T.

ROWE

PRICE

Real

Assets

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

93.7%

COMMUNICATION

SERVICES

0.2%

Integrated

Telecommunication

Services

0.2%

Cellnex

Telecom

(EUR) 

234,600‌

11,290‌

Total

Communication

Services

11,290‌

CONSUMER

DISCRETIONARY

1.3%

Auto

Parts

&

Equipment

0.0%

Magna

International 

36,468‌

2,345‌

2,345‌

Hotels,

Resorts,

&

Cruise

Lines

1.1%

Hilton

Worldwide

Holdings (1)

57,767‌

8,766‌

Huazhu

Group,

ADR 

205,900‌

6,793‌

InterContinental

Hotels

Group

(GBP) 

157,260‌

10,636‌

Kyoritsu

Maintenance

(JPY) 

317,400‌

11,933‌

Marriott

International,

Class

A (1)

83,489‌

14,673‌

Whitbread

(GBP) (1)

224,720‌

8,367‌

61,168‌

Household

Durables

0.1%

Persimmon

(GBP) 

112,756‌

3,162‌

3,162‌

Tires

&

Rubber

0.1%

Bridgestone

(JPY) 

68,300‌

2,651‌

2,651‌

Total

Consumer

Discretionary

69,326‌

CONSUMER

STAPLES

0.6%

Agricultural

Products

0.3%

Darling

Ingredients (1)

206,664‌

16,612‌

16,612‌

Packaged

Foods

&

Meat

0.3%

Bakkafrost

(NOK) 

157,718‌

10,579‌

Sanderson

Farms 

29,313‌

5,496‌

16,075‌

Total

Consumer

Staples

32,687‌

ENERGY

10.4%

Coal

&

Consumable

Fuels

0.2%

NAC

Kazatomprom,

GDR 

373,166‌

11,814‌

11,814‌

T.

ROWE

PRICE

Real

Assets

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Integrated

Oil

&

Gas

3.6%

Chevron 

326,359‌

53,141‌

Equinor

(NOK) 

1,265,467‌

47,248‌

Galp

Energia

(EUR) 

2,456,182‌

31,053‌

TotalEnergies

(EUR) 

1,207,927‌

61,121‌

192,563‌

Oil

&

Gas

Equipment

&

Services

1.0%

Cactus,

Class

A 

245,367‌

13,922‌

ChampionX (1)

400,534‌

9,805‌

Enerflex

(CAD) 

946,116‌

6,062‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $2,530 (1)(2)(3)(4)

2,530,088‌

2,530‌

Halliburton 

285,505‌

10,812‌

Liberty

Oilfield

Services,

Class

A (1)

316,003‌

4,683‌

TechnipFMC (1)

958,708‌

7,430‌

55,244‌

Oil

&

Gas

Exploration

&

Production

5.2%

Aker

BP

(NOK) 

308,662‌

11,513‌

Canadian

Natural

Resources

(CAD) 

230,201‌

14,254‌

ConocoPhillips 

736,127‌

73,613‌

Devon

Energy 

632,092‌

37,376‌

EOG

Resources 

410,095‌

48,896‌

Hess 

222,720‌

23,840‌

Lundin

Energy

(SEK) 

375,073‌

15,743‌

Magnolia

Oil

&

Gas,

Class

A 

612,705‌

14,490‌

Pioneer

Natural

Resources 

162,097‌

40,529‌

280,254‌

Oil

&

Gas

Storage

&

Transportation

0.4%

Enbridge 

138,419‌

6,380‌

TC

Energy 

223,634‌

12,617‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/17,

Cost $112 (1)(2)(4)

37‌

220‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

3/8/17

-

10/16/17,

Cost $2,704 (1)(2)(4)

759‌

4,516‌

23,733‌

Total

Energy

563,608‌

FINANCIALS

0.0%

Asset

Management

&

Custody

Banks

0.0%

Bluescape

Opportunities

Acquisition (1)

214,936‌

2,151‌

Total

Financials

2,151‌

T.

ROWE

PRICE

Real

Assets

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INDUSTRIALS

&

BUSINESS

SERVICES

10.8%

Aerospace

&

Defense

0.2%

BWX

Technologies 

45,395‌

2,445‌

Lockheed

Martin 

7,867‌

3,472‌

Northrop

Grumman 

8,958‌

4,006‌

Safran

(EUR) 

19,618‌

2,310‌

12,233‌

Agricultural

&

Farm

Machinery

0.4%

AGCO 

57,795‌

8,440‌

Deere 

34,791‌

14,454‌

22,894‌

Airlines

1.0%

Alaska

Air

Group (1)

132,799‌

7,704‌

Allegiant

Travel (1)

45,364‌

7,367‌

Delta

Air

Lines (1)

187,798‌

7,431‌

Frontier

Group

Holdings (1)

452,029‌

5,121‌

JetBlue

Airways (1)

458,500‌

6,855‌

Southwest

Airlines (1)

148,961‌

6,822‌

Sun

Country

Airlines

Holdings (1)

206,301‌

5,401‌

United

Airlines

Holdings (1)

153,101‌

7,098‌

53,799‌

Building

Products

0.2%

ROCKWOOL

International,

Class

B

(DKK) 

26,040‌

8,596‌

8,596‌

Construction

&

Engineering

0.2%

Quanta

Services 

76,800‌

10,108‌

10,108‌

Construction

Machinery

&

Heavy

Trucks

3.0%

Alamo

Group 

32,000‌

4,601‌

Caterpillar 

286,049‌

63,738‌

Epiroc,

Class

A

(SEK) 

2,424,127‌

51,849‌

Epiroc,

Class

B

(SEK) 

664,603‌

11,999‌

Metso

Outotec

(EUR) 

3,469,147‌

29,244‌

161,431‌

Diversified

Support

Services

0.1%

Copart (1)

22,746‌

2,854‌

2,854‌

Electrical

Components

&

Equipment

0.9%

Hubbell 

65,742‌

12,081‌

Legrand

(EUR) 

83,762‌

7,964‌

Rockwell

Automation 

10,727‌

3,004‌

Schneider

Electric

(EUR) 

73,301‌

12,307‌

T.

ROWE

PRICE

Real

Assets

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Shoals

Technologies

Group,

Class

A (1)

674,116‌

11,487‌

46,843‌

Human

Resource

&

Employment

Services

0.1%

Recruit

Holdings

(JPY) 

58,700‌

2,550‌

2,550‌

Industrial

Conglomerates

0.1%

3M 

15,134‌

2,253‌

Roper

Technologies 

6,854‌

3,237‌

5,490‌

Industrial

Machinery

2.0%

Alfa

Laval

(SEK) 

307,285‌

10,570‌

Sandvik

(SEK) 

2,450,199‌

52,049‌

Weir

Group

(GBP) 

1,979,632‌

42,245‌

104,864‌

Railroads

1.5%

Canadian

National

Railway

(CAD) 

83,561‌

11,209‌

Canadian

Pacific

Railway 

136,279‌

11,249‌

CSX 

300,769‌

11,264‌

Norfolk

Southern 

78,084‌

22,271‌

Union

Pacific 

90,203‌

24,644‌

80,637‌

Research

&

Consulting

Services

1.0%

ALS

(AUD) 

4,296,580‌

42,665‌

CoStar

Group (1)

30,190‌

2,011‌

Leidos

Holdings 

25,914‌

2,799‌

Verisk

Analytics 

18,916‌

4,060‌

51,535‌

Trucking

0.1%

Knight-Swift

Transportation

Holdings 

61,033‌

3,080‌

Old

Dominion

Freight

Line 

12,519‌

3,739‌

6,819‌

Total

Industrials

&

Business

Services

570,653‌

INFORMATION

TECHNOLOGY

0.2%

Semiconductor

Equipment

0.2%

Entegris 

69,482‌

9,120‌

9,120‌

Semiconductors

0.0%

Infineon

Technologies

(EUR) 

60,784‌

2,056‌

2,056‌

Total

Information

Technology

11,176‌

T.

ROWE

PRICE

Real

Assets

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

29.9%

Aluminum

0.8%

Constellium (1)

931,508‌

16,767‌

Granges

(SEK) 

1,567,699‌

15,370‌

Norsk

Hydro

(NOK) 

1,291,192‌

12,545‌

44,682‌

Construction

Materials

1.3%

Martin

Marietta

Materials 

95,370‌

36,707‌

Vulcan

Materials 

185,063‌

33,996‌

70,703‌

Copper

1.1%

Antofagasta

(GBP) 

266,866‌

5,799‌

ERO

Copper

(CAD) (1)

404,229‌

5,920‌

OZ

Minerals

(AUD) 

1,183,601‌

23,605‌

Southern

Copper 

317,539‌

24,101‌

59,425‌

Diversified

Metals

&

Mining

10.1%

Anglo

American

(GBP) 

238,354‌

12,385‌

BHP

Group

(AUD) 

5,587,778‌

215,395‌

BHP

Group

(GBP) 

1,576,561‌

61,137‌

Boliden

(SEK) 

2,231,737‌

112,581‌

Grupo

Mexico,

Series

B

(MXN) 

5,505,200‌

32,868‌

IGO

(AUD) 

2,776,396‌

29,022‌

MMC

Norilsk

Nickel

(RUB) (2)

75,310‌

—‌

Rio

Tinto

(AUD) 

341,631‌

30,542‌

Rio

Tinto

(GBP) 

643,466‌

51,443‌

545,373‌

Fertilizers

&

Agricultural

Chemicals

0.2%

CF

Industries

Holdings 

92,253‌

9,508‌

9,508‌

Forest

Products

0.2%

Svenska

Cellulosa,

Class

B

(SEK) 

368,271‌

7,151‌

West

Fraser

Timber

(CAD) 

62,801‌

5,167‌

12,318‌

Gold

5.6%

Franco-Nevada

(CAD) 

226,132‌

35,985‌

K92

Mining

(CAD) (1)

4,512,946‌

32,995‌

Karora

Resources

(CAD) (1)

3,927,785‌

19,982‌

Northern

Star

Resources

(AUD) 

5,662,540‌

45,683‌

Perseus

Mining

(AUD) 

29,007,921‌

42,611‌

Polyus

(RUB) (2)

61,086‌

—‌

T.

ROWE

PRICE

Real

Assets

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rhyolite

Resources,

Acquisition

Date:

12/20/21,

Cost $3,988

(CAD) (1)(4)(5)

5,873,039‌

2,678‌

Royal

Gold 

39,815‌

5,625‌

Tietto

Minerals

(AUD) (1)

40,427,813‌

15,753‌

Wesdome

Gold

Mines

(CAD) (1)

7,155,827‌

89,809‌

Wheaton

Precious

Metals

(CAD) 

271,389‌

12,906‌

304,027‌

Industrial

Gases

1.2%

Air

Liquide

(EUR) 

79,473‌

13,903‌

Air

Products

&

Chemicals 

73,002‌

18,244‌

Linde 

104,001‌

33,221‌

65,368‌

Metal

&

Glass

Containers

0.4%

Ardagh

Metal

Packaging (1)

239,608‌

1,948‌

Ball 

109,447‌

9,850‌

Verallia

(EUR) 

382,071‌

9,097‌

20,895‌

Paper

Packaging

1.2%

Avery

Dennison 

48,085‌

8,366‌

International

Paper 

344,765‌

15,911‌

Mayr

Melnhof

Karton

(EUR) 

39,108‌

6,972‌

Packaging

Corp.

of

America 

171,604‌

26,789‌

Westrock 

176,574‌

8,304‌

66,342‌

Paper

Products

0.5%

Mondi

(GBP) 

538,907‌

10,475‌

Stora

Enso,

Class

R

(EUR) 

372,995‌

7,317‌

UPM-Kymmene

(EUR) 

346,555‌

11,317‌

29,109‌

Precious

Metals

&

Minerals

0.3%

Alrosa

(RUB) (2)

19,084,530‌

—‌

Impala

Platinum

Holdings

(ZAR) 

259,369‌

3,992‌

Sibanye

Stillwater

(ZAR) 

3,550,725‌

14,278‌

18,270‌

Specialty

Chemicals

2.8%

Akzo

Nobel

(EUR) 

196,844‌

16,913‌

Albemarle 

224,480‌

49,644‌

Element

Solutions 

447,300‌

9,796‌

Hexpol

(SEK) 

468,524‌

4,573‌

International

Flavors

&

Fragrances 

62,795‌

8,247‌

Koninklijke

DSM

(EUR) 

33,712‌

6,031‌

Quaker

Chemical 

17,015‌

2,940‌

RPM

International 

218,253‌

17,775‌

T.

ROWE

PRICE

Real

Assets

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sherwin-Williams 

112,926‌

28,189‌

Shin-Etsu

Chemical

(JPY) 

46,700‌

7,095‌

151,203‌

Steel

4.2%

Nippon

Steel

(JPY) 

1,349,300‌

23,808‌

Nucor 

297,411‌

44,210‌

Reliance

Steel

&

Aluminum 

390,746‌

71,643‌

Steel

Dynamics 

692,836‌

57,803‌

Vale

(BRL) 

1,351,584‌

27,117‌

224,581‌

Total

Materials

1,621,804‌

REAL

ESTATE

36.1%

Diversified

Real

Estate

Activities

0.9%

Heiwa

Real

Estate

(JPY) 

135,600‌

4,391‌

Mitsui

Fudosan

(JPY) 

1,190,100‌

25,471‌

Sun

Hung

Kai

Properties

(HKD) 

1,071,500‌

12,748‌

Tokyo

Tatemono

(JPY) 

543,700‌

8,148‌

50,758‌

Diversified

Real

Estate

Investment

Trusts

0.6%

Gecina

(EUR) 

42,434‌

5,348‌

PS

Business

Parks,

REIT 

169,462‌

28,483‌

33,831‌

Health

Care

Real

Estate

Investment

Trusts

2.6%

Healthcare

Realty

Trust,

REIT 

480,348‌

13,200‌

Healthcare

Trust

of

America,

Class

A,

REIT 

559,216‌

17,526‌

Ventas,

REIT 

132,225‌

8,166‌

Welltower,

REIT 

1,034,103‌

99,419‌

138,311‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

1.8%

Apple

Hospitality

REIT,

REIT 

2,384,094‌

42,842‌

Hoshino

Resorts

REIT

(JPY) 

509‌

2,850‌

Host

Hotels

&

Resorts,

REIT 

902,715‌

17,540‌

Pebblebrook

Hotel

Trust,

REIT 

1,352,063‌

33,098‌

96,330‌

Industrial

Real

Estate

Investment

Trusts

6.4%

Daiwa

House

Logistics

Trust

(SGD) (1)

8,690,800‌

5,413‌

EastGroup

Properties,

REIT 

127,361‌

25,890‌

Goodman

Group

(AUD) 

1,064,442‌

18,092‌

Industrial

&

Infrastructure

Fund

Investment

(JPY) 

7,311‌

11,077‌

Mitsui

Fudosan

Logistics

Park

(JPY) 

2,226‌

10,497‌

Prologis,

REIT 

953,137‌

153,913‌

Rexford

Industrial

Realty,

REIT 

716,106‌

53,414‌

T.

ROWE

PRICE

Real

Assets

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Summit

Industrial

Income

REIT

(CAD) 

1,396,984‌

24,606‌

Terreno

Realty,

REIT 

539,293‌

39,935‌

342,837‌

Office

Real

Estate

Investment

Trusts

3.7%

Alexandria

Real

Estate

Equities,

REIT 

297,985‌

59,969‌

Daiwa

Office

Investment

(JPY) 

1,808‌

11,224‌

Derwent

London

(GBP) 

349,315‌

14,663‌

Douglas

Emmett,

REIT 

1,199,727‌

40,095‌

Great

Portland

Estates

(GBP) 

1,406,968‌

13,065‌

Inmobiliaria

Colonial

Socimi

(EUR) 

707,870‌

6,453‌

Kilroy

Realty,

REIT 

398,454‌

30,450‌

SL

Green

Realty,

REIT 

240,577‌

19,530‌

Vornado

Realty

Trust,

REIT 

126,231‌

5,721‌

201,170‌

Real

Estate

Development

0.4%

Howard

Hughes (1)

198,519‌

20,568‌

20,568‌

Real

Estate

Operating

Companies

1.6%

China

Resources

Mixc

Lifestyle

Services

(HKD) 

1,313,000‌

6,426‌

Fabege

(SEK) 

933,926‌

13,791‌

Hongkong

Land

Holdings 

3,441,500‌

16,815‌

Kojamo

(EUR) 

506,446‌

12,169‌

Shurgard

Self

Storage

(EUR) 

127,522‌

7,898‌

Vonovia

(EUR) 

534,120‌

24,896‌

Wharf

Real

Estate

Investment

(HKD) 

830,000‌

4,102‌

86,097‌

Residential

Real

Estate

Investment

Trusts

8.8%

American

Campus

Communities,

REIT 

773,668‌

43,302‌

Apartment

Income

REIT,

REIT 

374,947‌

20,045‌

AvalonBay

Communities,

REIT 

317,573‌

78,876‌

Camden

Property

Trust,

REIT 

499,742‌

83,057‌

Canadian

Apartment

Properties

REIT

(CAD) 

185,070‌

7,942‌

Equity

LifeStyle

Properties,

REIT 

1,015,225‌

77,644‌

Equity

Residential,

REIT 

868,570‌

78,102‌

Essex

Property

Trust,

REIT 

222,099‌

76,731‌

UNITE

Group

(GBP) 

561,229‌

8,501‌

474,200‌

Retail

Real

Estate

Investment

Trusts

3.4%

Acadia

Realty

Trust,

REIT 

1,479,539‌

32,062‌

CapitaLand

Integrated

Commercial

Trust

(SGD) 

5,117,700‌

8,466‌

Federal

Realty

Investment

Trust,

REIT 

116,859‌

14,265‌

Kimco

Realty,

REIT 

1,437,501‌

35,506‌

Lendlease

Global

Commercial

REIT

(SGD) 

8,121,000‌

4,630‌

T.

ROWE

PRICE

Real

Assets

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Lendlease

Global

Commercial

REIT,

Rights,

4/14/22

(SGD) (1)

2,185,556‌

89‌

Regency

Centers,

REIT 

514,823‌

36,728‌

Scentre

Group

(AUD) 

6,306,750‌

14,339‌

Simon

Property

Group,

REIT 

284,165‌

37,385‌

183,470‌

Specialized

Real

Estate

Investment

Trusts

5.9%

Big

Yellow

Group

(GBP) 

305,128‌

6,151‌

CubeSmart,

REIT 

1,175,160‌

61,144‌

Digital

Core

REIT

Management (1)

13,783,100‌

15,281‌

Equinix,

REIT 

138,661‌

102,834‌

Public

Storage,

REIT 

282,532‌

110,267‌

Rayonier,

REIT 

63,505‌

2,611‌

SBA

Communications,

REIT 

58,792‌

20,230‌

318,518‌

Total

Real

Estate

1,946,090‌

UTILITIES

1.5%

Electric

Utilities

0.6%

Iberdrola

(EUR) 

593,346‌

6,486‌

IDACORP 

37,319‌

4,305‌

NextEra

Energy 

160,869‌

13,627‌

Xcel

Energy 

137,231‌

9,904‌

34,322‌

Multi-Utilities

0.9%

Ameren 

98,134‌

9,201‌

CMS

Energy 

134,135‌

9,382‌

Dominion

Energy 

118,807‌

10,095‌

Sempra

Energy 

103,041‌

17,323‌

46,001‌

Total

Utilities

80,323‌

Total

Miscellaneous

Common

Stocks

 2.7% (6)

147,316‌

Total

Common

Stocks

(Cost

$3,753,094)

5,056,424‌

CONVERTIBLE

PREFERRED

STOCKS

1.4%

CONSUMER

STAPLES

0.2%

Agricultural

Products

0.2%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $2,712 (1)(2)(4)

146,876‌

9,130‌

Total

Consumer

Staples

9,130‌

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 $690 (1)(2)(4)

699,536‌

805‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $970 (1)(2)(4)

983,766‌

1,131‌

Total

Industrials

&

Business

Services

1,936‌

MATERIALS

0.6%

Copper

0.1%

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $3,736 (1)(2)(4)

64,540‌

3,736‌

3,736‌

Diversified

Metals

&

Mining

0.3%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $18,268 (1)(2)(4)

666,457‌

18,268‌

18,268‌

Other

0.2%

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $9,143 (1)

(2)(4)

696,477‌

9,143‌

9,143‌

Total

Materials

31,147‌

UTILITIES

0.6%

Electric

Utilities

0.6%

NextEra

Energy,

5.279%,

3/1/23 

317,336‌

16,552‌

Southern,

Series

A,

6.75%,

8/1/22 

270,162‌

14,641‌

Total

Utilities

31,193‌

Total

Convertible

Preferred

Stocks

(Cost

$61,924)

73,406‌

EQUITY

MUTUAL

FUNDS

2.7%

iShares

MSCI

Global

Metals

&

Mining

Producers

ETF 

471,591‌

24,155‌

SPDR

S&P

Homebuilders

ETF 

784,260‌

49,565‌

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF 

187,122‌

25,177‌

VanEck

Gold

Miners

ETF 

774,881‌

29,717‌

VanEck

Vectors

Oil

Services

ETF 

55,440‌

15,665‌

Total

Equity

Mutual

Funds

(Cost

$118,223)

144,279‌

T.

ROWE

PRICE

Real

Assets

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

3.2%

Money

Market

Funds

2.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29% (5)(7)

142,871,267‌

142,871‌

142,871‌

U.S.

Treasury

Obligations

0.6%

U.S.

Treasury

Bills,

0.35%,

6/23/22 

30,530,000‌

30,496‌

30,496‌

Total

Short-Term

Investments

(Cost

$173,377)

173,367‌

Total

Investments

in

Securities

101.0%

(Cost

$4,106,618)

$

5,447,476‌

Other

Assets

Less

Liabilities

(1.0)%

(

52,759‌

)

Net

Assets

100.0%

$

5,394,717‌

‡

Shares/Par

and

Notional

Amount

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

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$52,157

and

represents

1.0%

of

net

assets.

(5)

Affiliated

Companies

(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

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

T.

ROWE

PRICE

Real

Assets

Fund

12

.

.

.

.

.

.

.

.

.

.

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

USD

U.S.

Dollar

ZAR

South

African

Rand

T.

ROWE

PRICE

Real

Assets

Fund

13

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

4/29/22

USD

15,111‌

INR

1,158,502‌

$

(

76‌

)

BNP

Paribas

5/3/22

BRL

72,914‌

USD

15,118‌

56‌

Deutsche

Bank

4/14/22

ZAR

468,633‌

USD

32,165‌

(

151‌

)

Standard

Chartered

4/14/22

CAD

61,240‌

USD

47,818‌

1,165‌

UBS

Investment

Bank

4/14/22

ZAR

719,704‌

USD

47,477‌

1,687‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

2,681‌

T.

ROWE

PRICE

Real

Assets

Fund

14

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

628

Russell

2000

E-Mini

Index

contracts

6/22

64,885

$

2,593‌

Long,

3,079

Xae

Energy

Index

contracts

6/22

245,427

6,703‌

Short,

829

Nasdaq

100

E-Mini

Index

contracts

6/22

(246,524)

(

24,929‌

)

Short,

700

U.S.

Treasury

Notes

ten

year

contracts

6/22

(86,013)

2,850‌

Short,

111

Ultra

U.S.

Treasury

Bonds

contracts

6/22

(19,661)

869‌

Net

payments

(receipts)

of

variation

margin

to

date

10,965‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(

949‌

)

T.

ROWE

PRICE

Real

Assets

Fund

15

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,

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

Rhyolite

Resources 

$

—‌

$

(

1,380‌

)

$

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29%

—‌

—‌

20‌

Totals

$

—‌

#

$

(

1,380‌

)

$

20‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Rhyolite

Resources 

$

*

$

—‌

$

—‌

$

2,678‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29%

76,330‌

¤

¤

142,871‌

Total

$

145,549‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$20

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

$146,859.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Real

Assets

Fund

Unaudited

Notes

to

Portfolio

of

Investments

16

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

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)

T.

ROWE

PRICE

Real

Assets

Fund

17

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

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.

T.

ROWE

PRICE

Real

Assets

Fund

18

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

services

consider

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.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Real

Assets

Fund

19

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

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.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

3,015,482‌

$

2,033,676‌

$

7,266‌

$

5,056,424‌

Convertible

Preferred

Stocks

—‌

31,193‌

42,213‌

73,406‌

Equity

Mutual

Funds

144,279‌

—‌

—‌

144,279‌

Short-Term

Investments

142,871‌

30,496‌

—‌

173,367‌

Total

Securities

3,302,632‌

2,095,365‌

49,479‌

5,447,476‌

Forward

Currency

Exchange

Contracts

—‌

2,908‌

—‌

2,908‌

Futures

Contracts

13,015‌

—‌

—‌

13,015‌

Total

$

3,315,647‌

$

2,098,273‌

$

49,479‌

$

5,463,399‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

227‌

$

—‌

$

227‌

Futures

Contracts

24,929‌

—‌

—‌

24,929‌

Total

$

24,929‌

$

227‌

$

—‌

$

25,156‌

T.

ROWE

PRICE

Real

Assets

Fund

20

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F176-054Q1

03/22