T.
ROWE
PRICE
New
Era
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.1%
AGRICULTURE
5.0%
Agricultural
Products
1.3%
Darling
Ingredients (1)
669,867
39,120
39,120
Fertilizers
&
Agricultural
Chemicals
2.8%
CF
Industries
Holdings
392,858
28,478
Nutrien
744,744
55,000
83,478
Packaged
Foods
&
Meats
0.9%
Bakkafrost
(NOK)
431,892
27,883
27,883
Total
Agriculture
150,481
CHEMICALS
8.4%
Diversified
Chemicals
1.7%
Covestro
(EUR)
393,812
16,309
FMC
281,657
34,399
50,708
Industrial
Gases
3.6%
Air
Products
&
Chemicals
106,583
30,612
Linde
221,349
78,676
109,288
Specialty
Chemicals
3.1%
Akzo
Nobel
(EUR)
274,922
21,503
RPM
International
305,534
26,654
Sherwin-Williams
154,402
34,705
Shin-Etsu
Chemical
(JPY)
312,000
10,128
92,990
Total
Chemicals
252,986
COMMODITY
INDUSTRIALS
8.8%
Construction
&
Engineering
0.7%
Quanta
Services
121,625
20,268
20,268
Construction
&
Farm
Machinery
&
Heavy
Trucks
1.3%
Caterpillar
82,252
18,822
Cummins
83,986
20,063
38,885
Construction
Materials
0.9%
Martin
Marietta
Materials
32,898
11,681
T.
ROWE
PRICE
New
Era
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Vulcan
Materials
83,665
14,353
26,034
Electrical
Components
&
Equipment
1.7%
Hubbell
120,580
29,339
Schneider
Electric
(EUR)
137,983
23,060
52,399
Industrial
Machinery
1.9%
Epiroc,
Class
B
(SEK)
1,177,180
20,071
Sandvik
(SEK)
1,118,912
23,750
Weir
Group
(GBP)
639,955
14,682
58,503
Metal
&
Glass
Containers
1.4%
Ball
464,534
25,600
Verallia
(EUR)
395,022
16,823
42,423
Railroads
0.9%
Norfolk
Southern
54,853
11,629
Union
Pacific
78,289
15,756
27,385
Total
Commodity
Industrials
265,897
ENERGY
SERVICES
&
PROCESSORS
11.2%
Oil
&
Gas
Equipment
&
Services
5.4%
Baker
Hughes
649,913
18,756
Cactus,
Class
A
276,610
11,405
ChampionX
651,835
17,684
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939
4,549
Halliburton
401,435
12,701
Schlumberger
772,200
37,915
TechnipFMC (1)
2,744,516
37,463
TGS
(NOK)
1,103,851
19,863
160,336
Oil
&
Gas
Refining
&
Marketing
2.7%
Marathon
Petroleum
290,400
39,155
Valero
Energy
291,900
40,749
79,904
Oil
&
Gas
Storage
&
Transportation
2.6%
TC
Energy
520,093
20,237
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $489 (1)(3)(4)
162
2,775
T.
ROWE
PRICE
New
Era
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $11,184 (1)(3)(4)
3,124
53,509
76,521
Semiconductor
Equipment
0.5%
Shoals
Technologies
Group,
Class
A (1)
617,583
14,075
14,075
Total
Energy
Services
&
Processors
330,836
EXPLORATION
&
PRODUCTION
13.7%
OUS
Oil
&
Gas
Exploration
&
Production
2.3%
Canadian
Natural
Resources
(CAD)
793,943
43,936
Kosmos
Energy (1)
3,376,500
25,121
69,057
U.S.
Mixed
Exploration
&
Production
2.2%
Chesapeake
Energy
492,400
37,442
Coterra
Energy
521,503
12,798
Southwestern
Energy (1)
2,944,300
14,721
64,961
U.S.
Oil
Exploration
&
Production
9.2%
ConocoPhillips
849,545
84,283
EOG
Resources
567,068
65,003
Hess
541,599
71,675
Magnolia
Oil
&
Gas,
Class
A
950,128
20,789
Pioneer
Natural
Resources
169,231
34,564
276,314
Total
Exploration
&
Production
410,332
INTEGRATEDS
19.1%
Integrated
Oil
&
Gas
19.1%
BP,
ADR
1,540,100
58,431
Chevron
485,264
79,176
Equinor
(NOK)
2,471,124
70,250
Exxon
Mobil
760,800
83,429
Galp
Energia
(EUR)
3,196,348
36,167
OMV
(EUR)
321,905
14,783
Shell
(GBP)
2,085,758
59,441
Suncor
Energy
(CAD)
1,883,100
58,465
TotalEnergies
(EUR)
1,899,213
111,985
Total
Integrateds
572,127
METALS
&
MINING
15.9%
Coal
&
Consumable
Fuels
0.5%
NAC
Kazatomprom,
GDR
488,134
14,421
14,421
T.
ROWE
PRICE
New
Era
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Metals
&
Mining
11.9%
Anglo
American
(GBP)
483,616
16,086
BHP
Group
(AUD)
1,573,245
49,736
Boliden
(SEK)
1,167,698
45,872
ERO
Copper
(CAD) (1)
1,154,741
20,429
Freeport-McMoRan
664,500
27,185
Grupo
Mexico,
Series
B
(MXN)
4,678,014
22,128
IGO
(AUD)
2,872,684
24,634
Norsk
Hydro
(NOK)
2,921,477
21,804
Reliance
Steel
&
Aluminum
74,345
19,087
Rio
Tinto
(AUD)
294,369
23,653
South32
(AUD)
12,735,354
37,324
Southern
Copper
640,022
48,802
356,740
Precious
Metals
&
Minerals
3.5%
Franco-Nevada
(CAD)
221,488
32,306
Newcrest
Mining
(AUD)
841,854
15,028
Newmont
364,800
17,883
Northern
Star
Resources
(AUD)
3,134,221
25,701
Perseus
Mining
(AUD)
8,699,783
13,809
104,727
Total
Metals
&
Mining
475,888
OTHER
4.9%
Building
Products
0.6%
Carrier
Global
386,603
17,687
17,687
Paper
&
Forest
Products
3.1%
Avery
Dennison
83,553
14,950
Packaging
Corp.
of
America
196,770
27,318
Svenska
Cellulosa,
Class
B
(SEK) (5)
1,034,305
13,622
UPM-Kymmene
(EUR)
642,952
21,595
West
Fraser
Timber
(CAD)
90,725
6,471
Westrock
302,811
9,227
93,183
Specialized
Real
Estate
Investment
Trusts
1.2%
PotlatchDeltic,
REIT
372,600
18,444
Rayonier,
REIT
527,506
17,545
35,989
Total
Other
146,859
UTILITIES
6.9%
Electric
Utilities
3.3%
FirstEnergy
417,100
16,709
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Iberdrola
(EUR)
636,783
7,933
NextEra
Energy
415,118
31,997
Southern
587,135
40,853
97,492
Multi-Utilities
3.6%
Ameren
282,636
24,417
CMS
Energy
284,271
17,449
Dominion
Energy
317,474
17,750
DTE
Energy
99,800
10,932
PG&E (1)
1,383,200
22,366
Sempra
Energy
91,784
13,874
106,788
Total
Utilities
204,280
Total
Miscellaneous
Common
Stocks
2.2% (6)
64,823
Total
Common
Stocks
(Cost
$2,191,983)
2,874,509
CONVERTIBLE
PREFERRED
STOCKS
2.7%
AGRICULTURE
1.0%
Fertilizers
&
Agricultural
Chemicals
1.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $11,372 (1)(3)(4)
615,892
30,813
Total
Agriculture
30,813
COMMODITY
INDUSTRIALS
0.2%
Electrical
Components
&
Equipment
0.2%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $1,716 (1)(3)(4)
1,796,201
2,155
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,413 (1)(3)(4)
2,526,018
3,031
Total
Commodity
Industrials
5,186
METALS
&
MINING
1.5%
Diversified
Metals
&
Mining
1.5%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $4,843 (1)(3)(4)
83,662
11,118
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $11,506 (1)(3)(4)
86,580
11,506
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $7,697 (1)(3)(4)
280,805
12,013
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $2,262 (1)(3)(4)
52,878
2,262
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $7,899 (1)
(3)(4)
601,655
8,213
Total
Metals
&
Mining
45,112
Total
Convertible
Preferred
Stocks
(Cost
$49,708)
81,111
PREFERRED
STOCKS
0.0%
ENERGY
SERVICES
&
PROCESSORS
0.0%
Oil
&
Gas
Equipment
&
Services
0.0%
Energy
Reservoir
Holdings,
Class
A-3,
Acquisition
Date:
11/30/22,
Cost $234 (1)(3)(4)
234,367
234
Total
Energy
Services
&
Processors
234
Total
Preferred
Stocks
(Cost
$234)
234
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
26,161,940
26,162
Total
Short-Term
Investments
(Cost
$26,162)
26,162
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
13,170,127
13,170
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
13,170
Total
Securities
Lending
Collateral
(Cost
$13,170)
13,170
Total
Investments
in
Securities
100.1%
(Cost
$2,281,257)
$
2,995,186
Other
Assets
Less
Liabilities
(0.1)%
(1,907)
Net
Assets
100.0%
$
2,993,279
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
T.
ROWE
PRICE
New
Era
Fund
7
.
.
.
.
.
.
.
.
.
.
(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
$142,178
and
represents
4.7%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(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
(8)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
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
SEK
Swedish
Krona
T.
ROWE
PRICE
New
Era
Fund
8
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,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
—
$
—
$
499++
Totals
$
—#
$
—
$
499+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
59,054
¤
¤
$
39,332
Total
$
39,332^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$499
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
$39,332.
T.
ROWE
PRICE
New
Era
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
New
Era
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
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
New
Era
Fund
10
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 Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
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.
T.
ROWE
PRICE
New
Era
Fund
11
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,764,892
$
1,048,784
$
60,833
$
2,874,509
Convertible
Preferred
Stocks
—
—
81,111
81,111
Preferred
Stocks
—
—
234
234
Short-Term
Investments
26,162
—
—
26,162
Securities
Lending
Collateral
13,170
—
—
13,170
Total
$
1,804,224
$
1,048,784
$
142,178
$
2,995,186
T.
ROWE
PRICE
New
Era
Fund
12
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $11,983,000 for
the
period ended
March
31,
2023.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
53,166
$
7,667
$
—
$
60,833
Convertible
Preferred
Stocks
74,534
4,316
2,261
81,111
Preferred
Stocks
234
—
—
234
Total
$
127,934
$
11,983
$
2,261
$
142,178
T.
ROWE
PRICE
New
Era
Fund
13
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
60,833
Market
comparable
Enterprise
value
to
sales
multiple
2.4x
2.4x
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
-
16.5x
9.1x
Increase
EBITDA
growth
rate
(47%)
(47%)
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.0x
12.0x
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Preferred
Stocks
$
234
Recent
comparable
transaction
price(s)
Discount
for
uncertainty
5%
5%
Decrease
Convertible
Preferred
Stocks
$
81,111
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.3x
-
2.6x
2.4x
Increase
Sales
growth
rate
32%
-
34%
33%
Increase
T.
ROWE
PRICE
New
Era
Fund
14
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Projected
enterprise
value
to
EBITDA
multiple
10.5x
10.5x
Increase
Discount
rate
for
cost
of
capital
20%
20%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
New
Era
Fund
15
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F41-054Q1
03/23