T.
ROWE
PRICE
Real
Assets
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.7%
COMMUNICATION
SERVICES
0.2%
Integrated
Telecommunication
Services
0.2%
Cellnex
Telecom
(EUR)
234,600
11,290
Total
Communication
Services
11,290
CONSUMER
DISCRETIONARY
1.3%
Auto
Parts
&
Equipment
0.0%
Magna
International
36,468
2,345
2,345
Hotels,
Resorts,
&
Cruise
Lines
1.1%
Hilton
Worldwide
Holdings (1)
57,767
8,766
Huazhu
Group,
ADR
205,900
6,793
InterContinental
Hotels
Group
(GBP)
157,260
10,636
Kyoritsu
Maintenance
(JPY)
317,400
11,933
Marriott
International,
Class
A (1)
83,489
14,673
Whitbread
(GBP) (1)
224,720
8,367
61,168
Household
Durables
0.1%
Persimmon
(GBP)
112,756
3,162
3,162
Tires
&
Rubber
0.1%
Bridgestone
(JPY)
68,300
2,651
2,651
Total
Consumer
Discretionary
69,326
CONSUMER
STAPLES
0.6%
Agricultural
Products
0.3%
Darling
Ingredients (1)
206,664
16,612
16,612
Packaged
Foods
&
Meat
0.3%
Bakkafrost
(NOK)
157,718
10,579
Sanderson
Farms
29,313
5,496
16,075
Total
Consumer
Staples
32,687
ENERGY
10.4%
Coal
&
Consumable
Fuels
0.2%
NAC
Kazatomprom,
GDR
373,166
11,814
11,814
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Integrated
Oil
&
Gas
3.6%
Chevron
326,359
53,141
Equinor
(NOK)
1,265,467
47,248
Galp
Energia
(EUR)
2,456,182
31,053
TotalEnergies
(EUR)
1,207,927
61,121
192,563
Oil
&
Gas
Equipment
&
Services
1.0%
Cactus,
Class
A
245,367
13,922
ChampionX (1)
400,534
9,805
Enerflex
(CAD)
946,116
6,062
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (1)(2)(3)(4)
2,530,088
2,530
Halliburton
285,505
10,812
Liberty
Oilfield
Services,
Class
A (1)
316,003
4,683
TechnipFMC (1)
958,708
7,430
55,244
Oil
&
Gas
Exploration
&
Production
5.2%
Aker
BP
(NOK)
308,662
11,513
Canadian
Natural
Resources
(CAD)
230,201
14,254
ConocoPhillips
736,127
73,613
Devon
Energy
632,092
37,376
EOG
Resources
410,095
48,896
Hess
222,720
23,840
Lundin
Energy
(SEK)
375,073
15,743
Magnolia
Oil
&
Gas,
Class
A
612,705
14,490
Pioneer
Natural
Resources
162,097
40,529
280,254
Oil
&
Gas
Storage
&
Transportation
0.4%
Enbridge
138,419
6,380
TC
Energy
223,634
12,617
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/17,
Cost $112 (1)(2)(4)
37
220
Venture
Global
LNG,
Series
C,
Acquisition
Date:
3/8/17
-
10/16/17,
Cost $2,704 (1)(2)(4)
759
4,516
23,733
Total
Energy
563,608
FINANCIALS
0.0%
Asset
Management
&
Custody
Banks
0.0%
Bluescape
Opportunities
Acquisition (1)
214,936
2,151
Total
Financials
2,151
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
10.8%
Aerospace
&
Defense
0.2%
BWX
Technologies
45,395
2,445
Lockheed
Martin
7,867
3,472
Northrop
Grumman
8,958
4,006
Safran
(EUR)
19,618
2,310
12,233
Agricultural
&
Farm
Machinery
0.4%
AGCO
57,795
8,440
Deere
34,791
14,454
22,894
Airlines
1.0%
Alaska
Air
Group (1)
132,799
7,704
Allegiant
Travel (1)
45,364
7,367
Delta
Air
Lines (1)
187,798
7,431
Frontier
Group
Holdings (1)
452,029
5,121
JetBlue
Airways (1)
458,500
6,855
Southwest
Airlines (1)
148,961
6,822
Sun
Country
Airlines
Holdings (1)
206,301
5,401
United
Airlines
Holdings (1)
153,101
7,098
53,799
Building
Products
0.2%
ROCKWOOL
International,
Class
B
(DKK)
26,040
8,596
8,596
Construction
&
Engineering
0.2%
Quanta
Services
76,800
10,108
10,108
Construction
Machinery
&
Heavy
Trucks
3.0%
Alamo
Group
32,000
4,601
Caterpillar
286,049
63,738
Epiroc,
Class
A
(SEK)
2,424,127
51,849
Epiroc,
Class
B
(SEK)
664,603
11,999
Metso
Outotec
(EUR)
3,469,147
29,244
161,431
Diversified
Support
Services
0.1%
Copart (1)
22,746
2,854
2,854
Electrical
Components
&
Equipment
0.9%
Hubbell
65,742
12,081
Legrand
(EUR)
83,762
7,964
Rockwell
Automation
10,727
3,004
Schneider
Electric
(EUR)
73,301
12,307
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Shoals
Technologies
Group,
Class
A (1)
674,116
11,487
46,843
Human
Resource
&
Employment
Services
0.1%
Recruit
Holdings
(JPY)
58,700
2,550
2,550
Industrial
Conglomerates
0.1%
3M
15,134
2,253
Roper
Technologies
6,854
3,237
5,490
Industrial
Machinery
2.0%
Alfa
Laval
(SEK)
307,285
10,570
Sandvik
(SEK)
2,450,199
52,049
Weir
Group
(GBP)
1,979,632
42,245
104,864
Railroads
1.5%
Canadian
National
Railway
(CAD)
83,561
11,209
Canadian
Pacific
Railway
136,279
11,249
CSX
300,769
11,264
Norfolk
Southern
78,084
22,271
Union
Pacific
90,203
24,644
80,637
Research
&
Consulting
Services
1.0%
ALS
(AUD)
4,296,580
42,665
CoStar
Group (1)
30,190
2,011
Leidos
Holdings
25,914
2,799
Verisk
Analytics
18,916
4,060
51,535
Trucking
0.1%
Knight-Swift
Transportation
Holdings
61,033
3,080
Old
Dominion
Freight
Line
12,519
3,739
6,819
Total
Industrials
&
Business
Services
570,653
INFORMATION
TECHNOLOGY
0.2%
Semiconductor
Equipment
0.2%
Entegris
69,482
9,120
9,120
Semiconductors
0.0%
Infineon
Technologies
(EUR)
60,784
2,056
2,056
Total
Information
Technology
11,176
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
29.9%
Aluminum
0.8%
Constellium (1)
931,508
16,767
Granges
(SEK)
1,567,699
15,370
Norsk
Hydro
(NOK)
1,291,192
12,545
44,682
Construction
Materials
1.3%
Martin
Marietta
Materials
95,370
36,707
Vulcan
Materials
185,063
33,996
70,703
Copper
1.1%
Antofagasta
(GBP)
266,866
5,799
ERO
Copper
(CAD) (1)
404,229
5,920
OZ
Minerals
(AUD)
1,183,601
23,605
Southern
Copper
317,539
24,101
59,425
Diversified
Metals
&
Mining
10.1%
Anglo
American
(GBP)
238,354
12,385
BHP
Group
(AUD)
5,587,778
215,395
BHP
Group
(GBP)
1,576,561
61,137
Boliden
(SEK)
2,231,737
112,581
Grupo
Mexico,
Series
B
(MXN)
5,505,200
32,868
IGO
(AUD)
2,776,396
29,022
MMC
Norilsk
Nickel
(RUB) (2)
75,310
—
Rio
Tinto
(AUD)
341,631
30,542
Rio
Tinto
(GBP)
643,466
51,443
545,373
Fertilizers
&
Agricultural
Chemicals
0.2%
CF
Industries
Holdings
92,253
9,508
9,508
Forest
Products
0.2%
Svenska
Cellulosa,
Class
B
(SEK)
368,271
7,151
West
Fraser
Timber
(CAD)
62,801
5,167
12,318
Gold
5.6%
Franco-Nevada
(CAD)
226,132
35,985
K92
Mining
(CAD) (1)
4,512,946
32,995
Karora
Resources
(CAD) (1)
3,927,785
19,982
Northern
Star
Resources
(AUD)
5,662,540
45,683
Perseus
Mining
(AUD)
29,007,921
42,611
Polyus
(RUB) (2)
61,086
—
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rhyolite
Resources,
Acquisition
Date:
12/20/21,
Cost $3,988
(CAD) (1)(4)(5)
5,873,039
2,678
Royal
Gold
39,815
5,625
Tietto
Minerals
(AUD) (1)
40,427,813
15,753
Wesdome
Gold
Mines
(CAD) (1)
7,155,827
89,809
Wheaton
Precious
Metals
(CAD)
271,389
12,906
304,027
Industrial
Gases
1.2%
Air
Liquide
(EUR)
79,473
13,903
Air
Products
&
Chemicals
73,002
18,244
Linde
104,001
33,221
65,368
Metal
&
Glass
Containers
0.4%
Ardagh
Metal
Packaging (1)
239,608
1,948
Ball
109,447
9,850
Verallia
(EUR)
382,071
9,097
20,895
Paper
Packaging
1.2%
Avery
Dennison
48,085
8,366
International
Paper
344,765
15,911
Mayr
Melnhof
Karton
(EUR)
39,108
6,972
Packaging
Corp.
of
America
171,604
26,789
Westrock
176,574
8,304
66,342
Paper
Products
0.5%
Mondi
(GBP)
538,907
10,475
Stora
Enso,
Class
R
(EUR)
372,995
7,317
UPM-Kymmene
(EUR)
346,555
11,317
29,109
Precious
Metals
&
Minerals
0.3%
Alrosa
(RUB) (2)
19,084,530
—
Impala
Platinum
Holdings
(ZAR)
259,369
3,992
Sibanye
Stillwater
(ZAR)
3,550,725
14,278
18,270
Specialty
Chemicals
2.8%
Akzo
Nobel
(EUR)
196,844
16,913
Albemarle
224,480
49,644
Element
Solutions
447,300
9,796
Hexpol
(SEK)
468,524
4,573
International
Flavors
&
Fragrances
62,795
8,247
Koninklijke
DSM
(EUR)
33,712
6,031
Quaker
Chemical
17,015
2,940
RPM
International
218,253
17,775
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sherwin-Williams
112,926
28,189
Shin-Etsu
Chemical
(JPY)
46,700
7,095
151,203
Steel
4.2%
Nippon
Steel
(JPY)
1,349,300
23,808
Nucor
297,411
44,210
Reliance
Steel
&
Aluminum
390,746
71,643
Steel
Dynamics
692,836
57,803
Vale
(BRL)
1,351,584
27,117
224,581
Total
Materials
1,621,804
REAL
ESTATE
36.1%
Diversified
Real
Estate
Activities
0.9%
Heiwa
Real
Estate
(JPY)
135,600
4,391
Mitsui
Fudosan
(JPY)
1,190,100
25,471
Sun
Hung
Kai
Properties
(HKD)
1,071,500
12,748
Tokyo
Tatemono
(JPY)
543,700
8,148
50,758
Diversified
Real
Estate
Investment
Trusts
0.6%
Gecina
(EUR)
42,434
5,348
PS
Business
Parks,
REIT
169,462
28,483
33,831
Health
Care
Real
Estate
Investment
Trusts
2.6%
Healthcare
Realty
Trust,
REIT
480,348
13,200
Healthcare
Trust
of
America,
Class
A,
REIT
559,216
17,526
Ventas,
REIT
132,225
8,166
Welltower,
REIT
1,034,103
99,419
138,311
Hotel
&
Resort
Real
Estate
Investment
Trusts
1.8%
Apple
Hospitality
REIT,
REIT
2,384,094
42,842
Hoshino
Resorts
REIT
(JPY)
509
2,850
Host
Hotels
&
Resorts,
REIT
902,715
17,540
Pebblebrook
Hotel
Trust,
REIT
1,352,063
33,098
96,330
Industrial
Real
Estate
Investment
Trusts
6.4%
Daiwa
House
Logistics
Trust
(SGD) (1)
8,690,800
5,413
EastGroup
Properties,
REIT
127,361
25,890
Goodman
Group
(AUD)
1,064,442
18,092
Industrial
&
Infrastructure
Fund
Investment
(JPY)
7,311
11,077
Mitsui
Fudosan
Logistics
Park
(JPY)
2,226
10,497
Prologis,
REIT
953,137
153,913
Rexford
Industrial
Realty,
REIT
716,106
53,414
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Summit
Industrial
Income
REIT
(CAD)
1,396,984
24,606
Terreno
Realty,
REIT
539,293
39,935
342,837
Office
Real
Estate
Investment
Trusts
3.7%
Alexandria
Real
Estate
Equities,
REIT
297,985
59,969
Daiwa
Office
Investment
(JPY)
1,808
11,224
Derwent
London
(GBP)
349,315
14,663
Douglas
Emmett,
REIT
1,199,727
40,095
Great
Portland
Estates
(GBP)
1,406,968
13,065
Inmobiliaria
Colonial
Socimi
(EUR)
707,870
6,453
Kilroy
Realty,
REIT
398,454
30,450
SL
Green
Realty,
REIT
240,577
19,530
Vornado
Realty
Trust,
REIT
126,231
5,721
201,170
Real
Estate
Development
0.4%
Howard
Hughes (1)
198,519
20,568
20,568
Real
Estate
Operating
Companies
1.6%
China
Resources
Mixc
Lifestyle
Services
(HKD)
1,313,000
6,426
Fabege
(SEK)
933,926
13,791
Hongkong
Land
Holdings
3,441,500
16,815
Kojamo
(EUR)
506,446
12,169
Shurgard
Self
Storage
(EUR)
127,522
7,898
Vonovia
(EUR)
534,120
24,896
Wharf
Real
Estate
Investment
(HKD)
830,000
4,102
86,097
Residential
Real
Estate
Investment
Trusts
8.8%
American
Campus
Communities,
REIT
773,668
43,302
Apartment
Income
REIT,
REIT
374,947
20,045
AvalonBay
Communities,
REIT
317,573
78,876
Camden
Property
Trust,
REIT
499,742
83,057
Canadian
Apartment
Properties
REIT
(CAD)
185,070
7,942
Equity
LifeStyle
Properties,
REIT
1,015,225
77,644
Equity
Residential,
REIT
868,570
78,102
Essex
Property
Trust,
REIT
222,099
76,731
UNITE
Group
(GBP)
561,229
8,501
474,200
Retail
Real
Estate
Investment
Trusts
3.4%
Acadia
Realty
Trust,
REIT
1,479,539
32,062
CapitaLand
Integrated
Commercial
Trust
(SGD)
5,117,700
8,466
Federal
Realty
Investment
Trust,
REIT
116,859
14,265
Kimco
Realty,
REIT
1,437,501
35,506
Lendlease
Global
Commercial
REIT
(SGD)
8,121,000
4,630
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Lendlease
Global
Commercial
REIT,
Rights,
4/14/22
(SGD) (1)
2,185,556
89
Regency
Centers,
REIT
514,823
36,728
Scentre
Group
(AUD)
6,306,750
14,339
Simon
Property
Group,
REIT
284,165
37,385
183,470
Specialized
Real
Estate
Investment
Trusts
5.9%
Big
Yellow
Group
(GBP)
305,128
6,151
CubeSmart,
REIT
1,175,160
61,144
Digital
Core
REIT
Management (1)
13,783,100
15,281
Equinix,
REIT
138,661
102,834
Public
Storage,
REIT
282,532
110,267
Rayonier,
REIT
63,505
2,611
SBA
Communications,
REIT
58,792
20,230
318,518
Total
Real
Estate
1,946,090
UTILITIES
1.5%
Electric
Utilities
0.6%
Iberdrola
(EUR)
593,346
6,486
IDACORP
37,319
4,305
NextEra
Energy
160,869
13,627
Xcel
Energy
137,231
9,904
34,322
Multi-Utilities
0.9%
Ameren
98,134
9,201
CMS
Energy
134,135
9,382
Dominion
Energy
118,807
10,095
Sempra
Energy
103,041
17,323
46,001
Total
Utilities
80,323
Total
Miscellaneous
Common
Stocks
2.7% (6)
147,316
Total
Common
Stocks
(Cost
$3,753,094)
5,056,424
CONVERTIBLE
PREFERRED
STOCKS
1.4%
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
T.
ROWE
PRICE
Real
Assets
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Electrical
Components
&
Equipment
0.0%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $690 (1)(2)(4)
699,536
805
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $970 (1)(2)(4)
983,766
1,131
Total
Industrials
&
Business
Services
1,936
MATERIALS
0.6%
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
3,736
Diversified
Metals
&
Mining
0.3%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $18,268 (1)(2)(4)
666,457
18,268
18,268
Other
0.2%
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $9,143 (1)
(2)(4)
696,477
9,143
9,143
Total
Materials
31,147
UTILITIES
0.6%
Electric
Utilities
0.6%
NextEra
Energy,
5.279%,
3/1/23
317,336
16,552
Southern,
Series
A,
6.75%,
8/1/22
270,162
14,641
Total
Utilities
31,193
Total
Convertible
Preferred
Stocks
(Cost
$61,924)
73,406
EQUITY
MUTUAL
FUNDS
2.7%
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
471,591
24,155
SPDR
S&P
Homebuilders
ETF
784,260
49,565
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
187,122
25,177
VanEck
Gold
Miners
ETF
774,881
29,717
VanEck
Vectors
Oil
Services
ETF
55,440
15,665
Total
Equity
Mutual
Funds
(Cost
$118,223)
144,279
T.
ROWE
PRICE
Real
Assets
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.2%
Money
Market
Funds
2.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29% (5)(7)
142,871,267
142,871
142,871
U.S.
Treasury
Obligations
0.6%
U.S.
Treasury
Bills,
0.35%,
6/23/22
30,530,000
30,496
30,496
Total
Short-Term
Investments
(Cost
$173,377)
173,367
Total
Investments
in
Securities
101.0%
(Cost
$4,106,618)
$
5,447,476
Other
Assets
Less
Liabilities
(1.0)%
(
52,759
)
Net
Assets
100.0%
$
5,394,717
‡
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
$52,157
and
represents
1.0%
of
net
assets.
(5)
Affiliated
Companies
(6)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
T.
ROWE
PRICE
Real
Assets
Fund
12
.
.
.
.
.
.
.
.
.
.
MXN
Mexican
Peso
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
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
4/29/22
USD
15,111
INR
1,158,502
$
(
76
)
BNP
Paribas
5/3/22
BRL
72,914
USD
15,118
56
Deutsche
Bank
4/14/22
ZAR
468,633
USD
32,165
(
151
)
Standard
Chartered
4/14/22
CAD
61,240
USD
47,818
1,165
UBS
Investment
Bank
4/14/22
ZAR
719,704
USD
47,477
1,687
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
2,681
T.
ROWE
PRICE
Real
Assets
Fund
14
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
628
Russell
2000
E-Mini
Index
contracts
6/22
64,885
$
2,593
Long,
3,079
Xae
Energy
Index
contracts
6/22
245,427
6,703
Short,
829
Nasdaq
100
E-Mini
Index
contracts
6/22
(246,524)
(
24,929
)
Short,
700
U.S.
Treasury
Notes
ten
year
contracts
6/22
(86,013)
2,850
Short,
111
Ultra
U.S.
Treasury
Bonds
contracts
6/22
(19,661)
869
Net
payments
(receipts)
of
variation
margin
to
date
10,965
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
949
)
T.
ROWE
PRICE
Real
Assets
Fund
15
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,
2022.
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
Rhyolite
Resources
$
—
$
(
1,380
)
$
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
—
—
20
Totals
$
—
#
$
(
1,380
)
$
20
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
Rhyolite
Resources
$
*
$
—
$
—
$
2,678
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
76,330
¤
¤
142,871
Total
$
145,549
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$20
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
$146,859.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Real
Assets
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
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
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)
T.
ROWE
PRICE
Real
Assets
Fund
17
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
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.
T.
ROWE
PRICE
Real
Assets
Fund
18
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.
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
19
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
a
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.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
3,015,482
$
2,033,676
$
7,266
$
5,056,424
Convertible
Preferred
Stocks
—
31,193
42,213
73,406
Equity
Mutual
Funds
144,279
—
—
144,279
Short-Term
Investments
142,871
30,496
—
173,367
Total
Securities
3,302,632
2,095,365
49,479
5,447,476
Forward
Currency
Exchange
Contracts
—
2,908
—
2,908
Futures
Contracts
13,015
—
—
13,015
Total
$
3,315,647
$
2,098,273
$
49,479
$
5,463,399
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
227
$
—
$
227
Futures
Contracts
24,929
—
—
24,929
Total
$
24,929
$
227
$
—
$
25,156
T.
ROWE
PRICE
Real
Assets
Fund
20
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F176-054Q1
03/22