# EDGAR Filing Document

**Accession Number:** 0000216907
**File Stem:** 0001193125-23-044898
**Filing Date:** 2023-2
**Character Count:** 169607
**Document Hash:** a195c9885b40b193cadea313f3236453
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044898.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044898

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price New Era Fund, Inc.
- **CENTRAL INDEX KEY:** 0000216907
- **IRS NUMBER:** 520888855
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01710
- **FILM NUMBER:** 23653984

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE NEW ERA FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE ROWE INFLATION FUND INC
- **DATE OF NAME CHANGE:** 19690617

## Series and Classes Contracts Data

### T. Rowe Price New Era Fund, Inc. (Series ID: S000002105)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000005477 | T. Rowe Price New Era Fund, Inc.   | PRNEX           |
| C000166331 | T. Rowe Price New Era Fund-I Class | TRNEX           |

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: 811-01710

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

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

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

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

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

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRNEX | T. ROWE PRICE New Era Fund |
| --- | --- |
| TRNEX | New Era Fund- I Class |

INVEST WITH CONFIDENCE®

- The New Era Fund rose but underperformed both the MSCI World Select Natural Resources Index Net and its peer group, as represented by the Lipper Global Natural Resources Funds Index.

- Relative to the Lipper index, an overweight to the specialty chemicals and underweight to the U.S. mixed explorers and producers industries detracted from relative performance, while an overweight to U.S. oil explorers and producers

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T. ROWE PRICE NEW ERA FUND

Market Commentary

# **HIGHLIGHTS**

added value.

Geopolitical, turbulence, elevated inflation, and concerns over a global recession created a volatile market environment for many commodities, further exacerbating near-term uncertainty around the timing of price normalization. In this uncertain environment, our goal is to deliver commodity exposure in a better risk-adjusted manner over time by investing in the right cost curves, companies, and valuations. bond investors also faced a historically tough environment amid a sharp rise

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

T. ROWE PRICE NEW ERA FUND

## Dear Shareholder

We are committed to the development of a new era of economic and social policy, which is a key element of the global economy. We are committed to the development of a new era of economic policy, which is a key element of the global economy. We are committed to the development of a new era of economic policy, which is a key element of the global economy. We are committed to the development of a new era of economic policy, which is a key element of the global economy. We are committed to the development of a new era of economic policy, which is a key element of the global economy.

1

T. ROWE PRICE NEW ERA FUND

Management's Discussion of Fund Performance

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

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

60% as oil prices jumped in response to Russia's invasion of Ukraine and the past year have been a try and time for the years. The 100% of the concerns over commodity supply shortages. Defensive shares such as utilities, unsecured by the broad constraints that markets faced and slightly may consumer stables, and health care held up relatively well and finished the current basic consumption and the impact of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of

troweprice.com.

| Periods Ended 12/31/22 | Total Return |  |
| --- | --- | --- |
|  | 6 Months | 12 Months |
| New Era Fund | 13.66% | 7.22% |
| New Era Fund- I Class | 13.80 | 7.41 |
| MSCI World Select Natural |  |  |

2

T. ROWE PRICE NEW ERA FUND

# **INVESTMENT OBJECTIVE**

# **FUND COMMENTARY**

Investments in the future have been a key element in the development of the business model focused on branding, service, and continued distribution. However, the financial situation has been a significant impact on the inflation rising. Because prior to the portfolio of investments for a complete list of holdings and 7.1% on a 12-month basis, the lowest level since December 2021 but still well. The financial situation has been a significant impact on the financial situation. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future. The financial situation is critical to the future.

| Resources Index Net | 13.57 | 20.97 |
| --- | --- | --- |
| Lipper Global Natural Resources Funds Index | 13.30 | 21.12 |
| Lipper Global Natural Resources Funds Average | 12.63 | 19.00 |

3

T. ROWE PRICE NEW ERA FUND

earnings growth in the future given its strong management team and unique

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.

The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99. The results are presented in Table 100.[{"box_2d": [129, 146, 610, 146], "label": "text", "caption": "The following table shows the results of the 2018 and 2019 annual estimates. The results are presented in Table 1. The results are presented in Table 2. The results are presented in Table 3. The results are presented in Table 4. The results are presented in Table 5. The results are presented in Table 6. The results are presented in Table 7. The results are presented in Table 8. The results are presented in Table 9. The results are presented in Table 10. The results are presented in Table 11. The results are presented in Table 12. The results are presented in Table 13. The results are presented in Table 14. The results are presented in Table 15. The results are presented in Table 16. The results are presented in Table 17. The results are presented in Table 18. The results are presented in Table 19. The results are presented in Table 20. The results are presented in Table 21. The results are presented in Table 22. The results are presented in Table 23. The results are presented in Table 24. The results are presented in Table 25. The results are presented in Table 26. The results are presented in Table 27. The results are presented in Table 28. The results are presented in Table 29. The results are presented in Table 30. The results are presented in Table 31. The results are presented in Table 32. The results are presented in Table 33. The results are presented in Table 34. The results are presented in Table 35. The results are presented in Table 36. The results are presented in Table 37. The results are presented in Table 38. The results are presented in Table 39. The results are presented in Table 40. The results are presented in Table 41. The results are presented in Table 42. The results are presented in Table 43. The results are presented in Table 44. The results are presented in Table 45. The results are presented in Table 46. The results are presented in Table 47. The results are presented in Table 48. The results are presented in Table 49. The results are presented in Table 50. The results are presented in Table 51. The results are presented in Table 52. The results are presented in Table 53. The results are presented in Table 54. The results are presented in Table 55. The results are presented in Table 56. The results are presented in Table 57. The results are presented in Table 58. The results are presented in Table 59. The results are presented in Table 60. The results are presented in Table 61. The results are presented in Table 62. The results are presented in Table 63. The results are presented in Table 64. The results are presented in Table 65. The results are presented in Table 66. The results are presented in Table 67. The results are presented in Table 68. The results are presented in Table 69. The results are presented in Table 70. The results are presented in Table 71. The results are presented in Table 72. The results are presented in Table 73. The results are presented in Table 74. The results are presented in Table 75. The results are presented in Table 76. The results are presented in Table 77. The results are presented in Table 78. The results are presented in Table 79. The results are presented in Table 80. The results are presented in Table 81. The results are presented in Table 82. The results are presented in Table 83. The results are presented in Table 84. The results are presented in Table 85. The results are presented in Table 86. The results are presented in Table 87. The results are presented in Table 88. The results are presented in Table 89. The results are presented in Table 90. The results are presented in Table 91. The results are presented in Table 92. The results are presented in Table 93. The results are presented in Table 94. The results are presented in Table 95. The results are presented in Table 96. The results are presented in Table 97. The results are presented in Table 98. The results are presented in Table 99.

T. ROWE PRICE NEW ERA FUND

power in specialty chemicals. We favor companies in industrial gases, as well,

U.S. Treasury note, pleading about 1.52% of the stock of the agency's 2015 at manufacturer PPG Industries. We initiated a position in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment in the U.S. Treasury, which has been a significant investment

5

T. ROWE PRICE NEW ERA FUND

of raw materials normalize. During the period, we eliminated coatings

industrial gas industry. We chose to consolidate our industry, which is a key part of the business. We have maintained our disciplined approach and continue to avoid high-cost producers. We have been a major source of the business, which is a key part of the business. We have been a major source of the business, which is a key part of the business. We have been a major source of the business, which is a key part of the business. We have been a major source of the business, which is a key part of the business. We have been a major source of the business, which is a key part of the business. We have been a major source of the business, which

6

T. ROWE PRICE NEW ERA FUND

exogenous factors reverse while productivity continues to improve, recent

publics, many and used the health management. We need to put our position in the Galp
and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company's business, and the company

7

T. ROWE PRICE NEW ERA FUND

Another key tenet of the portfolio process is to deliver commodity exposure

Another key tenet of the portfolio process is to deliver commodity exposure

The following table provides the information in a specific format:

8

T. ROWE PRICE NEW ERA FUND

# RISKS OF INVESTING IN THE NEW ERA FUND

# TWENTY-FIVE LARGEST HOLDINGS

Percent of
Net Assets
12/31/22

9

T. ROWE PRICE NEW ERA FUND

ConocoPhillips
Total Energy
EOG Resources
Chevron
Hess
Equinor
BENCHMARK
25
Note: The fund will be funded by the fund and the fund will be funded by the fund. The fund will be funded by the fund and the fund will be funded by the fund. The fund will be funded by the fund and the fund will be funded by the fund. The fund will be funded by the fund and the fund will be funded by the fund. The fund will be funded by the fund and the fund will be funded by the fund. The fund will be funded by the fund and the fund will be funded by the fund.

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

As of 12/31/22

| New Era Fund | $15,341 |
| --- | --- |
| MSCI World Select Natural Resources Index Net | 15,402 |
| Lipper Global Natural Resources Funds Index | 14,564 |
| Lipper Global Natural Resources Funds Average | 12,523 |

10

T. ROWE PRICE NEW ERA FUND

GROWTH OF $10,000

Devon Energy, MSCI and its affiliates and third-party sources and providers (collectively,

|  |  |  |  |  | Since | Inception |
| --- | --- | --- | --- | --- | --- | --- |
| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |  |
| New Era Fund | 7.22% | 5.08% | 4.37% | - | - |  |
| New Era Fund- I Class | 7.41 | 5.24 | - | 8.72% | 12/17/15 |  |

$1

11

T. ROWE PRICE NEW ERA FUND

# **AVERAGE ANNUAL COMPOUND TOTAL RETURN**

The AVERAGE of the AVERAGE of the MSCI plan is estimated and an increase is indicated. The AVERAGE of the AVERAGE of the MSCI plan is estimated and an increase is indicated. The AVERAGE of the MSCI plan is estimated and an increase is indicated.

| C |  |  |
| --- | --- | --- |
| D | New Era Fund | 0.70% |
| C | New Era Fund-I Class | 0.55 |

The views change to a forecast

The expense ratio shown is as of the fund's most recent prospectus. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time

12

T. ROWE PRICE NEW ERA FUND

# **EXPENSE RATIO**

Spending is expected value, requested dividends and capital gain distributions. Returns are not available for any income, but interest rates may be used for any payment fund. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account funds.

**FUND EXPENSE EXAMPLE**

Statements, transaction confirmations, prospectuses, and shareholder reports, or accounts of Note. The information shown does not reflect any exchange-traded funds (ETFs) cash and interest ratio is a T. Rowe Price (TFR) for some services. TFR and TFR for the other entities, such as the following: (1) the amount of the TFR and the other entities, (2) the amount of the TFR and the other entities, (3) the amount of the TFR and the other entities, (4) the amount of the TFR and the other entities, (5) the amount of the TFR and the other entities, (6) the amount of the TFR and the other entities, (7) the amount of the TFR and the other entities, (8) the amount of the TFR and the other entities, (9) the amount of the TFR and the other entities, (10) the amount of the TFR and the other entities, (11) the amount of the TFR and the other entities, (12) the amount of the TFR and the other entities, (13) the amount of the TFR and the other entities, (14) the amount of the TFR and the other entities, (15) the amount of the TFR and the other entities, (16) the amount of the TFR and the other entities, (17) the amount of the TFR and the other entities, (18) the amount of the TFR and the other entities, (19) the amount of the TFR and 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amount of the TFR and the other entities, (40) the amount of the TFR and the other entities, (41) the amount of the TFR and the other entities, (42) the amount of the TFR and the other entities, (43) the amount of the TFR and the other entities, (44) the amount of the TFR and the other entities, (45) the amount of the TFR and the other entities, (46) the amount of the TFR and the other entities, (47) the amount of the TFR and the other entities, (48) the amount of the TFR and the other entities, (49) the amount of the TFR and the other entities, (50) the amount of the TFR and the other entities, (51) the amount of the TFR and the other entities, (52) the amount of the TFR and the other entities, (53) the amount of the TFR and the other entities, (54) the amount of the TFR and the other entities, (55) the amount of the TFR and the other entities, (56) the amount of the TFR and the other entities, (57) the amount of the TFR and the other entities, (58) the amount of the TFR and the other entities, (59) the amount of the TFR and the other entities, (60) the amount of the TFR and the other entities, (61) the amount of the TFR and the other entities, (62) the amount of the TFR and the other entities, (63) the amount of the TFR and the other entities, (64) the amount of the TFR and the other entities, (65) the amount of the TFR and the other entities, (66) the amount of the TFR and the other entities, (67) the amount of the TFR and the other entities, (68) the amount of the TFR and the other entities, (69) the amount of the TFR and the other entities, (70) the amount of the TFR and the other entities, (71) the amount of the TFR and the other entities, (72) the amount of the TFR and the other entities, (73) the amount of the TFR and the other entities, (74) the amount of the TFR and the other entities, (75) the amount of the TFR and the other entities, (76) the amount of the TFR and the other entities, (77) the amount of the TFR and the other entities, (78) the amount of 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(98) the amount of the TFR and the other entities, (99) the amount of the TFR and the other entities, (100) the amount of the TFR and the other entities

![img-1.jpeg](img-1.jpeg)

13

T. ROWE PRICE NEW ERA FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

when you are estimating the ongoing expenses of investing in the fund and when comparing the capital fund costs (improper costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the beginning of the most recent period, and the fund for the entire period.

# **Investor Class**

The table is useful in comparing ongoing costs only and will be used to assess the ongoing share class (Investor Class) for the future fund. The following table is also available to the following table:

# **NET ASSET VALUE**

| Beginning of period | $40.07 | $32.65 | $34.40 | $30.09 | $36.50 |
| --- | --- | --- | --- | --- | --- |

# **Investment activities**

| Net investment income (1)(2) | 1.31 | 0.73 | 0.61 | 0.73 | 0.61 |
| --- | --- | --- | --- | --- | --- |

14

T. ROWE PRICE NEW ERA FUND

GRAND TOTAL - INCOME STATES - separately in the table.

| Actual Expenses |  | For a share outstanding throughout each period |  |  |  |
| --- | --- | --- | --- | --- | --- |
| The first line of the following table (Actual) provides information about actual account values and expenses based on the fund's actual returns. You may use the information on this line, together with the following table (Expressed in the Expressed Paid Amount Value and Current Value During Period) |  |  |  |  |  |
| I Class |  |  |  |  |  |
| estimate the expenses that you paid over the period, namely $1,000,000 for example, on $8,600,000.00, and $1,000,000.00, divided by $1,000,000.00 by the number on the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid, as you are not during this period, 2/31/19 |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income | $(1.78) | $(2.65) | $(2.75) | $(2.75) | $(2.51) |
| Beginning of period | (0.05) | - | (0.05) | - | - |
| Net realized gain | (1.84) | (0.83) | (0.83) | (0.75) | (0.51) |
| Total distributions |  |  |  |  |  |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 1.43 | 0.79 | 0.65 | 0.78 | 0.66 |

15

T. ROWE PRICE NEW ERA FUND

December 31, 2022

FINANCIAL HIGHLIGHTS

| Hypothetical Example for Comparison Purposes |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1,021.42 | Shares | $ Value |  |
| The information on the second line of the table (Hypothetical) is based on hypothetical account |  |  |  |  |
| (Cost and value in $000s) |  |  |  |  |
| COMMON STOCKS: 94.3% expenses (not the 500.00 actual return) 1.3% may compare the ongoing 0.07 |  |  |  |  |
| NET ASSET VALUE: Realized gain |  |  |  |  |
| Cost at beginning of the fund with other funds by contrasting this 5% hypothetical example |  |  |  |  |
| AUTHORAL FUNDS: 5% $41.12 $40.02 $32.65 $34.40 $30.02 |  |  |  |  |
| AUTHORAL FUNDS: 5% hypothetical examples may appear to be shareholder reports of the other funds |  |  |  |  |
| Total financial domain responses 2.01.00.00 8.11 1.02.00 5.11 0.00.01 |  |  |  |  |
| Agricultural Products 1.3% |  |  |  |  |

| Distributions |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Ratio of Surplus (1) | Data |  |  | 658,667 | 41,226 |
| Net Incorporate Income | (1.88) | (0.89) | (0.83) | (0.79) | (0.56) |
| Net realized gain | (0.05) | - | (0.05) | - | - |
| Total return | (1.22)% | 25.33% | (2.57)% | 16.88% | (15.21)% |
| Total distributions | (1.93) | (0.89) | (0.88) | (0.79) | (0.56) |

16

T. ROWE PRICE NEW ERA FUND

| Source: A. Price, Inc. |  | Source: Annualized expense ratio for the 6-month period, multiplied by the average account value over the period, multiplied by the number of people in the most recent fiscal year (184), and divided by the days in the year (365) to reflect (cost and per full-year period). The annualized expense ratio of the Investor Class was 0.75%, and CF Industries Holdings was 0.62% |  | Shares | % Value |
| --- | --- | --- | --- | --- | --- |
| Certificates for Materials |  |  |  | 392,858 | 33,471 |
| Net Asset Value |  |  |  | 717,344 | 52,388 |
| Net Asset Value |  |  |  | 44,656 | 38,025 |
| End of period | $41.11 | $40.08 | $32.66 | $34.40 | $30.88 |
| Weighted Average Price Associates | 0.74% | 0.70% | 0.72% | 105,875 | 98,039 |
| Proposed Funds & Meets 1.0% |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Equity |  |  |  |  |  |
| Total Recurrent rate | 0.74% | 0.70% | 0.72% | 499,189 | 37,564 |
| Net assets, end of period (in €) | 2.3% | 1.95% | 2.13% | 2.22% | 1.69% |

17

T. ROWE PRICE NEW ERA FUND

| Hubbell | 130,380 | 34,480 |
| --- | --- | --- |
| Total Acquisitions | 132,220 | 132,265 |
| CHEMICALS (10.1% EUR) | 156,272 | 21,946 |
| Refinements, Gross LNC, Senior C, Acquisitions | Date: 5/29/17 | $2,057 |
| Dividend Charges | 3,124 | 46,220 |
| Interest and Other | 376,957 | 47,044 |
| Industrial Machinery 2.5% | 0.56% | 0.56% |
| Payments by Price Associates | 0.56% | 0.56% |
| All other (SEK) other waivers/ | 505,414 | 47,044 |
| Seminarization Equipment 0.5% | 1,363,888 | 21,941 |
| Specialty Services | 0.56% | 0.56% |
| Specialty Services Group, Class ATO | 0.56% | 0.56% |
| Total return reflects the rate that an investor would have earned on an investment in the fund | 2.10% | 2.28% |
| during each period, assuming reinvestment of all distributions, and payment of no redemption or |  |  |
| Portfolio turnover rate | 41.5% | 33.8% |
| Net assets, end of period (in | 41.5% | 33.8% |

18

T. ROWE PRICE NEW ERA FUND

| Funds (EFK) | 1,118,012 | 20,330 |
| --- | --- | --- |
| Air Products & Chemicals | 129,652 | 19,010 |
| Weir Group (GBP) | 1,095 shares | 2,000 value |
| Units | 249,408 | 81,352 |
| Total Energy Services & Processors |  | 261,118 |
| Total (in millions of dollars) |  | 78,842 |
| EXPLORATION & PRODUCTION 20.7% |  | 121,073 |
| Recirculation & Production 1.4% | $1,696 | $1,407 |
| Recirculation & Production 1.3% | $1,285 | $1,288 |
| Recirculation & Production 1.3% |  | $1,282 |
| Recirculation & Production 1.3% |  | $1,282 |
| Recirculation & Production 1.3% |  | $1,282 |
| Recirculation & Production 1.3% |  | $1,282 |
| Recirculation & Production 1.3% |  | $1,282 |
| Recirculation & Production 1.3% |  | $1,282 |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |
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| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table></table>

| Recirculation & Production 1.3% |  |  |
| --- | --- | --- |

</table>

(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.

19

T. ROWE PRICE NEW ERA FUND

| Railroads 1.0% | 0.491,954 | 38,181 |
| --- | --- | --- |
| Commercial Energy | 318,883 | 18,010 |
| Other (see General L. E. Y.) | 88,800 | 12,600 |
| U.S. Oil Exploration & Production 18.5% |  | 143,783 |
| Multi-Charles 2.5% |  |  |
| Environmental Industrials | 1,487,145 | 343,484 |
| Oil and Gas (CAD) | 1,492,895 | 14,824 |
| Energy and Water (CAD) | 1,492,895 | 14,824 |
| Energy and Water (CAD) | 2,508,501 | 18,704 |
| The total energy of the oil and gas of these financial statements | 667,055 | 112,974 |
| Oil and Gas (CAD) | 6,556,124 | 107,433 |
| Total Energy | 1,221,825 | 107,353 |
| Total Energy | 2,081,870 | 15,022 |

20

T. ROWE PRICE NEW ERA FUND

| General Services | 430,094 | 10,960 |
| --- | --- | --- |
| Medical Services, Class A | 1,100,000 | 20,000 |
| Medical Expense | 125,000 | 25,000 |
| Pioneer Natural Resources | 350,000 | 10,000 |
| Equipment & Airline Machinery & Heavy Trucks 3.1% | 681,035 | 10,740 |
| Other Equipment & Heavy Trucks |  | 915,424 |
| Other Equipment & Heavy Trucks | 99,181 | 114,367 |
| Other Equipment & Heavy Trucks | 10,100,632 | 14,100 |
| Other Equipment & Heavy Trucks (Cost $1,977,978) | 99,366 | 2,925,000 |
| INTEGRATEDS 15.3% | 559,035 | 21,998 |
| INTEGRATEDS - Class B (ONE) | 149,188 | 35,188 |
| INTEGRATEDS - Class B (ONE) | 529,110 | 21,000 |
| CONVERTIBLE PREFERRED STOCKS 3.6% | 50,370 | 12,501 |
| CONVERTIBLE PREFERRED STOCKS 3.6% | 252,500 | 15,500 |
| Other Equipment & Services 0.0% | 608,764 | 102,507 |
| Other Equipment & Services Products 5.0% | 2,384,816 | 29,075 |
| Energy Research Holdings, Class A-3, Acquisition Date: 11/30/22, |  |  |

21

T. ROWE PRICE NEW ERA FUND

| AGRICULTURE 1.0% | 2,677,422 | 96,227 |
| --- | --- | --- |
| AgriAgriculture | 1,000,000 | 14,000 |
| Exhibits & Agricultural Chemicals 1.0% | 3,194,341 | 15,000 |
| Food, Water, Beans & Processors | 1,124,341 | 15,000 |
| Human, Cyanide, Natural Gas, Gas, and Other | 2,189,473 | 62,470 |
| Total Agricultural Products (Cost 12.3%) | 2,609,526 | 124,000 |
| Oil & Gas, Gas, and Other | 2,609,526 | 124,000 |
| Oil & Gas, Gas, and Other | 286,238 | 30,013 |
| Total Agricultural Products (Cost 12.3%) | 1,094,583 | 474,952 |
| AGRICULTURAL INVESTMENTS 1.9% | 1,094,583 | 22,000 |
| AgriAgriculture | 908,143 | 30,242 |
| AgriAgriculture, Agricultural, and Other | 95,134 | 6,997 |
| Total Agricultural Investment 0.2% | 265,106 | 9,920 |
| AgriAgriculture, Agricultural, and Other |  |  |

22

T. ROWE PRICE NEW ERA FUND

| Total Short-Term Investments (Cost $59,054) | 59,053,734 | 59,054 |
| --- | --- | --- |
| Dividend and Net Assets (Net Assets, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions | 59,054,451 | 59,054 |
| Total Short-Term Investments (Cost $59,054) | 59,054,451 | 59,054 |
| Dividend and Net Assets (Net Assets, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acquisitions, Acqts, Acquisitions | 59,054,451 | 59,054 |

23

T. ROWE PRICE NEW ERA FUND

December 31, 2022

| Securities, or a company that is under common ownership or control. The following securities were |  |
| --- | --- |
| 2022-03-01 (2022) | 12,218 |
| 2022-03-01 (2022) | 12,218 |
| 2022-03-01 (2022) | 12,218 |
| 2022-03-01 (2022) | 12,218 |
| 2022-03-01 (2022) | 12,218 |

| Securities | 2,000 |
| --- | --- |
| Securities | 2,000 |
| Securities | 2,000 |
| Securities | 2,000 |

| Securities | 2,000 |
| --- | --- |
| Securities | 2,000 |

| Securities | 2,000 |
| --- | --- |
| Securities | 2,000 |

| Securities | 2,000 |
| --- | --- |
| Securities | 2,000 |

| Securities | 2,000 |
| --- | --- |
| Securities | 2,000 |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table>

| Securities | 2,000 |
| --- | --- |

</table></table>

| Securities | 2,000 |
| --- | --- |

</table></table>

| Securities | 2,000 |
| --- | --- |

</table></table>

| Foreign currency (cost $2,530) | 2,550 |
| --- | --- |
| Receivable for shares sold | 2,489 |
| Other assets | 5,356 |
| Total assets | 3,114,495 |

24

T. ROWE PRICE NEW ERA FUND

| INCOME |  | 262 |
| --- | --- | --- |
| DESCRIPTION OF INVESTMENT |  |  |
| The results of the financial statements are based on the results of the financial statements. Any costs and expenses incurred by the issuer are generally borne by the issuer. The aggregate cost is based on the results of the financial statements. |  |  |
| Electric Utilities 1.4% |  |  |
| Totals value of restricted securities (excluding 144A holdings) at period end amount 52.40 |  |  |
| NextEra Funds 5,000,000 34,100 |  |  |
| 746,709 |  |  |
| 37,910 |  |  |
| Total Utilities (5) Seven-day yield |  |  |
| Supplementary Investment Schedule |  |  |
| Total Convertible Preferred Stocks (Cost $77,745) |  |  |
| Affiliates | Value | Purchase |
| Tonian Investment |  | Sales |
| Investment management fees payable |  | 1,464 |
| Due (Net of foreign taxes of $1,040) |  | $116,079 |
| Payable on the basis |  | 11,762 |
| Other liabilities |  | 2 |
| Other liabilities |  | 21,268 |
| Total income |  | 128,058 |

The accompanying notes are an integral part of these financial statements.

25

T. ROWE PRICE NEW ERA FUND

| STATEMENT OF OPERATIONS | 1,796 | $ | - | $ | 55 | $ | * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Foreign Holdings, Series A, |  |  |  |  |  |  |  |
| Voting Units | 2,526 |  | - |  | 77 |  | * |
| T. Rowe Price Government |  |  |  |  |  |  |  |
| Reserves and Liabilities | 25,051 |  | 0 |  | 0 | 59,000 |  |
| Total Expenses |  |  |  |  |  | $59,000 |  |
| Net Investment |  |  |  |  |  | $13,162,573 |  |
| # Realized and Unrealized Gain / Loss |  |  |  |  |  |  |  |
| Capital gain / loss from underlying Price funds represented |  |  |  |  |  | $0 of the net realized gain |  |
| Net Assets (loss) |  |  |  |  |  |  |  |
| Total attributable earnings (loss) |  |  |  |  | 159 | $2,849 |  |
| Proposed and Unrealized gains |  |  |  |  |  | $88,083,415 |  |
| Foreign currency transactions |  |  |  |  |  | (1,512) |  |
| Value of the total outstanding; 300,000,000 shares authorized |  |  |  |  | 60 | 2,528,458 |  |
| Total realized gain |  |  |  |  | 11 | 84,751 |  |

26

T. ROWE PRICE NEW ERA FUND

# **STATEMENT OF OPERATIONS**

Includes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 3.

Investment income comprised $552 of dividend income and $0 of interest income.

Purchase and sale information not shown for cash management funds. Year $3,102,573
The amount of investments in affiliated companies was $59,054. Ended 104
On the basis of the amount of investment in affiliated companies was $59,054. Ended 104
On the basis of the amount of investment in affiliated companies was $59,054. Ended 104

| Net assets | 12/31/22 | 12/31/21 |
| --- | --- | --- |
| Net assets |  | 1,584 |
| Debt assets and liabilities denominated in foreign currencies |  | (74) |
| Investments |  | 1,593 |
| Net assets | $107,318 | $90,226 |
| Net assets | 84,511 | $222,381.12 |
| Net assets | 1,593 | 103,175 |
| Net assets | 193,422 | $193,422 |

| Net assets |  |  |
| --- | --- | --- |
| Investments |  |  |
| Net assets |  |  |
| Net assets |  |  |

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE NEW ERA FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

| Distributions to shareholders | Year Ended |  |
| --- | --- | --- |
|  | 12/31/22 | 12/31/21 |
| Net Assets Class | (60,447) | (34,022) |
| Income Spending period | (628,813) | (398,997) |
| Beginning of net assets from distributions | (3,071,460) | 2,786,983 |
| End of period | $3,102,573 | $3,071,460 |

Capital share transactions *

*Share information (000s)

28

T. ROWE PRICE NEW ERA FUND

REVISIONS OF FINANCIAL INNOVATION FINANCIAL statements.

($000s)

Shares sold
Investor Class 566,476 222,337
Companion of 1940 (the 1940 Act) as a diversified, open-ended management management
Class 748,749 310,520
Companion of the fund seeks to provide long-term capital growth primarily through the
Distributions reinvested
Companion of companies that own or develop natural resources and other basic
investor Class 1,918 813
Companions, and also through the stocks of selected nonresounded growth companies.
Shares redeemed
The New Era Fund (Investor Class) and the New Era
Investor Class (699,589) (363,362)
Fund (Class of Class). I Class shares require a $500,000 investor investment (common
Class 1,917,000) (614,051)
although the minimum generally is waived or reduced for financial intermediaries.

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE NEW ERA FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price, New Era Fund, Inc. (the fund) is registered under the Investment Plan of Capital for Capital gain for tax purposes, and reclassifies when such information becomes available. Decrease in net assets from capital share of the fair market value of the financial instrument, plans, and certain other accounts. Prior to December 15, 2013, the asset received. Proceeds from litigation payments, if any, are included in either net initial investment minimum was $1 million and was generally waived for financial realized gain (loss) or change in net unrealized gain/loss from securities. Distributions intermediaries, eligible retirement plans, and other certain accounts. As a result of the to shareholders are recorded on the ex-dividend date. Income distributions, if any, are reduction in the I Class minimum, certain assets transferred from the Investor Class declared, and paid by each class annually. A capital gain distribution, if any, may also be to the I Class. This transfer of shares from Investor Class to I Class is reflected in the declared and paid by the fund annually. Statement of Changes in Net Assets within the Capital shares transactions as Shares redeemed and Shares sold, respectively. Each class has exclusive voting rights on matters

30

T. ROWE PRICE NEW ERA FUND

REITs are initially recorded as dividend income and, to the extent such represent a

current income. The Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in the Company's investment, and liabilities denominated in

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation The fund is an investment company and follows accounting and

31

T. ROWE PRICE NEW ERA FUND

**Indemnification** In the normal course of business, the fund may provide

**Funding** The of unrealized and unrealized security values and the loss is the for use and are
replenished. The financial statements are not available to the level within the
proposed financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be
used in the financial statements. GAAP requires that the investment is not to be

32

T. ROWE PRICE NEW ERA FUND

observable inputs and minimize the use of unobservable inputs. When multiple inputs
Capital: The following is a series of questions, including the impact of the (TRA) strategies and
the (TRA) strategies. The (TRA) strategies are based on the results of the (TRA) strategies and
the (TRA) strategies. The (TRA) strategies are based on the results of the (TRA) strategies and
the (TRA) strategies. The (TRA) strategies are based on the results of the (TRA) strategies and
the (TRA) strategies. The (TRA) strategies are based on the results of the (TRA) strategies and
the (TRA) strategies.

33

T. ROWE PRICE NEW ERA FUND

by type of investment and may include market or investment specific considerations.

| T. Rowe Price New Era Fund | Beginning Gain (Loss) |  |  | Ending Balance |
| --- | --- | --- | --- | --- |
|  | Balance | During | Total |  |
| Investment in Securities | 12/31/21 | 12/31/21 | 12/31/22 | 12/31/22 |
| Investment in Securities | 12/31/21 | 12/31/22 | 12/31/22 | 12/31/22 |
| Investment in Securities | 12/31/21 | 12/31/22 | 12/31/22 | 12/31/22 |
| Investment in Securities | 12/31/21 | 12/31/22 | 12/31/22 | 12/31/22 |

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

34

T. ROWE PRICE NEW ERA FUND

| by |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| by |  |  |  |  |  |  |  |
| by |  |  |  |  |  |  |  |
| in |  |  |  |  |  |  |  |

**Example:** Growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development of the growth and development

35

T. ROWE PRICE NEW ERA FUND

Concentrate of the stock and investment is not observable. 37,910 nonobservable. 42,534 determinants. 132,444 for which market data are not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available and are developed using the best information. The market data is not available

36

Impact to

Valuation

Significant Value or Weighted

from an

T. ROWE PRICE NEW ERA FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Investments in Value Valuation Unobservable Range of Average of Increase Securities (000s) Techniques (s)+ Input(s) Input(s) Input(s)* in Input**

The Fund is a 2012-2023 Annual Report on Investment and Investment in the Future of the United States. The Fund is a 2012-2023 Annual Report on Investment and Investment in the Future of the United States. The Fund is a 2012-2023 Annual Report on Investment and Investment in the Future of the United States. The Fund is a 2012-2023 Annual Report on Investment and Investment in the Future of the United States.

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

37

Investments in Value Valuation Unobservable Range of Average of Increase Securities (000s) Techniques (s)+ Input(s) Input(s) Input(s)* in Input**

T. ROWE PRICE NEW ERA FUND

# **NOTE 4 - FEDERAL INCOME TAXES**

over the life of the loan in an amount not less than the value of loaned securities, any
The fund files U.S. federal, state, and local tax returns as required. The fund's tax
additional collateral required due to changes in currency values as delivered to the increase
referred to the fund's tax exemption by the individual tax exemption until extension of the
fund the next business day. Cash collateral is invested in accordance with investment
applicable lesse of limitations, which is generally at the years after the filing of the tax
guidelines approved by fund management. Additional tax returns against the
return, but which can be extended to six years in certain circumstances. Tax returns for
the fund against losses resulting from borrower losses. Although risk is mitigated by
open years have incorporated no uncertain tax positions that require a provision for
the collateral and information, the fund could experience a delay in recovering 8,372
income taxes. Discount rate 13% 13% Decrease
is securities and a possible loss of income or value if the borrower fails to return due
Net unrealized appreciation (depreciation) for cost of 537,426

38

T. ROWE PRICE NEW ERA FUND

Copyright © 2022. All rights reserved. No part of this publication may be reproduced in any form or by any means, electronic, mechanical, photocopying, or otherwise, without the prior written consent of the American Tobacco Company. The authors are not responsible for any errors or omissions in the publication. The authors are not responsible for any errors or omissions in the publication. The authors are not responsible for any errors or omissions in the publication. The authors are not responsible for any errors or omissions in the publication.

39

T. ROWE PRICE NEW ERA FUND

# NOTE 6 - RELATED PARTY TRANSACTIONS

The Company's annual revenue data is not available to the valuation technique were created by the Investment Management Fund. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique. The Company's annual revenue data is not available to the valuation technique.

40

T. ROWE PRICE NEW ERA FUND

Plan Services, Inc. provides subaccounting and recordkeeping services for certain

NOTE: The fund is not a fund that is used in the event of investment investment. The funds are listed in the following form: (1) The fund is designed to provide investment investment in the fund; (2) The fund is designed to provide investment investment in the fund; (3) The fund is designed to provide investment investment in the fund; (4) The fund is designed to provide investment investment in the fund; (5) The fund is designed to provide investment investment in the fund; (6) The fund is designed to provide investment investment in the fund; (7) The fund is designed to provide investment investment in the fund; (8) The fund is designed to provide investment investment in the fund; (9) The fund is designed to provide investment investment in the fund; (10) The fund is designed to provide investment investment in the fund; (11) The fund is designed to provide investment investment in the fund; (12) The fund is designed to provide investment investment in the fund; (13) The fund is designed to provide investment investment in the fund; (14) The fund is designed to provide investment investment in the fund; (15) The fund is designed to provide investment investment in the fund; (16) The fund is designed to provide investment investment in the fund; (17) The fund is designed to provide investment investment in the fund; (18) The fund is designed to provide investment investment in the fund; (19) The fund is designed to provide investment investment in the fund; (20) The fund is designed to provide investment investment in the fund; (21) The fund is designed to provide investment investment in the fund; (22) The fund is designed to provide investment investment in the fund; (23) The fund is designed to provide investment investment in the fund; (24) The fund is designed to provide investment investment in the fund; (25) The fund is designed to provide investment investment in the fund; (26) The fund is designed to provide investment investment in the fund; (27) The fund is designed to provide investment investment in the fund; (28) The fund is designed to provide investment investment in the fund; (29) The fund is designed to provide investment investment in the fund; (30) The fund is designed to provide investment investment in the fund; (31) The fund is designed to provide investment investment in the fund; (32) The fund is designed to provide investment investment in the fund; (33) The fund is designed to provide investment investment in the fund; (34) The fund is designed to provide investment investment in the fund; (35) The fund is designed to provide investment investment in the fund; (36) The fund is designed to provide investment investment in the fund; (37) The fund is designed to provide investment investment in the fund; (38) The fund is designed to provide investment investment in the fund; (39) The fund is designed to provide investment investment in the fund; (40) The fund is designed to provide investment investment in the fund; (41) The fund is designed to provide investment investment in the fund; (42) The fund is designed to provide investment investment in the fund; (43) The fund is designed to provide investment investment in the fund; (44) The fund is designed to provide investment investment in the fund; (45) The fund is designed to provide investment investment in the fund; (46) The fund is designed to provide investment investment in the fund; (47) The fund is designed to provide investment investment in the fund; (48) The fund is designed to provide investment investment in the fund; (49) The fund is designed to provide investment investment in the fund; (50) The fund is designed to provide investment investment in the fund; (51) The fund is designed to provide investment investment in the fund; (52) The fund is designed to provide investment investment in the fund; (53) The fund is designed to provide investment investment in the fund; (54) The fund is designed to provide investment investment in the fund; (55) The fund is designed to provide investment investment in the fund; (56) The fund is designed to provide investment investment in the fund; (57) The fund is designed to provide investment investment in the fund; (58) The fund is designed to provide investment investment in the fund; (59) The fund is designed to provide investment investment in the fund; (60) The fund is designed to provide investment investment in the fund; (61) The fund is designed to provide investment investment in the fund; (62) The fund is designed to provide investment investment in the fund; (63) The fund is designed to provide investment investment in the fund; (64) The fund is designed to provide investment investment in the fund; (65) The fund is designed to provide investment investment in the fund; (66) The fund is designed to provide investment investment in the fund; (67) The fund is designed to provide investment investment in the fund; (68) The fund is designed to provide investment investment in the fund; (69) The fund is designed to provide investment investment in the fund; (70) The fund is designed to provide investment investment in the fund; (71) The fund is designed to provide investment investment in the fund; (72) The fund is designed to provide investment investment in the fund; (73) The fund is designed to provide investment investment in the fund; (74) The fund is designed to provide investment investment in the fund; (75) The fund is designed to provide investment investment in the fund; (76) The fund is designed to provide investment investment in the fund; (77) The fund is designed to provide investment investment in the fund; (78) The fund is designed to provide investment investment in the fund; (79) The fund is designed to provide investment investment in the fund; (80) The fund is designed to provide investment investment in the fund; (81) The fund is designed to provide investment investment in the fund; (82) The fund is designed to provide investment investment in the fund; (83) The fund is designed to provide investment investment in the fund; (84) The fund is designed to provide investment investment in the fund; (85) The fund is designed to provide investment investment in the fund; (86) The fund is designed to provide investment investment in the fund; (87) The fund is designed to provide investment investment in the fund; (88) The fund is designed to provide investment investment in the fund; (89) The fund is designed to provide investment investment in the fund; (90) The fund is designed to provide investment investment in the fund; (91) The fund is designed to provide investment investment in the fund; (92) The fund is designed to provide investment investment in the fund; (93) The fund is designed to provide investment investment in the fund; (94) The fund is designed to provide investment investment in the fund; (95) The fund is designed to provide investment investment in the fund; (96) The fund is designed to provide investment investment in the fund; (97) The fund is designed to provide investment investment in the fund; (98) The fund is designed to provide investment investment in the fund; (99) The fund is designed to provide investment investment in the fund; (100) The fund is designed to provide investment investment in the fund

41

T. ROWE PRICE NEW ERA FUND

and disruptions in trading markets, while some events may affect certain geographic
metropolitan areas. The company is not a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market, but the company has a major market

42

T. ROWE PRICE NEW ERA FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

December 31, 2022, the related statement of operations for the year ended December

(CONTINUED) the statement of changes in the assets for each of the two years ended December 31, 2022, including the related notes and the financial statements for the years included performing procedures to assess the risks of material misstatement. The financial statements, whether due to error or fraud, and performing procedures to assess the financial statements, are presented in the financial statements present fairly in all the financial statements. The financial statements are presented in the financial statements, whether due to error or fraud, and performing procedures to assess the risks of material misstatement. The financial statements are presented in the financial statements, whether due to error or fraud, and performing procedures to assess the risks of material misstatement. The financial statements are presented in the financial statements, whether due to error or fraud, and performing procedures to assess the risks of material misstatement. The financial statements are presented in the financial statements, whether due to error or fraud, and performing procedures to assess the risks of material misstatement. The financial statements are presented in the financial statements, whether due to error or fraud, and performing procedures to assess the risks of material misstatement

43

T. ROWE PRICE NEW ERA FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The report is the report of the Department of Finance, 31st day of December, 2022, and the financial history of the public sector.

The report is the report of the Department of Finance, 31st day of December, 2022, and the financial history of the public sector.

NOTE: The report is the report of the Department of Finance, 31st day of December, 2022, and the financial history of the public sector.

44

T. ROWE PRICE NEW ERA FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS

The records listed below (PCAO) and are required to be independent with the following income subject to a long-term capital gains tax rate. For greater than 100% of the total in accordance with the U.S. federal securities laws and the applicable rules, the records listed below are required to be independent with the following income subject to a long-term capital gains tax rate. For corporate shareholders, $58,200,000 of the fund's income qualifies for the dividends. The records listed below are required to be independent with the following income subject to a long-term capital gains tax rate. For corporate shareholders, $58,200,000 of the fund's income qualifies for the dividends. The records listed below are required to be independent with the following income subject to a long-term capital gains tax rate. For corporate shareholders, $58,200,000 of the fund's income qualifies for the dividends. The records listed below are required to be independent with the following income subject to a long-term capital gains tax rate. For corporate shareholders, $58,200,000 of the fund's income qualifies for the dividends. The records listed below are required to be independent with the following income subject to a long-term capital gains tax rate. For corporate shareholders, $58,200,000 of the fund's income qualifies for the dividends.

45

T. ROWE PRICE NEW ERA FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

misstatement, whether due to error or fraud.
corporate website. To access it, please visit the following Web page:

http://www.towyer.com/corporate/legislation/legislation.htm
In accordance with Rule 27a-4 (Liquidity Rule) under the Investment Company Act of 1940, as amended, the fund has established a liquidity risk management program (Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk, which generally represents the risk that the fund would not be able to meet redemption requests without significant dilution of remaining investors' interests in the fund. The Each fund's most recent annual proxy voting record is available on our website and through the SEC's website. To access it through T. Rowe Price, visit the website location Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

46

T. ROWE PRICE NEW ERA FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the Brown Young Records - Risk on the Brown Young Records link in the shaded box. Liquidity, long-term and international operations have been established, and the following: a report

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

The fund has a complete schedule for various holdings with the Secretary of the Exchange Commission (SEC) for the first and third quarters of each fiscal year as an alternative, as well as the proportion of a fund's investments assigned to each category. The Liquidity Program's principal objectives include supporting the T. Rowe Price fund. It also explained the methodology for establishing a fund's HLIM and noted that the LRC

47

T. ROWE PRICE NEW ERA FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

Electronically, the LRC's website (see only) in addition, was T. Rowe Price, but the company has been designed to assist its clients in the development of a high-quality, risk that the electronic devices and data from the computer system are now being used. During the period compared to the annual advertisement, the LRC has concluded, and the company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are being applied to the industry. The company has been using a large number of people who are

48

T. ROWE PRICE NEW ERA FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The State of New York, County, and District of Columbia, of the Investment's directors and officers are hereby designated as the Fund's Directors and Directors' Board of Directors.

**Name** (Year of Birth) significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Year Elected** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

49

T. ROWE PRICE NEW ERA FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

50

T. ROWE PRICE NEW ERA FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2020 fort, cash and cash equivalents, as well as available borrowing arrangements.
Report: Department of Social Security (University (2009 to present); Director, Executive April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.
2019: Lyndhurst Holdings (2015 to present), Director, Biogebio Pharma, Inc.
Fund:
The information about the interested directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. The photos were appointed as an independent director of the Price Funds.
Principal Director, The Lyndhurst Holdings (2015 to present), Director, Biogebio Pharma, Inc.
Bribe, President, CFA (1980), the Senate, General, from the role as an independent director of the Price Funds.
INTERESTED DIRECTORS (Weaco Ed. No 2021), Vice President, Oppenheimer
Funds.
2019: the Board (2016 to 2020), and President (2009 to 2016), First Industrial
House, Inc. (no 2019)
Name: Realty Trust, owner and operator of industrial properties; Chair of the
Chair of the Board (2005 to 2016) and Director (1999 to 2016), Starwood Hotels &
(Year of Birth) Vice President Group, Inc.

51

T. ROWE PRICE NEW ERA FUND

OFFICERS (CONTINUED)

Year Ended [Number of T. Rowe Price New Era Fund (1991)]
Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and Other Investment Companies During the Past Five Years
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]
[Number of T. Rowe Price New Era Fund (1991)]

52

Name (Year of Birth)
Position Held With New Era Fund

Principal Occupation(s)

T. ROWE PRICE NEW ERA FUND

# OFFICERS (CONTINUED)

Shinwoo Kim (1977)

President

Paul J. Krug, CPA (1964)

Vice President

Priyal

Research

CPA

Richard A. Jones (1975)

Vice President

Vice President, T. Rowe Price and T. Rowe Price
Vice President, Chief Compliance Officer, Point Retail
Finance, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price

# investment goals

53

Name (Year of Birth)

Position Held With New Era Fund

Principal Occupation(s)

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or primary 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. The registrant is not a registered agent. T. Rowe Price, T. Rowe Price Group, T. Rowe Price Group, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price Trust Company

Item 3. Audit Committee Financial Expert, T. Rowe Price, T. Rowe Price Group, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

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 primary 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. The registrant is not a registered agent. T. Rowe Price, T. Rowe Price Group, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price Trust Company

Item 4. Audit Committee Financial Expert, T. Rowe Price, T. Rowe Price Group, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

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 primary 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. The registrant is not a registered agent. T. Rowe Price, T. Rowe Price Group, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $21,172 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,540 |
| 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.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were not covered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in conforming to the principal accountant's independence.

| Item 5. Audit Committee of Listed Registrants. | GENERAL INVESTING COLLEGE SAVINGS |
| --- | --- |
| Assistant Vice President, (1987) | Assistant Vice President, T. Rowe Price |
| Assistant Vice President, (1977) | Assistant Vice President, T. Rowe Price |
| Vice President, (1977) | Assistant Vice President, T. Rowe Price |
| Vice President, (1977) | Assistant Vice President, T. Rowe Price |
| Vice President, (1977) | Assistant Vice President, T. Rowe Price |
| Vice President, (1977) | Assistant Vice President, T. Rowe Price |
| Vice President, (1977) | Assistant Vice President, T. Rowe Price |

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

Unless otherwise noted, officers have been employed by T. Rowe Price or Price International for at least 5 years.

(2) See the following table for 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.

(3) Written declaration to report these securities issued by closed-end companies: not applicable.

(b) A certificate to be made of 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.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price New Era Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023
This 1. copy of the report is 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.

All mutual information and other information contained in this report are subject to change without notice. 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 respective year on the date indicated.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582733  
F41-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New Era
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New Era
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price New Era Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

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

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

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

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer