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

U.S. stocks generated mixed performance in the second quarter. Major indexes reached all-time highs in May or June, but went on to close below those levels after a sharp sell-off at the end of June. For most of the period merger activity and a strengthening economy supported the stock market as did signs that first-quarter corporate earnings would not be hurt by a stronger dollar and lower oil prices as much as initially feared. In the major U.S. equity markets, small- and large-cap shares outperformed their mid-cap peers. As measured by various Russell indexes, growth stocks outpaced value across all market capitalizations.

U.S. Treasuries posted their first quarterly loss since 2013, as fears of an imminent Federal Reserve interest rate increase outweighed the demand for safe-haven assets driven by Greece’s move toward default. The yield on the 10-year Treasury note increased in June to nearly 2.50%, its highest level in 2015, before retreating somewhat by the end of the quarter. Longer-term yields climbed more than shorter-term rates, with the 30-year Treasury’s yield increasing more than half a percent.

Investment-grade corporate bonds underperformed Treasuries to post considerable losses due to widening credit spreads. A large supply of new bonds, driven by merger and acquisition funding needs, continued to weigh on the investment-grade corporate bond market. High-yield corporate bonds were one of the few fixed income sectors that avoided 0 posting losses for the quarter, reflecting their low sensitivity to interest rate changes. As bonds from oil-related issuers account for a large proportion of most high yield indexes, the stabilization of oil prices at higher levels than those seen in the beginning of the year provided support for this asset class.

Stocks in developed non-U.S. markets outperformed U.S. shares in the second quarter. Japan’s economy expanded for the second straight quarter, although consumer spending and wage growth remain tepid, while the Bank of Japan progressed with its quantitative easing measures. In Europe, the European Central Bank’s quantitative easing program helped support the prices of high-quality eurozone sovereign debt, as did worries about Greece’s ability to meet its debt obligations. Despite the uncertainty of the Greek situation, the euro did not fall as much against the U.S. dollar as it did in late 2014 and early 2015.

Stocks in emerging markets were mixed as declining energy prices helped lower inflation in some countries while driving weaker growth among commodity exporters. Weak economic data in China drove volatility in that country’s equity market, raising fears of a bubble. Bonds in emerging markets declined over the period, with locally-denominated debt prices falling more than dollar-denominated bonds. Petrobras, Brazil’s state-owned oil company, issued new bonds for the first time since a major corruption scandal. China’s central bank lowered interest rates in May and again in June due to concerns about a slowing economy and sharply lower stock prices.

In this environment, most portfolios produced negative absolute results for the quarter, with the Growth Pool and the Global Equity Pool in positive absolute territory.

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 — June 30, 2015

The Gift Preservation Pool returned -0.14%, compared with 0.00% for its benchmark. Cash-equivalent securities, including the Summit Cash Reserves Fund, had flat results. The Short Term Bond Fund, whose returns reflected falling bond prices in the face of potential interest rate hikes, held back absolute returns.

GIFT PRESERVATION POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Gift Preservation Pool1 -0.14% -0.28% 0.55% 2.06%
Underlying Funds Weight -0.05% 0.32% 1.40% 2.96%
Short-Term Bond Fund 75.00%
Summit Cash Reserves Fund 25.00% 0.00% 0.01% 0.01% 1.43%
WBGPP Weighted Benchmark2 0.00% 0.02% 0.06% 1.37%


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 — June 30, 2015

The Diversified Income Pool returned -0.78%, versus -1.06% for its weighted benchmark. All components of the pool had negative absolute returns for the period. The Spectrum Income Fund, which is the largest component in the pool, had absolute returns reflecting a challenging environment for domestic bonds, while the more equity-heavy Equity Income Fund and Balanced Fund did not fare quite as poorly. The Real Assets Fund, the pool’s smallest component, posted its worst return by a wide margin.

DIVERSIFIED INCOME POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Diversified Income Pool1 -0.78% -0.91% 7.97% 5.67%
Underlying Funds Weight -0.74% -1.20% 5.69% 5.54%
Spectrum Income Fund 60.00%
Equity Income Fund 19.00% -0.57% -0.33% 14.30% 6.69%
Balanced Fund 19.00% -0.09% 3.50% 11.79% 7.02%
Real Assets Fund 2.00% -5.04% -14.23% N/A N/A
WBDEP Weighted Benchmark2 -1.06% 2.79% 7.57% 5.62%


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 — June 30, 2015

The Balanced Index Pool had a return of -0.77%, compared with -0.46% for its weighted benchmark. Two of the pool’s equity holdings, the Equity Index 500 Fund and the International Equity Index Fund, had positive absolute returns for the quarter. The U.S. Bond Index Fund, the largest component in the pool, had negative absolute returns, impacted by the prospect of rising interest rates.

BALANCED INDEX POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Balanced Index Pool1 -0.77% 1.85% 9.72% 5.91%
Underlying Funds Weight -1.69% 1.78% 3.27% 4.41%
U.S. Bond Enhanced Index Fund 40.00%
Equity Index 500 Fund 29.90% 0.21% 7.17% 17.03% 7.63%
Extended Equity Market Index Fund 10.00% -0.38% 6.26% 18.38% 9.54%
International Equity Index Fund 17.10% 0.85% -4.43% 9.44% 5.17%
Real Assets Fund 3.00% -5.04% -14.23% N/A N/A
WBBAX Weighted Benchmark2 -0.46% 3.07% 10.69% 6.60%


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 — June 30, 2015

The Moderate Growth Pool posted a return of -0.09%, while its weighted benchmark returned -0.25%. The pool’s largest holdings showed mixed results, with the Spectrum Income Fund and the Equity Income Fund both negative but the Growth Stock Fund showing a positive absolute return. International holdings in the International Stock Fund and the International Growth and Income Fund were among the strongest performers in the pool. The Mid-Cap Growth Fund, though a small proportion of the pool, also performed well in a quarter where mid-cap stocks generally lagged other capitalizations. The Real Assets Fund, one of the smaller components of the pool, had the lowest return.

MODERATE GROWTH POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Moderate Growth Pool1 -0.09% 1.43% 11.40% 6.65%
Underlying Funds Weight -0.74% -1.20% 5.69% 5.54%
Spectrum Income Fund 30.00%
Equity Index 500 Fund 5.45% 0.21% 7.17% 17.03% 7.63%
Growth Stock Fund 15.20% 1.02% 13.47% 19.42% 9.63%
Equity Income Fund 15.20% -0.57% -0.33% 14.30% 6.69%
Mid-Cap Growth Fund 2.85% 1.29% 14.87% 19.35% 11.59%
Mid-Cap Value Fund 2.85% 0.20% 3.95% 15.76% 9.49%
Small-Cap Stock Fund 5.00% -0.80% 5.67% 18.84% 10.25%
International Stock Fund 8.55% 1.14% 0.80% 10.04% 6.30%
International Growth & Income Fund 8.55% 2.80% -4.27% 10.14% 5.48%
Emerging Markets Stock Fund 2.85% -0.15% -2.24% 4.35% 7.44%
Real Assets Fund 3.50% -5.04% -14.23% N/A N/A
WBMPP Weighted Benchmark2 -0.25% 3.08% 11.86% 6.70%


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 — June 30, 2015

The Growth Pool returned 0.19%, against the 0.35% return of its weighted benchmark. The pool’s two largest holdings were mixed for the period, with the Growth Stock Fund showing positive absolute returns and the Equity Income Fund in negative territory. The pool’s international holdings were all well in positive territory, with the International Growth and Income Fund performing strongly. Despite a difficult quarter for mid-cap stocks, the Mid-Cap Growth Fund was one of the pool’s best performers. The Real Assets Fund, comprising only a small portion of the pool, had the weakest performance for the quarter.

GROWTH POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Growth Pool1 0.19% 2.72% 14.03% 7.04%
Underlying Funds Weight 0.21% 7.17% 17.03% 7.63%
Equity Index 500 Fund 10.20%
Growth Stock Fund 20.45% 1.02% 13.47% 19.42% 9.63%
Equity Income Fund 20.45% -0.57% -0.33% 14.30% 6.69%
Mid-Cap Growth Fund 4.05% 1.29% 14.87% 19.35% 11.59%
Mid-Cap Value Fund 4.05% 0.20% 3.95% 15.76% 9.49%
Small-Cap Stock Fund 7.35% -0.80% 5.67% 18.84% 10.25%
International Stock Fund 12.10% 1.14% 0.80% 10.04% 6.30%
International Growth & Income Fund 12.10% 2.80% -4.27% 10.14% 5.48%
Emerging Markets Stock Fund 4.25% -0.15% -2.24% 4.35% 7.44%
Real Assets Fund 5.00% -5.04% -14.23% N/A N/A
WBGRP Weighted Benchmark2 0.35% 3.48% 15.39% 7.29%


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 — June 30, 2015

The Global Equity Pool returned 0.44%, compared with a 0.52% return for its weighted benchmark. Positive absolute returns in the International Growth and Income Fund, the Global Stock Fund, and the International Equity Index Fund – together totaling more than half of the pool – reflected gains among international stocks, while the Emerging Markets Stock Fund had a slightly negative absolute return. The Real Assets Fund turned in the weakest performance in the pool.

GLOBAL EQUITY POOL
PERFORMANCE AS OF June 30, 2015
Total Return4
3 Months
1 Year
5 Years3
Since Inception3
6/30/08
T. Rowe Price Global Equity Pool1  0.44% 1.10% 12.13% 4.64%
Underlying Funds Weight 1.23% 7.15% 14.22% 3.79%
Global Stock Fund 22.30%
International Growth & Income Fund 12.35% 2.80% -4.27% 10.14% 2.60%
International Equity Index Fund 16.60% 0.85% -4.43% 9.44% 2.00%
Emerging Markets Stock Fund 9.95% -0.15% -2.24% 4.35% -0.24%
Equity Index 500 Fund 14.50% 0.21% 7.17% 17.03% 9.18%
Value Fund 11.15% 0.31% 5.07% 17.87% 10.27%
Mid-Cap Growth Fund 2.40% 1.29% 14.87% 19.35% 12.38%
Mid-Cap Value Fund 2.40% 0.20% 3.95% 15.76% 11.00%
Small-Cap Stock Fund 3.35% -0.80% 5.67% 18.84% 13.53%
Real Assets Fund 5.00% -5.04% -14.23% N/A N/A
WBGEP Weighted Benchmark2 0.52% 1.23% 12.52% 5.35%


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 100% allocation to the MSCI All Country World Index since inception of the portfolio.

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.

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.