# EDGAR Filing Document

**Accession Number:** 0001486048
**File Stem:** 0001193125-23-046101
**Filing Date:** 2023-2
**Character Count:** 212859
**Document Hash:** 282d7a53ad5d7d63ce4f24e765eb87f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046101.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046101

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Real Assets Fund, Inc.
- **CENTRAL INDEX KEY:** 0001486048
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22410
- **FILM NUMBER:** 23658333

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-4981

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### T. Rowe Price Real Assets Fund, Inc. (Series ID: S000029428)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000090373 | T. Rowe Price Real Assets Fund, Inc.    | PRAFX           |
| C000159678 | T. Rowe Price Real Assets Fund-I Class  | PRIKX           |
| C000219347 | T. Rowe Price Real Assets Funds-Z Class | TRZRX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-22410

T. Rowe Price Real Assets Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRAFX | T. ROWE PRICE Real Assets Fund |
| --- | --- |
| PRIKX | Real Assets Fund- I Class |

INVEST WITH CONFIDENCE®

The Real Assets Fund outperformed the broader global equities index but lagged its combined index portfolio for the 12-month period ended December 31, 2022.

Security selection within natural resources weighed on relative returns as did selection among real estate investors.

We do not usually make active and in express views, but we allow allocations

## Real Assets Fund- 2 Class

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's fast**-receive your statements and confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE REAL ASSETS FUND

Market Commentary

# **HIGHLIGHTS**

resulting in market moves to persist; for example, our current underweight to real estate relative to commodities has arisen entirely because of the poor relative performance of real estate investment trusts during 2022. Instead of using tilts to express views, the fund employs an active overlay program to take advantage of inflation opportunities and help manage total portfolio risk. These decisions, taken at the multi-asset level, added to relative returns this year.

Double-digit losses were common in equity markets around the world, and Although there have been signs in some markets that price pressures may be

Log in to your account at troweprice.com for more information.

T. ROWE PRICE REAL ASSETS FUND

## Dear Shareholder

easing, like most of the above mentioned, that to be based on a very open market, you are not only one of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best of the best

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T. ROWE PRICE REAL ASSETS FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

Wages, the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
The past year has been a tryable time for the past year. New sectors remained
concerns over commodity supply shortages. Defensive shares, such as utilities,
untouched by the broad headwinds that markets faced and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer

FUND COMMENTARY. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.

effective investors focused on fundamentals. Valuation in most global equity

How did the fund perform at the time of the Rowe Price
Investment professionals, go to

investment professionals, go to

troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Real Assets Fund | 5.78% | -10.26% |
| Real Assets Fund- I Class | 5.88 | -10.11 |
| Real Assets Fund- Z Class | 6.29 | -9.43 |

2

T. ROWE PRICE REAL ASSETS FUND

# **INVESTMENT OBJECTIVE**

The Real Assets Fund returned -10.26% for the 12 months ended December 31, 2021. The Real Assets Fund was a 2021-2022 period of $1,000,000. The Real Assets Fund was a 2021-2022 period of $1,000,000. The Real Assets Fund was a 2021-2022 period of $1,000,000. The Real Assets Fund was a 2021-2022 period of $1,000,000.

The Real Assets Fund was a 2021-2022 period of $1,000,000. The Real Assets Fund was a 2021-2022 period of $1,000,000. The Real Assets Fund was a 2021-2022 period of $1,000,000.

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Diversified Metals and Mining | 9.6% | 10.5% |
| Specialized REITs | 9.5 | 8.3 |
| Oil and Gas Exploration |  |  |

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T. ROWE PRICE REAL ASSETS FUND

manufacturer Sherwin-Williams struggled as limited raw materials availability officials on how high rates would have to go. The End which all the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. The end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. Since the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021, the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. Since the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021, the end of 2020 and the end of 2021 would have to be a good result of

companies underperformed due to fears over rising from the end of 2020 and the end of 2021. The end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. The end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. Since the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021, the end of 2020 and the end of 2021 would have to be a good result of

vacancy. However, an underweight allocation to the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. The end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. Since the end of 2020 and the end of 2021 would have to be a good result of the end of 2020 and the end of 2021. Since the end of 2020 and the end of 2021 would have to be a good result of

and Productive performance as significant inflation and interest rate increases raised

Gold 5.5 6.1

Residential REITs 7.9 5.9

Industrial REITs 6.0 5.6

Steel 3.8 5.5

Integrated Oil and Gas 4.0 4.5

see the Benchmark Information section.

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T. ROWE PRICE REAL ASSETS FUND

Outside the United States, stock selection in Singapore had a negative impact.

U.S. Treasury note,789,000,000.00, 1.5% of the total of the period to 1.5% at and mining sector that provides a strategic, overall, and economic, and the most significant. Significant inversions in the yield curve, which are often precious metals subindustries, including excise and ships and were used by a company sign of a coming recession, occurred during the period. The most recent managers employ a derivatives-based, and the most recent managers are also included as a result of the results of the company's business. The company's business is not only available for the management of the company's business, but also for the management of the company's business. The company's business is not only available for the management of the company's business, but also for the management of the company's business.

Retail REIT: The fund's underlying components focus on owning high-quality companies

Fertilizers and Agricultural

| Chemicals | 2.1 | 2.2 |
| --- | --- | --- |
| Other and Reserves | 43.3 | 41.6 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector

5

T. ROWE PRICE REAL ASSETS FUND

- **Precious Metals** (5%) is an additional sub-portfolio within the global metals

adjust the fund's risk profile and potentially enhance the results with respect to the yield, balance, and respirable capital. The fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on the fund's risk profile and potential impact on

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6

T. ROWE PRICE REAL ASSETS FUND

The labor market remains undersupplied, with an aging workforce and weak

outstanding increases in interest rates.

The Federal Reserve's decision to tighten monetary market for a rapid increase in the 1980's, a recession would develop capital, operating and further damage the economy. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased. During economic downturn, capital spending has increased, but the economy has increased.

7

T. ROWE PRICE REAL ASSETS FUND

# RISKS OF INVESTING

The following table provides the information in a specific format:

8

T. ROWE PRICE REAL ASSETS FUND

# **BENCHMARK INFORMATION (CONTINUED)**

# **TWENTY-FIVE LARGEST HOLDINGS**

| E | Percent of Net Assets |
| --- | --- |
|  | 12/31/22 |

9

T. ROWE PRICE REAL ASSETS FUND

BHP Group
Index Portfolio is composed of 30% MSCI World Select Natural Resources
Prologis Inc. and its subsidiaries and affiliates, which have a higher in the medium
Net, 25% MSCI All Country World Index Metals and Mining Net, 20% FTSE
Equinix Inc. (the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Real Assets Fund | $14,602 |
| --- | --- |
| MSCI All Country World Index Net | 21,545 |
| MSCI All Country World Index | 22,686 |
| Combined Index Portfolio Net | 15,642 |

10

T. ROWE PRICE REAL ASSETS FUND

# **GROWTH OF $10,000**

Glencorn, M. 2014. With the end of 2014, the Real Assets Fund was reported to be a result of the

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
|  | Real Assets Fund | -10.26% | 5.02% | 3.86% | - | - |
|  | Real Assets Fund- I Class | -10.11 | 5.20 | - | 7.25% | 8/28/15 |

$3

11

T. ROWE PRICE REAL ASSETS FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

Real Assets Fund
2 Class 1% MSCI All Country World Index IMI, Precious Metals and Minerals

| Real Assets Fund | 0.85% |
| --- | --- |
| Real Assets Fund-I Class | 0.68 |
| Real Assets Fund-Z Class | 0.66 |

The expense ratio shown is as of the fund's most recent prospectus. This number may vary

12

T. ROWE PRICE REAL ASSETS FUND

# **EXPENSE RATIO**

Sandvik
From the annual total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0
Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

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of $1.0[{"box, [30, [30, [30, [30, [30, $1.0)"}]

# **FUND EXPENSE EXAMPLE**

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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
of $1.0

# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**

Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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Note: The amount total return figures include changes in principal value, reinvested, dividend
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# **FUND EXPENSE EXAMPLE**[{"box_2d": [30, 178, 613, 186], "label": "text", "text"}][{"box_2d": [30, 186, 613, 186], "label": "text", "text"}][{"box_2d": [30, 186, 613, 186], "label": "text", "text"}]

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T. ROWE PRICE REAL ASSETS FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an agent, the original (2) ongoing costs including a fund and a fee combination

and expense (1) and other funds. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for at least a useful in comparing ongoing costs only and will

# **Investor Class**

at a total cost of owning different funds. To the extent a fund may be a cost of a original fund (Investor Class)

charges no distribution and service (1(b-1) fee) Class shares are also available to institutional

# **NET ASSET VALUE**

| Beginning of period | $15.30 | $12.40 | $11.75 | $10.09 | $11.69 |
| --- | --- | --- | --- | --- | --- |

# Investment activities

| Net investment income (1)(2) | 0.41 | 0.29 | 0.25 | 0.28 | 0.22 |
| --- | --- | --- | --- | --- | --- |

14

T. ROWE PRICE REAL ASSETS FUND

| FINANCIAL INSTITUTIONS |  | Impose no 12b-1 or administrative fee payment, and Z Class shares are offered only to funds advised by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services and impose no 12b-1 fee or administrative fee payment. Each share class represented separately on the Fund |  | For a share class having a significant cash period |  |
| --- | --- | --- | --- | --- | --- |
| I Class | Account Value | Account Value | During Period* |  |  |
|  | 7/1/22 | 12/31/22 | 7/1/22 to 12/31/22 |  |  |
|  | Y(1.67) | 2.89 | 0.57 | 1.69 | (1.56) |
|  | Z(1.68) | 3.18 | 0.82 | 1.97 | (1.34) |
| Actual Expenses based on the fund's actual returns. You may use the information on this line, together | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income beginning of period | $15.25 | $12.34 | $12.75 | $10.56 | $11.68 |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income End of period | $13.55 | $15.30 | $12.40 | $11.75 | $10.09 |
| Net investment income (1)(2) | 0.38 | 0.31 | 0.23 | 0.29 | 0.25 |

15

T. ROWE PRICE REAL ASSETS FUND

**FINANCIAL HIGHLIGHTS**
The Company's estimate the expenses that you paid over the period. Simply
due to the expense you paid by $1,000 for example, and the expense you paid by $1,000
= 8.40 then multiply the result by the number on the first line under the heading "Expenses Paid
During Period" to estimate the expenses you paid on your account during this period.
Actual 1,058.80 3.53

**Z Class**

|  |  |  | Year | 1.69 | 3/16/2021 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |
|  |  |  | 1,058.80 | 1.69 | 3/16/2021 |

| NET ASSET VALUE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment income | (10.26%) | 25.72% | 8.99% | 19.60% | (11.52%) |
| Beginning of period | (0.31) | (0.31) | $13.28 | $12.38 | $0.07 |
| Ratio to average net assets: (2) |  |  |  |  |  |
| Net assets available |  |  |  |  |  |
| Net assets available before waivers/ |  |  |  |  |  |
| Net investment income (2)(3) | $13.39 | $15.23 | $12.34 | $11.73 | $10.08 |
|  |  |  | 0.50 | 0.41 | 0.21 |

16

T. ROWE PRICE REAL ASSETS FUND

December 31, 2022

| FINANCIAL INSTITUTIONS |  | Expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% non-financial example. |  | Shareholder |  | % Value |
| --- | --- | --- | --- | --- | --- | --- |
| Cost and value in $000s |  | Total |  | Date estimate the actual ending |  |  |
| COMMON STOCKS |  |  |  |  |  |  |
| Net realized and unrealized expense | 0.83% | 0.81% | 0.81% |  |  |  |
| Net expected after 30 days | 0.83% | 0.81% | 0.81% |  |  |  |
| Total capital | 0.83% | 0.81% | 0.81% |  |  |  |
| COMMON PAYMENTS |  |  |  |  |  |  |
| Net realized and unrealized expense | 0.83% | 0.81% | 0.81% |  |  |  |
| Net expected after 30 days | 0.83% | 0.81% | 0.81% |  |  |  |
| Total capital | 0.83% | 0.81% | 0.81% |  |  |  |
| COMMON PAYMENTS |  |  |  |  |  |  |
| Net realized and unrealized expense | 0.83% | 0.81% | 0.81% |  |  |  |
| Net expected after 30 days | 0.83% | 0.81% | 0.81% |  |  |  |
| Total capital | 0.83% | 0.81% | 0.81% |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |  |
| Net asset value | $145 | $323 | $335 | $2,322 | $2,129 |  |
| End of period |  |  | $13.47 | $15.28 | $12.38 |  |
| Gross expenses before waivers/ |  |  |  |  |  |  |

17

T. ROWE PRICE REAL ASSETS FUND

PROPOSED BY: 01/03/2019 1.1% 1.1% Less was 0.00%

| Total Communication Services |  | Shares/Par | $ Value |
| --- | --- | --- | --- |
| CONSUMER DISCRETIONARY 1.3% |  |  |  |
| (Cost and value in $000s) |  |  |  |
| Hotels, Resorts, & Cruise Lines 1.2% |  |  |  |
| Oil & Gas Equipment & Services 1.5% | 0.68% | 0.67% | 0.66% |
| In World Group (HKD) |  | 1,909,100 | 8,521 |
| Total expenses and associated using average shares outstanding method |  | 405,648 | 11,979 |
| Rate of sale and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| Rate of sale and associated using average shares outstanding method |  | 405,648 | 11,979 |
| Rate of sale and associated using average shares outstanding method |  | 405,648 | 11,979 |
| Rate of sale and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |
| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 1,909,100 | 8,521 |
| --- | --- | --- | --- |

| Total cost of sales and associated using average shares outstanding method |  | 405,648 | 11,979 |
| --- | --- | --- | --- |

18

T. ROWE PRICE REAL ASSETS FUND

| Marinell International Class A | 2,599,844 | 14,866 |
| --- | --- | --- |
| Halliburton | Shares/Par | Value |
| Household tax on sales 70.1% | 326,138 | 5,221 |
| Per share (1) | 1,566,228 | 18,000 |
| Total share of other waivers/payments by Price Associates | 0.00% | 0.00% |
| Total share of other w/less holdings (1) | 3.57% | 2.32% |
| Total share amounts calculated using average shares outstanding method | 1,004,228 | 2.32% |
| Total share of other w/less holdings (1) | 1,004,228 | 2.32% |
| Total share of other w/less holdings (1) | 1,004,228 | 2.32% |
| Total share of other w/less holdings (1) | 1,004,228 | 2.32% |

(1) Inception date

(2) Per share amounts calculated using average shares outstanding method.

19

T. ROWE PRICE REAL ASSETS FUND

| Agricultural Products 0.4% | 132,883 | 21,600 |
| --- | --- | --- |
| Debtors and other (D&R) (CAD) | 3,000,000 | 2,000,000 |
| Debtors and other (D&R) | 949,298 | 119,000 |
| (Cost and value in $000s) |  |  |
| Construction & Engineering 0.2% | 763,136 | 25,930 |
| Construction & Engineering 0.6% | 551,179 | 71,380 |
| Construction of the assets of expense-related arrangements with Price Associates | 189,252 | 12,200 |
| Construction of the assets of expense-related arrangements with Price Associates | 189,252 | 12,200 |
| Construction of the assets of expense-related arrangements with Price Associates | 189,252 | 12,200 |
| Construction of the assets of expense-related arrangements with Price Associates | 189,252 | 12,200 |
| Construction of the assets of expense-related arrangements with Price Associates | 189,252 | 12,200 |

Maturity and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items of the Company's operations and other (D&R) items

20

T. ROWE PRICE REAL ASSETS FUND

| MATERIALS - 32.3% |  | 390,415 |
| --- | --- | --- |
| Intra Gas Storage & Transportation 0.4% | 97,162 | 23,342 |
| Acquisition (FUEL) Fuels 0.5% | Shares/Year | 2 Value |
| Gas & Gas (WATER) Fuels 0.5% | 1,652,633 | 37,000 |
| Gas & Gas (WATER) Fuels 0.5% | 1,652,633 | 37,000 |
| Gas & Gas (WATER) Fuels 0.5% | 1,652,633 | 37,000 |
| Other (EQUIPMENT) (CAD) (1)(2) | 5,000,000 | 18,100 |
| Other (EQUIPMENT) (CAD) (1)(2) | 5,000,000 | 18,100 |
| Other (EQUIPMENT) (CAD) (1)(2) | 5,140,532 | 52,504 |
| Other (EQUIPMENT) (CAD) (1)(2) | 37 | 30,482 |
| Other (EQUIPMENT) (CAD) (1)(2) | 37 | 30,482 |
| Other (EQUIPMENT) (CAD) (1)(2) | 391,291 | 138,949 |
| Other (EQUIPMENT) (CAD) (1)(2) | 391,291 | 138,949 |
| Other (EQUIPMENT) (CAD) (1)(2) | 391,291 | 138,949 |
| Other (EQUIPMENT) (CAD) (1)(2) | 391,291 | 138,949 |

21

T. ROWE PRICE REAL ASSETS FUND

| 2007/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| --- | --- | --- |
| 2008/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2009/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2010/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2011/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2012/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2013/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2014/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2015/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2016/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2017/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2018/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2019/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2020/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2021/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2022/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2023/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2024/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2025/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2026/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2027/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2028/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |
| 2029/08/31 (Eurysupable, Fuels 0.3% | 105,314 | 68,444 |

22

T. ROWE PRICE REAL ASSETS FUND

| Debit Card (CAD) (1) | 3,165,738 | 26,761 |
| --- | --- | --- |
| Annual Amount (CAD) (1) | 3,165,738 | 26,761 |
| Valuation 3.75 Miles (CAD) (1) | 7,000,000 | 46,000 |
| Total Revenue (CAD) (1) | 7,000,000 | 46,000 |
| Revenue (CAD) (1) | 7,000,000 | 46,000 |
| Revenue (CAD) (1) | 8,000,000 | 226,000 |
| Investment Trusts 1.3% | 2,000,000 | 378,000 |
| Investment Trusts 1.3% | 2,000,000 | 378,000 |
| Investment Trusts 1.3% | 14,000,000 | 28,000 |
| Interest (CAD) (1) | 14,000,000 | 28,000 |
| Interest (CAD) (1) | 14,000,000 | 28,000 |
| Interest (CAD) (1) | 14,000,000 | 28,000 |
| Interest (CAD) (1) | 14,000,000 | 28,000 |

23

T. ROWE PRICE REAL ASSETS FUND

|  |  | 100,328 |
| --- | --- | --- |
| Net Assets (AUD) | 1,576,000 | 22,000 |
| Share of Assets (AUD) | Shares Per | 5 Value |
| Revenues (AUD) | 1,000,000 | 20,000 |
| Revenues (AUD) | 2,000,000 | 100,000 |
| Revenues (AUD) | 2,000,000 | 100,000 |
| Revenues (AUD) | 2,000,000 | 100,000 |
| Revenues (AUD) | 2,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 20,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |
| Revenues (AUD) | 1,000,000 | 100,000 |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |
| Revenues (AUD) | 1,000,000 | 100,000 |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

</table>

|  |  | 100,000 |
| --- | --- | --- |

|  |  | 100,328 |
| --- | --- | --- |
| Revenues (AUD) | 1,576,000 | 22,000 |
| Revenues (AUD) | Shares Per | 5 Value |
| Revenues (AUD) | 1,000,000 | 20,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

</table>

|  |  | 100,000 |
| --- | --- | --- |

|  |  | 100,328 |
| --- | --- | --- |
| Revenues (AUD) | 1,576,000 | 22,000 |
| Revenues (AUD) | Shares Per | 5 Value |
| Revenues (AUD) | 1,000,000 | 20,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |
| Revenues (AUD) | 1,000,000 | 100,000 |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

|  |  | 100,000 |
| --- | --- | --- |

| Revenues (AUD) | 1,000,000 | 100,000 |
| --- | --- | --- |

</table>

|  |  | 100,000 |
| --- | --- | --- |

|  |  | 100,328 |
| --- | --- | --- |

24

T. ROWE PRICE REAL ASSETS FUND

| Material-Redosan Logistics Park (JPY) | 713,723 | 13,708 |
| --- | --- | --- |
| Material-Redosan (RRP) | 1,112,624 | 16,000 |
| Products: REIT | 1,230,974 | 128,708 |
| International Paper | 1,208,000 | 1,208,000 |
| Reagent Industrial Realty REIT | 1,233,936 | 84,800 |
| Reagent Industrial Development Trusts 3.6% | 707,625 | 2,135,000 |
| Reagent Research | 856,715 | 152,000 |
| METHODS & MINING RELATED 0.0% | 1,865,000 | 18,000 |
| Reagent Research (REITUR) | 1,851,000 | 18,000 |
| Gold & Silver 0.0% |  |  |
| Commercially Regulated Commercial Trust (SGD) | 14,423,200 | 27,000 |
| Amended Cellulose Glass B (SGB) | 769,230 | 3,000 |
| Commercially Regulated Steel (RST) | 1,066,943 | 3,000 |
| Commercially Regulated Steel (RST) | 16,000 | 81,000 |
| Other Glass Tanks | 641,584 | 12,000 |
| Material (RRP) - Design General REIT | 132,704 | 5,912,000 |
| Commercially Regulated Commercial REIT (RRP) | 11,307,010 | 5,912,000 |

25

T. ROWE PRICE REAL ASSETS FUND[{"box_2d": [38, 80, 616, 193], "label": "table", "caption": "

| REAL Assets Fund (R&D) | 552,012 | 20,657 |
| --- | --- | --- |
| Real Estate (R&D) | 1,000,000 | 11,000 |
| Real Estate (R&D) | 1,000,000 | 11,000 |
| Commercial Real Estate (R&D) | 1,000,000 | 11,000 |
| Commercial Real Estate (R&D) | 1,000,000 | 11,000 |
| Commercial Real Estate (R&D) | 1,000,000 | 11,000 |
| Commercial Real Estate (R&D) | 1,000,000 | 11,000 |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |
| Real Estate (R&D) | 1,000,000 | 11,000 |
| Real Estate (R&D) | 1,000,000 | 11,000 |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |
| Real Estate (R&D) | 1,000,000 | 11,000 |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |
| Real Estate (R&D) | 1,000,000 | 11,000 |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

| Real Estate (R&D) | 1,000,000 | 11,000 |
| --- | --- | --- |

<table><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletable><table><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable><tr><td>Real Estate (R&amp;D)</td><td>1,000,000</td><td>11,000</td></tr></tabletabletable

T. ROWE PRICE REAL ASSETS FUND

T. ROWE PRICE REAL ASSETS FUND

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |
| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

| Monterey, Canada (CAD) (BTF (5)) | 2,026,780 | 21,924 |
| --- | --- | --- |

</table>

|  | 2,026,780 | 21,924 |
| --- | --- | --- |

28

T. ROWE PRICE REAL ASSETS FUND

| (Cost $6,279,841) |  | $6,806,091 |
| --- | --- | --- |
| Total Energy | 56,978 | 6,242 |
| Cost $18,268 (1)(2)(4) | 666,457 | 18,268 |
| Total Preferred Stock (Cost $1.65) |  | 32,148 |
| (Amounts in 000s) |  |  |
| Total | 121,855 | 2,464 |
| AMORT-TERM INVESTMENTS 5.5% | 96,954 | 8,621 |
| REIT A domestic Real Estate Investment Trust whose distributions pass-through 20% |  |  |
| CMS Energy | 111.9% | Unrealized |
| Description | Amount $ Value | 143.6% Value $ Gain/(Loss) |
| Total Energy | 2,465,917 | 2,465 |
| Total Interest Rate | 2,465,917 | 2,465 |
| Lilac Solution REIT See Note 1 Note 2 Note 3 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9 Note 10 Note 11 Note 12 Note 13 Note 14 Note 15 Note 16 Note 17 Note 18 Note 19 Note 20 Note 21 Note 22 Note 23 Note 24 Note 25 Note 26 Note 27 Note 28 Note 29 Note 30 Note 31 Note 32 Note 33 Note 34 Note 35 Note 36 Note 37 Note 38 Note 39 Note 40 Note 41 Note 42 Note 43 Note 44 Note 45 Note 46 Note 47 Note 48 Note 49 Note 50 Note 51 Note 52 Note 53 Note 54 Note 55 Note 56 Note 57 Note 58 Note 59 Note 60 Note 61 Note 62 Note 63 Note 64 Note 65 Note 66 Note 67 Note 68 Note 69 Note 70 Note 71 Note 72 Note 73 Note 74 Note 75 Note 76 Note 77 Note 78 Note 79 Note 80 Note 81 Note 82 Note 83 Note 84 Note 85 Note 86 Note 87 Note 88 Note 89 Note 90 Note 91 Note 92 Note 93 Note 94 Note 95 Note 96 Note 97 Note 98 Note 99 Note 100 |  |  |

29

T. ROWE PRICE REAL ASSETS FUND

| Total | 204,321 |
| --- | --- |
| Total | 696,477 |
| Total | 11,973 |
| Total | 46,468 |
| Total | 111,500,000 |
| Total | 129,802 |
| Total | 11,000,000 |
| Total | 11,000,000 |
| Total | 11,000,000 |
| Total | 11,000,000 |
| Total | 11,000,000 |

| Total | 11,000,000 |
| --- | --- |
| Total | 11,000,000 |
| Total | 11,000,000 |

| Total | 11,000,000 |
| --- | --- |
| Total | 11,000,000 |

| Total | 11,000,000 |
| --- | --- |
| Total | 11,000,000 |

| Total | 11,000,000 |
| --- | --- |
| Total | 11,000,000 |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

| Total | 11,000,000 |
| --- | --- |

</table>

30

T. ROWE PRICE REAL ASSETS FUND

| Deutsche Bank | 1/1/23 | WDR | 1/1/24 | USD | 31,668 | 650 |
| --- | --- | --- | --- | --- | --- | --- |
| Deutsche Bank | 1/1/23 | WDR | 1/1/24 | USD | 31,668 | 650 |
| value of restricted securities (excluding 144A holdings) at period end amounts to |  |  |  |  |  |  |
| Marques & Contracts | 1/4/23 | BRL | 171,800 | USD | 31,668 | 839 |
| Marques & Stanley | 1/4/23 | USD | 32,926 | BRL | 171,800 | 419 |
| Net unrealized gain (loss) on open forward | (b) Affiliated Companies |  |  |  |  |  |
| currency exchange contracts | (c) Seven-day yield |  |  |  |  |  |
|  | (d) At December 31, 2022, all or a portion of this security is restated as collateral |  |  |  |  |  |
|  |  |  | Expiration | National | National | Value and |
|  |  |  | Date | Amount | Unrealized | Gain (Loss) |

31

T. ROWE PRICE REAL ASSETS FUND

| Long, 377 ASX SPI 200 Index Contracts | 3/23 | 95,968 | $(1,149) |
| --- | --- | --- | --- |
| Long, 584 IXOHS XAB Platinum Index Contracts | 3/23 | 48,437 | (2,216) |
| Long, 2,833 OCHS XAE Energy Index Contracts | 3/23 | 260,749 | 12,071 |
| Short, 255 UWA U.S. Treasury Bonds Contracts | 3/23 | (34,250) | (72) |
| AFFILIATED COMPANIES Index |  |  |  |
| (3000s) CDI CHESS or CREST Depositary Interest |  |  |  |
| Net payments (receipts) of variation margin to date |  |  | (7,303) |

The fund may invest in certain securities that are considered affiliated companies. As defined by the variation margin receivable (payable) on open futures contracts, $1,572

32

T. ROWE PRICE REAL ASSETS FUND

December 31, 2022

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 year ended December 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.

| Assets | Net Realized Gain (Loss) | Change in Net Unrealized Gain/Loss | Investment Income |
| --- | --- | --- | --- |
| Affiliate Investments in securities, at value (cost $6,279.86) |  |  |  |
| Deposits receivable | $(34) | $(3,369) | $12,232 |
| Due from affiliates |  |  | 3,114 |
| Receivable for investment securities sold |  |  | 2,618 |
| Foreign currency (cost $2,530) |  |  | 2,550 |
| Unrealized gain on forward currency exchange contracts |  |  | 2,369 |
| Variation margin receivable on futures contracts |  |  | 1,572 |

33

T. ROWE PRICE REAL ASSETS FUND

December 31, 2022

| STATEMENT OF ASSETS AND LIABILITIES | (5,008) | (16,281) | 451 |
| --- | --- | --- | --- |
| T. Rowe Price Treasury Reserve Fund, 4.30% | - | - | -++ |
| (5,008, except shares and per share amounts) | - | - | 3,686 |
| T. Rowe Price Treasury Reserve Fund, 4.27% | - | - | - |
| Totals | $(5,008) | $(19,650) | $4,137+ |
| Net Asset (Cash and Paid) |  |  | 819 |
| Supplemental (Investment and Securities) |  |  | $208,924 |
| Cash and Capital applicable to 492,165,000 shares of the share |  |  | Value |
| Affiliates and value capital stock outstanding at 100,000,000 shares |  |  | 1,333,720 |
| Authorized |  |  | 6,414,903 |
| Liabilities |  |  |  |
| NET ASSETS |  |  | $6,823,824 |
| Obligation to return securities lending collateral |  |  | 166,720 |
| Payable for shares redeemed |  |  | 35,247 |
| NET ASSET VALUE PER SHARE |  |  |  |

34

T. ROWE PRICE REAL ASSETS FUND

| STATEMENT OF ASSETS AND LIABILITIES | $ | - | $ | 46 | $ | * |
| --- | --- | --- | --- | --- | --- | --- |
| (BPOA, sales promotion and pre-Store amounts) | * | - | - | 19,161 | - | * |
| T. Rowe Price Government |  |  |  |  |  |  |
| Reserve Fund, 4.30% | - | - | - | - | - | 166,720 |
| T. Rowe Price Treasury Reserve |  |  |  |  |  |  |
| Payable for Investment securities purchased |  |  |  |  |  | 6,741 |
| Fund, 4.27% | 15,330 | - | - | - | - | 204,409 |
| Investment management fees payable |  |  |  |  |  | 3,641 |
| Total |  |  |  |  | $ | 1,278,000 |
| (Less: Interest in securities) |  |  |  |  |  | 13,642 |
| Investment income (Loss) |  |  |  |  |  | 4 |
| Interest to directors |  |  |  |  |  |  |
| Income |  |  |  |  |  |  |
| (6,427,568,936 / 20,391,022 shares outstanding) |  |  |  |  | $ | 13,391 |
| Dividend (net of foreign taxes of $7,875) |  |  |  |  | $ | 210,041 |
| Cash liabilities |  |  |  |  |  | 128 |
| Interest |  |  |  |  |  | 1,115 |
| (6,427,568,936 / 420,098,303 shares outstanding) |  |  |  |  | $ | 1,115 |
| Securities lending |  |  |  |  |  | 268 |
| Other, non cash |  |  |  |  |  | 29 |

The accompanying notes are an integral part of these financial statements.

35

T. ROWE PRICE REAL ASSETS FUND

# **CHAVONENT - OF OPERATIONS**

underlying Price funds represented $0 of the net realized gain

($000)

Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 4.

Investment income comprised $4,137 of dividend income and $0 of interest income.

Purchase and sale information not shown for cash management funds.

12/31/22

On investment income under any new but not considered an affiliated company.

Realized and unrealized Gain / Loss

Shareholder servicing

Net realized gain (loss)

| Investor Class | $ | 597 | (119,457 ) |
| --- | --- | --- | --- |
| Securities |  | 189 | 786 |
| T Class |  |  | 84,798 |
| Futures |  |  |  |
| Prospectus and shareholder reports |  |  | (29,530 ) |
| Swaps |  | 22 |  |
| Investor Class |  |  | (18,249 ) |
| Forward currency exchange contracts |  |  |  |

36

T. ROWE PRICE REAL ASSETS FUND

# STATEMENT OF OPERATIONS

($000s)

| Foreign currency transactions | Year Ended | (3,035) |
| --- | --- | --- |
| Net Assets | 12/31/22 | (85,473) |
| Increase (Decrease) in Net Assets |  | 6% |
| Registration |  | 148 |
| Operations |  | 66 |
| Change in net unrealized gain / loss | $204,725 | $125,299 |
| Net investment income |  |  |
| Decrease | (85,473) | (76,648) |
| Net realized gain (loss) |  |  |
| Revaluation | (761,364) | 339,584 |
| Change in net unrealized gain / loss |  |  |
| Increase (decrease) in net assets from operations | (642,112) | 1,342,361 |

The accompanying notes are an integral part of these financial statements.

37

T. ROWE PRICE REAL ASSETS FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Forward currency exchange contracts | Year | 1,937 |
| --- | --- | --- |
| Debt expenses and liabilities denominated in foreign currencies | Ended | 6,732 |
|  | 12/31/22 | (204,716) |
| Net interest and unrealized gain / loss | (1,981) | (1,981) |
| Income tax during period | 1,977,873 | 1,977,873 |
| DECREASE IN NET ASSETS FROM OPERATIONS | (4,965,107) | (4,965,107) |
| End of period net assets from distributions | $(4,965,107) | $(4,965,107) |

*Share information (000s)

38

T. ROWE PRICE REAL ASSETS FUND

# STATEMENT OF CHANGES IN REAL ASSETS

($000s)

# Capital share transactions

Shares sold
Commodity of 1940 (the 1940 Act) as a diversified, open-end management
investor Class
investment company. The fund seeks to provide long-term growth of capital.
fund has three classes of shares: the Real Assets Fund (Investor Class), the Real Assets
Distributions reinvested
Investments (Z Class) and the Real Assets Fund-Z Class (Z Class). I Class shares
realized $500,000 initial investment minimum, although the minimum general
waired or reduced for financial intermediaries, eligible retirement plans, and certain
other accounts. Prior to November 15, 2021, the initial investment minimum was

The accompanying notes are an integral part of these financial statements.

39

T. ROWE PRICE REAL ASSETS FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price Real Assets Fund, Inc. (the fund) is registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006.

The fund is a registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006. The fund is a registered under the Investment State Act of 2006.

its affiliates and other clients that are subject to a contractual fee for investment

40

T. ROWE PRICE REAL ASSETS FUND

as dividend income; capital gain distributions are reflected as realized gain/loss.

in net unrealized gain/loss from securities. Distributions to shareholders are recorded
transacted at the next-computed NAV per share, after receipt of the transaction order by
on the ex-dividend date. Income distributions, if any, are declared and paid by each
T. Rowe Price Associates, Inc. of its agents.
management services. Cash flows are exclusive, voting rights on matters related solely
cess annually. A capital gain distribution, if any, may also be declared and paid by the
buyout. Other services, options, rights, or matters that relate to all classes and in all other
(NAV Accounting Guidance of June 2022, the FASB Issued Accounting Standards
Repeats (No. 1, 2022), Fair Value Measurement Topic 820) - Fair Value
Currency Translation Assets including investments and liabilities denominated
Investment in Equity Securities Subject to Contractual Sale Restrictions, which
in foreign currencies are translated into U.S. dollar values each day at the prevailing
clarities that a contractual restriction on the sale of an equity security is not considered

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

41

T. ROWE PRICE REAL ASSETS FUND

or as may be permitted by the SEC. Purchases and redemptions of fund shares are
purchased thereon using other means of the liquid and risk and prices of such commercial against
the Company's financial and other financial liabilities. The Company's financial and other financial
liabilities, including the Company's profit and loss, are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities. The Company's financial and other financial liabilities are not limited to the Company's
liabilities.

42

T. ROWE PRICE REAL ASSETS FUND

Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or

directly to the extent of the current market value, which is not a result of the current market value. The current market value is based on the current market value, which is not a result of the current market value. The current market value is based on the current market value, which is not a result of the current market value.

NOTE

reporting purposes. Income tax-related interest and penalties, if incurred, are recorded

43

T. ROWE PRICE REAL ASSETS FUND

and baskets of foreign securities. The Valuation Designee uses outside pricing services

The value of the fair value, which is based on the lowest level, must be paid at the fair value. The fair value is based on the lowest level, must be paid at the fair value. The fair value is based on the lowest level, must be paid at the fair value. The fair value is based on the lowest level, must be paid at the fair value. The fair value is based on the lowest level, must be paid at the fair value. The fair value is based on the lowest level, must be paid at the fair value.

44

T. ROWE PRICE REAL ASSETS FUND

# **Valuation Inputs** The following table summarizes the fund's financial instruments.

| Valuation | Inputs | Beginning Balance | Gain (Loss) During | Total | Transfer Into | Ending Balance |
| --- | --- | --- | --- | --- | --- | --- |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |

| Valuation | Inputs | Beginning Balance | Gain (Loss) During | Total | Transfer Into | Ending Balance |
| --- | --- | --- | --- | --- | --- | --- |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |

| Valuation | Inputs | Beginning Balance | Gain (Loss) During | Total | Transfer Into | Ending Balance |
| --- | --- | --- | --- | --- | --- | --- |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |

| Valuation | Inputs | Beginning Balance | Gain (Loss) During | Total | Transfer Into | Ending Balance |
| --- | --- | --- | --- | --- | --- | --- |
| Net | Net | $12,100 | $0 | $12,100 | $12,100 | $12,100 |

![img-0.jpeg](img-0.jpeg)

45

T. ROWE PRICE REAL ASSETS FUND

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

46

T. ROWE PRICE REAL ASSETS FUND

fund's derivative instruments held as of December 31, 2022, and the related location on interest rate derivatives. $^{1}$ $^{2}$ $^{3}$ $^{4}$ $^{5}$ $^{6}$ $^{7}$ $^{8}$ $^{9}$ $^{10}$ $^{11}$ $^{12}$ $^{13}$ $^{14}$ $^{15}$ $^{16}$ $^{17}$ $^{18}$ $^{19}$ $^{20}$ $^{21}$ $^{22}$ $^{23}$ $^{24}$ $^{25}$ $^{26}$ $^{27}$ $^{28}$ $^{29}$ $^{30}$ $^{31}$ $^{32}$ $^{33}$ $^{34}$ $^{35}$ $^{36}$ $^{37}$ $^{38}$ $^{39}$ $^{40}$ $^{41}$ $^{42}$ $^{43}$ $^{44}$ $^{45}$ $^{46}$ $^{47}$ $^{48}$ $^{49}$ $^{50}$ $^{51}$ $^{52}$ $^{53}$ $^{54}$ $^{55}$ $^{56}$ $^{57}$ $^{58}$ $^{59}$ $^{60}$ $^{61}$ $^{62}$ $^{63}$ $^{64}$ $^{65}$ $^{66}$ $^{67}$ $^{68}$ $^{69}$ $^{70}$ $^{71}$ $^{72}$ $^{73}$ $^{74}$ $^{75}$ $^{76}$ $^{77}$ $^{78}$ $^{79}$ $^{80}$ $^{81}$ $^{82}$ $^{83}$ $^{84}$ $^{85}$ $^{86}$ $^{87}$ $^{88}$ $^{89}$ $^{90}$ $^{91}$ $^{92}$ $^{93}$ $^{94}$ $^{95}$ $^{96}$ $^{97}$ $^{98}$ $^{99}$ $^{100}$

$^{1}$ $^{2}$ $^{3}$ $^{4}$ $^{5}$ $^{6}$ $^{7}$ $^{8}$ $^{9}$ $^{10}$ $^{11}$ $^{12}$ $^{13}$ $^{14}$ $^{15}$ $^{16}$ $^{17}$ $^{18}$ $^{19}$ $^{20}$ $^{21}$ $^{22}$ $^{23}$ $^{24}$ $^{25}$ $^{26}$ $^{27}$ $^{28}$ $^{29}$ $^{30}$ $^{31}$ $^{32}$ $^{33}$ $^{34}$ $^{35}$ $^{36}$ $^{37}$ $^{38}$ $^{39}$ $^{40}$ $^{41}$ $^{42}$ $^{43}$ $^{44}$ $^{45}$ $^{46}$ $^{47}$ $^{48}$ $^{49}$ $^{50}$ $^{51}$ $^{52}$ $^{53}$ $^{54}$ $^{55}$ $^{56}$ $^{57}$ $^{58}$ $^{59}$ $^{60}$ $^{61}$ $^{62}$ $^{63}$ $^{64}$ $^{65}$ $^{66}$ $^{67}$ $^{68}$ $^{69}$ $^{70}$ $^{71}$ $^{72}$ $^{73}$ $^{74}$ $^{75}$ $^{76}$ $^{77}$ $^{78}$ $^{79}$ $^{80}$ $^{81}$ $^{82}$ $^{83}$ $^{84}$ $^{85}$ $^{86}$ $^{87}$ $^{88}$ $^{89}$ $^{90}$ $^{91}$ $^{92}$ $^{93}$ $^{94}$ $^{95}$ $^{96}$ $^{97}$ $^{98}$ $^{99}$ $^{100}$

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

47

T. ROWE PRICE REAL ASSETS FUND

Additionally, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities, the amount of gains and losses on derivative instruments recognized in Liabilities

48

T. ROWE PRICE REAL ASSETS FUND

Derivatives, such as non-cleared bilateral swaps, forward currency exchange contracts, and the value presented includes cumulative gain (loss) on open futures contracts and centrally held at December 31, 2009, totaled $150,000.00 for the year ended December 31, 2009. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

49

T. ROWE PRICE REAL ASSETS FUND

no collateral was pledged by either the fund or counterparties for bilateral derivatives. As
the fund was not included in the fund, the fund was not included in the fund. The fund was
not included in the fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included in the
fund. The fund was not included in the fund. The fund was not included

50

T. ROWE PRICE REAL ASSETS FUND

amount of unsettled variation margin; net variation margin receivable is reflected as an

**Counterparty Risk and Collateral** The fund invests in derivatives in various markets, including, but not limited to, the following: a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share of the market, a company's share

51

T. ROWE PRICE REAL ASSETS FUND

management tool; or to adjust credit exposure. Swap agreements can be settled either

Investments. On the other hand, the value of the assets is $100,000, which is not a result of the value of the assets. The value of the assets is $100,000, which is not a result of the value of the assets.

52

T. ROWE PRICE REAL ASSETS FUND

# **NOTE 4 - OTHER INVESTMENT TRANSACTIONS**

respectively, a security at a specified exercise price in return for a premium paid, call
instead of a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid, or a premium paid

53

T. ROWE PRICE REAL ASSETS FUND

fees, net of any rebates to the borrower, compensation to the lending agent, and other

The property is a 2020-2021 period of 1,000,000 acres, and the property is a 2020-2021 period of 1,000,000 acres. The property is a 2020-2021 period of 1,000,000 acres, and the property is a 2020-2021 period of 1,000,000 acres.

NOTE: The property is a 2020-2021 period of 1,000,000 acres, and the property is a 2020-2021 period of 1,000,000 acres.

54

T. ROWE PRICE REAL ASSETS FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

**Restricted Securities** The fund invests in securities that are subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability. The fund is not a fund that is subject to legal or tax liability.

55

T. ROWE PRICE REAL ASSETS FUND

extent permitted, capital losses are used to offset capital gains. Taxes attributable to

Daging bills were ended December 31, 2022, after a return of the funds activity in respect of collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any other collateral is not used in the event of a 4,997

# **NOTE 7 RELATED PARTY TRANSACTIONS**

The following table provides the information in a specific format:

56

T. ROWE PRICE REAL ASSETS FUND

limitation in place at the time such amounts were waived; or (2) the class's current

sub-dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing उपयोग and any expenses, in the limitation of the current
dividends to the existing

57

T. ROWE PRICE REAL ASSETS FUND

In addition, the fund has entered into service agreements with Price Associates and two

the assets in the event of a change in the fund's performance of the Company's performance, the Company's performance is not to be changed in any way. The Company's performance is not to be changed in any way. The Company's performance is not to be changed in any way.

Additionally, the Fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, the Fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, the Fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, the Fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, the Fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, the Fund is one

NOTE

58

T. ROWE PRICE REAL ASSETS FUND

accounts managed by Price Associates or its affiliates and are not available for direct

To the extent of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

59

T. ROWE PRICE REAL ASSETS FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Real Assets Fund, Inc. (the "Fund") as of

(CONTINUED) In 2009, the general statement of operating for the International Securities (IT) and the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of the International Financial Statements (IFRS) of

NOTE 3 - OTHER MATTERS

The following table provides the information in a specific format:

In addition, other mutual funds, trusts, and other accounts managed by Price Associates

60

T. ROWE PRICE REAL ASSETS FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By management, we will be working in the overall presentation of the financial statements.

On December 1, 2017, the financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements. The financial statements were submitted to the financial statements.

Since 2020, a novel strain of coronavirus (COVID-19) has resulted in disruptions

61

T. ROWE PRICE REAL ASSETS FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS
The records of the record is for the record of the P.C.A. Company. According to the record, the record is for the record of the P.C.A. Company. According to the record, the record is for the record of the P.C.A. Company.

62

T. ROWE PRICE REAL ASSETS FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

responsible insurance above whether the financial statements are free of material
corporate website. To access it, please visit the following Web page:

misstatement, whether due to error or fraud.

The following table provides the information in the United States and the United Kingdom. The text in the table is provided in the image.

considered the initial approval of an investment subadvisory agreement (Subadvisory

value of assets, not less than 100% of the total capital performance. Management is

noted that the subject should be shown in the form that the "Proxy Value" is
Contract that T. Rowe Price Associates, Inc. (Adviser) enlisted into with T. Rowe Price

across the market, and the financial already arising from these events.
International Ltd (Subadviser) on behalf of the fund. The Subadvisory Contract authorizes

the Subadviser to have investment discretion with respect to all or a portion of the fund's

Each fund's most recent annual proxy voting record is available on our website and

the S.E.C.'s website. To access it through T. Rowe Price, visit the website location

to other subadvisory agreements that are in place for other T. Rowe Price funds that

63

T. ROWE PRICE REAL ASSETS FUND

# **APPROVAL OF SUBADVISORY AGREEMENT**

shown above, and scroll down to the section near the bottom of the page that says delegate investment management responsibilities to affiliated investment advisers and "Proxy-Value Recortex" (Click on the Proxy-Value Recortex link in the shaded box that also advises with those 2001-2012) and apply to the company's Board of Directors. The Board of Directors (Board) has appointed the fund's investment adviser, T. Rowe Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As shown above, the fund's investment adviser is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate document, and it is a separate

64

T. ROWE PRICE REAL ASSETS FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

The Liquidity Program is a program that provides a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for the LRC's research and development. The program is designed to provide a high level of funding for

65

T. ROWE PRICE REAL ASSETS FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

with the approval to continue the Advisory Contract. The independent directors were
regulatory with limits on the interests of liquid, toxic and toxicants, the risk that the
proposed review of the Advisory Contract for independent legal counsel.
Your funds will be made to the extent to which the obligations of the Liquidity Program also
of matters affecting the use of the Company's and other members of the Liquidity
compliants, including those for Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and
affairs. The Company's and other members of the Liquidity Program members to operate adequately and

66

T. ROWE PRICE REAL ASSETS FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The State of New Jersey, the United States of America, is a member of the investment's directors. The Fund is a member of the investment's directors' group of directors. The Fund is a member of the investment's directors' group of directors. The Fund is a member of the investment's directors' group of directors.

**INDEPENDENT DIRECTORS**
[Number of T. Rowe Price, Principal Occupation(s), and Directories of Public Companies, and
National Investment Companies, During the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years
(Year of Birth) and the other investment companies, during the Past Five Years

67

T. ROWE PRICE REAL ASSETS FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

Member of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios (Overseas) (Other Investment Companies During the Past Five Years) is a member of the National Association of Public Companies (National Association of Public Companies) and the National Association of Public Companies (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies) (National Association of Public Companies)

68

T. ROWE PRICE REAL ASSETS FUND

# **INTERESTED DIRECTORS (CONTINUED)**

Report, cash and cash equivalents, as well as available borrowing arrangements.
Department, Tax and Customs Authority (2009 to present); Director,
Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price
Land Trust Holdings (2015 to present); Director, Blueglenic Pharma, Inc.
Fund.
The information about the interest of the project was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. Mr. Daniels was appointed as an independent director of the Price Funds.
Principal, which for the full term was appointed as an independent director of the Price Funds.
Board of Directors (2009 to present); President, Chief Executive Director, Price Investment Management
(2009 to present); Chief Executive Director, Price Investment Management (2009 to present).
**INTERESTED DIRECTORS**
Name: Robert
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010
(Year of Birth): 2010

69

T. ROWE PRICE REAL ASSETS FUND

# **OFFICERS (CONTINUED)**

Year Ended: [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]  
 [Number of T. Rowe Price Newings (1974)]

70

Name (Year of Birth)  
 Position Held With Real Assets Fund Principal Occupation(s)

T. ROWE PRICE REAL ASSETS FUND

# OFFICERS (CONTINUED)

Shinwoo Kim (1977)

Vice President

Paul J. Krug, CPA (1964)

Vice President

Sébastien

Roberts

Robert A. Panariello (1983)

(1971)

Vice President, T. Rowe Price Group, Inc., formerly, T. Rowe Price Investment Group, Inc. (formerly Singapore); General Counsel, Vice President, and Secretary, T. Rowe Price Group, Inc.; Chief Executive Officer, President, and Secretary, T. Rowe Price Investment Group, Inc. (formerly Executive Officer, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group, Inc. (formerly Vice President, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group, Inc. (formerly Vice President, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group, Inc. (formerly Vice President, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group, Inc. (formerly Vice President, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group, Inc. (formerly Vice President, President, and President); Chief Executive Officer, President, and President, T. Rowe Price Investment Group

![img-0.jpeg](img-0.jpeg)

71

Name (Year of Birth)

Position Held With Real Assets Fund

Principal Occupation(s)

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

The registrant is authorized to sign and return this form to the address of the registrant.

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc. \ 100 East Pratt Street \ Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (a) above were not covered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Item 5. Audit Committee of Closed-End Registrant's Vice President, Traditional, Roth, Not applicable | Individual or Joint Tenant Company | 529 plans offer tax- advantage for for further services |
| Item 6. Investments Vice President | Brokerage offers access to stocks, ETFs | Vice President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The President, The |
| (a) Not applicable. The complete schedule of investment is provided in Item 7. The Company is not a member of the Company's Board of Directors. |  |  |
| (b) Not applicable. |  |  |

# **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

# **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

# **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

# **Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

# **Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the following rules, officers have been employees of T. Rowe Price or Price International for at least 5 years.
(1) T. Rowe Price
(2) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the following rules, officers have been employees of T. Rowe Price or Price International for at least 5 years.
(3) Written instructions to repurchase securities issued by closed-end companies: not applicable.
(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the following rules, officers have been employees of T. Rowe Price or Price International for at least 5 years.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Real Assets Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-000-5439, request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All mutual funds are subject to market risk and other available risk information. Investing internationally. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 21, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582811  
F176-0502/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Real
Assets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Real
Assets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Real Assets Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

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**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer