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

InstitutionalLarge-Cap

Growth Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| A fundseeking long-term capital appreciation through investments in stocks of large-cap growth companies. Thefund 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 throughinvestments in common stocks of growth companies.

Fees and Expenses

This table describes the feesand expenses that you may pay if you buy and hold shares of the fund. 

Fees and Expenses of the Fund

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|---------------------------------------------------------------------------------------------------------------|--------|
| Annual fund operating expenses(expensesthat you pay each year as apercentage of the value of your investment) |
| Managementfees                                                                                                | 0.55%  |
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| Other expenses                                                                                                | 0.01%  |
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| Total annualfund operating expenses                                                                           | 0.56%  |

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

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| 1 year | 3 years | 5 years | 10 years |
| $57    | $179    | $313    | $701     |

Portfolio Turnover  The fundpays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may resultin higher taxes when fund shares are held in a taxable account. These costs, which are not reflectedin annual fund operating expenses or in the example, affect the fund’s performance. During the mostrecent fiscal year, the fund’s portfolio turnover rate was 42.4% of the average value of its portfolio.

Investments,Risks, and Performance

Principal InvestmentStrategies  In taking a growth approach to stock selection, the fund will normally invest at least80% of its net assets (including any borrowings for investment purposes) in the common stocks of large-capcompanies. The fund defines a large-cap company as one whose market capitalization is larger than themedian market capitalization of companies in the Russell 1000 Growth Index, a widely used benchmark ofthe largest U.S. growth stocks. As of December 31, 2013, the median market capitalization of companiesin the Russell 1000 Growth Index was approximately $8.0 billion. The market capitalizations of thecompanies in the fund’s 

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| T.Rowe Price | 2      |

portfolio and the Russell index change over time; the fund willnot automatically sell or cease to purchase stock of a company it already owns just because the company’smarket capitalization falls below the median market capitalization of companies in the Russell index.

Wegenerally look for companies with an above-average rate of earnings and cash flow growth and a lucrativeniche in the economy that gives them the ability to sustain earnings momentum even during times of sloweconomic growth. As growth investors, we believe that when a company increases its earnings faster thanboth inflation and the overall economy, the market will eventually reward it with a higher stock price.

Thefund is “nondiversified,” meaning it may invest a greater portion of its assets in a singleissuer and own more of the issuer’s voting securities than is permissible for a “diversified”fund.

Inpursuing its investment objective, the fund has the discretion to deviate from its normal investmentcriteria, as previously described, and purchase securities that the fund’s management believes willprovide an opportunity for substantial appreciation. These situations might arise when the fund’smanagement believes a security could increase in value for a variety of reasons, including an extraordinarycorporate event, a new product introduction or innovation, a favorable competitive development, or achange in management.

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

The fund may sell securities for a variety ofreasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks  As with anymutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share pricefluctuates, which means you could lose money by investing in the fund. The principal risks of investingin this fund are summarized as follows:

Activemanagement riskThefund is subject to the risk that the investment adviser’s judgments about the attractiveness, value,or potential appreciation of the fund’s investments may prove to be incorrect. If the securitiesselected and strategies employed by the fund fail to produce the intended results, the fund could underperformother funds with similar objectives and investment strategies.

Risks of stock investing  Stocks generally fluctuate in value more than bondsand may decline significantly over short time periods. There is a chance that stock prices overall willdecline because stock markets tend to move in cycles, with periods of rising prices and falling prices.The value of a stock in which the fund invests may decline due to general weakness in the stock marketor because of factors that affect a company or a particular industry. 

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| Summary | 3      |

Investment style risk  Differentinvestment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.The fund’s growth approach to investing could cause it to underperform other stock funds that employa different investment style. Growth stocks tend to be more volatile than certain other types of stocksand their prices usually fluctuate more dramatically than the overall stock market. A stock with growthcharacteristics can have sharp price declines due to decreases in current or expected earnings and maylack dividends that can help cushion its share price in a declining market.

Market capitalization risk  Investing primarily in issuerswithin the same market capitalization category carries the risk that the category may be out of favordue to current market conditions or investor sentiment. Securities issued by large-cap companies tendto be less volatile than securities issued by smaller companies. However, larger companies may not beable to attain the high growth rates of successful smaller companies, especially during strong economicperiods, and may be unable to respond as quickly to competitive challenges.

Nondiversification risk  As a nondiversified fund, the fundhas the ability to invest a larger percentage of its assets in the securities of a smaller number ofissuers than a diversified fund. As a result, poor performance by a single issuer could adversely affectfund performance more than if the fund were invested in a larger number of issuers. The fund’s shareprice can be expected to fluctuate more than that of a comparable diversified fund.

Foreign investing risk  This is the risk that the fund’sinvestments in foreign securities may be adversely affected by political, social, and economic conditionsoverseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.

Performance  The bar chart showingcalendar year returns and the average annual total returns table indicate risk by illustrating how muchreturns can differ from one year to the next and how fund performance compares with that of a comparablemarket index. The fund’s past performance (before and after taxes) is not necessarily an indicationof future performance.

The fund can also experience short-term performance swings, as shown by the best andworst 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 GrowthFund                                            |                                 |              |   |        |          |       |       |           |   |   |
|                        |                                                                          | Returns before taxes                 | 44.44        | %      | 24.46  | %             | 9.34  | %          |           |
|                        |                                                                          | Returns after taxes on distributions | 44.43        |   |        | 24.42    |       |       | 9.23      |   |   |   |
|                        |                                                                          | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                        |                                                                          | and sale of fund shares              | 25.16        |   |        | 20.25    |       |       | 7.66      |   |   |   |
|                        | Russell 1000 Growth Index (reflectsno deduction for fees, expenses, or taxes) | 33.48                           |              |   | 20.39  |          |       | 7.83  |           |   |   |
|                        | LipperLarge-Cap Growth Funds Index                                            | 35.41                           |              |   | 19.43  |          |       | 7.08  |           |   |   |

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      |

|             |                                        |               |                      |
|------------------|---------------------------------------------|--------------------|---------------------------|
| PortfolioManager | Title                                       | Managed Fund Since | Joined Investment Adviser |
| Robert W. Sharps | Chairman of Investment

 Advisory Committee | 2002               | 1997                      |

Purchaseand Sale of Fund Shares

The fund generally requires a $1,000,000 minimum initial investment. There is no minimumfor subsequent purchases. If you hold shares through a financial intermediary, the intermediary may imposedifferent investment minimums.

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

TaxInformation

Any dividends or capital gains are declared and paid annually, usually in December.Distributions by the fund, whether or not you reinvest these amounts in additional fund shares, may betaxed as ordinary income or capital gains unless you invest through a tax-deferred account. A redemptionor exchange of fund shares may be taxable. 

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E139-0455/1/14 |