T.
ROWE
PRICE
New
Era
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.3%
AGRICULTURE
2.0%
Agricultural
Products
0.9%
Darling
Ingredients (1)
348,100
25,613
25,613
Fertilizers
&
Agricultural
Chemicals
0.7%
CF
Industries
Holdings
425,578
19,313
19,313
Packaged
Foods
&
Meats
0.4%
Sanderson
Farms
73,800
11,497
11,497
Total
Agriculture
56,423
CHEMICALS
19.1%
Commodity
Chemicals
0.9%
Westlake
Chemical
303,889
26,982
26,982
Diversified
Chemicals
1.3%
Covestro
(EUR)
275,733
18,551
Huntsman
672,871
19,399
37,950
Industrial
Gases
6.1%
Air
Liquide
(EUR)
193,321
31,565
Air
Products
&
Chemicals
162,563
45,735
Air
Water
(JPY)
516,300
9,058
Linde
338,939
94,950
181,308
Specialty
Chemicals
10.8%
Akzo
Nobel
(EUR)
284,927
31,811
Atotech (1)
1,009,766
20,448
Borregaard
(NOK)
791,076
17,230
Celanese
96,306
14,428
Croda
International
(GBP)
259,788
22,731
Koninklijke
DSM
(EUR)
178,938
30,251
PPG
Industries
234,309
35,207
Quaker
Chemical
96,123
23,432
RPM
International
411,600
37,805
Sherwin-Williams
87,950
64,908
T.
ROWE
PRICE
New
Era
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Shin-Etsu
Chemical
(JPY)
116,000
19,650
317,901
Total
Chemicals
564,141
COMMODITY
INDUSTRIALS
16.7%
Construction
&
Engineering
0.5%
Metso
Outotec
(EUR)
1,379,211
15,378
15,378
Construction
&
Farm
Machinery
&
Heavy
Trucks
5.6%
AGCO
167,700
24,090
Alamo
Group
93,400
14,584
Bucher
Industries
(CHF)
29,055
14,806
Caterpillar
169,200
39,232
Deere
97,300
36,404
Lindsay
120,600
20,094
Toro
152,700
15,750
164,960
Construction
Materials
0.5%
Imerys
(EUR)
296,346
14,413
14,413
Electrical
Components
&
Equipment
2.4%
Emerson
Electric
133,500
12,044
Hubbell
103,400
19,324
Legrand
(EUR)
164,173
15,253
Schneider
Electric
(EUR)
153,836
23,435
70,056
Industrial
Machinery
5.5%
Aalberts
(EUR)
244,987
12,390
Atlas
Copco,
B
Shares
(SEK)
308,662
16,087
Epiroc,
Class
B
(SEK)
1,416,275
29,503
IMI
(GBP)
827,024
15,203
Kadant
80,423
14,879
Sandvik
(SEK) (1)
625,371
17,111
Timken
192,200
15,601
Valmont
Industries
68,500
16,280
Weir
Group
(GBP) (1)
1,060,521
25,994
163,048
Metal
&
Glass
Containers
1.8%
Ball
304,479
25,802
Crown
Holdings
148,500
14,410
Gores
Holdings
V
SPAC/Ardagh
Group
PIPE (1)(2)
553,656
4,973
T.
ROWE
PRICE
New
Era
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Vidrala
(EUR)
71,028
7,812
52,997
Trading
Companies
&
Distributors
0.4%
Toromont
Industries
(CAD)
158,900
12,163
12,163
Total
Commodity
Industrials
493,015
ENERGY
SERVICES
&
PROCESSORS
7.8%
Oil
&
Gas
Equipment
&
Services
2.9%
Cactus,
Class
A
515,586
15,787
ChampionX (1)
771,800
16,771
Enerflex
(CAD)
1,762,600
11,375
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(3)(4)(5)
10,108,939
6,672
Halliburton
511,900
10,985
Liberty
Oilfield
Services,
Class
A
630,402
7,117
Tenaris
(EUR)
1,431,614
16,189
84,896
Oil
&
Gas
Storage
&
Transportation
2.2%
Enbridge
416,600
15,164
TC
Energy
711,400
32,547
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $489 (1)(3)(4)
162
901
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $11,184 (1)(3)(4)
3,124
17,386
65,998
Semiconductor
Equipment
2.7%
Array
Technologies (1)
678,380
20,229
Entegris
265,600
29,694
Shoals
Technologies
Group,
Class
A (1)
390,291
13,575
SUMCO
(JPY)
740,000
16,959
80,457
Total
Energy
Services
&
Processors
231,351
EXPLORATION
&
PRODUCTION
10.4%
Non-U.S.
Oil
&
Gas
Exploration
&
Production
2.2%
Aker
BP
(NOK)
810,180
22,983
Lundin
Energy
(SEK)
902,459
28,384
Parex
Resources
(CAD) (1)
765,290
13,647
65,014
U.S.
Oil
Exploration
&
Production
8.2%
ConocoPhillips
1,684,579
89,232
Devon
Energy
1,363,535
29,793
T.
ROWE
PRICE
New
Era
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
EOG
Resources (6)
873,772
63,375
Magnolia
Oil
&
Gas,
Class
A (1)
1,201,143
13,789
Pioneer
Natural
Resources (6)
296,650
47,114
243,303
Total
Exploration
&
Production
308,317
INTEGRATEDS
10.2%
Integrated
Oil
&
Gas
10.2%
Chevron (6)
561,173
58,805
Equinor
(NOK)
2,797,236
54,601
Galp
Energia
(EUR)
4,535,580
52,578
Hess
313,638
22,193
TOTAL
(EUR)
2,387,603
111,310
Total
Integrateds
299,487
METALS
&
MINING
10.7%
Diversified
Metals
&
Mining
9.1%
BHP
Group
(AUD)
1,669,527
57,915
Boliden
(SEK)
1,646,097
61,076
ERO
Copper
(CAD) (1)
1,243,681
21,406
IGO
(AUD)
3,931,539
18,853
Lundin
Mining
(CAD)
2,723,051
28,017
Norsk
Hydro
(NOK)
2,184,919
14,034
OZ
Minerals
(AUD)
1,255,696
21,902
Reliance
Steel
&
Aluminum
90,100
13,721
Southern
Copper
477,000
32,374
269,298
Precious
Metals
&
Minerals
1.6%
Franco-Nevada
(CAD)
55,550
6,962
Kirkland
Lake
Gold
(CAD)
242,677
8,195
Northern
Star
Resources
(AUD)
1,853,729
13,428
Perseus
Mining
(AUD) (1)
6,176,336
5,049
Silver
Lake
Resources
(AUD) (1)
4,112,369
4,692
Wesdome
Gold
Mines
(CAD) (1)
1,265,800
8,400
46,726
Total
Metals
&
Mining
316,024
OTHER
12.3%
Paper
&
Forest
Products
11.8%
Avery
Dennison
165,396
30,375
DS
Smith
(GBP)
3,875,644
21,778
Graphic
Packaging
Holding
892,500
16,208
International
Paper
867,700
46,916
Mayr
Melnhof
Karton
(EUR)
57,424
11,809
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Mondi
(GBP)
1,798,501
45,850
Packaging
Corp.
of
America
447,588
60,192
Stora
Enso,
R
Shares
(EUR)
948,637
17,697
Svenska
Cellulosa,
Class
B
(SEK) (1)
1,144,121
20,251
UPM-Kymmene
(EUR)
1,124,910
40,427
West
Fraser
Timber
(CAD)
197,777
14,228
Westrock
452,300
23,542
349,273
Research
&
Consulting
Services
0.4%
ALS
(AUD)
1,465,741
10,838
10,838
Specialized
REITS
0.1%
PotlatchDeltic,
REIT
42,810
2,266
2,266
Total
Other
362,377
UTILITIES
6.1%
Electric
Utilities
3.0%
American
Electric
Power
186,600
15,805
Iberdrola
(EUR)
955,310
12,330
IDACORP
113,800
11,377
NextEra
Energy
243,468
18,409
Terna
Rete
Elettrica
Nazionale
(EUR)
1,697,463
12,819
Xcel
Energy
245,179
16,307
87,047
Independent
Power
Producers
&
Energy
Traders
0.2%
Bluescape
Opportunities
Acquisition (1)
607,020
6,471
6,471
Multi-Utilities
2.9%
Ameren
307,378
25,008
Dominion
Energy
212,600
16,149
DTE
Energy
132,300
17,614
Public
Service
Enterprise
Group
167,100
10,061
WEC
Energy
Group
189,000
17,689
86,521
Total
Utilities
180,039
Total
Common
Stocks
(Cost
$1,976,628)
2,811,174
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
CONVERTIBLE
PREFERRED
STOCKS
4.1%
AGRICULTURE
0.7%
Fertilizers
&
Agricultural
Chemicals
0.7%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $11,372 (1)(3)(4)
615,892
20,359
Total
Agriculture
20,359
COMMODITY
INDUSTRIALS
0.1%
Electrical
Components
&
Equipment
0.1%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $1,796 (1)(3)(4)(7)
1,796,201
1,796
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,526 (1)(3)(4)(7)
2,526,018
2,526
Total
Commodity
Industrials
4,322
UTILITIES
3.3%
Electric
Utilities
2.6%
NextEra
Energy,
5.279%,
3/1/23
801,909
39,793
Southern,
Series
A,
6.75%,
8/1/22
682,766
34,644
74,437
Multi-Utilities
0.7%
Sempra
Energy,
Series
B,
6.75%,
7/15/21
196,200
20,212
20,212
Total
Utilities
94,649
Total
Convertible
Preferred
Stocks
(Cost
$98,223)
119,330
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (7)(8)
15,863,709
15,864
Total
Short-Term
Investments
(Cost
$15,864)
15,864
Total
Investments
in
Securities
99.9%
(Cost
$2,090,715)
$
2,946,368
Other
Assets
Less
Liabilities
0.1%
2,596
Net
Assets
100.0%
$
2,948,964
‡
Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
T.
ROWE
PRICE
New
Era
Fund
7
.
.
.
.
.
.
.
.
.
.
.
(2)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2021,
was
$5,536
and
was
valued
at
$4,973
(0.2%
of
net
assets).
(3)
Level
3
in
fair
value
hierarchy.
(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
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
$49,640
and
represents
1.7%
of
net
assets.
(5)
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.
(6)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
March
31,
2021.
(7)
Affiliated
Companies
(8)
Seven-day
yield
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
NOK
Norwegian
Krone
OTC
Over-the-counter
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SEK
Swedish
Krona
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
New
Era
Fund
8
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Chevron,
Call,
9/17/21
@
$120.00
286
2,997
(
80
)
JPMorgan
Chase
EOG
Resources,
Call,
7/16/21
@
$90.00
448
3,249
(
111
)
JPMorgan
Chase
Pioneer
Natural
Resources,
Call,
6/18/21
@
$175.00
152
2,414
(
99
)
Total
Options
Written
(Premiums
$(460))
$
(
290
)
T.
ROWE
PRICE
New
Era
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2021.
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
$
—
$
—
$
—
Tonian
Holdings,
Series
A,
Voting
Units
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
—
—
2
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
—
—
++
Totals
$
—
#
$
—
$
2
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
Tonian
Holdings,
Series
A,
Non-
Voting
Units
$
—
$
1,796
$
—
$
1,796
Tonian
Holdings,
Series
A,
Voting
Units
—
2,526
—
2,526
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
15,252
¤
¤
15,864
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
¤
¤
—
Total
$
20,186
^
#
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
$2
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
$20,186.
T.
ROWE
PRICE
New
Era
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
New
Era
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
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PRICE
New
Era
Fund
11
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value,
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
T.
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PRICE
New
Era
Fund
12
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
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.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
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;
discounted
cash
flows;
yield
to
maturity;
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
investment.
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.
T.
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PRICE
New
Era
Fund
13
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(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
period ended
March
31,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
F41-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,574,865
$
1,211,350
$
24,959
$
2,811,174
Convertible
Preferred
Stocks
—
94,649
24,681
119,330
Short-Term
Investments
15,864
—
—
15,864
Total
$
1,590,729
$
1,305,999
$
49,640
$
2,946,368
Liabilities
Options
Written
$
—
$
290
$
—
$
290
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
24,959
$
—
$
—
$
24,959
Convertible
Preferred
Stocks
20,359
—
4,322
24,681
Total
$
45,318
$
—
$
4,322
$
49,640