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

Mid-CapGrowth Fund—Advisor Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| A fund seeking long-termcapital appreciation through investments in mid-cap companies and a growth approach to stock selection.This class of shares is sold only through financial intermediaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 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 mid-cap stocks with potential for above-average earnings growth.

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’sAdvisor Class

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|---------------------------------------------------------------------------------------------------------------|--------|
| Annualfund operating expenses(expenses that you pay each year as apercentage of the value of your investment) |
| Management fees                                                                                               | 0.63%  |
|                                                                                                          |   |
| Distribution and service (12b-1) fees                                                                         | 0.25%  |
|                                                                                                          |   |
| Other expenses                                                                                                | 0.15%  |
|                                                                                                          |   |
| Total annual fund operating expenses                                                                          | 1.03%  |

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 |
| $105   | $328   | $569   | $1,259   |

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 26.3% of the averagevalue of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies  The fund will normally investat least 80% of its net assets (including any borrowings for investment purposes) in a diversified portfolioof common stocks of mid-cap companies whose earnings T. Rowe Price expects to grow at a faster ratethan the average company. The fund defines mid-cap companies as those whose market capitalization (numberof shares outstanding multiplied by share price) falls within the range of either the S&P MidCap400 Index or the Russell Midcap Growth Index. As of December 31, 2013, the market capitalizationranges for the S&P MidCap 400 Index and the Russell Midcap Growth Index were 

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| T.Rowe Price | 2      |

approximately $717.6 million to $11.5 billion, and $441.7 millionto $29.2 billion, respectively. The market capitalization of the companies in the fund’s portfolioand the S&P and Russell indices changes over time; the fund will not automatically sell or ceaseto purchase stock of a company it holds just because the company’s market capitalization grows orfalls outside these ranges.

As “growth” investors, T. Rowe Price believes that when a company’searnings grow faster than both inflation and the overall economy, the market will eventually reward itwith a higher stock price.

In selecting investments, we generally favor companies with one or more of the following:

· provenproducts or services;

· a record of above-average earnings growth;

· demonstratedpotential to sustain earnings growth;

· connection to an industry experiencing increasing demand;or

· stockprices that appear to undervalue their growth prospects.

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. 

Market capitalization risk  Investingprimarily in issuers within the same market capitalization category carries the risk that the categorymay be out of favor due to current market conditions or investor sentiment. Because the fund investsprimarily in securities issued by mid-cap companies, it is likely to be more volatile than a fund thatfocuses on securities issued by large companies. Medium-sized companies typically have less seasonedmanagement, narrower product lines, and less capital reserves and liquidity than larger companies, andare therefore more sensitive to economic, market, and industry changes.

Investment style risk  Different investment styles tend toshift in and out of favor, depending on market conditions and investor sentiment. The fund’s growthapproach to investing could cause it to underperform other stock funds that employ a different investmentstyle. Growth stocks tend to be more volatile than certain other types of stocks and their prices usuallyfluctuate more dramatically than the overall stock market. A stock with growth characteristics can havesharp price declines due to decreases in current or expected earnings and may lack dividends that canhelp cushion its share price in a declining market.

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

Performance  The bar chart showing calendar year returns andthe average annual total returns table indicate risk by illustrating how much returns can differ fromone year to the next and how fund performance compares with that of a comparable market index. The fund’spast performance (before and after taxes) is not necessarily an indication of future performance.

Thefund can also experience short-term performance swings, as shown by the best and worst calendar quarterreturns 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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|------------------------------|----------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|-------------|---------------|-------------|-------------|---------------|--------|--------|
| Average Annual Total Returns |                                                                             |                                 |              |   |        |          |        |        |          |
|                         |                                                                             |                                 | Periodsended      |
|                         |                                                                             |                                 | December 31, 2013 |
|                         |                                                                             |                                 | 1Year        |   |        | 5 Years  |        |        | 10Years  |   |   |
|                         | Mid-Cap Growth Fund-Advisor Class                                                |                                 |              |   |        |          |        |        |          |   |
|                         |                                                                             | Returns before taxes                 | 36.56        | %      | 23.18  | %             | 11.19  | %           |
|                         |                                                                             | Returns after taxes on distributions | 34.67        |   |        | 22.11    |        |        | 10.19    |   |   |
|                         |                                                                             | Returnsafter taxes on distributions  |              |   |        |          |        |        |          |   |   |
|                         |                                                                             | and sale of fund shares              | 22.14        |   |        | 19.15    |        |        | 9.24     |   |   |
|                         | Russell Midcap Growth Index (reflects no deduction for fees, expenses,or taxes)a | 35.74                           |              |   | 23.37  |          |        | 9.77   |          |   |
|                         | S&P MidCap 400 Index (reflects no deduction for fees, expenses,or taxes)     | 33.50                           |              |   | 21.89  |          |        | 10.36  |          |   |
|                         | LipperMid-Cap Growth Funds Index                                                 | 36.52                           |              |   | 21.31  |          |        | 9.49   |          |   |

a Effective October 1, 2013,the fund’s primary benchmark for performance comparison purposes was changed from the S&P MidCap400 Index to the Russell Midcap Growth Index. The new primary benchmark better reflects the performanceof the fund’s growth-oriented investment universe.

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| Summary | 5      |

Updated performanceinformation is available through troweprice.com or may be obtained by calling 1-800-638-8790.

Management

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

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|---------------------|---------------------------------------------|--------------------|---------------------------|
| PortfolioManager    | Title                                       | Managed Fund Since | Joined Investment Adviser |
| Brian W.H. Berghuis | Chairman of Investment

 Advisory Committee | 1992               | 1985                      |

Purchaseand Sale of Fund Shares

Subject to certain exceptions, the fund is currently closed to new investors and newaccounts. Investors who currently hold shares of the fund may continue to purchase additional shares.You should check with your financial intermediary to determine your eligibility to purchase shares ofthe fund.

Generally,the fund’s minimum initial investment requirement is $2,500 and the fund’s minimum subsequentinvestment requirement is $100. However, your financial intermediary may impose different investmentminimums.

Youmay purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open forbusiness. You must purchase, redeem, and exchange shares through your financial intermediary.

Tax Information

Anydividends or capital gains are declared and paid annually, usually in December. Distributions by thefund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinary incomeor capital gains unless you invest through a tax-deferred account. A redemption or exchange of fund sharesmay be taxable. 

Payments to Broker-Dealers and Other Financial Intermediaries

Ifyou 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 shares and related services.These payments may create a conflict of interest by influencing the broker-dealer or other intermediaryand your salesperson to recommend the fund over another investment. Ask your salesperson or visit yourfinancial intermediary’s website for more information.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E264-0455/1/14 |