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

Tax-FreeIncome Fund—Advisor Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| A tax-free bond fundseeking income exempt from federal income taxes through investments in longer-term municipal securities.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 July 1, 2016, and Statement ofAdditional Information, dated July 1, 2016.

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 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’s Advisor Class

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|---------------------------------------------------------------------------------------------------------------|--------|
| 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                                                                         | 0.25%  |
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| Other expenses                                                                                                | 0.17%  |
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| Total annualfund operating expenses                                                                           | 0.86%  |

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 |
| $88    | $274    | $477    | $1,061   |

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.

Investments,Risks, and Performance

Principal InvestmentStrategies  Although the fund may purchase securities of any maturity, the fund generally seekslonger-term municipal securities. Most investments are in investment-grade securities, which are securitiesrated in one of the four highest credit categories by at least one major credit rating agency or, ifunrated, deemed to be of comparable quality by T. Rowe Price. The fund may invest up to 10% of itstotal assets in noninvestment-grade securities, known as “junk” bonds, including those withthe lowest credit ratings. 

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| T.Rowe Price | 2      |

Investment decisions reflect the portfolio manager’s outlookfor interest rates and the economy, as well as the prices, yields, and credit quality of various securitiesin which the fund may invest. For example, if interest rates are expected to fall, the fund may purchaselonger-term securities (to the extent consistent with the fund’s investment program) in an attemptto 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 the fund’s incomewill be exempt from federal income taxes. The fund does not purchase securities that are subject to thealternative minimum tax.

From time to time, the fund may invest a significant portion of its assets in sectorswith special risks, such as health care, transportation, utilities, or private activity bonds. The fundmay sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity,duration, or overall credit quality, or to shift assets into and out of higher-yielding or lower-yieldingsecurities or certain sectors.

Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’sshare price fluctuates, which means you could lose money by investing in the fund. The principal risksof investing in this fund are summarized as follows:

Active management riskThe fund is subject to the risk that the investment adviser’s judgmentsabout the attractiveness, value, or potential appreciation of the fund’s investments may prove tobe incorrect. If the investments selected and strategies employed by the fund fail to produce the intendedresults, the fund could underperform in comparison to other funds with similar objectives and investmentstrategies.

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 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.

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| Summary | 3      |

Interest rate risk  This is therisk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally,securities with longer maturities or durations and funds with longer weighted average maturities or durationscarry greater interest rate risk. The fund may be subject to a greater risk of rising interest ratesdue to the current period of historically low rates and the effect of potential government fiscal policyinitiatives and resulting market reaction to those initiatives.

While a rise in rates is the principal sourceof interest rate risk for bond funds, falling rates bring the possibility that a bond may be “called,”or redeemed before maturity, and that the proceeds may be reinvested in lower-yielding securities.

Municipal securities risk  Thefund will be highly impacted by events tied to the overall municipal securities markets, which can bevery volatile and significantly affected by unfavorable legislative or political developments and adversechanges in the financial conditions of municipal securities issuers. Income from municipal securitiesheld by the fund could be declared taxable because of changes in tax laws or interpretations by taxingauthorities, or noncompliant conduct of a municipality. In addition, a portion of the fund’s otherwisetax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. 

Certainsectors of the municipal bond market have special risks that can impact such sectors more significantlythan the market as a whole. For example: health care can be negatively impacted by rising expenses anddependency on third party reimbursements; transportation can be negatively impacted by declining revenuesor unexpectedly high construction or fuel costs; utilities are subject to governmental rate regulation;and private activity bonds rely on project revenues and the creditworthiness of the corporate user asopposed to governmental support. Investing significantly in municipal obligations backed by revenuesof similar types of industries or projects may make the fund more susceptible to developments affectingthose industries and projects.

Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desiredprice. Reduced liquidity in the bond markets can result from a number of events, such as limited tradingactivity, reductions in bond inventory, and rapid or unexpected changes in interest rates. The secondarymarket for certain municipal bonds tends to be less developed and less liquid than many other bond markets.Less liquid markets could lead to greater price volatility and limit the fund’s ability to sella holding at a suitable price.

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 

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| T.Rowe Price | 4      |

information represents only past performance (before and after taxes)and is not necessarily an indication of future results.

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

The fund’s return for the three months ended 3/31/16 was 1.50%.

Inaddition, the average annual total returns table shows hypothetical after-tax returns to demonstratehow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historicalhighest individual federal marginal income tax rates and do not reflect the impact of state and localtaxes. Actual after-tax returns depend on an investor’s tax situation and may differ from thoseshown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferredarrangements, such as a 401(k) account or individual retirement account. In some cases, the figure shownfor “returns after taxes on distributions and sale of fund shares” may be higher than the figureshown for “returns before taxes” because the calculations assume the investor received a taxdeduction for any loss incurred on the sale of shares. 

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| Summary | 5      |

|                        |                                                                              |                                 |              |   |       |          |       |       |           |   |   |   |
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| AverageAnnual Total Returns |                                                                              |                                 |              |   |       |          |       |       |           |   |
|                        |                                                                              |                                 | Periods ended     |   |
|                        |                                                                              |                                 | December 31, 2015 |   |
|                        |                                                                              |                                 | 1 Year       |   |       | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Tax-Free Income Fund—AdvisorClass                                            |                                 |              |   |       |          |       |       |           |   |   |
|                        |                                                                              | Returns before taxes                 | 2.79         | %      | 5.32  | %             | 4.31  | %          |           |
|                        |                                                                              | Returns after taxes on distributions | 2.79         |   |       | 5.31     |       |       | 4.31      |   |   |   |
|                        |                                                                              | Returns after taxes on distributions |              |   |       |          |       |       |           |   |   |   |
|                        |                                                                              | and sale of fund shares              | 3.08         |   |       | 4.97     |       |       | 4.21      |   |   |   |
|                        | 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 1-800-638-8790.

Management

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

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

 Advisory Committee | 2007               | 1986                      |

Purchaseand Sale of Fund Shares

You must purchase, redeem, and exchange shares of the fund through your financial intermediary.Generally, the fund’s minimum initial investment requirement is $2,500 and the fund’s minimumsubsequent investment requirement is $100, although the investment minimums may be modified or waivedfor financial intermediaries submitting orders on behalf of their customers. You should check with yourfinancial intermediary to determine the investment minimums that apply to your account.

Tax Information

Thefund declares dividends daily and pays them on the first business day of each month. Any capital gainsare declared and paid annually, usually in December. The fund intends to distribute tax-exempt income.However, a portion of the fund’s distributions may be subject to federal income taxes or the alternativeminimum tax. A redemption or exchange of fund shares, and any capital gains distributed by the fund,may 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 

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| T.Rowe Price | 6      |

create a conflict of interest by influencing the broker-dealer orother 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 | E245-045 7/1/16 |