T.
ROWE
PRICE
Real
Assets
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
89.7%
COMMUNICATION
SERVICES
0.2%
Integrated
Telecommunication
Services
0.2%
Cellnex
Telecom
(EUR)
376,661
11,619
Total
Communication
Services
11,619
CONSUMER
DISCRETIONARY
1.4%
Hotels,
Resorts,
&
Cruise
Lines
1.3%
H
World
Group
(HKD)
1,170,800
3,990
Hilton
Worldwide
Holdings
286,614
34,571
InterContinental
Hotels
Group
(GBP)
253,173
12,193
Kyoritsu
Maintenance
(JPY)
307,000
12,685
Marriott
International,
Class
A
97,082
13,605
77,044
Household
Durables
0.1%
Persimmon
(GBP)
451,739
6,178
6,178
Total
Consumer
Discretionary
83,222
CONSUMER
STAPLES
0.7%
Agricultural
Products
0.5%
Darling
Ingredients (1)
396,899
26,255
26,255
Packaged
Foods
&
Meat
0.2%
Bakkafrost
(NOK)
310,073
12,341
12,341
Total
Consumer
Staples
38,596
ENERGY
12.2%
Coal
&
Consumable
Fuels
0.3%
NAC
Kazatomprom,
GDR
768,546
19,161
19,161
Integrated
Oil
&
Gas
4.0%
Chevron
384,311
55,214
Equinor
(NOK)
1,694,424
55,880
Galp
Energia
(EUR)
2,260,433
21,748
Shell
(GBP)
1,158,967
28,752
TotalEnergies
(EUR)
1,619,839
75,994
237,588
Oil
&
Gas
Equipment
&
Services
1.3%
Baker
Hughes
407,880
8,549
Cactus,
Class
A
312,948
12,026
ChampionX
476,679
9,329
T.
ROWE
PRICE
Real
Assets
Fund
1
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (1)(2)(3)
2,530,088
1,796
Halliburton
378,459
9,318
Liberty
Energy,
Class
A (1)
497,561
6,309
TechnipFMC (1)
1,391,476
11,772
Tenaris,
ADR
392,752
10,149
TGS
(NOK)
478,883
5,853
75,101
Oil
&
Gas
Exploration
&
Production
5.9%
Aker
BP
(NOK)
581,536
16,693
Canadian
Natural
Resources
(CAD)
290,610
13,527
ConocoPhillips
948,580
97,078
Devon
Energy
821,281
49,384
EOG
Resources
555,933
62,114
Hess
408,606
44,534
Magnolia
Oil
&
Gas,
Class
A
767,563
15,205
Pioneer
Natural
Resources
227,646
49,292
347,827
Oil
&
Gas
Storage
&
Transportation
0.7%
Equitrans
Midstream
1,460,032
10,921
TC
Energy
508,831
20,501
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/17,
Cost $112 (1)(2)(3)
37
547
Venture
Global
LNG,
Series
C,
Acquisition
Date:
3/8/17
-
10/16/17,
Cost $2,704 (1)(2)(3)
759
11,230
43,199
Total
Energy
722,876
INDUSTRIALS
&
BUSINESS
SERVICES
9.9%
Agricultural
&
Farm
Machinery
0.6%
AGCO
79,664
7,661
Deere
89,836
29,996
37,657
Airlines
1.6%
Alaska
Air
Group (1)
207,574
8,127
Allegiant
Travel (1)
128,741
9,396
Delta
Air
Lines (1)
513,966
14,422
Frontier
Group
Holdings (1)
1,630,975
15,820
JetBlue
Airways (1)
865,365
5,737
Southwest
Airlines (1)
460,967
14,216
Sun
Country
Airlines
Holdings (1)
1,004,171
13,667
United
Airlines
Holdings (1)
406,835
13,234
94,619
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Building
Products
0.1%
ROCKWOOL,
Class
B
(DKK)
37,710
5,948
5,948
Construction
&
Engineering
0.2%
Quanta
Services
103,029
13,125
13,125
Construction
Machinery
&
Heavy
Trucks
2.6%
Caterpillar
354,896
58,231
Cummins
93,380
19,004
Epiroc,
Class
A
(SEK)
2,214,719
31,683
Epiroc,
Class
B
(SEK)
956,284
12,058
Metso
Outotec
(EUR)
5,168,836
34,278
155,254
Electrical
Components
&
Equipment
0.9%
Hubbell
89,177
19,887
Legrand
(EUR)
122,272
7,906
Schneider
Electric
(EUR)
103,585
11,700
Shoals
Technologies
Group,
Class
A (1)
542,797
11,697
51,190
Industrial
Machinery
1.6%
Alfa
Laval
(SEK)
405,506
10,055
Sandvik
(SEK)
2,915,078
39,737
Weir
Group
(GBP)
2,869,156
44,418
94,210
Railroads
1.8%
Canadian
National
Railway
(CAD)
172,978
18,681
Canadian
Pacific
Railway
257,331
17,169
CSX
583,123
15,534
Norfolk
Southern
123,525
25,897
Union
Pacific
141,242
27,517
104,798
Research
&
Consulting
Services
0.5%
ALS
(AUD)
4,871,215
31,560
31,560
Total
Industrials
&
Business
Services
588,361
INFORMATION
TECHNOLOGY
0.1%
Semiconductor
Equipment
0.1%
Entegris
69,331
5,756
Total
Information
Technology
5,756
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
26.8%
Aluminum
0.4%
Norsk
Hydro
(NOK)
3,832,541
20,565
20,565
Construction
Materials
1.0%
Martin
Marietta
Materials
78,987
25,441
Vulcan
Materials
219,650
34,641
60,082
Copper
0.7%
ERO
Copper
(CAD) (1)
586,853
6,487
OZ
Minerals
(AUD)
652,675
10,798
Southern
Copper
531,387
23,827
41,112
Diversified
Metals
&
Mining
8.8%
BHP
Group
(AUD)
9,167,470
227,886
Boliden
(SEK)
2,749,314
84,943
Grupo
Mexico,
Series
B
(MXN)
9,349,912
31,579
IGO
(AUD)
3,910,594
34,399
MMC
Norilsk
Nickel
(RUB) (2)
75,310
—
Rio
Tinto
(AUD)
558,956
33,813
Rio
Tinto
(GBP)
1,703,116
92,149
South32
(AUD)
6,262,816
14,867
519,636
Fertilizers
&
Agricultural
Chemicals
0.8%
CF
Industries
Holdings
240,808
23,178
FMC
240,216
25,391
48,569
Forest
Products
0.3%
Svenska
Cellulosa,
Class
B
(SEK)
793,572
10,069
West
Fraser
Timber
(CAD)
82,061
5,937
16,006
Gold
5.0%
Franco-Nevada
(CAD)
255,614
30,533
K92
Mining
(CAD) (1)
12,955,350
74,092
Karora
Resources
(CAD) (1)
7,942,635
16,387
Northern
Star
Resources
(AUD)
9,673,982
48,440
Perseus
Mining
(AUD)
32,113,141
31,241
Polyus
(RUB) (2)
63,061
—
Rhyolite
Resources
(CAD) (1)
5,837,039
866
Royal
Gold
59,045
5,540
Tietto
Minerals
(AUD) (1)
45,690,810
12,594
Wesdome
Gold
Mines
(CAD) (1)
8,979,090
60,712
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wheaton
Precious
Metals
(CAD)
405,445
13,129
293,534
Industrial
Gases
1.3%
Air
Liquide
(EUR)
77,921
8,906
Air
Products
&
Chemicals
100,886
23,479
Linde
171,154
46,142
78,527
Metal
&
Glass
Containers
0.7%
Ball
640,044
30,927
Verallia
(EUR)
442,307
9,944
40,871
Paper
Packaging
1.0%
Avery
Dennison
68,904
11,211
International
Paper
402,753
12,767
Mayr
Melnhof
Karton
(EUR)
4,898
631
Packaging
Corp.
of
America
214,093
24,040
Westrock
216,930
6,701
55,350
Paper
Products
0.4%
Mondi
(GBP)
406,849
6,250
UPM-Kymmene
(EUR)
555,049
17,614
23,864
Precious
Metals
&
Minerals
0.2%
Alrosa
(RUB) (2)
19,084,530
—
Impala
Platinum
Holdings
(ZAR)
331,151
3,079
Sibanye
Stillwater
(ZAR)
2,750,084
6,313
9,392
Specialty
Chemicals
1.8%
Akzo
Nobel
(EUR)
224,070
12,698
Albemarle
38,462
10,171
Element
Solutions
568,635
9,252
Koninklijke
DSM
(EUR)
26,327
2,996
RPM
International
284,814
23,728
Sherwin-Williams
170,967
35,005
Shin-Etsu
Chemical
(JPY)
57,500
5,690
Sika
32,397
6,511
106,051
Steel
4.4%
Nippon
Steel
(JPY)
2,182,700
30,292
Nucor
513,335
54,922
Reliance
Steel
&
Aluminum
496,060
86,518
Steel
Dynamics
760,649
53,968
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vale
(BRL)
2,308,939
30,895
256,595
Total
Materials
1,570,154
REAL
ESTATE
33.1%
Diversified
Real
Estate
Activities
1.0%
Mitsui
Fudosan
(JPY)
1,544,100
29,415
Sun
Hung
Kai
Properties
(HKD)
1,370,500
15,125
Tokyo
Tatemono
(JPY)
979,100
13,931
58,471
Health
Care
Real
Estate
Investment
Trusts
1.5%
Ventas,
REIT
843,207
33,872
Welltower,
REIT
878,840
56,527
90,399
Hotel
&
Resort
Real
Estate
Investment
Trusts
1.2%
Apple
Hospitality
REIT,
REIT
2,567,121
36,094
Hoshino
Resorts
REIT
(JPY)
1,349
6,267
Host
Hotels
&
Resorts,
REIT
685,413
10,884
Pebblebrook
Hotel
Trust,
REIT
1,318,783
19,135
72,380
Industrial
Real
Estate
Investment
Trusts
5.7%
EastGroup
Properties,
REIT
204,642
29,538
Goodman
Group
(AUD)
1,755,405
17,742
Industrial
&
Infrastructure
Fund
Investment
(JPY)
13,535
15,337
Mitsui
Fudosan
Logistics
Park
(JPY)
2,547
8,717
Prologis,
REIT
1,270,873
129,121
Rexford
Industrial
Realty,
REIT
1,054,503
54,834
Summit
Industrial
Income
REIT
(CAD)
2,059,372
25,508
Terreno
Realty,
REIT
843,582
44,701
Warehouses
De
Pauw
(EUR)
487,899
11,983
337,481
Office
Real
Estate
Investment
Trusts
2.6%
Alexandria
Real
Estate
Equities,
REIT
437,648
61,354
Daiwa
Office
Investment
(JPY)
2,591
12,052
Derwent
London
(GBP)
386,995
8,731
Douglas
Emmett,
REIT
1,226,266
21,987
Gecina
(EUR)
56,517
4,426
Great
Portland
Estates
(GBP)
1,770,504
8,633
Kilroy
Realty,
REIT
490,082
20,637
SL
Green
Realty,
REIT
308,025
12,370
150,190
Real
Estate
Development
0.2%
Howard
Hughes (1)
103,368
5,726
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Katitas
(JPY)
361,500
8,048
13,774
Real
Estate
Operating
Companies
1.3%
China
Resources
Mixc
Lifestyle
Services
(HKD)
2,151,400
8,212
Fabege
(SEK)
554,815
3,769
Hongkong
Land
Holdings
4,456,800
19,583
Kojamo
(EUR)
1,210,120
15,585
Shurgard
Self
Storage
(EUR)
226,304
9,200
Wharf
Real
Estate
Investment
(HKD)
3,898,000
17,671
74,020
Residential
Real
Estate
Investment
Trusts
7.2%
American
Homes
4
Rent,
Class
A,
REIT
1,679,228
55,096
Apartment
Income
REIT,
REIT
332,263
12,832
Apartment
Investment
&
Management,
Class
A,
REIT
443,716
3,239
AvalonBay
Communities,
REIT
408,016
75,152
Camden
Property
Trust,
REIT
390,592
46,656
Canadian
Apartment
Properties
REIT
(CAD)
162,438
4,951
Equity
LifeStyle
Properties,
REIT
1,309,380
82,281
Equity
Residential,
REIT
1,061,508
71,355
Essex
Property
Trust,
REIT
232,519
56,323
UNITE
Group
(GBP)
1,327,156
12,600
420,485
Retail
Real
Estate
Investment
Trusts
3.1%
Acadia
Realty
Trust,
REIT
1,919,949
24,230
CapitaLand
Integrated
Commercial
Trust
(SGD)
7,618,500
10,134
Federal
Realty
Investment
Trust,
REIT
58,025
5,229
Kimco
Realty,
REIT
388,745
7,157
Lendlease
Global
Commercial
REIT
(SGD)
18,666,010
9,890
Regency
Centers,
REIT
928,800
50,016
Scentre
Group
(AUD)
6,703,090
10,952
Simon
Property
Group,
REIT
731,487
65,651
183,259
Specialized
Real
Estate
Investment
Trusts
9.3%
American
Tower,
REIT
388,255
83,358
Big
Yellow
Group
(GBP)
522,463
6,183
Crown
Castle,
REIT
283,341
40,957
CubeSmart,
REIT
1,489,820
59,682
Digital
Core
REIT
Management
20,849,100
14,522
Equinix,
REIT
207,108
117,811
Extra
Space
Storage,
REIT
67,985
11,742
Public
Storage,
REIT
386,417
113,147
Rayonier,
REIT
770,038
23,078
SBA
Communications,
REIT
249,429
71,000
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Weyerhaeuser,
REIT
202,506
5,784
547,264
Total
Real
Estate
1,947,723
UTILITIES
1.3%
Electric
Utilities
0.7%
Iberdrola
(EUR)
485,568
4,528
NextEra
Energy
147,005
11,527
Southern
213,867
14,543
Xcel
Energy
119,429
7,643
38,241
Multi-Utilities
0.6%
Ameren
106,276
8,561
CMS
Energy
107,653
6,270
Dominion
Energy
97,383
6,730
Sempra
Energy
104,792
15,712
37,273
Total
Utilities
75,514
Total
Miscellaneous
Common
Stocks
4.0% (4)
236,538
Total
Common
Stocks
(Cost
$5,580,292)
5,280,359
CONVERTIBLE
PREFERRED
STOCKS
1.7%
CONSUMER
STAPLES
0.2%
Agricultural
Products
0.2%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $2,712 (1)(2)(3)
146,876
9,129
Total
Consumer
Staples
9,129
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)(3)
699,536
839
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $970 (1)(2)(3)
983,766
1,181
Total
Industrials
&
Business
Services
2,020
MATERIALS
1.1%
Copper
0.6%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $3,736 (1)(2)(3)
64,540
8,577
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $29,011 (1)(2)(3)
218,303
29,011
37,588
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Metals
&
Mining
0.3%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $18,268 (1)(2)(3)
666,457
18,268
18,268
Other
0.2%
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $9,143 (1)
(2)(3)
696,477
9,507
9,507
Total
Materials
65,363
UTILITIES
0.4%
Electric
Utilities
0.4%
NextEra
Energy,
5.279%,
3/1/23
479,148
23,972
Total
Utilities
23,972
Total
Convertible
Preferred
Stocks
(Cost
$86,101)
100,484
EQUITY
MUTUAL
FUNDS
2.8%
Industrial
Select
Sector
SPDR
Fund
824,061
68,266
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
961,117
32,707
SPDR
S&P
Homebuilders
ETF
527,723
28,861
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
171,496
21,389
VanEck
Vectors
Oil
Services
ETF
70,267
14,841
Total
Equity
Mutual
Funds
(Cost
$176,243)
166,064
SHORT-TERM
INVESTMENTS
4.9%
Money
Market
Funds
4.1%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (5)(6)
243,863,434
243,863
243,863
U.S.
Treasury
Obligations
0.8%
U.S.
Treasury
Bills,
3.279%,
2/16/23 (7)
43,820,000
43,229
43,229
Total
Short-Term
Investments
(Cost
$287,140)
287,092
Total
Investments
in
Securities
99.1%
(Cost
$6,129,776)
$
5,833,999
Other
Assets
Less
Liabilities
0.9%
53,323
Net
Assets
100.0%
$
5,887,322
T.
ROWE
PRICE
Real
Assets
Fund
10
‡
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)
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
$90,085
and
represents
1.5%
of
net
assets.
(4)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(5)
Seven-day
yield
(6)
Affiliated
Companies
(7)
At
September
30,
2022,
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
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
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
SOFR
Secured
overnight
financing
rate
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Real
Assets
Fund
11
(Amounts
in
000s)
SWAPS
(0.1)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.1)%
Total
Return
Swaps
(0.1)%
Citibank,
Receive
Underlying
Reference:
iShares
MSCI
China
ETF
at
Monthly,
Pay
Variable
2.949%
(SOFR
+
0.42%)
Monthly,
1/18/24
*
26,263
(2,745)
—
(2,745)
Citibank,
Receive
Underlying
Reference:
KraneShares
CSI
China
Internet
ETF
at
Monthly,
Pay
Variable
2.949%
(SOFR
+
0.42%)
Monthly,
1/18/24
*
18,283
(2,053)
—
(2,053)
Citibank,
Receive
Underlying
Reference:
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
at
Monthly,
Pay
Variable
2.949%
(SOFR
+
0.42%)
Monthly,
1/18/24
*
34,878
(3,096)
—
(3,096)
Total
Bilateral
Total
Return
Swaps
—
(7,894)
Total
Bilateral
Swaps
—
(7,894)
T.
ROWE
PRICE
Real
Assets
Fund
12
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
10/14/22
NOK
313,394
USD
31,307
$
(2,522)
BNP
Paribas
10/4/22
BRL
171,800
USD
31,776
41
BNP
Paribas
10/4/22
USD
32,049
BRL
171,800
232
BNP
Paribas
11/3/22
BRL
171,800
USD
31,831
(240)
Canadian
Imperial
Bank
of
Commerce
10/14/22
CAD
32,437
USD
24,881
(1,400)
Deutsche
Bank
10/14/22
USD
30,120
SEK
321,986
1,088
JPMorgan
Chase
10/4/22
BRL
171,800
USD
33,447
(1,629)
JPMorgan
Chase
10/4/22
USD
31,776
BRL
171,800
(41)
Morgan
Stanley
10/14/22
NOK
313,171
EUR
31,200
(1,843)
Wells
Fargo
Bank
10/14/22
USD
24,335
CAD
32,437
854
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(5,460)
T.
ROWE
PRICE
Real
Assets
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
220
Hang
Seng
Index
contracts
10/22
24,117
$
(815)
Short,
463
NASDAQ
100
E-Mini
Index
contracts
12/22
(102,189)
13,748
Short,
641
S&P
500
E-Mini
Index
contracts
12/22
(115,428)
14,329
Long,
171
S&P/TSX
60
Index
contracts
12/22
27,630
(1,757)
Short,
365
U.S.
Treasury
Notes
ten
year
contracts
12/22
(40,903)
1,927
Short,
132
Ultra
U.S.
Treasury
Bonds
contracts
12/22
(18,084)
1,415
Long,
3,359
Xae
Energy
Index
contracts
12/22
253,101
(25,728)
Net
payments
(receipts)
of
variation
margin
to
date
(1,167)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,952
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,
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
$
(16)
$
(3,167)
$
—
SPDR
S&P
Homebuilders
ETF
(5,008)
(19,252)
349
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
—
—
1,468
Totals
$
(5,024)#
$
(22,419)
$
1,817+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Rhyolite
Resources
$
*
$
—
$
25
$
*
SPDR
S&P
Homebuilders
ETF
*
—
19,161
*
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
76,330
¤
¤
243,863
Total
$
243,863^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1,817
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
$243,863.
*
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
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 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
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 fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Real
Assets
Fund
16
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.
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.
T.
ROWE
PRICE
Real
Assets
Fund
17
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.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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
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,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
3,255,995
$
2,010,791
$
13,573
$
5,280,359
Convertible
Preferred
Stocks
—
23,972
76,512
100,484
Equity
Mutual
Funds
166,064
—
—
166,064
Short-Term
Investments
243,863
43,229
—
287,092
Total
Securities
3,665,922
2,077,992
90,085
5,833,999
Forward
Currency
Exchange
Contracts
—
2,215
—
2,215
Futures
Contracts*
31,419
—
—
31,419
Total
$
3,697,341
$
2,080,207
$
90,085
$
5,867,633
Liabilities
Swaps*
$
—
$
7,894
$
—
$
7,894
Forward
Currency
Exchange
Contracts
—
7,675
—
7,675
Futures
Contracts*
28,300
—
—
28,300
Total
$
28,300
$
15,569
$
—
$
43,869
*
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.
T.
ROWE
PRICE
Real
Assets
Fund
19
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.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F176-054Q3
09/22