T.
ROWE
PRICE
New
Era
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.9%
AGRICULTURE
5.5%
Agricultural
Products
1.5%
Darling
Ingredients (1)
616,918
40,809
40,809
Fertilizers
&
Agricultural
Chemicals
3.3%
CF
Industries
Holdings
367,147
35,338
Nutrien
642,100
53,538
88,876
Packaged
Foods
&
Meats
0.7%
Bakkafrost
(NOK)
476,390
18,960
18,960
Total
Agriculture
148,645
CHEMICALS
11.8%
Diversified
Chemicals
1.4%
FMC
366,300
38,718
38,718
Industrial
Gases
4.4%
Air
Liquide
(EUR)
119,717
13,684
Air
Products
&
Chemicals
151,113
35,168
Linde
261,909
70,608
119,460
Specialty
Chemicals
6.0%
Akzo
Nobel
(EUR)
320,939
18,187
Albemarle
59,279
15,676
Element
Solutions
810,649
13,189
Koninklijke
DSM
(EUR)
40,449
4,603
RPM
International
441,014
36,741
Sherwin-Williams
273,288
55,956
Shin-Etsu
Chemical
(JPY)
75,400
7,461
Sika
(CHF)
49,774
10,004
161,817
Total
Chemicals
319,995
COMMODITY
INDUSTRIALS
11.9%
Construction
&
Engineering
0.7%
Quanta
Services
149,765
19,079
19,079
Construction
&
Farm
Machinery
&
Heavy
Trucks
2.9%
AGCO
111,600
10,732
Caterpillar
112,504
18,460
T.
ROWE
PRICE
New
Era
Fund
1
T.
ROWE
PRICE
New
Era
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Cummins
142,900
29,082
Deere
64,659
21,589
79,863
Construction
Materials
1.3%
Martin
Marietta
Materials
50,014
16,109
Vulcan
Materials
119,132
18,788
34,897
Electrical
Components
&
Equipment
2.2%
Hubbell
130,960
29,204
Legrand
(EUR)
171,291
11,076
Schneider
Electric
(EUR)
175,849
19,862
60,142
Industrial
Machinery
2.3%
Alfa
Laval
(SEK)
568,757
14,103
Epiroc,
Class
B
(SEK)
1,474,600
18,594
Sandvik
(SEK)
1,003,591
13,681
Weir
Group
(GBP)
1,019,281
15,780
62,158
Metal
&
Glass
Containers
1.4%
Ball
514,448
24,858
Verallia
(EUR)
626,580
14,087
38,945
Railroads
1.1%
Norfolk
Southern
71,912
15,076
Union
Pacific
83,757
16,318
31,394
Total
Commodity
Industrials
326,478
ENERGY
SERVICES
&
PROCESSORS
9.2%
Oil
&
Gas
Equipment
&
Services
4.5%
Baker
Hughes
631,539
13,237
Cactus,
Class
A
491,098
18,873
ChampionX
735,853
14,400
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939
7,177
Halliburton
582,002
14,329
Liberty
Energy,
Class
A (1)
851,323
10,795
TechnipFMC (1)
2,142,568
18,126
Tenaris,
ADR
608,200
15,716
TGS
(NOK)
784,521
9,589
122,242
Oil
&
Gas
Storage
&
Transportation
3.7%
Equitrans
Midstream
2,311,405
17,289
T.
ROWE
PRICE
New
Era
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
TC
Energy
830,143
33,447
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $489 (1)(2)(4)
162
2,397
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $11,184 (1)(2)(4)
3,124
46,220
99,353
Semiconductor
Equipment
1.0%
Entegris
102,163
8,481
Shoals
Technologies
Group,
Class
A (1)
817,674
17,621
26,102
Total
Energy
Services
&
Processors
247,697
EXPLORATION
&
PRODUCTION
17.3%
OUS
Oil
&
Gas
Exploration
&
Production
1.8%
Aker
BP
(NOK)
893,307
25,642
Canadian
Natural
Resources
(CAD)
480,606
22,372
48,014
U.S.
Oil
Exploration
&
Production
15.5%
ConocoPhillips
1,457,141
149,124
Devon
Energy
1,270,369
76,387
EOG
Resources
853,903
95,407
Magnolia
Oil
&
Gas,
Class
A
1,179,123
23,358
Pioneer
Natural
Resources
349,660
75,712
419,988
Total
Exploration
&
Production
468,002
INTEGRATEDS
16.1%
Integrated
Oil
&
Gas
16.1%
Chevron
591,554
84,989
Equinor
(NOK)
2,601,730
85,802
Galp
Energia
(EUR)
3,500,050
33,675
Hess
622,930
67,893
Shell
(GBP)
1,779,554
44,147
TotalEnergies
(EUR)
2,536,771
119,011
Total
Integrateds
435,517
METALS
&
MINING
11.5%
Diversified
Metals
&
Mining
9.8%
BHP
Group
(AUD)
2,314,359
57,531
Boliden
(SEK)
1,500,038
46,345
ERO
Copper
(CAD) (1)
882,719
9,758
Grupo
Mexico,
Series
B
(MXN)
5,328,814
17,998
IGO
(AUD)
3,840,106
33,780
Norsk
Hydro
(NOK)
2,812,815
15,093
OZ
Minerals
(AUD)
1,015,043
16,792
T.
ROWE
PRICE
New
Era
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Reliance
Steel
&
Aluminum
94,174
16,425
South32
(AUD)
9,701,937
23,031
Southern
Copper
621,393
27,863
264,616
Precious
Metals
&
Minerals
1.7%
Franco-Nevada
(CAD)
119,900
14,322
Northern
Star
Resources
(AUD)
2,429,339
12,165
Perseus
Mining
(AUD)
6,762,009
6,578
Wesdome
Gold
Mines
(CAD) (1)
2,022,047
13,672
46,737
Total
Metals
&
Mining
311,353
OTHER
6.3%
Building
Products
0.3%
ROCKWOOL,
Class
B
(DKK)
53,664
8,465
8,465
Paper
&
Forest
Products
5.5%
Avery
Dennison
109,425
17,804
International
Paper
591,744
18,758
Mayr
Melnhof
Karton
(EUR)
7,867
1,013
Mondi
(GBP)
630,029
9,679
Packaging
Corp.
of
America
322,106
36,169
Svenska
Cellulosa,
Class
B
(SEK)
1,220,528
15,487
UPM-Kymmene
(EUR)
852,767
27,062
West
Fraser
Timber
(CAD) (5)
107,045
7,744
Westrock
301,742
9,321
Weyerhaeuser,
REIT
197,454
5,639
148,676
Specialized
Reits
0.5%
Rayonier,
REIT
484,704
14,527
14,527
Total
Other
171,668
UTILITIES
4.3%
Electric
Utilities
2.2%
Iberdrola
(EUR)
749,016
6,984
NextEra
Energy
224,871
17,632
Southern
327,268
22,254
Xcel
Energy
181,887
11,641
58,511
Multi-Utilities
2.1%
Ameren
162,536
13,092
CMS
Energy
164,771
9,596
Dominion
Energy
148,974
10,296
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Sempra
Energy
160,400
24,050
57,034
Total
Utilities
115,545
Total
Common
Stocks
(Cost
$2,000,261)
2,544,900
CONVERTIBLE
PREFERRED
STOCKS
4.4%
AGRICULTURE
1.4%
Fertilizers
&
Agricultural
Chemicals
1.4%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $11,372 (1)(2)(4)
615,892
38,282
Total
Agriculture
38,282
COMMODITY
INDUSTRIALS
0.2%
Electrical
Components
&
Equipment
0.2%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $1,771 (1)(2)(4)
1,796,201
2,156
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,490 (1)(2)(4)
2,526,018
3,031
Total
Commodity
Industrials
5,187
METALS
&
MINING
1.4%
Diversified
Metals
&
Mining
1.4%
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 $7,898 (1)
(2)(4)
601,655
8,213
Total
Metals
&
Mining
38,534
UTILITIES
1.4%
Electric
Utilities
1.4%
NextEra
Energy,
5.279%,
3/1/23
746,709
37,358
Total
Utilities
37,358
Total
Convertible
Preferred
Stocks
(Cost
$77,876)
119,361
SHORT-TERM
INVESTMENTS
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (6)(7)
36,759,986
36,760
Total
Short-Term
Investments
(Cost
$36,760)
36,760
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (6)(7)
4,180,740
4,181
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
4,181
Total
Securities
Lending
Collateral
(Cost
$4,181)
4,181
Total
Investments
in
Securities
99.9%
(Cost
$2,119,078)
$
2,705,202
Other
Assets
Less
Liabilities
0.1%
3,117
Net
Assets
100.0%
$
2,708,319
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(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
$137,797
and
represents
5.1%
of
net
assets.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2022.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
MXN
Mexican
Peso
NOK
Norwegian
Krone
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SEK
Swedish
Krona
T.
ROWE
PRICE
New
Era
Fund
7
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
nine
months
ended
September
30,
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
$
—
$
360
$
—
Tonian
Holdings,
Series
A,
Voting
Units
—
505
—
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
151++
Totals
$
—#
$
865
$
151+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Tonian
Holdings,
Series
A,
Non-
Voting
Units
$
1,796
$
—
$
—
$
*
Tonian
Holdings,
Series
A,
Voting
Units
2,526
—
—
*
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
25,051
¤
¤
40,941
Total
$
40,941^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$151
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
$40,941.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Era
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
New
Era
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
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 fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
New
Era
Fund
9
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
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
New
Era
Fund
10
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,625,287
$
863,819
$
55,794
$
2,544,900
Convertible
Preferred
Stocks
—
37,358
82,003
119,361
Short-Term
Investments
36,760
—
—
36,760
Securities
Lending
Collateral
4,181
—
—
4,181
Total
$
1,666,228
$
901,177
$
137,797
$
2,705,202
T.
ROWE
PRICE
New
Era
Fund
11
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2022.
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,
2022,
totaled $33,587,000 for
the
period ended
September
30,
2022.
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
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
29,661
$
26,133
$
—
$
55,794
Convertible
Preferred
Stocks
55,346
7,454
19,203
82,003
Total
$
85,007
$
33,587
$
19,203
$
137,797
T.
ROWE
PRICE
New
Era
Fund
12
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
55,794
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
1.7x
1.7x
Increase
Enterprise
value
to
EBITDA
multiple
10.1x
-
11.6x
10.3x
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
Convertible
Preferred
Stocks
$
82,003
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Projected
enterprise
value
to
EBITDA
multiple
10.5x
10.5x
Increase
Discount
rate
for
cost
of
capital
20%
20%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
New
Era
Fund
13
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F41-054Q3
09/22