Major U.S. equity indexes rallied strongly in the latter part of the first quarter, erasing steep early year losses stemming from renewed evidence of a sharp economic slowdown in China and lackluster global growth. The rally appeared to be at least partly in response to new measures from the Bank of Japan (BoJ) and the European Central Bank (ECB) that pushed certain interest rates into or deeper into negative territory. In addition, the U.S. dollar weakened versus most currencies amid lower expectations for U.S. Federal Reserve interest rate increases this year. As measured by Russell indexes, mid-cap stocks outperformed large- and small-cap shares, while value stocks outperformed growth across all market capitalizations, especially among small-caps.

Intermediate- and long-term U.S. Treasury yields decreased sharply in the first quarter, as risk aversion at the beginning of the year benefited safe-haven securities. (Bond prices and yields move in opposite directions.) Yields on long-term Treasuries finished at their lowest quarter-end levels since 2012's first quarter. The 10-year Treasury note yielded only 1.78% at the end of March, down from 2.27% at the beginning of January. A strong reversal in sentiment toward riskier asset classes in February boosted high yield bonds and emerging markets debt in the second half of the quarter, but ongoing demand for Treasuries kept yields low.

Investment-grade corporate bonds produced solid returns for the quarter after recovering from selling pressure at the beginning of the year. Credit spreads on investment-grade corporate bonds widened early in the quarter as energy price volatility, ongoing concerns about weakness in China, and worries about European financial companies contributed to a sell-off in asset classes with credit risk. (Credit spreads measure the additional yield above that of a comparable-maturity Treasury security that investors demand for holding a bond with credit risk.) Later in the quarter, credit spreads retraced their widening as risk-seeking sentiment ticked up. As conditions improved, issuers rushed to sell new bonds, but strong investor demand easily digested the supply.

Stocks in developed non-U.S. markets underperformed U.S. shares, but a weaker U.S. dollar versus most major currencies helped returns. In Asia, the Japanese economy remained sluggish, and the government and the BoJ downgraded their growth expectations near the end of the quarter. European equity markets generally declined, though shares in the Netherlands and Portugal bucked the negative trend. Many markets were hurt by weakness among bank stocks due to concerns about negative interest rates; nonperforming loans, especially in Italy where the broad market fell more than 11%; and exposure to the energy sector.

Stocks in emerging markets gained in the first quarter, thanks to a March rally. Latin American markets rose substantially, led by Brazil, amid growing optimism that an impeachment of President Dilma Rousseff would end the political paralysis that is preventing the government from enacting measures to lift the economy out of a deep recession. Several emerging European markets rose strongly in dollar terms, including Turkey and Russia. Emerging Asian markets were widely mixed. Thailand, Malaysia, and Indonesia performed very well, but India and China declined.

Government bonds in developed non-U.S. countries produced strong returns, as the latest stimulus measures in the eurozone and Japan lifted bond prices and further suppressed yields. The appreciation of most major currencies against the U.S. dollar also boosted returns in dollar terms. In Japan, the BoJ surprised markets in late January when it introduced negative interest rates for some banks' deposits with the BoJ, thereby driving yields on some Japanese government bonds into negative territory. The ECB announced on March 10 that it would cut key interest rates, increase the size of its monthly asset purchase program, broaden its asset purchases and initiate a new series of targeted longer-term refinancing operations. These measures exceeded market expectations and drove eurozone bond yields lower.

In this environment, all but one of the portfolios had a positive absolute return for the quarter. The Diversified Income Pool had the largest positive absolute return, while the Global Equity Pool, with a flat return, had the smallest.

T. Rowe Price Gift Preservation Pool Performance — March 31, 2016

The Gift Preservation Pool returned 0.43%, compared with 0.05% for its benchmark. The Short-Term Bond Fund, the largest component of the pool, had a positive return as corporate bonds, which make up a large proportion of the fund, had solid gains for the quarter.

GIFT PRESERVATION POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Gift Preservation Pool1 0.43% 0.00% 0.43% 1.87%
Underlying Funds Weight 0.80% 0.66% 1.24% 2.92%
Short-Term Bond Fund 75.00%
Summit Cash Reserves Fund 25.00% 0.01% 0.02% 0.01% 1.15%
WBGPP Weighted Benchmark2 0.05% 0.08% 0.06% 1.13%


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, 2016

The Diversified Income Pool returned 2.93%, versus 2.53% for its weighted benchmark. All components of the pool had positive absolute returns for the period. The largest absolute gains were from the Real Assets Fund, which is the pool's smallest component. The largest component of the pool, the Spectrum Income Fund, also produced a strongly positive absolute result.

DIVERSIFIED INCOME POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Diversified Income Pool1 2.93% -1.00% 4.90% 5.15%
Underlying Funds Weight 3.68% 0.73% 4.08% 5.41%
Spectrum Income Fund 60.00%
Equity Income Fund 19.00% 2.74% -3.10% 8.06% 5.39%
Balanced Fund 19.00% 0.47% -1.76% 7.15% 6.03%
Real Assets Fund 2.00% 9.72% -7.34% -2.85% N/A
WBDEP Weighted Benchmark2 2.53% 1.18% 5.99% 5.52%


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, 2016

The Balanced Index Pool had a return of 1.43%, compared with 1.21% for its weighted benchmark. The pool's largest components, the U.S. Bond Enhanced Index Fund and the Equity Index 500 Fund, both had positive absolute returns. The International Equity Index Fund had a negative absolute return in an environment in which non-U.S. developed markets generally underperformed U.S. equities. The strongest return came from the Real Assets Fund, which is also the smallest allocation.

BALANCED INDEX POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Balanced Index Pool1 1.43% -1.65% 5.82% 5.03%
Underlying Funds Weight 2.91% 1.64% 3.69% 4.85%
U.S. Bond Enhanced Index Fund 40.00%
Equity Index 500 Fund 29.90% 1.27% 1.49% 11.29% 6.75%
Extended Equity Market Index Fund 10.00% -1.04% -9.06% 8.53% 6.78%
International Equity Index Fund 17.10% -2.18% -7.99% 1.91% 1.84%
Real Assets Fund 3.00% 9.72% -7.34% -2.85% N/A
WBBAX Weighted Benchmark2 1.21% -0.75% 6.76% 5.74%


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, 2016

The Moderate Growth Pool posted a return of 1.22%, while its weighted benchmark returned 1.42%. Some of the strongest absolute returns came from the pool's smallest components, with the Real Assets Fund, the Mid-Cap Value Fund, and the Emerging Markets Stock Fund all firmly positive. The pool's largest holding, the Spectrum Income Fund, was positive as well. Negative absolute results came from the Growth Stock Fund.

MODERATE GROWTH POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Moderate Growth Pool1 1.22% -2.82% 5.96% 5.24%
Underlying Funds Weight 3.68% 0.73% 4.08% 5.41%
Spectrum Income Fund 30.00%
Equity Index 500 Fund 5.45% 1.27% 1.49% 11.29% 6.75%
Growth Stock Fund 15.20% -5.37% -1.07% 12.21% 8.16%
Equity Income Fund 15.20% 2.74% -3.10% 8.06% 5.39%
Mid-Cap Growth Fund 2.85% -0.42% -0.38% 11.22% 9.41%
Mid-Cap Value Fund 2.85% 6.46% -0.05% 10.00% 8.07%
Small-Cap Stock Fund 5.00% -0.16% -6.97% 8.97% 7.41%
International Stock Fund 8.55% -0.26% -6.93% 2.70% 2.91%
International Growth & Income Fund 8.55% -1.15% -7.86% 1.81% 1.87%
Emerging Markets Stock Fund 2.85% 5.37% -9.99% -2.70% 2.56%
Real Assets Fund 3.50% 9.72% -7.34% -2.85% N/A
WBMPP Weighted Benchmark2 1.42% -1.27% 7.26% 5.60%


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. 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, 2016

The Growth Pool returned 0.25% against the 0.59% return of its weighted benchmark. In absolute terms, the largest returns came from the Real Assets Fund and the Mid-Cap Value Fund, both relatively small components of the pool. Among the pool's largest components, results were mixed, with the Growth Stock Fund posting a negative absolute return while the Equity Income Fund gained ground.

GROWTH POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months 1 Year 5 Years3 10 Years3
T. Rowe Price Growth Pool1 0.25% -4.21% 6.87% 5.12%
Underlying Funds Weight 1.27% 1.49% 11.29% 6.75%
Equity Index 500 Fund 10.20%
Growth Stock Fund 20.45% -5.37% -1.07% 12.21% 8.16%
Equity Income Fund 20.45% 2.74% -3.10% 8.06% 5.39%
Mid-Cap Growth Fund 4.05% -0.42% -0.38% 11.22% 9.41%
Mid-Cap Value Fund 4.05% 6.46% -0.05% 10.00% 8.07%
Small-Cap Stock Fund 7.35% -0.16% -6.97% 8.97% 7.41%
International Stock Fund 12.10% -0.26% -6.93% 2.70% 2.91%
International Growth & Income Fund 12.10% -1.15% -7.86% 1.81% 1.87%
Emerging Markets Stock Fund 4.25% 5.37% -9.99% -2.70% 2.56%
Real Assets Fund 5.00% 9.72% -7.34% -2.85% N/A
WBGRP Weighted Benchmark2 0.59% -2.94% 8.48% 5.48%


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, 2016

The Global Equity Pool returned 0.00%, compared with a 0.38% return for its weighted benchmark. The largest component of the pool, the Global Stock Fund, had negative absolute returns reflecting the underperformance of non-U.S. developed markets. Many of the pool's more U.S.-based equity holdings had positive performance, particularly the Mid-Cap Value Fund and the Equity Index 500 Fund. The largest absolute gains came from the Real Assets Fund.

GLOBAL EQUITY POOL
PERFORMANCE AS OF March 31, 2016
Total Return4
3 Months
1 Year
5 Years3
Since Inception3
6/30/08
T. Rowe Price Global Equity Pool1 0.00% -4.75% 5.12% 3.47%
Underlying Funds Weight -3.27% -1.65% 7.65% 3.03%
Global Stock Fund 22.30%
International Growth & Income Fund 12.35% -1.15% -7.86% 1.81% 0.91%
International Equity Index Fund 16.60% -2.18% -7.99% 1.91% 0.61%
Emerging Markets Stock Fund 9.95% 5.37% -9.99% -2.70% -1.55%
Equity Index 500 Fund 14.50% 1.27% 1.49% 11.29% 8.43%
Value Fund 11.15% 0.58% -2.05% 10.98% 8.89%
Mid-Cap Growth Fund 2.40% -0.42% -0.38% 11.22% 10.87%
Mid-Cap Value Fund 2.40% 6.46% -0.05% 10.00% 9.85%
Small-Cap Stock Fund 3.35% -0.16% -6.97% 8.97% 11.22%
Real Assets Fund 5.00% 9.72% -7.34% -2.85% N/A
WBGEP Weighted Benchmark2 0.38% -3.81% 5.80% 4.23%


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.