UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-3632  DWS Tax Free Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        05/31
  Date of reporting period:
        11/30/08
   ITEM 1.REPORT TO STOCKHOLDERS  
 NOVEMBER 30, 2008
Semiannual Report
to ShareholdersDWS Intermediate Tax/AMT Free Funditaf_cover2c0 Contents 4Performance Summary
10Information About Your Fund's Expenses
12Portfolio Management Review
17Portfolio Summary
19Investment Portfolio
31Financial Statements
36Financial Highlights
41Notes to Financial Statements
48Investment Management Agreement Approval
53Summary of Management Fee Evaluation by Independent
Fee Consultant
58Summary of Administrative Fee Evaluation by Independent
Fee Consultant
59Account Management Resources
60Privacy Statement This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest. Investments in mutual funds involve risk. Some funds have more risk than others. This
fund invests in individual bonds whose yields and market values fluctuate so that your
investment may be worth more or less than its original cost. Bond investments are
subject to interest rate risk such that when interest rates rise, the prices of the bonds,
and thus the value of the bond fund, can decline and the investor can lose principal value.
Derivatives may be more volatile and less liquid than traditional securities, and the fund
could suffer losses on its derivatives positions. The fund may focus on investments from a
single state or sector of the municipal securities markets, which can increase risk
because of the factors affecting the state or region, such as economic or fiscal problems.
A portion of the fund's returns may be subject to federal, state and local taxes. Please
read this fund's prospectus for specific details regarding its investments and risk profile. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryNovember 30, 2008 Classes A, B, C and Institutional Class All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The maximum sales charge for Class A shares is 2.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. Institutional Class shares are not subject to sales charges. The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated October 1, 2008
are 0.93%, 1.72%, 1.69% and 0.62% for Class A, Class B, Class C and Institutional
Class shares, respectively. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended November 30, 2008. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during the 1-year, 3-year, 5-year and 10-year periods shown for Class
A, B and C shares reflect a fee waiver and/or expense reimbursement. Without this
waiver/reimbursement, returns and rankings would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares. Returns and rankings may
differ by share class. A portion of the Fund's distributions may be subject to federal, state and local taxes. Returns shown for Class A, B and C shares for the period prior to their inception on
June 11, 2001 are derived from the historical performance of Class S shares of DWS
Intermediate Tax/AMT Free Fund during such period and have been adjusted to reflect the
higher total annual operating expenses. Any difference in expenses will affect
performance. Average Annual Total Returns(Unadjusted for Sales Charge) as of 11/30/08DWS Intermediate Tax/AMT Free Fund
6-Month
1-Year
3-Year
5-Year
10-YearClass A
-1.81%
-.39%
2.32%
2.29%
3.38%Class B
-2.19%
-1.17%
1.56%
1.50%
2.58%Class C
-2.19%
-1.06%
1.57%
1.52%
2.59%Barclays Capital 7-Year Municipal
Bond Index+
.59%
2.91%
4.06%
3.44%
4.61% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. +  Total returns shown for periods less than one year are not annualized.  Average Annual Total Returnsas of 11/30/08DWS Intermediate Tax/AMT Free Fund
6-Month
1-Year
3-Year
Life of
Class*Institutional Class
-1.66%
.01%
2.64%
2.40%Barclays Capital 7-Year Municipal Bond Index+
.59%
2.91%
4.06%
3.38% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. +  Total returns shown for periods less than one year are not annualized.  * Institutional Class shares commenced operations on December 20, 2004. Index returns
began on December 31, 2004.  Net Asset Value and Distribution InformationClass A
Class B
Class C
Institutional
ClassNet Asset Value:
11/30/08
$     10.62
$     10.63
$     10.62
$     10.635/31/08
$     11.06
$     11.07
$     11.06
$     11.07Distribution Information:
Six Months as of 11/30/08:Income Dividends
$     .21
$     .17
$     .17
$     .23November Income Dividend
$     .0353
$     .0282
$     .0286
$     .0381Capital Gain Distributions
$     .03
$     .03
$     .03
$     .03SEC 30-day Yield as of 11/30/08
3.35%
2.65%
2.65%
3.77%Tax Equivalent Yield as of 11/30/08
5.15%
4.08%
4.08%
5.80%Current Annualized Distribution Rate
as of 11/30/08
4.04%
3.23%
3.28%
4.36%   The SEC yield is net investment income per share earned over the month ended November
30, 2008, shown as an annualized percentage of the maximum offering price per share on
the last day of the period. The SEC yield is computed in accordance with a standardized
method prescribed by the Securities and Exchange Commission. Tax equivalent yield is
based on the Fund's yield and a marginal federal income tax rate of 35%. Current
annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value on November 30, 2008. Distribution rate simply measures
the level of dividends and is not a complete measure of performance. Yields and
distribution rates are historical, not guaranteed, and will fluctuate.  Class A Lipper Rankings  Intermediate Municipal Debt Funds Categoryas of 11/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
41
of
157
263-Year
40
of
144
285-Year
32
of
123
26 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS Intermediate Tax/AMT Free Fund  Class A
[]Barclays Capital 7-Year Municipal Bond Index+itaf_g10k230Yearly periods ended November 30 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 2.75%. This results in a net initial investment of $9,725. Comparative Results(Adjusted for Maximum Sales Charge) as of 11/30/08DWS Intermediate Tax/AMT Free Fund
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$9,687
$10,417
$10,889
$13,560Average annual total return
-3.13%
1.37%
1.72%
3.09%Class B
Growth of $10,000
$9,596
$10,285
$10,683
$12,900Average annual total return
-4.04%
.94%
1.33%
2.58%Class C
Growth of $10,000
$9,894
$10,480
$10,782
$12,915Average annual total return
-1.06%
1.57%
1.52%
2.59%Barclays Capital
7-Year Municipal
Bond Index+
Growth of $10,000
$10,291
$11,268
$11,844
$15,694Average annual total return
2.91%
4.06%
3.44%
4.61% The growth of $10,000 is cumulative. +  The Barclays Capital 7-Year Municipal Bond Index (name changed from Lehman Brothers
7-Year Municipal Bond Index, effective November 3, 2008) is an unmanaged, total return
subset of the Barclays Capital Municipal Bond Index. It includes maturities of six to eight
years.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Growth of an Assumed $1,000,000 Investment[]DWS Intermediate Tax/AMT Free Fund  Institutional Class
[]Barclays Capital 7-Year Municipal Bond Index+itaf_g10k220 Comparative Resultsas of 11/30/08DWS Intermediate Tax/AMT Free Fund
1-Year
3-Year
Life of
Class*Institutional Class
Growth of $1,000,000
$1,000,100
$1,081,400
$1,098,100Average annual total return
.01%
2.64%
2.40%Barclays Capital
7-Year Municipal
Bond Index+
Growth of $1,000,000
$1,029,100
$1,126,800
$1,139,000Average annual total return
2.91%
4.06%
3.38% The growth of $1,000,000 is cumulative. The minimum initial investment for Institutional Class shares is $1,000,000. * Institutional Class shares commenced operations on December 20, 2004. Index returns
began on December 31, 2004.  +  The Barclays Capital 7-Year Municipal Bond Index (name changed from Lehman Brothers
7-Year Municipal Bond Index, effective November 3, 2008) is an unmanaged, total return
subset of the Barclays Capital Municipal Bond Index. It includes maturities of six to eight
years.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated October 1, 2008
is 0.75% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended November 30, 2008. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during the 1-year, 3-year, 5-year and 10-year periods shown for Class
S shares reflect a fee waiver and/or expense reimbursement. Without this
waiver/reimbursement, returns and rankings would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class. A portion of the Fund's distributions may be subject to federal, state and local taxes. Average Annual Total Returnsas of 11/30/08DWS Intermediate Tax/AMT Free Fund
6-Month
1-Year
3-Year
5-Year
10-YearClass S
-1.74%
-.16%
2.56%
2.53%
3.67%Barclays Capital 7-Year Municipal
Bond Index+
.59%
2.91%
4.06%
3.44%
4.61% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. +  Total returns shown for periods less than one year are not annualized.+  Net Asset Value and Distribution InformationClass SNet Asset Value:
11/30/08
$     10.635/31/08
$     11.07Distribution Information:
Six Months as of 11/30/08:Income Dividends
$     .22November Income Dividend
$     .0371Capital Gain Distributions
$     .03SEC 30-day Yield as of 11/30/08
3.61%Tax Equivalent Yield as of 11/30/08
5.55%Current Annualized Distribution Rate as of 11/30/08
4.25%   The SEC yield is net investment income per share earned over the month ended November
30, 2008, shown as an annualized percentage of the maximum offering price per share on
the last day of the period. The SEC yield is computed in accordance with a standardized
method prescribed by the Securities and Exchange Commission. Tax equivalent yield is
based on the Fund's yield and a marginal federal income tax rate of 35%. Current
annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value on November 30, 2008. Distribution rate simply measures
the level of dividends and is not a complete measure of performance. Yields and
distribution rates are historical, not guaranteed, and will fluctuate.  Class S Lipper Rankings  Intermediate Municipal Debt Funds Categoryas
of 11/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
37
of
157
243-Year
27
of
144
195-Year
16
of
123
1310-Year
19
of
75
25 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. Growth of an Assumed $10,000 Investment[]DWS Intermediate Tax/AMT Free Fund  Class S
[]Barclays Capital 7-Year Municipal Bond Index+itaf_g10k210Yearly periods ended November 30 Comparative Resultsas of 11/30/08DWS Intermediate Tax/AMT Free Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$9,984
$10,787
$11,331
$14,343Average annual total return
-.16%
2.56%
2.53%
3.67%Barclays Capital
7-Year Municipal
Bond Index+
Growth of $10,000
$10,291
$11,268
$11,844
$15,694Average annual total return
2.91%
4.06%
3.44%
4.61% The growth of $10,000 is cumulative. +  The Barclays Capital 7-Year Municipal Bond Index (name changed from Lehman Brothers
7-Year Municipal Bond Index, effective November 3, 2008) is an unmanaged, total return
subset of the Barclays Capital Municipal Bond Index. It includes maturities of six to eight
years.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Information About Your Fund's Expenses As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads), redemption fees and
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing expenses
(in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. The example
in the table is based on an investment of $1,000 invested at the beginning
of the six-month period and held for the entire period(June 1, 2008 to
November 30, 2008). The tables illustrate your Fund's expenses in two ways: •   Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold. •   Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period. Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount. Expenses and Value of a $1,000 Investment (Including Interest Expense)*for the six months ended November 30, 2008Actual Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 6/1/08
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00Ending Account Value 11/30/08
$      981.90
$      978.10
$      978.10
$      982.60
$      983.40Expenses Paid per $1,000**
$      4.37
$      8.43
$      8.23
$      3.38
$      2.93Hypothetical 5% Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 6/1/08
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00Ending Account Value 11/30/08
$      1,020.66
$      1,016.55
$      1,016.75
$      1,021.66
$      1,022.11Expenses Paid per $1,000**
$      4.46
$      8.59
$      8.39
$      3.45
$      2.99 Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional
ClassDWS Intermediate Tax/AMT
Free Fund
.88%
1.70%
1.66%
.68%
.59% Expenses and Value of a $1,000 Investment (Excluding Interest Expense)*for the six months ended November 30, 2008Actual Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 6/1/08
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00Ending Account Value 11/30/08
$      981.90
$      978.10
$      978.10
$      982.60
$      983.40Expenses Paid per $1,000**
$      3.88
$      7.93
$      7.74
$      2.88
$      2.44Hypothetical 5% Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 6/1/08
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00
$      1,000.00Ending Account Value 11/30/08
$      1,021.16
$      1,017.05
$      1,017.25
$      1,022.16
$      1,022.61Expenses Paid per $1,000**
$      3.95
$      8.09
$      7.89
$      2.94
$      2.48 * Interest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.  ** Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by 365.  Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional
ClassDWS Intermediate Tax/AMT
Free Fund
.78%
1.60%
1.56%
.58%
.49% For more information, please refer to the Fund's prospectus. Portfolio Management Review In the following interview, the portfolio management team discusses
DWS Intermediate Tax/AMT Free Fund's performance for the
semiannual period ended November 30, 2008 and the market
environment for municipal bonds. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk. Q: Will you describe the general market environment during the
semiannual period ended November 30, 2008? A:Municipal bonds delivered negative results over the six months,
and lagged the taxable market. The municipal bond market, as
measured by the Barclays Capital Municipal Bond Index, delivered a
total return of -4.98% for the six months ended November 30,
2008.1 The broad taxable bond market, as measured by the Barclays
Capital US Aggregate Index, was essentially flat for the same
period, with a total return of a positive 0.24%.2 1 The Barclays Capital Municipal Bond Index is an unmanaged, market-value-weighted
measure of municipal bonds issued across the United States. Index issues have a credit
rating of at least Baa and a maturity of at least two years.  2 The Barclays Capital US Aggregate Index (name changed from Lehman Brothers US
Aggregate Index, effective November 3, 2008) is an unmanaged index representing
domestic taxable investment-grade bonds, with index components for government and
corporate securities, mortgage pass-through securities and asset-backed securities with
average maturities of one year or more.  Index returns, unlike fund returns, do no include fees or expenses. It is not possible to
invest directly into an index.  The primary factor in financial market returns over the period was
ongoing credit market distress that reached new levels of visibility
beginning in September. First, leading investment bank Lehman
Brothers failed while global insurance conglomerate AIG was bailed
out by the US Treasury. This was followed shortly by the conversion
of Morgan Stanley and Goldman Sachs to bank holding companies
as they sought shelter from the credit market storm, and the
Federal Deposit Insurance Corporation (FDIC) seizure and sale of
certain operations to JPMorgan Chase of giant thrift Washington
Mutual. The net result was an evaporation of liquidity as the credit
markets seized in September. As these events unfolded, the Bush
administration gained approval of a mammoth package designed to
unfreeze credit markets by funding the removal of illiquid
mortgage-related debt from the balance sheets of major financial
institutions. However, the ultimate execution and impact of any
rescue plan was less than clear. In this environment, investors fled to Treasuries; most other
asset classes, including municipals, suffered. Underwriters of some
municipal tender option bonds discontinued or greatly reduced their
programs, forcing market participants, including the Fund, to unwind
positions into an illiquid market. This put further pressure on
municipals. To illustrate, the municipal market fell 4.69% in
September as gauged by the Barclays Capital Municipal Bond Index. The largest source of support for municipals over the six months
was retail investors attracted by favorable yields. Mutual fund flows
turned negative as the period progressed and insurance companies
have been largely on the sidelines as buyers. Supply has been
erratic given the economic and credit market backdrop, but overall
has lagged last year's record volume only modestly. The US Federal Reserve Board (the Fed) lowered short-term rates
twice during the period for a total reduction of 100 basis points (one
percentage point). This left the federal funds rate  the overnight
interbank lending rate and a benchmark for interest rates generally
 at 1.00% at the end of November 2008. Municipal yields declined
on the short end of the curve, but rose on intermediate and
longer-term issues. Since a bond's yield moves in the opposite
direction of its price, this meant that performance of shorter-term
municipal bonds was generally better than among longer issues. Municipal Bond Yield Curve(as of 5/31/08 and 11/30/08)itaf_yield190 Source: Municipal Market Data, AAA-rated universe This chart is for illustrative purposes only and is not intended to represent the yield of any DWS
fund. Performance is historical and does not guarantee future results. The municipal bond yield curve steepened during the six months.3
The two-year bond yield decreased 15 basis points from 2.28% to
2.13%, while the 30-year yield rose 85 basis points from 4.53% to
5.38%, resulting in a total steepening of 100 basis points. (See the
graph above for municipal bond yield changes from the beginning to
the end of the period.) Municipal credit spreads widened significantly during the period, as
all fixed-income markets were influenced by the flight to quality that
reached a crescendo in September.4 Credit spread widening was
also driven by downgrades to some of the leading monoline insurers
whose guarantees have traditionally applied to nearly half of
municipal issues.5 Many insured issues are now trading on the basis
of the underlying credits. In addition, with fewer insured issues
coming to market, the outlook is for an increased supply of
non-AAA-rated issues going forward, putting further pressure on
spreads.6 Finally, the finances of states and localities have come
under pressure with the national economic downturn, leading to
wider credit spreads as market participants draw greater distinctions
among municipal issues. 3 The yield curve is a graph with a left-to-right line that shows how high or low yields are,
from the shortest to the longest maturities. Typically (and when the yield curve is
characterized as "steep," this is especially true), the line rises from left to right as investors
who are willing to tie up their money for a longer period are rewarded with higher yields.  4 Credit spread  the additional yield provided by non-Treasury fixed-income securities
versus Treasury securities of comparable duration.  5 Monoline insurers (also referred to as "monoline insurance companies" or simply
"monolines") guarantee the timely repayment of bond principal and interest when an
issuer defaults. They are so named because they originally provided services to only one
industry .  Q: How did DWS Intermediate Tax/AMT Free Fund perform for the
semiannual period ended November 30, 2008? A:DWS Intermediate Tax/AMT Free Fund posted a return of -1.81%
over the period. (Return is for Class A shares, unadjusted for sales
charges. If sales charges had been included, the return would have
been lower. Past performance is no guarantee of future results.
Please see pages 4 through 9 for the performance of other share
classes and more complete performance information.) The fund
outperformed its average peer in the Lipper Intermediate Municipal
Debt Funds category, which returned -3.77%.7 The unmanaged
Barclays Capital Municipal Bond Index, returned -4.98%, while the
Barclays Capital 7-Year Municipal Bond Index returned a positive
0.59%.8 Q: How was the fund positioned, and how did this positioning
contribute to its performance for the semiannual period ended
November 30, 2008? A:As the period began, credit spreads had reached levels where
investors are paid more fairly for the incremental risk, and we began
to selectively increase exposure to single A-rated issues. Overall,
however, the fund's quality profile was relatively high during the
period, helping to limit the impact of spread widening. In particular,
significant holdings of prerefunded bonds helped, as investors
prized their top-notch quality during the liquidity crunch.9 6 Credit quality (credit rating) is a measure of a bond issuer's ability to repay interest and
principal in a timely manner. Rating agencies assign letter designations such as AAA, AA
and so forth. The lower the rating, the higher the probability of default.  7 The Lipper Intermediate Municipal Debt Funds category includes funds that invest in
municipal debt issues with dollar-weighted average maturities of 5 to 10 years. Lipper
figures represent the average of the total returns reported by all of the mutual funds
designated by Lipper Inc. as falling into the Intermediate Municipal Debt Funds category.
For the 1-, 5- and 10-year periods this category's average return was -2.32% (157 funds),
1.82% (123 funds) and 3.30% (75 funds), respectively, as of 11/30/08. Category returns
assume reinvestment of dividends. It is not possible to invest directly into a Lipper
category.  8 The Barclays Capital 7-Year Municipal Bond Index (name changed from Lehman Brothers
7-Year Municipal Bond Index, effective November 3, 2008) is an unmanaged, total return
subset of the Barclays Capital Municipal Bond Index. It includes maturities of six to eight
years. Index returns, unlike fund returns, do not include fees or expenses. It is not possible
to invest directly into an index.  In general, we do not focus on trying to predict the overall level of
interest rates, and we attempt to keep the fund's duration and
overall interest rate sensitivity similar to that of its peers and its
benchmark, the Barclays Capital 7-Year Municipal Bond Index.10 That
said, we will shift the fund's relative exposure to shorter and longer
maturities to reflect our view of where the best return opportunities
lie. As we entered the period, the yield curve had a significant
positive slope and we had begun to move into longer maturities in
order to pick up income. As a result, the fund had some exposure to
bonds with maturities in the 15-year range, constraining returns as
yields rose and prices fell on longer-term issues.Given the
steepening of the curve that has occurred, we are continuing to look
to add exposure to issues in the 15-to-20-year range. Municipal yields are currently very attractive relative to US Treasury
bonds, providing an income advantage even before taking into
account their tax advantage. To illustrate, at the end of November,
the 10-year municipal bond was yielding approximately 138% of the
comparable maturity Treasury bond, up from about 90% six months
earlier. With a national economic downturn under way and the
decreased role of insurance in the municipal market, we believe the
expertise we bring to researching municipal sectors and individual
issues has never been more important. We will continue to take a
prudent approach to investing in the municipal market, while
seeking to maintain an attractive dividend. 9 Prerefunded bonds have their principle cash amount already held aside by the original
issuer of the debt. A subset of the municipal and corporate bond classes, the funds
required to pay off pre-refunded bonds are held in escrow until the maturity date, usually by
purchasing Treasury or agency paper.  10 Duration is a measure of bond price volatility. Duration can be defined as the approximate
percentage change in price for a 100-basis-point (one single percentage point) change in
market interest rate levels. A duration of 1.25, for example, means that the price of a bond
or bond portfolio should rise by approximately 1.25% for a one-percentage-point drop in
interest rates. And, that it should fall by 1.25% for a one-percentage-point rise in interest
rates.  Portfolio Summary Asset Allocation(As a % of Investment Portfolio)
11/30/08
5/31/08Revenue Bonds
58%
52%General Obligation Bonds
23%
24%ETM/Prerefunded
14%
18%Lease Obligations
5%
6%100%
100% Quality
11/30/08
5/31/08AAA
21%
51%AA
44%
27%A
22%
15%BBB
12%
4%Not Rated
1%
3%100%
100% Effective Maturity
11/30/08
5/31/08Less than 1 year
11%
11%1-4.99 years
37%
37%5-9.99 years
41%
43%10-14.99 years
10%
8%15-20 years
1%
1%100%
100% Weighted average effective maturity: 5.66 years and 5.46 years, respectively. Asset allocation, quality and effective maturity are subject to change. The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or
Standard & Poor's Corporation ("S&P") credit ratings. The ratings of Moody's and S&P
represent their opinions as to the quality of the securities they rate. Ratings are relative and
subjective and are not absolute standards of quality. The Fund's credit quality does not remove
market risk. Top Five State Allocations(% of Investment Portfolio)
11/30/08
5/31/08Texas
20%
16%California
13%
15%New York
7%
7%Illinois
7%
7%Indiana
4%
4% Top five state allocations are subject to change. For more complete details about the Fund's investment portfolio, see page 19. A quarterly Fact
Sheet is available upon request. A complete list of the fund's portfolio holdings is posted as of
the month end on www.dws-investments.com on or about the 15th day of the following
month. More frequent posting of portfolio holdings information may be made from time to time
on www.dws-investments.com. Please see the Account Management Resources section for
contact information. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330. Investment Portfolioas of November 30, 2008 (Unaudited) Principal
Amount ($)
Value ($)Municipal Bonds and Notes 97.9%Alabama 0.4%Birmingham, AL, Special Care Facilities Financing Authority
Revenue, Methodist Home for Aging, 5.0%, 3/1/2014,
Colonial Bank (a)
2,570,000
2,596,651Arizona 3.8%Arizona, Health Facilities Authority Revenue, Banner Health,
Series A, 5.0%, 1/1/2020
3,000,000
2,788,110Arizona, Health Facilities, Authority Hospital System Revenue,
ETM, 6.25%, 9/1/2011 (b)
105,000
109,430Arizona, Water Infrastructure Finance Authority Revenue,
Series A, 5.0%, 10/1/2024
4,000,000
4,015,160Maricopa County, AZ, Industrial Development Authority,
Hospital Facility Revenue, Samaritan Health Services, Series
B, ETM, 6.0%, 12/1/2019 (b)
3,590,000
4,089,943Phoenix, AZ, Civic Improvement Corp., Wastewater System
Revenue, 5.5%, 7/1/2022
2,545,000
2,664,590Phoenix, AZ, General Obligation, Series B, 5.0%, 7/1/2018
10,000,000
10,705,70024,372,933Arkansas 0.0%Jefferson County, AR, Health Care Facilities, 1978
Conventional Series, ETM, 7.4%, 12/1/2010 (b)
95,000
104,756Stuttgart, AR, Public Facilities Board, Single Family Mortgage,
Series B, 7.75%, 9/1/2011
3,631
3,712108,468California 13.7%California, Department of Water Resources Power Supply
Revenue, Series A, 5.5%, 5/1/2015 (b)
10,000,000
10,506,900California, Electric Revenue, Department of Water Resources
and Power Supply, Series A, Prerefunded, 5.875%, 5/1/2016
7,000,000
7,941,150California, General Obligation, Economic Recovery, Series A,
5.25%, 7/1/2014 (b)
10,000,000
10,828,600California, Infrastructure & Economic Development Bank
Revenue, Clean Water, State Revolving Fund, 5.0%,
10/1/2017
6,735,000
7,025,211California, State Department Water Resources Center, Valley
Project Revenue:Series Y, 5.25%, 12/1/2016 (b)
2,955,000
3,151,419Series Y, Prerefunded, 5.25%, 12/1/2016 (b)
45,000
50,706California, State General Obligation, 6.0%, 4/1/2018
1,700,000
1,841,746California, Statewide Communities Development Authority
Revenue, North Peninsula Jewish Campus, 0.7%*,
7/1/2034, Bank of America NA (a)
3,000,000
3,000,000Emeryville, CA, Redevelopment Agency, Residential Mortgage,
ETM, 7.5%, 9/1/2011
60,000
64,706Foothill, CA, Transportation/Tolls Revenue, Eastern Corridor
Agency, Series A, ETM, 7.05%, 1/1/2009
7,275,000
7,316,249Long Beach, CA, Bond Finance Authority Lease Revenue, Long
Beach Museum of Art, 1.0%*, 9/1/2009, Bank One NA (a)
1,410,000
1,410,000Los Angeles, CA, Community Redevelopment Agency, Angelus
Plaza Project, Series A, 7.4%, 6/15/2010
865,000
884,705Los Angeles, CA, Department of Water & Power Revenue,
Series A-5, 0.35%*, 7/1/2035
2,000,000
2,000,000Los Angeles, CA, General Obligation:Series A, 5.0%, 9/1/2019 (b)
6,340,000
6,530,010Series A, 5.0%, 9/1/2020 (b)
5,915,000
6,019,755Los Angeles, CA, School District General Obligation, 5.5%,
7/1/2015 (b)
4,000,000
4,336,480Sacramento, CA, Municipal Utility District, Electric Revenue,
Series U, 5.0%, 8/15/2023 (b)
7,000,000
6,768,650San Joaquin Hills, CA, Transportation/Tolls Revenue,
Transportation Corridor Agency, Toll Road Revenue, Series
A, Zero Coupon, 1/15/2012 (b)
825,000
726,808South Orange County, CA, Public Finance Authority, Special
Tax Revenue, Foothill Area, Series A, 5.25%, 8/15/2016 (b)
6,260,000
6,291,363Turlock, CA, Public Financing Authority Revenue, 5.25%,
9/1/2015
35,000
33,58986,728,047Colorado 2.8%Aurora, CO, Water Improvement Revenue, First Lien, Series A,
5.0%, 8/1/2021 (b)
7,000,000
7,021,490Boulder County, CO, Community Hospital Project Revenue,
ETM, 7.0%, 7/1/2009
30,000
30,888Colorado, E-470 Public Highway Authority Revenue, Series C2,
5.0%, 9/1/2039 (b)
8,000,000
7,752,560Colorado, Health Facilities Authority Revenue, Catholic Health
Initiatives, Series C-6, 3.95%, 9/1/2036
2,680,000
2,686,298Colorado, Health Facilities Authority Revenue, Weld County
General Hospital Project, ETM, 9.375%, 7/1/2009
30,000
31,278Colorado, Housing Finance Authority, Multi-Family Insured
Mortgage, Series C-3, 5.7%, 10/1/2021
70,000
70,004Colorado, Housing Finance Authority, Single Family Program:Series A-3, 6.5%, 5/1/2016
40,000
41,855Series B-3, 6.55%, 5/1/2025
32,000
33,104Denver City & County, CO, Single Family Mortgage Revenue,
Metro Mayors Caucus, Series C, 5.0%, 11/1/2015
5,000
5,06117,672,538Connecticut 0.5%Connecticut, State General Obligation, Series C, 5.0%,
6/1/2017 (b)
3,170,000
3,418,401District of Columbia 0.6%District of Columbia, Water & Sewer Revenue, Public Utility
Revenue, 6.0%, 10/1/2013 (b)
3,630,000
4,076,308Florida 2.3%Dade County, FL, Health Facilities Authority Hospital Revenue,
Baptist Hospital of Miami Project, Series A, ETM, 5.75%,
5/1/2021 (b)
4,500,000
5,002,155Miami-Dade County, FL, School Board, Certificates of
Participation, Series A, 5.0%, 5/1/2019 (b)
3,000,000
2,875,170Orange County, FL, Health Facilities Authority Revenue,
Advanced Health Systems, ETM, 8.75%, 10/1/2009
160,000
168,704South Florida, Water Management District, Certificates of
Participation, 5.0%, 10/1/2018 (b)
4,000,000
4,121,360South Miami, FL, Health Facilities Authority, Hospital Revenue,
Baptist Health South Florida Group, 5.0%, 8/15/2021
2,500,000
2,312,950St. John's County, FL, Industrial Development Authority
Revenue, Series A, 5.5%, 3/1/2017 (b)
185,000
186,36214,666,701Georgia 3.5%Columbus, GA, Water & Sewer Revenue, 5.25%, 5/1/2015 (b)
1,000,000
1,070,840Forsyth County, GA, School District General Obligation,
Prerefunded, 6.0%, 2/1/2014
1,000,000
1,069,480Fulton Dekalb, GA, Hospital Authority, Hospital Revenue
Certificates, 5.25%, 1/1/2016 (b)
8,500,000
9,065,420Georgia, Main Street Natural Gas, Inc., Gas Project Revenue,
Series A, 5.5%, 9/15/2024
1,705,000
1,287,531Georgia, Municipal Electric Authority, General Resolution
Projects, Series A, 5.25%, 1/1/2019
2,500,000
2,507,650Georgia, State General Obligation, 6.75%, 9/1/2010
5,370,000
5,796,646Savannah, GA, Economic Development Authority Revenue,
College of Art & Design:ETM, 6.2%, 10/1/2009
255,000
263,823Prerefunded, 6.5%, 10/1/2013
800,000
850,62421,912,014Hawaii 1.5%Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2021
9,000,000
9,217,170Illinois 6.9%Belleville St. Clair County, IL, Single Family Mortgage Revenue,
ETM, 7.25%, 11/1/2009
20,000
20,975Chicago, IL, Core City General Obligation, Capital Appreciation
Project, Series A, Step-up Coupon, 0% to 1/1/2011, 5.3% to
1/1/2016 (b)
1,100,000
1,067,198Chicago, IL, Higher Education Revenue, City Colleges,
Zero Coupon, 1/1/2014 (b)
11,570,000
9,381,882Chicago, IL, Water & Sewer Revenue, Zero Coupon, 11/1/2011
(b)
5,000,000
4,517,450Du Page County, IL, Special Services Area No. 11, 6.75%,
1/1/2014
590,000
624,657Du Page County, IL, Special Services Area No. 26, Bruce Lake
Subdivision, General Obligation:5.0%, 1/1/2013
65,000
62,0685.15%, 1/1/2014
65,000
61,5425.25%, 1/1/2009
50,000
50,0065.25%, 1/1/2010
55,000
54,8905.25%, 1/1/2016
150,000
136,9605.375%, 1/1/2011
60,000
59,4375.5%, 1/1/2012
35,000
34,4295.5%, 1/1/2019
255,000
221,3655.75%, 1/1/2022
300,000
249,330Illinois, Health Facilities Authority, Michael Reese Hospital &
Medical Center, ETM, 6.75%, 12/1/2008
50,000
50,022Illinois, Municipal Electric Agency Power Supply, Series A,
5.25%, 2/1/2018 (b)
2,000,000
2,035,900Illinois, Transportation/Tolls Revenue, State Toll Highway
Authority, Series A, 5.5%, 1/1/2013 (b)
2,200,000
2,398,726Illinois, Will, Grundy Etc. Counties, Community College District
Number 525, Joliet Jr. College, 6.25%, 6/1/2021
1,000,000
1,077,280Palatine, IL, Tax Increment Revenue, Dundee Road
Development Project, Tax Allocation, 5.0%, 1/1/2015 (b)
4,340,000
4,346,640Rockford-Concord Commons, IL, Housing Facility, Concord
Commons Project, Series A, 6.15%, 11/1/2022
1,285,000
1,285,463Rosemont, IL, Core City General Obligation:Series A, Zero Coupon, 12/1/2013 (b)
3,865,000
3,114,108Series A, Zero Coupon, 12/1/2014 (b)
4,000,000
3,042,720Silvas, IL, Mortgage Revenue:Series A, Prerefunded, 4.9%, 8/1/2011
360,000
370,224Series A, Prerefunded, 5.2%, 8/1/2017
1,285,000
1,343,442University of Illinois, Higher Education Revenue, Auxiliary
Facilities System:Series A, 5.5%, 4/1/2015 (b)
3,860,000
4,264,258Series A, 5.5%, 4/1/2016 (b)
3,580,000
3,943,62143,814,593Indiana 2.4%Indiana, Health Facility Authority Revenue, Memorial Hospital,
5.125%, 2/15/2017 (b)
1,250,000
1,229,775Indianapolis, IN, City Core General Obligation, Local
Improvements, Series B, 6.0%, 1/10/2013
3,000,000
3,166,170Indianapolis, IN, State Agency Revenue Lease, Local
Improvements, Series D, 6.75%, 2/1/2014
8,000,000
8,759,520Jasper County, IN, Pollution Control Revenue, Northern Indiana
Public Service, Series C, 5.85%, 4/1/2019 (b)
2,000,000
1,855,40015,010,865Kansas 0.4%Johnson County, KS, School District General Obligation, Unified
School District No. 231, Series A, 5.25%, 10/1/2014 (b)
2,220,000
2,433,986Kentucky 0.3%Kentucky, Asset/Liability Commission Agency Revenue,
Federal Highway Trust, First Series, 5.25%, 9/1/2019 (b)
1,000,000
1,054,600Kentucky, Economic Development Finance Authority Revenue,
Catholic Health, Series 04-D, 3.5%, 5/1/2034
1,030,000
1,031,0822,085,682Louisiana 1.3%Louisiana, Sales & Special Tax Revenue, Regional
Transportation Authority, Series A, 144A, 7.95%, 12/1/2013
(b)
2,815,000
3,219,994Louisiana, State Health Education Authority, Lease Rent
Revenue, Tulane University Medical Center, ETM, 7.875%,
7/1/2009
55,000
56,931New Orleans, LA, Home Mortgage Authority, Special
Obligation, ETM, 6.25%, 1/15/2011
3,594,000
3,847,557Orleans, LA, Sales & Special Tax Revenue, Levee District
Improvement Project, 5.95%, 11/1/2014 (b)
935,000
936,5058,060,987Maryland 0.9%Baltimore County, MD, Mortgage Revenue, Three Garden
Village Project, Series A, 4.8%, 1/1/2013
335,000
340,990Maryland, General Obligation, State & Local Facilities Loan,
Series 2, 5.0%, 8/1/2019
5,000,000
5,283,9005,624,890Massachusetts 0.6%Boston, MA, Deutsche Altenheim, Series A, 5.95%, 10/1/2018
405,000
422,836Massachusetts, Bay Transportation Authority Revenue, Series
A, 5.75%, 7/1/2015
85,000
88,727Massachusetts, Development Finance Agency, Human
Services Provider, Seven Hills Foundation & Affiliates,
4.85%, 9/1/2013 (b)
310,000
310,087Massachusetts, State General Obligation, Series D, 5.5%,
11/1/2015 (b)
1,000,000
1,119,410Massachusetts, Water & Sewer Revenue, Pollution Control
Revenue, Water Pollution Abatement Trust, Series A, 6.2%,
2/1/2010
10,000
10,035Somerville, MA, Housing Authority Revenue, Clarendon
Project, 4.6%, 11/20/2015
1,895,000
1,991,7593,942,854Michigan 3.9%Brighton, MI, School District General Obligation, Series II, Zero
Coupon, 5/1/2016 (b)
5,000,000
3,508,100Detroit, MI, Core City General Obligation:Series B, Prerefunded, 5.875%, 4/1/2013 (b)
2,410,000
2,565,903Series B, Prerefunded, 5.875%, 4/1/2014 (b)
2,555,000
2,720,283Detroit, MI, State General Obligation, Series A-1, 5.375%,
4/1/2016 (b)
2,000,000
2,026,780Hartland, MI, School District General Obligation, 5.375%,
5/1/2014
3,295,000
3,431,907Michigan, Hospital & Healthcare Revenue, Hospital Finance
Authority, Mercy Mt. Clemens, Series A, Prerefunded, 6.0%,
5/15/2014 (b)
3,000,000
3,098,250Michigan, Water & Sewer Revenue, Municipal Bond Authority,
5.375%, 10/1/2016
6,670,000
7,104,951Saginaw, MI, Hospital Finance Authority, Saint Luke Hospital,
ETM, 7.5%, 11/1/2010
65,000
69,49824,525,672Minnesota 0.7%Minnesota, State General Obligation, 5.0%, 6/1/2020
4,535,000
4,694,768Mississippi 2.1%Corinth & Alcorn Counties, MS, Hospital Revenue, Magnolia
Regional Health Center Project, Series B, 5.125%, 10/1/2010
190,000
189,920Lincoln County, MS, Hospital & Healthcare Revenue, Kings
Daughters Hospital, Series B, 5.5%, 4/1/2018 (b)
1,345,000
1,233,257Mississippi, Business Financial Corp., Mississippi Retirement
Facilities Revenue, Wesley Manor, Series A, 5.45%,
5/20/2034
2,650,000
2,425,466Mississippi, Home Corp., Single Family Mortgage Revenue,
Series C-1, 5.6%, 6/1/2038
6,700,000
6,752,260Rankin County, MS, School District General Obligation, 5.25%,
2/1/2015 (b)
2,845,000
2,996,35413,597,257Missouri 1.2%Bridgeton, MO, Industrial Development Authority, Facilities
Revenue, Mizpath Assisted Living, Series A, 5.25%,
12/20/2019
130,000
128,567Missouri, Hospital & Healthcare Revenue, Health & Educational
Facilities Authority, Washington University, Series A, 5.5%,
6/15/2016
3,200,000
3,604,032Missouri, Water & Sewer Revenue, State Revenue Revolving
Funds Project, Series C, 5.375%, 7/1/2015
3,495,000
3,910,381Springfield, MO, Law Enforcement Communication, Certificate
of Participation, 5.5%, 6/1/2010
60,000
62,4187,705,398Nebraska 0.3%Omaha, NE, School District General Obligation, Series A, ETM,
6.5%, 12/1/2013
1,500,000
1,766,490Nevada 0.3%Clark County, NV, Airport Revenue, Series 08-E, 5.0%,
7/1/2012
1,975,000
2,068,339Nevada, Housing Division, Single Family Mortgage:Series B-1, 4.95%, 4/1/2012
30,000
30,300Series C-1, 5.45%, 4/1/2010
10,000
10,1392,108,778New Hampshire 0.1%New Hampshire, Senior Care Revenue, Higher Educational and
Health Facilities Revenue, Catholic Charities, Series A,
5.75%, 8/1/2011
625,000
622,375New Jersey 2.5%New Jersey, Economic Development Authority Revenue,
Cigarette Tax, 5.375%, 6/15/2014
2,280,000
2,116,934New Jersey, Economic Development Authority Revenue,
School Facilities Construction:Series O, 5.0%, 3/1/2017
3,300,000
3,463,581Series W, 5.0%, 3/1/2019
3,000,000
3,053,400New Jersey, Sales & Special Tax Revenue, Transportation
Trust Fund, Series B, 6.5%, 6/15/2011 (b)
140,000
152,538New Jersey, State Transit Corp., Certificate of Participation,
Federal Transit Administration Grants, Series A, 5.0%,
9/15/2016 (b)
7,000,000
7,091,210New Jersey, State Transportation Trust Fund Authority,
Transportation System, Series B, ETM, 6.5%, 6/15/2011 (b)
85,000
94,452Secaucus, NJ, Municipal Utilities Authority, Sewer Revenue,
ETM, 6.875%, 12/1/2008
10,000
10,00515,982,120New York 6.7%New York, Dormitory Authority, Lutheran Nursing Home:5.125%, 2/1/2018 (b)
405,000
416,2676.1%, 8/1/2041 (b)
1,000,000
981,150New York, Dormitory Authority, St. Joseph's Hospital, 5.25%,
7/1/2018 (b)
450,000
403,605New York, Metropolitan Transportation Authority Revenue,
Series A, 5.5%, 11/15/2014 (b)
5,000,000
5,357,100New York, State Dormitory Authority Revenue, State University
Educational Facilities, 5.0%, 5/15/2010
250,000
252,815New York, Tobacco Settlement Financing Corp., Series C-1,
5.5%, 6/1/2015
8,000,000
8,095,600New York, Triborough Bridge & Tunnel Authority, Convention
Center Project, Series E, 7.25%, 1/1/2010
120,000
123,378New York City, NY, Municipal Water Finance Authority, Water
& Sewer Revenue, Series AA, 5.0%, 6/15/2021
10,000,000
10,099,600New York, NY, General Obligation:Series H-1, 1.25%*, 1/1/2036, Dexia Credit Local (a)
1,290,000
1,290,000Series J, 5.25%, 5/15/2015 (b)
4,000,000
4,226,280Series G, ETM, 6.75%, 2/1/2009
255,000
257,596New York, NY, State Agency General Obligation Lease,
Tobacco Settlement Funding Corp., Series A-1, 5.5%,
6/1/2018
10,000,000
10,104,600Oneida County, NY, Industrial Development Agency Revenue,
Civic Facilities, 5.0%, 3/1/2014, HSBC Bank PLC (a)
600,000
605,06442,213,055North Carolina 0.5%North Carolina, Electric Revenue, Catawba Municipal Power
Agency No. 1, Series A, 5.25%, 1/1/2020
2,000,000
1,966,920North Carolina, Electric Revenue, Municipal Power Agency,
Series F, 5.5%, 1/1/2016
1,000,000
1,020,6502,987,570North Dakota 0.2%Fargo, ND, Health Systems Revenue, Series A, 5.6%, 6/1/2013
(b)
1,250,000
1,254,850Ohio 3.5%Buckeye, OH, Tobacco Settlement Financing Authority:Series A-2, 5.125%, 6/1/2024
5,610,000
4,111,176Series A-2, 5.375%, 6/1/2024
1,920,000
1,448,736Franklin County, OH, Hospital & Healthcare Revenue, Ohio
Presbyterian Services, 5.4%, 7/1/2010
750,000
752,168Montgomery County, OH, Catholic Health Revenue, Series C-2,
4.1%, 10/1/2041
1,895,000
1,941,920Ohio, Capital Housing Corp. Mortgage, Georgetown Section 8,
Series A, 6.625%, 7/1/2022
705,000
705,508Ohio, Industrial Development Revenue, Building Authority,
Adult Correction Facilities, Series A, 5.5%, 10/1/2013 (b)
1,140,000
1,210,726Ohio, State Higher Educational Facility Commission Revenue,
Cleveland Clinic Health, Series A, 5.25%, 1/1/2021
2,150,000
2,070,708Ohio, Water & Sewer Revenue, Water Development Authority,
Pure Water Improvement Project, Series B, 5.5%, 6/1/2015
(b)
2,280,000
2,556,017Ross County, OH, Hospital Revenue, Adena Health System,
5.75%, 12/1/2022
5,750,000
5,405,057Sandusky County, OH, Health Care Facilities Revenue, Bethany
Place Retirement Center Project, 5.15%, 7/1/2009
15,000
15,126Stark County, OH, Health Care Facility, Rose Land, Inc. Project:5.3%, 7/20/2018
850,000
856,7495.35%, 7/20/2023
940,000
913,27621,987,167Oklahoma 0.2%Oklahoma, Ordinance Works Authority, Ralston Purina Project,
6.3%, 9/1/2015
1,500,000
1,501,815Pennsylvania 3.7%Allegheny County, PA, Airport Revenue, San Authority,
5.375%, 12/1/2015 (b)
3,370,000
3,480,604Allegheny County, PA, Residential Finance Authority, Single
Family Mortgage, Series CC-2, 5.2%, 5/1/2017
105,000
105,606Beaver County, PA, Industrial Development Authority, Health
Care Revenue, Providence Project, Series C, 4.85%,
5/20/2010
360,000
366,772Chester County, PA, Health & Education Facility, Immaculata
College:5.125%, 10/15/2009
230,000
229,1955.3%, 10/15/2011
280,000
271,387Delaware County, PA, County General Obligation, 5.125%,
10/1/2014
4,200,000
4,304,958Delaware County, PA, Housing Authority, Dunwood Village
Project, Prerefunded, 6.125%, 4/1/2020
100,000
105,561Erie, PA, Higher Education Building Authority, Gannon
University Project, Series E, 5.2%, 7/15/2016
800,000
745,480Lancaster, PA, Sewer Authority Revenue, ETM, 6.0%, 4/1/2012
40,000
42,564Pennsylvania, Delaware River Junction Toll Bridge,
Commonwealth of Pennsylvania Bridge Revenue, 5.25%,
7/1/2013
1,000,000
1,060,960Pennsylvania, Delaware River Port Authority, ETM, 6.5%,
1/15/2011
55,000
58,064Pennsylvania, Higher Educational Facilities Authority, College &
University Revenue, University of the Arts, 5.5%, 3/15/2013
(b)
800,000
804,088Pennsylvania, Higher Educational Facility Authority, Health
Services Revenue, Allegheny Delaware Valley Obligation,
Series C, 5.875%, 11/15/2018 (b)
1,450,000
1,142,165Pennsylvania, State General Obligation, Series First,
Prerefunded, 6.0%, 1/15/2013
5,500,000
5,820,925Philadelphia, PA, Hospital & Higher Education Authority, Health
System, Series A, 5.375%, 1/1/2028
2,645,000
2,401,210Philadelphia, PA, Industrial Development Authority, Jeanes
Physicians' Office, Series A, 9.375%, 7/1/2010
170,000
172,169Philadelphia, PA, Redevelopment Authority, Multi-Family
Housing Revenue, Woodstock, 5.45%, 2/1/2023
620,000
608,555Philadelphia, PA, School District General Obligation, Series C,
Prerefunded, 5.875%, 3/1/2013 (b)
1,000,000
1,051,900Williamsport, PA, Multi-Family Housing Authority, Series A,
5.25%, 1/1/2015 (b)
690,000
695,65123,467,814Puerto Rico 1.6%Commonwealth of Puerto Rico, Highway & Transportation
Authority Revenue, Series BB, 5.25%, 7/1/2018 (b)
5,000,000
4,685,900Puerto Rico, Electric Power Authority Revenue, Series UU,
5.0%, 7/1/2019 (b)
3,000,000
2,688,840Puerto Rico, Public Buildings Authority Revenue, Government
Facilities, Series M, 6.0%, 7/1/2020
3,045,000
2,924,54010,299,280Rhode Island 0.8%Rhode Island, State & Providence Plantations, Construction
Capital Development Loan, Series A, 5.0%, 8/1/2017 (b)
5,000,000
5,364,250South Carolina 1.5%Columbia, SC, Waterworks & Sewer Systems Revenue, ETM,
7.75%, 1/1/2011
1,190,000
1,261,162South Carolina, Water & Sewer Revenue, Grand Strand Water
and Sewer Authority:5.375%, 6/1/2015 (b)
3,705,000
3,916,2965.375%, 6/1/2016 (b)
3,900,000
4,122,4179,299,875Tennessee 2.8%Clarksville, TN, Public Building Authority Revenue,
Murfreesboro Loan, 1.0%*, 7/1/2024, SunTrust Bank (a)
15,000
15,000Greeneville, TN, Health & Education Facility Board, Southern
Advent Hospital, ETM, 8.7%, 10/1/2009
55,000
58,066Johnson City, TN, Hospital & Healthcare Revenue, Medical
Center Hospital, ETM, 5.5%, 7/1/2013 (b)
3,305,000
3,698,229Memphis & Shelby Counties, TN, Sports, Expo &
Entertainment Revenue, Sports Authority Memphis Arena
Project, Series A, Prerefunded, 5.5%, 11/1/2015 (b)
3,545,000
3,934,276Memphis, TN, Health, Education & Housing Facility Board,
Multi-Family Housing, Hickory Pointe Apartments Project,
Series A, 5.4%, 7/1/2010 (b)
380,000
364,120Nashville & Davidson Counties, TN, Water & Sewer Revenue,
Series B, 5.25%, 1/1/2013 (b)
3,310,000
3,541,965Tennessee, Energy Acquisition Corp., Gas Revenue:Series A, 5.0%, 9/1/2016
2,700,000
2,237,139Series A, 5.25%, 9/1/2021
5,000,000
3,698,95017,547,745Texas 19.1%Bexar County, TX, Housing Finance Corp., Multi-Family
Housing Revenue, American Opportunity Housing, Series A,
5.8%, 1/1/2031 (b)
200,000
191,358Brownsville, TX, Electric Revenue, ETM, 6.25%, 9/1/2014 (b)
6,500,000
7,121,530Comal, TX, Independent School District, School Building
Improvements, 5.25%, 2/1/2020
2,330,000
2,441,444Cypress-Fairbanks, TX, Independent School District, School
House Building Improvements:5.0%, 2/15/2019
1,300,000
1,355,1075.0%, 2/15/2021
1,850,000
1,881,783Dallas, TX, Performing Arts Cultural Facilities Corp., Dallas Arts
Center Foundation, Inc. Project, Series B, 0.8%*, 9/1/2041,
JPMorgan Chase Bank (a)
8,000,000
8,000,000El Paso, TX, Independent School District, School Building
Improvements, 5.0%, 8/15/2022
4,885,000
4,921,296Fort Bend, TX, Independent School District, 5.0%, 8/15/2026
2,000,000
1,965,260Houston, TX, Utility System Revenue, First Lien, Series C-2A,
5.0%, 5/15/2034 (b)
2,285,000
2,370,025Houston, TX, Water & Sewer Revenue:Series A, 5.5%, 12/1/2015 (b)
8,250,000
8,789,632Series B, Prerefunded, 5.75%, 12/1/2016 (b)
1,000,000
1,114,770Houston, TX, Water & Sewer Revenue, Water Conveyance
Systems Contract, Series J, 6.25%, 12/15/2013 (b)
2,500,000
2,648,875Jefferson County, TX, Health Facilities Development Corp.,
Baptist Hospitals, 5.2%, 8/15/2021 (b)
375,000
311,963Longview, TX, Independent School District, School Building
Improvements, 5.0%, 2/15/2022
2,000,000
2,022,560North Texas, Tollway Authority Revenue, First Tier:Series E-3, 5.75%, 1/1/2038
4,900,000
5,054,938Series A, 6.0%, 1/1/2022
7,000,000
6,906,060Series L-2, 6.0%, 1/1/2038
6,000,000
6,027,600Northern, TX, Health Facilities Development Corp., United
Regional Health Care Systems Project, 5.0%, 9/1/2014 (b)
5,750,000
5,721,710Northside, TX, Independent School District, General Obligation,
5.0%, 2/15/2015
2,160,000
2,326,428Odessa, TX, Housing Finance Corp., Single Family Mortgage,
Series A, 8.45%, 11/1/2011
29,204
29,221Plano, TX, Independent School District, 5.25%, 2/15/2014
1,570,000
1,636,945San Antonio, TX, General Improvement, Series 2006, 5.5%,
8/1/2014 (b)
3,000,000
3,329,370Tarrant County, TX, Cultural Educational Facilities Finance Corp.
Revenue, Texas Health Resources, Series A, 5.0%,
2/15/2018
2,000,000
1,962,540Texas, Lower Colorado River Authority Revenue:Series A, 5.875%, 5/15/2014 (b)
2,495,000
2,559,396Series A, Prerefunded, 5.875%, 5/15/2014 (b)
5,000
5,162Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply
Revenue, Series A, 5.0%, 12/15/2012
5,000,000
4,501,250Texas, Municipal Power Agency Revenue:ETM, Zero Coupon, 9/1/2014 (b)
40,000
32,534Zero Coupon, 9/1/2014 (b)
1,760,000
1,366,763Texas, SA Energy Acquisition Public Facility Corp., Gas Supply
Revenue, 5.5%, 8/1/2020
7,000,000
5,465,950Texas, Water & Sewer Revenue, 5.375%, 3/1/2015 (b)
3,710,000
3,980,793Texas, Water & Sewer Revenue, State Revenue Revolving
Funds Project:Series A, 5.625%, 7/15/2013
2,290,000
2,384,714Series A, 5.75%, 7/15/2013
3,000,000
3,099,240Series B, 5.75%, 7/15/2014
3,555,000
3,672,599Texas, Water Development Board Revenue, State Revolving
Fund:Series B, 5.0%, 7/15/2017
3,000,000
3,147,000Series A, 5.0%, 7/15/2020
3,150,000
3,224,781Series B, 5.25%, 7/15/2021
3,000,000
3,085,320Travis County, TX, Hospital & Healthcare Revenue, Ascension
Health Credit:Series A, 5.75%, 11/15/2010 (b)
1,000,000
1,036,560Series A, Prerefunded, 6.25%, 11/15/2013 (b)
5,000,000
5,291,900120,984,377Utah 0.1%Intermountain Power Agency, UT, Power Supply Revenue,
Series A, ETM, 6.15%, 7/1/2014 (b)
790,000
832,518Utah, Housing Finance Agency, Single Family Mortgage, Series
F-1, Class I, 5.5%, 7/1/2016
15,000
15,389847,907Virgin Islands 0.3%Virgin Islands, Electric Revenue, Water and Power Authority,
5.25%, 7/1/2009
2,000,000
1,990,540Virginia 0.3%Newport News, VA, Industrial Development Authority,
Mennowood Communities, Series A, 7.25%, 8/1/2016
620,000
627,130Richmond, VA, Metro Expressway Authority, ETM, 7.0%,
10/15/2013 (b)
1,185,000
1,316,9971,944,127Washington 0.9%Seattle, WA, Water System Revenue, 5.0%, 2/1/2020
3,870,000
3,948,251Washington, Electric Revenue, Public Power Supply System,
Nuclear Project No. 2, Series A, 6.3%, 7/1/2012
1,000,000
1,111,180Washington, Health Care, Nursing Home Revenue, Grays
Harbor Community Hospital, Prerefunded, 5.85%, 7/1/2012
(b)
515,000
542,9655,602,396West Virginia 0.5%West Virginia, Transportation/Tolls Revenue, 5.25%, 5/15/2015
(b)
2,940,000
3,176,317Wisconsin 2.2%Shell Lake, WI, Nursing Home Revenue, Terraceview Living,
5.3%, 9/20/2018
845,000
845,051Wisconsin, Health & Educational Facilities, Viterbo College, Inc.
Project, Series A:5.75%, 2/1/2012, US Bank NA (a)
240,000
240,6316.0%, 2/1/2017, US Bank NA (a)
405,000
405,555Wisconsin, State General Obligation:Series C, Prerefunded, 5.25%, 5/1/2016 (b)
7,705,000
8,390,667Series D, Prerefunded, 5.75%, 5/1/2015
4,000,000
4,342,84014,224,744Total Municipal Bonds and Notes (Cost $626,225,074)
621,439,775Municipal Inverse Floating Rate Notes (c) 4.0%Indiana 1.6%Indiana, Transportation Finance Authority Highway Revenue,
Series A, 5.5%, 12/1/2022 (d)
10,000,000
10,351,500Trust: Indiana, State Transportation, Series 1157, 144A,
18.13%, 12/1/2022, Leverage Factor at purchase date: 4 to 1New York 0.8%New York, State Dormitory Authority Personal Income Tax
Revenue, Series A, 5.0%, 3/15/2019 (d)
5,000,000
5,183,825Trust: New York, State Dormitory Authority Revenues,
Secondary Issues, Series 1955-1, 144A, 16.46%, 3/15/2019,
Leverage Factor at purchase date: 4 to 1Texas 1.6%Texas, State Transportation Commission Revenue, First Tier,
5.0%, 4/1/2022 (d)
10,000,000
10,070,600Trust: Texas, State Transportation Commission Revenue,
Series 2214, 144A, 16.37%, 4/1/2022, Leverage Factor at
purchase date: 4 to 1Total Municipal Inverse Floating Rate Notes (Cost $27,918,080)
25,605,925 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $654,143,154)+
101.9
647,045,700Other Assets and Liabilities, Net
(1.9)
(12,324,802)Net Assets
100.0
634,720,898 * Variable rate demand notes are securities whose interest rates are reset periodically at
market levels. These securities are often payable on demand and are shown at their
current rates as of November 30, 2008.  +  The cost for federal income tax purposes was $653,991,820. At November 30, 2008, net
unrealized depreciation for all securities based on tax cost was $6,946,120. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $13,100,165 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $20,046,285.  (a) Security incorporates a letter of credit from the bank listed.  (b) Bond is insured by one of these companies:  Insurance Coverage
As a % of Total
Investment PortfolioAmbac Financial Group, Inc.
9.2Financial Guaranty Insurance Co.
10.2Financial Security Assurance, Inc.
11.6MBIA Corp.
14.1Radian
0.6 (c) Securities represent the underlying municipal obligations of inverse floating rate obligations
held by the Fund.  (d) Security forms part of the below tender option bond trust. Principal Amount and Value
shown take into account the leverage factor.  144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers. ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US
Treasury securities which are held in escrow and used to pay principal and interest on bonds so
designated. Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities
which are held in escrow and used to pay principal and interest on tax-exempt issues and to
retire the bonds in full at the earliest refunding date. Fair Value Measurements The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's
investments. For information on the Fund's policy regarding the valuation of investments and of
the valuation inputs, and the aggregate levels used in the table below, please refer to the
Security Valuation section of Note A in the accompanying Notes to the Financial Statements. Valuation Inputs
Investments in
SecuritiesLevel 1
$      Level 2
647,045,700Level 3
Total
$   647,045,700 Financial Statements Statement of Assets and Liabilitiesas of November 30, 2008 (Unaudited)AssetsInvestments in securities, at value (cost $654,143,154)
$      647,045,700Cash
2,238,842Receivable for investments sold
810,000Interest receivable
9,432,329Receivable for Fund shares sold
2,326,913Other assets
89,780Total assets
661,943,564LiabilitiesPayable for investments purchased
7,014,114Payable for Fund shares redeemed
360,229Payable for floating rate notes issued
18,750,000Distributions payable
524,187Accrued management fee
170,179Other accrued expenses and payables
403,957Total liabilities
27,222,666Net assets, at value
$   634,720,898Net Assets Consist ofUndistributed net investment income
831,061Net unrealized appreciation (depreciation) on investments
(7,097,454)Accumulated net realized gain (loss)
841,351Paid-in capital
640,145,940Net assets, at value
$   634,720,898 The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of November 30, 2008 (Unaudited) (continued)Net Asset ValueClass A
Net Asset Value and redemption price(a) per share
($112,274,192 ÷ 10,569,733 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$   10.62Maximum offering price per share (100 ÷ 97.25 of $10.62)
$   10.92Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($2,455,170 ÷ 230,962 outstanding shares
of beneficial interest, $.01 par value, unlimited number of shares authorized)
$   10.63Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($13,221,063 ÷ 1,245,014 outstanding
shares of beneficial interest, $.01 par value, unlimited number of shares
authorized)
$   10.62Class S
Net Asset Value, offering and redemption price(a)per share
($380,354,466 ÷ 35,782,285 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$   10.63Institutional Class
Net Asset Value, offering and redemption price(a)per share
($126,416,007 ÷ 11,895,607 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$   10.63 (a) Redemption price per share for shares held less than 15 days is equal to net asset value
less a 2% redemption fee.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended November 30, 2008 (Unaudited)Investment IncomeIncome:Interest
$      15,864,783Expenses:Management fee
1,052,238Administration fee
334,044Services to shareholders
253,076Custodian fee
14,341Distribution and service fees
210,215Professional fees
72,789Trustees' fees and expenses
11,087Reports to shareholders
36,016Registration fees
43,874Interest expense and fees on floating rate notes
327,554Other
34,952Total expenses before expense reductions
2,390,186Expense reductions
(2,165)Total expenses after expense reductions
2,388,021Net investment income
13,476,762Realized and Unrealized Gain (Loss)Net realized gain (loss) from investments
1,377,290Change in net unrealized appreciation (depreciation) on investments
(26,593,795)Net gain (loss)
(25,216,505)Net increase (decrease) in net assets resulting from operations
$   (11,739,743) The accompanying notes are an integral part of the financial statements. Statement of Cash Flowsfor the six months ended November 30, 2008 (Unaudited)Increase (decrease) in cash:
Cash Flows from Operating Activities:Net increase (decrease) in net assets resulting from operations
$      (11,739,743)Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided (used) in operating activities:Purchases of long-term investments
(254,311,645)Net amortization/accretion of premium (discount)
999,929Proceeds from sales and maturities of long-term investments
264,266,984(Increase) decrease in interest receivable
(313,929)(Increase) decrease in other assets
(36,095)(Increase) decrease in receivable for investments sold
1,285,000Increase (decrease) in payable for investments purchased
(386,076)Increase (decrease) in accrued expenses and payables
(64,878)Unrealized (appreciation) depreciation on investments
26,593,795Net realized (gain) loss from investments
(1,377,290)Cash provided (used) by operating activities
$   24,916,052Cash Flows from Financing Activities:Net increase (decrease) in cash overdraft
$      (1,037,839)Proceeds from shares sold
144,220,444Cost of shares redeemed
(154,516,828)Distributions paid (net of reinvestment of distributions)
(4,401,987)Increase (decrease) in payable for floating rate notes issued
(6,941,000)Cash provided (used) by financing activities
(22,677,210)Increase (decrease) in cash
2,238,842Cash at beginning of period
Cash at end of period
$   2,238,842Non-Cash Financing Activities:Reinvestment of distributions
$      10,554,069 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Six Months
Ended
November 30,
2008
(Unaudited)
Year Ended
May 31, 2008Operations:Net investment income
$      13,476,762
$      25,244,436Net realized gain (loss)
1,377,290
1,053,819Change in net unrealized appreciation (depreciation)
(26,593,795)
2,743,807Net increase (decrease) in net assets resulting from
operations
(11,739,743)
29,042,062Distributions to shareholders from:Net investment income:Class A
(2,313,476)
(3,295,757)Class B
(42,609)
(113,189)Class C
(175,343)
(294,936)Class S
(7,752,184)
(15,260,956)Institutional Class
(2,995,729)
(6,145,092)Net realized gains:Class A
(324,068)
(9,877)Class B
(7,191)
(412)Class C
(38,673)
(1,073)Class S
(1,110,302)
(45,372)Institutional Class
(370,910)
(17,864)Total distributions
(15,130,485)
(25,184,528)Fund share transactions:Proceeds from shares sold
145,246,696
158,517,597Reinvestment of distributions
10,554,069
17,987,723Cost of shares redeemed
(154,540,386)
(153,153,422)Redemption fees
4,202
15,483Net increase (decrease) in net assets from Fund share
transactions
1,264,581
23,367,381Increase (decrease) in net assets
(25,605,647)
27,224,915Net assets at beginning of period
660,326,545
633,101,630Net assets at end of period (including undistributed
net investment income of $831,061 and $633,640,
respectively)
$   634,720,898
$   660,326,545 The accompanying notes are an integral part of the financial statements. Financial Highlights Class A
Years Ended May 31,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of
period
$   11.06
$   11.00
$   11.06
$   11.40
$   11.26
$   11.81Income from investment
operations:
Net investment income
.21
.42
.43
.42
.43
.43Net realized and unrealized
gain (loss)
(.41)
.06
(.05)
(.32)
.15
(.55)Total from investment
operations
(.20)
.48
.38
.10
.58
(.12)Less distributions from:
Net investment income
(.21)
(.42)
(.43)
(.42)
(.43)
(.43)Net realized gains
(.03)
(.00)***
(.01)
(.02)
(.01)
(.00)***Total distributions
(.24)
(.42)
(.44)
(.44)
(.44)
(.43)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end of period
$   10.62
$   11.06
$   11.00
$   11.06
$   11.40
$   11.26Total Return (%)b
(1.81)**
4.46c
3.41c
.90
5.25
(1.02)cRatios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
112
119
80
106
93
87Ratio of expenses before
expense reductions (including
interest expense) (%)d
.88*
.93
.79
.78
.85
.96Ratio of expenses after expense
reductions (including interest
expense) (%)d
.88*
.93
.79
.78
.85
.94Ratio of expenses after expense
reductions (excluding interest
expense) (%)
.78*
.80
.79
.78
.85
.94Ratio of net investment
income (%)
3.87*
3.83
3.87
3.80
3.82
3.71Portfolio turnover rate (%)
37**
59
45
41
45
21aFor the six months ended November 30, 2008 (Unaudited).bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dInterest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.*Annualized**Not annualized***Amount is less than $.005. Class B
Years Ended May 31,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of
period
$   11.07
$   11.01
$   11.07
$   11.41
$   11.26
$   11.81Income from investment
operations:
Net investment income
.17
.34
.35
.34
.34
.34Net realized and unrealized
gain (loss)
(.41)
.06
(.06)
(.32)
.16
(.55)Total from investment
operations
(.24)
.40
.29
.02
.50
(.21)Less distributions from:
Net investment income
(.17)
(.34)
(.34)
(.34)
(.34)
(.34)Net realized gains
(.03)
(.00)***
(.01)
(.02)
(.01)
(.00)***Total distributions
(.20)
(.34)
(.35)
(.36)
(.35)
(.34)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end of period
$   10.63
$   11.07
$   11.01
$   11.07
$   11.41
$   11.26Total Return (%)b
(2.19)**
3.65c
2.62c
.13c
4.54c
(1.80)cRatios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
2
3
5
6
8
9Ratio of expenses before
expense reductions (including
interest expense) (%)d
1.70*
1.72
1.58
1.57
1.63
1.76Ratio of expenses after expense
reductions (including interest
expense) (%)d
1.70*
1.70
1.54
1.55
1.61
1.73Ratio of expenses after expense
reductions (excluding interest
expense) (%)
1.60*
1.57
1.54
1.55
1.61
1.73Ratio of net investment
income (%)
3.05*
3.06
3.12
3.03
3.06
2.92Portfolio turnover rate (%)
37**
59
45
41
45
21aFor the six months ended November 30, 2008 (Unaudited).bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dInterest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.*Annualized**Not annualized***Amount is less than $.005. Class C
Years Ended May 31,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of
period
$   11.06
$   11.00
$   11.06
$   11.40
$   11.25
$   11.80Income from investment
operations:
Net investment income
.17
.34
.35
.34
.34
.34Net realized and unrealized
gain (loss)
(.41)
.06
(.06)
(.32)
.16
(.55)Total from investment
operations
(.24)
.40
.29
.02
.50
(.21)Less distributions from:
Net investment income
(.17)
(.34)
(.34)
(.34)
(.34)
(.34)Net realized gains
(.03)
(.00)***
(.01)
(.02)
(.01)
(.00)***Total distributions
(.20)
(.34)
(.35)
(.36)
(.35)
(.34)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end of period
$   10.62
$   11.06
$   11.00
$   11.06
$   11.40
$   11.25Total Return (%)b
(2.19)**
3.69c
2.62c
.14c
4.54
(1.76)cRatios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
13
11
9
11
13
14Ratio of expenses before
expense reductions (including
interest expense) (%)d
1.66*
1.69
1.57
1.55
1.62
1.73Ratio of expenses after expense
reductions (including interest
expense) (%)d
1.66*
1.68
1.54
1.54
1.62
1.70Ratio of expenses after expense
reductions (excluding interest
expense) (%)
1.56*
1.55
1.54
1.54
1.62
1.70Ratio of net investment
income (%)
3.09*
3.08
3.12
3.04
3.05
2.95Portfolio turnover rate (%)
37**
59
45
41
45
21aFor the six months ended November 30, 2008 (Unaudited).bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dInterest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.*Annualized**Not annualized***Amount is less than $.005. Class S
Years Ended May 31,
2008a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of
period
$   11.07
$   11.00
$   11.06
$   11.41
$   11.26
$   11.81Income from investment
operations:
Net investment income
.22
.44
.46
.45
.46
.46Net realized and unrealized
gain (loss)
(.41)
.07
(.06)
(.33)
.16
(.55)Total from investment
operations
(.19)
.51
.40
.12
.62
(.09)Less distributions from:
Net investment income
(.22)
(.44)
(.45)
(.45)
(.46)
(.46)Net realized gains
(.03)
(.00)***
(.01)
(.02)
(.01)
(.00)***Total distributions
(.25)
(.44)
(.46)
(.47)
(.47)
(.46)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end of period
$   10.63
$   11.07
$   11.00
$   11.06
$   11.41
$   11.26Total Return (%)
(1.74)**
4.75b
3.65b
1.06
5.62
(.78)bRatios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
380
381
389
398
467
495Ratio of expenses before
expense reductions (including
interest expense) (%)c
.68*
.75
.57
.55
.59
.70Ratio of expenses after expense
reductions (including interest
expense) (%)c
.68*
.74
.55
.55
.59
.69Ratio of expenses after expense
reductions (excluding interest
expense) (%)
.58*
.61
.55
.55
.59
.69Ratio of net investment
income (%)
4.07*
4.02
4.11
4.03
4.08
3.95Portfolio turnover rate (%)
37**
59
45
41
45
21aFor the six months ended November 30, 2008 (Unaudited).bTotal return would have been lower had certain expenses not been reduced.cInterest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.*Annualized**Not annualized***Amount is less than $.005. Institutional Class
Years Ended May 31,
2008a
2008
2007
2006
2005bSelected Per Share DataNet asset value, beginning of period
$   11.07
$   11.00
$   11.07
$   11.41
$   11.45Income (loss) from investment operations:
Net investment income
.23
.46
.46
.45
.22Net realized and unrealized gain (loss)
(.41)
.07
(.06)
(.32)
(.04)Total from investment operations
(.18)
.53
.40
.13
.18Less distributions from:
Net investment income
(.23)
(.46)
(.46)
(.45)
(.22)Net realized gains
(.03)
(.00)***
(.01)
(.02)
Total distributions
(.26)
(.46)
(.47)
(.47)
(.22)Redemption fees
.00***
.00***
.00***
.00***
.00***Net asset value, end of period
$   10.63
$   11.07
$   11.00
$   11.07
$   11.41Total Return (%)
(1.66)**
4.88
3.61
1.16
1.58**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
126
147
150
151
191Ratio of expenses (including interest
expense) (%)c
.59*
.62
.50
.53
.45*Ratio of expenses (excluding interest
expense) (%)
.49*
.49
.50
.53
.45*Ratio of net investment income (%)
4.16*
4.14
4.16
4.05
4.38*Portfolio turnover rate (%)
37**
59
45
41
45aFor the six months ended November 30, 2008 (Unaudited).bFor the period from December 20, 2004 (commencement of operations of Institutional
Class shares) to May 31, 2005.cInterest expense represents interest and fees on short term floating rate notes issued in
conjunction with inverse floating rate securities. Interest income from such transactions is
included in income from investment operations.*Annualized**Not annualized***Amount is less than $.005. Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Intermediate Tax/AMT Free Fund (the "Fund") is a diversified series of
DWS Tax Free Trust (the "Trust") which is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company organized as a Massachusetts business
trust. The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions. Class B shares automatically convert to Class A shares six
years after issuance. Class C shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions within one year of purchase. Class C shares do not convert into
another class. Institutional Class shares are offered to a limited group of
investors, are not subject to initial or contingent deferred sales charges and
have lower ongoing expenses than other classes. Class S shares are not
subject to initial or contingent deferred sales charges and are generally not
available to new investors except under certain circumstances. Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Debt securities are valued by independent
pricing services approved by the Trustees of the Fund, whose valuations are
intended to reflect the mean between the bid and asked prices. If the
pricing services are unable to provide valuations, the securities are valued at
the mean of the most recent bid and asked quotations or evaluated prices
obtained from a broker-dealer. Such services may use various pricing
techniques which take into account appropriate factors such as yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other data,
as well as broker quotes. Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value, as determined in accordance with procedures approved by the
Trustees. The Fund adopted Financial Accounting Standards Board ("FASB")
Statement of Financial Accounting Standards No. 157, Fair Value
Measurements ("FAS 157"), effective at the beginning of the Fund's fiscal
year. FAS 157 establishes a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and
requires additional disclosure about the classification of fair value
measurements. Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in three broad levels. Level 1 includes quoted
prices in active markets for identical securities. Level 2 includes other
significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds and credit risk). Level 3 includes
significant unobservable inputs (including the Fund's own assumptions in
determining the fair value of investments). The inputs or methodology used
for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. The aggregate value by input level, as of November 30, 2008, for the Fund's
investments is included at the end of the Fund's Investment Portfolio. Inverse Floaters.Inverse floating rate notes are debt instruments with a
weekly floating rate of interest that bears an inverse relationship to changes
in short-term market interest rates. Investments in this type of instrument
involve special risks as compared to investments in a fixed rate municipal
security. The debt instrument in which the Fund may invest is a tender
option bond trust (the "trust") which can be established by the Fund, a
financial institution, or a broker consisting of underlying municipal
obligations with intermediate to long maturities and a fixed interest rate
("underlying bond"). Other investors in the trust usually consist of money
market fund investors receiving weekly floating interest rate payments who
have put options with the financial institutions. The Fund may enter into
shortfall and forbearance agreements by which a Fund agrees to reimburse
the trust, in certain circumstances, for the difference between the
liquidation value of the fixed rate municipal security held by the trust and the
liquidation value of the floating rate notes. Certain inverse floating rate
securities held by the Fund have been created with bonds purchased by the
Fund and subsequently transferred to the trust. These transactions are
considered a form of financing for accounting purposes. As a result, the
Fund includes the underlying bond in its investment portfolio and a
corresponding liability in the statement of assets and liabilities equal to the
floating rate note issued. When a trust is terminated and/or collapsed by
either party, the related fixed rate securities held by the trust are delivered
back to the Fund where they are either held or sold, and the related liability
of the floating rate note issued is adjusted. The Fund does not consider the
Fund's investment in inverse floaters borrowing within the meaning of the
1940 Act. Inverse floating rate notes exhibit added interest rate sensitivity
compared to other bonds with a similar maturity. Moreover, since these
securities are in a trust form, a sale may take longer to settle than the
standard two days after the trade date. The weighted average outstanding daily balance of the floating rate notes
issued during the six months ended November 30, 2008 was approximately
$25,729,000, with a weighted average interest rate of 2.54%. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable and
tax-exempt income to its shareholders. The Fund has reviewed the tax positions for the open tax years as of
May 31, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax returns
for the prior three fiscal years remain subject to examination by the Internal
Revenue Service. Distribution of Income and Gains. Net investment income of the Fund is
declared as a daily dividend and is distributed to shareholders monthly. Net
realized gains from investment transactions, in excess of available capital
loss carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss and accretion of market discount on debt securities.
As a result, net investment income (loss) and net realized gain (loss) on
investment transactions for a reporting period may differ significantly from
distributions during such period. Accordingly, the Fund may periodically
make reclassifications among certain of its capital accounts without
impacting the net asset value of the Fund. The tax character of current year distributions will be determined at the end
of the current fiscal year. Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the Fund shares redeemed or exchanged within 15
days of buying them, either by purchase or exchange. This fee is assessed
and retained by the Fund for the benefit of the remaining shareholders. The
redemption fee is accounted for as an addition to paid-in capital. Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other Trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust. Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote. Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Realized gains and losses
from investment transactions are recorded on an identified cost basis. All
premiums and discounts are amortized/accreted for financial reporting
purposes. Statement of Cash Flows. Information on financial transactions which have
been settled through the receipt and disbursement of cash is presented in
the Statement of Cash Flows. The cash amount shown in the Statement of
Cash Flows represents the cash position at the Fund's custodian bank at
November 30, 2008. Previously, the Fund has utilized the direct method for
presentation of its Statement of Cash Flows. The Fund has changed its
presentation to the indirect method, which it believes provides a useful
format and conforms to more common industry practice. B. Purchases and Sales of Securities During the six months ended November 30, 2008, purchases and sales of
investment securities (excluding short-term investments) aggregated
$254,311,645 and $264,266,984, respectively. C. Related Parties Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund. The management fee payable under the Investment Management
Agreement is at an annual rate of 0.315% of the Fund's average daily net
assets, computed and accrued daily and payable monthly. Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
six months ended November 30, 2008, the Advisor received an
Administration Fee of $334,044, of which $52,684 is unpaid. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent of the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the six months
ended November 30, 2008, the amounts charged to the Fund by DISC were
as follows: Services to Shareholders
Total
Aggregated
Unpaid at
November 30,
2008Class A
$      5,502
$      4,215Class B
817
480Class C
1,792
1,276Class S
45,416
45,416Institutional Class
5,943
3,026$   59,470
$   54,413 Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1
Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the
Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net
assets of each of Class B and C shares. In accordance with the Fund's
Underwriting and Distribution Services Agreement, DIDI enters into related
selling group agreements with various firms at various rates for sales of
Class B and C shares. For the six months ended November 30, 2008 the
Distribution Fee was as follows: Distribution Fee
Total
Aggregated
Unpaid at
November 30,
2008Class B
$      10,387
$      1,536Class C
42,502
7,765$   52,889
$   9,301 In addition DIDI provides information and administrative services for a fee
("Service Fee") to Class A, B and C shareholders at an annual rate of up to
0.25% of average daily net assets for each such class. DIDI in turn has
various agreements with financial services firms that provide these services
and pays these fees based upon the assets of shareholder accounts the
firms service. For the six months ended November 30, 2008, the Service
Fee was as follows: Service Fee
Total
Aggregated
Unpaid at
November 30,
2008
Annualized
Effective RateClass A
$      139,609
$      41,666
.23%Class B
3,533
882
.25%Class C
14,184
4,198
.25%$   157,326
$   46,746 Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the six months ended
November 30, 2008 aggregated $5,116. In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates ranging from 4% to 1% for
Class B and 1% for Class C, of the value of the shares redeemed. For the
six months ended November 30, 2008, the CDSC for Class B and C shares
aggregated $2,682 and $2,413, respectively. A deferred sales charge of up
to 2.75% is assessed on certain redemptions of Class A shares. For the six
months ended November 30, 2008, DIDI received $288 for Class A shares. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended November 30, 2008, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $11,239, of which
$5,442 is unpaid. Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson. D. Fee Reductions The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the six
months ended November 30, 2008, the Fund's custodian fee was reduced
by $1,178 and $987, respectively, for custody and transfer agent credits
earned. E. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement. F. Share Transactions The following table summarizes share and dollar activity in the Fund: Six Months Ended
November 30, 2008
Year Ended
May 31, 2008Shares
Dollars
Shares
DollarsShares soldClass A
3,583,050
$      38,835,592
5,230,052
$      57,891,058Class B
58,707
633,700
21,486
237,678Class C
339,700
3,640,101
223,141
2,479,568Class S
6,721,233
72,629,853
4,260,902
47,094,286Institutional Class
2,718,821
29,507,450
4,587,291
50,815,007$   145,246,696

$   158,517,597Shares issued to shareholders in reinvestment of distributionsClass A
112,559
$      1,215,149
144,637
$      1,599,791Class B
2,144
23,172
4,948
54,705Class C
8,320
89,642
11,315
125,067Class S
570,316
6,162,233
992,469
10,975,093Institutional Class
283,450
3,063,873
472,971
5,233,067$   10,554,069

$   17,987,723Shares redeemedClass A
(3,861,527)
$      (42,019,706)
(1,877,649)
$      (20,786,498)Class B
(96,214)
(1,029,285)
(182,624)
(2,019,400)Class C
(85,834)
(923,734)
(110,689)
(1,224,950)Class S
(5,948,810)
(63,832,587)
(6,165,633)
(68,189,824)Institutional Class
(4,345,803)
(46,735,074)
(5,496,115)
(60,932,750)$   (154,540,386)

$   (153,153,422)Redemption fees
$   4,202

$   15,483Net increase (decrease)Class A
(165,918)
$      (1,968,957)
3,497,040
$      38,704,759Class B
(35,363)
(372,413)
(156,190)
(1,727,014)Class C
262,186
2,806,009
123,767
1,379,685Class S
1,342,739
14,960,650
(912,262)
(10,111,659)Institutional Class
(1,343,532)
(14,160,708)
(435,853)
(4,878,390)$   1,264,581

$   23,367,381 Investment Management Agreement
Approval The Board of Trustees, including the Independent Trustees, approved
the renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008. In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that: •   At the present time, all but one of your Fund's Trustees are independent
of DIMA and its affiliates. •   The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Equity/Fixed Income and
Quant Oversight Committee, reviewed comprehensive materials
received from DIMA, independent third parties and independent counsel.
These materials included an analysis of the Fund's performance, fees and
expenses, and profitability compiled by the Fund's independent fee
consultant. The Board also received extensive information throughout
the year regarding performance of the Fund. •   The Trustees regularly meet privately with their independent counsel
(and, as needed, other advisors) to discuss contract review and other
matters. In addition, the Trustees were also advised by the Fund's
independent fee consultant in the course of their review of the Fund's
contractual arrangements and considered a comprehensive report
prepared by the independent fee consultant in connection with their
deliberations (the "IFC Report"). •   In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and other
material service agreements. •   Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board. In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others. The
Board also considered that DIMA and its predecessors have managed the
Fund since its inception, and the Board believes that a long-term relationship
with a capable, conscientious advisor is in the best interests of the Fund.
The Board considered, generally, that shareholders chose to invest or remain
invested in the Fund knowing that DIMA managed the Fund, and that the
Agreement was approved by the Fund's shareholders at a special meeting
held in 2006. DIMA is part of Deutsche Bank, a major global banking
institution that is engaged in a wide range of financial services. The Board
believes that there are significant advantages to being part of a global asset
management business that offers a wide range of investing expertise and
resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world. While shareholders may focus primarily on fund performance and fees, the
Fund's Board considers these and many other factors, including the quality
and integrity of DIMA's personnel and such other issues as back-office
operations, fund valuations, and compliance policies and procedures. Nature, Quality and Extent of Services. The Board considered the terms of
the Agreement, including the scope of advisory services provided under the
Agreement. The Board noted that, under the Agreement, DIMA provides
portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services
to the Fund. The Board considered the experience and skills of senior
management and investment personnel, the resources made available to
such personnel, the ability of DIMA to attract and retain high-quality
personnel, and the organizational depth and stability of DIMA. The Board
reviewed the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including market indices and a peer universe compiled by the independent
fee consultant using information supplied by Lipper Inc. ("Lipper"). The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to their benchmark or a peer
group compiled by Lipper), and receives more frequent reporting and
information from DIMA regarding such funds, along with DIMA's remedial
plans to address underperformance. The Board believes this process is an
effective manner of identifying and addressing underperforming funds.
Based on the information provided, the Board noted that for the one-, three-
and five-year periods ended December 31, 2007, the Fund's performance
(Class A shares) was in the 2nd quartile, 2nd quartile and 3rd quartile,
respectively, of the applicable Lipper universe (the 1st quartile being the
best performers and the 4th quartile being the worst performers). The Board
also observed that the Fund has underperformed its benchmark in each of
the one-, three- and five-year periods ended December 31, 2007. On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DIMA historically have been and continue to be
satisfactory. Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that
the contractual fee rates paid by the Fund, which include the 0.10% fee paid
to DIMA under the Fund's administrative services agreement, were lower
than the median (1st quartile) of the applicable Lipper peer group (based on
Lipper data provided as of December 31, 2007). The Board noted that the
Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees)
were expected to be lower than the median (2nd quartile) of the applicable
Lipper expense universe (based on Lipper data provided as of December 31,
2007, and analyzing Lipper expense universe Class A expenses less any
applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also
reviewed each other share class's total (net) operating expenses relative to
the Lipper Universe Expenses. The Board considered the Fund's
management fee rate as compared to fees charged by DIMA and certain of
its affiliates for comparable mutual funds and considered differences in fund
and fee structures between the DWS Funds. The Board also considered
how the Fund's total (net) operating expenses compared to the total (net)
operating expenses of a more customized peer group selected by Lipper
(based on such factors as asset size). On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA. Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the DWS
Funds, as well as estimates of the pre-tax profits attributable to managing
the Fund in particular. The Board also received information regarding the
estimated enterprise-wide profitability of the DWS Investments organization
with respect to all fund services in totality and by fund. The Board reviewed
DIMA's methodology in allocating its costs to the management of the Fund.
Based on the information provided, the Board concluded that the pre-tax
profits realized by DIMA in connection with the management of the Fund
were not unreasonable. The Board also reviewed information regarding the
profitability of certain similar investment management firms. The Board
noted that while information regarding the profitability of such firms is
limited (and in some cases is not necessarily prepared on a comparable
basis), DIMA and its affiliates' overall profitability with respect to the DWS
Investments fund complex (after taking into account distribution and other
services provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such data was
available. Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board concluded that the Fund's
fee schedule represents an appropriate sharing between the Fund and
DIMA of such economies of scale as may exist in the management of the
Fund at current asset levels. Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by DIMA for administrative services
provided to the Fund and any fees received by an affiliate of DIMA for
distribution services. The Board also considered benefits to DIMA related to
brokerage and soft-dollar allocations, including allocating brokerage to pay
for research generated by parties other than the executing broker dealers,
which pertain primarily to funds investing in equity securities, along with the
incidental public relations benefits to DIMA related to DWS Funds
advertising and cross-selling opportunities among DWS investments
products and services. The Board concluded that management fees were
reasonable in light of these fallout benefits. Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and (iii)
the substantial commitment of resources by DIMA and its affiliates to
compliance matters. Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
continuation of the Agreement is in the best interests of the Fund. In
making this determination the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, certain of which were in executive session
with only the Independent Trustees and their counsel present. It is possible
that individual Trustees may have weighed these factors differently in
reaching their individual decisions to approve the continuation of the
Agreement. Summary of Management Fee Evaluation by
Independent Fee Consultant October 24, 2008 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Funds (formerly the DWS Scudder Funds). My
duties include preparing an annual written evaluation of the management
fees DeAM charges the Funds, considering among other factors the
management fees charged by other mutual fund companies for like
services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements
and related profit margins, possible economies of scale if a Fund grows
larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2008, including my
qualifications, the evaluation process for each of the DWS Funds,
consideration of certain complex-level factors, and my conclusions. I served
in substantially the same capacity in 2007. Qualifications For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past ten years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I
considered each of the key factors mentioned above, as well as any other
relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately). In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience. To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution arrangements
and being of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Fund. These similar products included the
other DWS Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the
fee that would be charged to each similar product, at the subject Fund's
asset level. Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability. Economies of Scale Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this industry
observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category. I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers. I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization. I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Funds are reasonable. itaf_sigmack1Thomas H. Mack Summary of Administrative Fee Evaluation
by Independent Fee Consultant September 29, 2008 Pursuant to an Order entered into by Deutsche Asset Management (DeAM)
with the Attorney General of New York, I, Thomas H. Mack, have been
appointed the Independent Fee Consultant for the DWS Funds and have as
part of my duties evaluated the reasonableness of the proposed
management fees to be charged by DeAM to the DWS Funds, taking onto
account a proposal to pass through to the funds certain fund
accounting-related charges in connection with new regulatory requirements.
My evaluation considered the following: •   While the proposal would alter the services to be provided under the
Administration Agreement, which I consider to be part of fund
management under the Order, it is my opinion that the change in
services is slight and that the scope of prospective services under the
combination of the Advisory and Administration Agreements continues
to be comparable with those typically provided to competitive funds
under their management agreements. •   While the proposal would increase fund expenses, according to a pro
forma analysis performed by management, the prospective effect is less
than .01% for all but seven of the DeAM Funds' 438 active share
classes, and in all cases the effect is less than .03% and overall
expenses would remain reasonable in my opinion. Based on the foregoing considerations, in my opinion the fees and expenses
for all of the DWS Funds will remain reasonable if the Directors adopt this
proposal. itaf_sigmack0Thomas H. Mack Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad. Certain account types
within Classes A, B, C and S also have the ability to purchase,
exchange or redeem shares using this system.For more information, contact your financial advisor. You may also
access our automated telephone system or speak with a DWS
Investments representative by calling the appropriate number below:For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Class A
Class B
Class C
Class S
Institutional
ClassNasdaq Symbol
SZMAX
SZMBX
SZMCX
SCMTX
SZMIXCUSIP Number
23337X-103
23337X-202
23337X-301
23337X-509
23337X-707Fund Number
445
645
745
2045
1445 Privacy Statement Dear Valued Client: We want to make sure you know our policy regarding the way in which our
clients' private information is handled at DWS Investments. The following
information is issued by DWS Investments Distributors, Inc., Deutsche
Investment Management Americas Inc., DeAM Investor Services, Inc.,
DWS Trust Company and the DWS Funds. We consider privacy fundamental to our client relationships and adhere
to the policies and practices described below to protect current and
former clients' information.We never sell customer lists or individual
client information. Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number, and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third party
service providers such as transfer agents, custodians and broker-dealers to
assist us in processing transactions and servicing your account. In addition, we may disclose the information we collect to companies that
perform marketing services on our behalf or to other financial institutions
with which we have joint marketing agreements. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we will
comply with them before we share information about you. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to or
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. At any time, if you have questions about our policy, please write to us at: DWS Investments 
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415     September 2008 Notes Notes Notes itaf_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  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.  Registrant:
        DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        January 28, 2009
   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.  Registrant:
        DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        January 28, 2009
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                          
           January 28, 2009