UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-01710
T. Rowe Price New Era Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRNEX
New
Era
Fund
–
.
TRNEX
New
Era
Fund–
.
I Class
HIGHLIGHTS
The
New
Era
Fund
rose
but
underperformed
both
the
MSCI
World
Select
Natural
Resources
Index
Net
and
its
peer
group,
as
represented
by
the
Lipper
Global
Natural
Resources
Funds
Index.
Relative
to
the
Lipper
index,
an
overweight
to
the
specialty
chemicals
and
underweight
to
the
U.S.
mixed
explorers
and
producers
industries
detracted
from
relative
performance,
while
an
overweight
to
U.S.
oil
explorers
and
producers
added
value.
Geopolitical
turbulence,
elevated
inflation,
and
concerns
over
a
global
recession
created
a
volatile
market
environment
for
many
commodities,
further
exacerbating
near-term
uncertainty
around
the
timing
of
price
normalization.
In
this
uncertain
environment,
our
goal
is
to
deliver
commodity
exposure
in
a
better
risk-adjusted
manner
over
time
by
investing
in
the
right
cost
curves,
companies,
and
valuations.
We
are
committed
to
our
data-driven,
bottom-up
stock
selection
process
and
our
philosophy
of
buying
and
holding
a
diverse
selection
of
fundamentally
sound
natural
resources
companies
with
solid
balance
sheets
and
trusted
management
teams.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
New
Era
Fund
Market
Commentary
Dear
Shareholder
Nearly
all
major
global
stock
and
bond
indexes
fell
sharply
in
2022,
as
investors
contended
with
persistently
high
inflation,
tightening
financial
conditions,
and
slowing
economic
and
corporate
earnings
growth.
Double-digit
losses
were
common
in
equity
markets
around
the
world,
and
bond
investors
also
faced
a
historically
tough
environment
amid
a
sharp
rise
in
interest
rates.
Value
shares
declined
but
outperformed
growth
stocks
by
a
considerable
margin
as
equity
investors
turned
risk
averse
and
as
rising
rates
put
downward
pressure
on
growth
stock
valuations.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Within
the
S&P
500
Index,
energy
was
a
rare
bright
spot,
gaining
more
than
60%
as
oil
prices
jumped
in
response
to
Russia’s
invasion
of
Ukraine
and
concerns
over
commodity
supply
shortages.
Defensive
shares,
such
as
utilities,
consumer
staples,
and
health
care,
held
up
relatively
well
and
finished
the
year
with
roughly
flat
returns.
Conversely,
communication
services,
consumer
discretionary,
and
information
technology
shares
suffered
the
largest
declines.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
there
were
signs
that
price
increases
were
moderating
by
year-
end.
November’s
consumer
price
index
data
showed
headline
inflation
rising
7.1%
on
a
12-month
basis,
the
lowest
level
since
December
2021
but
still
well
above
the
Federal
Reserve’s
2%
long-term
target.
In
response
to
the
high
inflation
readings,
global
central
banks
tightened
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Fed,
which
at
the
end
of
2021
had
forecast
that
it
would
only
need
to
raise
interest
rates
0.75
percentage
point
in
all
of
2022,
raised
its
short-term
lending
benchmark
from
near
zero
in
March
to
a
target
range
of
4.25%
to
4.50%
by
December
and
indicated
that
additional
hikes
are
likely.
Bond
yields
increased
considerably
across
the
U.S.
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
1.52%
at
the
start
of
the
period
to
3.88%
at
the
end
of
the
year.
Significant
inversions
in
the
yield
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
sharp
increase
in
yields
led
to
historically
weak
results
across
the
fixed
income
market,
with
the
Bloomberg
U.S.
Aggregate
Bond
Index
delivering
its
worst
year
on
record.
(Bond
prices
and
yields
move
in
opposite
directions.)
As
the
period
came
to
an
end,
the
economic
backdrop
appeared
mixed.
Although
manufacturing
gauges
have
drifted
toward
contraction
levels,
the
U.S.
jobs
market
remained
resilient,
and
corporate
and
household
balance
sheets
appeared
strong.
Meanwhile,
the
housing
market
has
weakened
amid
rising
mortgage
rates.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
there
continue
to
be
opportunities
for
selective
investors
focused
on
fundamentals.
Valuations
in
most
global
equity
markets
have
improved
markedly,
although
U.S.
equities
still
appear
relatively
expensive
by
historical
standards,
while
bond
yields
have
reached
some
of
the
most
attractive
levels
since
the
2008
global
financial
crisis.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
New
Era
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
provide
long-term
capital
growth
primarily
through
the
common
stocks
of
companies
that
own
or
develop
natural
resources
and
other
basic
commodities
and
also
through
the
stocks
of
selected
nonresource
growth
companies.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
New
Era
Fund
returned
7.22%
in
the
12-month
period
ended
December
31,
2022.
The
fund
trailed
both
the
MSCI
World
Select
Natural
Resources
Index
Net
and
the
Lipper
Global
Natural
Resources
Funds
Index.
(Returns
for
the
fund’s
I
Class
shares
varied
due
to
their
different
fee
structure.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
The
fund
posted
positive
absolute
returns,
driven
by
surging
commodity
prices
in
a
market
environment
of
geopolitical
turbulence,
elevated
inflation,
and
concerns
over
a
global
recession.
Most
commodities
advanced
during
the
year
on
elevated
inflation
and
global
supply
chain
disruptions
that
were
exacerbated
by
the
geopolitical
conflict
in
Ukraine.
Within
the
fund,
a
meaningful
overweight
allocation
in
specialty
chemicals,
relative
to
the
Lipper
index,
detracted
from
relative
performance.
Continued
supply
disruptions
and
rising
input
costs
were
challenging
for
the
industry
as
the
war
in
Ukraine
persisted.
Paints
and
coatings
manufacturer
Sherwin-
Williams
struggled
as
limited
raw
materials
availability
and
input
cost
inflation
hurt
volumes
and
weighed
on
margins.
We
believe
that
the
company
is
working
through
these
transitory
issues
and
has
taken
steps
to
become
more
resilient.
In
our
view
Sherwin-Williams
remains
well
positioned
to
deliver
sustained
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/22
6
Months
12
Months
New
Era
Fund
–
.
13.66%
7.22%
New
Era
Fund–
.
I Class
13.80
7.41
MSCI
World
Select
Natural
Resources
Index
Net
13.57
20.97
Lipper
Global
Natural
Resources
Funds
Index
13.30
21.12
Lipper
Global
Natural
Resources
Funds
Average
12.63
19.00
earnings
growth
in
the
future
given
its
strong
management
team
and
unique
business
model
focused
on
branding,
service,
and
controlled
distribution.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
In
an
environment
where
global
natural
gas
prices
hit
multiyear
highs
throughout
the
year
amid
tightening
supply,
our
underweight
exposure
to
the
U.S.
mixed
exploration
and
production
industry—which
is
heavily
linked
to
natural
gas
production—weighed
on
relative
performance.
Companies
in
the
industry
generated
impressive
gains;
however,
even
the
most
robust
players
in
this
industry
operate
at
the
high
end
of
the
natural
gas
cost
curve,
and
we
continue
to
believe
that
competition
from
low-cost
associated
gas
produced
by
shale
frackers
poses
long-term
challenges
for
U.S.-based
natural
gas
producers.
As
a
result,
we
have
a
bearish
view
on
U.S.
natural
gas
and
prefer
to
focus
on
energy
segments
where
we
can
find
more
valuable
idiosyncratic
growth
stories.
Conversely,
an
overweight
allocation
in
U.S.
oil
explorers
and
producers
added
value.
The
industry
posted
substantial
gains
for
the
period,
boosted
by
higher
oil
prices
amid
elevated
demand
and
supply
concerns
due
to
the
Russia-Ukraine
conflict,
and
our
low-cost
names
outperformed
industry
peers.
Notably,
several
of
our
holdings
in
this
segment—including
ConocoPhillips
and
EOG
Resources—generated
impressive
gains
and
were
among
the
top
contributors
to
absolute
returns.
We
remain
overweight
in
our
high-conviction
names
within
the
segment,
where
we
have
maintained
our
disciplined
approach
and
continue
to
avoid
high-cost
producers.
How
is
the
fund
positioned?
We
recognize
that
the
geopolitical
climate
and
microeconomic
backdrop
have
exacerbated
near-term
uncertainty
around
the
timing
of
commodity
price
normalization,
and
we
are
adding
to
companies
with
strong
core
businesses
and
idiosyncratic
drivers
to
help
mitigate
the
risks
of
an
uncertain
environment
with
various
potential
outcomes.
However,
our
bearish
long-
term
outlook
for
oil
prices
and
belief
that
we
are
in
the
midst
of
a
secular
downcycle
for
commodities
has
not
changed.
Our
positioning
reflects
our
views
on
commodity
cost
curves
and
long-term
risk/reward
outlooks.
With
oil
productivity
continuing
to
increase,
we
expect
the
cost
curve—and,
therefore,
commodity
prices—to
remain
under
pressure.
We
remain
underweight
energy
to
reflect
our
view
that
the
balance
of
secular
and
cyclical
risks
is
skewed
to
the
downside,
but
we
believed
it
was
prudent
to
reduce
this
wide
relative
bet
given
the
more
complex
path
to
normalization
driven
by
various
exogenous
risks.
Additionally,
we
favor
areas
such
as
chemicals,
where
we
think
that
the
earnings
downside
risk
driven
by
weaker
volumes
in
an
economic
slowdown
will
be
offset
by
recovery
of
raw
materials
relief
and
relatively
stronger
pricing
power
in
specialty
chemicals.
We
favor
companies
in
industrial
gases,
as
well,
that,
in
our
view,
can
benefit
from
multiple
themes—such
as
deglobalization
and
decarbonization—and
that
also
have
superior
business
models
that
provide
support.
While
we
maintain
our
bearish
long-term
view
on
energy,
we
invested
in
idiosyncratic
companies
with
strong
core
businesses
to
mitigate
the
risks
of
an
uncertain
environment
with
various
potential
outcomes.
We
initiated
a
position
in
global
integrated
oil
giant
Shell,
which
also
has
one
of
the
largest
exposures
to
liquified
natural
gas
(LNG)
among
the
major
integrated
oil
companies.
We
feel
that
Shell
is
well
positioned
to
benefit
from
the
significant
structural
change
in
global
gas
logistics
brought
about
by
the
war
in
Ukraine.
We
also
believe
that
recent
management
changes
at
Shell
could
unlock
value
and
lead
to
a
higher
multiple.
We
reduced
our
positions
in
Galp
Energia
and
Chevron
on
strength.
Within
U.S.
oil
exploration
and
production,
we
increased
our
position
in
Hess,
which
has
an
attractive
portfolio
of
assets,
including
significant
acreage
in
the
Bakken
shale.
Hess
has
also
benefited
from
continued
offshore
development
success
in
Guyana,
which
is
expected
to
ramp
up
and
drive
significant
growth
in
cash
flows
in
the
long
term.
We
trimmed
our
positions
in
ConocoPhillips
and
Devon
Energy
on
strength.
Within
OUS
oil
and
gas
exploration
and
production,
we
eliminated
Aker
BP,
a
Norway-focused
offshore
oil
exploration
and
production
company.
In
our
view,
the
company
has
a
challenged
growth
outlook,
and
we
felt
shares
looked
fully
valued.
Over
the
long
term,
our
bearish
outlook
for
commodities
makes
specialty
chemicals
an
area
of
focus,
thanks
in
part
to
the
potential
margin
uplift
that
some
companies
may
receive
from
lower
input
costs.
We
are
overweight
the
industry,
where
we
favor
long-term
earnings
compounders
and
names
with
pricing
power
that
operate
high-quality
businesses,
have
the
most
levers
to
pull
to
offset
weakness,
and
offer
exposure
to
potential
upside
drivers
that
are
independent
of
the
macro
environment.
Our
core
paint
and
coating
names
are
Sherwin-Williams
and
RPM,
as
we
believe
that
the
pricing
power
they
are
able
to
command
should
mitigate
the
effect
of
higher
input
costs,
thereby
positioning
them
for
durable
margin
improvement
as
the
prices
of
raw
materials
normalize.
During
the
period,
we
eliminated
coatings
manufacturer
PPG
Industries.
We
initiated
a
position
in
specialty
chemicals
company
Albemarle,
given
its
leading
position
in
the
lithium
market.
In
our
view,
Albemarle
could
benefit
in
the
long
term
from
the
lithium
upcycle
driven
by
a
growing
supply
and
demand
imbalance
in
electric
vehicles
amid
increased
adoption.
Another
important
area
where
we
have
overweight
exposure
is
the
defensive
industrial
gas
industry.
We
chose
to
consolidate
our
holdings
during
the
period,
concentrating
more
on
names
where
we
had
higher
conviction.
We
eliminated
our
position
in
industrial
gas
company
Air
Liquide
on
strength,
as
we
evaluated
the
risk
trade-off
of
the
company’s
outsized
exposure
to
weaker
European
markets.
We
favor
companies
such
as
Linde,
one
of
our
core
holdings,
that
we
feel
can
benefit
from
multiple
themes
and
have
superior
business
models
that
provide
support
and
resilience.
In
our
view,
Linde
is
a
high-quality
company
with
a
strong
balance
sheet
and
an
excellent
management
team.
Given
its
dominant
industry
position
and
diversified
businesses,
Linde
can
flex
its
focus
to
respond
quickly
as
market
needs
shift.
We
like
Linde’s
attractive
secular
growth
opportunities
tied
to
decarbonization
and
deglobalization,
as
well
as
its
defensive
qualities
and
potential
to
compound
value
for
shareholders.
What
is
portfolio
management’s
outlook?
A
long-term
productivity
wave
in
U.S.
shale,
which
collapsed
cost
curves,
began
in
2011
and
prompted
a
secular
bear
market
in
oil
that
has
since
extended
to
other
commodities.
History
has
shown
that
commodity
cycles
tend
to
last
15
to
20
years
on
average,
and
we
continue
to
believe
that
there
is
more
room
for
productivity
to
improve
and
for
the
bear
market
to
persist.
(Past
performance
cannot
guarantee
future
results.)
The
secular
dynamic
of
productivity-driven
oil
price
deflation
was
exacerbated
in
early
2020
by
dual
demand
and
supply
shocks
hitting
the
market,
as
the
global
spread
of
the
coronavirus
effectively
shut
down
many
large
economies
around
the
world
and
drove
a
negative
demand
shock
that
far
exceeded
any
weakness
previously
seen
in
oil.
We
have
consistently
observed
in
lengthy
historical
data
sets
that
oil
prices
overshoot
to
the
downside
after
demand
shocks
to
curtail
supply
and,
conversely,
overshoot
to
the
upside
to
incentivize
a
supply
response
to
a
demand
recovery
before
normalizing.
We
continue
to
expect
the
normalization
of
prices
to
more
closely
reflect
the
underlying
cost
curves
over
time,
but
we
acknowledge
that
predicting
the
magnitude
and
timing
of
this
process
has
become
increasingly
complicated
by
multiple
exogenous
factors
such
as
weather,
policy
and
recession
risks,
geopolitics,
as
well
as
broader
economic
supply
chain
and
inflation
challenges.
Though
we
continue
to
expect
a
normalization
of
prices
as
some
of
these
exogenous
factors
reverse
while
productivity
continues
to
improve,
recent
events
mean
we
are
likely
to
see
a
more
prolonged
and
difficult
normalization
process
for
select
commodities.
For
oil,
the
demand
outlook
seems
to
point
to
growing
odds
of
a
recession
in
the
U.S.
and
the
European
Union
(EU)
creating
further
downside
risk
to
prices,
but
there
are
offsetting
upside
risks,
such
as
a
potential
Russian
supply
reduction
and
potential
demand
recovery
from
the
China
post-COVID
recovery.
The
U.S.
natural
gas
outlook
is
currently
challenged
with
more
supply
and
fewer
new
LNG
export
facilities
opening
up
over
the
near
term.
The
near-term
EU
and
LNG
outlook
is
also
challenged
as
warm
weather
and
lower
demand
has
allowed
the
EU
to
avoid
a
gas
shortage
for
this
winter.
However,
as
the
EU
rebuilds
inventories
for
next
winter,
it
does
so
with
materially
less
Russian
gas
pipe
capacity
than
last
year
and
stiffer
competition
from
China
for
LNG
as
that
economy
reopens.
We
have
maintained
our
disciplined
approach
and
remain
focused
on
where
we
have
an
investment
edge—in
the
multiyear
structural
commodity
call—while
being
respectful
of
the
magnitude
and
duration
of
the
risks
that
come
with
extreme
near-term
uncertainty
on
the
path
to
normalization.
We
will
follow
what
the
data
tell
us,
and
we
see
that
oil
productivity
is
still
improving
and
has
further
room
to
run,
pressuring
the
cost
curve
and
leaving
a
challenged
outlook
for
energy
stocks.
We
remain
underweight
energy
to
reflect
our
view
that
the
balance
of
secular
and
cyclical
risks
is
skewed
to
the
downside—
although
we
pared
this
underweight
given
the
factors
outlined
above.
The
oil
cost
curve
is
influential
in
the
cost
curve
of
many
other
commodities
and
informs
our
bearish
views
on
metals
and
mining,
where
we
are
underweight
but
less
so
relative
to
energy
due
to
the
better
long-term
outlook
for
select
metals.
Additionally,
we
favor
areas
such
as
chemicals,
where
we
think
that
the
earnings
downside
risk
driven
by
weaker
volumes
in
an
economic
slowdown
will
be
offset
by
recovery
of
raw
materials
relief
and
relatively
stronger
pricing
power
in
specialty
chemicals.
We
favor
companies
in
industrial
gases,
as
well,
that,
in
our
view,
can
benefit
from
multiple
themes—such
as
deglobalization
and
decarbonization—and
that
also
have
superior
business
models
that
provide
support.
Another
key
tenet
of
the
portfolio
process
is
to
deliver
commodity
exposure
in
a
better
risk-adjusted
manner
over
time
by
investing
in
the
right
cost
curves,
companies,
and
valuations.
One
example
of
this
process
in
action
is
our
meaningful
allocation
to
paper
and
forest
products,
where
we
see
the
cost
curve
secularly
steepening
as
incremental
supply
from
paper
mill
conversions
and
new
pulp
capacity
required
to
meet
incremental
demand
are
getting
increasingly
more
complex
and
therefore
more
capital-intensive.
This
benefits
the
lower-cost
producers,
thus
driving
an
improved
pricing/margin
outlook.
We
also
see
increasing
weight
placed
on
environmental,
social,
and
governance
issues
and
the
growing
interest
in
creation
of
biofuels
from
tree
waste
as
potential
long-term
opportunities
for
these
companies.
Our
recent
investment
in
salmon
also
aligns
with
our
process.
We
see
the
cost
curve
rising
as
governments,
including
Norway
and
Chile,
limit
supply
growth
at
a
time
when
cyclical
post-pandemic
recovery
and
secular
demographic
changes
are
increasing
demand,
thus
requiring
new
supply
to
come
from
increasingly
complex
and
expensive
sources.
We
remain
committed
to
our
data-driven,
bottom-up
stock
selection
process
and
our
philosophy
of
buying
and
holding
a
diverse
selection
of
fundamentally
sound
natural
resources
companies
with
solid
balance
sheets
and
trusted
management.
Our
expansive
global
research
platform
continues
to
assist
in
identifying
those
companies
that
we
think
can
provide
long-term
capital
appreciation
for
our
shareholders,
and
we
believe
that
the
market
will
reward
our
disciplined
and
consistent
approach
to
investing
over
the
long
term.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Risks
of
Investing
in
The
New
Era
Fund
The
fund’s
share
price
can
fall
because
of
weakness
in
the
stock
markets,
a
particular
industry,
or
specific
holdings.
Stock
markets
can
decline
for
many
reasons,
including
adverse
political
or
economic
developments,
changes
in
investor
psychology,
or
heavy
institutional
selling.
The
prospects
for
an
industry
or
company
may
deteriorate
because
of
a
variety
of
factors,
including
disappointing
earnings
or
changes
in
the
competitive
environment.
In
addition,
the
investment
manager’s
assessment
of
companies
held
in
a
fund
may
prove
incorrect,
resulting
in
losses
or
poor
performance
even
in
rising
markets.
Funds
that
invest
only
in
specific
industries
will
experience
greater
volatility
than
funds
investing
in
a
broad
range
of
industries.
The
rate
of
earnings
growth
of
natural
resources
companies
may
be
irregular
since
these
companies
are
strongly
affected
by
natural
forces,
global
economic
cycles,
and
international
politics.
For
example,
stock
prices
of
energy
companies
can
fall
sharply
when
oil
prices
fall.
For
a
more
thorough
discussion
of
risks,
please
see
the
New
Era
Fund’s
prospectus.
BENCHMARK
INFORMATION
Note:
MSCI
and
its
affiliates
and
third-party
sources
and
providers
(collectively,
“MSCI”)
makes
no
express
or
implied
warranties
or
representations
and
shall
have
no
liability
whatsoever
with
respect
to
any
MSCI
data
contained
herein.
The
MSCI
data
may
not
be
further
redistributed
or
used
as
a
basis
for
other
indices
or
any
securities
or
financial
products.
This
report
is
not
approved,
reviewed,
or
produced
by
MSCI.
Historical
MSCI
data
and
analysis
should
not
be
taken
as
an
indication
or
guarantee
of
any
future
performance
analysis,
forecast
or
prediction.
None
of
the
MSCI
data
is
intended
to
constitute
investment
advice
or
a
recommendation
to
make
(or
refrain
from
making)
any
kind
of
investment
decision
and
may
not
be
relied
on
as
such.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/22
ConocoPhillips
5.7%
TotalEnergies
5.3
EOG
Resources
3.6
Chevron
3.5
Hess
3.3
Equinor
3.1
Linde
2.6
Pioneer
Natural
Resources
2.5
Devon
Energy
2.4
BHP
Group
2.0
Shell
2.0
Sherwin-Williams
1.9
Boliden
1.8
Nutrien
1.7
Venture
Global
LNG
1.6
NextEra
Energy
1.5
FMC
1.5
Galp
Energia
1.4
Darling
Ingredients
1.3
Canadian
Natural
Resources
1.3
Air
Products
&
Chemicals
1.3
RPM
International
1.2
Southern
Copper
1.2
Packaging
Corp.
of
America
1.2
CF
Industries
Holdings
1.1
Total
56.0%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
NEW
ERA
FUND
Note:
Performance
for
the
I
Class shares
will
vary
due
to
its differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table.
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
New
Era
Fund
–
.
7.22%
5.08%
4.37%
–
–
New
Era
Fund–
.
I Class
7.41
5.24
–
8.72%
12/17/15
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
New
Era
Fund
0.70%
New
Era
Fund–I
Class
0.55
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
NEW
ERA
FUND
Beginning
Account
Value
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period*
7/1/22
to
12/31/22
Investor
Class
Actual
$1,000.00
$1,136.60
$4.04
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.42
3.82
I
Class
Actual
1,000.00
1,138.00
3.07
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.33
2.91
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.75%,
and
the
2
I Class
was
0.57%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
40.07
$
32.65
$
34.40
$
30.09
$
36.50
Investment
activities
Net
investment
income
(1)(2)
1.31
0.73
0.61
0.73
0.61
Net
realized
and
unrealized
gain/
loss
1.58
7.52
(1.53)
4.33
(6.51)
Total
from
investment
activities
2.89
8.25
(0.92)
5.06
(5.90)
Distributions
Net
investment
income
(1.79)
(0.83)
(0.78)
(0.75)
(0.51)
Net
realized
gain
(0.05)
—
(0.05)
—
—
Total
distributions
(1.84)
(0.83)
(0.83)
(0.75)
(0.51)
NET
ASSET
VALUE
End
of
period
$
41.12
$
40.07
$
32.65
$
34.40
$
30.09
Ratios/Supplemental
Data
Total
return
(2)(3)
7.22%
25.33%
(2.67)%
16.88%
(16.21)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.74%
0.70%
0.72%
0.69%
0.69%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.74%
0.70%
0.72%
0.69%
0.69%
Net
investment
income
3.18%
1.95%
2.13%
2.22%
1.69%
Portfolio
turnover
rate
41.5%
33.8%
47.7%
45.2%
51.9%
Net
assets,
end
of
period
(in
millions)
$1,407
$1,664
$1,451
$2,057
$1,905
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
40.08
$
32.66
$
34.40
$
30.08
$
36.50
Investment
activities
Net
investment
income
(1)(2)
1.43
0.79
0.65
0.78
0.66
Net
realized
and
unrealized
gain/
loss
1.53
7.52
(1.51)
4.33
(6.52)
Total
from
investment
activities
2.96
8.31
(0.86)
5.11
(5.86)
Distributions
Net
investment
income
(1.88)
(0.89)
(0.83)
(0.79)
(0.56)
Net
realized
gain
(0.05)
—
(0.05)
—
—
Total
distributions
(1.93)
(0.89)
(0.88)
(0.79)
(0.56)
NET
ASSET
VALUE
End
of
period
$
41.11
$
40.08
$
32.66
$
34.40
$
30.08
Ratios/Supplemental
Data
Total
return
(2)(3)
7.41%
25.51%
(2.49)%
17.05%
(16.10)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.56%
0.55%
0.56%
0.56%
0.56%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.56%
0.55%
0.56%
0.56%
0.56%
Net
investment
income
3.47%
2.10%
2.28%
2.36%
1.83%
Portfolio
turnover
rate
41.5%
33.8%
47.7%
45.2%
51.9%
Net
assets,
end
of
period
(in
millions)
$1,696
$1,407
$1,285
$1,488
$1,367
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
New
Era
Fund
December
31,
2022
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.3%
AGRICULTURE
5.1%
Agricultural
Products
1.3%
Darling
Ingredients (1)
658,667
41,226
41,226
Fertilizers
&
Agricultural
Chemicals
2.8%
CF
Industries
Holdings
392,858
33,471
Nutrien
717,344
52,388
85,859
Packaged
Foods
&
Meats
1.0%
Bakkafrost
(NOK)
499,170
31,162
31,162
Total
Agriculture
158,247
CHEMICALS
10.1%
Diversified
Chemicals
1.5%
FMC
376,957
47,044
47,044
Industrial
Gases
3.9%
Air
Products
&
Chemicals
128,855
39,721
Linde
249,408
81,352
121,073
Specialty
Chemicals
4.7%
Akzo
Nobel
(EUR)
285,198
19,138
Albemarle
44,808
9,717
Element
Solutions
720,361
13,103
RPM
International
391,901
38,191
Sherwin-Williams
242,860
57,638
Shin-Etsu
Chemical
(JPY)
65,500
7,998
145,785
Total
Chemicals
313,902
COMMODITY
INDUSTRIALS
11.8%
Construction
&
Engineering
0.6%
Quanta
Services
133,094
18,966
18,966
Construction
&
Farm
Machinery
&
Heavy
Trucks
3.1%
AGCO
99,181
13,755
Caterpillar
99,986
23,953
Cummins
136,198
32,999
Deere
57,470
24,641
95,348
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Construction
Materials
1.1%
Martin
Marietta
Materials
44,456
15,025
Vulcan
Materials
105,872
18,539
33,564
Electrical
Components
&
Equipment
2.1%
Hubbell
130,380
30,598
Legrand
(EUR)
152,220
12,205
Schneider
Electric
(EUR)
156,272
21,946
64,749
Industrial
Machinery
2.5%
Alfa
Laval
(SEK)
505,414
14,620
Epiroc,
Class
B
(SEK)
1,363,859
21,941
Sandvik
(SEK)
1,118,912
20,220
Weir
Group
(GBP)
1,095,909
22,044
78,825
Metal
&
Glass
Containers
1.4%
Ball
511,547
26,160
Verallia
(EUR)
556,794
18,870
45,030
Railroads
1.0%
Norfolk
Southern
63,914
15,750
Union
Pacific
74,439
15,414
31,164
Total
Commodity
Industrials
367,646
ENERGY
SERVICES
&
PROCESSORS
8.4%
Oil
&
Gas
Equipment
&
Services
5.6%
Baker
Hughes
649,913
19,192
Cactus,
Class
A
426,010
21,411
ChampionX
681,035
19,743
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939
4,549
Halliburton
559,035
21,998
Liberty
Energy,
Class
A
526,816
8,434
Schlumberger
292,600
15,642
TechnipFMC (1)
2,384,816
29,071
Tenaris,
ADR
500,495
17,598
TGS
(NOK)
1,124,341
15,204
172,842
Oil
&
Gas
Storage
&
Transportation
2.3%
TC
Energy
569,073
22,683
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $489 (1)(2)(4)
162
2,397
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $11,184 (1)(2)(4)
3,124
46,220
71,300
Semiconductor
Equipment
0.5%
Shoals
Technologies
Group,
Class
A (1)
647,604
15,976
15,976
Total
Energy
Services
&
Processors
260,118
EXPLORATION
&
PRODUCTION
20.7%
OUS
Oil
&
Gas
Exploration
&
Production
1.3%
Canadian
Natural
Resources
(CAD)
716,543
39,791
39,791
U.S.
Mixed
Exploration
&
Production
0.9%
Chesapeake
Energy
312,700
29,510
29,510
U.S.
Oil
Exploration
&
Production
18.5%
ConocoPhillips
1,487,145
175,483
Devon
Energy
1,209,928
74,423
EOG
Resources
867,068
112,303
Hess
721,699
102,351
Magnolia
Oil
&
Gas,
Class
A
1,340,928
31,445
Pioneer
Natural
Resources
346,531
79,144
575,149
Total
Exploration
&
Production
644,450
INTEGRATEDS
15.3%
Integrated
Oil
&
Gas
15.3%
Chevron
608,764
109,267
Equinor
(NOK)
2,677,422
96,227
Galp
Energia
(EUR)
3,196,348
43,121
Shell
(GBP)
2,180,473
61,470
TotalEnergies
(EUR)
2,610,574
163,874
Total
Integrateds
473,959
METALS
&
MINING
12.8%
Coal
&
Consumable
Fuels
0.3%
NAC
Kazatomprom,
GDR
315,496
8,860
8,860
Diversified
Metals
&
Mining
10.6%
Anglo
American
(GBP)
468,266
18,337
BHP
Group
(AUD)
2,038,032
63,132
Boliden
(SEK)
1,448,689
54,416
ERO
Copper
(CAD) (1)
784,404
10,798
Grupo
Mexico,
Series
B
(MXN)
5,800,114
20,374
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IGO
(AUD)
3,198,916
29,262
Norsk
Hydro
(NOK)
2,670,470
19,955
OZ
Minerals
(AUD)
1,028,648
19,389
Reliance
Steel
&
Aluminum
77,958
15,782
Rio
Tinto
(AUD)
161,442
12,742
South32
(AUD)
9,617,420
26,367
Southern
Copper
629,722
38,029
328,583
Precious
Metals
&
Minerals
1.9%
Franco-Nevada
(CAD)
130,488
17,787
Northern
Star
Resources
(AUD)
2,500,021
18,709
Perseus
Mining
(AUD)
6,958,744
10,013
Wesdome
Gold
Mines
(CAD) (1)
2,080,879
11,496
58,005
Total
Metals
&
Mining
395,448
OTHER
6.0%
Building
Products
0.4%
ROCKWOOL,
Class
B
(DKK)
47,698
11,166
11,166
Paper
&
Forest
Products
5.0%
Avery
Dennison
105,020
19,008
International
Paper
525,839
18,210
Mondi
(GBP)
260,536
4,406
Packaging
Corp.
of
America
286,238
36,613
Svenska
Cellulosa,
Class
B
(SEK)
1,084,583
13,736
UPM-Kymmene
(EUR)
808,143
30,242
West
Fraser
Timber
(CAD)
95,134
6,869
Westrock
268,141
9,428
Weyerhaeuser,
REIT
491,451
15,235
153,747
Specialized
Reits
0.6%
Rayonier,
REIT
527,506
17,387
17,387
Total
Other
182,300
UTILITIES
4.1%
Electric
Utilities
1.6%
Iberdrola
(EUR)
656,791
7,667
NextEra
Energy
123,671
10,339
Southern
332,335
23,732
Xcel
Energy
124,167
8,705
50,443
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
2.5%
Ameren
162,536
14,453
CMS
Energy
180,871
11,454
Dominion
Energy
232,274
14,243
DTE
Energy
115,900
13,622
Sempra
Energy
162,884
25,172
78,944
Total
Utilities
129,387
Total
Common
Stocks
(Cost
$1,977,978)
2,925,457
CONVERTIBLE
PREFERRED
STOCKS
3.6%
AGRICULTURE
1.0%
Fertilizers
&
Agricultural
Chemicals
1.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $11,372 (1)(2)(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)(2)(4)
1,796,201
2,156
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,413 (1)(2)(4)
2,526,018
3,031
Total
Commodity
Industrials
5,187
METALS
&
MINING
1.2%
Diversified
Metals
&
Mining
1.2%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $4,843 (1)(2)(4)
83,662
11,118
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $11,506 (1)(2)(4)
86,580
11,506
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $7,697 (1)(2)(4)
280,805
7,697
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $7,899 (1)
(2)(4)
601,655
8,213
Total
Metals
&
Mining
38,534
UTILITIES
1.2%
Electric
Utilities
1.2%
NextEra
Energy,
5.279%,
3/1/23
746,709
37,910
Total
Utilities
37,910
Total
Convertible
Preferred
Stocks
(Cost
$77,745)
112,444
Shares
$
Value
(Cost
and
value
in
$000s)
‡
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)(4)
234,367
234
Total
Energy
Services
&
Processors
234
Total
Preferred
Stocks
(Cost
$234)
234
SHORT-TERM
INVESTMENTS
1.9%
Money
Market
Funds
1.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.30% (5)(6)
59,053,734
59,054
Total
Short-Term
Investments
(Cost
$59,054)
59,054
Total
Investments
in
Securities
99.8%
of
Net
Assets
(Cost
$2,115,011)
$
3,097,189
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
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
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
$127,934
and
represents
4.1%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
DKK
Danish
Krone
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
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
Tonian
Holdings,
Series
A,
Non-Voting
Units
$
—
$
415
$
—
Tonian
Holdings,
Series
A,
Voting
Units
—
582
—
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
—
—
552++
Totals
$
—#
$
997
$
552+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
12/31/22
Tonian
Holdings,
Series
A,
Non-
Voting
Units
$
1,796
$
—
$
55
$
*
Tonian
Holdings,
Series
A,
Voting
Units
2,526
—
77
*
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
25,051
¤
¤
59,054
Total
$
59,054^
#
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
as
described
in
Note
3
.
+
Investment
income
comprised
$552
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
$59,054.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Era
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$2,115,011)
$
3,097,189
Receivable
for
investment
securities
sold
3,586
Dividends
receivable
3,325
Foreign
currency
(cost
$2,530)
2,550
Receivable
for
shares
sold
2,489
Other
assets
5,356
Total
assets
3,114,495
Liabilities
Payable
for
investment
securities
purchased
7,908
Payable
for
shares
redeemed
2,098
Investment
management
fees
payable
1,467
Due
to
affiliates
179
Payable
to
directors
2
Other
liabilities
268
Total
liabilities
11,922
NET
ASSETS
$
3,102,573
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
774,115
Paid-in
capital
applicable
to
75,462,668
shares
of
$1.00
par
value
capital
stock
outstanding;
300,000,000
shares
authorized
2,328,458
NET
ASSETS
$
3,102,573
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($1,406,379,390
/
34,202,438
shares
outstanding)
$
41.12
I
Class
($1,696,194,049
/
41,260,230
shares
outstanding)
$
41.11
Year
Ended
12/31/22
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$1,040)
$
116,079
Other,
non
cash
11,762
Securities
lending
217
Total
income
128,058
Expenses
Investment
management
17,197
Shareholder
servicing
Investor
Class
$
2,690
I
Class
159
2,849
Prospectus
and
shareholder
reports
Investor
Class
60
I
Class
11
71
Custody
and
accounting
453
Registration
104
Legal
and
audit
54
Directors
8
Miscellaneous
4
Total
expenses
20,740
Net
investment
income
107,318
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/22
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
86,023
Foreign
currency
transactions
(1,512)
Net
realized
gain
84,511
Change
in
net
unrealized
gain
/
loss
Securities
1,667
Other
assets
and
liabilities
denominated
in
foreign
currencies
(74)
Change
in
net
unrealized
gain
/
loss
1,593
Net
realized
and
unrealized
gain
/
loss
86,104
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
193,422
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
107,318
$
60,326
Net
realized
gain
84,511
222,187
Change
in
net
unrealized
gain
/
loss
1,593
378,775
Increase
in
net
assets
from
operations
193,422
661,288
Distributions
to
shareholders
Net
earnings
Investor
Class
(60,447)
(34,022)
I
Class
(82,168)
(30,831)
Decrease
in
net
assets
from
distributions
(142,615)
(64,853)
Capital
share
transactions
*
Shares
sold
Investor
Class
565,476
222,337
I
Class
745,741
310,526
Distributions
reinvested
Investor
Class
58,100
31,785
I
Class
78,265
30,337
Shares
redeemed
Investor
Class
(899,588)
(363,362)
I
Class
(567,688)
(493,061)
Decrease
in
net
assets
from
capital
share
transactions
(19,694)
(261,438)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Net
Assets
Increase
during
period
31,113
334,997
Beginning
of
period
3,071,460
2,736,463
End
of
period
$
3,102,573
$
3,071,460
*Share
information
(000s)
Shares
sold
Investor
Class
13,610
5,922
I
Class
18,269
8,141
Distributions
reinvested
Investor
Class
1,418
813
I
Class
1,911
775
Shares
redeemed
Investor
Class
(22,344)
(9,651)
I
Class
(14,041)
(13,159)
Decrease
in
shares
outstanding
(1,177)
(7,159)
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
New
Era
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified,
open-end
management
investment
company. The
fund
seeks
to
provide
long-term
capital
growth
primarily
through
the
common
stocks
of
companies
that
own
or
develop
natural
resources
and
other
basic
commodities,
and
also
through
the
stocks
of
selected
nonresource
growth
companies.
The
fund
has
two classes
of
shares:
the
New
Era
Fund
(Investor
Class)
and
the
New
Era
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to all classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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)
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 the
fund’s
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
December
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
year ended
December
31,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/
loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
December
31,
2022,
totaled $23,621,000 for
the
year ended
December
31,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,846,737
$
1,025,554
$
53,166
$
2,925,457
Convertible
Preferred
Stocks
—
37,910
74,534
112,444
Preferred
Stocks
—
—
234
234
Short-Term
Investments
59,054
—
—
59,054
Total
$
1,905,791
$
1,063,464
$
127,934
$
3,097,189
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
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
12/31/22
Investment
in
Securities
Common
Stocks
$
29,661
$
23,505
$
—
$
—
$
53,166
Convertible
Preferred
Stocks
55,346
116
19,204
(132)
74,534
Preferred
Stocks
—
—
234
—
234
Total
$
85,007
$
23,621
$
19,438
$
(132)
$
127,934
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
Stocks
$
53,166
Market
comparable
Enterprise
value
to
sales
multiple
2.4x
2.4x
Increase
Enterprise
value
to
EBITDA
multiple
10.1x
-
16.5x
10.6x
Increase
Projected
enterprise
value
to
EBITDA
multiple
14.0x
14.0x
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
+
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.
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**
Preferred
Stocks
$
234
Recent
comparable
transaction
price(s)
Discount
for
uncertainty
5%
5%
Decrease
Convertible
Preferred
Stocks
$
74,534
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
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
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund’s
prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2022,
there
were
no
securities
on
loan.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $1,309,025,000 and
$1,363,700,000,
respectively,
for
the
year ended
December
31,
2022.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
net
currency
losses
and
differences
in
treatment
of
corporate
actions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2022,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
($000s)
December
31,
2022
December
31,
2021
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
142,615
$
64,853
($000s)
Cost
of
investments
$
2,159,618
Unrealized
appreciation
$
1,088,263
Unrealized
depreciation
(150,837)
Net
unrealized
appreciation
(depreciation)
$
937,426
At
December
31,
2022,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
realization
of
gains/losses
on
passive
foreign
investment
companies
and
the
recognition
of
income
on
contingent
debt
obligations.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards. Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
During
the
year
ended
December
31,
2022,
the
fund
utilized
$51,095,000
of
capital
loss
carryforwards.
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
($000s)
Undistributed
ordinary
income
$
8,372
Net
unrealized
appreciation
(depreciation)
937,426
Loss
carryforwards
and
deferrals
(171,683)
Total
distributable
earnings
(loss)
$
774,115
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.25%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2022,
the
effective
annual
group
fee
rate
was
0.29%.
The
I
Class
is
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
I
Class
Expense
limitation/I
Class
Limit
0.05%
Expense
limitation
date
04/30/24
(Waived)/repaid
during
the
period
($000s)
$—
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
year ended
December
31,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$102,000 for
Price
Associates;
$1,665,000 for
T.
Rowe
Price
Services,
Inc.;
and
$67,000 for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year ended
December
31,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades.
This
agreement
may
be
rescinded
at
any
time.
For
the
year ended
December
31,
2022,
this
reimbursement
amounted
to
$37,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
7
-
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.
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
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.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
New
Era
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
New
Era
Fund,
Inc.
(the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/22
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$37,605,000
from
short-term
capital
gains.
For
taxable
non-corporate
shareholders,
$154,750,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$58,200,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[205]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
President,
Radian
Guaranty
(2008
to
2017);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Ronald
J.
Daniels
(b)
(1959)
2018
[0]
President,
The
Johns
Hopkins
University
and
Professor,
Political
Science
Department,
The
Johns
Hopkins
University
(2009
to
present);
Director,
Lyndhurst
Holdings
(2015
to
present);
Director,
BridgeBio
Pharma,
Inc.
(2020
to
present)
Bruce
W.
Duncan
(1951)
2013
[205]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chief
Executive
Officer
and
Director
(2009
to
2016),
Chair
of
the
Board
(2016
to
2020),
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Chair
of
the
Board
(2005
to
2016)
and
Director
(1999
to
2016),
Starwood
Hotels
&
Resorts,
a
hotel
and
leisure
company;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
present);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[205]
Advisory
Board
Member,
Pipeline
Crisis/Winning
Strategies,
a
collaborative
working
to
improve
opportunities
for
young
African
Americans
(1997
to
2016);
Chair
of
the
Board,
all
funds
(July
2018
to
present)
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[205]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Kellye
L.
Walker
(c)
(1966)
2021
[205]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2021,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
April
27,
2022,
Mr.
Daniels
resigned
from
his
role
as
an
independent
director
of
the
Price
Funds.
(c)
Effective
November
8,
2021,
Ms.
Walker
was
appointed
as
an
independent
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[205]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Robert
W.
Sharps,
CFA,
CPA
(b)
(1971)
2017
[0]
Director
and
Vice
President,
T.
Rowe
Price;
Director,
Price
Investment
Management;
Chief
Executive
Officer
and
President,
T.
Rowe
Price
Group,
Inc.;
Vice
President,
T.
Rowe
Price
Trust
Company
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[205]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
(a)
All
information
about
the
interested
directors
was
current
as
of
January
1,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
February
3,
2022,
Mr.
Sharps
resigned
from
his
role
as
an
interested
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Position
Held
With
New
Era
Fund
Principal
Occupation(s)
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019);
Senior
Vice
President
and
Senior
Counsel,
Pacific
Investment
Management
Company
LLC
(to
2017)
Richard
de
los
Reyes
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Shawn
T.
Driscoll
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Mark
S.
Finn,
CFA,
CPA
(1963)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Gary
J.
Greb
(1961)
Vice
President
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
Price
International,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
Name
(Year
of
Birth)
Position
Held
With
New
Era
Fund
Principal
Occupation(s)
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Ryan
S.
Hedrick,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jonathan
R.
Hussey,
CFA
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Vineet
Khanna
(1989)
Vice
President
Employee,
T.
Rowe
Price;
formerly,
Equity
Securities
Associate,
LaSalle
Investment
Management
(to
2018)
Shinwoo
Kim
(1977)
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Priyal
Maniar,
CFA
(1991)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Senior
Research
Analyst,
Brandywine
Global
(to
2021)
Ryan
Martyn
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Kevin
Mastalerz
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Heather
K.
McPherson,
CPA
(1967)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.
John
Corbin Qian
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Shannon
H.
Rauser
(1987)
Assistant
Secretary
Assistant
Vice
President,
T.
Rowe
Price
Thomas
A. Shelmerdine
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Craig
A.
Thiese
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
Name
(Year
of
Birth)
Position
Held
With
New
Era
Fund
Principal
Occupation(s)
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
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All
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Investing
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Price
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Price
Advisory
Services,
Inc.,
a
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investment
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under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202302-2582733
F41-050
2/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | | | 2022 | | | 2021 | |
| | Audit Fees | | $ | 21,734 | | | $ | 21,172 | |
| | Audit-Related Fees | | | - | | | | - | |
| | Tax Fees | | | - | | | | 1,540 | |
| | All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
T. Rowe Price New Era Fund, Inc. |
| |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
Date | | February 16, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
Date | | February 16, 2023 |
| |
By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
Date | | February 16, 2023 |
