NPORT-EX 2 70APTRP033123.htm T. ROWE PRICE REAL ASSETS FUND, INC.
T.
ROWE
PRICE
Real
Assets
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.3%
COMMUNICATION
SERVICES
0.1%
Integrated
Telecommunication
Services
0.1%
Cellnex
Telecom
(EUR) 
259,664‌
10,098‌
Total
Communication
Services
10,098‌
CONSUMER
DISCRETIONARY
1.0%
Hotels,
Resorts,
&
Cruise
Lines
0.9%
H
World
Group
(HKD) (1)
2,237,900‌
10,954‌
Hilton
Worldwide
Holdings 
174,045‌
24,518‌
InterContinental
Hotels
Group
(GBP) 
210,662‌
13,791‌
Kyoritsu
Maintenance
(JPY) 
137,400‌
5,556‌
Marriott
International,
Class
A 
35,364‌
5,872‌
60,691‌
Household
Durables
0.1%
Persimmon
(GBP) 
651,856‌
10,122‌
10,122‌
Total
Consumer
Discretionary
70,813‌
CONSUMER
STAPLES
0.6%
Agricultural
Products
&
Services
0.4%
Darling
Ingredients (1)
408,770‌
23,872‌
23,872‌
Packaged
Foods
&
Meat
0.2%
Bakkafrost
(NOK) 
264,090‌
17,049‌
17,049‌
Total
Consumer
Staples
40,921‌
ENERGY
11.9%
Coal
&
Consumable
Fuels
0.6%
NAC
Kazatomprom,
GDR 
1,367,255‌
40,394‌
40,394‌
Integrated
Oil
&
Gas
5.1%
BP,
ADR 
940,075‌
35,667‌
Chevron 
293,303‌
47,855‌
Equinor
(NOK) 
1,507,498‌
42,856‌
Exxon
Mobil 
465,236‌
51,018‌
Galp
Energia
(EUR) 
1,955,330‌
22,125‌
OMV
(EUR) 
193,889‌
8,904‌
Shell
(GBP) 
1,275,758‌
36,357‌
Suncor
Energy
(CAD) 
1,149,268‌
35,681‌
TotalEnergies
(EUR) 
1,161,699‌
68,498‌
348,961‌
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Oil
&
Gas
Equipment
&
Services
1.4%
Baker
Hughes 
399,255‌
11,522‌
Cactus,
Class
A 
177,260‌
7,308‌
ChampionX 
393,224‌
10,668‌
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (1)(2)(3)(4)
2,530,088‌
1,139‌
Halliburton 
245,502‌
7,768‌
Schlumberger 
472,183‌
23,184‌
TechnipFMC (1)
1,652,509‌
22,557‌
TGS
(NOK) 
675,486‌
12,155‌
96,301‌
Oil
&
Gas
Exploration
&
Production
3.7%
Canadian
Natural
Resources
(CAD) 
490,164‌
27,125‌
Chesapeake
Energy 
301,237‌
22,906‌
ConocoPhillips 
522,997‌
51,886‌
Coterra
Energy 
317,996‌
7,804‌
EOG
Resources 
349,850‌
40,103‌
Hess 
333,352‌
44,116‌
Kosmos
Energy (1)
2,064,319‌
15,359‌
Magnolia
Oil
&
Gas,
Class
A 
591,495‌
12,942‌
Pioneer
Natural
Resources 
103,472‌
21,133‌
Southwestern
Energy (1)
1,801,000‌
9,005‌
252,379‌
Oil
&
Gas
Refining
&
Marketing
0.7%
Marathon
Petroleum 
177,500‌
23,932‌
Valero
Energy 
178,604‌
24,933‌
48,865‌
Oil
&
Gas
Storage
&
Transportation
0.4%
TC
Energy 
313,784‌
12,209‌
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/17,
Cost $112 (1)(3)(4)
37‌
634‌
Venture
Global
LNG,
Series
C,
Acquisition
Date:
3/8/17
-
10/16/17,
Cost $2,704 (1)(3)(4)
759‌
13,001‌
25,844‌
Total
Energy
812,744‌
INDUSTRIALS
&
BUSINESS
SERVICES
8.9%
Agricultural
&
Farm
Machinery
0.2%
Deere 
39,736‌
16,406‌
16,406‌
Building
Products
0.2%
Carrier
Global 
235,716‌
10,784‌
10,784‌
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.2%
Quanta
Services 
74,325‌
12,386‌
12,386‌
Construction
Machinery
&
Heavy
Transportation
Equi
1.8%
Caterpillar 
50,329‌
11,517‌
Cummins 
51,402‌
12,279‌
Epiroc,
Class
A
(SEK) 
1,929,528‌
38,301‌
Epiroc,
Class
B
(SEK) 
710,106‌
12,108‌
Metso
Outotec
(EUR) 
4,477,789‌
48,895‌
123,100‌
Electrical
Components
&
Equipment
0.6%
Hubbell 
73,713‌
17,935‌
Schneider
Electric
(EUR) 
84,398‌
14,105‌
Shoals
Technologies
Group,
Class
A (1)
371,975‌
8,477‌
40,517‌
Industrial
Machinery
&
Supplies
&
Components
1.6%
Sandvik
(SEK) 
3,122,886‌
66,286‌
Weir
Group
(GBP) 
1,850,155‌
42,445‌
108,731‌
Passenger
Airlines
1.7%
Alaska
Air
Group (1)
207,574‌
8,710‌
Allegiant
Travel (1)
128,741‌
11,842‌
Delta
Air
Lines (1)
513,966‌
17,948‌
Frontier
Group
Holdings (1)
1,630,975‌
16,049‌
JetBlue
Airways (1)
865,365‌
6,300‌
Southwest
Airlines 
460,967‌
15,000‌
Sun
Country
Airlines
Holdings (1)
1,004,171‌
20,585‌
United
Airlines
Holdings (1)
406,835‌
18,002‌
114,436‌
Rail
Transportation
1.6%
Canadian
National
Railway
(CAD) 
172,978‌
20,411‌
Canadian
Pacific
Railway 
257,331‌
19,799‌
CSX 
583,123‌
17,459‌
Norfolk
Southern 
106,326‌
22,541‌
Union
Pacific 
131,757‌
26,517‌
106,727‌
Research
&
Consulting
Services
0.5%
ALS
(AUD) 
4,089,106‌
33,956‌
33,956‌
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trading
Companies
&
Distributors
0.5%
Toromont
Industries
(CAD) 
427,101‌
35,056‌
35,056‌
Total
Industrials
&
Business
Services
602,099‌
MATERIALS
32.4%
Aluminum
0.8%
Aluminium
Bahrain
(BHD) 
2,711,930‌
7,330‌
Norsk
Hydro
(NOK) 
5,888,959‌
43,952‌
51,282‌
Construction
Materials
0.7%
Martin
Marietta
Materials 
53,395‌
18,958‌
Vulcan
Materials 
164,045‌
28,144‌
47,102‌
Copper
1.9%
Central
Asia
Metals
(GBP) 
6,681,097‌
19,548‌
ERO
Copper
(CAD) (1)
697,925‌
12,347‌
Freeport-McMoRan 
1,020,400‌
41,745‌
OZ
Minerals
(AUD) 
1,176,181‌
22,151‌
Southern
Copper 
458,035‌
34,925‌
130,716‌
Diversified
Metals
&
Mining
8.9%
Adriatic
Metals,
CDI
(AUD) (1)
4,906,284‌
12,460‌
Anglo
American
(GBP) 
1,009,614‌
33,581‌
BHP
Group
(AUD) 
7,506,542‌
237,311‌
Boliden
(SEK) 
1,903,262‌
74,768‌
Glencore
(GBP) 
6,516,976‌
37,500‌
Grupo
Mexico,
Series
B
(MXN) 
2,851,152‌
13,487‌
IGO
(AUD) 
1,757,897‌
15,074‌
Korea
Zinc
(KRW) 
13,222‌
5,626‌
MMC
Norilsk
Nickel
(RUB) (4)
75,310‌
—‌
Rio
Tinto
(AUD) 
718,035‌
57,694‌
Rio
Tinto
(GBP) 
1,275,573‌
86,583‌
South32
(AUD) 
10,140,390‌
29,719‌
Verai
Discoveries,
Series
A1,
Acquisition
Date:
10/17/22,
Cost $1,258 (1)(3)(4)
62,199‌
1,258‌
605,061‌
Fertilizers
&
Agricultural
Chemicals
1.9%
CF
Industries
Holdings 
240,485‌
17,433‌
FMC 
169,629‌
20,717‌
Nutrien 
1,265,404‌
93,450‌
131,600‌
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Forest
Products
0.2%
Svenska
Cellulosa,
Class
B
(SEK) (5)
622,994‌
8,205‌
West
Fraser
Timber
(CAD) 
53,004‌
3,781‌
11,986‌
Gold
8.5%
Barrick
Gold 
1,280,903‌
23,786‌
Centamin
(GBP) 
7,959,301‌
10,254‌
Endeavour
Mining
(CAD) 
1,020,739‌
24,599‌
Franco-Nevada
(CAD) 
611,898‌
89,252‌
K92
Mining
(CAD) (1)(5)
7,776,371‌
44,190‌
Karora
Resources
(CAD) (1)(5)
6,559,989‌
22,037‌
Newcrest
Mining
(AUD) 
2,757,730‌
49,227‌
Newmont 
1,290,936‌
63,282‌
Northern
Star
Resources
(AUD) 
10,915,568‌
89,509‌
Orla
Mining
(CAD) (1)(5)
1,977,073‌
9,377‌
Osisko
Mining
(CAD) (1)
3,747,976‌
11,328‌
Osisko
Mining
(CAD) (1)
3,423,191‌
10,891‌
Osisko
Mining,
Warrants,
8/28/24
(CAD) (1)
1,873,988‌
1,803‌
Perseus
Mining
(AUD) 
30,297,899‌
48,093‌
Polyus
(RUB) (1)(4)
63,061‌
—‌
Red
5
(AUD) (1)
32,081,599‌
3,205‌
Royal
Gold 
70,207‌
9,107‌
Tietto
Minerals
(AUD) (1)
28,681,854‌
12,937‌
Victoria
Gold
(CAD) (1)
570,483‌
3,782‌
Wesdome
Gold
Mines
(CAD) (1)
4,890,278‌
28,006‌
Wheaton
Precious
Metals
(CAD) 
433,294‌
20,868‌
575,533‌
Industrial
Gases
1.0%
Air
Products
&
Chemicals 
65,107‌
18,699‌
Linde 
135,353‌
48,110‌
66,809‌
Metal
Glass
&
Plastic
Containers
0.9%
Ardagh
Metal
Packaging 
1,349,522‌
5,506‌
Ball 
578,033‌
31,855‌
Crown
Holdings 
144,291‌
11,934‌
Verallia
(EUR) 
241,545‌
10,287‌
59,582‌
Paper
&
Plastic
Packaging
Products
&
Materials
0.5%
Avery
Dennison 
50,386‌
9,015‌
Packaging
Corp.
of
America 
118,446‌
16,444‌
Westrock 
182,933‌
5,574‌
31,033‌
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
Products
0.2%
UPM-Kymmene
(EUR) 
393,087‌
13,203‌
13,203‌
Precious
Metals
&
Minerals
0.4%
Alrosa
(RUB) (1)(4)
19,084,530‌
—‌
Anglo
American
Platinum
(ZAR) 
65,487‌
3,515‌
Asahi
Holdings
(JPY) (5)
95,500‌
1,459‌
Impala
Platinum
Holdings
(ZAR) 
1,058,855‌
9,746‌
Industrias
Penoles
(MXN) (1)(5)
171,875‌
2,558‌
Northam
Platinum
Holdings
(ZAR) (1)
417,429‌
3,406‌
Royal
Bafokeng
Platinum
(ZAR) 
105,405‌
849‌
Sibanye
Stillwater
(ZAR) 
3,505,678‌
7,239‌
SilverCrest
Metals
(CAD) (1)
182,076‌
1,295‌
30,067‌
Specialty
Chemicals
1.0%
Akzo
Nobel
(EUR) 
168,107‌
13,148‌
Covestro
(EUR) 
243,608‌
10,089‌
RPM
International 
186,865‌
16,302‌
Sherwin-Williams 
94,460‌
21,232‌
Shin-Etsu
Chemical
(JPY) 
184,000‌
5,973‌
66,744‌
Steel
5.5%
BlueScope
Steel
(AUD) 
2,516,984‌
34,068‌
Nippon
Steel
(JPY) (5)
2,265,400‌
53,422‌
Nucor 
447,845‌
69,179‌
POSCO
Holdings
(KRW) 
159,154‌
45,028‌
Reliance
Steel
&
Aluminum 
364,331‌
93,538‌
Steel
Dynamics 
592,347‌
66,971‌
Vale
(BRL) 
698,950‌
11,046‌
373,252‌
Total
Materials
2,193,970‌
METALS
&
MINING
RELATED
0.0%
Gold
&
Silver
0.0%
Capricorn
Metals
(AUD) (1)
1,048,605‌
3,333‌
Total
Metals
&
Mining
Related
3,333‌
REAL
ESTATE
35.9%
Data
Center
Real
Estate
Investment
Trusts
2.3%
Equinix,
REIT 
220,758‌
159,175‌
159,175‌
Diversified
Real
Estate
Activites
1.4%
Kerry
Properties
(HKD) 
4,244,500‌
10,841‌
Mitsui
Fudosan
(JPY) 
1,973,300‌
37,067‌
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sun
Hung
Kai
Properties
(HKD) 
2,538,000‌
35,556‌
Tokyo
Tatemono
(JPY) 
707,400‌
8,637‌
92,101‌
Diversified
Real
Estate
Investment
Trusts
0.1%
Tokyu
(JPY) (5)
5,241‌
7,155‌
7,155‌
Health
Care
Real
Estate
Investment
Trusts
2.3%
Healthcare
Realty
Trust,
REIT 
898,600‌
17,370‌
Ventas,
REIT 
1,117,328‌
48,436‌
Welltower,
REIT 
1,231,078‌
88,256‌
154,062‌
Hotel
&
Resort
Real
Estate
Investment
Trusts
1.1%
Apple
Hospitality
REIT,
REIT 
1,806,719‌
28,040‌
Hoshino
Resorts
REIT
(JPY) 
2,360‌
12,282‌
Host
Hotels
&
Resorts,
REIT 
402,832‌
6,643‌
Invincible
Investment
(JPY) 
36,379‌
15,312‌
Pebblebrook
Hotel
Trust,
REIT (5)
980,858‌
13,771‌
76,048‌
Industrial
Real
Estate
Investment
Trusts
6.8%
EastGroup
Properties,
REIT 
228,873‌
37,837‌
Goodman
Group
(AUD) 
2,256,720‌
28,638‌
Granite
Real
Estate
Investment
Trust
(CAD) 
271,235‌
16,796‌
Industrial
&
Infrastructure
Fund
Investment
(JPY) 
9,429‌
10,262‌
Mitsui
Fudosan
Logistics
Park
(JPY) 
4,943‌
17,343‌
Prologis,
REIT 
1,629,455‌
203,307‌
Rexford
Industrial
Realty,
REIT 
1,137,971‌
67,880‌
Terreno
Realty,
REIT 
992,531‌
64,118‌
Warehouses
De
Pauw
(EUR) 
635,493‌
18,897‌
465,078‌
Multi-Family
Residential
Real
Estate
Investment
Trusts
4.2%
Apartment
Income
REIT,
REIT 
133,064‌
4,765‌
Apartment
Investment
&
Management,
Class
A,
REIT 
582,815‌
4,482‌
AvalonBay
Communities,
REIT 
439,783‌
73,910‌
Camden
Property
Trust,
REIT 
396,748‌
41,595‌
Canadian
Apartment
Properties
REIT
(CAD) (5)
496,403‌
17,414‌
Equity
Residential,
REIT 
1,211,289‌
72,677‌
Essex
Property
Trust,
REIT 
264,624‌
55,343‌
UNITE
Group
(GBP) 
1,262,402‌
14,956‌
285,142‌
Office
Real
Estate
Investment
Trusts
2.0%
Alexandria
Real
Estate
Equities,
REIT 
414,050‌
52,000‌
Derwent
London
(GBP) 
462,409‌
13,459‌
Douglas
Emmett,
REIT 
1,323,737‌
16,322‌
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gecina
(EUR) 
184,567‌
19,158‌
Great
Portland
Estates
(GBP) 
2,115,788‌
13,242‌
Kilroy
Realty,
REIT 
506,002‌
16,394‌
SL
Green
Realty,
REIT 
193,001‌
4,539‌
135,114‌
Other
Specialized
Reits
0.4%
Gaming
&
Leisure
Properties,
REIT 
529,642‌
27,573‌
27,573‌
Real
Estate
Development
0.3%
Howard
Hughes (1)
38,420‌
3,073‌
Katitas
(JPY) (5)
800,700‌
15,671‌
18,744‌
Real
Estate
Operating
Companies
1.1%
Hongkong
Land
Holdings 
2,087,200‌
9,183‌
Kojamo
(EUR) 
1,137,504‌
13,387‌
Shurgard
Self
Storage
(EUR) 
382,810‌
18,308‌
StorageVault
Canada
(CAD) (5)
2,362,369‌
10,732‌
Wharf
Real
Estate
Investment
(HKD) 
3,586,000‌
20,646‌
72,256‌
Retail
Real
Estate
Investment
Trusts
3.8%
Acadia
Realty
Trust,
REIT 
2,389,802‌
33,338‌
CapitaLand
Integrated
Commercial
Trust
(SGD) 
17,681,700‌
26,371‌
Federal
Realty
Investment
Trust,
REIT 
40,681‌
4,021‌
Kimco
Realty,
REIT 
537,258‌
10,493‌
Regency
Centers,
REIT 
1,272,409‌
77,846‌
Scentre
Group
(AUD) 
10,142,923‌
18,775‌
Simon
Property
Group,
REIT 
799,771‌
89,550‌
260,394‌
Self-Storage
Real
Estate
Investment
Trusts
3.1%
Big
Yellow
Group
(GBP) 
810,025‌
11,677‌
CubeSmart,
REIT 
1,340,050‌
61,937‌
Extra
Space
Storage,
REIT 
92,153‌
15,015‌
Public
Storage,
REIT 
410,760‌
124,107‌
212,736‌
Self-Storage
Reits
0.4%
Life
Storage,
REIT 
216,104‌
28,329‌
28,329‌
Single-Family
Residential
Real
Estate
Investment
Trusts
2.4%
American
Homes
4
Rent,
Class
A,
REIT 
1,747,389‌
54,955‌
Equity
LifeStyle
Properties,
REIT 
1,648,288‌
110,650‌
165,605‌
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Single-Family
Residential
Reits
0.2%
Sun
Communities,
REIT 
98,700‌
13,905‌
13,905‌
Telecom
Tower
Real
Estate
Investment
Trusts
3.2%
American
Tower,
REIT 
478,972‌
97,873‌
Crown
Castle,
REIT 
327,234‌
43,797‌
SBA
Communications,
REIT 
282,735‌
73,814‌
215,484‌
Timber
Real
Estate
Investment
Trusts
0.8%
PotlatchDeltic,
REIT 
227,200‌
11,246‌
Rayonier,
REIT 
855,728‌
28,462‌
Weyerhaeuser,
REIT 
519,684‌
15,658‌
55,366‌
Total
Real
Estate
2,444,267‌
UTILITIES
1.9%
Electric
Utilities
1.1%
FirstEnergy 
255,200‌
10,223‌
Iberdrola
(EUR) 
377,574‌
4,704‌
NextEra
Energy 
250,214‌
19,287‌
PG&E (1)
846,024‌
13,680‌
Southern 
357,518‌
24,876‌
72,770‌
Multi-Utilities
0.8%
Ameren 
172,122‌
14,870‌
CMS
Energy 
173,149‌
10,628‌
Dominion
Energy 
193,331‌
10,809‌
DTE
Energy 
61,406‌
6,726‌
Sempra
Energy 
56,136‌
8,486‌
51,519‌
Total
Utilities
124,289‌
Total
Miscellaneous
Common
Stocks
 0.6% (6)
39,380‌
Total
Common
Stocks
(Cost
$5,706,832)
6,341,914‌
CONVERTIBLE
PREFERRED
STOCKS
1.7%
CONSUMER
STAPLES
0.1%
Agricultural
Products
0.1%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $2,712 (1)(3)(4)
146,876‌
7,348‌
Total
Consumer
Staples
7,348‌
T.
ROWE
PRICE
Real
Assets
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Electrical
Components
&
Equipment
0.0%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $668 (1)(3)(4)
699,536‌
839‌
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $940 (1)(3)(4)
983,766‌
1,181‌
Total
Industrials
&
Business
Services
2,020‌
MATERIALS
1.6%
Copper
0.6%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $3,736 (1)(3)(4)
64,540‌
8,577‌
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22
-
10/19/22,
Cost $33,521 (1)(3)(4)
252,242‌
33,521‌
42,098‌
Diversified
Metals
&
Mining
0.8%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $18,268 (1)(3)(4)
666,457‌
28,512‌
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $19,888 (1)(3)(4)
464,875‌
19,888‌
Kobold
Metals,
Series
B-Prime-1,
Acquisition
Date:
3/21/23,
Cost $6,053 (1)(3)(4)
141,490‌
6,053‌
Verai
Discoveries,
Series
A,
Acquisition
Date:
10/17/22,
Cost $2,464 (1)(3)(4)
121,855‌
2,464‌
56,917‌
Specialty
Chemicals
0.2%
Lilac
Solutions,
Acquisition
Date:
11/21/22,
Cost $2,466 (1)(3)(4)
2,465,817‌
2,466‌
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $9,143 (1)
(3)(4)
696,477‌
9,506‌
11,972‌
Total
Materials
110,987‌
Total
Convertible
Preferred
Stocks
(Cost
$99,860)
120,355‌
EQUITY
MUTUAL
FUNDS
1.5%
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF (5)
641,463‌
27,403‌
SPDR
S&P
Homebuilders
ETF (5)
527,723‌
35,759‌
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF (5)
171,496‌
21,881‌
VanEck
Vectors
Oil
Services
ETF (5)
70,267‌
19,473‌
Total
Equity
Mutual
Funds
(Cost
$83,073)
104,516‌
T.
ROWE
PRICE
Real
Assets
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
0.0%
ENERGY
0.0%
Oil
&
Gas
Equipment
&
Services
0.0%
Energy
Reservoir,
Class
A-3,
Acquisition
Date:
11/30/22,
Cost $142 (1)(3)(4)
141,772‌
142‌
Total
Energy
142‌
Total
Preferred
Stocks
(Cost
$142)
142‌
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
0.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83% (7)(8)
44,399,270‌
44,399‌
44,399‌
U.S.
Treasury
Obligations
2.3%
U.S.
Treasury
Bills,
4.521%,
5/18/23 (9)
111,500,000‌
110,849‌
U.S.
Treasury
Bills,
4.856
%,
8/10/23 
46,700,000‌
45,915‌
156,764‌
Total
Short-Term
Investments
(Cost
$201,150)
201,163‌
SECURITIES
LENDING
COLLATERAL
2.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
82,034,734‌
82,035‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
82,035‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
76,244,585‌
76,244‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
76,244‌
Total
Securities
Lending
Collateral
(Cost
$158,279)
158,279‌
Total
Investments
in
Securities
101.8%
(Cost
$6,249,336)
$
6,926,369‌
Other
Assets
Less
Liabilities
(1.8)%
(125,782‌)
Net
Assets
100.0%
$
6,800,587‌
T.
ROWE
PRICE
Real
Assets
Fund
12
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
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.
(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
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
$136,529
and
represents
2.0%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(6)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(7)
Seven-day
yield
(8)
Affiliated
Companies
(9)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
BHD
Bahrain
Dinar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RUB
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR
Secured
overnight
financing
rate
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Real
Assets
Fund
13
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Interest
Rate
Swaps
0.0%
1
Year
Interest
Rate
Swap,
Receive
Fixed
5.610%
Annually,
Pay
Variable
4.667%
(SOFR)
Annually,
3/11/24
101,570
847
—
847‌
Total
Centrally
Cleared
Interest
Rate
Swaps
847‌
Total
Centrally
Cleared
Swaps
847‌
Net
payments
(receipts)
of
variation
margin
to
date
(845‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
2‌
T.
ROWE
PRICE
Real
Assets
Fund
14
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/14/23
NOK
313,394‌
USD
29,588‌
$
365‌
Barclays
Bank
4/14/23
GBP
46,296‌
USD
55,221‌
1,906‌
Deutsche
Bank
4/14/23
JPY
6,529,300‌
USD
48,173‌
1,115‌
HSBC
Bank
4/4/23
BRL
171,800‌
USD
33,816‌
57‌
HSBC
Bank
4/4/23
USD
33,050‌
BRL
171,800‌
(823‌)
HSBC
Bank
5/3/23
BRL
171,800‌
USD
32,905‌
800‌
Morgan
Stanley
4/4/23
BRL
171,800‌
USD
32,853‌
1,020‌
Morgan
Stanley
4/4/23
USD
33,816‌
BRL
171,800‌
(57‌)
UBS
Investment
Bank
4/14/23
CHF
39,552‌
USD
42,385‌
909‌
Wells
Fargo
4/14/23
CAD
95,581‌
USD
69,519‌
1,218‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
6,510‌
T.
ROWE
PRICE
Real
Assets
Fund
15
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
3,150
Euro
STOXX
contracts
6/23
(145,563)
$
(3,700‌)
Long,
1,394
S&P
500
E-mini
Index
Energy
Sector
contracts
6/23
121,696
2,371‌
Long,
389
S&P
500
E-mini
Index
Materials
Sector
contracts
6/23
33,524
1,265‌
Short,
771
U.S.
Treasury
Notes
ten
year
contracts
6/23
(88,605)
(2,471‌)
Short,
254
Ultra
U.S.
Treasury
Bonds
contracts
6/23
(35,846)
(1,179‌)
Net
payments
(receipts)
of
variation
margin
to
date
3,404‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(310‌)
T.
ROWE
PRICE
Real
Assets
Fund
16
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,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
—‌
$
—‌
$
—‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
—‌
—‌
879‌
Totals
$
—‌#
$
—‌
$
879‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
166,720‌
 ¤
 ¤
$
158,279‌
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
204,321‌
 ¤
 ¤
44,399‌
Total
$
202,678‌^
#
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
$879
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
$202,678.
T.
ROWE
PRICE
Real
Assets
Fund
Unaudited
Notes
to
Portfolio
of
Investments
17
T.
Rowe
Price
Real
Assets
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Real
Assets
Fund
18
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Real
Assets
Fund
19
services
consider
factors
such
as,
but
not
limited
to,
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.
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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.
T.
ROWE
PRICE
Real
Assets
Fund
20
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
$
3,747,304‌
$
2,578,578‌
$
16,032‌
$
6,341,914‌
Convertible
Preferred
Stocks
—‌
—‌
120,355‌
120,355‌
Equity
Mutual
Funds
104,516‌
—‌
—‌
104,516‌
Preferred
Stocks
—‌
—‌
142‌
142‌
Short-Term
Investments
44,399‌
156,764‌
—‌
201,163‌
Securities
Lending
Collateral
158,279‌
—‌
—‌
158,279‌
Total
Securities
4,054,498‌
2,735,342‌
136,529‌
6,926,369‌
Swaps*
—‌
847‌
—‌
847‌
Forward
Currency
Exchange
Contracts
—‌
7,390‌
—‌
7,390‌
Futures
Contracts*
3,636‌
—‌
—‌
3,636‌
Total
$
4,058,134‌
$
2,743,579‌
$
136,529‌
$
6,938,242‌
Liabilities
Forward
Currency
Exchange
Contracts
$
—‌
$
880‌
$
—‌
$
880‌
Futures
Contracts*
7,350‌
—‌
—‌
7,350‌
Total
$
7,350‌
$
880‌
$
—‌
$
8,230‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Real
Assets
Fund
21
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $12,101,000 for
the
period ended
March
31,
2023.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
14,174
$
1,858
$
—
$
16,032
Convertible
Preferred
Stocks
84,171
10,243
25,941
120,355
Preferred
Stocks
142
—
—
142
Total
$
98,487
$
12,101
$
25,941
$
136,529
T.
ROWE
PRICE
Real
Assets
Fund
22
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.
F176-054Q1
03/23