Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print T. Rowe Price Real Estate Advisor  PAREX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 232 Real Estate Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 768.02 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth through a combination of capital appreciation and current income. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in the equity securities of real estate companies. It is likely to maintain a significant portion of assets in real estate investment trusts (REITs). REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The fund generally invests in equity REITs. It is non-diversified.

Morningstar Category: Real Estate Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: T. Rowe Price Real Estate Advisor Benchmark 1: MSCI ACWI NR USD Benchmark 2: S&P United States REIT TR USD Category: Real Estate This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment -10.72 -2.67 -2.56 0.32 3.53 5.30 MSCI ACWI NR USD 4.63 17.46 4.27 9.44 8.19 --- S&P United States REIT TR USD -7.41 1.76 -1.00 2.59 5.32 8.03 Category -7.77 0.34 -3.06 1.88 4.76 7.43 Morningstar Rating --- --- --- # of compared Real Estate funds covered (3 yrs : out of 232 funds) (5 yrs : out of 213 funds) (10 yrs : out of 157 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 1.17% Prospectus Net Expense Ratio 1.17% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 98.2 Non-U.S. Stocks 0.2 Bonds 0.0 Cash 1.6 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 100.00 Basic Materials 0.00 Consumer Cyclical 1.32 Financial Services 0.00 Real Estate 98.68 Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 40 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 51.99 Turnover % (as of 2023-12-31) 9.60 30 Day SEC Yield % 2.40 Top Holdings Sector P/E % of Net Assets Prologis Inc --- 8.24 American Tower Corp --- 7.80 Equinix Inc --- 7.29 Public Storage --- 5.32 Simon Property Group Inc --- 4.76 Welltower Inc --- 4.43 Essex Property Trust Inc --- 3.77 Regency Centers Corp --- 3.58 Rexford Industrial Realty Inc --- 3.43 AvalonBay Communities Inc --- 3.37 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Nondiversification, Active Management, Interest Rate, Market/Market Volatility, Equity Securities, Other, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 2004-12-31 Portfolio Manager(s) Gregg Korondi   (2024-01-01) Investment Advisor(s) T. Rowe Price Associates, Inc. Issuer T. Rowe Price

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