NPORT-EX 2 70APTRP033124.htm T. ROWE PRICE REAL ASSETS FUND, INC.
T.
ROWE
PRICE
Real
Assets
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CLOSED-END
MUTUAL
FUNDS
0.0%
TRUSTS
&
FUNDS
0.0%
Trusts
&
Mutual
Funds
0.0%
Sprott
Physical
Uranium
Trust
(CAD) (1)(2)
240,000‌
4,970‌
Total
Trusts
&
Funds
4,970‌
Total
Closed-End
Mutual
Funds
(Cost
$5,859)
4,970‌
COMMON
STOCKS
93.6%
COMMUNICATION
SERVICES
0.1%
Integrated
Telecommunication
Services
0.1%
Cellnex
Telecom
(EUR) 
349,511‌
12,364‌
Total
Communication
Services
12,364‌
CONSUMER
DISCRETIONARY
1.0%
Homebuilding
0.2%
Persimmon
(GBP) 
1,289,993‌
21,389‌
21,389‌
Hotels,
Resorts,
&
Cruise
Lines
0.8%
Hilton
Worldwide
Holdings 
208,960‌
44,573‌
InterContinental
Hotels
Group
(GBP) 
123,861‌
12,871‌
Kyoritsu
Maintenance
(JPY) (1)
371,400‌
8,599‌
Marriott
International,
Class
A 
57,423‌
14,488‌
80,531‌
Total
Consumer
Discretionary
101,920‌
CONSUMER
STAPLES
0.0%
Agricultural
Products
&
Services
0.0%
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $2,705 (2)(3)(4)
146,479‌
765‌
Total
Consumer
Staples
765‌
ENERGY
18.3%
Coal
&
Consumable
Fuels
0.6%
Cameco 
888,578‌
38,493‌
NAC
Kazatomprom,
GDR 
518,826‌
20,960‌
59,453‌
Integrated
Oil
&
Gas
6.0%
BP,
ADR 
1,794,335‌
67,611‌
Chevron 
474,637‌
74,869‌
Equinor
(NOK) 
1,071,526‌
28,732‌
Exxon
Mobil 
1,384,071‌
160,884‌
Galp
Energia
(EUR) 
1,652,603‌
27,322‌
T.
ROWE
PRICE
Real
Assets
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OMV
(EUR) 
459,200‌
21,749‌
Shell
(GBP) 
2,769,625‌
91,895‌
Suncor
Energy
(CAD) 
1,469,514‌
54,233‌
TotalEnergies
(EUR) 
1,383,402‌
95,163‌
622,458‌
Oil
&
Gas
Drilling
0.4%
Noble 
486,070‌
23,570‌
Seadrill (2)
353,487‌
17,780‌
41,350‌
Oil
&
Gas
Equipment
&
Services
2.1%
Baker
Hughes 
936,233‌
31,364‌
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $2,530 (2)(3)(4)(5)
2,530,088‌
1,467‌
Expro
Group
Holdings (2)
161,682‌
3,229‌
Halliburton 
1,183,947‌
46,671‌
Schlumberger 
1,379,009‌
75,584‌
TechnipFMC 
1,749,911‌
43,940‌
Tenaris,
ADR 
453,543‌
17,811‌
220,066‌
Oil
&
Gas
Exploration
&
Production
6.0%
Canadian
Natural
Resources
(CAD) 
974,693‌
74,353‌
Chesapeake
Energy 
303,597‌
26,969‌
ConocoPhillips 
1,058,444‌
134,719‌
Diamondback
Energy 
320,553‌
63,524‌
EOG
Resources 
541,101‌
69,174‌
EQT 
973,839‌
36,100‌
Hess 
489,366‌
74,697‌
Kosmos
Energy (2)
3,161,777‌
18,844‌
Pioneer
Natural
Resources 
227,904‌
59,825‌
Range
Resources 
798,455‌
27,491‌
Southwestern
Energy (2)
4,019,976‌
30,471‌
616,167‌
Oil
&
Gas
Refining
&
Marketing
1.5%
Marathon
Petroleum 
364,517‌
73,450‌
Phillips
66 
152,022‌
24,831‌
Valero
Energy 
330,783‌
56,462‌
154,743‌
Oil
&
Gas
Storage
&
Transportation
1.7%
Enbridge 
1,770,237‌
64,047‌
Kinder
Morgan 
614,784‌
11,275‌
Targa
Resources 
352,652‌
39,494‌
T.
ROWE
PRICE
Real
Assets
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Williams 
1,652,267‌
64,389‌
179,205‌
Total
Energy
1,893,442‌
INDUSTRIALS
&
BUSINESS
SERVICES
1.8%
Construction
&
Engineering
0.1%
Quanta
Services 
57,676‌
14,984‌
14,984‌
Electrical
Components
&
Equipment
0.3%
Hubbell 
40,038‌
16,617‌
Schneider
Electric
(EUR) 
64,380‌
14,555‌
31,172‌
Industrial
Machinery
&
Supplies
&
Components
0.2%
Sandvik
(SEK) 
967,618‌
21,482‌
21,482‌
Rail
Transportation
1.2%
Canadian
National
Railway
(CAD) 
172,978‌
22,778‌
Canadian
Pacific
Kansas
City (1)
257,331‌
22,689‌
CSX 
583,123‌
21,616‌
Norfolk
Southern 
127,127‌
32,401‌
Union
Pacific 
83,348‌
20,498‌
119,982‌
Trading
Companies
&
Distributors
0.0%
Yellow
Cake
(GBP) (2)
614,974‌
4,671‌
4,671‌
Total
Industrials
&
Business
Services
192,291‌
MATERIALS
35.1%
Aluminum
0.7%
Alcoa 
384,794‌
13,002‌
Aluminium
Bahrain
(BHD) 
3,809,069‌
12,326‌
Aluminum
Corp
of
China,
Class
H
(HKD) 
8,810,000‌
5,610‌
China
Hongqiao
Group
(HKD) (1)
5,120,000‌
5,770‌
Hindalco
Industries
(INR) 
1,495,928‌
10,129‌
Norsk
Hydro
(NOK) 
3,982,765‌
21,887‌
68,724‌
Commodity
Chemicals
0.2%
LG
Chem
(KRW) 
37,676‌
12,286‌
Lotte
Chemical
(KRW) 
87,387‌
7,744‌
20,030‌
Construction
Materials
0.3%
Vulcan
Materials 
94,907‌
25,902‌
25,902‌
T.
ROWE
PRICE
Real
Assets
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Copper
3.5%
Amman
Mineral
Internasional
(IDR) (2)
13,646,100‌
7,534‌
Capstone
Copper
(CAD) (2)
2,573,064‌
16,374‌
ERO
Copper
(CAD) (1)(2)
2,817,373‌
54,328‌
First
Quantum
Minerals
(CAD) 
1,744,249‌
18,749‌
Freeport-McMoRan 
4,691,982‌
220,617‌
Southern
Copper (1)
437,495‌
46,602‌
364,204‌
Diversified
Chemicals
0.3%
BASF
(EUR) 
220,892‌
12,623‌
Huntsman 
610,848‌
15,900‌
28,523‌
Diversified
Metals
&
Mining
9.3%
Adriatic
Metals,
CDI
(AUD) (2)
6,260,692‌
16,103‌
Anglo
American
(GBP) 
2,794,476‌
68,864‌
BHP
Group
(AUD) 
10,379,424‌
300,110‌
Boliden
(SEK) 
1,009,597‌
28,034‌
Filo
(CAD) (2)
796,159‌
13,901‌
Foran
Mining
(CAD) (1)(2)
2,288,745‌
7,029‌
Foran
Mining
(CAD) (2)
1,776,779‌
5,184‌
Glencore
(GBP) 
25,629,605‌
140,644‌
Grupo
Mexico,
Series
B
(MXN) 
4,332,522‌
25,797‌
Ivanhoe
Electric (1)(2)
2,425,551‌
23,770‌
Ivanhoe
Mines,
Class
A
(CAD) (1)(2)
7,680,160‌
91,625‌
Meridian
Mining
U.K.
Societas
(CAD) (1)(2)
1,808,262‌
541‌
MMC
Norilsk
Nickel
(RUB) (4)
75,310‌
—‌
MP
Materials (1)(2)
443,200‌
6,338‌
NGEx
Minerals
(CAD) (2)
2,001,892‌
12,932‌
Rio
Tinto
(AUD) 
216,646‌
17,194‌
Rio
Tinto
(GBP) 
1,681,871‌
106,336‌
South32
(AUD) 
9,831,882‌
19,185‌
Teck
Resources,
Class
B 
1,671,736‌
76,532‌
Verai
Discoveries,
Series
A1,
Acquisition
Date:
10/17/22,
Cost $1,258 (2)(3)(4)
62,199‌
1,258‌
961,377‌
Fertilizers
&
Agricultural
Chemicals
0.5%
CF
Industries
Holdings 
371,937‌
30,949‌
Mosaic 
487,300‌
15,818‌
46,767‌
Forest
Products
0.5%
Louisiana-Pacific 
263,817‌
22,137‌
West
Fraser
Timber
(CAD) 
296,759‌
25,624‌
47,761‌
T.
ROWE
PRICE
Real
Assets
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gold
8.9%
Agnico
Eagle
Mines
(CAD) 
776,973‌
46,330‌
Agnico
Eagle
Mines 
290,041‌
17,301‌
Alamos
Gold,
Class
A
(CAD) (1)
2,671,652‌
39,388‌
Alamos
Gold,
Class
A 
1,128,788‌
16,650‌
Anglogold
Ashanti
(ZAR) 
348,869‌
7,789‌
Barrick
Gold 
1,622,935‌
27,006‌
Bellevue
Gold
(AUD) (2)
12,025,602‌
14,789‌
Capricorn
Metals
(AUD) (2)
6,794,494‌
22,791‌
Centamin
(GBP) 
10,232,163‌
14,573‌
Emerald
Resources
(AUD) (2)
19,732,706‌
37,721‌
Endeavour
Mining
(CAD) (1)
167,179‌
3,397‌
Evolution
Mining
(AUD) 
956,385‌
2,235‌
Franco-Nevada
(CAD) 
1,075,698‌
128,174‌
G
Mining
Ventures
(CAD) (1)(2)
9,272,907‌
12,938‌
Genesis
Minerals
(AUD) (2)
1,090,609‌
1,319‌
Gold
Fields
(ZAR) 
1,978,523‌
31,740‌
Harmony
Gold
Mining
(ZAR) 
122,653‌
1,014‌
Karora
Resources
(CAD) (2)
7,456,916‌
27,966‌
Kinross
Gold 
1,997,132‌
12,242‌
Lundin
Gold
(CAD) 
1,502,907‌
21,125‌
New
Gold
(CAD) (1)(2)
797,115‌
1,342‌
Newmont 
1,397,289‌
50,079‌
Newmont,
CDI
(AUD) 
920,485‌
32,388‌
Northern
Star
Resources
(AUD) 
8,137,522‌
76,782‌
Ora
Banda
Mining
(AUD) (2)
5,256,724‌
959‌
Osisko
Gold
Royalties
(CAD) (1)
2,006,280‌
32,926‌
Osisko
Mining
(CAD) (1)(2)
11,332,075‌
23,257‌
Osisko
Mining,
Warrants,
8/28/24
(CAD) (2)
1,873,988‌
—‌
Polyus
(RUB) (2)(4)
63,061‌
—‌
Predictive
Discovery
(AUD) (2)
40,036,213‌
5,879‌
Red
5
(AUD) (2)
46,687,402‌
11,579‌
Royal
Gold 
233,250‌
28,412‌
Skeena
Resources
(CAD) (1)(2)
2,311,834‌
10,633‌
Snowline
Gold
(CAD) (2)
1,860,950‌
8,284‌
Wesdome
Gold
Mines
(CAD) (2)
4,783,339‌
35,631‌
Wheaton
Precious
Metals
(CAD) 
2,235,522‌
105,294‌
Zijin
Mining
Group,
Class
H
(HKD) 
8,346,000‌
16,720‌
926,653‌
Industrial
Gases
1.4%
Air
Liquide
(EUR) 
198,318‌
41,260‌
Linde 
227,717‌
105,733‌
146,993‌
T.
ROWE
PRICE
Real
Assets
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metal
Glass
&
Plastic
Containers
0.2%
Ball 
353,210‌
23,792‌
23,792‌
Paper
&
Plastic
Packaging
Products
&
Materials
0.2%
Packaging
Corp.
of
America 
132,664‌
25,177‌
25,177‌
Precious
Metals
&
Minerals
1.1%
Alrosa
(RUB) (4)
19,084,530‌
—‌
Anglo
American
Platinum
(ZAR) 
726,417‌
29,470‌
ARE
Holdings
(JPY) (1)
192,700‌
2,459‌
Fresnillo
(GBP) 
59,866‌
354‌
Impala
Platinum
Holdings
(ZAR) 
4,892,269‌
20,211‌
Industrias
Penoles
(MXN) (1)(2)
1,014,388‌
14,418‌
Northam
Platinum
Holdings
(ZAR) 
4,087,022‌
24,355‌
Sibanye
Stillwater
(ZAR) 
12,803,500‌
14,653‌
SilverCrest
Metals
(CAD) (1)(2)
560,563‌
3,737‌
109,657‌
Silver
0.1%
Aya
Gold
&
Silver
(CAD) (1)(2)
1,441,905‌
12,412‌
12,412‌
Specialty
Chemicals
1.3%
HB
Fuller 
191,600‌
15,278‌
International
Flavors
&
Fragrances 
213,426‌
18,353‌
RPM
International 
176,633‌
21,011‌
Sherwin-Williams 
122,817‌
42,658‌
Shin-Etsu
Chemical
(JPY) 
922,200‌
40,109‌
137,409‌
Steel
6.6%
ArcelorMittal
(EUR) 
1,100,125‌
30,239‌
BlueScope
Steel
(AUD) 
504,685‌
7,849‌
Champion
Iron
(AUD) 
2,492,112‌
12,031‌
Cleveland-Cliffs (2)
705,299‌
16,039‌
Commercial
Metals 
229,126‌
13,466‌
Hoa
Phat
Group
(VND) (2)
55,293,000‌
67,458‌
JFE
Holdings
(JPY) 
803,000‌
13,474‌
JSW
Steel
(INR) 
709,566‌
7,117‌
Nippon
Steel
(JPY) (1)
2,280,800‌
55,265‌
Nucor 
732,934‌
145,048‌
Reliance 
247,014‌
82,547‌
SSAB,
Class
A
(SEK) 
2,130,691‌
15,744‌
SSAB,
Class
B
(SEK) (1)
865,583‌
6,391‌
Steel
Dynamics 
821,130‌
121,716‌
Tata
Steel
(INR) 
9,372,922‌
17,615‌
T.
ROWE
PRICE
Real
Assets
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vale,
ADR 
4,381,382‌
53,409‌
voestalpine
(EUR) 
20,629‌
579‌
Warrior
Met
Coal 
241,951‌
14,686‌
680,673‌
Total
Materials
3,626,054‌
REAL
ESTATE
36.3%
Data
Center
Real
Estate
Investment
Trusts
2.7%
Digital
Core
REIT
Management 
11,877,300‌
7,126‌
Equinix,
REIT 
326,487‌
269,459‌
276,585‌
Diversified
Real
Estate
Activites
1.6%
Kerry
Properties
(HKD) 
4,244,500‌
7,776‌
Mitsubishi
Estate
(JPY) 
1,980,000‌
36,420‌
Mitsui
Fudosan
(JPY) 
7,771,200‌
84,576‌
Sun
Hung
Kai
Properties
(HKD) 
3,875,500‌
37,436‌
166,208‌
Diversified
Real
Estate
Investment
Trusts
0.0%
Tokyu
REIT
(JPY) 
579‌
611‌
611‌
Health
Care
Real
Estate
Investment
Trusts
2.6%
Healthcare
Realty
Trust,
REIT 
1,878,810‌
26,585‌
Ventas,
REIT 
1,880,252‌
81,866‌
Welltower,
REIT 
1,730,994‌
161,744‌
270,195‌
Hotel
&
Resort
Real
Estate
Investment
Trusts
1.1%
Apple
Hospitality
REIT,
REIT 
2,629,648‌
43,073‌
Host
Hotels
&
Resorts,
REIT 
1,279,870‌
26,468‌
Invincible
Investment
(JPY) 
71,554‌
32,142‌
Pebblebrook
Hotel
Trust,
REIT (1)
955,219‌
14,720‌
116,403‌
Industrial
Real
Estate
Investment
Trusts
7.2%
EastGroup
Properties,
REIT 
327,593‌
58,891‌
Goodman
Group
(AUD) 
2,424,046‌
53,395‌
Granite
Real
Estate
Investment
Trust
(CAD) (1)
219,826‌
12,546‌
Industrial
&
Infrastructure
Fund
Investment
(JPY) 
2,005‌
1,796‌
Mapletree
Industrial
Trust
(SGD) 
10,727,300‌
18,589‌
Mitsui
Fudosan
Logistics
Park
(JPY) 
7,320‌
21,808‌
Prologis,
REIT 
2,445,837‌
318,497‌
Rexford
Industrial
Realty,
REIT 
2,185,397‌
109,926‌
Segro
(GBP) 
3,162,374‌
36,056‌
Terreno
Realty,
REIT 
1,374,073‌
91,239‌
T.
ROWE
PRICE
Real
Assets
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Warehouses
De
Pauw
(EUR) 
644,908‌
18,389‌
741,132‌
Multi-Family
Residential
Real
Estate
Investment
Trusts
4.6%
Apartment
Investment
&
Management,
Class
A,
REIT (2)
582,815‌
4,773‌
AvalonBay
Communities,
REIT 
698,262‌
129,570‌
Boardwalk
Real
Estate
Investment
Trust
(CAD) (1)
325,925‌
18,787‌
Camden
Property
Trust,
REIT 
426,610‌
41,978‌
Canadian
Apartment
Properties
REIT
(CAD) (1)
410,471‌
14,088‌
Comforia
Residential
REIT
(JPY) 
9,181‌
19,741‌
Equity
Residential,
REIT 
1,822,816‌
115,038‌
Essex
Property
Trust,
REIT 
505,691‌
123,798‌
UNITE
Group
(GBP) 
969,470‌
11,993‌
479,766‌
Office
Real
Estate
Investment
Trusts
1.4%
Alexandria
Real
Estate
Equities,
REIT 
257,826‌
33,236‌
Derwent
London
(GBP) 
737,523‌
20,209‌
Douglas
Emmett,
REIT (1)
1,390,452‌
19,286‌
Gecina
(EUR) 
201,474‌
20,579‌
Kilroy
Realty,
REIT 
1,119,716‌
40,791‌
SL
Green
Realty,
REIT 
184,952‌
10,197‌
144,298‌
Other
Specialized
Real
Estate
Investment
Trusts
0.5%
Gaming
&
Leisure
Properties,
REIT 
1,099,493‌
50,654‌
50,654‌
Real
Estate
Development
0.1%
Katitas
(JPY) (1)
687,700‌
9,081‌
WHA
(THB) 
45,981,300‌
5,999‌
15,080‌
Real
Estate
Operating
Companies
0.7%
LEG
Immobilien
(EUR) (2)
477,200‌
40,987‌
StorageVault
Canada
(CAD) 
3,533,173‌
13,459‌
Wharf
Real
Estate
Investment
(HKD) 
6,788,000‌
22,101‌
76,547‌
Real
Estate
Services
0.1%
CBRE
Group,
Class
A (2)
128,031‌
12,450‌
12,450‌
Retail
Real
Estate
Investment
Trusts
4.5%
Acadia
Realty
Trust,
REIT 
3,209,510‌
54,594‌
CapitaLand
Integrated
Commercial
Trust
(SGD) 
21,001,300‌
30,793‌
Federal
Realty
Investment
Trust,
REIT 
73,768‌
7,533‌
Kimco
Realty,
REIT 
1,071,266‌
21,008‌
Nexus
Select
Trust
(INR) 
6,942,581‌
10,677‌
Regency
Centers,
REIT 
1,989,705‌
120,497‌
T.
ROWE
PRICE
Real
Assets
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Scentre
Group
(AUD) 
20,605,514‌
45,508‌
Simon
Property
Group,
REIT 
1,147,116‌
179,512‌
470,122‌
Self-Storage
Real
Estate
Investment
Trusts
3.2%
Big
Yellow
Group
(GBP) 
1,179,954‌
15,831‌
CubeSmart,
REIT 
1,595,754‌
72,160‌
Extra
Space
Storage,
REIT 
227,715‌
33,474‌
Public
Storage,
REIT 
605,805‌
175,720‌
Shurgard
Self
Storage
(EUR) 
654,461‌
29,193‌
326,378‌
Single-Family
Residential
Real
Estate
Investment
Trusts
2.5%
American
Homes
4
Rent,
Class
A,
REIT 
2,800,100‌
102,988‌
Equity
LifeStyle
Properties,
REIT 
1,469,547‌
94,639‌
Sun
Communities,
REIT 
505,912‌
65,050‌
262,677‌
Telecom
Tower
Real
Estate
Investment
Trusts
2.7%
American
Tower,
REIT 
865,662‌
171,046‌
Crown
Castle,
REIT 
403,018‌
42,651‌
SBA
Communications,
REIT 
287,303‌
62,259‌
275,956‌
Timber
Real
Estate
Investment
Trusts
0.8%
Rayonier,
REIT 
784,122‌
26,064‌
Weyerhaeuser,
REIT 
1,501,059‌
53,903‌
79,967‌
Total
Real
Estate
3,765,029‌
UTILITIES
0.9%
Electric
Utilities
0.6%
FirstEnergy 
308,474‌
11,913‌
NextEra
Energy 
391,296‌
25,008‌
PG&E 
702,539‌
11,775‌
Southern 
224,272‌
16,089‌
64,785‌
Multi-Utilities
0.3%
Ameren 
126,191‌
9,333‌
CenterPoint
Energy 
307,201‌
8,752‌
Dominion
Energy 
222,415‌
10,941‌
29,026‌
Total
Utilities
93,811‌
Total
Miscellaneous
Common
Stocks
 0.1% (6)
9,600‌
Total
Common
Stocks
(Cost
$8,353,241)
9,695,276‌
T.
ROWE
PRICE
Real
Assets
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
1.5%
CONSUMER
STAPLES
0.0%
Agricultural
Products
&
Services
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $8 (2)(3)(4)
397‌
2‌
Total
Consumer
Staples
2‌
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Electrical
Components
&
Equipment
0.0%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $668 (2)(3)(4)
699,536‌
909‌
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $940 (2)(3)(4)
983,766‌
1,279‌
Total
Industrials
&
Business
Services
2,188‌
MATERIALS
1.5%
Copper
0.4%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $3,736 (2)(3)(4)
64,540‌
8,577‌
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22
-
10/19/22,
Cost $33,521 (2)(3)(4)
252,242‌
33,521‌
42,098‌
Diversified
Metals
&
Mining
1.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $18,268 (2)(3)(4)
666,457‌
48,891‌
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $19,888 (2)(3)(4)
464,875‌
34,103‌
Kobold
Metals,
Series
B-Prime-1,
Acquisition
Date:
3/21/23,
Cost $6,053 (2)(3)(4)
141,490‌
10,380‌
Sortera
Tech,
Series
C-1,
Acquisition
Date:
4/13/23,
Cost $2,367 (2)(3)(4)
171,757‌
2,367‌
Verai
Discoveries,
Series
A,
Acquisition
Date:
10/17/22,
Cost $2,464 (2)(3)(4)
121,855‌
2,464‌
98,205‌
Specialty
Chemicals
0.1%
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $9,143 (2)
(3)(4)
696,477‌
9,395‌
Lilac
Solutions,
Series
C-1,
Acquisition
Date:
11/21/22,
Cost $2,466 (2)(3)(4)
234,786‌
3,082‌
12,477‌
Total
Materials
152,780‌
Total
Convertible
Preferred
Stocks
(Cost
$99,522)
154,970‌
T.
ROWE
PRICE
Real
Assets
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
EQUITY
MUTUAL
FUNDS
1.4%
Global
X
Copper
Miners
ETF 
658,340‌
27,933‌
iShares
U.S.
Home
Construction
ETF (1)
111,488‌
12,907‌
SPDR
S&P
Homebuilders
ETF (1)
453,534‌
50,610‌
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF (1)
171,496‌
26,570‌
VanEck
Vectors
Oil
Services
ETF (1)
70,267‌
23,633‌
Total
Equity
Mutual
Funds
(Cost
$91,014)
141,653‌
PREFERRED
STOCKS
0.0%
ENERGY
0.0%
Oil
&
Gas
Equipment
&
Services
0.0%
Energy
Reservoir
Holdings,
Class
A-3,
Acquisition
Date:
11/30/22,
Cost $142 (2)(3)(4)(5)
141,772‌
149‌
Total
Energy
149‌
Total
Preferred
Stocks
(Cost
$142)
149‌
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
2.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37% (7)(8)
227,710,961‌
227,711‌
227,711‌
U.S.
Treasury
Obligations
0.8%
U.S.
Treasury
Bills,
5.402%,
5/9/24 (9)
78,037,000‌
77,604‌
77,604‌
Total
Short-Term
Investments
(Cost
$305,316)
305,315‌
SECURITIES
LENDING
COLLATERAL
2.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
147,972,736‌
147,973‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
147,973‌
T.
ROWE
PRICE
Real
Assets
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
129,964,990‌
129,965‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
129,965‌
Total
Securities
Lending
Collateral
(Cost
$277,938)
277,938‌
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
OTC
Options
Written
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
S&P
500
Index,
Put,
5/17/24
@
$4,990.00 (2)
382‌
200,716‌
768‌
UBS
Investment
Bank
S&P
500
Index,
Put,
5/17/24
@
$4,745.00 (2)
843‌
442,942‌
712‌
Total
Options
Purchased
(Cost
$3,223)
1,480‌
Total
Investments
in
Securities
102.2%
(Cost
$9,136,255)
$
10,581,751‌
Other
Assets
Less
Liabilities
(2.2)%
(226,266‌)
Net
Assets
100.0%
$
10,355,485‌
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(2)
Non-income
producing
(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
$158,609
and
represents
1.5%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(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.
T.
ROWE
PRICE
Real
Assets
Fund
13
.
.
.
.
.
.
.
.
.
.
(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,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
6M
ADBB
Six
month
AUD
bank
bill
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
CLP
Chilean
Peso
ETF
Exchange-Traded
Fund
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
OTC
Over-the-counter
PLN
Polish
Zloty
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
THB
Thai
Baht
USD
U.S.
Dollar
VND
Vietnam
Dong
ZAR
South
African
Rand
T.
ROWE
PRICE
Real
Assets
Fund
14
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Total
Return
Swaps
(0.0)%
Goldman
Sachs,
Pay
Underlying
Reference:
SPDR
S&P
Retail
ETF
Monthly,
Receive
Variable
3.167%
(SOFR
+
(1.80)%)
Monthly,
1/18/26
27,477
(1,183)
—
(1,183‌)
Total
Bilateral
Total
Return
Swaps
—
(1,183‌)
Total
Bilateral
Swaps
—
(1,183‌)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Interest
Rate
Swaps
0.0%
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.341%
Semi-Annually,
Pay
Variable
4.468%
(6M
ADBB)
Semi-Annually,
2/9/34
(AUD)
53,509
364
—
364‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.343%
Semi-Annually,
Pay
Variable
4.468%
(6M
ADBB)
Semi-Annually,
2/9/34
(AUD)
52,804
364
—
364‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.366%
Semi-Annually,
Pay
Variable
4.468%
(6M
ADBB)
Semi-Annually,
2/9/34
(AUD)
52,804
430
—
430‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.368%
Semi-Annually,
Pay
Variable
4.477%
(6M
ADBB)
Semi-Annually,
2/13/34
(AUD)
53,237
436
—
436‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.370%
Semi-Annually,
Pay
Variable
4.468%
(6M
ADBB)
Semi-Annually,
2/9/34
(AUD)
132,009
1,101
—
1,101‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.370%
Semi-Annually,
Pay
Variable
4.477%
(6M
ADBB)
Semi-Annually,
2/13/34
(AUD)
53,236
443
—
443‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.375%
Semi-Annually,
Pay
Variable
4.468%
(6M
ADBB)
Semi-Annually,
2/9/34
(AUD)
52,804
455
—
455‌
T.
ROWE
PRICE
Real
Assets
Fund
15
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Receive
Fixed
4.381%
Semi-Annually,
Pay
Variable
4.477%
(6M
ADBB)
Semi-Annually,
2/13/34
(AUD)
59,395
529
—
529‌
Total
Centrally
Cleared
Interest
Rate
Swaps
4,122‌
Total
Centrally
Cleared
Swaps
4,122‌
Net
payments
(receipts)
of
variation
margin
to
date
(4,682‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(560‌)
T.
ROWE
PRICE
Real
Assets
Fund
16
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/15/24
USD
70,409‌
SEK
718,340‌
$
3,253‌
Barclays
Bank
4/15/24
CLP
25,779,516‌
USD
26,151‌
146‌
Barclays
Bank
4/15/24
GBP
147,346‌
USD
188,405‌
(2,415‌)
Barclays
Bank
4/18/24
USD
17,484‌
IDR
277,738,329‌
(10‌)
Barclays
Bank
5/15/24
IDR
277,738,329‌
USD
17,471‌
4‌
BNP
Paribas
4/15/24
CLP
30,076,102‌
USD
31,107‌
(428‌)
Citibank
4/18/24
USD
96,396‌
ILS
346,275‌
2,146‌
Deutsche
Bank
4/15/24
EUR
63,900‌
USD
69,902‌
(915‌)
Goldman
Sachs
4/2/24
BRL
455,480‌
USD
91,165‌
(393‌)
Goldman
Sachs
4/2/24
USD
91,070‌
BRL
455,480‌
298‌
Goldman
Sachs
4/18/24
INR
6,193,701‌
USD
74,631‌
(400‌)
JPMorgan
Chase
4/15/24
PLN
372,120‌
USD
94,375‌
(1,227‌)
Morgan
Stanley
4/2/24
BRL
455,480‌
USD
91,409‌
(637‌)
Morgan
Stanley
4/2/24
USD
91,165‌
BRL
455,480‌
393‌
Morgan
Stanley
4/18/24
IDR
277,738,329‌
USD
17,643‌
(148‌)
RBC
Dominion
Securities
4/15/24
MXN
1,587,957‌
USD
94,015‌
1,246‌
UBS
Investment
Bank
4/15/24
CLP
30,076,102‌
USD
31,031‌
(351‌)
UBS
Investment
Bank
4/15/24
NOK
720,263‌
USD
69,155‌
(2,781‌)
UBS
Investment
Bank
4/15/24
USD
68,200‌
CHF
59,566‌
2,024‌
Wells
Fargo
4/15/24
AUD
135,643‌
USD
89,745‌
(1,309‌)
Wells
Fargo
4/15/24
JPY
20,152,473‌
USD
137,766‌
(4,287‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(5,791‌)
T.
ROWE
PRICE
Real
Assets
Fund
17
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
3,058
OMX
Swedish
Index
contracts
4/24
72,122
$
1,634‌
Short,
1,381
Euro
STOXX
contracts
6/24
(75,165)
(2,095‌)
Short,
3,707
Government
of
Canada
ten
year
bond
contracts
6/24
(329,335)
(444‌)
Long,
1,430
Korea
Stock
Exchange
KOSPI
200
Index
contracts
6/24
99,768
3,801‌
Short,
1,928
MSCI
Emerging
Markets
Index
contracts
6/24
(101,124)
314‌
Long,
220
NASDAQ
100
E-Mini
contracts
6/24
81,290
415‌
Long,
388
S&P
500
E-Mini
Index
contracts
6/24
102,985
2,033‌
Long,
823
S&P
500
E-Mini
Index
Energy
Sector
contracts
6/24
82,333
5,736‌
Short,
652
S&P
500
E-Mini
Index
Real
Estate
Select
Sector
contracts
6/24
(31,834)
224‌
Long,
209
TOPIX
Index
contracts
6/24
37,961
585‌
Net
payments
(receipts)
of
variation
margin
to
date
(12,809‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(606‌)
T.
ROWE
PRICE
Real
Assets
Fund
18
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,
2024.
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,
5.39%
$
—‌
$
—‌
$
—‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
—‌
—‌
3,051‌
Totals
$
—‌#
$
—‌
$
3,051‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
262,380‌
 ¤
 ¤
$
277,938‌
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
309,537‌
 ¤
 ¤
227,711‌
Total
$
505,649‌^
#
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
$3,051
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
$505,649.
T.
ROWE
PRICE
Real
Assets
Fund
Unaudited
Notes
to
Portfolio
of
Investments
19
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
20
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
21
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.
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.
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
22
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Closed-End
Mutual
Funds
$
—‌
$
4,970‌
$
—‌
$
4,970‌
Common
Stocks
6,184,352‌
3,507,434‌
3,490‌
9,695,276‌
Convertible
Preferred
Stocks
—‌
—‌
154,970‌
154,970‌
Equity
Mutual
Funds
141,653‌
—‌
—‌
141,653‌
Preferred
Stocks
—‌
—‌
149‌
149‌
Short-Term
Investments
227,711‌
77,604‌
—‌
305,315‌
Securities
Lending
Collateral
277,938‌
—‌
—‌
277,938‌
Options
Purchased
—‌
1,480‌
—‌
1,480‌
Total
Securities
6,831,654‌
3,591,488‌
158,609‌
10,581,751‌
Swaps*
—‌
4,122‌
—‌
4,122‌
Forward
Currency
Exchange
Contracts
—‌
9,510‌
—‌
9,510‌
Futures
Contracts*
14,742‌
—‌
—‌
14,742‌
Total
$
6,846,396‌
$
3,605,120‌
$
158,609‌
$
10,610,125‌
Liabilities
Swaps
$
—‌
$
1,183‌
$
—‌
$
1,183‌
Forward
Currency
Exchange
Contracts
—‌
15,301‌
—‌
15,301‌
Futures
Contracts*
2,539‌
—‌
—‌
2,539‌
Total
$
2,539‌
$
16,484‌
$
—‌
$
19,023‌
*
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
23
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2024.
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,
2024,
totaled $39,090,000 for
the
period ended
March
31,
2024.
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
3,490
$
—
$
3,490
Convertible
Preferred
Stocks
115,880
39,090
154,970
Preferred
Stocks
149
—
149
Total
$
119,519
$
39,090
$
158,609
T.
ROWE
PRICE
Real
Assets
Fund
24
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
03/24