T.
ROWE
PRICE
New
Era
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.1%
AGRICULTURE
1.7%
Fertilizers
&
Agricultural
Chemicals
1.7%
CF
Industries
Holdings
331,273
27,565
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $11,341 (1)(2)(3)
614,225
3,206
Mosaic
435,300
14,130
Total
Agriculture
44,901
CHEMICALS
11.1%
Commodity
Chemicals
0.7%
LG
Chem
(KRW)
33,650
10,973
Lotte
Chemical
(KRW)
80,844
7,164
18,137
Diversified
Chemicals
0.9%
BASF
(EUR)
195,479
11,171
Huntsman
552,209
14,374
25,545
Industrial
Gases
4.9%
Air
Liquide
(EUR)
175,502
36,513
Linde
203,393
94,439
130,952
Specialty
Chemicals
4.6%
HB
Fuller
176,569
14,080
International
Flavors
&
Fragrances
189,492
16,294
RPM
International
155,257
18,468
Sherwin-Williams
108,515
37,691
Shin-Etsu
Chemical
(JPY)
823,700
35,825
122,358
Total
Chemicals
296,992
COMMODITY
INDUSTRIALS
3.8%
Construction
&
Engineering
0.5%
Quanta
Services
53,245
13,833
13,833
Construction
Materials
0.9%
Vulcan
Materials
85,154
23,240
23,240
Electrical
Components
&
Equipment
1.1%
Hubbell
36,692
15,229
Schneider
Electric
(EUR)
57,960
13,103
28,332
T.
ROWE
PRICE
New
Era
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Metal
&
Glass
Containers
0.8%
Ball
316,703
21,333
21,333
Railroads
0.5%
Norfolk
Southern
48,877
12,457
12,457
Total
Commodity
Industrials
99,195
ENERGY
SERVICES
&
PROCESSORS
19.9%
Oil
&
Gas
Drilling
1.4%
Noble
435,533
21,119
Seadrill (3)
312,784
15,733
36,852
Oil
&
Gas
Equipment
&
Services
7.5%
Baker
Hughes
841,669
28,196
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939
5,863
Expro
Group
Holdings (3)
137,378
2,743
Halliburton
1,047,213
41,281
Schlumberger
1,221,165
66,932
TechnipFMC
1,556,569
39,086
Tenaris,
ADR
405,502
15,924
200,025
Oil
&
Gas
Refining
&
Marketing
5.1%
Marathon
Petroleum
322,432
64,970
Phillips
66
135,465
22,127
Valero
Energy
292,596
49,943
137,040
Oil
&
Gas
Storage
&
Transportation
5.9%
Enbridge
1,566,892
56,690
Kinder
Morgan
543,796
9,973
Targa
Resources
311,949
34,935
Williams
1,462,300
56,986
158,584
Total
Energy
Services
&
Processors
532,501
EXPLORATION
&
PRODUCTION
20.5%
OUS
Oil
&
Gas
Exploration
&
Production
3.1%
Canadian
Natural
Resources
(CAD)
863,083
65,839
Kosmos
Energy (3)
2,796,685
16,668
82,507
U.S.
Mixed
Exploration
&
Production
4.1%
Chesapeake
Energy
268,610
23,861
T.
ROWE
PRICE
New
Era
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
EQT
878,587
32,569
Range
Resources
721,552
24,843
Southwestern
Energy
(3)
3,608,553
27,353
108,626
U.S.
Oil
Exploration
&
Production
13.3%
ConocoPhillips
938,443
119,445
Diamondback
Energy
283,694
56,220
EOG
Resources
486,811
62,234
Hess
422,814
64,538
Pioneer
Natural
Resources
203,523
53,425
355,862
Total
Exploration
&
Production
546,995
INTEGRATEDS
20.7%
Integrated
Oil
&
Gas
20.7%
BP,
ADR
1,587,124
59,803
Chevron
420,317
66,301
Equinor
(NOK)
957,309
25,670
Exxon
Mobil
1,227,511
142,686
Galp
Energia
(EUR)
1,461,756
24,166
OMV
(EUR)
410,131
19,425
Shell
(GBP)
2,453,942
81,420
Suncor
Energy
(CAD)
1,299,722
47,966
TotalEnergies
(EUR)
1,244,052
85,578
Total
Integrateds
553,015
METALS
&
MINING
13.6%
Coal
&
Consumable
Fuels
1.6%
Cameco
689,184
29,856
Warrior
Met
Coal
216,100
13,117
42,973
Diversified
Metals
&
Mining
9.3%
Alcoa
343,770
11,616
BHP
Group
(AUD)
1,406,822
40,677
Champion
Iron
(AUD)
2,299,406
11,101
Cleveland-Cliffs (3)
625,700
14,228
First
Quantum
Minerals
(CAD)
150,254
1,615
Freeport-McMoRan
1,083,718
50,956
Glencore
(GBP)
2,368,342
12,997
Ivanhoe
Electric (3)
909,781
8,916
Ivanhoe
Mines,
Class
A
(CAD) (3)(5)
1,609,334
19,200
MP
Materials (3)(5)
395,900
5,661
Rio
Tinto
(AUD)
191,627
15,209
Southern
Copper
194,754
20,745
Steel
Dynamics
133,800
19,833
T.
ROWE
PRICE
New
Era
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Teck
Resources,
Class
B
373,325
17,091
249,845
Precious
Metals
&
Minerals
2.7%
Agnico
Eagle
Mines
244,120
14,562
Alamos
Gold,
Class
A
1,019,300
15,035
Franco-Nevada
(CAD)
132,745
15,817
Osisko
Gold
Royalties
(CAD) (5)
869,300
14,266
Osisko
Mining
(CAD) (3)
4,790,090
9,831
Wesdome
Gold
Mines
(CAD) (3)
450,003
3,352
72,863
Total
Metals
&
Mining
365,681
OTHER
2.4%
Paper
&
Forest
Products
2.4%
Louisiana-Pacific
218,700
18,351
Packaging
Corp.
of
America
119,808
22,737
West
Fraser
Timber
(CAD)
268,899
23,219
Total
Other
64,307
UTILITIES
3.1%
Electric
Utilities
1.8%
FirstEnergy
269,643
10,414
NextEra
Energy
350,279
22,386
Southern
198,502
14,241
47,041
Multi-Utilities
1.3%
Ameren
108,828
8,049
CenterPoint
Energy
264,100
7,524
Dominion
Energy
193,313
9,509
PG&E
615,561
10,317
35,399
Total
Utilities
82,440
Total
Miscellaneous
Common
Stocks
0.3% (6)
8,577
Total
Common
Stocks
(Cost
$1,879,082)
2,594,604
CONVERTIBLE
PREFERRED
STOCKS
2.3%
AGRICULTURE
0.0%
Fertilizers
&
Agricultural
Chemicals
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $31 (1)(2)(3)
1,667
9
Total
Agriculture
9
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
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)(2)(3)
1,796,201
2,335
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,413 (1)(2)(3)
2,526,018
3,284
Total
Commodity
Industrials
5,619
METALS
&
MINING
2.1%
Diversified
Metals
&
Mining
2.1%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $4,843 (1)(2)(3)
83,662
11,118
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $11,506 (1)(2)(3)
86,580
11,506
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $7,697 (1)(2)(3)
280,805
20,600
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $2,262 (1)(2)(3)
52,878
3,879
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $7,899 (1)
(2)(3)
601,655
8,115
Total
Metals
&
Mining
55,218
Total
Convertible
Preferred
Stocks
(Cost
$38,367)
60,846
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)(2)(3)(4)
234,367
246
Total
Energy
Services
&
Processors
246
Total
Preferred
Stocks
(Cost
$234)
246
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
5,351,948
5,352
Total
Short-Term
Investments
(Cost
$5,352)
5,352
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
1.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
17,583,432
17,584
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
17,584
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
11,206,223
11,206
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
11,206
Total
Securities
Lending
Collateral
(Cost
$28,790)
28,790
Total
Investments
in
Securities
100.7%
(Cost
$1,951,825)
$
2,689,838
Other
Assets
Less
Liabilities
(0.7)%
(17,885)
Net
Assets
100.0%
$
2,671,953
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
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
$70,161
and
represents
2.6%
of
net
assets.
(3)
Non-income
producing
(4)
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.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(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
T.
ROWE
PRICE
New
Era
Fund
7
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
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,
2024.
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,
5.39%
$
—
$
—
$
184++
Totals
$
—#
$
—
$
184+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
41,320
¤
¤
$
34,142
Total
$
34,142^
#
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
$184
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
$34,142.
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,
2024
(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
$
1,953,438
$
632,097
$
9,069
$
2,594,604
Convertible
Preferred
Stocks
—
—
60,846
60,846
Preferred
Stocks
—
—
246
246
Short-Term
Investments
5,352
—
—
5,352
Securities
Lending
Collateral
28,790
—
—
28,790
Total
$
1,987,580
$
632,097
$
70,161
$
2,689,838
T.
ROWE
PRICE
New
Era
Fund
12
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2024.
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,
2024,
totaled $10,636,000 for
the
period ended
March
31,
2024.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
9,069
$
—
$
9,069
Convertible
Preferred
Stocks
50,210
10,636
60,846
Preferred
Stocks
246
—
246
Total
$
59,525
$
10,636
$
70,161
T.
ROWE
PRICE
New
Era
Fund
13
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
03/24