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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| TILCX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| May 1,2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
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| T. Rowe Price

InstitutionalLarge-Cap Value Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| A fund seeking long-termcapital appreciation through investments in stocks of large-cap companies believed to be undervalued.The fund is only available to institutional investors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Beforeyou invest, you may want to review the fund’s prospectus, which contains more information aboutthe fund and its risks. You can find the fund’s prospectus and other information about the fundonline at troweprice.com/prospectus.You can also get this information at no cost by calling 1-800-638-8790 or by sending an e-mail request to info@troweprice.com. This SummaryProspectus incorporates by reference the fund’s prospectus, dated May 1, 2014, and Statement ofAdditional Information, dated May 1, 2014.

The Securities and ExchangeCommission has not approved or disapproved these securities or passed upon the adequacy of this prospectus.Any representation to the contrary is a criminal offense. |
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| Summary | 1      |

Investment Objective

The fund seeks to provide long-term capital appreciation by investingin common stocks believed to be undervalued. Income is a secondary objective.

Fees andExpenses

Thistable describes the fees and expenses that you may pay if you buy and hold shares of the fund. 

Feesand Expenses of the Fund

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|---------------------------------------------------------------------------------------------------------------|--------|
| Annual fund operating expenses(expenses that you pay each yearas apercentage of the value of your investment) |
| Management fees                                                                                               | 0.55%  |
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| Other expenses                                                                                                | 0.03%  |
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| Total annual fund operating expenses                                                                          | 0.58%  |

Example  This example is intended to help you compare the cost of investingin the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000in the fund for the time periods indicated and then redeem all of your shares at the end of those periods.The example also assumes that your investment has a 5% return each year and that the fund’s operatingexpenses remain the same. Although your actual costs may be higher or lower, based on these assumptionsyour costs would be:

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| 1 year | 3years | 5years | 10 years |
| $59    | $186   | $324   | $726     |

PortfolioTurnover  The fund pays transaction costs, such as commissions, when it buys and sells securities(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactioncosts and may result in higher taxes when fund shares are held in a taxable account. These costs, whichare not reflected in annual fund operating expenses or in the example, affect the fund’s performance.During the most recent fiscal year, the fund’s portfolio turnover rate was 10.5% of the averagevalue of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies  In taking a value approachto investment selection, the fund will normally invest at least 80% of its net assets (including anyborrowings for investment purposes) in securities of large-cap companies the portfolio manager regardsas undervalued. The fund defines a large-cap company as having a market capitalization that is either(i) larger than the current median market capitalization of companies in the Russell 1000 Value Indexor (ii) larger than the three year average median market capitalization of companies in the index asof December 31 of the three preceding years. The Russell 1000 Value Index is a widely used benchmarkof 

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| T.Rowe Price | 2      |

the largest U.S. value stocks. As of December 31, 2013, themedian market capitalization for the Russell 1000 Value Index was approximately $6.5 billion. The marketcapitalizations of the companies in the fund’s portfolio and the Russell index change over time;the fund will not automatically sell or cease to purchase stock of a company it owns just because thecompany’s market capitalization falls below these levels. The fund may also purchase stocks of smallercompanies.

Ourin-house research team seeks to identify companies that appear to be undervalued by various measures,and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments,we generally look for one or more of the following:

· low price/earnings,price/book value, price/sales, or price/cash flow ratios relative to the S&P 500, the company’speers, or its own historical norm;

· low stock price relative to a company’s underlyingasset values;

· companies that may benefit from restructuring activity;and/or

· asound balance sheet and other positive financial characteristics.

In pursuing its investment objective, the fundhas the discretion to deviate from its normal investment criteria, as previously described, and purchasesecurities that the fund’s management believes will provide an opportunity for substantial appreciation.These situations might arise when the fund’s management believes a security could increase in valuefor a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation,a favorable competitive development, or a change in management.

While most assets will typically be investedin U.S. common stocks, the fund may invest in foreign stocks in keeping with the fund’s objectives.

Thefund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeployassets into more promising opportunities.

PrincipalRisks  As with any mutual fund, there is no guarantee that the fund will achieve its objective.The fund’s share price fluctuates, which means you could lose money by investing in the fund. Theprincipal risks of investing in this fund are summarized as follows:

Active management riskThe fund is subject to the risk that the investment adviser’sjudgments about the attractiveness, value, or potential appreciation of the fund’s investments mayprove to be incorrect. If the securities selected and strategies employed by the fund fail to producethe intended results, the fund could underperform other funds with similar objectives and investmentstrategies.

Risks of stockinvesting  Stocks generally fluctuate in value more than bonds and may decline significantly overshort time periods. There is a chance that stock prices overall will decline because stock markets tendto move in cycles, with periods of rising prices and falling prices. The value of a stock in which thefund invests may 

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| Summary | 3      |

declinedue to general weakness in the stock market or because of factors that affect a company or a particularindustry. 

Investment style risk  Differentinvestment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.The fund’s value approach to investing could cause it to underperform other stock funds that employa different investment style. The intrinsic value of a stock with value characteristics may not be fullyrecognized by the market for a long time or a stock judged to be undervalued may actually be appropriatelypriced at a low level.

Market capitalizationrisk  Investing primarily in issuers within the same market capitalization category carries therisk that the category may be out of favor due to current market conditions or investor sentiment. Securitiesissued by large-cap companies tend to be less volatile than securities issued by smaller companies. However,larger companies may not be able to attain the high growth rates of successful smaller companies, especiallyduring strong economic periods, and may be unable to respond as quickly to competitive challenges.

Foreign investing risk  This isthe risk that the fund’s investments in foreign securities may be adversely affected by political,social, and economic conditions overseas, reduced liquidity, or decreases in foreign currency valuesrelative to the U.S. dollar.

Performance The bar chart showing calendar year returns and the average annual total returns table indicate riskby illustrating how much returns can differ from one year to the next and how fund performance compareswith that of a comparable market index. The fund’s past performance (before and after taxes) isnot necessarily an indication of future performance.

The fund can also experience short-term performanceswings, as shown by the best and worst calendar quarter returns during the years depicted.

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| T.Rowe Price | 4      |

In addition, the average annualtotal returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder mayinfluence returns. After-tax returns are calculated using the historical highest individual federal marginalincome tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns dependon an investor’s tax situation and may differ from those shown. After-tax returns shown are notrelevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k)account or individual retirement account.

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|-----------------------------|------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|-------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                         |                                 |              |   |        |          |       |       |           |   |
|                        |                                                                         |                                 | Periods ended     |   |
|                        |                                                                         |                                 | December 31, 2013 |   |
|                        |                                                                         |                                 | 1 Year       |   |        | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Institutional Large-Cap ValueFund                                            |                                 |              |   |        |          |       |       |           |   |   |
|                        |                                                                         | Returns before taxes                 | 33.98        | %      | 17.75  | %             | 8.03  | %          |           |
|                        |                                                                         | Returns after taxes on distributions | 33.55        |   |        | 17.42    |       |       | 7.56      |   |   |   |
|                        |                                                                         | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                        |                                                                         | and sale of fund shares              | 19.57        |   |        | 14.47    |       |       | 6.55      |   |   |   |
|                        | Russell 1000 Value Index (reflectsno deduction for fees, expenses, or taxes) | 32.53                           |              |   | 16.67  |          |       | 7.58  |           |   |   |
|                        | LipperLarge-Cap Value Funds Index                                            | 33.24                           |              |   | 16.36  |          |       | 6.84  |           |   |   |

Updated performance information is available through troweprice.com or may be obtainedby calling 1-800-638-8790.

Management

Investment Adviser  T. Rowe Price Associates, Inc. (T. Rowe Price)

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| Summary | 5      |

|              |                                         |               |                     |
|-------------------|----------------------------------------------|--------------------|--------------------------|
| Portfolio Manager | Title                                        | Managed Fund Since | JoinedInvestment Adviser |
| Mark S. Finn      | Co-ChairmanofInvestment Advisory Committee   | 2010               | 1998                     |
| John D. Linehan   | Co-Chairman of InvestmentAdvisory Committee  | 2004               | 1998                     |
| Brian C.Rogers    | Co-Chairman of Investment Advisory Committee | 2006               | 1982                     |

Purchase and Sale of Fund Shares

The fund generally requiresa $1,000,000 minimum initial investment. There is no minimum for subsequent purchases. If you hold sharesthrough a financial intermediary, the intermediary may impose different investment minimums.

You may purchase, redeem, orexchange shares of the fund on any day the New York Stock Exchange is open for business by calling 1-800-638-8790or by written request. If you hold shares through a financial intermediary, you must purchase, redeem,and exchange shares through your intermediary.

Tax Information

Any dividends or capital gainsare declared and paid annually, usually in December. Distributions by the fund, whether or not you reinvestthese amounts in additional fund shares, may be taxed as ordinary income or capital gains unless youinvest through a tax-deferred account. A redemption or exchange of fund shares may be taxable. 

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E130-0455/1/14 |