N-Q 1 statenq2.htm NQ~T. ROWE PRICE STATE TAX-FREE INCOME TRUST T. Rowe Price State Tax-Free Income Trust

ITEM 1. SCHEDULE OF INVESTMENTS

T. ROWE PRICE NEW YORK TAX-FREE MONEY FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in $000s)     
 
MUNICIPAL SECURITIES 97.6%     
NEW YORK 94.3%     
Buffalo Fiscal Stability Auth., GO, BAN, 4.00%, 8/14/06  2,000  2,005 
Dormitory Auth. of the State of New York, Columbia Univ., TECP     
3.63%, 10/5/06  2,000  2,000 
Dormitory Auth. of the State of New York, Columbia Univ.     
5.625%, 7/1/06  1,100  1,102 
Dormitory Auth. of the State of New York, Columbia Univ., VRDN     
(Currently 3.40%)  1,000  1,000 
Dormitory Auth. of the State of New York, Cornell Univ., VRDN     
(Currently 3.40%)  1,000  1,000 
Dutchess County IDA, Trinity-Pawling School, VRDN     
(Currently 3.45%)  3,915  3,915 
Jay Street Dev. Corp., VRDN (Currently 3.19%)  1,700  1,700 
Long Island Power Auth., 5.00%, 4/1/12 (Tender 4/1/07) (2)  2,000  2,022 
Metropolitan Transportation Auth., TECP, 3.50%, 6/27/06  2,000  2,000 
Metropolitan Transportation Auth., TECP, 3.50%, 7/10/06  2,000  2,000 
Metropolitan Transportation Auth., VRDN (Currently 3.48%) (8)  2,000  2,000 
Municipal Assistance Corp. NY, 6.00%, 7/1/06 (3)  250  250 
Nassau County, GO, 5.25%, 6/1/06 (4)  1,600  1,600 
Nassau County, GO, TAN, 4.50%, 10/31/06  3,000  3,015 
Nassau County Interim Finance Auth., VRDN     
(Currently 3.17%) (8)  2,000  2,000 
Nassau Health Care Corp., GO, VRDN (Currently 3.42%) (8)  1,000  1,000 
New York City, GO, 5.25%, 8/1/06 (6)  240  241 
New York City, GO, 5.70%, 8/1/06 (2)  2,585  2,594 
New York City, GO, 6.00%, 8/15/26 (Prerefunded 8/15/06) (5)  350  357 
New York City, GO, VRDN (Currently 3.18%)  3,000  3,000 
New York City, GO, VRDN (Currently 3.50%) (2)  2,000  2,000 
New York City, GO, VRDN (Currently 3.50%) (4)  3,625  3,625 
New York City, GO, VRDN (Currently 3.53%)  1,000  1,000 
New York City, GO, VRDN (Currently 3.56%)  200  200 
New York City Capital Resource, Maimonides Medical Center,     
VRDN (Currently 3.44%)  2,000  2,000 
New York City Housing Dev. Corp., 90 West St., VRDN     
(Currently 3.18%)  3,000  3,000 
New York City Housing Dev. Corp., 92nd Realty, VRDN     
(Currently 3.23%) (7)  400  400 
New York City Housing Dev. Corp., Multi-Family, VRDN     
(Currently 3.24%) (7)  2,000  2,000 
New York City Housing Dev. Corp., Related Broadway Dev.     
VRDN (Currently 3.23%) (7)  500  500 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.48%) (2)  3,400  3,400 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.50%) (6)  2,000  2,000 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.50%) (4)  2,500  2,500 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.51%) (4)  2,300  2,300 
New York City Transitional Fin. Auth., 4.00%, 11/1/06  4,000  4,006 
New York City Transitional Fin. Auth., 4.70%, 8/15/06 (3)  650  651 
New York City Transitional Fin. Auth., VRDN     
(Currently 3.51%)  5,000  5,000 
New York State Energy Research & Dev., Consolidated Edison     
VRDN (Currently 3.25%) (7)  3,600  3,600 
New York State Energy Research & Dev., Consolidated Edison     
VRDN (Currently 3.26%) (7)  1,500  1,500 
New York State Environmental Fac. Corp., EFC Pooled Loan     
3.00%, 6/15/06  175  175 
New York State Environmental Fac. Corp., Municipal Water Fin.     
Auth., 4.00%, 6/15/06  100  100 
New York State Environmental Fac. Corp., Municipal Water Fin.     
Auth., 5.00%, 6/15/06  3,620  3,623 
New York State Housing Fin. Agency, VRDN (Currently 3.18%)  1,500  1,500 
New York State Housing Fin. Agency, VRDN (Currently 3.18%)  1,600  1,600 
New York State Housing Fin. Agency, VRDN (Currently 3.18%)  4,100  4,100 
New York State Housing Fin. Agency, River Terrace Assoc., VRDN     
(Currently 3.20%)  900  900 
New York State Housing Fin. Agency, Tower 31, VRDN     
(Currently 3.23%) (7)  4,000  4,000 
New York State Housing Fin. Agency, Chelsea Associates     
VRDN (Currently 3.24%) (7)  1,000  1,000 
New York State Mortgage Agency, Single Family, VRDN     
(Currently 3.24%) (7)  1,800  1,800 
New York State Power Auth., 3.35%, 3/1/16 (Tender 9/1/06) (1)  3,075  3,075 
New York State Power Auth., TECP, 3.54%, 8/4/06  1,205  1,205 
New York State Thruway Authority, 5.50%, 4/1/07 (3)(6)  360  366 
New York State Urban Dev, Community Enhance     
5.00%, 4/1/07 (4)  1,090  1,102 
Port Auth. of New York & New Jersey, 4.50%, 10/1/06 (6)(7)  285  286 
Port Auth. of New York & New Jersey, JFK Int'l. Air Terminal, VRDN     
(Currently 3.52%) (2)(7)  1,680  1,680 
Port Auth. of New York & New Jersey, VRDN     
(Currently 3.54%) (7)  4,400  4,400 
Schenectady, BAN, GO, 4.50%, 5/24/07  2,258  2,275 
Suffolk County, 5.25%, 4/15/07 (4)  500  507 
Suffolk County Water Auth., VRDN (Currently 3.17%)  1,300  1,300 
Triborough Bridge & Tunnel Auth., VRDN (Currently 3.43%)  5,400  5,400 
    114,877 
PUERTO RICO 3.3%     
Puerto Rico, GO, TRAN, 4.50%, 7/28/06  1,500  1,503 
Puerto Rico Electric Power Auth., VRDN (Currently 3.51%) (5)(6)  1,995  1,995 
Puerto Rico Ind., Medical & Environmental Auth., Abbott Labs     
3.55%, 3/1/23 (Tender 3/1/07) (1)  500  500 
    3,998 
 
Total Municipal Securities (Cost $118,875)    118,875 
Total Investments in Securities     
97.6% of Net Assets (Cost $118,875)  $  118,875 

†  Denominated in U.S. dollars unless otherwise noted 
(1)  Variable Rate; rate shown is effective rate at period-end 
(2)  Insured by MBIA Insurance Corp. 
(3)  Escrowed to maturity 
(4)  Insured by AMBAC Assurance Corp. 
(5)  Prerefunded date is used in determining portfolio maturity. 
(6)  Insured by Financial Guaranty Insurance Company 
(7)  Interest subject to alternative minimum tax 
(8)  Insured by Financial Security Assurance Inc. 
BAN  Bond Anticipation Note 
GO  General Obligation 
IDA  Industrial Development Authority/Agency 
TAN  Tax Anticipation Note 
TECP  Tax-Exempt Commercial Paper 
TRAN  Tax Revenue Anticipation Note 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
 
The accompanying notes are an integral part of this Portfolio of Investments. 

 





T. Rowe Price New York Tax-Free Money Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The New York Tax-Free Money Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest level of income exempt from federal, New York state, and New York City income taxes.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

Securities are valued at amortized cost. Assets and liabilities for which such valuation procedures are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $118,875,000.














T. ROWE PRICE NEW YORK TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in $000s)     
 
MUNICIPAL SECURITIES 98.5%     
NEW YORK 96.3%     
Albany IDA, Albany College of Pharmacy, 5.625%, 12/1/34  225  234 
Albany IDA, Charitable Leadership Foundation, 5.75%, 7/1/26  2,000  2,057 
Albany Parking Auth., 5.125%, 7/15/11  430  446 
Albany Parking Auth., 5.25%, 10/15/12  535  557 
Albany Parking Auth., 5.625%, 7/15/25  750  792 
Allegany County IDA, BP PLC, VRDN (Currently 3.54%) (1)  550  550 
Dormitory Auth. of the State of New York     
5.375%, 7/1/23 (Prerefunded 7/1/12) (3)  1,000  1,081 
Dormitory Auth. of the State of New York     
7.50%, 5/15/11 (Prerefunded 5/15/05) (3)  775  868 
Dormitory Auth. of the State of New York, 7.50%, 5/15/11  1,280  1,429 
Dormitory Auth. of the State of New York     
Augustana Lutheran Home, 5.50%, 8/1/20 (4)  880  933 
Dormitory Auth. of the State of New York, Catholic Health     
5.10%, 7/1/34  2,000  2,016 
Dormitory Auth. of the State of New York, Catholic Health     
Services, 5.00%, 7/1/27  3,000  3,012 
Dormitory Auth. of the State of New York     
City Univ., 5.25%, 7/1/31 (Prerefunded 7/1/11) (3)  2,240  2,397 
Dormitory Auth. of the State of New York, Columbia Univ.     
5.00%, 7/1/22 (Prerefunded 7/1/08) (3)  2,500  2,592 
Dormitory Auth. of the State of New York, Columbia Univ.     
5.00%, 7/1/24  1,000  1,039 
Dormitory Auth. of the State of New York, Income Tax Ed.     
5.375%, 3/15/22 (Prerefunded 3/15/13) (3)  1,550  1,690 
Dormitory Auth. of the State of New York     
Maimonides Medical Center, 5.75%, 8/1/35 (4)  1,500  1,532 
Dormitory Auth. of the State of New York     
Memorial Sloan-Kettering, 5.00%, 7/1/34  2,815  2,868 
Dormitory Auth. of the State of New York     
Mental Health Services, 5.00%, 2/15/23 (5)  2,500  2,600 
Dormitory Auth. of the State of New York, Mount Sinai Health     
5.50%, 7/1/26  475  480 
Dormitory Auth. of the State of New York, Mount Sinai Health     
6.00%, 7/1/13  1,700  1,805 
Dormitory Auth. of the State of New York, New York Medical     
College, 5.25%, 7/1/12 (4)  2,110  2,190 
Dormitory Auth. of the State of New York, New York Methodist     
Hosp., 5.25%, 7/1/24  1,500  1,558 
Dormitory Auth. of the State of New York, Nyack Hosp.     
6.00%, 7/1/06  450  450 
Dormitory Auth. of the State of New York, Rockefeller Univ.     
5.00%, 7/1/32  2,000  2,058 
Dormitory Auth. of the State of New York, St. John's Univ.     
5.25%, 7/1/25 (4)  2,500  2,636 
Dormitory Auth. of the State of New York, Univ. of Rochester     
0.00%, 7/1/15 (Prerefunded 7/1/10) (3)(4)(6)  1,470  1,273 
Dormitory Auth. of the State of New York, Court Fac.     
Westchester County, 5.25%, 8/1/15 (Prerefunded 2/1/09)  (3)  2,000  2,099 
Dormitory Auth. of the State of New York, Court Fac.     
Westchester County, 5.25%, 8/1/16 (Prerefunded 2/1/09)  (3)  4,250  4,460 
Dormitory Auth. of the State of New York, Yeshiva Univ.     
5.00%, 7/1/26 (5)  1,200  1,240 
Dormitory Auth. of the State of New York, Yeshiva Univ.     
5.375%, 7/1/17 (5)  900  961 
Dutchess County IDA, Bard College, 5.75%, 8/1/30  1,750  1,865 
Dutchess County IDA, Vassar College, 5.35%, 9/1/40  1,000  1,049 
Essex County IDA, PCR, Int'l. Paper, 5.20%, 12/1/23 (1)  1,750  1,755 
Essex County IDA, PCR, Int'l. Paper, 5.70%, 7/1/16 (1)  1,850  1,959 
Hempstead IDA, Adelphi Univ. Civic Fac., 5.00%, 10/1/30  1,250  1,270 
Huntington Housing Auth., Gurwin Jewish Senior Home     
6.00%, 5/1/39  750  762 
Islip Recovery Agency, 5.75%, 7/1/23 (1)(7)  250  273 
Long Island Power Auth., 5.00%, 12/1/35  5,000  5,119 
Long Island Power Auth., 5.125%, 12/1/22 (7)  1,020  1,054 
Long Island Power Auth.     
5.125%, 12/1/22 (Prerefunded 6/1/08) (3)(7)  480  498 
Long Island Power Auth., 5.50%, 12/1/06 (5)  3,525  3,559 
Long Island Power Auth., Zero Coupon, 6/1/21 (7)  2,000  1,013 
Madison County IDA, Colgate Univ., 5.00%, 7/1/33  1,000  1,021 
Metropolitan Transportation Auth.     
4.75%, 7/1/16 (Prerefunded 7/1/12) (3)(7)  1,215  1,277 
Metropolitan Transportation Auth., 5.00%, 11/15/21 (5)  3,500  3,675 
Metropolitan Transportation Auth., 5.00%, 7/1/25 (8)  2,000  2,067 
Metropolitan Transportation Auth., 5.00%, 11/15/30  1,000  1,020 
Metropolitan Transportation Auth., 5.125%, 11/15/31  2,250  2,326 
Metropolitan Transportation Auth., 5.25%, 11/15/25 (8)  4,920  5,199 
Monroe County, Public Improvement, GO, 5.00%, 3/1/17 (8)  1,000  1,050 
Monroe County, Public Improvement, GO, 5.00%, 3/1/18 (8)  615  645 
Monroe County, Public Improvement, GO     
5.00%, 3/1/18 (Prerefunded 3/1/12) (3)(8)  2,590  2,753 
Mount Sinai Union Free School Dist., Suffolk, GO     
6.20%, 2/15/17 (5)  1,025  1,201 
Mount Sinai Union Free School Dist., Suffolk, GO     
6.20%, 2/15/18 (5)  515  607 
Nassau County, 7.00%, 3/1/13 (Prerefunded 3/1/10) (3)(7)  3,500  3,899 
Nassau County Interim Fin. Auth., Sales Tax     
5.00%, 11/15/20 (4)  1,870  1,968 
Nassau County Tobacco Settlement Corp., 0.00%, 6/1/26 (6)  1,000  849 
New York City, GO, 5.00%, 8/1/06  875  877 
New York City, GO, 5.00%, 6/1/18  2,000  2,093 
New York City, GO, 5.00%, 8/1/21  2,500  2,583 
New York City, GO, 5.00%, 4/1/26  5,000  5,137 
New York City, GO, 5.25%, 8/1/14  3,305  3,528 
New York City, GO, 5.75%, 10/15/13     
(Prerefunded 10/15/07) (3)  1,105  1,147 
New York City, GO, 6.00%, 8/1/12 (Prerefunded 8/1/06)  (3)  970  988 
New York City, GO, 6.25%, 8/1/09 (Prerefunded 8/1/06)  (3)  720  734 
New York City, GO, 6.25%, 8/1/09  530  540 
New York City, GO, VRDN (Currently 3.53%)  500  500 
New York City, GO, VRDN (Currently 3.56%)  500  500 
New York City Convention Center Dev. Corp., Hotel Unit Fee     
5.00%, 11/15/21 (5)  1,600  1,677 
New York City Health & Hosp. Corp., 5.50%, 2/15/19 (7)  1,500  1,613 
New York City Housing Dev. Corp., HUD     
Capital Funding Program, 5.00%, 7/1/19 (8)  2,000  2,091 
New York City Housing Dev. Corp., HUD     
Capital Funding Program, 5.00%, 7/1/25 (8)  3,000  3,104 
New York City IDA, American National Red Cross     
5.00%, 2/1/36 (5)  1,500  1,546 
New York City IDA, New York Univ., 5.375%, 7/1/18 (5)  1,275  1,361 
New York City IDA, Terminal One Group, 5.50%, 1/1/24 (1)  3,000  3,169 
New York City IDA, IDRB, American Airlines, 7.625%, 8/1/25 (1)  200  222 
New York City IDA, IDRB, IAC/InterActive Corp., 5.00%, 9/1/35  1,500  1,504 
New York City IDA, IDRB, Airis, JFK Airport, 5.50%, 7/1/28 (1)  2,500  2,547 
New York City Municipal Water Fin. Auth., 5.00%, 6/15/29  5,000  5,108 
New York City Municipal Water Fin. Auth., 5.00%, 6/15/34  1,500  1,533 
New York City Municipal Water Fin. Auth.     
5.875%, 6/15/26 (Prerefunded 6/15/06) (3)  595  602 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.48%) (4)  1,500  1,500 
New York City Municipal Water Fin. Auth., VRDN     
(Currently 3.52%)  1,550  1,550 
New York City Transitional Fin. Auth., 5.00%, 11/1/18  3,000  3,165 
New York City Transitional Fin. Auth., 5.00%, 11/1/21  1,500  1,573 
New York City Transitional Fin. Auth., 5.00%, 8/1/24  1,625  1,690 
New York City Transitional Fin. Auth., 6.00%, 8/15/15     
(Prerefunded 8/15/09) (3)(8)  1,000  1,079 
New York City Transitional Fin. Auth., VRDN     
(Currently 3.50%)  900  900 
New York Liberty Dev. Corp., Goldman Sachs Group     
5.25%, 10/1/35  3,000  3,251 
New York State Energy Research & Dev., Brooklyn Union Gas     
4.70%, 2/1/24 (1)(8)  1,000  992 
New York State Environmental Fac., EFC Pooled Loan     
5.25%, 11/15/20  2,000  2,149 
New York State Environmental Fac., PCR, 5.75%, 6/15/11 (9)  605  669 
New York State Environmental Fac., PCR, Waste Management     
4.45%, 7/1/17 Tender (7/1/09) (1)  2,500  2,516 
New York State Housing Fin. Agency, 8.00%, 5/1/11 (9)  1,000  1,120 
New York State Local Gov't. Assistance, 6.00%, 4/1/14  3,310  3,744 
New York State Mortgage Agency, Single Family, 5.70%     
10/1/17 (1)  2,120  2,172 
New York State Mortgage Agency, Single Family     
5.80%, 10/1/20 (1)  1,000  1,035 
New York State Mortgage Agency, Single Family     
5.85%, 10/1/18 (1)  505  526 
New York State Power Auth., 5.00%, 11/15/17 (8)  500  531 
New York State Thruway Auth., Highway & Bridge     
5.00%, 4/1/17 (Prerefunded 4/1/09) (3)(8)  5,000  5,225 
New York State Thruway Auth., Highway & Bridge     
5.50%, 4/1/17 (Prerefunded 4/1/11)  (3)(8) 2,495  2,712 
New York State Urban Dev. Corp., Corrections Fac.     
6.00%, 1/1/15 (Prerefunded 1/1/09)  (3)(5)  4,000  4,266 
Niagara County, GO, 5.25%, 8/15/14 (4)  435  472 
Niagara County, GO, 5.25%, 8/15/15 (4)  335  365 
Niagara County IDA, American Ref-Fuel     
5.45%, 11/15/26 Tender (11/15/12)  (1)  500  522 
Niagara County IDA, American Ref-Fuel     
5.55%, 11/15/24 Tender (11/15/13)  (1)  1,500  1,568 
Niagara Falls City School Dist., COP, 5.00%, 6/15/20 (7)  3,320  3,460 
Nyack Union Free School Dist., GO, 5.25%, 12/15/15 (8)  550  600 
Oneida County IDA, St. Elizabeth Medical Center     
5.50%, 12/1/10  355  360 
Oneida County IDA, St. Elizabeth Medical Center     
5.625%, 12/1/09  800  813 
Oneida County IDA, St. Elizabeth Medical Center     
5.75%, 12/1/19  1,600  1,618 
Port Auth. of New York & New Jersey, 5.00%, 7/15/22  2,000  2,088 
Port Auth. of New York & New Jersey, 5.00%, 7/15/24 (1)(7)  2,000  2,062 
Port Auth. of New York & New Jersey, 5.875%, 9/15/15 (1)(8)  2,000  2,031 
Port Auth. of New York & New Jersey, 6.125%, 6/1/94  1,000  1,166 
Rochester, GO, 5.00%, 2/15/20 (4)  110  118 
Rochester, GO, 5.00%, 2/15/21 (4)  110  118 
Suffolk County, Judicial Services, John P. Cohalan Complex     
5.75%, 4/15/14 (5)  4,510  4,812 
Suffolk County IDA, Gurwin Jewish Senior Home, 6.70%, 5/1/39  1,000  1,078 
Suffolk County IDA, Huntington Hosp., 5.875%, 11/1/32  2,000  2,084 
Suffolk County IDA, Huntington Hosp., 6.00%, 11/1/22  2,000  2,119 
Suffolk County IDA, Jeffersons Ferry, 5.00%, 11/1/28  2,000  1,979 
Suffolk County IDA, Jeffersons Ferry, 7.20%, 11/1/19  2,000  2,234 
Suffolk County Water Auth., 5.125%, 6/1/26 (8)  1,350  1,406 
Tobacco Settlement Fin. Corp., New York State, 5.25%, 6/1/13  1,810  1,858 
Tobacco Settlement Fin. Corp., New York State     
5.25%, 6/1/21 (5)  1,000  1,058 
Tompkins County IDA, Cornell Univ.     
5.75%, 7/1/30 (Prerefunded 7/1/10) (3)  2,000  2,172 
Triborough Bridge & Tunnel Auth., 5.00%, 1/1/20 (9)  2,060  2,205 
Triborough Bridge & Tunnel Auth., 5.00%, 11/15/28 (5)  3,000  3,092 
Triborough Bridge & Tunnel Auth., 5.125%, 11/15/29  4,900  5,101 
TSASC, Inc., Tobacco Ind., 5.00%, 6/1/26  2,000  1,963 
United Nations Dev. Corp., 5.25%, 7/1/25  1,000  1,018 
Westchester County Health Care Corp., GO, 5.375%, 11/1/30  3,000  3,144 
Westchester County IDA, Hebrew Hosp., 7.375%, 7/15/30  1,250  1,342 
Westchester County IDA, Kendal Hudson, 6.50%, 1/1/34  1,000  1,063 
Westchester County IDA, Winward School, 5.25%, 10/1/31 (2)  1,500  1,544 
Westchester County IDA, Resource Recovery     
6.00%, 7/1/08 (1)(5)  730  762 
    246,100 
PUERTO RICO 1.9%     
Government Dev. Bank for Puerto Rico, GO, 5.00%, 12/1/17  1,600  1,648 
Government Dev. Bank for Puerto Rico, GO, TECP     
4.85%, 10/24/06  1,000  1,000 
Puerto Rico Highway & Transportation Auth., 5.00%, 7/1/36  1,000  998 
Puerto Rico Public Fin. Corp., 5.50%, 8/1/29     
(Prerefunded 2/1/12) (3)  1,120  1,214 
    4,860 
VIRGIN ISLANDS 0.3%     
Virgin Islands PFA, Hovensa Refinery, 6.125%, 7/1/22 (1)  500  549 
Virgin Islands PFA, Hovensa Refinery, 5.875%, 7/1/22 (1)  250  271 
    820 
 
Total Municipal Securities (Cost $242,686)    251,780 
 
Total Investments in Securities     
98.5% of Net Assets (Cost $242,686)  $  251,780 
 
†  Denominated in U.S. dollars unless otherwise noted 
(1)  Interest subject to alternative minimum tax 
(2)  Insured by Radian Asset Assurance Inc. 
(3)  Prerefunded date is used in determining portfolio maturity. 
(4)  Insured by MBIA Insurance Corp. 
(5)  Insured by AMBAC Assurance Corp. 
(6)  Stepped coupon bond for which the coupon rate of interest will adjust on specified 
  future date(s) 
(7)  Insured by Financial Security Assurance Inc. 
(8)  Insured by Financial Guaranty Insurance Company 
(9)  Escrowed to maturity 
COP  Certificate of Participation 
GO  General Obligation 
IDA  Industrial Development Authority/Agency 
IDRB  Industrial Development Revenue Bond 
PCR  Pollution Control Revenue 
PFA  Public Finance Authority 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
 
 
  The accompanying notes are an integral part of this portfolio of Investments. 










T. Rowe Price New York Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The New York Tax-Free Bond Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide the highest level of income exempt from federal, New York state, and New York City income taxes, consistent with prudent portfolio management, by investing primarily in investment-grade New York municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $242,386,000. Net unrealized gain aggregated $9,394,000 at period-end, of which $9,755,000 related to appreciated investments and $361,000 related to depreciated investments.












 
T. ROWE PRICE MARYLAND TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in 000s)     
 
MUNICIPAL SECURITIES 98.2%     
MARYLAND 90.5%     
Annapolis IDRB, Park Place Project, 5.35%, 7/1/34  3,500  3,523 
Anne Arundel County, GO, 4.60%, 2/15/15     
(Prerefunded 2/15/11) (1)  1,000  1,046 
Anne Arundel County, Consolidated General Improvement, GO     
5.00%, 4/1/14  2,845  3,048 
Anne Arundel County, Consolidated General Improvement, GO     
5.00%, 3/1/16  2,240  2,393 
Anne Arundel County, Consolidated General Improvement, GO     
5.00%, 3/1/18  3,300  3,517 
Anne Arundel County, Farmington Village, 6.25%, 6/1/25  4,026  4,212 
Anne Arundel County, GO, 5.125%, 7/1/29  2,000  2,091 
Anne Arundel County, National Business Park Project     
7.375%, 7/1/28 (Prerefunded 7/1/10) (1)  6,479  7,454 
Anne Arundel County, Water & Sewer, GO, 5.00%, 3/1/16  1,255  1,341 
Anne Arundel County, Water & Sewer, GO, 5.00%, 3/1/21  1,445  1,530 
Anne Arundel County, PCR, Baltimore Gas & Electric     
6.00%, 4/1/24  1,425  1,427 
Baltimore City, 5.25%, 4/1/16 (2)(3)  225  227 
Baltimore City, Board of Ed. Administration, COP     
5.00%, 4/1/14 (3)  3,635  3,811 
Baltimore City, Board of Ed. Administration, COP     
5.00%, 4/1/16 (3)  3,825  4,013 
Baltimore City, Consolidated Public Improvement, GO     
5.40%, 10/15/12 (4)  1,000  1,072 
Baltimore City, Consolidated Public Improvement, GO     
7.00%, 10/15/07 (3)  500  522 
Baltimore City, Consolidated Public Improvement, GO     
Zero Coupon, 10/15/08 (5)  1,785  1,580 
Baltimore City, Consolidated Public Improvement, GO     
Zero Coupon, 10/15/09 (5)  2,170  1,824 
Baltimore City, Consolidated Public Improvement, GO     
Zero Coupon, 10/15/11 (5)  3,525  2,620 
Baltimore City, Convention Center, 5.25%, 9/1/26 (6)  3,725  3,993 
Baltimore City, Convention Center, 5.25%, 9/1/27 (6)  4,330  4,631 
Baltimore City, Convention Center, 5.25%, 9/1/39 (6)  10,000  10,551 
Baltimore City, Convention Center Hotel, 5.00%, 9/1/32 (6)  3,625  3,709 
Baltimore City, Convention Center Hotel, 5.875%, 9/1/39  2,000  2,085 
Baltimore City, GO, 5.00%, 10/15/19 (4)  230  244 
Baltimore City, GO, 7.00%, 10/15/08 (3)  5,190  5,576 
Baltimore City, GO, 7.50%, 10/15/09 (5)  2,635  2,946 
Baltimore City, Parking, 5.25%, 7/1/21 (5)  2,090  2,301 
Baltimore City, Parking, 6.00%, 7/1/14 (5)  5,155  5,823 
Baltimore City, Parking, 6.00%, 7/1/15 (5)  5,460  6,271 
Baltimore City, Parking, 6.00%, 7/1/16 (5)  5,785  6,690 
Baltimore City, Parking, 6.00%, 7/1/17 (5)  6,135  7,114 
Baltimore City, Parking, 6.00%, 7/1/18 (5)  6,505  7,538 
Baltimore City, Waste Water, 5.00%, 7/1/22 (4)  470  495 
Baltimore City, Waste Water, 5.00%, 7/1/23 (4)  1,805  1,900 
Baltimore City, Waste Water, 5.00%, 7/1/24 (4)  1,895  1,990 
Baltimore City, Waste Water, 5.00%, 7/1/25 (4)  1,990  2,088 
Baltimore City, Waste Water, 5.00%, 7/1/26 (4)  2,080  2,177 
Baltimore City, Waste Water, 5.00%, 7/1/31 (4)  1,125  1,168 
Baltimore City, Waste Water, 5.60%, 7/1/13 (3)  7,100  7,637 
Baltimore City, Waste Water, 5.625%, 7/1/30     
(Prerefunded 7/1/10) (1)(7)  5,000  5,363 
Baltimore City, Water, 5.00%, 7/1/21 (3)  1,650  1,735 
Baltimore City, Water, 5.00%, 7/1/24 (5)  3,095  3,219 
Baltimore City, Water, 5.125%, 7/1/42 (5)  3,610  3,697 
Baltimore City, Water, 5.60%, 7/1/13 (3)  12,200  13,124 
Baltimore City, Water, 5.65%, 7/1/20 (3)  2,050  2,298 
Baltimore City, Water, 5.80%, 7/1/15     
(Prerefunded 7/1/12) (1)(5)  3,350  3,703 
Baltimore City, Water, 6.00%, 7/1/15 (5)  6,250  6,966 
Baltimore City, Water, 6.00%, 7/1/19     
(Prerefunded 7/1/10) (1)(7)  650  706 
Baltimore City, Water, 6.00%, 7/1/21     
(Prerefunded 7/1/10) (1)(7)  1,650  1,793 
Baltimore City, Water Revenue, 5.00%, 7/1/23 (5)  1,250  1,301 
Baltimore City, GO, Zero Coupon, 10/15/06 (5)  3,100  3,039 
Baltimore City Port Fac., PCR, DuPont de Nemours     
6.50%, 12/1/10  1,000  1,044 
Baltimore City Port Fac., PCR, DuPont de Nemours     
6.50%, 10/1/11  4,550  4,750 
Baltimore City Port Fac., PCR, DuPont de Nemours     
6.50%, 10/1/11  6,350  6,629 
Baltimore County, GO, 4.50%, 8/1/21  1,000  1,009 
Baltimore County, GO, 5.125%, 8/1/12  1,000  1,037 
Baltimore County, Pension, GO, 5.125%, 8/1/14  4,300  4,454 
Baltimore County, Pension, GO, 5.125%, 8/1/15  4,195  4,350 
Baltimore County Economic Dev., Maryvale Preparatory School     
6.50%, 5/1/11  600  625 
Calvert County, PCR, Baltimore Gas & Electric, 5.55%, 7/15/14  5,650  5,664 
Carroll County, Commissioners Public Improvement, GO     
5.50%, 12/1/16 (Prerefunded 12/1/09) (1)  1,130  1,208 
Carroll County, Commissioners Public Improvement, GO     
5.50%, 12/1/19 (Prerefunded 12/1/09) (1)  1,000  1,069 
Carroll County, GO, 5.625%, 10/1/20  1,900  1,963 
Charles County, Multi-Family, 6.10%, 11/1/28  5,000  5,124 
Damascus Gardens Dev. Corp., 7.375%, 8/15/17 (2)  2,910  3,372 
Frederick County, GO, 5.00%, 12/1/12     
(Prerefunded 12/1/10) (1)  2,895  3,073 
Frederick County, GO, 5.00%, 8/1/14 (3)  895  959 
Frederick County, GO, 5.25%, 7/1/16  2,000  2,174 
Frederick County, Public Fac., GO, 5.00%, 12/1/13     
(Prerefunded 12/1/10) (1)  1,000  1,062 
Frederick County, Public Fac., GO, 5.25%, 7/1/15     
(Prerefunded 7/1/09) (1)  925  976 
Frederick County, Public Fac., 5.75%, 7/1/19     
(Prerefunded 7/1/09) (1)  6,430  6,878 
Frederick County, Urbana Community Dev. Auth.     
5.95%, 7/1/30  2,900  2,995 
Gaithersburg Hosp. Fac., 6.50%, 9/1/12 (2)(7)  5,000  5,491 
Harford County, GO, 5.00%, 12/1/15  540  560 
Harford County, GO, 5.00%, 7/15/17  2,200  2,337 
Harford County, GO, 5.00%, 7/15/21  2,100  2,208 
Harford County, GO, 5.00%, 7/15/22  2,100  2,203 
Harford County, GO, 5.00%, 7/15/23  1,370  1,436 
Harford County, GO, 5.00%, 7/15/24  1,750  1,831 
Harford County, GO, 5.00%, 7/15/25  1,000  1,045 
Harford County Economic Dev., Battelle Memorial Institute     
5.25%, 4/1/34  8,125  8,392 
Howard County, Consolidated Public Improvement, GO     
5.00%, 8/15/17  250  265 
Howard County, GO, COP, 8.15%, 2/15/20  450  605 
Hyattsville, Univ. Town Center, 5.00%, 7/1/17  1,676  1,702 
Hyattsville, Univ. Town Center, 5.60%, 7/1/24  1,750  1,814 
Hyattsville, Univ. Town Center, 5.75%, 7/1/34  3,550  3,679 
Maryland, State & Local Fac., GO, 5.25%, 7/15/12     
(Prerefunded 7/15/08) (1)  290  302 
Maryland, State & Local Fac., 5.25%, 7/15/13     
(Prerefunded 7/15/08) (1)  10,000  10,420 
Maryland, State & Local Fac., GO, 5.25%, 7/15/14     
(Prerefunded 7/15/09) (1)  10,045  10,604 
Maryland, State & Local Fac., 5.75%, 8/1/15     
(Prerefunded 8/1/10) (1)  20,590  22,388 
Maryland, State & Local Fac., GO, 5.00%, 8/1/17  1,230  1,301 
Maryland, State & Local Fac., GO, 5.00%, 8/1/19  5,000  5,313 
Maryland CDA, Multi-Family, 5.00%, 7/1/36 (8)  4,280  4,293 
Maryland CDA, Multi-Family, 5.70%, 7/1/17 (8)  2,875  2,947 
Maryland CDA, Multi-Family, 5.85%, 7/1/27 (8)  7,000  7,182 
Maryland CDA, Multi-Family, 5.875%, 7/1/16  2,285  2,343 
Maryland CDA, Multi-Family, 6.20%, 7/1/23 (8)  3,885  4,035 
Maryland CDA, Residential, 4.90%, 9/1/26 (8)  3,000  3,018 
Maryland CDA, Residential, 4.90%, 9/1/36 (8)  6,940  6,897 
Maryland CDA, Residential, 5.00%, 9/1/29 (8)  4,595  4,708 
Maryland CDA, Residential, 5.25%, 9/1/19 (8)  545  557 
Maryland CDA, Residential, 5.50%, 9/1/22 (8)  4,325  4,456 
Maryland CDA, Residential, 5.60%, 9/1/28 (8)  3,000  3,084 
Maryland CDA, Single Family, 4.80%, 4/1/13  1,525  1,562 
Maryland CDA, Single Family, 5.00%, 4/1/17  1,055  1,079 
Maryland DOT, 5.00%, 5/1/16  3,500  3,712 
Maryland DOT, 5.25%, 12/15/16  750  823 
Maryland DOT, 5.50%, 2/1/17  75  83 
Maryland Economic Dev. Corp., 5.67%, 7/15/29     
(Prerefunded 7/15/09) (1)  16,645  17,806 
Maryland Economic Dev. Corp., Aviation Administration     
5.375%, 6/1/20 (7)(8)  5,040  5,305 
Maryland Economic Dev. Corp., Aviation Administration     
5.375%, 6/1/21 (7)(8)  9,540  10,042 
Maryland Economic Dev. Corp., Aviation Administration     
5.375%, 6/1/22 (7)(8)  7,555  7,952 
Maryland Economic Dev. Corp., Aviation Administration     
5.50%, 6/1/13 (7)(8)  1,150  1,246 
Maryland Economic Dev. Corp., Chesapeake Bay Hyatt     
7.625%, 12/1/22  2,000  2,130 
Maryland Economic Dev. Corp., Chesapeake Bay Hyatt     
7.73%, 12/1/27  2,000  2,135 
Maryland Economic Dev. Corp., Golf Course, 8.25%, 6/1/28     
(Prerefunded 6/1/11) (1)  3,985  4,703 
Maryland Economic Dev. Corp., Morgan State Univ. Student     
Housing, 6.00%, 7/1/22  2,250  2,392 
Maryland Economic Dev. Corp., Morgan State Univ. Student     
Housing, 6.00%, 7/1/34  9,580  10,093 
Maryland Economic Dev. Corp., UMBC Student Housing     
4.625%, 7/1/36 (6)  1,800  1,750 
Maryland Economic Dev. Corp., UMBC Student Housing     
5.00%, 7/1/20 (6)  600  628 
Maryland Economic Dev. Corp., UMBC Student Housing     
5.00%, 7/1/30 (6)  3,000  3,093 
Maryland Economic Dev. Corp., Univ. of Maryland College Park     
5.00%, 6/1/26 (9)  1,750  1,817 
Maryland Economic Dev. Corp., Univ. of Maryland College Park     
5.00%, 6/1/28 (9)  3,500  3,614 
Maryland Economic Dev. Corp., Univ. of Maryland College Park     
5.00%, 6/1/33 (9)  2,250  2,314 
Maryland Economic Dev. Corp., Univ. Village at Sheppard Pratt     
6.00%, 7/1/33 (10)  4,000  4,240 
Maryland Economic Dev. Corp., Waste Management     
4.60%, 4/1/16 (8)  2,200  2,177 
Maryland Energy Fin. Administration, Baltimore Wastewater     
6.30%, 12/1/10 (8)  6,145  6,326 
Maryland Energy Fin. Administration, Baltimore Wastewater     
6.45%, 12/1/16 (8)  2,600  2,674 
Maryland Health & Higher Ed., Peninsula Regional Medical     
Center, 5.00%, 7/1/26  10,000  10,275 
Maryland Health & Higher Ed., Peninsula Regional Medical     
Center, 5.00%, 7/1/36  5,000  5,043 
Maryland HHEFA, Adventist Healthcare, 5.75%, 1/1/15  700  748 
Maryland HHEFA, Adventist Healthcare, 5.75%, 1/1/25  4,350  4,582 
Maryland HHEFA, Board of Child Care, 5.375%, 7/1/32  1,475  1,521 
Maryland HHEFA, Board of Child Care, 5.625%, 7/1/20  1,000  1,057 
Maryland HHEFA, Board of Child Care, 5.625%, 7/1/22  500  527 
Maryland HHEFA, Bradford Oaks Nursing & Rehabilitation     
Center, 6.375%, 1/1/19  1,500  1,527 
Maryland HHEFA, Bradford Oaks Nursing & Rehabilitation     
Center, 6.375%, 1/1/27  2,740  2,784 
Maryland HHEFA, Calvert Memorial Hosp., 5.50%, 7/1/36  7,800  8,141 
Maryland HHEFA, Calvert Memorial Hosp., 5.50%, 7/1/39  1,200  1,250 
Maryland HHEFA, Carroll Hosp. Center, 5.80%, 7/1/32  5,055  5,266 
Maryland HHEFA, Carroll Hosp. Center, 6.00%, 7/1/16  670  722 
Maryland HHEFA, Carroll Hosp. Center, 6.00%, 7/1/17  300  322 
Maryland HHEFA, Carroll Hosp. Center, 6.00%, 7/1/21  1,100  1,174 
Maryland HHEFA, Carroll Hosp. Center, 6.00%, 7/1/26  4,740  5,015 
Maryland HHEFA, Carroll Hosp. Center, 6.00%, 7/1/37  14,750  15,546 
Maryland HHEFA, Catholic Health, 6.00%, 12/1/20 (2)  2,565  2,800 
Maryland HHEFA, Catholic Health, 6.00%, 12/1/20  835  899 
Maryland HHEFA, Catholic Health, 6.00%, 12/1/24 (2)  1,000  1,088 
Maryland HHEFA, Civista Medical Center, 5.00%, 7/1/37 (11)  4,615  4,665 
Maryland HHEFA, Collington Episcopal Lifecare, 6.75%, 4/1/20  985  960 
Maryland HHEFA, Collington Episcopal Lifecare, 6.75%, 4/1/23  5,800  5,614 
Maryland HHEFA, Doctor's Community Hosp., 5.50%, 7/1/24  10,430  10,435 
Maryland HHEFA, Doctor's Community Hosp., 5.75%, 7/1/13  3,340  3,344 
Maryland HHEFA, Frederick Memorial Hosp., 5.00%, 7/1/23 (5)  4,000  4,003 
Maryland HHEFA, Frederick Memorial Hosp., 5.125%, 7/1/35  3,940  3,992 
Maryland HHEFA, Frederick Memorial Hosp., 5.25%, 7/1/13 (5)  1,000  1,059 
Maryland HHEFA, General German Aged People's Home     
6.00%, 1/1/10  470  471 
Maryland HHEFA, Good Samaritan Hosp., 5.60%, 7/1/06 (2)  1,545  1,548 
Maryland HHEFA, Good Samaritan Hosp., 5.60%, 7/1/07 (2)  1,875  1,915 
Maryland HHEFA, Good Samaritan Hosp., 5.75%, 7/1/13 (2)  2,480  2,705 
Maryland HHEFA, Good Samaritan Hosp., 5.75%, 7/1/13 (2)(4)  1,520  1,658 
Maryland HHEFA, Goucher College, 5.00%, 7/1/16  540  563 
Maryland HHEFA, Goucher College, 5.125%, 7/1/34  6,200  6,306 
Maryland HHEFA, Goucher College, 5.375%, 7/1/25  750  784 
Maryland HHEFA, Helix Health, 5.00%, 7/1/27 (2)(4)  8,050  8,554 
Maryland HHEFA, Helix Health, 5.125%, 7/1/09 (2)(4)  1,000  1,043 
Maryland HHEFA, Helix Health, 5.125%, 7/1/10 (2)(4)  2,485  2,619 
Maryland HHEFA, Howard County General, 5.50%, 7/1/21 (2)  5,000  5,149 
Maryland HHEFA, Johns Hopkins Hosp., 5.50%, 5/15/38  10,590  11,190 
Maryland HHEFA, Johns Hopkins Hosp., 6.625%, 7/1/08 (2)  825  849 
Maryland HHEFA, Johns Hopkins Hosp., Zero Coupon, 7/1/19  9,460  4,913 
Maryland HHEFA, Johns Hopkins Medical Institute Parking Fac.     
5.00%, 7/1/38 (4)  5,900  6,057 
Maryland HHEFA, Johns Hopkins Medical Institute Parking Fac.     
5.375%, 7/1/20 (4)  5,550  5,668 
Maryland HHEFA, Johns Hopkins Medical Institute Parking Fac.     
5.50%, 7/1/26 (4)  3,220  3,288 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 7/1/13  1,000  1,050 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 7/1/24  1,500  1,556 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 7/1/33  2,855  2,933 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 5/15/35  8,170  8,371 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 7/1/38  11,170  11,430 
Maryland HHEFA, Johns Hopkins Univ., 5.00%, 7/1/41  765  775 
Maryland HHEFA, Johns Hopkins Univ., 5.125%, 7/1/20  6,660  6,940 
Maryland HHEFA, Johns Hopkins Univ., 5.25%, 7/1/15  1,500  1,570 
Maryland HHEFA, Johns Hopkins Univ., 5.25%, 7/1/16  9,615  10,063 
Maryland HHEFA, Johns Hopkins Univ., 5.25%, 7/1/17  3,100  3,243 
Maryland HHEFA, Johns Hopkins Univ., 6.00%, 7/1/07  1,065  1,092 
Maryland HHEFA, Johns Hopkins Univ., 6.00%, 7/1/39     
(Prerefunded 7/1/09) (1)  19,150  20,616 
Maryland HHEFA, Kaiser Permanente, 5.375%, 7/1/15  2,365  2,459 
Maryland HHEFA, Kennedy Krieger Institute, 5.50%, 7/1/33  6,000  6,155 
Maryland HHEFA, Lifebridge Health, 5.25%, 7/1/20  625  651 
Maryland HHEFA, Loyola College, 5.00%, 10/1/40  8,525  8,588 
Maryland HHEFA, Loyola College, 5.125%, 10/1/45  12,845  13,071 
Maryland HHEFA, Loyola College, 5.375%, 10/1/26     
(Prerefunded 10/1/06) (1)(3)  6,570  6,741 
Maryland HHEFA, Maryland Institute College of Art     
5.00%, 6/1/40  5,910  5,744 
Maryland HHEFA, Maryland Institute College of Art     
5.50%, 6/1/32  6,385  6,559 
Maryland HHEFA, Maryland Institute College of Art     
5.625%, 6/1/36  3,570  3,685 
Maryland HHEFA, MedStar Health, 5.25%, 8/15/12 (7)  500  520 
Maryland HHEFA, MedStar Health, 5.375%, 8/15/24  2,500  2,593 
Maryland HHEFA, Mercy Medical Center, 5.625%, 7/1/31  22,185  22,770 
Maryland HHEFA, Mercy Medical Center, 5.75%, 7/1/26 (7)  1,500  1,532 
Maryland HHEFA, Mercy Medical Center, 6.50%, 7/1/13 (7)  2,155  2,397 
Maryland HHEFA, Mercy Ridge Retirement Community     
5.00%, 4/1/08  3,700  3,739 
Maryland HHEFA, Mercy Ridge Retirement Community     
6.00%, 4/1/28  1,675  1,766 
Maryland HHEFA, Mercy Ridge Retirement Community     
6.00%, 4/1/35  3,660  3,841 
Maryland HHEFA, North Arundel Hosp., 6.50%, 7/1/26     
(Prerefunded 7/1/10) (1)  1,700  1,891 
Maryland HHEFA, North Arundel Hosp., 6.50%, 7/1/31     
(Prerefunded 7/1/10) (1)  4,420  4,916 
Maryland HHEFA, Sheppard & Enoch Pratt Foundation     
5.25%, 7/1/35  10,000  10,216 
Maryland HHEFA, Suburban Hosp., 5.00%, 7/1/07  1,600  1,621 
Maryland HHEFA, Suburban Hosp., VRDN (Currently 3.48%)  1,000  1,000 
Maryland HHEFA, Union Hosp. of Cecil County, 5.00%, 7/1/35  2,775  2,789 
Maryland HHEFA, Union Hosp. of Cecil County, 5.00%, 7/1/40  6,850  6,877 
Maryland HHEFA, Univ. of Maryland Medical System     
5.00%, 7/1/12  500  513 
Maryland HHEFA, Univ. of Maryland Medical System     
5.25%, 7/1/34  2,055  2,092 
Maryland HHEFA, Univ. of Maryland Medical System     
6.00%, 7/1/22  3,000  3,231 
Maryland HHEFA, Univ. of Maryland Medical System     
6.00%, 7/1/32  7,960  8,532 
Maryland HHEFA, Univ. of Maryland Medical System     
6.625%, 7/1/20 (Prerefunded 7/1/10) (1)  6,165  6,886 
Maryland HHEFA, Univ. of Maryland Medical System     
6.75%, 7/1/30 (Prerefunded 7/1/10) (1)  15,535  17,423 
Maryland HHEFA, Univ. of Maryland Medical System     
7.00%, 7/1/22 (5)  2,090  2,667 
Maryland HHEFA, Upper Chesapeake Health     
5.125%, 1/1/38 (7)  2,000  2,045 
Maryland HHEFA, Upper Chesapeake Health     
5.375%, 1/1/28 (7)  2,250  2,318 
Maryland Ind. Dev. Fin. Auth., Bon Secours Health System     
5.929%, 8/26/22 (7)  15,000  17,224 
Maryland Ind. Dev. Fin. Auth., National Aquarium in Baltimore     
5.50%, 11/1/17  1,430  1,523 
Maryland Ind. Dev. Fin. Auth., Our Lady of Good Counsel     
5.50%, 5/1/20  1,060  1,100 
Maryland Ind. Dev. Fin. Auth., Our Lady of Good Counsel     
6.00%, 5/1/35  2,000  2,114 
Maryland Ind. Dev. Fin. Auth., Trinity Health Corp.     
5.60%, 12/1/09  2,780  2,929 
Maryland Stadium Auth., Convention Center     
5.875%, 12/15/11 (4)  2,025  2,048 
Maryland Stadium Auth., Ocean City Convention Center     
5.20%, 12/15/09 (3)  500  504 
Maryland Transportation Auth., 5.25%, 3/1/21 (4)  4,735  5,041 
Maryland Transportation Auth., 6.80%, 7/1/16 (2)  19,755  22,504 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.25%, 3/1/11 (4)(8)  6,475  6,822 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.25%, 3/1/13 (4)(8)  7,180  7,633 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.25%, 3/1/14 (4)(8)  6,375  6,748 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.25%, 3/1/20 (4)  4,500  4,829 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.25%, 3/1/27 (4)(8)  10,000  10,396 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.50%, 3/1/16 (4)(8)  8,540  9,110 
Maryland Transportation Auth., Baltimore-Washington Int'l.     
Airport, 5.50%, 3/1/19 (4)(8)  8,170  8,678 
Maryland Transportation Auth., Capital Appreciation     
Zero Coupon, 7/1/07 (5)  8,500  8,174 
Maryland Transportation Auth., Capital Appreciation     
Zero Coupon, 7/1/08 (5)  2,000  1,854 
Maryland Transportation Auth., Capital Appreciation     
Zero Coupon, 7/1/09 (5)  10,410  9,286 
Maryland Water Quality Fin. Admin., Zero Coupon, 9/1/07  1,125  1,075 
Montgomery County, College Arts Center, 5.00%, 5/1/28  1,000  1,029 
Montgomery County, Consolidated Public Improvement     
5.00%, 2/1/18 (Prerefunded 2/1/12) (1)  1,000  1,069 
Montgomery County, Consolidated Public Improvement     
5.375%, 5/1/09 (Prerefunded 5/1/07) (1)  2,850  2,952 
Montgomery County, Consolidated Public Improvement, GO     
5.00%, 7/1/18  7,095  7,553 
Montgomery County, Consolidated Public Improvement, GO     
5.375%, 5/1/16 (Prerefunded 5/1/07) (1)  4,000  4,143 
Montgomery County, Consolidated Public Improvement, GO     
5.50%, 1/1/14 (Prerefunded 1/1/10) (1)  5,795  6,201 
Montgomery County, Consolidated Public Improvement, GO     
6.00%, 1/1/20 (Prerefunded 1/1/10) (1)  6,500  7,061 
Montgomery County, GO, 5.00%, 2/1/19     
(Prerefunded 2/1/11) (1)  5,000  5,318 
Montgomery County, GO, 5.00%, 2/1/21     
(Prerefunded 2/1/12) (1)  1,185  1,267 
Montgomery County, GO, 5.25%, 10/1/19  5,710  6,100 
Montgomery County, Golf Course, 6.125%, 10/1/22     
(Prerefunded 10/1/06) (1)  2,260  2,324 
Montgomery County, Public Improvement, 5.375%, 5/1/10     
(Prerefunded 5/1/07) (1)  2,700  2,796 
Montgomery County Economic Dev., Trinity Health Corp.     
5.25%, 12/1/31  2,275  2,322 
Montgomery County Economic Dev., Trinity Health Corp.     
5.50%, 12/1/16  3,450  3,644 
Montgomery County Housing Opportunities, Multi-Family     
6.10%, 7/1/30  4,620  4,840 
Montgomery County Housing Opportunities, Single Family     
5.00%, 7/1/36 (8)  3,650  3,627 
Morgan State Univ., 6.05%, 7/1/15 (3)  1,100  1,232 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Fac., 5.50%, 4/1/12 (4)(8)  3,000  3,217 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Fac., 5.50%, 4/1/15 (4)(8)  5,000  5,335 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Fac., 5.50%, 4/1/16 (4)(8)  16,000  17,018 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/06 (8)  1,125  1,127 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/07 (8)  1,050  1,067 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/08 (8)  10,000  10,317 
Northeast Maryland Waste Disposal Auth. IDRB, Waste     
Management, 4.75%, 1/1/12 (8)  1,620  1,643 
Northeast Maryland Waste Disposal Auth. IDRB, Waste     
Management, 5.00%, 1/1/12 (8)  6,545  6,693 
Prince Georges County, Consolidated Public Improvement, GO     
5.25%, 10/1/16 (Prerefunded 10/1/10) (1)  1,850  1,980 
Prince Georges County, Consolidated Public Improvement, GO     
5.25%, 10/1/16  150  160 
Prince Georges County, GO, 5.25%, 12/1/18 (5)  790  847 
Prince Georges County, GO, 5.25%, 12/1/19 (5)  2,720  2,917 
Prince Georges County, National Harbor Project, 5.20%, 7/1/34  6,900  6,839 
Prince Georges County Hosp., Dimensions Health Corp.     
5.375%, 7/1/14  2,685  2,422 
Prince Georges County Housing Auth., Single Family     
6.15%, 8/1/19 (8)  20  21 
Prince Georges County Housing Auth., Single Family     
6.20%, 2/1/32 (8)  20  21 
Prince Georges County, PCR, Potomac Electric Power     
5.75%, 3/15/10  8,150  8,705 
Queen Annes County, Public Fac., GO, 5.00%, 11/15/17 (3)  1,810  1,925 
Queen Annes County, Public Fac., GO, 5.00%, 11/15/19 (3)  1,220  1,291 
Queen Annes County, School & Public Fac., GO     
5.25%, 1/15/15 (Prerefunded 1/15/10) (1)(5)  2,040  2,165 
St. Mary's County, GO, 5.50%, 10/1/13     
(Prerefunded 10/1/09) (1)  1,680  1,791 
St. Mary's County, GO, 6.00%, 10/1/15     
(Prerefunded 10/1/09) (1)  1,875  2,027 
St. Mary's County, GO, 6.00%, 10/1/16     
(Prerefunded 10/1/09) (1)  1,980  2,141 
St. Mary's County, GO, 6.00%, 10/1/17     
(Prerefunded 10/1/09) (1)  1,095  1,184 
St. Mary's County, GO, 6.00%, 10/1/18     
(Prerefunded 10/1/09) (1)  2,115  2,287 
St. Mary's County, GO, 6.00%, 10/1/19     
(Prerefunded 10/1/09) (1)  2,345  2,536 
St. Mary's County, St. Mary's Hosp., GO, 5.00%, 10/1/19  1,055  1,107 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/18  4,640  4,908 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/19  3,080  3,209 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/19  5,110  5,390 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/20  5,330  5,554 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/21  5,000  5,180 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.00%, 4/1/21 (3)  8,620  9,072 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.125%, 4/1/21  3,850  4,036 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.25%, 10/1/12     
(Prerefunded 4/1/10) (1)  3,005  3,172 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.25%, 10/1/13     
(Prerefunded 4/1/10) (1)  4,770  5,035 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.375%, 10/1/16     
(Prerefunded 4/1/10) (1)  3,960  4,198 
Univ. of Maryland, Auxiliary Fac. & Tuition, 5.75%, 10/1/20     
(Prerefunded 4/1/10) (1)  6,555  7,036 
Washington Suburban Sanitary Dist., 5.25%, 6/1/19     
(Prerefunded 6/1/10) (1)  1,120  1,185 
Washington Suburban Sanitary Dist., GO, 4.70%, 6/1/18  1,000  1,024 
Washington Suburban Sanitary Dist., GO, 5.00%, 6/1/21  5,630  5,952 
Washington Suburban Sanitary Dist., GO, 5.00%, 6/1/25  520  547 
Washington Suburban Sanitary Dist., GO, 5.25%, 6/1/18     
(Prerefunded 6/1/10) (1)  1,060  1,122 
Westminster, Carroll Lutheran Village, 6.25%, 5/1/34  4,000  4,174 
Worcester County, Consolidated Public Improvement, GO     
5.00%, 3/1/12  1,475  1,571 
Worcester County, Consolidated Public Improvement, GO     
5.00%, 3/1/13  790  845 
Worcester County, Consolidated Public Improvement, GO     
5.00%, 3/1/14  2,880  3,091 
Worcester County, Consolidated Public Improvement, GO     
5.00%, 3/1/15  1,180  1,268 
Worcester County, Consolidated Public Improvement, GO     
5.40%, 8/1/10 (Prerefunded 8/1/06) (1)  630  638 
Worcester County, Consolidated Public Improvement, GO     
5.40%, 8/1/10  370  375 
    1,236,190 
PUERTO RICO 7.1%     
Children's Trust Fund, Tobacco Settlement, 6.00%, 7/1/26     
(Prerefunded 7/1/10) (1)  2,500  2,714 
Government Dev. Bank for Puerto Rico, GO, TECP     
4.85%, 10/24/06  3,500  3,500 
Government Dev. Bank of Puerto Rico, GO, 5.00%, 12/1/08  1,000  1,022 
Government Dev. Bank of Puerto Rico, GO, 5.00%, 12/1/12  2,500  2,593 
Puerto Rico Commonwealth, 5.375%, 7/1/21     
(Prerefunded 7/1/07) (1)(3)  3,000  3,100 
Puerto Rico Commonwealth, GO, 5.50%, 7/1/14 (5)  4,000  4,408 
Puerto Rico Commonwealth, Public Improvement, GO     
6.25%, 7/1/12 (3)  1,750  1,972 
Puerto Rico Convention Center Dist. Auth., 5.00%, 7/1/31 (4)  4,000  4,151 
Puerto Rico Electric Power Auth., 4.75%, 7/1/21 (7)  1,000  1,017 
Puerto Rico Electric Power Auth., 5.00%, 7/1/21 (5)  5,000  5,253 
Puerto Rico Electric Power Auth., 5.00%, 7/1/22 (5)  14,315  15,007 
Puerto Rico Highway & Transportation Auth., 5.00%, 7/1/19 (5)  1,615  1,696 
Puerto Rico Highway & Transportation Auth., 5.50%, 7/1/15 (7)  5,000  5,530 
Puerto Rico Highway & Transportation Auth., 5.875%, 7/1/21     
(Prerefunded 7/1/10) (1)(3)  3,020  3,291 
Puerto Rico Housing Fin. Auth., 5.00%, 12/1/20  4,235  4,379 
Puerto Rico Infrastructure Fin. Auth., 5.375%, 10/1/24 (2)  5,000  5,315 
Puerto Rico Infrastructure Fin. Auth., 5.50%, 10/1/20 (2)  1,000  1,074 
Puerto Rico Infrastructure Fin. Auth., 5.50%, 7/1/24 (4)  8,985  10,172 
Puerto Rico Infrastructure Fin. Auth., Excise Tax     
5.50%, 10/1/32 (2)  12,240  13,051 
Puerto Rico Infrastructure Fin. Auth., Excise Tax     
Zero Coupon, 7/1/31 (5)  4,800  1,439 
Puerto Rico Municipal Fin. Agency, GO, 6.00%, 7/1/12 (7)  5,000  5,558 
    96,242 
GUAM 0.4%     
Guam Gov't. Waterworks Auth., 5.875%, 7/1/35  5,000  5,234 
    5,234 
VIRGIN ISLANDS 0.2%     
Virgin Islands PFA, Hovensa Refinery, 5.875%, 7/1/22 (8)  2,000  2,169 
Virgin Islands PFA, Hovensa Refinery, 6.125%, 7/1/22 (8)  1,000  1,096 
    3,265 
 
Total Municipal Securities (Cost $1,289,719)    1,340,931 
Total Investments in Securities     
98.2% of Net Assets (Cost $1,289,719)  $  1,340,931 
†  Denominated in U.S. dollars unless otherwise noted 
(1)  Prerefunded date is used in determining portfolio maturity. 
(2)  Escrowed to maturity 
(3)  Insured by MBIA Insurance Corp. 
(4)  Insured by AMBAC Assurance Corp. 
(5)  Insured by Financial Guaranty Insurance Company 
(6)  Insured by XL Capital Assurance Inc. 
(7)  Insured by Financial Security Assurance Inc. 
(8)  Interest subject to alternative minimum tax 
(9)  Insured by CIFG Assurance 
(10)  Insured by ACA Financial Guaranty Corp. 
(11)  Insured by Radian Asset Assurance Inc. 
CDA  Community Development Administration/Authority 
COP  Certificate of Participation 
DOT  Department of Transportation 
GO  General Obligation 
HHEFA  Health & Higher Educational Facility Authority 
IDRB  Industrial Development Revenue Bond 
PCR  Pollution Control Revenue 
PFA  Public Finance Authority 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
The accompanying notes are an integral part of this Portfolio of Investments. 

 




T. Rowe Price Maryland Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Maryland Tax-Free Bond Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $1,287,945,000. Net unrealized gain aggregated $52,986,000 at period-end, of which $57,493,000 related to appreciated investments and $4,507,000 related to depreciated investments.















T. ROWE PRICE VIRGINIA TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in 000s)     
 
MUNICIPAL SECURITIES 99.0%     
VIRGINIA 87.6%     
Abingdon IDA, Johnston Memorial Hosp., 5.25%, 7/1/16  1,500  1,541 
Albemarle County IDA, Martha Jefferson Hosp., 5.25%, 10/1/17  2,430  2,537 
Albemarle County IDA, Martha Jefferson Hosp., 5.25%, 10/1/35  1,000  1,018 
Alexandria, Consolidated Public Improvement     
GO, 5.50%, 6/15/19 (Prerefunded 6/15/10) (1)  2,230  2,400 
Alexandria, Consolidated Public Improvement     
GO, 5.75%, 6/15/20 (Prerefunded 6/15/10) (1)  2,980  3,235 
Alexandria, Consolidated Public Improvement, GO     
4.50%, 6/15/13  150  156 
Alexandria IDA, Episcopal High School, 5.00%, 1/1/29  3,690  3,786 
Alexandria IDA, Episcopal High School, 5.00%, 1/1/33  4,600  4,709 
Alexandria IDA, Episcopal High School     
5.875%, 1/1/23 (Prerefunded 1/1/09) (1)  1,250  1,327 
Alexandria IDA, Episcopal High School     
6.00%, 1/1/17 (Prerefunded 1/1/09) (1)  1,060  1,128 
Amelia County IDA, Waste Management     
4.05%, 4/1/27 (Tender 4/1/08) (2)  2,000  1,995 
Arlington County, GO, 5.00%, 5/15/25  3,355  3,520 
Arlington County, Public Improvement     
5.00%, 2/1/21 (Prerefunded 2/1/12) (1)  1,415  1,501 
Arlington County IDA, 5.50%, 7/1/18 (Prerefunded 7/1/11) (1)  1,000  1,085 
Arlington County IDA, The Nature Conservancy     
5.40%, 7/1/17 (Prerefunded 7/1/07) (1)  1,815  1,885 
Arlington County IDA, The Nature Conservancy     
5.45%, 7/1/27 (Prerefunded 7/1/07) (1)  2,610  2,712 
Arlington County IDA, Virginia Hosp. Center     
5.50%, 7/1/15 (Prerefunded 7/1/11) (1)  1,465  1,589 
Arlington County IDA, Virginia Hosp. Center     
5.50%, 7/1/16 (Prerefunded 7/1/11) (1)  4,555  4,941 
Arlington County IDA, Virginia Hosp. Center     
5.50%, 7/1/17 (Prerefunded 7/1/11) (1)  820  889 
Arlington County IDA, Waste Management, 5.25%, 1/1/10 (2)(3)  1,655  1,712 
Bedford County IDA, Georgia-Pacific, 5.60%, 12/1/25 (2)  1,715  1,676 
Bristol, Utility, 5.25%, 7/15/26 (4)  5,325  5,615 
Bristol, Utility, 5.75%, 7/15/13 (3)(5)  1,045  1,163 
Capital Region Airport Commission, Richmond Air, VRDN     
(Currently 3.27%) (2)(6)  3,700  3,700 
Charles City County IDA, IDRB, Waste Management     
4.875%, 2/1/09 (2)  3,350  3,411 
Charles City County IDA, IDRB, Waste Management     
6.25%, 4/1/27 (Tender 4/1/12) (2)  750  822 
Chesapeake Bay Bridge & Tunnel Dist., 5.50%, 7/1/25 (4)  2,400  2,735 
Chesapeake Toll Road, 5.625%, 7/15/19  1,250  1,307 
Chesapeake Toll Road, 5.625%, 7/15/32  1,500  1,551 
Chesterfield County IDA, Virginia Electric & Power     
5.875%, 6/1/17  1,500  1,613 
Chesterfield County IDA, Virginia Electric & Power     
5.875%, 6/1/17  500  541 
Dinwiddie County IDA, 5.00%, 2/15/24 (4)  1,750  1,812 
Fairfax City, GO, 5.00%, 1/15/30  2,000  2,074 
Fairfax County, COP, 6.10%, 4/15/32  3,055  3,418 
Fairfax County, GO, 5.00%, 6/1/17  880  929 
Fairfax County Economic Dev. Auth.     
National Wildlife Federation, 5.25%, 9/1/17 (4)  2,000  2,098 
Fairfax County Economic Dev. Auth., Route 28 Transportation     
5.00%, 4/1/33 (4)  2,000  2,060 
Fairfax County Economic Dev. Auth., Vienna II Metrorail     
6.00%, 9/1/19 (Prerefunded 9/1/09) (1)  1,975  2,149 
Fairfax County Economic Dev. Auth., Vienna II Metrorail     
6.00%, 9/1/20 (Prerefunded 9/1/09) (1)  2,090  2,274 
Fairfax County IDA, VRDN (Currently 3.43%)  315  315 
Fairfax County Water Auth., 5.00%, 4/1/30  8,000  8,288 
Fairfax County Water Auth., 5.80%, 1/1/16 (5)  5,905  6,373 
Fairfax County Water Auth.     
6.00%, 4/1/15 (Prerefunded 4/1/10) (1)  1,140  1,242 
Fairfax County Water Auth., 6.00%, 4/1/22  8,725  9,050 
Frederick County IDA, 4.75%, 6/15/36 (3)  2,000  1,990 
Fredericksburg IDA, Medicorp Health, 5.00%, 8/15/07  1,730  1,753 
Fredericksburg IDA, Medicorp Health, 5.00%, 8/15/09  1,000  1,029 
Fredericksburg IDA, Medicorp Health, 5.25%, 6/15/16 (6)  3,350  3,459 
Front Royal & Warren County IDA, 5.00%, 4/1/35 (3)  6,400  6,579 
Giles County IDA, PCR, Celanese Americas, 5.95%, 12/1/25 (2)  1,610  1,617 
Giles County IDA, PCR, Celanese Americas, 6.625%, 12/1/22 (2)  1,485  1,489 
Greater Richmond Convention Center     
6.125%, 6/15/29 (Prerefunded 6/15/10) (1)  4,585  5,029 
Halifax County IDA, Old Dominion Electric Cooperative     
5.625%, 6/1/28 (2)(6)  2,955  3,169 
Halifax County IDA, Regional Long-Term Care, 5.625%, 7/1/12  1,585  1,585 
Hampton IDA, Sentara Health, 5.375%, 11/1/15  5,300  5,435 
Hanover County IDA, Bon Secours Health, 6.375%, 8/15/18 (4)  1,000  1,154 
Hanover County IDA, Bon Secours Health, 6.50%, 8/15/10 (4)  1,300  1,430 
Henrico County Economic Dev. Auth., Bon Secours Health     
5.60%, 11/15/30  4,300  4,462 
Henrico County Economic Dev. Auth., Henrico Jail     
6.125%, 11/1/19  2,000  2,181 
Henrico County Economic Dev. Auth., Virginia United Methodist     
Homes, 6.70%, 6/1/27  2,000  2,123 
Henrico County IDA, Bon Secours Health, 6.00%, 8/15/16 (4)  865  968 
Henrico County IDA, Bon Secours Health, 6.25%, 8/15/20 (4)  1,750  2,081 
Henrico County Water & Sewer, 5.875%, 5/1/14  280  281 
Henry County IDA, Virginia Memorial Hosp.     
6.00%, 1/1/27 (Prerefunded 1/1/07) (1)  3,250  3,327 
Henry County Public Service Auth., Water & Sewer     
5.25%, 11/15/13 (3)  1,000  1,082 
Hopewell IDA, Smurfit - Stone Container Corp.     
5.25%, 6/1/15  2,000  1,913 
Isle of Wight, GO, 5.00%, 7/1/23 (6)  1,670  1,741 
Isle of Wight IDA, IDRB, Int'l. Paper, 6.10%, 5/1/27 (2)  2,000  2,060 
James City & County IDA, Williamsburg Landing     
6.125%, 3/1/32  2,000  2,090 
Leesburg Virginia, Public Utilities, GO, 4.75%, 7/1/32 (4)  5,400  5,443 
Lexington IDA, Stonewall Jackson Hosp., 7.00%, 7/1/30  2,295  2,300 
Loudoun County, 5.25%, 1/1/18 (Prerefunded 1/1/10)  (1)  2,525  2,679 
Loudoun County, 5.25%, 5/1/21 (Prerefunded 5/1/12)  (1)  1,755  1,887 
Loudoun County, GO, 5.00%, 7/1/16  6,120  6,558 
Loudoun County, Public Improvement, GO     
5.25%, 1/1/19 (Prerefunded 1/1/10) (1)  1,650  1,751 
Loudoun County, Public Improvement, GO     
5.25%, 1/1/20 (Prerefunded 1/1/10) (1)  2,650  2,812 
Loudoun County, Public Improvement, GO     
5.375%, 1/1/14 (Prerefunded 1/1/10) (1)  1,650  1,758 
Loudoun County, Public Improvement     
5.75%, 12/1/18 (Prerefunded 12/1/09) (1)  1,685  1,814 
Loudoun County IDA, Falcons Landing Project, 6.00%, 8/1/24  2,750  2,898 
Loudoun County IDA, Howard Hughes Medical Institute     
VRDN (Currently 3.20%)  500  500 
Loudoun County IDA, Loudoun Hosp. Center     
6.10%, 6/1/32 (Prerefunded 6/1/12) (1)  1,250  1,403 
Manassas, GO, 5.25%, 1/1/17  1,000  1,093 
Montgomery County IDA, 5.00%, 3/1/17 (6)  1,040  1,095 
Montgomery County IDA, 5.00%, 3/1/18 (6)  1,090  1,144 
Montgomery County IDA, 5.00%, 3/1/20 (6)  1,205  1,258 
Newport Community Dev Auth., 5.60%, 9/1/36  1,000  1,003 
Newport News, GO, 5.00%, 8/15/21  1,000  1,037 
Newport News, GO, 5.00%, 11/1/21  1,000  1,039 
Newport News Economic Dev. Auth., GO, 5.25%, 1/15/21  1,335  1,442 
Norfolk, GO, 5.00%, 12/1/18 (3)  1,000  1,049 
Norfolk Airport Auth., 5.375%, 7/1/16 (7)  1,675  1,774 
Norfolk Airport Auth., 5.375%, 7/1/16 (2)(7)  1,650  1,723 
Norfolk Airport Auth., 5.375%, 7/1/17 (2)(7)  1,600  1,670 
Norfolk Parking System, 5.00%, 2/1/25 (4)  6,285  6,545 
Northwestern Regional Jail Auth., 5.00%, 7/1/25 (4)  1,500  1,559 
Orange County IDA, Public Fac., 5.00%, 2/1/25 (6)  1,750  1,810 
Peninsula Airport Commission, Newport News, GO     
5.25%, 7/15/12 (2)  1,200  1,271 
Peninsula Airport Commission, Newport News, GO     
5.375%, 7/15/15 (2)  1,080  1,146 
Peninsula Airport Commission, Newport News, GO     
5.50%, 7/15/21 (2)  1,385  1,466 
Peninsula Ports Auth. of Virginia, Virginia Baptist Homes     
5.375%, 12/1/26  1,000  1,006 
Peninsula Ports Auth. of Virginia, Virginia Baptist Homes     
5.40%, 12/1/33  1,000  1,002 
Pocahontas Parkway Assoc., 5.50%, 8/15/28  750  774 
Pocahontas Parkway Assoc., Zero Coupon, 8/15/09  1,000  828 
Pocahontas Parkway Assoc.,Zero Coupon, 8/15/18  1,550  752 
Portsmouth, GO, 5.00%, 4/1/26 (4)  3,535  3,686 
Portsmouth, GO, 5.00%, 4/1/27 (4)  3,460  3,600 
Powhatan County Economic Dev. Auth., 5.25%, 7/15/25 (6)  1,525  1,613 
Prince William County, 5.25%, 12/1/16  500  533 
Prince William County IDA, 5.25%, 2/1/17  1,115  1,211 
Prince William County IDA, Potomac Hosp., 5.20%, 10/1/30  1,545  1,593 
Prince William County IDA, Potomac Hosp., 5.50%, 10/1/20  1,120  1,189 
Prince William County Park Auth., Park Improvement     
5.875%, 10/15/19  4,135  4,370 
Prince William County Service Auth., Water & Sewer     
5.00%, 7/1/21  3,110  3,265 
Richmond, GO, 5.50%, 1/15/16 (3)  5,000  5,390 
Richmond, GO, 5.50%, 1/15/18 (3)  1,000  1,074 
Richmond Metropolitan Auth., 5.25%, 7/15/22 (7)  5,610  6,184 
Richmond Metropolitan Auth., 5.25%, 7/15/22 (7)  3,000  3,307 
Richmond Public Utilities, 5.00%, 1/15/27 (3)(6)  2,000  2,075 
Richmond Public Utilities, 5.00%, 1/15/35 (3)  4,000  4,124 
Roanoke, Public Improvement     
GO, 6.00%, 10/1/17 (Prerefunded 10/1/09) (1)  500  545 
Roanoke, Public Improvement     
GO, 6.00%, 10/1/19 (Prerefunded 10/1/09) (1)  4,810  5,242 
Roanoke IDA, Carilion Health System, 5.50%, 7/1/20 (4)  2,000  2,122 
Roanoke IDA, Carilion Health System, 5.50%, 7/1/21 (4)  1,670  1,773 
Roanoke IDA, Carilion Health System, 5.75%, 7/1/13 (4)  2,375  2,588 
Roanoke IDA, Carilion Health System, 6.125%, 7/1/17 (4)(5)  7,205  8,253 
Spotsylvania County, Water & Sewer, 5.00%, 6/1/24 (3)  2,575  2,689 
Spotsylvania County, Water & Sewer, 5.00%, 6/1/35 (3)  5,000  5,139 
Spotsylvania County IDA, School Fac., 5.00%, 8/1/28 (6)  2,500  2,574 
Spotsylvania County Water & Sewer, 5.00%, 6/1/22 (3)  2,335  2,445 
Staunton, GO, 6.25%, 2/1/25 (6)  1,000  1,144 
Univ. of Virginia, 5.00%, 6/1/37  3,000  3,104 
Univ. of Virginia, 5.25%, 6/1/13  3,880  4,074 
Upper Occoquan Sewage Auth., 5.00%, 7/1/24 (3)  3,000  3,133 
Virginia College Building Auth., 5.00%, 2/1/25  4,090  4,262 
Virginia, GO, 5.00%, 6/1/14 (Prerefunded 6/1/11) (1)  1,000  1,058 
Virginia Beach, GO, 5.00%, 1/15/15  1,000  1,068 
Virginia Beach Dev. Auth., 5.00%, 5/1/19  1,685  1,774 
Virginia Beach Dev. Auth., 5.00%, 5/1/22  4,490  4,700 
Virginia Beach Dev. Auth., 5.00%, 5/1/23  3,860  4,038 
Virginia Beach Dev. Auth., Westminster Canterbury     
7.25%, 11/1/32 (Prerefunded 11/1/09) (1)  1,500  1,692 
Virginia Beach Dev. Auth., Sentara Healthcare, 5.25%, 11/1/14  500  515 
Virginia Beach Dev. Auth., Sentara Healthcare     
6.00%, 2/15/10 (6)  2,000  2,145 
Virginia Beach Water & Sewer, 5.00%, 10/1/21  1,910  1,980 
Virginia College Building Auth., 5.50%, 2/1/13  1,000  1,080 
Virginia College Building Auth.     
5.50%, 9/1/15 (Prerefunded 9/1/10) (1)  1,055  1,129 
Virginia College Building Auth., 21st Century College     
5.25%, 2/1/18  1,000  1,068 
Virginia College Building Auth., Public Higher Ed. Fin. Project     
5.00%, 9/1/22  4,510  4,727 
Virginia College Building Auth., Public Higher Ed. Fin. Project     
5.00%, 9/1/23  4,895  5,127 
Virginia College Building Auth., Washington & Lee Univ.     
5.75%, 1/1/34  5,000  5,982 
Virginia HDA, Multi-Family, 5.05%, 10/1/10 (2)  400  412 
Virginia HDA, Multi-Family, 5.45%, 2/1/12 (2)  1,150  1,182 
Virginia HDA, Multi-Family, 5.50%, 2/1/13 (2)  1,175  1,205 
Virginia HDA, Multi-Family, 5.50%, 5/1/13 (2)  1,000  1,026 
Virginia HDA, Multi-Family, 5.60%, 11/1/18  5,160  5,341 
Virginia HDA, Multi-Family, 5.60%, 3/1/25 (2)(4)  4,245  4,373 
Virginia HDA, Multi-Family, 5.75%, 4/1/15  980  1,024 
Virginia HDA, Single Family, 4.30%, 7/1/08 (4)  2,735  2,756 
Virginia Polytechnic Institute & State Univ.     
5.40%, 6/1/11 (Prerefunded 6/1/06) (1)  1,000  1,020 
Virginia Polytechnic Institute & State Univ.     
5.50%, 6/1/20 (Prerefunded 6/1/06)  (1)  1,600  1,632 
Virginia Polytechnic Institute & State Univ., Athletic Fac.     
5.125%, 6/1/22 (6)  2,205  2,342 
Virginia Polytechnic Institute & State Univ., Athletic Fac.,     
5.125%, 6/1/23 (6)  2,320  2,462 
Virginia Port Auth., 5.00%, 7/1/19 (2)  4,415  4,566 
Virginia Port Auth., 5.50%, 7/1/11 (2)  2,270  2,295 
Virginia Public Building Auth.     
5.50%, 8/1/15 (Prerefunded 8/1/10)  (1)  4,190  4,478 
Virginia Public School Auth.     
5.00%, 8/1/17 (Prerefunded 8/1/09)  (1)(4) 1,000  1,049 
Virginia Public School Auth., GO, 4.25%, 8/1/09  930  945 
Virginia Resources Auth., 5.00%, 10/1/23  1,250  1,306 
Virginia Resources Auth.     
5.625%, 10/1/22 (Prerefunded 10/1/10)  (1)  1,450  1,561 
Virginia Resources Auth.     
5.875%, 10/1/14 (Prerefunded 10/1/10)  (1)  4,075  4,428 
Virginia Resources Auth., Hopewell Wastewater     
5.75%, 10/1/21 (2)  1,335  1,425 
Virginia Transportation Board, 5.00%, 5/15/24  1,030  1,079 
Virginia Transportation Board, 5.00%, 5/15/25  3,740  3,916 
Virginia Transportation Board     
5.70%, 5/15/19 (Prerefunded 5/15/09) (1)  1,000  1,066 
Virginia Transportation Board, Oak Grove Connector     
5.25%, 5/15/22  1,485  1,523 
Virginia Transportation Board, U.S. Route 58, 5.00%, 5/15/09  500  518 
Virginia Transportation Board, U.S. Route 58     
5.25%, 5/15/16 (Prerefunded 5/15/09) (1)  5,000  5,266 
Winchester IDA, Winchester Medical Center, 5.50%, 1/1/10 (6)  1,500  1,502 
York County, Water & Sewer     
5.875%, 6/1/24 (Prerefunded 6/1/09) (1)  1,000  1,071 
York County IDA, Virginia Electric & Power, 5.50%, 7/1/09  1,500  1,525 
York County Sewer Revenue, 5.00%, 6/1/29 (6)  1,100  1,141 
    431,017 
PUERTO RICO 6.5%     
Government Dev. Bank of Puerto Rico, GO, TECP     
4.85%, 10/24/06  1,500  1,500 
Government Dev. Bank of Puerto Rico, GO, 5.00%, 12/1/08  1,500  1,534 
Government Dev. Bank of Puerto Rico, GO, 5.00%, 12/1/12  1,500  1,556 
Puerto Rico Convention Center Dist. Auth., 5.00%, 7/1/31 (6)  3,000  3,113 
Puerto Rico Electric Power Auth., 5.00%, 7/1/20 (3)  5,000  5,261 
Puerto Rico Electric Power Auth., 5.25%, 7/1/23 (4)  2,500  2,747 
Puerto Rico Highway & Transportation Auth., 5.00%, 7/1/33 (4)  3,000  3,084 
Puerto Rico Highway & Transportation Auth., 5.50%, 7/1/15 (3)  2,000  2,212 
Puerto Rico Highway & Transportation Auth.     
6.00%, 7/1/31 (Prerefunded 7/1/10) (1)  1,000  1,093 
Puerto Rico Highway & Transportation Auth., 6.25%, 7/1/14 (5)  1,390  1,593 
Puerto Rico Highway & Transportation Auth., 6.25%, 7/1/14  110  123 
Puerto Rico Highway & Transportation Auth.     
6.50%, 7/1/27 (Prerefunded 7/1/10) (1)  2,470  2,745 
Puerto Rico Infrastructure Fin. Auth.     
5.50%, 10/1/32 (5)  5,000  5,331 
    31,892 
DISTRICT OF COLUMBIA 4.4%     
Metropolitan Washington D.C. Airports Auth.     
5.00%, 10/1/21 (4)  2,750  2,870 
Metropolitan Washington D.C. Airports Auth.     
5.00%, 10/1/34 (2)(3)  5,760  5,814 
Metropolitan Washington D.C. Airports Auth.     
5.25%, 10/1/32 (2)(7)  2,500  2,561 
Metropolitan Washington D.C. Airports Auth.     
5.25%, 10/1/32 (7)  1,565  1,631 
Metropolitan Washington D.C. Airports Auth.     
5.50%, 10/1/27 (2)(4)  4,230  4,488 
Metropolitan Washington D.C. Airports Auth.     
5.75%, 10/1/19 (2)(7)  4,040  4,345 
    21,709 
GUAM 0.3%     
Guam Gov't. Waterworks Auth., 5.50%, 7/1/16  1,000  1,059 
Guam Gov't. Waterworks Auth., 6.00%, 7/1/25  500  532 
    1,591 
VIRGIN ISLANDS 0.2%     
Virgin Islands PFA, Hovensa, 6.125%, 7/1/22 (2)  1,000  1,096 
    1,096 
 
Total Municipal Securities (Cost $473,471)    487,305 
 
Total Investments in Securities     
99.0% of Net Assets (Cost $473,471)  $  487,305 

 
†  Denominated in U.S. dollars unless otherwise noted 
(1)  Prerefunded date is used in determining portfolio maturity. 
(2)  Interest subject to alternative minimum tax 
(3)  Insured by Financial Security Assurance Inc. 
(4)  Insured by MBIA Insurance Corp. 
(5)  Escrowed to maturity 
(6)  Insured by AMBAC Assurance Corp. 
(7)  Insured by Financial Guaranty Insurance Company 
COP  Certificate of Participation 
GO  General Obligation 
HDA  Housing Development Authority 
IDA  Industrial Development Authority/Agency 
IDRB  Industrial Development Revenue Bond 
PCR  Pollution Control Revenue 
PFA  Public Finance Authority 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
 
The accompanying notes are an integral part of this Portfolio of Investments. 







T. Rowe Price Virginia Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Virginia Tax-Free Bond Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Virginia state income taxes by investing primarily in investment-grade Virginia municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $473,167,000. Net unrealized gain aggregated $14,138,000 at period-end, of which $15,287,000 related to appreciated investments and $1,149,000 related to depreciated investments.














T. ROWE PRICE NEW JERSEY TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in 000s)     
 
MUNICIPAL SECURITIES 98.2%     
NEW JERSEY 89.3%     
Bayonne Redevelopment Agency, Royal Caribbean     
5.375%, 11/1/35 (1)  2,000  2,017 
Bergen County Improvement Auth., GO, 5.00%, 9/1/29  1,490  1,548 
Bordentown Sewage Auth., 5.50%, 12/1/25 (2)  1,300  1,380 
Burlington County Bridge Commission, GO, 5.25%, 8/15/19  825  874 
Cape May PCR, Atlantic City Electric, 6.80%, 3/1/21 (3)  1,520  1,918 
Cherry Hill Township, GO, 5.00%, 7/15/21 (3)  1,000  1,044 
Egg Harbor Township School Dist., 5.00%, 7/15/16     
(Prerefunded 7/15/11) (2)(4)  1,000  1,067 
Essex County, Corrections Fac., GO, 5.75%, 10/1/30     
(Prerefunded 10/1/10) (2)(4)  1,500  1,621 
Essex County Improvement Auth., GO, 5.125%, 10/1/19 (3)  1,500  1,596 
Gloucester County Improvement Auth., IDRB     
Waste Management, 6.85%, 12/1/29 (Tender 12/1/09)  1,100  1,192 
Hopewell Valley Regional School Dist., GO, 5.00%, 8/15/15 (2)  2,000  2,087 
Hudson County Improvement Auth., GO, 5.00%, 4/1/25 (5)  2,000  2,075 
Hudson County Improvement Auth., Union City, GO     
5.20%, 7/15/24 (2)  2,000  2,081 
Mercer County Improvement Auth., School Dist., GO     
5.25%, 1/15/23 (2)  1,460  1,547 
Mercer County Improvement Auth., Solid Waste, GO     
5.75%, 9/15/16  2,000  2,087 
Middlesex County Improvement Auth., Golf Course, GO     
5.25%, 6/1/20  1,310  1,398 
Middlesex County Improvement Auth., GO 5.25%, 9/15/20  1,500  1,606 
Middlesex County Improvement Auth.     
North Brunswick Township, 5.00%, 10/1/12 (2)  1,130  1,202 
Middlesex County Improvement Auth., Student Housing Urban     
Renewal, 5.00%, 8/15/18  250  254 
Middlesex County Improvement Auth., Student Housing Urban     
Renewal, 5.00%, 8/15/35  1,305  1,309 
Middlesex County Utilities Auth., 8.634%, 8/15/10 (3)(6)  455  480 
Middlesex County, PCR, Amerada Hess, 6.05%, 9/15/34  500  534 
Morris County, 5.25%, 11/15/20 (Prerefunded 11/15/09) (4)  725  762 
Morris-Union Jointure Commission, COP, 5.00%, 5/1/27 (7)  1,000  1,020 
New Brunswick Parking Auth., 5.00%, 9/1/34 (3)  1,000  1,023 
New Jersey, GO, 5.50%, 5/1/17 (Prerefunded 5/1/10) (4)  1,000  1,065 
New Jersey Building Auth., 5.375%, 6/15/19     
(Prerefunded 6/15/09) (4)  3,000  3,146 
New Jersey Economic Dev. Auth., American Water     
6.875%, 11/1/34 (1)(2)  1,000  1,012 
New Jersey Economic Dev. Auth., Cigarette Tax     
5.00%, 6/15/11 (2)  1,000  1,048 
New Jersey Economic Dev. Auth., Cigarette Tax, 5.75%, 6/15/34  2,000  2,109 
New Jersey Economic Dev. Auth., Ed. Testing Service     
4.75%, 5/15/25 (3)  1,950  1,959 
New Jersey Economic Dev. Auth., Franciscan Oaks     
5.75%, 10/1/23  375  384 
New Jersey Economic Dev. Auth., Harrogate, 5.50%, 12/1/06  400  402 
New Jersey Economic Dev. Auth., Harrogate, 5.65%, 12/1/08  400  407 
New Jersey Economic Dev. Auth., Harrogate, 5.75%, 12/1/16  500  507 
New Jersey Economic Dev. Auth., Harrogate, 5.875%, 12/1/26  1,000  1,012 
New Jersey Economic Dev. Auth., Kapkowski Road Landfill     
5.75%, 10/1/21  250  270 
New Jersey Economic Dev. Auth., Kapkowski Road Landfill     
Zero Coupon, 4/1/10 (8)  1,025  885 
New Jersey Economic Dev. Auth., Keswick Pines, 5.70%, 1/1/18  500  506 
New Jersey Economic Dev. Auth., Keswick Pines, 5.75%, 1/1/24  850  863 
New Jersey Economic Dev. Auth., Lease Liberty State Park     
5.00%, 3/1/21 (3)  2,285  2,380 
New Jersey Economic Dev. Auth., Lease Liberty State Park     
5.00%, 3/1/23 (9)  1,400  1,458 
New Jersey Economic Dev. Auth., Lease Liberty State Park     
5.00%, 3/1/24  1,500  1,546 
New Jersey Economic Dev. Auth., Lions Gate, 5.75%, 1/1/25  710  723 
New Jersey Economic Dev. Auth., Lions Gate, 5.875%, 1/1/37  230  235 
New Jersey Economic Dev. Auth., Masonic Charity Foundation     
5.50%, 6/1/31  1,000  1,052 
New Jersey Economic Dev. Auth., Masonic Charity Foundation     
6.00%, 6/1/25  1,000  1,094 
New Jersey Economic Dev. Auth., Motor Vehicle Surcharge     
5.25%, 7/1/26 (3)  1,000  1,104 
New Jersey Economic Dev. Auth., Presbyterian Homes     
at Montgomery, 6.375%, 11/1/31  800  831 
New Jersey Economic Dev. Auth., School Fac. Construction     
5.125%, 3/1/30  4,500  4,645 
New Jersey Economic Dev. Auth., School Fac. Construction     
5.25%, 9/1/17  1,445  1,547 
New Jersey Economic Dev. Auth., St. Barnabas Health Care     
Zero Coupon, 7/1/16 (3)  3,500  2,246 
New Jersey Economic Dev. Auth., The Evergreens     
6.00%, 10/1/17  1,055  1,074 
New Jersey Economic Dev. Auth., The Evergreens     
6.00%, 10/1/22  965  983 
New Jersey Economic Dev. Auth., The Seeing Eye     
5.00%, 12/1/24 (5)  3,340  3,475 
New Jersey Economic Dev. Auth., The Seeing Eye     
6.20%, 12/1/24 (Prerefunded 12/1/09) (4)  1,000  1,093 
New Jersey Economic Dev. Auth., Winchester Gardens     
8.625%, 11/1/25 (Prerefunded 11/1/06) (4)  500  520 
New Jersey Economic Dev. Auth., Winchester Gardens     
at Ward Homestead, 5.80%, 11/1/31  660  695 
New Jersey Economic Dev. Auth., IDRB, Continental Airlines     
6.25%, 9/15/19 (1)  1,000  995 
New Jersey EFA, 5.00%, 9/1/19 (Prerefunded 9/1/10) (4)(9)  1,000  1,050 
New Jersey EFA, 5.375%, 7/1/17 (2)  1,330  1,424 
New Jersey EFA, Georgian Court College, 6.50%, 7/1/33  500  551 
New Jersey EFA, Monmouth Univ., 5.25%, 7/1/09  480  494 
New Jersey EFA, Monmouth Univ., 5.60%, 7/1/12  450  464 
New Jersey EFA, Princeton Univ., 5.00%, 7/1/30  1,000  1,041 
New Jersey EFA, Public Library Grant, 5.00%, 9/1/22 (5)  1,000  1,037 
New Jersey EFA, Ramapo College, 5.00%, 7/1/25 (5)  600  620 
New Jersey EFA, Rider Univ., 5.50%, 7/1/23 (7)  1,000  1,071 
New Jersey EFA, Rowan College, 5.125%, 7/1/30 (2)  1,000  1,037 
New Jersey EFA, Rowan College, 5.25%, 7/1/22 (2)  1,175  1,242 
New Jersey EFA, Rowan Univ., 6.00%, 7/1/21     
(Prerefunded 7/1/06) (4)(5)  1,000  1,012 
New Jersey EFA, Stevens Institute of Technology     
5.00%, 7/1/12  250  256 
New Jersey EFA, Stevens Institute of Technology     
5.375%, 7/1/11  585  604 
New Jersey Environmental Infrastructure Trust     
5.25%, 9/1/20 (Prerefunded 9/1/10)  1,500  1,587 
New Jersey HFA, Multi-Family, VRDN (Currently 3.47%) (1)  2,000  2,000 
New Jersey HFFA, Atlantic City Medical Center, 5.75%, 7/1/25  2,000  2,118 
New Jersey HFFA, Hackensack Univ. Medical Center     
6.00%, 1/1/34  1,750  1,845 
New Jersey HFFA, Hunterdon Medical Center, 5.125%, 7/1/35  250  251 
New Jersey HFFA, Kennedy Health, 5.50%, 7/1/21  1,000  1,048 
New Jersey HFFA, Pascack Valley Hosp. Assoc., 6.50%, 7/1/23  750  773 
New Jersey HFFA, Robert Wood Johnson Univ. Hosp.     
5.75%, 7/1/25  1,500  1,581 
New Jersey HFFA, RWJ Health Care Corp. at Hamilton     
5.00% 7/1/25 (7)  3,485  3,574 
New Jersey HFFA, Somerset Medical Center, 5.50%, 7/1/33  2,000  2,033 
New Jersey HFFA, South Jersey Hosp., 5.875%, 7/1/21  2,250  2,380 
New Jersey HFFA, St. Clares Hosp., 5.25%, 7/1/14 (3)  2,000  2,158 
New Jersey HFFA, St. Peters Univ. Hosp., 6.875%, 7/1/30  1,000  1,079 
New Jersey HFFA, Trinitas Hosp., 6.00%, 7/1/14  750  777 
New Jersey HFFA, Trinitas Hosp., 6.00%, 7/1/20  570  589 
New Jersey HFFA., Greystone Park Psychiatric Hosp.     
5.00%, 9/15/25 (5)  1,500  1,555 
New Jersey Higher Ed. Student Assistance Auth.     
5.80%, 6/1/16 (1)(3)  585  589 
New Jersey Higher Ed. Student Assistance Auth.     
6.00%, 6/1/15 (1)(3)  1,125  1,155 
New Jersey Highway Auth., Garden State Parkway     
5.75% 1/1/13 (Prerefunded 1/1/10) (4)  2,000  2,155 
New Jersey Housing & Mortgage Fin. Agency, Multi-Family     
5.50%, 5/1/22 (1)(9)  440  455 
New Jersey Housing & Mortgage Fin. Agency, Multi-Family     
5.55%, 11/1/09 (9)  1,000  1,020 
New Jersey Housing & Mortgage Fin. Agency, Multi-Family     
5.70%, 5/1/20 (9)  455  475 
New Jersey Housing & Mortgage Fin. Agency, Multi-Family     
6.25%, 11/1/26 (9)  715  747 
New Jersey Transit Corp., 5.50%, 2/1/08 (5)  4,250  4,374 
New Jersey Transportation Trust Fund Auth.     
5.125%, 6/15/15 (Prerefunded 6/15/09) (4)  1,635  1,704 
New Jersey Transportation Trust Fund Auth.     
5.25%, 12/15/11 (3)  2,000  2,137 
New Jersey Transportation Trust Fund Auth.     
6.00%, 12/15/19 (Prerefunded 12/15/11) (3)(4)  1,250  1,388 
New Jersey Transportation Trust Fund Auth.     
Capital Appreciation, Zero Coupon, 12/15/29 (9)  6,000  1,890 
New Jersey Turnpike Auth., 5.00%, 1/1/21 (9)  2,000  2,088 
New Jersey Turnpike Auth., 5.00%, 1/1/25 (9)  2,500  2,601 
New Jersey Turnpike Auth., 5.00%, 1/1/27 (2)  700  723 
New Jersey Turnpike Auth., 5.00%, 1/1/35 (9)  2,000  2,062 
New Jersey Turnpike Auth., 5.50%, 1/1/25     
(Prerefunded 1/1/10) (3)(4)  1,025  1,086 
New Jersey Turnpike Auth., VRDN (Currently 3.44%) (9)  1,000  1,000 
North Hudson Sewage Auth., 5.25%, 8/1/18 (2)  2,000  2,130 
North Hudson Sewage Auth., Zero Coupon, 8/1/20 (3)  2,350  1,213 
Ocean County, GO, 5.35%, 12/1/17 (Prerefunded 12/1/09) (4)  1,695  1,802 
Ocean County, GO     
5.125%, 9/1/18 (Prerefunded 9/1/10) (4)  1,590  1,691 
Ocean County, GO, 5.00%, 11/1/17 (3)  325  344 
Port Auth. of New York & New Jersey, 5.00%, 7/15/22  3,000  3,133 
Port Auth. of New York & New Jersey, 5.00%, 7/15/26 (1)(9)  1,905  1,957 
Port Auth. of New York & New Jersey, 5.125%, 1/15/36 (1)  1,000  1,012 
Port Auth. of New York & New Jersey, 5.875%, 9/15/15 (1)(2)  1,000  1,016 
Salem County Pollution Control Fin. Auth., PCR, PSEG Power     
5.75%, 4/1/31 (1)  1,700  1,794 
South Jersey Transportation Auth., IDRB, Raytheon Air     
6.15%, 1/1/22 (1)  660  676 
Tobacco Settlement Fin. Corp., Tobacco Industry     
5.75%, 6/1/32  245  254 
Tobacco Settlement Fin. Corp., Tobacco Industry     
6.75%, 6/1/39  450  502 
Tobacco Settlement Fin. Corp., Tobacco Industry     
7.00%, 6/1/41  150  170 
Trenton, GO, 5.00%, 12/1/26 (3)  2,000  2,077 
Univ. of Medicine & Dentistry, 5.00%, 12/1/31 (5)  1,000  1,026 
Wanaque Valley Regional Sewer Auth., GO, 5.75%, 9/1/18 (5)  3,115  3,459 
Winslow Township Board of Ed., 5.20%, 8/1/16     
(Prerefunded 8/1/09) (2)(4)  2,010  2,101 
    168,250 
PUERTO RICO 6.4%     
Children's Trust Fund, Tobacco Settlement     
6.00%, 7/1/26 (Prerefunded 7/1/10) (4)  1,500  1,629 
Children's Trust Fund, Tobacco Settlement     
Zero Coupon, 5/15/55  5,000  169 
Gov’t. Dev. Bank of Puerto Rico, GO, TECP     
4.85%, 10/24/06  600  600 
Gov’t. Dev. Bank of Puerto Rico, GO     
5.00%, 12/1/17  1,400  1,442 
Puerto Rico, 5.00%, 7/1/27 (Prerefunded 7/1/12) (4)  1,400  1,491 
Puerto Rico Convention Center Dist. Auth., 5.00%, 7/1/31 (5)  2,000  2,075 
Puerto Rico Highway & Transportation Auth., 5.00%, 7/1/36  500  499 
Puerto Rico Ind., Medical & Environmental Auth., Abbott Labs     
3.55%, 3/1/23 (Tender 3/1/07) (6)  800  799 
Puerto Rico Municipal Fin. Agency, GO, 5.00%, 8/1/18 (10)  2,195  2,312 
Puerto Rico Public Buildings Auth., GO, 5.50%, 7/1/24  1,000  1,058 
    12,074 
DELAWARE 1.4%     
Delaware River & Bay Auth., 5.00%, 1/1/27 (3)  1,500  1,558 
Delaware River & Bay Auth., 5.50%, 1/1/15     
(Prerefunded 1/1/10) (4)(5)  500  535 
Delaware River & Bay Auth., 5.50%, 1/1/16     
(Prerefunded 1/1/10) (4)(5)  500  534 
    2,627 
PENNSYLVANIA 0.6%     
Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28  1,140  1,163 
    1,163 
VIRGIN ISLANDS 0.5%     
Virgin Islands PFA, Hovensa Refinery, 5.875%, 7/1/22 (1)  250  271 
Virgin Islands PFA, Hovensa Refinery, 6.125%, 7/1/22 (1)  500  548 
    819 
Total Municipal Securities (Cost $178,620)    184,933 
Total Investments in Securities     
98.2% of Net Assets (Cost $178,620)  $  184,933 

 
†  Denominated in U.S. dollars unless otherwise noted 
(1)  Interest subject to alternative minimum tax 
(2)  Insured by Financial Guaranty Insurance Company 
(3)  Insured by MBIA Insurance Corp. 
(4)  Prerefunded date is used in determining portfolio maturity. 
(5)  Insured by AMBAC Assurance Corp. 
(6)  Variable Rate; rate shown is effective rate at period-end 
(7)  Insured by Radian Asset Assurance Inc. 
(8)  Escrowed to maturity 
(9)  Insured by Financial Security Assurance Inc. 
(10)  Insured by CIFG Assurance 
COP  Certificate of Participation 
EFA  Educational Facility Authority 
GO  General Obligation 
HFA  Health Facility Authority 
HFFA  Health Facility Financing Authority 
IDRB  Industrial Development Revenue Bond 
PCR  Pollution Control Revenue 
PFA  Public Finance Authority 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
The accompanying notes are an integral part of this Portfolio of Investments. 











T. Rowe Price New Jersey Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The New Jersey Tax-Free Bond Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide the highest level of income exempt from federal and New Jersey state income taxes, consistent with prudent portfolio management, by investing primarily in investment-grade New Jersey municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $178,509,000. Net unrealized gain aggregated $6,424,000 at period-end, of which $7,106,000 related to appreciated investments and $682,000 related to depreciated investments.









T. ROWE PRICE MARYLAND SHORT-TERM TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in $000s)     
 
MUNICIPAL SECURITIES 98.8%     
MARYLAND 93.3%     
Anne Arundel County, GO, 5.00%, 3/1/07  525  531 
Anne Arundel County, GO, 5.00%, 3/1/09  610  631 
Anne Arundel County, GO, 6.00%, 2/1/08  1,270  1,318 
Anne Arundel County, Consolidated General Improvement, GO     
5.00%, 3/1/08  3,360  3,438 
Anne Arundel County, Special Obligation, 7.10%, 7/1/29     
(Prerefunded 7/1/09) (1)  2,750  3,063 
Baltimore, GO, 7.00%, 10/15/10 (2)  1,365  1,542 
Baltimore County, Metropolitan Dist. 66th Issue, GO     
5.00%, 7/1/07  195  198 
Baltimore County Economic Dev., Maryvale Preparatory School     
6.50%, 5/1/08  375  382 
Calvert County, Consolidated Public Improvement, GO     
5.00%, 7/15/11  2,310  2,444 
Carroll County, County Commissioners, GO, 5.00%, 11/1/06  500  503 
Frederick County, GO, 5.00%, 8/1/09 (2)  2,475  2,572 
Frederick County, GO, 5.00%, 12/1/10  2,495  2,631 
Frederick County, Public Fac., 5.25%, 7/1/12     
(Prerefunded 7/1/09) (1)  950  1,002 
Frederick County, Public Fac., GO, 5.00%, 8/1/11  2,500  2,651 
Harford County, GO, 5.50%, 12/1/07  220  226 
Harford County, Consolidated Public Improvement, GO     
5.00%, 12/1/10  2,765  2,911 
Howard County, Public Improvement, GO, 5.00%, 8/15/07  750  763 
Maryland, State & Local Fac., GO, 5.00%, 2/1/07  8,135  8,213 
Maryland, State & Local Fac., GO, 5.00%, 3/1/07  1,850  1,870 
Maryland, State & Local Fac., GO, 5.00%, 8/1/09  2,075  2,159 
Maryland CDA, Barrington Apartment     
VRDN (Currently 3.49%) (3)  500  500 
Maryland DOT, 5.00%, 5/1/07  450  456 
Maryland DOT, COP, 5.00%, 10/15/07 (3)  465  473 
Maryland DOT, 5.00%, 5/1/08  3,000  3,075 
Maryland Economic Dev. Corp., 5.50%, 7/15/06 (4)  380  381 
Maryland Economic Dev. Corp., 5.50%, 7/15/07 (4)  400  408 
Maryland Economic Dev. Corp., Maryland Aviation     
Administration, 5.00%, 6/1/08 (3)(5)  1,425  1,459 
Maryland Economic Dev. Corp., Maryland Aviation     
Administration, 5.00%, 6/1/09 (3)(5)  2,395  2,473 
Maryland Economic Dev. Corp., U.S. Pharmacopeial     
VRDN (Currently 3.58%) (6)  400  400 
Maryland Economic Dev. Corp., Univ. of Maryland College Park     
Student Housing, 5.00%, 6/1/09 (7)  1,150  1,190 
Maryland Economic Dev. Corp., Univ. of Maryland College Park     
Student Housing, 5.00%, 6/1/10 (7)  1,995  2,082 
Maryland Economic Dev. Corp., Univ. Village at Sheppard Pratt     
4.55%, 7/1/06 (8)  250  250 
Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/12  1,440  1,482 
Maryland HHEFA, Board of Child Care, 4.00%, 7/1/07  500  501 
Maryland HHEFA, Board of Child Care, 4.50%, 7/1/06  1,000  1,001 
Maryland HHEFA, Calvert Memorial Hosp., 4.75%, 7/1/09  275  282 
Maryland HHEFA, Carroll Hosp. Center, 4.40%, 7/1/09  515  521 
Maryland HHEFA, Frederick Memorial Hosp., 5.25%, 7/1/13 (9)  1,875  1,986 
Maryland HHEFA, Johns Hopkins Hosp., 5.00%, 5/15/08  1,640  1,678 
Maryland HHEFA, Johns Hopkins Univ., 6.00%, 7/1/07  1,000  1,025 
Maryland HHEFA, Johns Hopkins Univ., 6.00%, 7/1/39     
(Prerefunded 7/1/09) (1)  4,340  4,672 
Maryland HHEFA, Johns Hopkins Univ., VRDN (Currently 3.45%)  465  465 
Maryland HHEFA, Lifebridge Health, 4.00%, 7/1/06  1,050  1,050 
Maryland HHEFA, Lifebridge Health, 5.00%, 7/1/09  2,345  2,421 
Maryland HHEFA, Lifebridge Health, 5.00%, 7/1/10  1,565  1,632 
Maryland HHEFA, Lifebridge Health, 5.00%, 7/1/11  500  522 
Maryland HHEFA, Loyola College     
Muni Auction Rate (Currently 3.45%) (2)  2,150  2,150 
Maryland HHEFA, Mercy Ridge Retirement Community     
5.00%, 4/1/08  2,000  2,021 
Maryland HHEFA, Sheppard & Enoch Pratt Foundation     
5.00%, 7/1/06  1,300  1,301 
Maryland HHEFA, Suburban Hosp., 5.00%, 7/1/09  1,725  1,780 
Maryland HHEFA, Univ. of Maryland Medical     
5.00%, 7/1/09  1,020  1,052 
Maryland HHEFA, Univ. of Maryland Medical System     
6.75%, 7/1/30 (Prerefunded 7/1/10) (1)  2,415  2,709 
Maryland Ind. Dev. Fin. Auth., Sheppard & Enoch Pratt     
Foundation, 4.25%, 12/31/11  1,290  1,281 
Montgomery County, Consolidated Public Improvement     
5.375%, 5/1/11 (Prerefunded 5/1/07) (1)  500  518 
Montgomery County, GO, 4.25%, 5/1/07  5,000  5,032 
Montgomery County, GO, 5.00%, 7/1/10  5,480  5,756 
Montgomery County, Consolidated Public Improvement, GO     
5.00%, 2/1/09  2,240  2,317 
Montgomery County, Consolidated Public Improvement, GO     
5.375%, 1/1/07  250  253 
Montgomery County, Consolidated Public Improvement, GO     
5.375%, 5/1/13 (Prerefunded 5/1/07) (1)  1,160  1,201 
Montgomery County Parking, Bethesda Parking Lot     
5.00%, 6/1/08 (9)  1,100  1,130 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., Solid Waste, 5.25%, 4/1/09 (3)(6)  4,850  5,019 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/06 (3)  4,170  4,176 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/07 (3)  1,365  1,387 
Northeast Maryland Waste Disposal Auth., Montgomery County     
Resources Recreation Fac., 6.00%, 7/1/08 (3)  1,145  1,181 
Northeast Maryland Waste Disposal Auth. IDRB, Waste     
Management, 4.75%, 1/1/12 (3)  75  76 
Prince Georges County, GO, 5.00%, 10/1/06  3,460  3,476 
Prince Georges County, GO, 5.00%, 12/1/07  1,500  1,531 
Prince Georges County, GO, 5.00%, 12/1/08  3,000  3,098 
Prince Georges County, GO, 5.25%, 10/1/10  2,420  2,571 
Prince Georges County, Consolidated Public Improvement, GO     
5.00%, 5/15/07 (5)  3,930  3,982 
Prince Georges County, Consolidated Public Improvement, GO     
5.00%, 10/1/07  500  509 
Prince Georges County, Consolidated Public Improvement, GO     
5.125%, 10/1/08  1,000  1,034 
Prince Georges County, Equipment Acquisition, COP     
4.00%, 9/1/07 (2)  3,675  3,692 
Prince Georges County, Solid Waste Management     
5.00%, 6/15/10 (2)  3,025  3,170 
Queen Annes County, School & Public Fac., GO     
5.125%, 1/15/09 (9)  1,530  1,585 
Univ. of Maryland, Auxiliary & Tuition, 4.00%, 4/1/07  1,045  1,049 
Univ. of Maryland, Auxiliary & Tuition, 5.00%, 4/1/08  5,000  5,119 
Univ. of Maryland, Auxiliary & Tuition, 5.00%, 4/1/11  1,785  1,884 
Washington Suburban Sanitary Dist., 5.00%, 6/1/09     
(Prerefunded 6/1/07) (1)  350  362 
Washington Suburban Sanitary Dist., 5.00%, 6/1/16     
(Prerefunded 6/1/08) (1)  420  439 
Washington Suburban Sanitary Dist., 5.00%, 6/1/17     
(Prerefunded 6/1/08) (1)  400  418 
Washington Suburban Sanitary Dist., General Construction     
GO, 5.00%, 6/1/09  2,350  2,441 
Washington Suburban Sanitary Dist., General Construction     
GO, 5.25%, 6/1/10  825  873 
Washington Suburban Sanitary Dist., Sewer Disposal     
GO,5.25%, 6/1/09  1,580  1,652 
    150,658 
PUERTO RICO 2.3%     
Gov’t Dev. Bank for Puerto Rico, GO, 5.00%, 12/1/08  1,200  1,227 
Gov’t Dev. Bank for Puerto Rico, GO, TECP     
4.85%, 10/24/06  500  500 
Puerto Rico Municipal Fin. Agency, GO, 5.50%, 8/1/07 (5)  2,000  2,042 
    3,769 
VIRGIN ISLANDS 1.8%     
Virgin Islands PFA, 5.00%, 10/1/06  500  502 
Virgin Islands PFA, 5.00%, 10/1/07  1,050  1,065 
Virgin Islands PFA, 5.00%, 10/1/08  1,000  1,023 
Virgin Islands PFA, 5.00%, 10/1/10  250  258 
    2,848 
GUAM 0.7%     
Guam Gov't Waterworks Auth., 5.00%, 7/1/08  600  612 
Guam Gov't Waterworks Auth., 5.00%, 7/1/09  600  615 
    1,227 
DISTRICT OF COLUMBIA 0.7%     
Washington Metropolitan Area Transit Auth., 6.00%, 7/1/09 (9)  1,000  1,067 
    1,067 
Total Municipal Securities (Cost $160,835)    159,569 
Total Investments in Securities     
98.8% of Net Assets (Cost $160,835)  $  159,569 

†  Denominated in U.S. dollars unless otherwise noted 
(1)  Prerefunded date is used in determining portfolio maturity. 
(2)  Insured by MBIA Insurance Corp. 
(3)  Interest subject to alternative minimum tax 
(4)  Escrowed to maturity 
(5)  Insured by Financial Security Assurance Inc. 
(6)  Insured by AMBAC Assurance Corp. 
(7)  Insured by CIFG Assurance 
(8)  Insured by ACA Financial Guaranty Corp. 
(9)  Insured by Financial Guaranty Insurance Company 
CDA  Community Development Administration/Authority 
COP  Certificate of Participation 
DOT  Department of Transportation 
GO  General Obligation 
HHEFA  Health & Higher Educational Facility Authority 
IDRB  Industrial Development Revenue Bond 
PFA  Public Finance Authority 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
 
 
 
The accompanying notes are an integral part of this Portfolio of Investments. 








T. Rowe Price Maryland Short-Term Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Maryland Short-Term Tax-Free Bond Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide the highest level of income exempt from federal and Maryland state and local income taxes consistent with modest fluctuation in principal value.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $160,835,000. Net unrealized loss aggregated $1,266,000 at period-end, of which $55,000 related to appreciated investments and $1,321,000 related to depreciated investments.














T. ROWE PRICE FLORIDA INTERMEDIATE TAX-FREE FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in $000s)     
 
MUNICIPAL SECURITIES 98.6%     
FLORIDA 89.9%     
Alachua County Health Fac. Auth.     
Shands Teaching Hosp. & Clinics, VRDN (Currently 3.59%)  2,400  2,400 
Broward County, 5.00%, 12/1/06  1,800  1,811 
Broward County, Airport, 5.25%, 10/1/10 (2)(3)  2,000  2,068 
Broward County, Water & Sewer 5.00%, 10/1/15 (1)  1,425  1,511 
Broward County, GO, 5.25%, 1/1/15  2,000  2,131 
Broward County, GO, 5.25%, 1/1/18  2,000  2,119 
Broward County, GO, Parks & Land Preservation, 5.00%, 1/1/25  1,000  1,038 
Collier County, Gas Tax, 5.25%, 6/1/14 (1)  500  537 
Coral Gables HFA, Baptist Health, 5.00%, 8/15/06  400  401 
Delray Beach, Decade of Excellence, GO, 5.00%, 2/1/13 (4)  1,000  1,064 
Duval County School Dist., GO, COP, 5.75%, 7/1/16 (4)  2,000  2,113 
Florida, 5.375%, 7/1/14 (5)  2,000  2,132 
Florida, Ed. Lottery, 5.50%, 7/1/12 (Prerefunded 7/1/10) (5)(6)  2,500  2,688 
Florida, Ed. Lottery, 5.50%, 7/1/16 (5)  1,000  1,071 
Florida, Ed. Lottery, 5.50%, 7/1/13 (5)  1,000  1,070 
Florida Board of Ed., Capital Outlay     
5.25%, 1/1/13 (Prerefunded 1/1/08) (6) 2,360  2,440 
Florida Board of Ed., Capital Outlay     
5.25%, 1/1/14 (Prerefunded 1/1/08) (6)  1,170  1,210 
Florida Board of Ed., GO, 5.125%, 6/1/13  2,500  2,613 
Florida Board of Ed., GO, Capital Outlay, 5.00%, 6/1/12 (5)  1,250  1,327 
Florida Board of Ed., GO, Capital Outlay, 5.00%, 6/1/14  2,000  2,111 
Florida Dept. of Environmental Protection, 5.25%, 7/1/14 (5)  2,000  2,151 
Florida Dept. of Natural Resources, Documentary     
Stamp Tax, 5.50%, 7/1/09 (4)  3,000  3,155 
Florida Dept. of Natural Resources, Documentary     
Stamp Tax, 6.00%, 7/1/08 (1)  2,645  2,768 
Florida DOT, Florida Turnpike Revenue, 5.25%, 7/1/11 (2)  1,950  2,024 
Florida DOT, GO, 5.00%, 7/1/21  1,000  1,037 
Florida HFC, Multi-Family Housing     
5.80%, 2/1/08 (Prerefunded 8/1/06) (6)  1,000  1,024 
Greater Orlando Aviation Auth., 5.00%, 10/1/15 (4)  2,250  2,362 
Highlands County HFA, Adventist Health/Sunbelt     
5.00%, 11/15/29 (Tender 11/16/09)  1,000  1,031 
Highlands County HFA, Adventist Health/Sunbelt     
5.00%, 11/15/21  1,100  1,115 
Hillsborough County School Dist., 5.375%, 10/1/14     
(Prerefunded 10/1/11) (1)(6)  1,500  1,614 
Hillsborough County School Dist., Sales Tax, 5.00%, 10/1/20 (1)  1,975  2,074 
Jacksonville, 5.25%, 10/1/19 (2)(3)  1,500  1,571 
Jacksonville, 5.375%, 10/1/17 (5)  1,000  1,073 
Jacksonville, Excise Tax, 5.00%, 10/1/23 (1)  1,875  1,962 
Jacksonville Electric Auth.     
5.25%, 10/1/12 (Prerefunded 10/1/07) (6)  1,930  1,989 
Jacksonville HFA, Baptist Health, 5.00%, 8/15/11 (2)  750  765 
Kissimmee Utility Auth., 5.00%, 10/1/16 (1)  2,260  2,406 
Kissimmee, Water & Sewer, 5.50%, 10/1/11 (5)(7)  1,500  1,593 
Lakeland, Electric & Water, 6.55%, 10/1/07 (4)  1,095  1,135 
Lee County, Solid Waste, 5.25%, 10/1/08 (2)(3)  1,650  1,701 
Lee County IDA, Bonita Springs, 5.80%, 11/1/11 (2)(3)  1,325  1,347 
Martin County, Utility, 5.50%, 10/1/16 (5)  1,260  1,369 
Miami Dade County, Public Service, 5.00%, 4/1/20 (2)  1,135  1,194 
Miami-Dade County, GO, Florida Parks, 5.25%, 11/1/16 (2)  660  703 
Miami-Dade County EFA, Univ. of Miami, 5.00%, 4/1/18 (1)  1,750  1,835 
Orange County, Sales Tax, 5.125%, 1/1/16 (5)  2,580  2,725 
Orange County HFA, Nemours Foundation     
5.00%, 1/1/20  1,245  1,302 
Orlando-Orange County Expressway Auth., 6.50%, 7/1/10 (5)  1,000  1,102 
Osceola County, GO, Tourist Dev., 5.50%, 10/1/16 (5)  1,000  1,084 
Palm Beach County, Criminal Justice Fac., 5.75%, 6/1/13 (5)  3,700  4,110 
Polk County, Transportation Improvement     
5.625%, 12/1/15 (Prerefunded 12/1/10) (4)(6)  500  543 
Reedy Creek Improvement Dist., 5.00%, 10/1/15 (1)  1,230  1,313 
Reedy Creek Improvement Dist., 5.00%, 10/1/20 (1)  1,025  1,075 
Reedy Creek Improvement Dist.     
5.125%, 10/1/14 (Prerefunded 10/1/09) (2)(6)  1,525  1,606 
Reedy Creek Improvement Dist., GO, 5.00%, 6/1/17 (1)  1,775  1,851 
Reedy Creek Improvement Dist., GO, 5.00%, 6/1/21 (1)  2,080  2,175 
Saint Augustine, 5.00%, 10/1/24 (1)  2,400  2,498 
Venice Health Care, Bon Secours     
5.40%, 8/15/08 (Prerefunded 8/15/06) (2)(6)  1,290  1,321 
West Orange Healthcare Dist., 5.50%, 2/1/10  800  837 
    98,395 
PUERTO RICO 8.7%     
Puerto Rico, GO, Public Improvement, 5.50%, 7/1/18 (4)  2,000  2,222 
Puerto Rico Electric Power Auth., 5.25%, 7/1/14 (2)  2,000  2,086 
Puerto Rico Ind., Tourist, Ed., Medical & Environmental     
Fac., Ascension Health, 6.375%, 11/15/15  750  825 
Puerto Rico Infrastructure Fin Auth., 5.50%, 7/1/16 (1)  1,500  1,667 
Puerto Rico Infrastructure Fin. Auth. 5.50%, 7/1/17 (1)  1,000  1,111 
Puerto Rico Municipal Fin. Agency     
5.875%, 8/1/14 (Prerefunded 8/1/09) (4)(6)  1,500  1,613 
    9,524 
 
Total Municipal Securities (Cost $106,063)    107,919 
Total Investments in Securities     
98.6% of Net Assets (Cost $106,063)  $  107,919 
†  Denominated in U.S. dollars unless otherwise noted 
(1)  Insured by AMBAC Assurance Corp. 
(2)  Insured by MBIA Insurance Corp. 
(3)  Interest subject to alternative minimum tax 
(4)  Insured by Financial Security Assurance Inc. 
(5)  Insured by Financial Guaranty Insurance Company 
(6)  Prerefunded date is used in determining portfolio maturity. 
(7)  Escrowed to maturity 
COP  Certificate of Participation 
DOT  Department of Transportation 
EFA  Educational Facility Authority 
GO  General Obligation 
HFA  Health Facility Authority 
HFC  Housing Finance Corp. 
IDA  Industrial Development Authority/Agency 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
The acccompanying notes are an integral part of this Portfolio of Investmesnts. 

 








T. Rowe Price Flordia Intermediate Tax-Free Fund  
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust, Inc. (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Flordia Intermediate Tax-Free Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide a high level of income exempt from federal income taxes, consistent with moderate price fluctuation, by investing primarily in Florida municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $106,063,000. Net unrealized gain aggregated $1,856,000 at period-end, of which $2,369,000 related to appreciated investments and 513,000 related to depreciated investments.











T. ROWE PRICE GEORGIA TAX-FREE BOND FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in 000s)     
 
MUNICIPAL SECURITIES 99.9%     
GEORGIA 94.0%     
Americus & Sumter County Hosp. Auth.     
Magnolia Manor, 6.25%, 5/15/19  500  510 
Assoc. County Commissioners of Georgia Leasing     
Jackson County, COP, 5.25%, 4/1/24 (1)  1,000  1,069 
Athens - Clarke County Residential Care Fac.     
Wesley Woods of Athens, 6.375%, 10/1/27  600  504 
Atlanta, Atlanta Eastside Project, 5.60%, 1/1/30  500  510 
Atlanta, Princeton Lakes, 5.50%, 1/1/31  500  502 
Atlanta & Fulton County Recreation Auth.     
5.75%, 12/1/18 (Prerefunded 12/1/10) (2)(3)  1,500  1,639 
Atlanta Airport, 5.00%, 1/1/07 (4)(5)  500  503 
Atlanta Airport, 5.00%, 1/1/14 (6)  1,250  1,323 
Atlanta Airport, 5.00%, 1/1/30 (7)  1,500  1,538 
Atlanta Airport, 5.00%, 1/1/34 (7)  1,000  1,022 
Atlanta Airport, 5.60%, 1/1/30 (Prerefunded 1/1/10) (3)(4)  1,895  2,033 
Atlanta Airport, 6.25%, 1/1/14 (4)(5)  1,000  1,078 
Atlanta Airport, Zero Coupon, 1/1/10 (5)(6)  1,140  937 
Atlanta Water & Sewer, 5.00%, 11/1/43 (7)  2,255  2,294 
Augusta Airport, 5.45%, 1/1/31 (5)  900  909 
Augusta Water & Sewer, 5.00%, 10/1/27 (7)  1,000  1,028 
Augusta Water & Sewer, 5.25%, 10/1/34 (7)  1,000  1,055 
Augusta Water & Sewer, 5.25%, 10/1/39 (7)  1,500  1,576 
Barrow County, GO, 5.00%, 10/1/26 (4)  1,100  1,146 
Carroll County Water Auth., 5.25%, 7/1/20 (7)  1,250  1,346 
Cartersville Dev. Auth., Anheuser-Busch     
7.40%, 11/1/10 (5)  360  406 
Chatham County Hosp. Auth., Memorial Univ. Medical Center     
5.75%, 1/1/29  1,000  1,060 
Chatham County Hosp. Auth., Memorial Univ. Medical Center     
6.125%, 1/1/24  1,230  1,326 
Cherokee County Water & Sewer Auth., 5.50%, 8/1/23 (6)  1,000  1,129 
City of Savannah, Savannah Airport Commission     
5.25%, 1/1/17 (7)  1,000  1,048 
Clayton County Water Auth., 5.00%, 5/1/20  1,000  1,047 
Clayton County Water Auth., 6.25%, 5/1/16     
(Prerefunded 5/1/10) (3)  1,000  1,098 
Cobb County Dev. Auth., Waste Management     
5.00%, 4/1/33 (Tender 4/1/07) (5)  1,000  987 
Cobb County Hosp. Auth., WellStar Health System     
5.25%, 4/1/23 (2)  1,000  1,069 
Cobb-Marietta Water Auth., 5.25%, 11/1/21  1,000  1,070 
Columbia County, Courthouse/Detention Center     
GO, 5.625%, 2/1/20  1,250  1,308 
Columbia County Water & Sewer, 5.00%, 6/1/24 (7)  1,000  1,040 
Columbia County Water & Sewer, 6.25%, 6/1/18     
(Prerefunded 6/1/10) (3)(4)  1,000  1,095 
Columbus, Water & Sewer, 5.00%, 5/1/18 (6)  1,000  1,051 
Columbus, Water & Sewer, 5.00%, 5/1/21 (6)  1,000  1,044 
Columbus, Water & Sewer, 5.00%, 5/1/25 (6)  1,000  1,038 
Coweta County Newnan Water & Sewer, 5.00%, 7/1/20 (6)  1,000  1,046 
Coweta County Residential Care Fac. for the Elderly, Wesley     
Woods of Newnan-Peachtree City, 8.25%, 10/1/26     
(Prerefunded 10/1/06) (3)  500  517 
Coweta County Water & Sewer Auth., 5.00%, 6/1/23 (2)  920  962 
Coweta County Water & Sewer Auth., 5.00%, 6/1/26 (2)  1,355  1,410 
Crisp County Dev. Auth., Int'l. Paper, 6.20%, 2/1/20 (5)  1,000  1,069 
DeKalb County Building Auth., Juvenile Justice     
GO, 5.00%, 12/1/07  1,200  1,225 
DeKalb County Hosp. Auth., Regional Healthcare     
VRDN (Currently 3.22%)  1,000  1,000 
DeKalb County Water & Sewer, 5.00%, 10/1/35  1,000  1,024 
DeKalb County Water & Sewer, 5.125%, 10/1/31  1,000  1,065 
DeKalb Private Hosp. Auth., Egleston Children's Healthcare     
VRDN (Currently 3.23%)  300  300 
DeKalb Private Hospital Auth., Egleston Children's Healthcare     
VRDN (Currently 3.23%)  720  720 
Douglas County School Dist., GO, 5.00%, 4/1/09 (7)  725  750 
Douglas County School Dist., GO, 5.00%, 4/1/20 (7)  1,000  1,050 
Fayette County Public Fac. Auth., 6.00%, 6/1/30     
(Prerefunded 6/1/10) (3)  270  295 
Fayette County Public Fac. Auth., 6.25%, 6/1/20     
(Prerefunded 6/1/10) (3)  500  552 
Fayette County School Dist., GO, 0%, 3/1/25 (7)(9)  750  614 
Forsyth County, GO, 6.00%, 3/1/16 (Prerefunded 3/1/10) (3)  1,250  1,362 
Forsyth County School Dist., 6.00%, 2/1/16     
(Prerefunded 2/1/10) (3)  1,250  1,370 
Forsyth County Water & Sewer, 5.00%, 4/1/28  1,000  1,028 
Forsyth County Water & Sewer Auth., 5.00%, 4/1/21  1,060  1,098 
Forsyth County Water & Sewer Auth., 5.00%, 4/1/32  1,000  1,025 
Forsyth County Water & Sewer Auth., 6.25%, 4/1/20     
(Prerefunded 4/1/10) (3)  1,000  1,098 
Fulton County Dev. Auth., Georgia Tech Foundation     
5.00%, 11/1/21  1,000  1,037 
Fulton County Dev. Auth., Georgia Tech Foundation     
5.00%, 11/1/31  1,055  1,078 
Fulton County Residential Care Fac. for the Elderly     
Canterbury Court, 6.125%, 2/15/26  750  781 
Fulton County Residential Care Fac. for the Elderly     
Canterbury Court, 6.30%, 10/1/24 (Prerefunded 10/1/09) (3)  500  547 
Fulton County Water & Sewer, 5.00%, 1/1/35 (4)  1,000  1,027 
Fulton County Water & Sewer, 6.25%, 1/1/09 (4)  1,000  1,061 
Gainesville Water & Sewer, 5.00%, 11/15/16 (7)  1,000  1,065 
Gainesville Water & Sewer, 6.00%, 11/15/12 (4)  1,000  1,104 
Georgia Housing & Fin. Auth., Single Family, 5.65%, 12/1/21 (5)  1,000  1,031 
Georgia Housing & Fin. Auth., Single Family, 5.75%, 12/1/31 (5)  705  726 
Georgia Private Colleges & Univ. Auth., Emory Univ.     
5.50%, 11/1/20 (Prerefunded 11/1/10) (3)  500  541 
Georgia Private Colleges & Univ. Auth., Emory Univ.     
5.50%, 11/1/25 (Prerefunded 11/1/09) (3)  1,975  2,109 
Georgia Private Colleges & Univ. Auth., Emory Univ.     
5.50%, 11/1/33 (Prerefunded 11/1/10) (3)  1,500  1,622 
Glynn County Water & Sewer, 5.00%, 4/1/23 (2)  1,000  1,036 
Griffin Combined Public Utility, 5.125%, 1/1/27 (2)  1,000  1,048 
Gwinnett County Water & Sewer Auth., 5.25%, 8/1/24     
(Prerefunded 8/1/12) (3)  1,000  1,081 
Habersham County School District, GO, 5.00%, 4/1/27 (6)  1,000  1,041 
Hall County & Gainsville Hosp. Auth.     
Northeast Georgia Health System, 5.50%, 5/15/31  1,530  1,570 
Henry County Hosp. Auth., Henry Medical Center     
GO, 5.00%, 7/1/25 (6)  1,000  1,044 
Henry County Water & Sewer Auth., 5.125%, 2/1/20 (6)  1,000  1,057 
Henry County Water & Sewer Auth., 5.625%, 2/1/30     
(Prerefunded 2/1/10) (3)(4)  1,000  1,075 
Macon Water & Sewer Auth., 5.00%, 10/1/21  1,000  1,037 
Macon-Bibb County Urban Dev. Auth., GO, 5.50%, 10/1/22  1,000  1,074 
Medical Center Hosp. Auth., Columbus Regional     
Healthcare System, 5.50%, 8/1/25 (6)  1,000  1,061 
Metropolitan Atlanta Rapid Transit Auth., 7.00%, 7/1/11 (10)  2,050  2,291 
Metropolitan Atlanta Rapid Transit Auth., 7.00%, 7/1/11 (6)(10)  635  714 
Milledgeville & Baldwin County Dev. Auth.Georgia College &     
State Univ. Foundation, 6.00%, 9/1/33  1,000  1,073 
Monroe County Development Auth., Georgia Power     
3.76%, 7/1/25 (Tender 6/1/07) (8)  1,000  1,001 
Municipal Electric Auth. of Georgia, 5.00%, 1/1/20 (6)  1,250  1,310 
Municipal Electric Auth. of Georgia, 6.50%, 1/1/12 (10)  80  89 
Municipal Electric Auth. of Georgia, 6.50%, 1/1/12     
(Prerefunded 1/1/08) (3)  20  22 
Municipal Electric Auth. of Georgia, 6.50%, 1/1/12  420  458 
Municipal Electric Auth. of Georgia, 6.60%, 1/1/18 (10)  175  208 
Municipal Electric Auth. of Georgia, 6.60%, 1/1/18     
(Prerefunded 1/1/13) (3)  20  23 
Municipal Electric Auth. of Georgia, 6.60%, 1/1/18  840  974 
Municipal Electric Auth. of Georgia, 7.25%, 1/1/24 (2)  1,000  1,333 
Newton County Hosp. Auth., GO, 6.00%, 2/1/20 (2)  1,000  1,078 
Paulding County School Dist., GO, 6.00%, 2/1/13 (6)  1,000  1,122 
Paulding County Water & Sewer, 6.00%, 12/1/13 (6)  1,000  1,102 
Rockdale City Water & Sewer, GO, 5.00%, 7/1/29 (7)  1,500  1,551 
Rockdale County Dev. Auth., Pratt Industries USA     
7.40%, 1/1/16 (5)  345  346 
Roswell City, GO, 5.50%, 2/1/14 (Prerefunded 2/1/09) (3)  1,000  1,057 
Savannah Economic Dev. Auth., Marshes of Skidaway     
7.40%, 1/1/24  555  582 
Savannah Economic Dev. Auth., Savannah College of     
Art & Design, 6.80%, 10/1/19 (Prerefunded 10/1/09) (3)  500  555 
Savannah Economic Dev. Auth., IDRB, Waste Management     
5.50%, 7/1/16 (5)  1,500  1,589 
Walton County School Dist., GO, 5.00%, 8/1/25 (6)  1,000  1,049 
    105,298 
PUERTO RICO 5.4%     
Government Dev. Bank of Puerto Rico     
GO, TECP, 4.85%, 10/24/06  500  500 
Government Dev. Bank of Puerto Rico, GO, 5.00%, 12/1/12  1,000  1,037 
Puerto Rico Convention Center Dist. Auth., 5.00%, 7/1/31 (2)  1,000  1,037 
Puerto Rico Electric Power Auth., 5.25%, 7/1/23 (6)  1,000  1,099 
Puerto Rico Infrastructure Fin. Auth., 5.50%, 7/1/17 (2)  1,000  1,111 
Puerto Rico Infrastructure Fin. Auth.     
Excise Tax, 5.50%, 10/1/32 (10)  1,250  1,333 
    6,117 
GUAM 0.5%     
Guam Gov't. Waterworks Auth., 6.00%, 7/1/25  500  532 
    532 
Total Municipal Securities (Cost $108,450)    111,947 
Total Investments in Securities     
99.9% of Net Assets (Cost $108,450)           $  111,947 

†  Denominated in U.S. dollars unless otherwise noted 
(1)  Insured by XL Capital Assurance Inc. 
(2)  Insured by AMBAC Assurance Corp. 
(3)  Prerefunded date is used in determining portfolio maturity. 
(4)  Insured by Financial Guaranty Insurance Company 
(5)  Interest subject to alternative minimum tax 
(6)  Insured by MBIA Insurance Corp. 
(7)  Insured by Financial Security Assurance Inc. 
(8)  Variable Rate; rate shown is effective rate at period-end 
(9)  Stepped coupon bond for which the coupon rate of interest will adjust on specified 
  future date(s) 
(10)  Escrowed to maturity 
COP  Certificate of Participation 
GO  General Obligation 
IDRB  Industrial Development Revenue Bond 
TECP  Tax-Exempt Commercial Paper 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
The accompanying notes are an integral part of this Portfolio of Investments. 

 





T. Rowe Price Georgia Tax-Free Bond Fund   
Unaudited  May 31, 2006 
Notes To Portfolio of Investments   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Georgia Tax-Free Bond Fund (the fund), nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide the highest level of income exempt from federal and Georgia state income taxes, consistent with prudent portfolio management, by investing primarily in investment-grade Georgia municipal bonds.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Debt securities are generally traded in the over-the-counter market. Securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $108,412,000. Net unrealized gain aggregated $3,535,000 at period-end, of which $3,903,000 related to appreciated investments and $368,000 related to depreciated investments.






T. ROWE PRICE MARYLAND TAX-FREE MONEY FUND     
Unaudited    May 31, 2006 
Portfolio of Investments †  $ Par  Value 
(Amounts in $000s)     
 
MUNICIPAL SECURITIES 106.1%     
MARYLAND 103.0%     
Annapolis, Public Improvement, GO, 4.375%, 11/1/06  525  527 
Anne Arundel County, GO, 5.00%, 9/1/11     
(Prerefunded 9/1/06) (1)  100  101 
Anne Arundel County, GO, TECP, 3.65%, 8/29/06  5,000  5,000 
Baltimore, Convention Center, 5.00%, 9/1/06 (2)  1,000  1,004 
Baltimore, GO, 7.00%, 10/15/06 (2)  2,050  2,078 
Baltimore County, GO, 5.00%, 8/1/06  800  802 
Baltimore County, Quail Ridge Apartments     
VRDN (Currently 3.51%)  2,700  2,700 
Baltimore County, Saint James Academy     
VRDN (Currently 3.50%)  4,110  4,110 
Baltimore County Metro Dist., GO, TECP, 3.65%, 10/5/06  1,000  1,000 
Baltimore County Metro Dist., GO, TECP, BAN, 3.84%, 8/10/06  3,000  3,000 
Baltimore County Mortgage, Spring Hill Realty     
VRDN (Currently 3.25%)  6,185  6,185 
Calvert County Economic Dev., Asbury Solomons Obligated     
Group, VRDN (Currently 3.49%)  4,960  4,960 
Carroll County, Fairhaven Retirement Community     
VRDN (Currently 3.48%)  660  660 
Carroll County, Fairhaven Retirement Community     
VRDN (Currently 3.49%)  3,335  3,335 
Carroll County, GO, 4.00%, 12/1/06  2,165  2,172 
Carroll County, Volunteer Fire Department, GO     
4.00%, 12/1/06  195  196 
City of Rockville, GO, 6.00%, 6/1/06  1,500  1,500 
Gaithersburg, Asbury Solomons Obligated Group     
VRDN (Currently 3.47%) (2)  1,675  1,675 
Gaithersburg, Asbury Solomons Obligated Group     
VRDN (Currently 3.49%)  2,300  2,300 
Howard County, Sherwood Crossing Apartments     
VRDN (Currently 3.47%)  700  700 
Maryland, GO, 5.00%, 2/1/07  4,750  4,793 
Maryland, State & Local Fac., 5.25%, 6/15/07     
(Prerefunded 6/15/06) (1)  40  40 
Maryland, State & Local Fac., GO, 4.60%, 7/15/06  25  25 
Maryland, State & Local Fac., GO, 5.00%, 7/15/06  1,140  1,142 
Maryland, State & Local Fac., GO, 5.00%, 8/1/06  250  251 
Maryland, State & Local Fac., GO, 5.00%, 10/15/06  635  638 
Maryland, State & Local Fac., GO, 5.00%, 10/15/07     
(Prerefunded 10/15/06) (1)  50  50 
Maryland CDA, Barrington Apartment     
VRDN (Currently 3.49%) (3)  2,000  2,000 
Maryland CDA, Infrastructure, GO, 4.35%, 6/1/06 (2)  740  740 
Maryland CDA, Parklane Apartments     
VRDN (Currently 3.23%) (3)  1,800  1,800 
Maryland CDA, Residential, 3.20%, 11/24/06 (3)  3,000  3,000 
Maryland CDA, Residential, 3.40%, 3/7/07 (3)  1,000  1,000 
Maryland CDA, Residential, VRDN (Currently 3.47%) (3)  1,600  1,600 
Maryland CDA, Single Family, 5.10%, 7/1/06  85  85 
Maryland DOT, 4.00%, 12/15/06  300  301 
Maryland DOT, 5.50%, 9/1/06  1,100  1,106 
Maryland Economic Dev. Corp., American Urological Ed.     
VRDN (Currently 3.22%)  960  960 
Maryland Economic Dev. Corp., Associated Catholic Charities     
VRDN (Currently 3.49%)  3,850  3,850 
Maryland Economic Dev. Corp., Bindagraphics     
VRDN (Currently 3.62%) (3)  3,100  3,100 
Maryland Economic Dev. Corp., Constellation Energy Group     
VRDN (Currently 3.45%)  3,000  3,000 
Maryland Economic Dev. Corp., Providence Center     
VRDN (Currently 3.49%)  3,000  3,000 
Maryland Economic Dev. Corp., YMCA of Central Maryland     
VRDN (Currently 3.49%)  1,950  1,950 
Maryland HHEFA, Adventist Healthcare     
VRDN (Currently 3.47%)  5,000  5,000 
Maryland HHEFA, Adventist Healthcare     
VRDN (Currently 3.48%)  4,495  4,495 
Maryland HHEFA, Carnegie Institution of Washington     
VRDN (Currently 3.25%)  1,600  1,600 
Maryland HHEFA, Charlestown Community Health     
VRDN (Currently 3.25%)  8,300  8,300 
Maryland HHEFA, Collington Episcopal Lifecare     
VRDN (Currently 3.47%)  3,110  3,110 
Maryland HHEFA, French Int'l School     
VRDN (Currently 3.22%)  800  800 
Maryland HHEFA, Ginger Cove Life Care     
VRDN (Currently 3.48%)  3,115  3,115 
Maryland HHEFA, Indian Creek School     
VRDN (Currently 3.50%)  2,000  2,000 
Maryland HHEFA, Medstar Health, 4.00%, 8/15/06 (4)  575  576 
Maryland HHEFA, Mercy Ridge     
VRDN (Currently 3.50%)  170  170 
Maryland HHEFA, Norwood School     
VRDN (Currently 3.49%)  1,560  1,560 
Maryland HHEFA, Stella Maris Operating Corp.     
VRDN (Currently 3.24%)  1,725  1,725 
Maryland HHEFA, Trinity School, VRDN (Currently 3.48%)  2,885  2,885 
Maryland HHEFA, Univ. of Maryland Medical System     
VRDN (Currently 3.47%) (4)  9,780  9,780 
Maryland Ind. Dev. Fin. Auth., National Aquarium in Baltimore     
VRDN (Currently 3.21%)  1,700  1,700 
Maryland Transportation Auth., 5.00%, 7/1/06 (5)  25  25 
Maryland Transportation Auth., 5.80%, 7/1/06  1,000  1,002 
Maryland Transportation Auth., Baltimore-Washington Int'l     
Airport, VRDN (Currently 3.47%) (3)  2,000  2,000 
Montgomery County, GO, 4.25%, 5/1/07  5,000  5,029 
Montgomery County, GO, 5.75%, 7/1/06  1,175  1,178 
Montgomery County, GO, TECP, BAN, 3.65%, 8/4/06  2,000  2,000 
Montgomery County, GO, TECP, BAN, 3.65%, 8/8/06  2,000  2,000 
Montgomery County, Public Improvement, 5.375%, 5/1/07     
(Prerefunded 5/1/07) (1)  50  52 
Montgomery County, Public Improvement, GO, 4.00%, 6/1/06  3,000  3,000 
Montgomery County Economic Dev., Georgetown Preparatory     
School, VRDN (Currently 3.45%)  1,450  1,450 
Montgomery County Economic Dev., Howard Hughes Medical     
Institute, VRDN (Currently 3.24%)  2,000  2,000 
Montgomery County Economic Dev., Howard Hughes Medical     
Institute, VRDN (Currently 3.25%)  2,000  2,000 
Montgomery County Economic Dev., Institute for Genomic     
Research, VRDN (Currently 3.45%)  1,530  1,530 
Montgomery County Economic Dev., Rehabilitation     
Opportunities, VRDN (Currently 3.45%)  200  200 
Montgomery County Economic Dev., Sandy Spring Friends     
School, VRDN (Currently 3.22%)  4,190  4,190 
Montgomery County Housing Opportunities Commission     
Oakfield Apartments, VRDN (Currently 3.29%) (3)  2,400  2,400 
Montgomery County Housing Opportunities Commission     
Oakwood, Multi-Family, VRDN (Currently 3.25%)  2,250  2,250 
Montgomery County Housing Opportunities Commission     
Single-Family, 4.50%, 12/29/06 (3)  1,000  1,006 
Prince Georges County, Equipment Acquisition     
4.00%, 9/1/06 (2)  2,000  2,004 
Prince Georges County, GO, 4.00%, 12/1/06 (6)  500  501 
Prince Georges County, GO, 5.00%, 10/1/06  2,100  2,109 
Univ. of Maryland, Auxilary Fac. & Tuition, 5.00%, 4/1/07  1,000  1,011 
Univ. of Maryland, College Park, VRDN (Currently 3.52%)  905  905 
Washington Suburban Sanitary Dist., 5.25%, 6/1/14     
(Prerefunded 6/1/06) (1)  25  25 
Washington Suburban Sanitary Dist., Sewage Disposal, GO     
4.00%, 6/1/06  2,000  2,000 
Washington Suburban Sanitary Dist., Water Supply, GO     
4.125%, 6/1/06  330  330 
    167,449 
PUERTO RICO 2.8%     
Puerto Rico, GO, TRAN, 4.50%, 7/28/06  2,000  2,004 
Puerto Rico Electric Power Auth., VRDN (Currently 3.51%) (6)  2,000  2,000 
Puerto Rico Ind., Medical & Environmental Auth., Abbott Labs     
PCR, 3.55%, 3/1/23 (Tender 3/1/07) (7)  500  500 
    4,504 
DISTRICT OF COLUMBIA 0.3%     
District of Columbia Metropolitan Area Transit Auth.     
4.00%, 7/1/06 (2)  500  501 
    501 
Total Municipal Securities (Cost $172,454)    172,454 
Total Investments in Securities     
106.1% of Net Assets (Cost $172,454)           $  172,454 

†  Denominated in U.S. dollars unless otherwise noted 
(1)  Prerefunded date is used in determining portfolio maturity. 
(2)  Insured by MBIA Insurance Corp. 
(3)  Interest subject to alternative minimum tax 
(4)  Insured by AMBAC Assurance Corp. 
(5)  Insured by Financial Security Assurance Inc. 
(6)  Insured by Financial Guaranty Insurance Company 
(7)  Variable Rate; rate shown is effective rate at period-end 
BAN  Bond Anticipation Note 
CDA  Community Development Administration/Authority 
DOT  Department of Transportation 
GO  General Obligation 
HHEFA  Health & Higher Educational Facility Authority 
PCR  Pollution Control Revenue 
TECP  Tax-Exempt Commercial Paper 
TRAN  Tax Revenue Anticipation Note 
VRDN  Variable Rate Demand Note; rate shown is effective rate at period-end 
 
 
 
 
The accompanying notes are an integral part of this Portfolio of Investments. 






T. Rowe Price Maryland Tax-Free Money Fund
Unaudited May 31, 2006
Notes To Portfolio of Investments

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price State Tax-Free Income Trust (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Maryland Tax-Free Money Fund (the fund), a nondiversified, open-end management investment company, is one portfolio established by the trust. The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest level of income exempt from federal and Maryland state and local income taxes.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

Securities are valued at amortized cost. Assets and liabilities for which such valuation procedures are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund's Board of Trustees.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At May 31, 2006, the cost of investments for federal income tax purposes was $172,454,000.














Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.










                                                                                 SIGNATURES 
 
 
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment 
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized. 
 
T. Rowe Price State Tax-Free Income Trust 
 
 
By  /s/ Edward C. Bernard 
  Edward C. Bernard 
  Principal Executive Officer 
 
Date  July 24, 2006 
 
 
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment 
Company Act of 1940, this report has been signed below by the following persons on behalf of 
the registrant and in the capacities and on the dates indicated. 
 
 
 
By  /s/ Edward C. Bernard 
  Edward C. Bernard 
  Principal Executive Officer 
 
Date  July 24, 2006 
 
 
 
By  /s/ Joseph A. Carrier 
  Joseph A. Carrier 
  Principal Financial Officer 
 
Date  July 24, 2006