839
Hongkong
Land
Holdings
1,876,900
8,965
Kojamo
(EUR)
633,000
13,144
LEG
Immobilien
(EUR)
109,245
15,431
PSP
Swiss
Property
(CHF)
43,447
5,235
Shurgard
Self
Storage
(EUR)
174,294
9,569
Wharf
Real
Estate
Investment
(HKD)
1,337,000
6,869
88,999
Residential
Real
Estate
Investment
Trusts
9.0%
American
Campus
Communities,
REIT
604,734
29,299
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Apartment
Income
REIT,
REIT
390,563
19,063
AvalonBay
Communities,
REIT
301,279
66,776
Camden
Property
Trust,
REIT
558,578
82,374
Canadian
Apartment
Properties
REIT
(CAD)
172,388
8,045
Equity
LifeStyle
Properties,
REIT
863,892
67,470
Equity
Residential,
REIT
821,097
66,443
Essex
Property
Trust,
REIT
203,285
64,998
UNITE
Group
(GBP)
433,132
6,335
410,803
Retail
Real
Estate
Investment
Trusts
3.9%
Acadia
Realty
Trust,
REIT
1,902,870
38,837
Agree
Realty,
REIT
4,751
315
CapitaLand
Integrated
Commercial
Trust
(SGD)
7,473,300
11,128
Federal
Realty
Investment
Trust,
REIT
130,603
15,410
Japan
Metropolitan
Fund
Invest
(JPY)
7,282
6,992
Lendlease
Global
Commercial
REIT
(SGD)
9,065,500
5,796
National
Retail
Properties,
REIT
48,454
2,093
Realty
Income,
REIT
84,720
5,495
Regency
Centers,
REIT
552,106
37,173
Scentre
Group
(AUD)
4,819,974
10,259
Simon
Property
Group,
REIT
333,855
43,391
Spirit
Realty
Capital,
REIT
14,636
674
177,563
Specialized
Real
Estate
Investment
Trusts
4.8%
Big
Yellow
Group
(GBP)
305,904
5,754
CubeSmart,
REIT
1,107,505
53,659
EPR
Properties,
REIT
37,213
1,837
Equinix,
REIT
104,121
82,269
Public
Storage,
REIT
186,068
55,281
Rayonier,
REIT
63,781
2,276
SBA
Communications,
REIT
44,287
14,640
215,716
Total
Real
Estate
1,742,122
UTILITIES
1.5%
Electric
Utilities
0.6%
Iberdrola
(EUR)
495,189
4,982
IDACORP
43,300
4,476
NextEra
Energy
93,424
7,336
Terna
(EUR)
630,664
4,476
Xcel
Energy
108,041
6,752
28,022
Multi-Utilities
0.9%
Ameren
117,837
9,545
T.
ROWE
PRICE
Real
Assets
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CMS
Energy
140,699
8,404
Dominion
Energy
122,552
8,949
Sempra
Energy
64,641
8,177
WEC
Energy
Group
85,922
7,578
42,653
Total
Utilities
70,675
Total
Miscellaneous
Common
Stocks
1.1% (5)
49,872
Total
Common
Stocks
(Cost
$3,235,174)
4,092,494
CONVERTIBLE
PREFERRED
STOCKS
1.2%
CONSUMER
STAPLES
0.2%
Agricultural
Products
0.2%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $2,712 (1)(2)(4)
146,876
9,130
Total
Consumer
Staples
9,130
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Electrical
Components
&
Equipment
0.0%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $689 (1)(2)(4)
699,536
699
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $970 (1)(2)(4)
983,766
984
Total
Industrials
&
Business
Services
1,683
MATERIALS
0.1%
Copper
0.1%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $3,736 (1)(2)(4)
64,540
3,736
Total
Materials
3,736
METALS
&
MINING
RELATED
0.2%
Other
0.2%
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $9,143 (1)
(2)(4)
696,477
9,143
Total
Metals
&
Mining
Related
9,143
UTILITIES
0.7%
Electric
Utilities
0.7%
NextEra
Energy,
5.279%,
3/1/23
323,086
16,519
T.
ROWE
PRICE
Real
Assets
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Southern,
Series
A,
6.75%,
8/1/22
275,062
13,873
Total
Utilities
30,392
Total
Convertible
Preferred
Stocks
(Cost
$44,039)
54,084
EQUITY
MUTUAL
FUNDS
4.0%
SPDR
Dow
Jones
REIT
ETF
99,129
10,451
SPDR
S&P
Homebuilders
ETF
784,260
56,278
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
1,086,549
105,091
VanEck
Vectors
Oil
Services
ETF
51,214
10,090
Total
Equity
Mutual
Funds
(Cost
$138,727)
181,910
SHORT-TERM
INVESTMENTS
4.4%
Money
Market
Funds
4.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (6)(7)
188,820,566
188,821
188,821
U.S.
Treasury
Obligations
0.2%
U.S.
Treasury
Bills,
0.03%,
12/30/21 (8)
12,215,000
12,214
12,214
Total
Short-Term
Investments
(Cost
$201,034)
201,035
Total
Investments
in
Securities
99.7%
(Cost
$3,618,974)
$
4,529,523
Other
Assets
Less
Liabilities
0.3%
11,353
Net
Assets
100.0%
$
4,540,876
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(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.
(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
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
$29,876
and
represents
0.7%
of
net
assets.
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
T.
ROWE
PRICE
Real
Assets
Fund
12
.
.
.
.
.
.
.
.
.
.
(6)
Seven-day
yield
(7)
Affiliated
Companies
(8)
At
September
30,
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
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
NOK
Norwegian
Krone
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
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Real
Assets
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
744
S&P/TSX
60
Index
contracts
12/21
140,518
$
(3,924)
Short,
550
U.S.
Treasury
Notes
ten
year
contracts
12/21
(72,385)
974
Short,
75
Ultra
U.S.
Treasury
Bonds
contracts
12/21
(14,330)
437
Long,
853
Xae
Energy
Index
contracts
12/21
46,181
4,116
Net
payments
(receipts)
of
variation
margin
to
date
(3,024)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(1,421)
T.
ROWE
PRICE
Real
Assets
Fund
14
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
nine
months
ended
September
30,
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,
0.05%
$
—#
$
—
$
23+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
$
6,641
¤
¤
$
188,821^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$23
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
$188,821.
T.
ROWE
PRICE
Real
Assets
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
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
16
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
17
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
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
18
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F176-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,455,871
$
1,630,439
$
6,184
$
4,092,494
Convertible
Preferred
Stocks
—
30,392
23,692
54,084
Equity
Mutual
Funds
181,910
—
—
181,910
Short-Term
Investments
188,821
12,214
—
201,035
Total
Securities
2,826,602
1,673,045
29,876
4,529,523
Futures
Contracts*
5,527
—
—
5,527
Total
$
2,832,129
$
1,673,045
$
29,876
$
4,535,050
Liabilities
Futures
Contracts*
$
3,924
$
—
$
—
$
3,924
*
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.