THEQ

The fund normally invests at least 80% of its net assets (plus any borrowings for investments purposes) in equities. The fund's overall goal is to combine a long equity strategy with a derivatives hedging strategy that reduces portfolio volatility and provides protection during equity market downturns. As part of the long equity strategy, the majority of the fund invests in T. Rowe Price and third-party exchange-traded funds and particularly in the T. Rowe Price U.S. Equity Research ETF (TSPA). TSPA attempts to create a portfolio with similar characteristics to the S&P 500 Stock Index (Index) with the potential to provide excess returns relative to the Index. See the prospectus for full strategy details.