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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| PRTAX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| July 1,2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
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| T. Rowe Price

Tax-FreeIncome Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| A tax-free bond fund seeking income exemptfrom federal income taxes primarily through investments in long-term investment-grade municipal securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 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 July 1, 2016, and Statement of Additional Information, dated July 1, 2016.

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 to provide a high level of income exempt from federalincome taxes by investing primarily in long-term investment-grade municipal securities.

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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| Shareholder fees (fees paid directly from your investment)                                                    |
| Maximum sales charge (load) imposed on purchases                                                              | NONE   |
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| Maximum deferred sales charge (load)                                                                          | NONE   |
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| Redemption fee                                                                                                | NONE   |
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| Maximum account fee                                                                                           | $20a   |
| Annual fund operating expenses(expenses that you pay each yearas apercentage of the value of your investment) |
| Management fees                                                                                               | 0.44%  |
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| Distribution and service (12b-1) fees                                                                         | 0.00%  |
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| Other expenses                                                                                                | 0.08%  |
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| Total annualfund operating expenses                                                                           | 0.52%  |

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:

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| 1 year | 3 years | 5 years | 10 years |
| $53    | $167    | $291    | $653     |

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 8.0% of the average value of its portfolio.

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| T.Rowe Price | 2      |

Investments, Risks, and Performance

Principal Investment Strategies  Although the fund may purchasesecurities of any maturity, the fund generally seeks longer-term municipal securities. Most investmentsare in investment-grade securities, which are securities rated in one of the four highest credit categoriesby at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. RowePrice. The fund may invest up to 10% of its total assets in noninvestment-grade securities, known as“junk” bonds, including those with the lowest credit ratings. 

Investment decisions reflectthe portfolio manager’s outlook for interest rates and the economy, as well as the prices, yields,and credit quality of various securities in which the fund may invest. For example, if interest ratesare expected to fall, the fund may purchase longer-term securities (to the extent consistent with thefund’s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely,if interest rates are expected to rise, the fund may seek securities with shorter maturities.

Normally, at least 80% of thefund’s income will be exempt from federal income taxes. The fund does not purchase securities thatare subject to the alternative minimum tax.

From time to time, the fund may invest a significant portion ofits assets in sectors with special risks, such as health care, transportation, utilities, or privateactivity bonds. The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’saverage maturity, duration, or overall credit quality, or to shift assets into and out of higher-yieldingor lower-yielding securities or certain sectors.

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 investments selected and strategies employed by the fund fail to producethe intended results, the fund could underperform in comparison to other funds with similar objectivesand investment strategies.

Market risk This is the risk that the value of investments owned by the fund may go up or down, sometimes rapidlyor unexpectedly, due to factors affecting the overall markets, or particular industries or sectors.

Credit risk  This is the risk thatan issuer of a debt security could suffer an adverse change in financial condition that results in apayment default, security downgrade, or inability to meet a financial obligation. Economic downturnsoften result in reduced levels of taxes collected and revenues earned for municipalities, and a 

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| Summary | 3      |

municipalgovernment’s pension or health care related obligations to its employees may exceed its availableassets or income. These conditions can lessen the financial strength of a municipality and increase thecredit risk of the securities it issues. The fund’s exposure to credit risk is increased to theextent the fund invests in noninvestment-grade “junk” bonds. Junk bonds should be consideredspeculative as they carry greater risk of default and erratic price swings due to adverse changes inthe credit quality of the issuer.

Interestrate risk  This is the risk that a rise in interest rates will cause the price of a fixed ratedebt security to fall. Generally, securities with longer maturities or durations and funds with longerweighted average maturities or durations carry greater interest rate risk. The fund may be subject toa greater risk of rising interest rates due to the current period of historically low rates and the effectof potential government fiscal policy initiatives and resulting market reaction to those initiatives.

Whilea rise in rates is the principal source of interest rate risk for bond funds, falling rates bring thepossibility that a bond may be “called,” or redeemed before maturity, and that the proceedsmay be reinvested in lower-yielding securities.

Municipalsecurities risk  The fund will be highly impacted by events tied to the overall municipal securitiesmarkets, which can be very volatile and significantly affected by unfavorable legislative or politicaldevelopments and adverse changes in the financial conditions of municipal securities issuers. Incomefrom municipal securities held by the fund could be declared taxable because of changes in tax laws orinterpretations by taxing authorities, or noncompliant conduct of a municipality. In addition, a portionof the fund’s otherwise tax-exempt dividends may be taxable to those shareholders subject to thealternative minimum tax. 

Certain sectors of the municipal bond market have special risks that can impact suchsectors more significantly than the market as a whole. For example: health care can be negatively impactedby rising expenses and dependency on third party reimbursements; transportation can be negatively impactedby declining revenues or unexpectedly high construction or fuel costs; utilities are subject to governmentalrate regulation; and private activity bonds rely on project revenues and the creditworthiness of thecorporate user as opposed to governmental support. Investing significantly in municipal obligations backedby revenues of similar types of industries or projects may make the fund more susceptible to developmentsaffecting those industries and projects.

Liquidityrisk  This is the risk that the fund may not be able to sell a holding in a timely manner at adesired price. Reduced liquidity in the bond markets can result from a number of events, such as limitedtrading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Thesecondary market for certain municipal bonds tends to be less developed and less liquid than many otherbond markets. Less liquid markets could lead to greater price volatility and limit the fund’s abilityto sell a holding at a suitable price.

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| T.Rowe Price | 4      |

Performance The bar chart showing calendar year returns and the average annual total returns table provide someindication of the risks of investing in the fund by showing how much returns can differ from year toyear and how the fund’s average annual returns for certain periods compare with the returns of arelevant broad-based market index, as well as with the returns of one or more comparative indexes thathave investment characteristics similar to those of the fund. The fund’s performance informationrepresents only past performance (before and after taxes) and is not necessarily an indication of futureresults.

Thefund can also experience short-term performance swings, as shown by the best and worst calendar quarterreturns during the years depicted.

The fund’sreturn for the three months ended 3/31/16 was 1.58%.

In addition, the average annual total returnstable shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influencereturns. After-tax returns are calculated using the historical highest individual federal marginal incometax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend onan investor’s tax situation and may differ from those shown. After-tax returns shown are not relevantto investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account orindividual retirement account. In some cases, the figure shown for “returns after taxes on distributionsand sale of fund shares” may be higher than the figure shown for “returns before taxes”because the calculations assume the investor received a tax deduction for any loss incurred on the saleof shares. 

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| Summary | 5      |

|                        |                                                                              |                                 |              |   |       |          |       |       |           |   |   |   |
|-----------------------------|-----------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                              |                                 |              |   |       |          |       |       |           |   |
|                        |                                                                              |                                 | Periods ended     |   |
|                        |                                                                              |                                 | December 31, 2015 |   |
|                        |                                                                              |                                 | 1 Year       |   |       | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Tax-Free Income Fund                                                              |                                 |              |   |       |          |       |       |           |   |   |
|                        |                                                                              | Returns before taxes                 | 3.15         | %      | 5.68  | %             | 4.65  | %          |           |
|                        |                                                                              | Returns after taxes on distributions | 3.15         |   |       | 5.68     |       |       | 4.65      |   |   |   |
|                        |                                                                              | Returns after taxes on distributions |              |   |       |          |       |       |           |   |   |   |
|                        |                                                                              | and sale of fund shares              | 3.44         |   |       | 5.34     |       |       | 4.56      |   |   |   |
|                        | Barclays Municipal Bond Index(reflects no deduction for fees, expenses, or taxes) | 3.30                            |              |   | 5.35  |          |       | 4.72  |           |   |   |
|                        | LipperGeneral & Insured Municipal Debt Funds Average                          | 2.98                            |              |   | 5.57  |          |       | 4.08  |           |   |   |

Updated performance information is available through troweprice.comor may be obtained by calling 1-800-225-5132.

Management

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

|                  |                                        |               |                      |
|-----------------------|---------------------------------------------|--------------------|---------------------------|
| PortfolioManager      | Title                                       | Managed Fund Since | Joined Investment Adviser |
| Konstantine B. Mallas | Chairman of Investment

 Advisory Committee | 2007               | 1986                      |

Purchaseand Sale of Fund Shares

The fund requires a $1,000 minimum initial investment and a $100 minimum subsequentinvestment for individual retirement accounts, small business retirement plan accounts, and Uniform Giftsto Minors Act or Uniform Transfers to Minors Act accounts. For all other accounts, the fund generallyrequires a $2,500 minimum initial investment and a $100 minimum subsequent investment. The investmentminimums may be modified for financial intermediaries that submit orders on behalf of their customers.

Youmay purchase, redeem, or exchange fund shares by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by written request. If you holdshares through a financial intermediary, you must purchase, redeem, and exchange shares through yourintermediary.

Tax Information

The fund declares dividends daily and pays themon the first business day of each month. Any capital gains are declared and paid annually, usually inDecember. The fund intends to distribute tax-exempt income. However, a portion of the fund’s distributionsmay be subject to federal income taxes or the alternative minimum tax. A redemption or exchange of fundshares, and any capital gains distributed by the fund, may be taxable. 

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| T.Rowe Price | 6      |

Payments to Broker-Dealers and Other FinancialIntermediaries

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 | F45-045 7/1/16 |