| T. ROWE PRICE NEW ERA FUND | |||
| September 30, 2019(Unaudited) | |||
| Portfolio of Investments‡ | Shares/Par | $ Value | |
| (Cost and value in $000s) | |||
| COMMON STOCKS 95.9% | |||
| AGRICULTURE 3.5% | |||
| Agricultural Products 0.3% | |||
| Corteva | 330,915 | 9,266 | |
| 9,266 | |||
| Fertilizers & Agricultural Chemicals 2.1% | |||
| Calyxt (1) | 144,900 | 817 | |
| CF Industries Holdings | 731,778 | 36,004 | |
| Incitec Pivot (AUD) | 6,629,128 | 15,181 | |
| Yara International (NOK) | 452,764 | 19,521 | |
| 71,523 | |||
| Packaged Foods & Meats 1.1% | |||
| Sanderson Farms | 237,700 | 35,971 | |
| 35,971 | |||
| Total Agriculture | 116,760 | ||
| CHEMICALS 17.6% | |||
| Commodity Chemicals 0.8% | |||
| Orion Engineered Carbons | 388,933 | 6,499 | |
| Westlake Chemical | 307,600 | 20,154 | |
| 26,653 | |||
| Diversified Chemicals 3.5% | |||
| Akzo Nobel (EUR) | 299,796 | 26,713 | |
| Dow | 332,148 | 15,827 | |
| DuPont de Nemours | 463,115 | 33,025 | |
| PPG Industries | 358,700 | 42,509 | |
| 118,074 | |||
| Industrial Gases 5.8% | |||
| Air Products & Chemicals | 429,663 | 95,325 | |
| Linde | 519,839 | 100,703 | |
| 196,028 | |||
| Specialty Chemicals 7.5% | |||
| Croda International (GBP) | 451,910 | 26,995 | |
| First Page Footer | �� | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE NEW ERA FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Koninklijke DSM (EUR) | 332,805 | 40,064 |
| Quaker Chemical | 154,368 | 24,412 |
| RPM International | 806,500 | 55,495 |
| Sherwin-Williams | 98,950 | 54,409 |
| Symrise (EUR) | 223,979 | 21,773 |
| Umicore (EUR) | 369,441 | 13,959 |
| Victrex (GBP) | 546,225 | 14,464 |
| 251,571 | ||
| Total Chemicals | 592,326 | |
| ENERGY INDUSTRIALS 9.4% | ||
| Construction & Engineering 1.2% | ||
| Jacobs Engineering Group | 290,700 | 26,599 |
| KBR | 573,400 | 14,071 |
| 40,670 | ||
| Construction & Farm Machinery & Heavy Trucks 1.5% | ||
| AGCO | 172,500 | 13,058 |
| CNH Industrial (EUR) | 1,471,827 | 14,988 |
| Toro | 316,900 | 23,229 |
| 51,275 | ||
| Electrical Components & Equipment 0.6% | ||
| Schneider Electric (EUR) | 179,038 | 15,656 |
| SGL Carbon (EUR) (1) | 675,119 | 3,203 |
| 18,859 | ||
| Industrial Machinery 3.6% | ||
| Epiroc, B Shares (SEK) | 1,837,739 | 18,965 |
| Flowserve | 318,200 | 14,863 |
| Sandvik (SEK) | 1,365,444 | 21,257 |
| Valmont Industries | 81,600 | 11,297 |
| Wartsila (EUR) | 1,681,351 | 18,813 |
| Weir Group (GBP) | 912,890 | 15,991 |
| Xylem | 255,200 | 20,319 |
| 121,505 | ||
| Metal & Glass Containers 2.5% | ||
| Ball | 719,679 | 52,400 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE NEW ERA FUND | |||
| Shares/Par | $ Value | ||
| (Cost and value in $000s) | |||
| Silgan Holdings | 535,800 | 16,093 | |
| Vidrala (EUR) | 187,604 | 15,729 | |
| 84,222 | |||
| Total Energy Industrials | 316,531 | ||
| ENERGY SERVICES & PROCESSORS 11.0% | |||
| Oil & Gas Equipment & Services 4.2% | |||
| Dril-Quip (1) | 249,100 | 12,500 | |
| Energy Reservoir Holdings, Class A-1 | |||
| Acquisition Date: 4/30/19, Cost $10,109 (1)(2)(3)(4) | 10,108,939 | 10,109 | |
| Halliburton | 1,397,200 | 26,337 | |
| Hunting (GBP) | 1,476,781 | 8,312 | |
| Schlumberger | 1,598,650 | 54,626 | |
| Schoeller-Bleckmann Oilfield Equipment (EUR) | 117,463 | 6,970 | |
| Tenaris (EUR) | 2,149,377 | 22,797 | |
| 141,651 | |||
| Oil & Gas Refining & Marketing 2.5% | |||
| Marathon Petroleum | 450,220 | 27,351 | |
| Phillips 66 | 302,300 | 30,955 | |
| Valero Energy | 315,200 | 26,868 | |
| 85,174 | |||
| Oil & Gas Storage & Transportation 3.9% | |||
| Enbridge | 684,500 | 24,012 | |
| Targa Resources | 233,000 | 9,360 | |
| TC Energy | 1,518,100 | 78,622 | |
| Venture Global LNG, Series B, Acquisition Date: 3/8/18 | |||
| Cost $489 (1)(2)(3) | 162 | 842 | |
| Venture Global LNG, Series C, Acquisition Date: 5/25/17 - | |||
| 3/8/18, Cost$11,184 (1)(2)(3) | 3,124 | 16,245 | |
| 129,081 | |||
| Semiconductor Equipment 0.4% | |||
| Entegris | 290,800 | 13,685 | |
| 13,685 | |||
| Total Energy Services & Processors | 369,591 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
| T. ROWE PRICE NEW ERA FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| EXPLORATION & PRODUCTION 15.3% | ||
| Non-U.S. Oil & Gas Exploration & Production 2.4% | ||
| Cairn Energy (GBP) (1) | 4,814,413 | 11,339 |
| Kelt Exploration (CAD) (1) | 1,643,000 | 4,316 |
| Kosmos Energy | 3,364,060 | 20,992 |
| Lundin Petroleum (SEK) | 1,023,881 | 30,694 |
| Seven Generations Energy, Class A (CAD) (1) | 2,194,953 | 13,950 |
| 81,291 | ||
| U.S. Mixed Exploration & Production 1.0% | ||
| Cabot Oil & Gas | 961,300 | 16,890 |
| WPX Energy (1) | 1,564,700 | 16,570 |
| 33,460 | ||
| U.S. Oil Exploration & Production 11.9% | ||
| Concho Resources | 1,020,120 | 69,266 |
| ConocoPhillips | 1,208,800 | 68,877 |
| Continental Resources (1) | 1,098,700 | 33,829 |
| Devon Energy | 1,180,159 | 28,395 |
| Diamondback Energy | 519,031 | 46,666 |
| EOG Resources | 1,013,572 | 75,227 |
| Jagged Peak Energy (1) | 1,284,386 | 9,325 |
| Magnolia Oil & Gas, Class A (1) | 1,347,343 | 14,956 |
| Pioneer Natural Resources | 435,550 | 54,779 |
| 401,320 | ||
| Total Exploration & Production | 516,071 | |
| INTEGRATEDS 15.0% | ||
| Integrated Oil & Gas 15.0% | ||
| BP (GBP) | 15,216,411 | 96,331 |
| Chevron | 281,573 | 33,395 |
| Eni (EUR) | 665,102 | 10,166 |
| Equinor (NOK) | 2,477,183 | 46,923 |
| Exxon Mobil | 454,859 | 32,118 |
| Galp Energia (EUR) | 2,503,698 | 37,654 |
| Occidental Petroleum | 926,323 | 41,194 |
| Royal Dutch Shell, B Shares (GBP) | 352,023 | 10,404 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE NEW ERA FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Suncor Energy | 744,500 | 23,511 |
| TOTAL (EUR) | 3,315,145 | 172,609 |
| Total Integrateds | 504,305 | |
| METALS & MINING 10.1% | ||
| Diversified Metals & Mining 6.7% | ||
| Alumina (AUD) | 8,833,760 | 14,153 |
| Antofagasta (GBP) | 828,892 | 9,150 |
| BHP Group (AUD) | 994,202 | 24,567 |
| Boliden (SEK) | 1,862,017 | 42,764 |
| ERO Copper (CAD) (1) | 732,782 | 10,703 |
| Independence Group (AUD) | 5,467,947 | 23,787 |
| Lundin Mining (CAD) | 2,702,600 | 12,709 |
| Rio Tinto (GBP) | 363,577 | 18,899 |
| South32 (AUD) | 10,448,967 | 18,429 |
| Southern Copper | 503,600 | 17,188 |
| Sumitomo Metal Mining (JPY) | 512,300 | 16,000 |
| Teck Resources, Class B | 1,014,600 | 16,467 |
| 224,816 | ||
| Precious Metals & Minerals 3.4% | ||
| Franco-Nevada (CAD) | 135,050 | 12,306 |
| Kirkland Lake Gold (CAD) | 814,277 | 36,478 |
| Northern Star Resources (AUD) | 3,762,292 | 27,961 |
| Osisko Gold Royalties (CAD) | 783,407 | 7,279 |
| Saracen Mineral Holdings (AUD) (1) | 9,298,414 | 21,608 |
| SEMAFO (CAD) (1) | 3,394,054 | 10,888 |
| 116,520 | ||
| Total Metals & Mining | 341,336 | |
| OTHER 4.3% | ||
| Heavy Electrical Equipment 0.0% | ||
| Bloom Energy, Class A (1) | 150,617 | 489 |
| 489 | ||
| Paper & Forest Products 3.9% | ||
| Avery Dennison | 192,100 | 21,817 |
| Interfor (CAD) (1) | 977,161 | 10,326 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE NEW ERA FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| International Paper | 592,800 | 24,791 |
| Mondi (GBP) | 888,025 | 17,003 |
| Packaging Corp. of America | 261,100 | 27,703 |
| West Fraser Timber (CAD) | 703,100 | 28,127 |
| 129,767 | ||
| Research & Consulting Services 0.4% | ||
| Intertek Group (GBP) | 190,933 | 12,852 |
| 12,852 | ||
| Total Other | 143,108 | |
| UTILITIES 8.9% | ||
| Electric Utilities 6.0% | ||
| American Electric Power | 262,000 | 24,547 |
| Entergy | 171,767 | 20,158 |
| Evergy | 250,540 | 16,676 |
| Eversource Energy | 348,460 | 29,783 |
| NextEra Energy | 350,414 | 81,643 |
| Xcel Energy | 464,300 | 30,128 |
| 202,935 | ||
| Gas Utilities 1.6% | ||
| Atmos Energy | 466,740 | 53,157 |
| 53,157 | ||
| Multi-Utilities 1.3% | ||
| Alliant Energy | 357,600 | 19,285 |
| Sempra Energy | 151,415 | 22,351 |
| 41,636 | ||
| Total Utilities | 297,728 | |
| Total Miscellaneous Common Stocks 0.8% (5) | 26,064 | |
| Total Common Stocks (Cost $2,926,378) | 3,223,820 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE NEW ERA FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| CONVERTIBLE PREFERRED STOCKS 2.2% | ||
| AGRICULTURE 0.4% | ||
| Fertilizers & Agricultural Chemicals 0.4% | ||
| Farmers Business Network, Series D, Acquisition Date: 11/3/17, | ||
| Cost $11,372 (1)(2)(3) | 615,892 | 14,355 |
| Total Agriculture | 14,355 | |
| CHEMICALS 0.3% | ||
| Specialty Chemicals 0.3% | ||
| International Flavors & Fragrances, 6.00%, 9/15/21 | 239,713 | 11,293 |
| Total Chemicals | 11,293 | |
| UTILITIES 1.5% | ||
| Electric Utilities 0.6% | ||
| American Electric Power, 6.125%, 3/15/22 | 214,110 | 11,799 |
| Southern, Series A, 6.75%, 8/1/22 | 178,139 | 9,482 |
| 21,281 | ||
| Multi-Utilities 0.7% | ||
| Sempra Energy, Series A, 6.00%, 1/15/21 | 185,465 | 21,921 |
| 21,921 | ||
| Water Utilities 0.2% | ||
| Aqua America, 6.00%, 4/30/22 | 95,483 | 5,715 |
| 5,715 | ||
| Total Utilities | 48,917 | |
| Total Convertible Preferred Stocks (Cost $67,404) | 74,565 | |
| BANK LOANS 0.3%(6) | ||
| EXPLORATION & PRODUCTION 0.3% | ||
| Felix Energy, FRN, 3M USD LIBOR + 6.50%, 9.062%, 8/9/22 | ||
| Acquisition Date: 8/9/17 - 3/1/19, Cost $11,633 (2)(3) | 11,780,000 | 11,662 |
| Total Exploration & Production | 11,662 | |
| Total Bank Loans (Cost $11,672) | 11,662 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE NEW ERA FUND
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| SHORT-TERM INVESTMENTS 1.3% | ||||
| Money Market Funds 1.3% | ||||
| T. Rowe Price Government Reserve Fund, 2.00% (7)(8) | 43,606,450 | 43,607 | ||
| Total Short-Term Investments (Cost $43,607) | 43,607 | |||
| Total Investments in Securities 99.7% | ||||
| (Cost $3,049,061) | $ | 3,353,654 | ||
| Other Assets Less Liabilities 0.3% | 9,183 | |||
| Net Assets 100.0% | $ | 3,362,837 | ||
| ‡ | Shares/Par are denominated in U.S. dollars unless otherwise noted. | |||
| (1 | ) | Non-income producing | ||
| (2 | ) | Level 3 in fair value hierarchy. | ||
| (3 | ) | Security cannot be offered for public resale without first being registered | ||
| under the Securities Act of 1933 and related rules ("restricted security"). | ||||
| Acquisition date represents the day on which an enforceable right to acquire | ||||
| such security is obtained and is presented along with related cost in the | ||||
| security description. The fund has registration rights for certain restricted | ||||
| securities. Any costs related to such registration are borne by the issuer. The | ||||
| aggregate value of restricted securities (excluding 144A holdings) at period- | ||||
| end amounts to $53,213 and represents 1.6% of net assets. | ||||
| (4 | ) | Investment in a partnership held indirectly through a limited liability company | ||
| that is owned by the fund and treated as a corporation for U.S. tax purposes. | ||||
| (5 | ) | The identity of certain securities has been concealed to protect the fund while | ||
| it completes a purchase or selling program for the securities. | ||||
| (6 | ) | Bank loan positions may involve multiple underlying tranches. In those | ||
| instances, the position presented reflects the aggregate of those respective | ||||
| underlying tranches and the rate presented reflects their weighted average | ||||
| rate. | ||||
| (7 | ) | Seven-day yield | ||
| (8 | ) | Affiliated Companies | ||
| 3M USD LIBOR | Three month USD LIBOR (London interbank offered rate) | |||
The accompanying notes are an integral part of this Portfolio of Investments.
| T. | ROWE PRICE NEW ERA FUND |
AUD Australian Dollar
CAD Canadian Dollar
EUR Euro
FRN Floating Rate Note
GBP British Pound
JPY Japanese Yen
NOK Norwegian Krone
SEK Swedish Krona
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE NEW ERA FUND
| Affiliated Companies | |||||||||||
| ($ | 000 | s) | |||||||||
| The fund may invest in certain securities that are considered affiliated companies. As defined | |||||||||||
| by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the | |||||||||||
| outstanding voting securities, or a company that is under common ownership or control. The | |||||||||||
| following securities were considered affiliated companies for all or some portion of the nine | |||||||||||
| months ended September 30, 2019. 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. | |||||||||||
| Change in Net | |||||||||||
| Net Realized Gain | Unrealized | Investment | |||||||||
| Affiliate | (Loss) | Gain/Loss | Income | ||||||||
| T. Rowe Price Government | |||||||||||
| Reserve Fund | $ | — | $ | — | $ | 661 | |||||
| T. Rowe Price Short-Term Fund | — | — | —++ | ||||||||
| Totals | $ | —# | $ | — | $ | 661+ | |||||
| Supplementary Investment Schedule | |||||||||||
| Value | Purchase | Sales | Value | ||||||||
| Affiliate | 12/31/18 | Cost | Cost | 9/30/19 | |||||||
| T. Rowe Price Government | |||||||||||
| Reserve Fund | $ | 48,438 | ¤ | ¤$ | 43,607 | ||||||
| T. Rowe Price Short-Term | |||||||||||
| Fund | — | ¤ | ¤ | — | |||||||
| $ | 43,607^ | ||||||||||
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). | ||||||||||
| ++ Excludes earnings on securities lending collateral, which are subject to rebates and fees. | |||||||||||
| + | Investment income comprised $661 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 $43,607. | ||||||||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE NEW ERA FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price New Era Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as
an open-end management investment company and follows accounting and reporting guidance of the Financial
Accounting Standards BoardAccounting Standards CodificationTopic 946. The accompanying Portfolio of Investments
was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For
additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the
fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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 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
T. ROWE PRICE NEW ERA FUND
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.
For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of
such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market
and the close of the NYSE will affect the value of some or all of its portfolio securities, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of foreign securities. The fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to
reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Debt securities generally are traded in the OTC market and are valued at prices furnished by dealers who make markets
in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable
quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Generally,
debt securities are categorized in Level 2 of the fair value hierarchy; however, to the extent the valuations include
significant unobservable inputs, the securities would be categorized in Level 3.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange
rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length
T. ROWE PRICE NEW ERA FUND
| transactions, to the extent they represent orderly transactions between market participants, transaction information can | |||||||||||||
| be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also | |||||||||||||
| consider other valuation methods such as market-based valuation multiples; a discount or premium from market value | |||||||||||||
| of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a | |||||||||||||
| regular basis and updated as information becomes available, including actual purchase and sale transactions of the | |||||||||||||
| issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity | |||||||||||||
| inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from | |||||||||||||
| those of other market participants. Depending on the relative significance of unobservable inputs, including the | |||||||||||||
| valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy. | |||||||||||||
| Valuation Inputs | |||||||||||||
| The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values | |||||||||||||
| on September 30, 2019 (for further detail by category, please refer to the accompanying Portfolio of Investments): | |||||||||||||
| ($000s) | Level 1 | Level 2 | Level 3 | Total Value | |||||||||
| Assets | |||||||||||||
| Common Stocks | $ | 2,030,065$ | 1,166,559 | $ | 27,196 | $ | 3,223,820 | ||||||
| Convertible Preferred Stocks | — | 60,210 | 14,355 | 74,565 | |||||||||
| Fixed Income Securities1 | — | — | 11,662 | 11,662 | |||||||||
| Short-Term Investments | 43,607 | — | — | 43,607 | |||||||||
| Total | $ | 2,073,672$ | 1,226,769 | $ | 53,213 | $ | 3,353,654 | ||||||
| 1Includes Bank Loans. | |||||||||||||
| Following is a reconciliation of the fund’s Level 3 holdings for the period ended September 30, 2019. Gain (loss) reflects | |||||||||||||
| both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized | |||||||||||||
| gain/loss on Level 3 instruments held at September 30, 2019, totaled $1,406,000 for the period ended September 30, | |||||||||||||
| 2019. | |||||||||||||
| ($000s) | Beginning | Ending | |||||||||||
| Balance | Gain (Loss) | Total | Balance | ||||||||||
| 1/1/19 | During Period Purchases | 9/30/19 | |||||||||||
| Investment in Securities | |||||||||||||
| Common Stocks | $ | 17,087 | $ | – $ | 10,109$ | 27,196 | |||||||
| Convertible | |||||||||||||
| Preferred Stocks | 12,958 | 1,397 | – | 14,355 | |||||||||
| Bank Loans | 7,762 | 29 | 3,871 | 11,662 | |||||||||
| Total | $ | 37,807 | $ | 1,426$ | 13,980$ | 53,213 | |||||||
