T.

ROWE

PRICE

New

Era

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.5%

AGRICULTURE

2.7%

Agricultural

Products

1.1%

Darling

Ingredients (1)

484,918‌

38,978‌

38,978‌

Fertilizers

&

Agricultural

Chemicals

0.6%

CF

Industries

Holdings 

213,647‌

22,018‌

22,018‌

Packaged

Foods

&

Meats

1.0%

Bakkafrost

(NOK) 

367,181‌

24,628‌

Sanderson

Farms 

63,268‌

11,862‌

36,490‌

Total

Agriculture

97,486‌

CHEMICALS

11.9%

Industrial

Gases

4.4%

Air

Liquide

(EUR) 

186,129‌

32,562‌

Air

Products

&

Chemicals 

170,683‌

42,656‌

Linde 

245,610‌

78,455‌

153,673‌

Specialty

Chemicals

7.5%

Akzo

Nobel

(EUR) 

436,488‌

37,504‌

Albemarle 

123,300‌

27,268‌

Element

Solutions 

1,084,517‌

23,751‌

Hexpol

(SEK) 

1,085,377‌

10,594‌

International

Flavors

&

Fragrances 

145,900‌

19,161‌

Koninklijke

DSM

(EUR) 

78,751‌

14,088‌

Quaker

Chemical 

38,613‌

6,673‌

RPM

International 

524,435‌

42,710‌

Sherwin-Williams 

270,274‌

67,466‌

Shin-Etsu

Chemical

(JPY) 

106,600‌

16,196‌

265,411‌

Total

Chemicals

419,084‌

COMMODITY

INDUSTRIALS

12.5%

Construction

&

Engineering

0.7%

Quanta

Services 

182,235‌

23,984‌

23,984‌

Construction

&

Farm

Machinery

&

Heavy

Trucks

2.7%

AGCO 

140,238‌

20,479‌

Alamo

Group 

77,854‌

11,194‌

Caterpillar 

141,364‌

31,499‌

T.

ROWE

PRICE

New

Era

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Deere 

81,233‌

33,749‌

96,921‌

Construction

Materials

1.3%

Martin

Marietta

Materials 

60,265‌

23,196‌

Vulcan

Materials 

114,476‌

21,029‌

44,225‌

Electrical

Components

&

Equipment

2.2%

Hubbell 

153,747‌

28,254‌

Legrand

(EUR) 

203,096‌

19,310‌

Schneider

Electric

(EUR) 

171,279‌

28,756‌

76,320‌

Industrial

Machinery

2.7%

Alfa

Laval

(SEK) 

714,752‌

24,586‌

Epiroc,

Class

B

(SEK) 

1,551,290‌

28,008‌

Sandvik

(SEK) 

942,914‌

20,030‌

Weir

Group

(GBP) 

1,072,290‌

22,882‌

95,506‌

Metal

&

Glass

Containers

1.4%

Ardagh

Metal

Packaging (1)

567,151‌

4,611‌

Ball 

255,048‌

22,954‌

Verallia

(EUR) 

875,237‌

20,840‌

48,405‌

Railroads

1.5%

Norfolk

Southern 

90,352‌

25,770‌

Union

Pacific 

105,238‌

28,752‌

54,522‌

Total

Commodity

Industrials

439,883‌

ENERGY

SERVICES

&

PROCESSORS

7.0%

Oil

&

Gas

Equipment

&

Services

3.8%

Cactus,

Class

A 

573,953‌

32,566‌

ChampionX (1)

931,508‌

22,803‌

Enerflex

(CAD) 

2,309,968‌

14,801‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $10,109 (1)(2)(3)(4)

10,108,939‌

10,109‌

Halliburton 

664,554‌

25,167‌

Liberty

Oilfield

Services,

Class

A (1)

758,122‌

11,235‌

TechnipFMC (1)

2,221,046‌

17,213‌

133,894‌

Oil

&

Gas

Storage

&

Transportation

1.8%

Enbridge 

315,258‌

14,530‌

TC

Energy 

540,338‌

30,486‌

T.

ROWE

PRICE

New

Era

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $489 (1)(2)(4)

162‌

964‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $11,184 (1)(2)(4)

3,124‌

18,588‌

64,568‌

Semiconductor

Equipment

1.4%

Entegris 

168,763‌

22,152‌

Shoals

Technologies

Group,

Class

A (1)

1,570,478‌

26,761‌

48,913‌

Total

Energy

Services

&

Processors

247,375‌

EXPLORATION

&

PRODUCTION

17.2%

OUS

Oil

&

Gas

Exploration

&

Production

2.8%

Aker

BP

(NOK) 

718,874‌

26,813‌

Canadian

Natural

Resources

(CAD) 

538,903‌

33,369‌

Lundin

Energy

(SEK) 

904,311‌

37,958‌

98,140‌

U.S.

Oil

Exploration

&

Production

14.4%

ConocoPhillips 

1,749,408‌

174,941‌

Devon

Energy 

1,482,888‌

87,683‌

EOG

Resources 

962,780‌

114,792‌

Magnolia

Oil

&

Gas,

Class

A 

1,435,197‌

33,942‌

Pioneer

Natural

Resources 

383,304‌

95,838‌

507,196‌

Total

Exploration

&

Production

605,336‌

INTEGRATEDS

14.4%

Integrated

Oil

&

Gas

14.4%

Chevron 

766,327‌

124,781‌

Equinor

(NOK) 

2,993,136‌

111,754‌

Galp

Energia

(EUR) 

5,795,611‌

73,272‌

Hess 

521,588‌

55,831‌

TotalEnergies

(EUR) 

2,837,226‌

143,562‌

Total

Integrateds

509,200‌

METALS

&

MINING

12.4%

Diversified

Metals

&

Mining

10.2%

Antofagasta

(GBP) 

643,781‌

13,989‌

BHP

Group

(AUD) 

2,241,359‌

86,399‌

Boliden

(SEK) 

1,976,195‌

99,690‌

ERO

Copper

(CAD) (1)

928,626‌

13,601‌

Grupo

Mexico,

Series

B

(MXN) 

3,801,357‌

22,695‌

IGO

(AUD) 

3,911,870‌

40,892‌

OZ

Minerals

(AUD) 

1,141,431‌

22,763‌

T.

ROWE

PRICE

New

Era

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Reliance

Steel

&

Aluminum 

99,068‌

18,164‌

Southern

Copper 

561,307‌

42,603‌

360,796‌

Precious

Metals

&

Minerals

2.2%

Franco-Nevada

(CAD) 

75,888‌

12,076‌

Northern

Star

Resources

(AUD) 

2,474,737‌

19,965‌

Perseus

Mining

(AUD) 

6,888,376‌

10,119‌

Victoria

Gold

(CAD) (1)

885,000‌

11,256‌

Wesdome

Gold

Mines

(CAD) (1)

2,059,835‌

25,852‌

79,268‌

Total

Metals

&

Mining

440,064‌

OTHER

8.0%

Building

Products

0.6%

ROCKWOOL

International,

Class

B

(DKK) 

60,476‌

19,964‌

19,964‌

Paper

&

Forest

Products

7.1%

Avery

Dennison 

109,967‌

19,131‌

International

Paper 

791,653‌

36,535‌

Mayr

Melnhof

Karton

(EUR) 

89,321‌

15,924‌

Mondi

(GBP) 

1,278,302‌

24,847‌

Packaging

Corp.

of

America 

404,777‌

63,190‌

Stora

Enso,

Class

R

(EUR) 

890,062‌

17,461‌

Svenska

Cellulosa,

Class

B

(SEK) 

900,879‌

17,493‌

UPM-Kymmene

(EUR) 

822,038‌

26,844‌

West

Fraser

Timber

(CAD) 

143,191‌

11,781‌

Westrock 

403,669‌

18,984‌

252,190‌

Research

&

Consulting

Services

0.3%

ALS

(AUD) 

1,171,737‌

11,635‌

11,635‌

Total

Other

283,789‌

UTILITIES

5.6%

Electric

Utilities

2.3%

Iberdrola

(EUR) 

1,423,013‌

15,554‌

IDACORP 

89,562‌

10,332‌

NextEra

Energy 

376,508‌

31,894‌

Xcel

Energy 

333,122‌

24,041‌

81,821‌

Independent

Power

Producers

&

Energy

Traders

0.2%

Bluescape

Opportunities

Acquisition (1)

595,120‌

5,957‌

5,957‌

T.

ROWE

PRICE

New

Era

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Multi-Utilities

3.1%

Ameren 

232,819‌

21,829‌

CMS

Energy 

318,148‌

22,251‌

Dominion

Energy 

288,373‌

24,503‌

Sempra

Energy 

240,784‌

40,481‌

109,064‌

Total

Utilities

196,842‌

Total

Miscellaneous

Common

Stocks

 2.8% (5)

97,961‌

Total

Common

Stocks

(Cost

$2,189,407)

3,337,020‌

CONVERTIBLE

PREFERRED

STOCKS

4.1%

AGRICULTURE

1.1%

Fertilizers

&

Agricultural

Chemicals

1.1%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $11,372 (1)(2)(4)

615,892‌

38,282‌

Total

Agriculture

38,282‌

COMMODITY

INDUSTRIALS

0.2%

Electrical

Components

&

Equipment

0.2%

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $1,771 (1)(2)(4)

1,796,201‌

2,066‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2,490 (1)(2)(4)

2,526,018‌

2,905‌

Total

Commodity

Industrials

4,971‌

METALS

&

MINING

0.6%

Diversified

Metals

&

Mining

0.6%

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $4,843 (1)(2)(4)

83,662‌

4,843‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $7,697 (1)(2)(4)

280,805‌

7,697‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $7,899 (1)

(2)(4)

601,655‌

7,899‌

Total

Metals

&

Mining

20,439‌

UTILITIES

2.2%

Electric

Utilities

2.2%

NextEra

Energy,

5.279%,

3/1/23 

801,909‌

41,826‌

Southern,

Series

A,

6.75%,

8/1/22 

682,766‌

37,002‌

Total

Utilities

78,828‌

Total

Convertible

Preferred

Stocks

(Cost

$100,321)

142,520‌

T.

ROWE

PRICE

New

Era

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

1.3%

Money

Market

Funds

1.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (6)(7)

46,619,967‌

46,620‌

Total

Short-Term

Investments

(Cost

$46,620)

46,620‌

Total

Investments

in

Securities

99.9%

(Cost

$2,336,348)

$

3,526,160‌

Other

Assets

Less

Liabilities

0.1%

5,208‌

Net

Assets

100.0%

$

3,531,368‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Level

3

in

fair

value

hierarchy.

(3)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

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

$93,353

and

represents

2.6%

of

net

assets.

(5)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(6)

Seven-day

yield

(7)

Affiliated

Companies

AUD

Australian

Dollar

CAD

Canadian

Dollar

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

T.

ROWE

PRICE

New

Era

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

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

Tonian

Holdings,

Series

A,

Non-Voting

Units 

$

—‌

$

270‌

$

—‌

Tonian

Holdings,

Series

A,

Voting

Units 

—‌

379‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

—‌

12‌++

Totals

$

—‌#

$

649‌

$

12‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/2021

Purchase

Cost

Sales

Cost

Value

03/31/22

Tonian

Holdings,

Series

A,

Non-

Voting

Units 

$

1,796‌

$

—‌

$

—‌

$

*

Tonian

Holdings,

Series

A,

Voting

Units 

2,526‌

—‌

—‌

*

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

25,051‌

 ¤

 ¤

46,620‌

Total

$

46,620‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$12

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

$46,620.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

New

Era

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

New

Era

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

New

Era

Fund

9

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.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

New

Era

Fund

10

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

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.

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):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

March

31,

2022,

totaled $649,000 for

the

period ended

March

31,

2022.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,988,550‌

$

1,318,809‌

$

29,661‌

$

3,337,020‌

Convertible

Preferred

Stocks

—‌

78,828‌

63,692‌

142,520‌

Short-Term

Investments

46,620‌

—‌

—‌

46,620‌

Total

$

2,035,170‌

$

1,397,637‌

$

93,353‌

$

3,526,160‌

T.

ROWE

PRICE

New

Era

Fund

11

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

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.

F41-054Q1

03/22 

($000s)

Beginning

Balance

12/31/21

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

3/31/22

Investment

in

Securities

Common

Stocks

$

29,661

$

—

$

—

$

29,661

Convertible

Preferred

Stocks

55,346

649

7,697

63,692

Total

$

85,007

$

649

$

7,697

$

93,353