Donor advised fund - The T. Rowe Price Program for Charitable Giving

U.S. stocks rose in the first quarter of 2015 despite occasional bouts of volatility and uncertainty about when the Federal Reserve will begin to raise interest rates. The market was supported by corporate merger activity, reduced energy costs, low interest rates, and massive quantitative easing efforts in the eurozone and Japan. In the major U.S. equity markets, mid- and small-cap shares strongly outperformed their larger peers. As measured by various Russell indexes, growth stocks strongly outpaced value across all market capitalizations.

U.S. bonds produced positive returns amid weak inflation readings and decelerating economic growth. While keeping its target rate near zero, the Federal Reserve suggested in a statement following its mid-March policy meeting that, depending on economic data, an initial interest rate hike may occur later this year.

Investment-grade Treasuries climbed as long-term interest rates declined from year-end levels. Strong foreign demand for U.S. government bonds, whose yields are higher than sovereign debt yields in Europe and Japan, was a factor. Corporate bonds also did well, whereas mortgage- and asset-backed securities trailed. High-yield bonds outperformed their high-quality counterparts following weakness in the oil-related high-yield market late last year.

Stocks in developed non-U.S. markets generally outperformed U.S. shares, despite the dollar’s strength versus several major currencies. Developed Asian markets outperformed their European peers, with Japanese shares reaching a 15-year high. European markets did well in local currency terms, but a sharp drop in the euro versus the dollar resulted in milder returns in dollar terms. Currency weakness should aid Eurozone economic growth, however, by acting as a tailwind for export-driven businesses. Bonds in developed non-U.S. markets produced negative returns in dollar terms, driven by the dollar’s appreciation against most currencies.

Equities in emerging markets underperformed shares in developed non-U.S. markets. Asian markets did well, led by the Philippines, China, and India. In emerging Europe, hopes that the U.S. and Europe might roll back sanctions on Russia following a peace deal to end the nearly year-old Ukraine crisis lifted Russian equities and bonds. In Latin America, Brazilian equities and bonds both skidded amid a major corruption scandal involving state-owned energy giant Petrobras.

In this environment, all portfolios produced positive results for the quarter.

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you grant your shares. To request a prospectus or summary prospectus for any of the funds in which the pools invest, call 1-800-564-1597. Each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

T. Rowe Price Gift Preservation Pool Performance — March 31, 2015

The Gift Preservation Pool returned 0.43%, compared with 0.01% for its benchmark. While cash-equivalent securities, including the Summit Cash Reserves Fund, had flat results, the pool’s performance was helped by its holding of the Short Term Bond Fund.

GIFT PRESERVATION POOL
PERFORMANCE AS OF March 31, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Gift Preservation Pool1 0.43% 0.21% 0.65% 2.14%
Underlying Funds Weight 0.73% 0.98% 1.59% 3.09%
Short-Term Bond Fund 75.00%
Summit Cash Reserves Fund 25.00% 0.00% 0.01% 0.01% 1.49%
WBGPP Benchmark2 0.01% 0.03% 0.07% 1.45%


1 The current weights of the underlying funds became effective on June 28, 2010; also on this date, the Short-Term Bond Fund and Summit Cash Reserves Fund replaced the Short-Term Income Fund. Performance prior to June 28, 2010, is based on the previously applied allocations of the underlying funds.

2 The benchmark reflects the performance of a combined portfolio consisting of 80% Citigroup 3-Month Treasury Bill Index and 20% Barclays 1–3 Year Government/Credit Index through June 30, 2008, and the performance of the Citigroup 3-Month Treasury Bill Index from July 1, 2008, forward.

3 These figures are annualized.

4 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

T. Rowe Price Diversified Income Pool Performance — March 31, 2015

The Diversified Income Pool returned 0.74%, versus 1.26% for its weighted benchmark. The Equity Income Fund was the only fund in the pool’s portfolio with a negative return. The Spectrum Income Fund, which is the largest component in the pool, and the Real Assets Fund both reported positive but muted returns.

DIVERSIFIED INCOME POOL
PERFORMANCE AS OF March 31, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Diversified Income Pool1 0.74% 3.23% 7.21% 5.88%
Underlying Funds Weight 0.85% 2.40% 5.72% 5.77%
Spectrum Income Fund 60.0%
Equity Income Fund 19.0% -1.03% 4.71% 11.67% 6.78%
Balanced Fund 19.0% 2.93% 7.63% 10.15% 7.20%
Real Assets Fund 2.0% 1.02% -2.03% N/A N/A
WBDEP Weighted Benchmark2 1.26% 7.04% 7.50% 5.99%


1 The current weights of the underlying funds became effective on February 28, 2013. Beginning in October 2012, the pool began incrementally adding the Real Assets Fund to its portfolio until February 2013 when the pool’s current allocation to the fund was reached. Performance prior to September 30, 2012, is based on the previously applied allocations of the underlying funds. The Balanced Fund was added to the pool on August 31, 2004.

2 The benchmark reflects the performance of a combined portfolio consisting of 60% Barclays U.S. Aggregate Bond Index, 19% Russell 1000 Value Index, 19% Balanced Fund Blended Benchmark (45.5% S&P 500 Index, 35% Barclays U.S. Aggregate Bond Index, and 19.5% MSCI EAFE Index), and 2% in a blended benchmark (70% Russell 3000 Index and 30% MSCI EAFE Index) through December 31, 2013, and the performance of a combined portfolio consisting of 60% Barclays U.S. Aggregate Bond Index, 19% Russell 1000 Value Index, 19% Balanced Fund Blended Benchmark (45.5% S&P 500 Index, 35% Barclays U.S. Aggregate Bond Index, and 19.5% MSCI EAFE Index), and 2% MSCI All Country World Index from January 1, 2014, forward.

3 These figures are annualized.

4 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

T. Rowe Price Balanced Index Pool Performance — March 31, 2015

The Balanced Index Pool had a return of 2.32%, compared with 2.48% for its weighted benchmark. All of the pool’s underlying holdings had positive returns for the quarter. The Fund’s largest holding, the U.S. Enhanced Bond Index Fund, reflected a gradually climbing bond market. The Fund’s strongest holdings were among its smallest, with the Extended Equity Market Index Fund and the International Equity Index Fund posting the largest gains.

BALANCED INDEX POOL
PERFORMANCE AS OF March 31, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Balanced Index Pool1 2.32% 6.30% 8.56% 6.21%
Underlying Funds Weight 1.55% 5.62% 4.33% 4.88%
U.S. Bond Enhanced Index Fund 40.0%
Equity Index 500 Fund 29.9% 0.90% 12.46% 14.17% 7.75%
Extended Equity Market Index Fund 10.0% 5.24% 10.38% 16.08% 10.17%
International Equity Index Fund 17.1% 5.52% -1.34% 5.88% 4.97%
Real Assets Fund 3.0% 1.02% -2.03% N/A N/A
WBBAX Weighted Benchmark2 2.48% 7.31% 9.52% 6.90%


1 The current weights of the underlying funds became effective on February 28, 2013. Beginning in October 2012, the pool began incrementally adding the Real Assets Fund to its portfolio until February 2013, when the pool’s current allocation to the fund was reached. Performance prior to September 30, 2012, is based on the previously applied allocations of the underlying funds.

2 The benchmark reflects the performance of a combined portfolio consisting of 40% Barclays U.S. Aggregate Bond Index, 29.9% S&P 500 Index, 10% S&P Completion Index, 17.1% FTSE All World Developed ex North America Index, and 3% in a blended benchmark (70% Russell 3000 Index and 30% MSCI EAFE Index) through December 31, 2013, and the performance of a combined portfolio consisting of 40% Barclays U.S. Aggregate Bond Index, 29.9% S&P 500 Index, 10% S&P Completion Index, 17.1% FTSE All World Developed ex North America Index, and 3% MSCI All Country World Index from January 1, 2014, forward.

3 These figures are annualized.

4 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

T. Rowe Price Moderate Growth Pool Performance — March 31, 2015

The Moderate Growth Pool posted a return of 2.41%, while its weighted benchmark returned 2.19%. Of the pool’s three largest holdings, the Growth Stock Fund was among the strongest performers on an absolute basis, while the Spectrum Income Fund was barely positive and the Equity Income Fund negative. The Fund’s smaller allocation to international holdings, including the International Stock Fund, the International Growth and Income Fund, and the Emerging Markets Stock Fund, produced strong returns in a market favorable for non-U.S. holdings.

MODERATE GROWTH POOL
PERFORMANCE AS OF March 31, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Moderate Growth Pool1 2.41% 5.55% 9.51% 6.82%
Underlying Funds Weight 0.85% 2.40% 5.72% 5.77%
Spectrum Income Fund 30.00%
Equity Index 500 Fund 5.45% 0.90% 12.46% 14.17% 7.75%
Growth Stock Fund 15.20% 6.04% 16.85% 16.23% 9.92%
Equity Income Fund 15.20% -1.03% 4.71% 11.67% 6.78%
Mid-Cap Growth Fund 2.85% 6.52% 17.20% 17.02% 11.90%
Mid-Cap Value Fund 2.85% 2.88% 9.70% 13.34% 9.73%
Small-Cap Stock Fund 5.00% 3.90% 8.82% 16.86% 10.62%
International Stock Fund 8.55% 6.34% 4.96% 6.75% 6.04%
International Growth & Income Fund 8.55% 3.92% -3.17% 6.18% 5.17%
Emerging Markets Stock Fund 2.85% 3.61% 5.73% 2.36% 8.10%
Real Assets Fund 3.50% 1.02% -2.03% N/A N/A
WBMPP Weighted Benchmark2 2.19% 7.59% 10.23% 6.98%


1 The current weights of the underlying funds became effective on February 28, 2013. Beginning in October 2012, the pool began incrementally adding the Real Assets Fund to its portfolio until February 2013, when the pool's current allocation to the fund was reached. Performance prior to September 30, 2012, is based on the previously applied allocations of the underlying funds. The Emerging Markets Stock Fund was added to the pool on June 30, 2008.

2 The benchmark reflects the performance of a combined portfolio consisting of 30% Barclays U.S. Aggregate Bond Index, 49% Russell 3000 Index, and 21% MSCI EAFE Index through December 31, 2013 and the performance of a combined portfolio consisting of 30% Barclays U.S. Aggregate Bond Index, 46.55% Russell 3000 Index, 19.95% MSCI All Country World Index ex-U.S., and 3.5% MSCI All Country World Index from January 1, 2014, forward.

3 These figures are annualized.

4 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

T. Rowe Price Growth Pool Performance — March 31, 2015

The Growth Pool returned 3.12%, against the 2.35% return of its weighted benchmark. The pool’s two largest holdings were mixed for the period, with the Growth Stock Fund one of the strongest absolute performers and the Equity Income Fund the only underlying holding to post a negative return. The pool’s international holdings were all well in positive territory, with the International Stock Fund performing strongly. The energy-industry-exposed Real Assets Fund, though a small portion of the pool, detracted from performance.

GROWTH POOL
PERFORMANCE AS OF March 31, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Growth Pool1 3.12% 7.20% 11.25% 7.18%
Underlying Funds Weight 0.90% 12.46% 14.17% 7.75%
Equity Index 500 Fund 10.20%
Growth Stock Fund 20.45% 6.04% 16.85% 16.23% 9.92%
Equity Income Fund 20.45% -1.03% 4.71% 11.67% 6.78%
Mid-Cap Growth Fund 4.05% 6.52% 17.20% 17.02% 11.90%
Mid-Cap Value Fund 4.05% 2.88% 9.70% 13.34% 9.73%
Small-Cap Stock Fund 7.35% 3.90% 8.82% 16.86% 10.62%
International Stock Fund 12.10% 6.34% 4.69% 6.75% 6.04%
International Growth & Income Fund 12.10% 3.92% -3.17% 6.18% 5.17%
Emerging Markets Stock Fund 4.25% 3.61% 5.73% 2.36% 8.10%
Real Assets Fund 5.00% 1.02% -2.03% N/A N/A
WBGRP Weighted Benchmark2 2.35% 8.27% 12.45% 7.46%


1The current weights of the underlying funds became effective on February 28, 2013. Beginning in October 2012, the pool began incrementally adding the Real Assets Fund to its portfolio until February 2013, when the pool's current allocation to the fund was reached. Performance prior to September 30, 2012, is based on the previously applied allocations of the underlying funds. The Emerging Markets Stock Fund was added to the pool on June 30, 2008.

2 The benchmark reflects the performance of a combined portfolio consisting of 70.05% Russell 3000 Index and 29.95% MSCI EAFE Index through December 31, 2013 and the performance of a combined portfolio consisting of 66.55% Russell 3000 Index, 28.45% MSCI All Country World Index ex-U.S., and 5% MSCI All Country World Index from January 1, 2014, forward.

3 These figures are annualized.

4 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

T. Rowe Price Global Equity Pool Performance — March 31, 2015

The Global Equity Pool returned 3.48%, compared with a 2.44% return for its weighted benchmark. Strong returns in the Global Stock Fund, the International Growth and Income Fund, the International Equity Index Fund, and the Emerging Markets Stock Fund – together totaling more than 60% of the pool – reflected gains among international stocks. The Value Fund, another of the pool’s larger holdings, added value as well.

GLOBAL EQUITY POOL
PERFORMANCE AS OF March 31, 2015
Total Return3
3 Months
1 Year
5 Years2
Since Inception2
(6/30/08)
T. Rowe Price Global Equity Pool1  3.48% 5.47% 9.08% 4.75%
Underlying Funds Weight 5.33% 10.11% 10.66% 3.74%
Global Stock Fund 22.30%
International Growth & Income Fund 12.35% 3.92% -3.17% 6.18% 2.28%
International Equity Index Fund 16.60% 5.52% -1.34% 5.88% 1.95%
Emerging Markets Stock Fund 9.95% 3.61% 5.73% 2.36% -0.23%
Equity Index 500 Fund 14.50% 0.90% 12.46% 14.17% 9.50%
Value Fund 11.15% 0.89% 10.36% 14.96% 10.62%
Mid-Cap Growth Fund 2.40% 6.52% 17.20% 17.02% 12.65%
Mid-Cap Value Fund 2.40% 2.88% 9.70% 13.34% 11.40%
Small-Cap Stock Fund 3.35% 3.90% 8.82% 16.86% 14.20%
Real Assets Fund 5.00% 1.02% -2.03% N/A N/A
MSCI All Country World Index  2.44% 5.97% 9.57% 5.48%


1 The current weights of the underlying funds became effective on February 28, 2013. Beginning in October 2012, the pool began incrementally adding the Real Assets Fund to its portfolio until February 2013, when the pool's current allocation to the fund was reached. Performance prior to September 30, 2012, is based on the previously applied allocations of the underlying funds.

2 These figures are annualized.

3 Returns are based on net asset value per share and reflect changes in principal value, reinvested dividends, and capital gain distributions, if any. The pool returns are net of underlying expenses for the mutual funds and Program administrative fees.

Benchmark Information
Barclays 1–3 Year Government/Credit Index is a total return index that incorporates all bonds in the Treasury Bond Index and the Agency Bond Index, as well as U.S. corporate and some foreign debentures and secured notes, with maturities of one to three years.
Barclays U.S. Aggregate Bond Index is an unmanaged index that tracks domestic investment-grade bonds, including corporate, government, and mortgage-backed securities.
Citigroup 3-Month Treasury Bill Index is an unmanaged index that tracks short-term U.S. government debt instruments.
FTSE All World Developed ex North America IndexTM is a broadly diversified stock market index based on the investable market capitalization of predominately larger companies. The index's major markets include the UK, Japan, and developed countries in Europe and the Pacific Rim.
MSCI EAFE Index tracks the performance of stocks of companies in Europe, Australasia, and the Far East (EAFE).
MSCI All Country World Index tracks the equity market performance of global developed and emerging markets.
MSCI All Country World Index ex-U.S. is a market capitalization-weighted index of stocks traded in world markets.
Russell 1000 Value Index tracks the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index tracks the performance of the 3,000 largest U.S. companies, representing approximately 98% of the investable U.S. equity market.
S&P 500 Index tracks the stocks of 500 mostly large U.S. companies.
S&P Completion Index tracks the performance of the U.S. stocks not included in the S&P 500, which are primarily small- and mid-capitalization stocks.

"Standard & Poor's", "S&P®", "S&P 500®", "Standard & Poor's 500", "500", "S&P Completion Index", "S&P Total Market Index", and "S&P TMI" are marks/trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by T. Rowe Price. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the product.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell® is a trademark of Russell Investment Group.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.