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

Growth& Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| A fund seeking long-termcapital growth and income through investments in stocks with both growth and value characteristics.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Before you invest, you may want to review the fund’s prospectus,which contains more information about the fund and its risks. You can find the fund’s prospectusand other information about the fund online at troweprice.com/prospectus. You can also get this information at no cost by calling1-800-225-5132or by sending an e-mail request to info@troweprice.com. This Summary Prospectus incorporates by reference the fund’sprospectus, dated May 1, 2014, and Statement of Additional Information, dated May 1, 2014.

The Securities and Exchange Commission has not approved or disapproved these securitiesor 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 long-term capital growth and current income primarilythrough investments in stocks.

Fees and Expenses

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

Fees and Expenses of the Fund

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|---------------------------------------------------------------------------------------------------------------|--------|
| Shareholder fees (fees paiddirectly from your investment)                                                     |
| Maximum sales charge (load) imposed on purchases                                                              | NONE   |
|                                                                                                          |   |
| Maximum deferred sales charge (load)                                                                          | NONE   |
|                                                                                                          |   |
| Redemption fee                                                                                                | NONE   |
|                                                                                                          |   |
| Maximum account fee                                                                                           | $20a   |
| Annual fund operating expenses(expenses that you pay each yearas apercentage of the value of your investment) |
| Management fees                                                                                               | 0.55%  |
|                                                                                                          |   |
| Distribution and service (12b-1) fees                                                                         | 0.00%  |
|                                                                                                          |   |
| Other expenses                                                                                                | 0.13%  |
|                                                                                                          |   |
| Total annualfund operating expenses                                                                           | 0.68%  |

a Subjectto certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

Example  This example is intendedto help you compare the cost of investing in the fund with the cost of investing in other mutual funds.The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeemall 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 operating expenses remain the same. Although your actual costsmay be higher or lower, based on these assumptions your costs would be:

|   |    |    |     |
|--------|---------|---------|----------|
| 1 year | 3 years | 5 years | 10 years |
| $69    | $218    | $379    | $847     |

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 14.4% of the average value of its portfolio.

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| T.Rowe Price | 2      |

Investments, Risks, and Performance

Principal Investment Strategies  The fund’s primary focusis on capital appreciation. We use fundamental, bottom-up research and both growth and value approachesin identifying stocks we believe have good prospects for capital growth over time. Among the many characteristicswe look for are seasoned management, leadership positions in growing industries, and strong financialresults. In many instances, we favor free cash flow because it can allow a company to increase dividends,repurchase shares, or make acquisitions. While investments may include mid-size companies, large-capitalizationcompanies are expected to be a much greater focus of the portfolio.

In selecting growth stocks, we generally lookfor companies with above-average earnings growth and a lucrative niche in the economy that allows themto sustain earnings momentum even during times of slow economic growth. When applying a value analysis,we seek companies whose current stock prices seem undervalued relative to the general market, the industryaverage, or the company’s historical valuation based on earnings, cash flow, book value, or dividends.The portion of the fund invested in growth stocks versus value stocks will vary based on market conditionsand the views of the fund’s portfolio manager.

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 

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| Summary | 3      |

overallwill decline because stock markets tend to move in cycles, with periods of rising prices and fallingprices. The value of a stock in which the fund invests may decline due to general weakness in the stockmarket or because of factors that affect a company or a particular industry. 

Investment style risk  Different investment styles tend toshift in and out of favor, depending on market conditions and investor sentiment. Because the fund mayhold stocks with either growth or value characteristics, it could underperform other stock funds thattake a strictly growth or value approach to investing when one style is currently in favor. Growth stockstend to be more volatile than the overall stock market and can have sharp price declines as a resultof earnings disappointments. Value stocks carry the risk that the market will not recognize their intrinsicvalue or that they are actually appropriately priced at a low level. 

Market capitalization risk  Although stocks issued by largercompanies tend to have less overall volatility than stocks issued by smaller companies, larger companiesmay not be able to attain the high growth rates of successful smaller companies, especially during strongeconomic periods. In addition, larger companies may be less capable of responding quickly to competitivechallenges and industry changes, and may suffer sharper price declines as a result of earnings disappointments.

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 |                                                                  |                                 |              |   |        |          |       |       |           |   |
|                        |                                                                  |                                 | Periodsended      |   |
|                        |                                                                  |                                 | December 31, 2013 |   |
|                        |                                                                  |                                 | 1 Year       |   |        | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Growth & Income Fund                                              |                                 |              |   |        |          |       |       |           |   |   |
|                        |                                                                  | Returns before taxes                 | 32.95        | %      | 17.80  | %             | 7.12  | %          |           |
|                        |                                                                  | Returns after taxes on distributions | 32.60        |   |        | 17.57    |       |       | 6.46      |   |   |   |
|                        |                                                                  | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                        |                                                                  | and sale of fund shares              | 18.88        |   |        | 14.48    |       |       | 5.75      |   |   |   |
|                        | S&P 500 Index (reflectsno deduction for fees, expenses, or taxes) | 32.39                           |              |   | 17.94  |          |       | 7.41  |           |   |   |
|                        | LipperLarge-Cap Core Funds Index                                      | 31.82                           |              |   | 17.07  |          |       | 6.71  |           |   |   |

Updated performance information is available through troweprice.com or may be obtainedby calling 1-800-225-5132.

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 |
| Thomas J. Huber  | Chairman of Investment

 Advisory Committee | 2007               | 1994                      |

Purchaseand Sale of Fund Shares

The fund’s investment minimums generally are as follows (if you hold shares througha financial intermediary, the intermediary may impose different investment minimums):

|                                                                                                                                               |                     |                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|----------------------------|
| Type of Account                                                                                                                                    | Minimum initial purchase | Minimum subsequentpurchase |
| Individualretirement accounts, small business retirement plan accounts, and Uniform Gifts to Minors Act or UniformTransfers to Minors Act accounts | $1,000                   | $100                       |
|                                                                                                                                               |                     |                       |
| All other accounts                                                                                                                                 |   2,500        |    100      |

Youmay purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open forbusiness by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by writtenrequest. If you hold shares through a financial intermediary, you must purchase, redeem, and exchangeshares through your intermediary.

Tax Information

Any dividends are declaredand paid quarterly in March, June, September, and December. Any capital gains are declared and paid annually,usually in December. Distributions by the fund, whether or not you reinvest these amounts in additionalfund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferredaccount. A redemption or exchange of fund shares may be taxable. 

Payments to Broker-Dealers andOther Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary(such as a bank), the fund and its related companies may pay the intermediary for the sale of fund sharesand related services. These payments may create a conflict of interest by influencing the broker-dealeror other intermediary and your salesperson to recommend the fund over another investment. Ask your salespersonor visit your financial intermediary’s website for more information.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | F54-0455/1/14 |