# EDGAR Filing Document

**Accession Number:** 0001486048
**File Stem:** 0001193125-26-068831
**Filing Date:** 2026-2
**Character Count:** 174516
**Document Hash:** 69e5651010a4158feac24292b0221638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-068831.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-068831

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Real Assets Fund, Inc.
- **CENTRAL INDEX KEY:** 0001486048

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22410
- **FILM NUMBER:** 26674602

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## 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           |

?xml version='1.0' encoding='ASCII'? Real Assets Fund, Inc._RAF

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Report pursuant to Rule 30e-1
![Image](g14044i167fba5dc334873c12ea.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Real Assets Fund

# Investor Class (PRAFX)
This annual shareholder report contains important information about Real Assets Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Real Assets Fund - Investor Class | $107 | 0.93% |

---

## What drove fund performance during the past 12 months?
* Global equities delivered strong returns in 2025. Though heightened uncertainty and volatility dominated the first half of the year amid the Trump administration's rapidly shifting policies on tariffs and geopolitics, markets sustained a meaningful rally through the remainder of the year due to an artificial intelligence boom, dovish central bank moves, and avoidance of worst-case scenarios in many geopolitical conflicts. Natural resources equities advanced. While oil fell as output increased into an uncertain demand environment, base metals rose and precious metals surged, with gold and silver pushing to record highs on safe-haven demand. Global real estate equities also advanced during the year. 

* Versus the MSCI All Country World Index Net, an overweight allocation to the metals and mining industry boosted relative results. Cash management throughout the period also benefited relative results. 

* Conversely, security selection among global real estate equities weighed on relative results. Security selection within precious metals also detracted during the period. 

* The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in "real assets" and securities of companies that are engaged in activities related to, or have substantial ownership of, real assets. This can include any assets that have physical properties, such as natural resources, real estate, and commodities.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 23,648 Regulatory/Strategy Benchmark 30,302](g14044id9524bc4b5592d81f2b2.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Regulatory/Strategy Benchmark** |
| **2015** | 10000 | 10000 |
| **2016** | 10972 | 10024 |
| **2016** | 11901 | 10123 |
| **2016** | 12254 | 10660 |
| **2016** | 12102 | 10786 |
| **2017** | 12395 | 11532 |
| **2017** | 12215 | 12024 |
| **2017** | 12677 | 12647 |
| **2017** | 13370 | 13372 |
| **2018** | 12764 | 13244 |
| **2018** | 13324 | 13314 |
| **2018** | 13198 | 13884 |
| **2018** | 11830 | 12113 |
| **2019** | 13365 | 13588 |
| **2019** | 13518 | 14079 |
| **2019** | 13330 | 14075 |
| **2019** | 14148 | 15335 |
| **2020** | 10439 | 12059 |
| **2020** | 12534 | 14376 |
| **2020** | 13040 | 15545 |
| **2020** | 15137 | 17828 |
| **2021** | 16358 | 18643 |
| **2021** | 17713 | 20021 |
| **2021** | 17249 | 19810 |
| **2021** | 19030 | 21133 |
| **2022** | 19677 | 20000 |
| **2022** | 16144 | 16868 |
| **2022** | 15075 | 15717 |
| **2022** | 17078 | 17252 |
| **2023** | 17494 | 18512 |
| **2023** | 17267 | 19656 |
| **2023** | 16662 | 18987 |
| **2023** | 18205 | 21082 |
| **2024** | 18717 | 22810 |
| **2024** | 18474 | 23464 |
| **2024** | 20189 | 25016 |
| **2024** | 18266 | 24769 |
| **2025** | 19305 | 24441 |
| **2025** | 19942 | 27258 |
| **2025** | 22514 | 29336 |
| **2025** | 23648 | 30302 |

---

202501-4140694, 202601-5113350

F176-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Real Assets Fund (Investor Class) | 29.47% | 9.33% | 8.99% |
| MSCI All Country World Index Net (Regulatory/Strategy Benchmark) | 22.34 | 11.19 | 11.72 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$10,734,978

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$7,624

* Portfolio Turnover Rate48.3%

## **What did the fund invest in?** 

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Precious: Gold & Silver | 17.6% |
| Diversified Metals & Mining | 7.2 |
| Reits: Industrial | 6.6 |
| Reits: Apartment/Residential | 6.4 |
| Reits: Healthcare | 5.1 |
| Integrated Oil & Gas | 4.9 |
| Base Metals: Copper | 4.6 |
| Reits: Data Centers | 3.6 |
| Oil & Gas: Storage & Transportation | 2.6 |
| Other | 41.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Welltower | 3.2% |
| Equinix | 2.5 |
| Prologis | 2.3 |
| Barrick Mining | 2.2 |
| BHP Group | 1.9 |
| Agnico Eagle Mines | 1.7 |
| Freeport-McMoRan | 1.6 |
| Simon Property Group | 1.5 |
| Franco-Nevada | 1.4 |
| Kobold Metals | 1.3 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Real Assets Fund

Investor Class (PRAFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14044ia7a2f2f67a158ac959a6.jpg)

![Image](g14044i167fba5dc334873c12ea.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Real Assets Fund

# I Class (PRIKX)
This annual shareholder report contains important information about Real Assets Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Real Assets Fund - I Class | $77 | 0.67% |

---

## What drove fund performance during the past 12 months?
* Global equities delivered strong returns in 2025. Though heightened uncertainty and volatility dominated the first half of the year amid the Trump administration's rapidly shifting policies on tariffs and geopolitics, markets sustained a meaningful rally through the remainder of the year due to an artificial intelligence boom, dovish central bank moves, and avoidance of worst-case scenarios in many geopolitical conflicts. Natural resources equities advanced. While oil fell as output increased into an uncertain demand environment, base metals rose and precious metals surged, with gold and silver pushing to record highs on safe-haven demand. Global real estate equities also advanced during the year. 

* Versus the MSCI All Country World Index Net, an overweight allocation to the metals and mining industry boosted relative results. Cash management throughout the period also benefited relative results. 

* Conversely, security selection among global real estate equities weighed on relative results. Security selection within precious metals also detracted during the period. 

* The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in "real assets" and securities of companies that are engaged in activities related to, or have substantial ownership of, real assets. This can include any assets that have physical properties, such as natural resources, real estate, and commodities.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 1,205,183 Regulatory/Strategy Benchmark 1,515,084](g14044i84ae2addc8e1a51b5a72.jpg)

---

| | | |
|:---|:---|:---|
| | **I Class** | **Regulatory/Strategy Benchmark** |
| **2015** | 500000 | 500000 |
| **2016** | 548619 | 501191 |
| **2016** | 595028 | 506147 |
| **2016** | 613260 | 532982 |
| **2016** | 605681 | 539321 |
| **2017** | 620357 | 576579 |
| **2017** | 611890 | 601217 |
| **2017** | 635033 | 632373 |
| **2017** | 670352 | 668608 |
| **2018** | 639934 | 662179 |
| **2018** | 668631 | 665712 |
| **2018** | 662317 | 694184 |
| **2018** | 594174 | 605663 |
| **2019** | 670804 | 679402 |
| **2019** | 679056 | 703942 |
| **2019** | 669625 | 703759 |
| **2019** | 711328 | 766753 |
| **2020** | 525158 | 602935 |
| **2020** | 630674 | 718812 |
| **2020** | 656750 | 777254 |
| **2020** | 762381 | 891388 |
| **2021** | 824162 | 932137 |
| **2021** | 892739 | 1001052 |
| **2021** | 869880 | 990498 |
| **2021** | 960718 | 1056628 |
| **2022** | 993519 | 999984 |
| **2022** | 815632 | 843381 |
| **2022** | 762014 | 785865 |
| **2022** | 863582 | 862589 |
| **2023** | 885510 | 925608 |
| **2023** | 874546 | 982785 |
| **2023** | 844879 | 949345 |
| **2023** | 922916 | 1054099 |
| **2024** | 949886 | 1140497 |
| **2024** | 938045 | 1173221 |
| **2024** | 1025535 | 1250816 |
| **2024** | 928481 | 1238447 |
| **2025** | 982073 | 1222044 |
| **2025** | 1014898 | 1362904 |
| **2025** | 1146868 | 1466796 |
| **2025** | 1205183 | 1515084 |

---

202501-4140694, 202601-5113350

F522-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Real Assets Fund (I Class) | 29.80% | 9.59% | 9.20% |
| MSCI All Country World Index Net (Regulatory/Strategy Benchmark) | 22.34 | 11.19 | 11.72 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$10,734,978

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$7,624

* Portfolio Turnover Rate48.3%

## **What did the fund invest in?** 

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Precious: Gold & Silver | 17.6% |
| Diversified Metals & Mining | 7.2 |
| Reits: Industrial | 6.6 |
| Reits: Apartment/Residential | 6.4 |
| Reits: Healthcare | 5.1 |
| Integrated Oil & Gas | 4.9 |
| Base Metals: Copper | 4.6 |
| Reits: Data Centers | 3.6 |
| Oil & Gas: Storage & Transportation | 2.6 |
| Other | 41.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Welltower | 3.2% |
| Equinix | 2.5 |
| Prologis | 2.3 |
| Barrick Mining | 2.2 |
| BHP Group | 1.9 |
| Agnico Eagle Mines | 1.7 |
| Freeport-McMoRan | 1.6 |
| Simon Property Group | 1.5 |
| Franco-Nevada | 1.4 |
| Kobold Metals | 1.3 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Real Assets Fund

I Class (PRIKX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14044ia7a2f2f67a158ac959a6.jpg)

![Image](g14044i167fba5dc334873c12ea.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Real Assets Fund

# Z Class (TRZRX)
This annual shareholder report contains important information about Real Assets Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Real Assets Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* Global equities delivered strong returns in 2025. Though heightened uncertainty and volatility dominated the first half of the year amid the Trump administration's rapidly shifting policies on tariffs and geopolitics, markets sustained a meaningful rally through the remainder of the year due to an artificial intelligence boom, dovish central bank moves, and avoidance of worst-case scenarios in many geopolitical conflicts. Natural resources equities advanced. While oil fell as output increased into an uncertain demand environment, base metals rose and precious metals surged, with gold and silver pushing to record highs on safe-haven demand. Global real estate equities also advanced during the year. 

* Versus the MSCI All Country World Index Net, an overweight allocation to the metals and mining industry boosted relative results. Cash management throughout the period also benefited relative results. 

* Conversely, security selection among global real estate equities weighed on relative results. Security selection within precious metals also detracted during the period. 

* The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in "real assets" and securities of companies that are engaged in activities related to, or have substantial ownership of, real assets. This can include any assets that have physical properties, such as natural resources, real estate, and commodities.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 25,637 Regulatory/Strategy Benchmark 27,164](g14044icf969dd91ed04a7d16d9.jpg)

---

| | | |
|:---|:---|:---|
| | **Z Class** | **Regulatory/Strategy Benchmark** |
| **3/16/20** | 10000 | 10000 |
| **3/31/20** | 10743 | 10810 |
| **6/30/20** | 12924 | 12888 |
| **9/30/20** | 13482 | 13936 |
| **12/31/20** | 15691 | 15982 |
| **3/31/21** | 16984 | 16713 |
| **6/30/21** | 18429 | 17948 |
| **9/30/21** | 17985 | 17759 |
| **12/31/21** | 19891 | 18945 |
| **3/31/22** | 20606 | 17929 |
| **6/30/22** | 16949 | 15121 |
| **9/30/22** | 15868 | 14090 |
| **12/31/22** | 18014 | 15466 |
| **3/31/23** | 18495 | 16596 |
| **6/30/23** | 18295 | 17621 |
| **9/30/23** | 17706 | 17021 |
| **12/31/23** | 19372 | 18899 |
| **3/31/24** | 19975 | 20448 |
| **6/30/24** | 19756 | 21035 |
| **9/30/24** | 21648 | 22426 |
| **12/31/24** | 19619 | 22205 |
| **3/31/25** | 20784 | 21910 |
| **6/30/25** | 21515 | 24436 |
| **9/30/25** | 24352 | 26299 |
| **12/31/25** | 25637 | 27164 |

---

202501-4140694, 202601-5113350

F1266-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/16/20** |
| Real Assets Fund (Z Class) | 30.68% | 10.32% | 17.64% |
| MSCI All Country World Index Net (Regulatory/Strategy Benchmark) | 22.34 | 11.19 | 18.82 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$10,734,978

* Number of Portfolio Holdings349

* Investment Advisory Fees Paid (000s)$7,624

* Portfolio Turnover Rate48.3%

## **What did the fund invest in?** 

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Precious: Gold & Silver | 17.6% |
| Diversified Metals & Mining | 7.2 |
| Reits: Industrial | 6.6 |
| Reits: Apartment/Residential | 6.4 |
| Reits: Healthcare | 5.1 |
| Integrated Oil & Gas | 4.9 |
| Base Metals: Copper | 4.6 |
| Reits: Data Centers | 3.6 |
| Oil & Gas: Storage & Transportation | 2.6 |
| Other | 41.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Welltower | 3.2% |
| Equinix | 2.5 |
| Prologis | 2.3 |
| Barrick Mining | 2.2 |
| BHP Group | 1.9 |
| Agnico Eagle Mines | 1.7 |
| Freeport-McMoRan | 1.6 |
| Simon Property Group | 1.5 |
| Franco-Nevada | 1.4 |
| Kobold Metals | 1.3 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Real Assets Fund

Z Class (TRZRX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g14044ia7a2f2f67a158ac959a6.jpg)

------

#### 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 of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Audit Fees | $23735 | $23525 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 9125 | 9200 |
|  All Other Fees |  |  |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 $1,862,000 and $1,262,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PRAFX

Real

Assets

Fund

PRIKX

Real

Assets

Fund–

.

I Class

TRZRX

Real

Assets

Fund–

.

Z Class

T. ROWE

PRICE

Real

Assets

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.06

$

.22

$

.55

$

.30

$

.40

Investment

activities

Net

investment

income

(1)(2)

.29

.25

.32

.41

.29

Net

realized

and

unrealized

gain/loss

.85

(0

.19)

.57

(1

.97)

.89

Total

from

investment

activities

.14

.06

.89

(1

.56)

.18

Distributions

Net

investment

income

(0

.52)

(0

.22)

(0

.22)

(0

.19)

(0

.28)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 17

#### .68

#### $

#### 14

#### .06

#### $

#### 14

#### .22

#### $

#### 13

#### .55

#### $

#### 15

#### .30

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 29

#### .47

#### %

#### 0

#### .33

#### %

#### 6

#### .60

#### %

#### (#### 10

#### .26

####)

#### %

#### 25

#### .72

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.93

%

.90

%

.95

%

.92

%

.84

%

Net

expenses

after

waivers/payments

by

Price

Associates

.93

%

.90

%

.95

%

.92

%

.84

%

Net

investment

income

.84

%

.72

%

.34

%

.91

%

.03

%

Portfolio

turnover

rate

.3

%

.3

%

.1

%

.8

%

.7

%

Net

assets,

end

of

period

(in

millions)

$94

$81

$142

$145

$323

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Real

Assets

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.86

$

.03

$

.39

$

.23

$

.34

Investment

activities

Net

investment

income

(1)(2)

.33

.29

.34

.38

.31

Net

realized

and

unrealized

gain/loss

.80

(0

.19)

.57

(1

.91)

.89

Total

from

investment

activities

.13

.10

.91

(1

.53)

.20

Distributions

Net

investment

income

(0

.58)

(0

.27)

(0

.27)

(0

.31)

(0

.31)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 17

#### .41

#### $

#### 13

#### .86

#### $

#### 14

#### .03

#### $

#### 13

#### .39

#### $

#### 15

#### .23

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 29

#### .80

#### %

#### 0

#### .60

#### %

#### 6

#### .87

#### %

#### (#### 10

#### .11

####)

#### %

#### 26

#### .02

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.67

%

.67

%

.69

%

.68

%

.67

%

Net

expenses

after

waivers/payments

by

Price

Associates

.67

%

.67

%

.69

%

.68

%

.67

%

Net

investment

income

.12

%

.00

%

.54

%

.76

%

.19

%

Portfolio

turnover

rate

.3

%

.3

%

.1

%

.8

%

.7

%

Net

assets,

end

of

period

(in

thousands)

$1,411,580

$1,250,513

$1,153,256

$822,109

$508,942

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Real

Assets

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.97

$

.13

$

.47

$

.28

$

.38

Investment

activities

Net

investment

income

(1)(2)

.44

.39

.44

.50

.41

Net

realized

and

unrealized

gain/loss

.84

(0

.19)

.56

(1

.93)

.89

Total

from

investment

activities

.28

.20

.00

(1

.43)

.30

Distributions

Net

investment

income

(0

.68)

(0

.36)

(0

.34)

(0

.38)

(0

.40)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 17

#### .57

#### $

#### 13

#### .97

#### $

#### 14

#### .13

#### $

#### 13

#### .47

#### $

#### 15

#### .28

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 30

#### .68

#### %

#### 1

#### .28

#### %

#### 7

#### .54

#### %

#### (#### 9

#### .43

####)

#### %

#### 26

#### .76

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.65

%

.65

%

.66

%

.65

%

.65

%

Net

expenses

after

waivers/payments

by

Price

Associates

.00

%

.00

%

.00

%

.00

%

.00

%

Net

investment

income

.79

%

.67

%

.24

%

.57

%

.88

%

Portfolio

turnover

rate

.3

%

.3

%

.1

%

.8

%

.7

%

Net

assets,

end

of

period

(in

millions)

$9,229

$8,590

$8,355

$5,657

$4,113

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Real

Assets

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 95.2%

#### AGRICULTURE

#### 1.5%

#### Other

#### Agricultural

#### &

#### Food

#### Products

#### 0.2%
Corteva

275,130

18,442

18,442

#### Paper

#### &

#### Forest

#### Products

#### 1.3%
International

Paper

768,571

30,274

Louisiana-Pacific

303,605

24,519

Packaging

Corp.

of

America

154,934

31,952

Stora

Enso,

Class

R

(EUR)

1,837,961

22,948

UPM-Kymmene

(EUR)

571,625

16,525

West

Fraser

Timber

(CAD)

293,514

17,957

144,175

Total

Agriculture

162,617

#### CHEMICALS

#### 1.8%

#### Chemicals:

#### Fertilizers

#### &

#### Agricultural

#### 0.0%
Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $1,985 (1)(2)(3)

107,511

—

—

#### Chemicals:

#### Industrial

#### Gases

#### 1.2%
Air

Liquide

(EUR)

253,285

47,606

Linde

188,815

80,509

128,115

#### Chemicals:

#### Specialty

#### 0.6%
RPM

International

158,833

16,519

Sherwin-Williams

127,310

41,252

Syensqo

(EUR)

88,948

7,124

64,895

Total

Chemicals

193,010

#### ENERGY

#### 15.8%

#### Exploration

#### &

#### Production:

#### Non-U.S.

#### Oil

#### &

#### Gas

#### 1.7%
Advantage

Energy

(CAD) (2)(4)

1,280,920

10,956

ARC

Resources

(CAD) (4)

1,384,400

25,972

Canadian

Natural

Resources

(CAD) (4)

1,875,689

63,532

Headwater

Exploration

(CAD) (4)

2,138,400

14,598

Kelt

Exploration

(CAD) (2)(4)

2,794,245

15,615

Tamarack

Valley

Energy

(CAD) (4)

2,611,774

15,185

Tourmaline

Oil

(CAD) (4)

673,692

30,221

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Var

Energi

(NOK)

2,313,260

7,563

183,642

#### Exploration

#### &

#### Production:

#### U.S.

#### Mixed

#### 1.1%
EQT

733,717

39,327

Expand

Energy

316,099

34,885

Range

Resources

604,329

21,309

Viper

Energy,

Class

A

536,140

20,711

116,232

#### Exploration

#### &

#### Production:

#### U.S.

#### Oil

#### 1.9%
ConocoPhillips

1,106,234

103,555

Diamondback

Energy

185,654

27,909

EOG

Resources

173,337

18,202

Ovintiv

643,295

25,211

Permian

Resources

1,547,416

21,710

Vista

Energy,

ADR (2)(4)

254,563

12,387

208,974

#### Integrated

#### Oil

#### &

#### Gas

#### 4.9%
BP

(GBP)

4,595,923

26,803

Chevron

873,599

133,145

Exxon

Mobil

1,070,091

128,775

Shell

(GBP)

3,780,432

139,318

Suncor

Energy

(CAD)

1,133,991

50,332

TotalEnergies

(EUR)

747,804

48,755

527,128

#### Oil

#### &

#### Gas:

#### Drilling

#### 0.2%
Precision

Drilling

(CAD) (2)(4)

225,807

16,203

16,203

#### Oil

#### &

#### Gas:

#### Equipment

#### &

#### Services

#### 2.5%
Baker

Hughes

1,166,955

53,143

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $2,530 (1)(2)(3)(5)

2,530,088

1,164

Expro

Group

Holdings (2)

1,486,807

19,849

Kodiak

Gas

Services

414,723

15,511

NOV

1,315,341

20,559

SLB

1,488,421

57,126

TechnipFMC

1,012,153

45,101

Tenaris,

ADR (4)

438,890

16,875

Weatherford

International

458,861

35,910

265,238

#### Oil

#### &

#### Gas:

#### Refining

#### &

#### Marketing

#### 0.9%
Phillips

295,581

38,142

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Valero

Energy

361,623

58,868

97,010

#### Oil

#### &

#### Gas:

#### Storage

#### &

#### Transportation

#### 2.6%
Enbridge (4)

1,475,508

70,574

Kinder

Morgan

628,847

17,287

ONEOK

510,093

37,492

South

Bow

(CAD) (4)

802,424

22,070

Targa

Resources

258,447

47,683

Williams

1,316,273

79,121

274,227

Total

Energy

1,688,654

#### FINANCIALS

#### 0.1%

#### Other

#### Diversified

#### Financial

#### Services

#### 0.1%
Talon

Capital (2)

663,485

6,821

Talon

Capital

Sponsor,

Class

A,

Acquisition

Date:

9/2/25,

Cost $594 (1)(2)(3)

237,610

594

Total

Financials

7,415

#### INDUSTRIALS

#### 2.6%

#### Aerospace

#### &

#### Defense

#### 0.0%
Firefly

Aerospace (2)

227,151

5,081

5,081

#### Construction:

#### Cement

#### &

#### Aggregates

#### 0.2%
Holcim

(CHF)

228,528

22,247

22,247

#### Construction:

#### Const.

#### &

#### Engineering

#### 0.1%
SPIE

(EUR)

224,819

12,961

12,961

#### Construction:

#### Farm

#### Machinery

#### 0.7%
Caterpillar

76,121

43,608

KION

Group

(EUR)

299,193

23,641

Sany

Heavy

Industry,

Class

H

(HKD) (2)

3,399,600

9,872

77,121

#### Construction:

#### Materials

#### 0.4%
Heidelberg

Materials

(EUR)

110,153

28,558

Knife

River (2)

237,752

16,726

45,284

#### Electrical

#### Components

#### &

#### Equipment

#### 0.5%
Bel

Fuse,

Class

B (4)

51,077

8,664

Fujikura

(JPY)

140,800

15,614

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Hubbell

39,700

17,631

nVent

Electric

156,098

15,918

57,827

#### Industrial

#### Machinery

#### 0.4%
Interpump

Group

(EUR)

388,508

21,133

Mitsubishi

Heavy

Industries

(JPY)

756,200

18,461

39,594

#### Semiconductors:

#### Equipment

#### Manufacturers

#### 0.3%
Qnity

Electronics

209,808

17,131

Shoals

Technologies

Group,

Class

A (2)

1,700,300

14,452

31,583

Total

Industrials

291,698

#### METALS

#### &

#### MINING

#### 37.0%

#### Base

#### Metals:

#### Aluminum

#### 0.8%
Aluminium

Bahrain

(BHD)

2,616,873

7,658

Aluminum

Corp.

of

China,

Class

H

(HKD)

10,830,000

16,954

China

Hongqiao

Group

(HKD)

6,207,500

26,070

Hindalco

Industries

(INR)

1,349,533

13,319

Norsk

Hydro

(NOK)

1,162,276

8,972

Yunnan

Aluminium,

A

Shares

(CNH)

1,816,700

8,534

81,507

#### Base

#### Metals:

#### Copper

#### 4.6%
Antofagasta

(GBP)

722,584

31,740

Boliden

(SEK) (2)

183,196

10,148

Capstone

Copper

(CAD) (2)

3,238,203

32,511

ERO

Copper

(CAD) (2)(4)

918,407

25,982

First

Quantum

Minerals

(CAD) (2)(4)

2,307,925

61,879

Freeport-McMoRan

3,306,421

167,933

Grupo

Mexico,

Series

B

(MXN)

3,709,264

34,933

Ivanhoe

Mines,

Class

A

(CAD) (2)(4)

2,110,111

23,998

KGHM

Polska

Miedz

(PLN) (2)

49,755

3,866

Lundin

Mining

(CAD) (4)

345,473

7,425

NGEx

Minerals

(CAD) (2)(4)

1,781,730

33,232

Southern

Copper

388,296

55,709

489,356

#### Base

#### Metals:

#### Iron

#### Ore

#### 0.5%
Fortescue

(AUD)

341,985

5,001

Vale

(BRL)

3,420,492

44,661

49,662

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Coal:

#### Metallurgical

#### 0.3%
Warrior

Met

Coal

342,859

30,230

30,230

#### Diversified

#### Metals

#### &

#### Mining

#### 6.7%
Alcoa

380,311

20,210

Anglo

American

(GBP)

1,921,617

79,483

BHP

Group

(AUD)

6,745,523

203,574

Carpenter

Technology

86,050

27,092

Champion

Iron

(AUD) (4)

5,118,095

20,614

CMOC

Group,

Class

H

(HKD)

8,145,000

20,236

Glencore

(GBP)

17,195,541

94,002

Iluka

Resources

(AUD) (4)

4,029,049

15,489

Ivanhoe

Electric (2)

1,757,442

28,084

Ivanhoe

Electric,

Warrants,

2/11/26 (2)

786,226

7,060

LunR

Royalties

(CAD) (2)(4)

342,597

3,257

Lynas

Rare

Earths

(AUD) (2)

842,673

6,911

MP

Materials (2)(4)

257,297

12,999

Rio

Tinto

(GBP)

1,313,604

105,812

Saudi

Arabian

Mining

(SAR) (2)

899,378

14,609

Sovereign

Metals

(AUD) (2)(4)

3,689,591

1,423

Teck

Resources,

Class

B

963,181

46,127

thyssenkrupp

(EUR)

844,928

9,084

716,066

#### Platinum

#### Group

#### Metals

#### 0.0%
Southern

Palladium

(AUD) (2)(4)

1,201,349

1,856

1,856

#### Precious:

#### Diamonds

#### 0.0%
Alrosa

(RUB) (1)(2)

19,084,530

—

—

#### Precious:

#### Gold

#### &

#### Silver

#### 17.6%
Agnico

Eagle

Mines

(CAD)

899,200

152,488

Agnico

Eagle

Mines

183,165

31,052

Alamos

Gold,

Class

A

(CAD)

1,873,540

72,345

Alamos

Gold,

Class

A (4)

385,399

14,869

Americas

Gold

&

Silver

(CAD) (2)(4)

3,855,578

19,776

Americas

Gold

&

Silver (2)

3,227,830

15,669

Anglogold

Ashanti

(ZAR)

1,241,682

106,933

Aris

Mining

(CAD) (2)(4)

1,161,141

18,831

Artemis

Gold

(CAD) (2)

1,989,541

53,183

Asante

Gold

(CAD) (2)(4)

4,866,527

5,850

Ausgold

(AUD) (2)

16,027,269

11,685

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

B2Gold

(CAD) (4)

4,176,235

18,804

Barrick

Mining

(CAD)

5,524,740

240,665

Benz

Mining,

CDI

(AUD) (2)

4,522,883

5,324

Capricorn

Metals

(AUD) (2)

3,864,077

36,560

Coeur

Mining (2)

626,570

11,172

Discovery

Silver

(CAD) (2)(4)

5,092,214

31,090

DPM

Metals

(CAD)

235,743

7,286

Dundee

Corporation,

Warrants,

12/16/26

(CAD) (2)

944,462

—

Emerald

Resources

(AUD) (2)

9,504,541

39,536

Endeavour

Silver

(CAD) (2)(4)

184,727

1,738

Equinox

Gold

(CAD) (2)(4)

807,803

11,353

Evolution

Mining

(AUD)

1,134,967

9,498

First

Mining

Gold

(CAD) (2)(4)

12,208,137

4,714

Franco-Nevada

(CAD)

711,368

147,456

G

Mining

Ventures

(CAD) (2)

1,385,293

41,875

Genesis

Minerals

(AUD) (2)(4)

1,500,050

7,176

Gold

Fields

(ZAR)

2,041,278

89,005

Gold

Royalty (2)

419,879

1,696

Harmony

Gold

Mining

(ZAR)

944,692

18,952

Kinross

Gold

(CAD)

3,104,019

87,430

Lundin

Gold

(CAD) (4)

285,746

23,737

Meridian

Mining

(CAD) (2)

7,074,061

7,834

Montage

Gold

(CAD) (2)

461,314

3,321

New

Found

Gold

(CAD) (2)

3,985,489

11,789

Newmont

563,955

56,311

Northern

Star

Resources

(AUD)

2,492,819

43,868

Omai

Gold

Mines

(CAD) (2)

8,255,437

8,421

OR

Royalties

(CAD) (4)

1,564,822

55,431

Polyus

(RUB) (1)(2)

289,290

—

Polyus (1)(2)

341,320

—

Predictive

Discovery

(AUD) (2)

33,724,745

16,372

Ramelius

Resources

(AUD) (4)

3,000,493

8,253

Robex

Resources

(CAD) (2)(4)

2,123,140

8,090

Robex

Resources,

CDI

(AUD) (2)

670,247

2,538

Royal

Gold

18,701

4,157

Skeena

Resources

(CAD) (2)

1,895,343

45,017

Snowline

Gold

(CAD) (2)

4,006,860

50,679

Torex

Gold

Resources

(CAD) (4)

124,469

5,943

Turaco

Gold

(AUD) (2)(4)

31,506,461

17,425

Unico

Silver

(AUD) (2)

1,163,706

666

Wheaton

Precious

Metals

(CAD)

722,465

84,935

Zhongjin

Gold,

A

Shares

(CNH)

3,796,100

12,650

Zijin

Gold

International

(HKD) (2)

1,131,761

21,196

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Zijin

Mining

Group,

Class

H

(HKD)

19,610,000

89,783

1,892,427

#### Precious:

#### Other

#### 1.4%
Northam

Platinum

Holdings

(ZAR)

1,275,898

25,892

Sibanye

Stillwater

(ZAR) (2)

9,899,979

36,093

Valterra

Platinum

(ZAR)

1,073,881

90,946

152,931

#### Steel:

#### Chinese/Other

#### 0.4%
China

Steel

(TWD)

11,147,000

6,735

Hoa

Phat

Group

(VND) (2)

29,163,900

29,226

Jindal

Stainless

(INR)

533,197

4,983

40,944

#### Steel:

#### European

#### 0.3%
ArcelorMittal

(EUR)

626,991

28,791

28,791

#### Steel:

#### Indian

#### 0.4%
Jindal

Steel

(INR)

593,465

6,958

JSW

Steel

(INR)

849,399

11,017

Tata

Steel

(INR)

12,445,659

24,932

42,907

#### Steel:

#### Japanese/Korean

#### 0.5%
JFE

Holdings

(JPY)

421,600

5,375

Nippon

Steel

(JPY)

7,999,100

32,733

POSCO

Holdings

(KRW)

91,064

19,305

57,413

#### Steel:

#### United

#### States

#### 1.9%
Nucor

373,950

60,995

Reliance

183,820

53,100

Steel

Dynamics

511,844

86,732

200,827

#### Uranium

#### 1.6%
Cameco

596,922

54,612

Centrus

Energy,

Class

A (2)(4)

57,900

14,056

Energy

Fuels (2)(4)

1,800,941

26,186

NAC

Kazatomprom,

GDR

265,722

14,777

Uranium

Energy (2)

5,733,342

66,965

176,596

Total

Metals

&

Mining

3,961,513

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### OTHER

#### 1.0%

#### Privates

#### 1.0%
Impala

Platinum

Holdings

(ZAR)

4,096,736

64,381

Industrias

Penoles

(MXN) (2)

705,925

37,084

Sortera

Technologies,

Series

C-2,

Warrants,

6/27/28,

Acquisition

Date:

9/22/25,

Cost $— (1)(2)(3)

9,065

—

Verai

Discoveries,

Series

A1,

Acquisition

Date:

10/17/22,

Cost $1,258 (1)(2)(3)

62,199

2,815

Total

Other

104,280

#### REAL

#### ESTATE

#### 34.4%

#### Reits:

#### Agriculture/Land

#### 0.3%
Rayonier,

REIT

1,050,867

22,751

Weyerhaeuser,

REIT

318,266

7,540

30,291

#### Reits:

#### Apartment/Residential

#### 6.4%
American

Homes

Rent,

Class

A,

REIT

1,766,089

56,691

Apartment

Investment

&

Management,

Class

A,

REIT

578,315

3,435

AvalonBay

Communities,

REIT

555,984

100,806

Camden

Property

Trust,

REIT

204,134

22,471

Canadian

Apartment

Properties

REIT

(CAD) (4)

600,196

16,123

Equity

LifeStyle

Properties,

REIT

1,411,931

85,577

Equity

Residential,

REIT

1,390,543

87,660

Essex

Property

Trust,

REIT

420,341

109,995

Kojamo

(EUR) (2)

2,842,092

34,099

LEG

Immobilien

(EUR)

305,642

22,292

Open

House

Group

(JPY)

539,500

31,668

Persimmon

(GBP)

1,401,395

25,616

Sun

Communities,

REIT

689,654

85,455

681,888

#### Reits:

#### Data

#### Centers

#### 3.6%
Digital

Core

REIT

Management

13,211,700

6,730

Digital

Realty

Trust,

REIT

515,094

79,690

Equinix,

REIT

349,195

267,539

Keppel

DC

REIT

(SGD)

9,074,600

15,869

NTT

DC

REIT (2)

20,659,900

21,053

390,881

#### Reits:

#### Diversified

#### 1.4%
City

Developments

(SGD)

1,316,100

8,186

Kerry

Properties

(HKD)

5,802,000

15,123

Mirvac

Group

(AUD)

10,582,226

14,424

Mitsubishi

Estate

(JPY)

2,665,700

64,764

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Mitsui

Fudosan

(JPY)

960,800

10,919

Sun

Hung

Kai

Properties

(HKD)

2,088,000

25,424

Tokyo

Tatemono

(JPY) (4)

574,000

13,013

151,853

#### Reits:

#### Healthcare

#### 5.1%
Aedifica

(EUR)

380,871

30,148

Alexandria

Real

Estate

Equities,

REIT

324,593

15,885

Healthcare

Realty

Trust,

REIT (4)

1,623,720

27,522

Ventas,

REIT

1,807,170

139,839

Welltower,

REIT

1,822,203

338,219

551,613

#### Reits:

#### Industrial

#### 6.6%
EastGroup

Properties,

REIT

537,070

95,674

Goodman

Group

(AUD)

3,124,196

64,290

Kyushu

Railway

(JPY)

774,500

20,145

Lineage,

REIT (4)

250,710

8,775

Nippon

Prologis

REIT

(JPY)

21,525

12,749

Prologis,

REIT

1,889,690

241,238

Rexford

Industrial

Realty,

REIT

2,738,528

106,036

Segro

(GBP)

5,201,558

50,393

Terreno

Realty,

REIT

1,243,671

73,016

Warehouses

De

Pauw

(EUR)

1,392,007

36,099

708,415

#### Reits:

#### Infrastructure

#### 1.8%
American

Tower,

REIT

762,669

133,902

Crown

Castle,

REIT

622,233

55,298

SBA

Communications,

REIT

42,499

8,220

197,420

#### Reits:

#### Lodging/Leisure

#### 0.9%
Apple

Hospitality

REIT,

REIT

1,521,621

18,031

Hilton

Worldwide

Holdings

42,152

12,108

InterContinental

Hotels

Group

(GBP)

71,845

10,096

Invincible

Investment

(JPY) (4)

28,550

11,724

Marriott

International,

Class

A

81,911

25,412

Pebblebrook

Hotel

Trust,

REIT

2,036,131

23,049

100,420

#### Reits:

#### Office

#### 1.2%
Douglas

Emmett,

REIT

2,215,852

24,352

Japan

Prime

Realty

Investment

(JPY) (4)

22,878

15,437

Japan

Real

Estate

Investment

(JPY)

17,881

14,940

Kilroy

Realty,

REIT

405,782

15,164

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

SL

Green

Realty,

REIT

90,200

4,137

Swire

Properties

(HKD)

9,180,600

24,792

Vornado

Realty

Trust,

REIT

1,064,821

35,437

134,259

#### Reits:

#### Other

#### 0.5%
CBRE

Group,

Class

A (2)

67,457

10,847

Colliers

International

Group (4)

202,734

29,804

Cushman

&

Wakefield (2)

1,067,957

17,290

57,941

#### Reits:

#### Regional

#### Mall

#### 2.0%
CapitaLand

Integrated

Commercial

Trust

(SGD)

10,220,144

18,969

Nexus

Select

Trust

(INR)

7,607,838

13,110

Scentre

Group

(AUD)

8,599,830

24,040

Simon

Property

Group,

REIT

847,326

156,849

212,968

#### Reits:

#### Self

#### Storage

#### 2.3%
Big

Yellow

Group

(GBP)

1,693,925

23,821

CubeSmart,

REIT

1,947,076

70,192

Public

Storage,

REIT

351,950

91,331

Shurgard

Self

Storage

(EUR)

74,576

2,563

Smartstop

Self

Storage

REIT,

REIT

1,781,542

55,121

243,028

#### Reits:

#### Shopping

#### Center

#### 1.8%
Acadia

Realty

Trust,

REIT

3,227,947

66,302

Federal

Realty

Investment

Trust,

REIT

236,097

23,799

Kimco

Realty,

REIT

432,784

8,772

Regency

Centers,

REIT

1,375,622

94,959

193,832

#### Reits:

#### Triple

#### Nets

#### 0.5%
VICI

Properties,

REIT

1,933,692

54,375

54,375

Total

Real

Estate

3,709,184

#### UTILITIES

#### 1.0%

#### Independent

#### Power

#### Producers

#### &

#### Energy

#### Traders

#### 0.4%
NRG

Energy

71,219

11,341

Orsted

(DKK) (2)

1,380,234

26,348

37,689

#### Utilities:

#### Electric

#### 0.5%
NextEra

Energy

372,928

29,939

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Southern

255,826

22,308

52,247

#### Utilities:

#### Multi

#### 0.1%
Alliant

Energy

159,756

10,386

10,386

Total

Utilities

100,322

#### Total

#### Common

#### Stocks

#### (Cost

#### $7,389,402)

#### 10,218,693

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 2.0%

#### CHEMICALS

#### 0.0%

#### Chemicals:

#### Fertilizers

#### &

#### Agricultural

#### 0.0%
Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $727 (1)(2)(3)

39,365

—

Total

Chemicals

—

#### INDUSTRIALS

#### 0.0%

#### Electrical

#### Components

#### &

#### Equipment

#### 0.0%
Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $668 (1)(2)(3)

699,536

993

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $940 (1)(2)(3)

983,766

1,397

Total

Industrials

2,390

#### METALS

#### &

#### MINING

#### 0.5%

#### Diversified

#### Metals

#### &

#### Mining

#### 0.5%
Cyclic

Materials,

Series

C,

Acquisition

Date:

12/11/25,

Cost $7,160 (1)(2)(3)

870,054

7,160

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $19,888 (1)(2)(3)

464,875

52,350

Total

Metals

&

Mining

59,510

#### OTHER

#### 1.4%

#### Privates

#### 1.4%
Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $3,736 (1)(2)(3)

64,540

4,289

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $33,521 (1)(2)(3)

252,242

33,521

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $18,268 (1)(2)(3)

666,457

75,051

Kobold

Metals,

Series

B-Prime-1,

Acquisition

Date:

3/21/23,

Cost $6,053 (1)(2)(3)

141,490

15,933

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $9,144 (1)(2)(3)

696,477

6,909

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $2,466 (1)(2)(3)

234,786

2,266

Sortera

Technologies,

Series

C-1,

Acquisition

Date:

4/13/23

-

9/16/24,

Cost $4,214 (1)(2)(3)

305,757

4,214

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $2,464 (1)(2)(3)

121,855

5,515

Total

Other

147,698

#### UTILITIES

#### 0.1%

#### Renewable

#### Electricty

#### 0.1%
Form

Energy,

Series

F,

Acquisition

Date:

10/4/24,

Cost $7,693 (1)(2)(3)

318,116

7,785

Total

Utilities

7,785

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $116,942)

#### 217,383

#### EQUITY

#### FUNDS

#### 1.5%
Global

X

Copper

Miners

ETF

1,384,481

99,392

iShares

U.S.

Real

Estate

ETF (4)

731,666

68,696

#### Total

#### Equity

#### Funds

#### (Cost

#### $124,937)

#### 168,088

#### PREFERRED

#### STOCKS

#### 0.1%

#### ENERGY

#### 0.0%

#### Oil

#### &

#### Gas:

#### Equipment

#### &

#### Services

#### 0.0%
Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

11/30/22,

Cost $142 (1)(2)(3)(5)

141,772

Total

Energy

#### OTHER

#### 0.1%

#### Privates

#### 0.1%
Sortera

Technologies,

Series

PF2-1,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-10,

Acquisition

Date:

9/22/25

-

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-11,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-12,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-13,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-14,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-15,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Sortera

Technologies,

Series

PF2-16,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-17,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-18,

Acquisition

Date:

10/8/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-19,

Acquisition

Date:

10/8/25,

Cost $492 (1)(2)(3)

747

Sortera

Technologies,

Series

PF2-2,

Acquisition

Date:

9/22/25,

Cost $491 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-3,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-4,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-5,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-6,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-7,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-8,

Acquisition

Date:

9/22/25,

Cost $490 (1)(2)(3)

745

Sortera

Technologies,

Series

PF2-9,

Acquisition

Date:

9/22/25,

Cost $491 (1)(2)(3)

745

Total

Other

9,314

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $9,456)

#### 9,488

#### SHORT-TERM

#### INVESTMENTS

#### 1.3%

#### Money

#### Market

#### Funds

#### 0.8%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (6)(7)

81,381,513

81,382

81,382

#### U.S.

#### Treasury

#### Obligations

#### 0.5%
U.S.

Treasury

Bills,

3.516%,

6/4/26 (8)

5,000,000

4,926

U.S.

Treasury

Bills,

3.657%,

2/10/26 (8)

30,180,000

30,064

U.S.

Treasury

Bills,

3.831%,

1/22/26 (8)

10,305,000

10,285

U.S.

Treasury

Bills,

3.891%,

1/2/26

1,340,000

1,340

U.S.

Treasury

Bills,

3.901%,

1/8/26

3,550,000

3,548

50,163

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $131,535)

#### 131,545
T. ROWE

PRICE

Real

Assets

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### SECURITIES

#### LENDING

#### COLLATERAL

#### 1.2%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### JPMORGAN

#### CHASE

#### BANK 0.9%

#### Money

#### Market

#### Funds 0.9%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (6)(7)

92,762,247

92,762

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### JPMorgan

#### Chase

#### Bank

#### 92,762

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 0.3%

#### Money

#### Market

#### Funds 0.3%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (6)(7)

34,858,143

34,858

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 34,858

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $127,620)

#### 127,620

#### Total

#### Investments

#### in

#### Securities

#### 101.3%

#### of

#### Net

#### Assets

#### (Cost

#### $7,899,892)

#### $

#### 10,872,817
‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) See

Note

2. Level

in

fair

value

hierarchy.

(2) Non-income

producing

(3) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$231,444

and

represents

2.2%

of

net

assets.

(4) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2025. (5) Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(6) Seven-day

yield

(7) Affiliated

Companies

T. ROWE

PRICE

Real

Assets

Fund

.

.

.

.

.

.

.

.

.

.

(8) At

December

31,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

BHD

Bahrain

Dinar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CNH

Offshore

China

Renminbi

CPI

Consumer

Price

Index

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

PLN

Polish

Zloty

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RUB

Russian

Ruble

SAR

Saudi

Riyal

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secured

overnight

financing

rate

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VND

Vietnam

Dong

ZAR

South

African

Rand

T. ROWE

PRICE

Real

Assets

Fund

(Amounts

in

000s)

#### SWAPS

#### 0.0%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $(Receipts)

#### Unrealized

#### $

#### Gain/(Loss)

#### BILATERAL

#### SWAPS

#### 0.0%

#### Total

#### Return

#### Swaps

#### 0.0%
Bank

of

America,

Receive

Underlying

Reference:

KraneShares

CSI

China

Internet

ETF

Monthly,

Pay

Variable

4.307%

(SOFR

+

0.60%)

Monthly,

1/18/28

37,751

(2,377)

—

(2,377)

Goldman

Sachs,

Receive

Underlying

Reference:

MSCI

AC

World

Metals

&

Mining

Monthly,

Pay

Variable

4.407%

(SOFR

+

0.70%)

Monthly,

1/16/26

76,247

2,962

—

2,962

Goldman

Sachs,

Receive

Underlying

Reference:

MSCI

AC

World

Metals

&

Mining

Monthly,

Pay

Variable

4.547%

(SOFR

+

0.84%)

Monthly,

3/18/26

45,258

1,755

—

1,755

JPMorgan

Chase,

Receive

Underlying

Reference:

Global

X

Copper

Miners

ETF

Monthly,

Pay

Variable

4.057%

(SOFR

+

0.35%)

Monthly,

1/18/28

40,745

1,722

—

1,722

Morgan

Stanley,

Receive

Underlying

Reference:

VanEck

Junior

Gold

Miners

ETF

Monthly,

Pay

Variable

4.107%

(SOFR

+

0.40%)

Monthly,

1/18/28

6,636

—

Morgan

Stanley,

Receive

Underlying

Reference:

VanEck

Vectors

Gold

Miners

ETF

Monthly,

Pay

Variable

4.107%

(SOFR

+

0.40%)

Monthly,

1/18/28

17,793

—

#### Total

#### Bilateral

#### Total

#### Return

#### Swaps

#### —

#### 4,278

#### Total

#### Bilateral

#### Swaps

#### —

#### 4,278

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### 0.0%

#### Zero-Coupon

#### Inflation

#### Swaps

#### 0.0%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.311%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/29/55

18,882

—

T. ROWE

PRICE

Real

Assets

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.325%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/29/55

19,421

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.327%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/29/55

19,961

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.330%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/28/55

18,341

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.470%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/15/55

23,347

(132) —

(132) 30

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.479%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/15/55

20,337

(145) —

(145) 30

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.482%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/15/55

28,617

(222) —

(222) 30

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.485%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/23/55

23,346

(191) —

(191) 30

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.489%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/23/55

41,956

(370) —

(370) 30

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.489%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/15/55

8,280

(74) —

(74) T. ROWE

PRICE

Real

Assets

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

7/23/55

15,256

(138) —

(138) #### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### 92

#### Total

#### Centrally

#### Cleared

#### Swaps

#### 92

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 485

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### 577
T. ROWE

PRICE

Real

Assets

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Bank

of

America

1/15/26

NOK

930,080

USD

92,079

$

Barclays

Bank

1/15/26

EUR

93,042

USD

108,369

1,051

Barclays

Bank

1/15/26

JPY

15,991,464

USD

102,428

(201) Citibank

1/15/26

TRY

4,380,076

USD

99,974

900

Goldman

Sachs

2/3/26

BRL

589,241

USD

107,807

(1,204)

RBC

Dominion

Securities

1/15/26

KRW

183,948,465

USD

125,178

2,432

RBC

Dominion

Securities

1/15/26

MXN

1,006,217

USD

54,889

908

Standard

Chartered

1/15/26

AUD

41,135

USD

27,282

State

Street

1/15/26

SEK

1,078,464

USD

114,890

2,345

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

6,598

T. ROWE

PRICE

Real

Assets

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Long,

558

Hang

Seng

China

Enterprises

Index

Futures

1/26

31,916

$

(109) Short,

500

S&P/ASX

Index

contracts

3/26

(72,374)

(504) Long,

TOPIX

Index

contracts

3/26

30,073

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 223

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (139)
T. ROWE

PRICE

Real

Assets

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

3.77%

$

—

$

—

$

368++

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

3,572++

Totals

$

—#

$

—

$

3,940+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
T. Rowe

Price

Government

Reserve

Fund,

3.77%

$

98,506

¤

¤

$

81,382

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

189,703

¤

¤

127,620

Total

$

209,002^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

.

+

Investment

income

comprised

$3,940

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$209,002.

T. ROWE

PRICE

Real

Assets

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$7,899,892)

$

10,872,817

Receivable

for

investment

securities

sold

55,605

Dividends

and

interest

receivable

20,006

Foreign

currency

(cost

$8,827)

9,061

Unrealized

gain

on

forward

currency

exchange

contracts

8,003

Unrealized

gain

on

bilateral

swaps

6,655

Due

from

affiliates

5,210

Receivable

for

shares

sold

4,580

Variation

margin

receivable

on

centrally

cleared

swaps

577

Cash

Other

assets

5,519

Total

assets

10,988,385

#### Liabilities
Obligation

to

return

securities

lending

collateral

127,620

Payable

for

shares

redeemed

107,210

Investment

management

fees

payable

5,980

Payable

for

investment

securities

purchased

5,848

Unrealized

loss

on

bilateral

swaps

2,377

Unrealized

loss

on

forward

currency

exchange

contracts

1,405

Variation

margin

payable

on

futures

contracts

Payable

to

directors

Other

liabilities

2,820

Total

liabilities

253,407

#### NET

#### ASSETS

#### $

#### 10,734,978
T. ROWE

PRICE

Real

Assets

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

2,917,622

Paid-in

capital

applicable

to

611,627,470

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

authorized

7,817,356

#### NET

#### ASSETS

#### $

#### 10,734,978

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $93,990;

#### Shares

#### outstanding:

#### 5,317,095)

#### $

#### 17.68

#### I

#### Class

#### (Net

#### assets:

#### $1,411,580;

#### Shares

#### outstanding:

#### 81,084,442)

#### $

#### 17.41

#### Z

#### Class

#### (Net

#### assets:

#### $9,229,408;

#### Shares

#### outstanding:

#### 525,225,933)

#### $

#### 17.57
T. ROWE

PRICE

Real

Assets

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$7,731)

$

280,822

Other,

non

cash

17,405

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

1,628

Securities

lending

1,057

Other

Total

income

300,943

Expenses

Investment

management

68,285

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

998

Registration

Legal

and

audit

Directors

Miscellaneous

673

Waived

/

paid

by

Price

Associates

(60,661)

Total

expenses

10,025

Net

investment

income

290,918

T. ROWE

PRICE

Real

Assets

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$2,186)

607,624

Futures

(20,256)

Swaps

10,544

Options

written

(2,814)

Forward

currency

exchange

contracts

15,808

Foreign

currency

transactions

1,619

Net

realized

gain

612,525

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

increase

in

deferred

foreign

taxes

of

$1,165)

1,969,293

Futures

(9,045)

Swaps

18,542

Forward

currency

exchange

contracts

22,527

Other

assets

and

liabilities

denominated

in

foreign

currencies

500

Change

in

net

unrealized

gain

/

loss

2,001,817

Net

realized

and

unrealized

gain

/

loss

2,614,342

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 2,905,260
T. ROWE

PRICE

Real

Assets

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

290,918

$

267,130

Net

realized

gain

612,525

91,119

Change

in

net

unrealized

gain

/

loss

2,001,817

(201,298)

Increase

in

net

assets

from

operations

2,905,260

156,951

Distributions

to

shareholders

Net

earnings

Investor

Class

(2,684)

(1,229)

I

Class

(47,684)

(23,411)

Z

Class

(368,679)

(216,167)

Decrease

in

net

assets

from

distributions

(419,047)

(240,807)

Capital

share

transactions

\*

Shares

sold

Investor

Class

16,159

13,905

I

Class

144,271

233,859

Z

Class

572,874

1,350,112

Distributions

reinvested

Investor

Class

2,626

1,202

I

Class

47,520

23,363

Z

Class

368,679

216,167

Shares

redeemed

Investor

Class

(25,074)

(75,462)

I

Class

(340,558)

(145,083)

Z

Class

(2,459,180)

(1,262,527)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(1,672,683)

355,536

T. ROWE

PRICE

Real

Assets

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Increase

during

period

813,530

271,680

Beginning

of

period

9,921,448

9,649,768

#### End

#### of

#### period

#### $

#### 10,734,978

#### $

#### 9,921,448
\*Share

information

(000s)

Shares

sold

Investor

Class

1,012

956

I

Class

9,329

16,311

Z

Class

36,942

95,455

Distributions

reinvested

Investor

Class

I

Class

2,744

1,600

Z

Class

21,104

14,695

Shares

redeemed

Investor

Class

(1,593)

(5,273)

I

Class

(21,217)

(9,872)

Z

Class

(147,665)

(86,437)

Increase

(decrease)

in

shares

outstanding

(99,195)

27,516

T. ROWE

PRICE

Real

Assets

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Real

Assets

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Real

Assets

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

long-term

growth

of

capital.

The

fund

has three classes

of

shares:

the

Real

Assets

Fund,

Inc.

(Investor

Class),

the

Real

Assets

Fund–I

Class

(I

Class)

and

the

Real

Assets

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

T. ROWE

PRICE

Real

Assets

Fund

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2025,

the

fund

realized

$15,024,000 of

net

gain

on

$32,310,000

of

in-kind

redemptions.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

T. ROWE

PRICE

Real

Assets

Fund

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

T. ROWE

PRICE

Real

Assets

Fund

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T. ROWE

PRICE

Real

Assets

Fund

Debt

securities

are

generally traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Real

Assets

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

year ended

December

31,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

December

31,

2025,

totaled $37,412,000 for

the

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

5,544,692

$

4,669,428

$

4,573

$

10,218,693

Convertible

Preferred

Stocks

—

—

217,383

217,383

Equity

Funds

168,088

—

—

168,088

Preferred

Stocks

—

—

9,488

9,488

Short-Term

Investments

81,382

50,163

—

131,545

Securities

Lending

Collateral

127,620

—

—

127,620

Total

Securities

5,921,782

4,719,591

231,444

10,872,817

Swaps\*

—

8,019

—

8,019

Forward

Currency

Exchange

Contracts

—

8,003

—

8,003

Futures

Contracts\*

—

—

Total

$

5,922,033

$

4,735,613

$

231,444

$

10,889,090

#### Liabilities
Swaps\*

$

—

$

3,649

$

—

$

3,649

Forward

Currency

Exchange

Contracts

—

1,405

—

1,405

Futures

Contracts\*

613

—

—

613

Total

$

613

$

5,054

$

—

$

5,667

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Real

Assets

Fund

year ended

December

31,

2025. Additionally,

during

the

period,

transfers

into

and/or

out

of

Level

include

securities

acquired

or

exchanged

as

a

result

of

a

corporate

action.

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

($000s)

#### Beginning

#### Balance

#### 12/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Transfer

#### Into

#### Level 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Ending

#### Balance

#### 12/31/25
Investment

in

Securities

Common

Stocks

$

3,137

$

1,562

$

5,059

$

(4,465)

$

—

$

(720) $

4,573

Convertible

Preferred

Stocks

173,665

35,838

7,160

—

720

—

217,383

Preferred

Stocks

9,314

—

—

—

9,488

Total

$

176,964

$

37,412

$

21,533

$

(4,465)

$

720

$

(720) $

231,444

T. ROWE

PRICE

Real

Assets

Fund

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Inflation

derivatives

Centrally

Cleared

Swaps

$

1,364

Foreign

exchange

derivatives

Forwards

8,003

Equity

derivatives

Bilateral

Swaps,

Futures

6,906

\*

Total

$

16,273

\*

#### Liabilities
Inflation

derivatives

Centrally

Cleared

Swaps

$

1,272

Foreign

exchange

derivatives

Forwards

1,405

Equity

derivatives

Bilateral

Swaps,

Futures

2,990

Total

$

5,667

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Real

Assets

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Interest

rate

derivatives

$

—

$

—

$

(2,097)

$

—

$

—

$

(2,097)

Foreign

exchange

derivatives

515

—

—

15,808

—

16,323

Equity

derivatives

(25,649)

(2,814)

(18,159)

—

10,544

(36,078)

Total

$

(25,134)

$

(2,814)

$

(20,256)

$

15,808

$

10,544

$

(21,852)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

$

Interest

rate

derivatives

—

—

(4,028)

—

—

(4,028)

Foreign

exchange

derivatives

(5,567)

—

—

22,527

—

16,960

Equity

derivatives

(1,405)

—

(5,017)

—

18,450

12,028

Total

$

(6,972)

$

—

$

(9,045)

$

22,527

$

18,542

$

25,052

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Real

Assets

Fund

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process, or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

such

as

Additional

Termination

Events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements,

such

as

a

CSA, whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

T. ROWE

PRICE

Real

Assets

Fund

Collateral

may

be

in

the

form

of

cash

or debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2025,

securities

valued

at $1,438,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

December

31,

2025,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $6,506,000 cash

and

securities

valued

at

$9,765,000. As

of

December

31,

2025,

securities

valued

at $30,177,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

T. ROWE

PRICE

Real

Assets

Fund

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

7%

and

11%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/

or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

6%

of

net

assets.

#### Options
The

fund

is

subject

to foreign

currency

exchange

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

T. ROWE

PRICE

Real

Assets

Fund

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

options)

or

through

a

central

clearinghouse

(exchange-

traded

options).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and

currency

values;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

12%

of

net

assets.

#### Swaps
The

fund

is

subject

to

inflation

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

T. ROWE

PRICE

Real

Assets

Fund

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-

traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

7%

of

net

assets.

T. ROWE

PRICE

Real

Assets

Fund

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Emerging

#### and

#### Frontier

#### Markets
The fund

invests,

either

directly

or

through

investments

in

other

T. Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund's

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

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

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

T. ROWE

PRICE

Real

Assets

Fund

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

fund,

except

in

the

event

of

borrower

default. Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2025,

the

value

of

loaned

securities

was

$381,504,000;

the

aggregate

value

of

collateral

was

$398,922,000

and

consisted

of

cash

collateral

and

related

investments

of

$127,620,000

and

U.S.

government

securities

of

$271,302,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $5,105,621,000 and

$6,765,687,000,

respectively,

for

the

year ended

December

31,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind,

deemed

distributions

on

shareholder

redemptions,

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

swaps

and

the

character

of

income

on

passive

foreign

investment

companies.

T. ROWE

PRICE

Real

Assets

Fund

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

realization

of

gains/losses

on

passive

foreign

investment

companies

and

certain

open

derivative

contracts

and

differences

in

treatment

of

corporate

actions.

The

loss

carryforwards

and

deferrals

primarily

relate

to

straddle

deferrals.

During

the

year

ended

December

31,

2025,

the

fund

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

419,047

$

240,807

($000s)

Cost

of

investments

$

8,144,029

Unrealized

appreciation

$

3,265,626

Unrealized

depreciation

(538,148)

Net

unrealized

appreciation

(depreciation)

$

2,727,478

($000s)

Undistributed

ordinary

income

$

69,213

Undistributed

long-term

capital

gain

114,356

Net

unrealized

appreciation

(depreciation)

2,727,478

Loss

carryforwards

and

deferrals

(422) Other

temporary

differences

6,997

Total

distributable

earnings

(loss)

$

2,917,622

T. ROWE

PRICE

Real

Assets

Fund

utilized

$350,160,000

of

capital

loss

carryforwards.

Other

temporary

differences

relate

primarily

to

deferral

of

REIT

income

and

differences

in

treatment

of

corporate

actions.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.35%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

T. ROWE

PRICE

Real

Assets

Fund

The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

T. ROWE

PRICE

Real

Assets

Fund

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

At

December

31,

2025,

there

were

no

amounts

subject

to

repayment

by

the

fund

and

remain

subject

to

repayment

by

the

fund. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$127,000

for

Price

Associates;

$211,000

for

T. Rowe

Price

Services,

Inc.;

and

$2,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.99%

0.05%

0.00%

Expense

limitation

date

02/28/27

02/28/27

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

$(60,661)

T. ROWE

PRICE

Real

Assets

Fund

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2025,

the

fund

was

charged $201,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$36,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2025,

approximately

40%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, approximately

39%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T. ROWE

PRICE

Real

Assets

Fund

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Real

Assets

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Real

#### Assets

#### Fund,

#### Inc.

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Real

Assets

Fund,

Inc.

(the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Real

Assets

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Real

Assets

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included

$14,228,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$171,124,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$50,934,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$86,587,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*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.*

F176-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d14044dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) [Separate certifications by 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(a) under the Investment Company Act of 1940, are attached.](d14044dex99cert.htm)

(b) [A certification by 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 Investment Company Act of 1940, is attached.](d14044dex99906ce.htm)

------

#### 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 | February 20, 2026 |

---

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.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 20, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 20, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<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;(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;(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;(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;(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;(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;(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 20, 2026 | /s/ David Oestreicher |
|  | 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;(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;(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;(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;(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;(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;(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 20, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 20, 2026 | /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.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **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, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (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 of Ethics for Principal Executive and Senior Financial Officers (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.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**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

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **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.

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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.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **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;**2.** **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 communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **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;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&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;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **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;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **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;**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;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&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;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

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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. <br>

&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.

**D. 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.

**E. 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.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer