UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

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

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  05/31

Date of reporting period: 08/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of August 31, 2008  (Unaudited)** |
|----------------------|----------------------------------------|

 

 

**DWS Intermediate Tax/AMT Free Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Value ($)** |
|--------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Bonds and Notes 97.7%** |  
**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

 

**2,683,671**

**Arizona 3.6%**

 
Arizona, Health Facilities Authority Revenue, Banner Health, Series A, 5.0%, 1/1/2020 

 

3,000,000

 

3,044,760

Arizona, Health Facilities, Authority Hospital System Revenue, ETM, 6.25%, 9/1/2011 (b) 

 

105,000

 

109,162

Arizona, School District General Obligation, School Facilities Board Revenue, Series B, Prerefunded, 5.25%, 9/1/2017 (b) 

 

2,500,000

 

2,777,800

Arizona, Water Infrastructure Finance Authority Revenue, Series A, 5.0%, 10/1/2024 

 

4,000,000

 

4,240,560

 

 

 

Maricopa County, AZ, Industrial Development Authority, Hospital Facility Revenue, Samaritan Health Services, Series B, ETM, 6.0%, 12/1/2019 (b) 

 

3,590,000

 

4,136,362

Phoenix, AZ, General Obligation, Series B, 5.0%, 7/1/2018 

 

10,000,000

 

11,015,600

 

**25,324,244**

**Arkansas 0.0%**

 
Jefferson County, AR, Health Care Facilities, 1978 Conventional Series, ETM, 7.4%,  12/1/2010 (b) 

 

95,000

 

105,257

Stuttgart, AR, Public Facilities Board, Single Family Mortgage, Series B, 7.75%, 9/1/2011 

 

4,496

 

4,588

 

**109,845**

**California 12.9%**

 
California, Department of Water Resources Power Supply Revenue, Series A, 5.5%,      5/1/2015 (b) 

 

10,000,000

 

10,826,200

California, Electric Revenue, Department of Water Resources and Power Supply, Series A, Prerefunded, 5.875%, 5/1/2016 

 

7,000,000

 

7,910,070

California, General Obligation, Economic Recovery, Series A, 5.25%, 7/1/2014 (b) 

 

10,000,000

 

11,151,100

California, Health Facilities Financing Authority Revenue, Sutter Health, Series A, 5.25%, 8/15/2022 

 

3,335,000

 

3,449,991

California, Infrastructure & Economic Development Bank Revenue, Clean Water, State Revolving Fund, 5.0%, 10/1/2017 

 

6,735,000

 

7,214,667

California, Infrastructure & Economic Development Bank Revenue, Workers Compensation Relief Fund, Series A, 5.0%, 10/1/2015 (b) 

 

7,000,000

 

7,499,520

California, State Department Water Resources Center, Valley Project Revenue:

 
 

Series Y, 5.25%, 12/1/2016 (b) 

 

2,955,000 

 

3,196,128 

 

Series Y, Prerefunded, 5.25%, 12/1/2016 (b) 

 

45,000 

 

50,162 

California, State General Obligation:

 
 

5.0%, 10/1/2016 

 

3,000,000 

 

3,192,330 

 

5.25%, 2/1/2018 

 

5,000,000 

 

5,282,550 

 

6.0%, 4/1/2018 

 

1,700,000 

 

1,963,823 

Emeryville, CA, Redevelopment Agency, Residential Mortgage, ETM, 7.5%, 9/1/2011 

 

60,000

 

63,950

Foothill, CA, Transportation/Tolls Revenue, Eastern Corridor Agency, Series A, ETM, 7.05%, 1/1/2009 

 

7,275,000

 

7,407,041

Los Angeles, CA, Community Redevelopment Agency, Angelus Plaza Project, Series A, 7.4%, 6/15/2010 

 

865,000

 

885,059

Los Angeles, CA, School District General Obligation, 5.5%, 7/1/2015 (b) 

 

4,000,000

 

4,404,520

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2023 (b) 

 

7,000,000

 

7,318,430

San Joaquin Hills, CA, Transportation/Tolls Revenue, Transportation Corridor Agency, Toll Road Revenue, Series A, Zero Coupon, 1/15/2012 (b) 

 

825,000

 

730,579

South Orange County, CA, Public Finance Authority, Special Tax Revenue, Foothill Area, Series A, 5.25%, 8/15/2016 (b) 

 

6,260,000

 

6,744,524

Turlock, CA, Public Financing Authority Revenue, 5.25%, 9/1/2015 

 

35,000

 

35,198

 

**89,325,842**

**Colorado 3.5%**

 
Aurora, CO, Water Improvement Revenue, First Lien, Series A, 5.0%, 8/1/2021 (b) 

 

7,000,000

 

7,367,080

Boulder County, CO, Community Hospital Project Revenue, ETM, 7.0%, 7/1/2009 

 

30,000

 

31,102

Colorado, E-470 Public Highway Authority Revenue, Series C2, 5.0%, 9/1/2039 (b) 

 

8,000,000

 

8,125,520

Colorado, Health Facilities Authority Revenue, Catholic Health Initiatives, Series C-6, 3.95%, 9/1/2036 

 

2,680,000

 

2,726,203

Colorado, Health Facilities Authority Revenue, Weld County General Hospital Project, ETM, 9.375%, 7/1/2009 

 

30,000

 

31,655

Colorado, Housing Finance Authority, Multi-Family Insured Mortgage, Series C-3, 5.7%, 10/1/2021 

 

70,000

 

70,047

Colorado, Housing Finance Authority, Single Family Program:

 
 

Series A-3, 6.5%, 5/1/2016 

 

45,000 

 

47,063 

 

Series B-3, 6.55%, 5/1/2025 

 

39,000 

 

40,196 

Colorado, Transportation/Tolls Revenue, Regional Transportation District Sales Tax, Series B, Prerefunded, 5.5%, 11/1/2016 (b) 

 

5,000,000

 

5,561,450

 

 

 

Denver City & County, CO, Single Family Mortgage Revenue Home, Metro Mayors Caucus, Series C, 5.0%, 11/1/2015 

 

5,000

 

5,048

 

**24,005,364**

**Connecticut 1.1%**

 
Connecticut, State General Obligation:

 
 

Series C, 5.0%, 6/1/2017 (b) 

 

3,170,000 

 

3,490,582 

 

Series A, Prerefunded, 5.375%, 4/15/2016 

 

4,000,000 

 

4,389,040 

 

**7,879,622**

**District of Columbia 0.6%**

 
District of Columbia, Water & Sewer Revenue, Public Utility Revenue, 6.0%, 10/1/2013 (b) 

 

3,630,000

 

**4,116,819**

**Florida 2.2%**

 
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

 

5,088,735

Miami-Dade County, FL, School Board, Certificates of Participation, Series A, 5.0%,    5/1/2019 (b) 

 

3,000,000

 

3,116,160

Orange County, FL, Health Facilities Authority Revenue, Advanced Health Systems, ETM, 8.75%, 10/1/2009 

 

305,000

 

316,138

South Florida, Water Management District, Certificates of Participation, 5.0%, 10/1/2018 (b) 

 

4,000,000

 

4,240,480

South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021 

 

2,500,000

 

2,516,100

St. John's County, FL, Industrial Development Authority Revenue, Series A, 5.5%, 3/1/2017 (b) 

 

185,000

 

187,274

 

**15,464,887**

**Georgia 3.3%**

 
Columbus, GA, Water & Sewer Revenue, 5.25%, 5/1/2015 (b) 

 

1,000,000

 

1,082,840

Forsyth County, GA, School District General Obligation, Prerefunded, 6.0%, 2/1/2014 

 

1,000,000

 

1,075,440

Fulton Dekalb, GA, Hospital Authority, Hospital Revenue Certificates, 5.25%, 1/1/2016 (b) 

 

8,500,000

 

9,226,835

Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024 

 

1,705,000

 

1,544,509

Georgia, Municipal Electric Authority, General Resolution Projects, Series A, 5.25%, 1/1/2019 

 

2,500,000

 

2,689,925

Georgia, State General Obligation, 6.75%, 9/1/2010 

 

5,370,000

 

5,862,214

Savannah, GA, Economic Development Authority Revenue, College of Art & Design:

 
 

ETM, 6.2%, 10/1/2009 

 

555,000 

 

567,182 

 

Prerefunded, 6.5%, 10/1/2013 

 

800,000 

 

854,088 

 

**22,903,033**

**Hawaii 2.9%**

 
Hawaii, Housing & Community Development, Multi-Family Revenue, Sunset Villas:

 
 

5.7%, 7/20/2031 

 

1,090,000 

 

1,103,255 

 

5.75%, 1/20/2036 

 

2,395,000 

 

2,422,231 

Hawaii, State General Obligation:

 
 

Series CI, 4.75%, 11/1/2008 

 

7,050,000 

 

7,087,929 

 

Series DK, 5.0%, 5/1/2021 

 

9,000,000 

 

9,638,640 

 

**20,252,055**

**Illinois 6.3%**

 
Belleville St. Clair County, IL, Single Family Mortgage Revenue, ETM, 7.25%, 11/1/2009 

 

30,000

 

31,272

Chicago, 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

 

1,075,910

Chicago, IL, Higher Education Revenue, City Colleges, Zero Coupon, 1/1/2014 (b) 

 

11,570,000

 

9,428,856

Chicago, IL, Water & Sewer Revenue, Zero Coupon, 11/1/2011 (b) 

 

5,000,000

 

4,513,950

Du Page County, IL, Special Services Area No. 11, 6.75%, 1/1/2014 

 

590,000

 

633,695

Du Page County, IL, Special Services Area No. 26, Bruce Lake Subdivision, General Obligation:

 
 

5.0%, 1/1/2013 

 

65,000 

 

65,462 

 

5.15%, 1/1/2014 

 

65,000 

 

65,592 

 

5.25%, 1/1/2009 

 

50,000 

 

50,273 

 

5.25%, 1/1/2010 

 

55,000 

 

55,881 

 

 

 

 

5.25%, 1/1/2016 

 

150,000 

 

150,649 

 

5.375%, 1/1/2011 

 

60,000 

 

61,330 

 

5.5%, 1/1/2012 

 

35,000 

 

35,979 

 

5.5%, 1/1/2019 

 

255,000 

 

254,681 

 

5.75%, 1/1/2022 

 

300,000 

 

293,289 

Illinois, Educational Facilities Authority Revenues, Augustana College, ETM, 4.6%, 10/1/2008 

 

50,000

 

50,136

Illinois, Health Facilities Authority, Michael Reese Hospital & Medical Center, ETM, 6.75%, 12/1/2008 

 

50,000

 

50,666

Illinois, Health Facilities Authority, Midwest Group Ltd., 5.375%, 11/15/2008 (b) 

 

85,000

 

84,927

Illinois, Municipal Electric Agency Power Supply, Series A, 5.25%, 2/1/2018 (b) 

 

2,000,000

 

2,128,040

Illinois, Transportation/Tolls Revenue, State Toll Highway Authority, Series A, 5.5%,    1/1/2013 (b) 

 

2,200,000

 

2,432,474

Palatine, IL, Tax Increment Revenue, Dundee Road Development Project, Tax Allocation, 5.0%, 1/1/2015 (b) 

 

4,340,000

 

4,347,638

Rockford-Concord Commons, IL, Housing Facility, Concord Commons Project, Series A, 6.15%, 11/1/2022 

 

1,310,000

 

1,312,633

Rosemont, IL, Core City General Obligation:

 
 

Series A, Zero Coupon, 12/1/2013 (b) 

 

3,865,000 

 

3,171,735 

 

Series A, Zero Coupon, 12/1/2014 (b) 

 

4,000,000 

 

3,118,960 

Silvas, IL, Mortgage Revenue:

 
 

Series A, Prerefunded, 4.9%, 8/1/2011 

 

360,000 

 

369,832 

 

Series A, Prerefunded, 5.2%, 8/1/2017 

 

1,285,000 

 

1,346,192 

University of Illinois, Higher Education Revenue, Auxiliary Facilities System:

 
 

Series A, 5.5%, 4/1/2015 (b) 

 

3,860,000 

 

4,339,605 

 

Series A, 5.5%, 4/1/2016 (b) 

 

3,580,000 

 

4,039,457 

 

**43,509,114**

**Indiana 2.2%**

 
Indiana, Health Facility Authority Revenue, Memorial Hospital, 5.125%, 2/15/2017 (b) 

 

1,250,000

 

1,255,025

Indianapolis, IN, City Core General Obligation, Local Improvements, Series B, 6.0%, 1/10/2013 

 

3,000,000

 

3,212,100

Indianapolis, IN, State Agency Revenue Lease, Local Improvements, Series D, 6.75%, 2/1/2014 

 

8,000,000

 

8,960,000

Jasper County, IN, Pollution Control Revenue, Series C, Northern Indiana Public Service, 5.85%, 4/1/2019 (b) 

 

2,000,000

 

2,005,820

 

**15,432,945**

**Kansas 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

 

**2,479,673**

**Kentucky 0.3%**

 
Kentucky, Asset/Liability Commission Agency Revenue, Federal Highway Trust, First Series, 5.25%, 9/1/2019 (b) 

 

1,000,000

 

1,109,460

Kentucky, Economic Development Finance Authority Revenue, Catholic Health, Series 04-D, 3.5%, 5/1/2034 

 

1,030,000

 

1,038,003

 

**2,147,463**

**Louisiana 1.4%**

 
Louisiana, Sales & Special Tax Revenue, Regional Transportation Authority, Series A, 144A, 7.95%, 12/1/2013 (b) 

 

2,815,000

 

3,351,623

Louisiana, State Health Education Authority, Lease Rent Revenue, Tulane University Medical Center, ETM, 7.875%, 7/1/2009 

 

55,000

 

57,448

New Orleans, LA, Home Mortgage Authority, Special Obligation, ETM, 6.25%, 1/15/2011 

 

3,594,000

 

3,871,816

Orleans, LA, Sales & Special Tax Revenue, Levee District Improvement Project, 5.95%, 11/1/2014 (b) 

 

1,055,000

 

1,061,858

Tensas Parish County, LA, General Obligation, Prerefunded, 7.0%, 9/1/2018 

 

1,445,000

 

1,474,290

 

**9,817,035**

 

 

 

**Maryland 0.8%**

 
Baltimore County, MD, Mortgage Revenue, Three Garden Village Project, Series A, 4.8%, 1/1/2013 

 

335,000

 

343,084

Maryland, General Obligation, State & Local Facilities Loan, Series 2, 5.0%, 8/1/2019 

 

5,000,000

 

5,477,250

 

**5,820,334**

**Massachusetts 0.6%**

 
Boston, MA, Deutsche Altenheim, Series A, 5.95%, 10/1/2018 

 

415,000

 

436,231

Massachusetts, Bay Transportation Authority Revenue, Series A, 5.75%, 7/1/2015 

 

85,000

 

90,011

Massachusetts, Development Finance Agency, Human Services Provider, Seven Hills Foundation & Affiliates, 4.85%, 9/1/2013 (b) 

 

310,000

 

312,626

Massachusetts, State General Obligation, Series D, 5.5%, 11/1/2015 (b) 

 

1,000,000

 

1,138,960

Massachusetts, Water & Sewer Revenue, Pollution Control Revenue, Water Pollution Abatement Trust, Series A, 6.2%, 2/1/2010 

 

10,000

 

10,034

Somerville, MA, Housing Authority Revenue, Clarendon Project, 4.6%, 11/20/2015 

 

2,000,000

 

2,108,400

 

**4,096,262**

**Michigan 3.6%**

 
Brighton, MI, School District General Obligation, Series II, Zero Coupon, 5/1/2016 (b) 

 

5,000,000

 

3,615,700

Detroit, MI, Core City General Obligation:

 
 

Series B, Prerefunded, 5.875%, 4/1/2013 (b) 

 

2,410,000 

 

2,576,868 

 

Series B, Prerefunded, 5.875%, 4/1/2014 (b) 

 

2,555,000 

 

2,731,908 

Detroit, MI, State General Obligation, Series A-1, 5.375%, 4/1/2016 (b) 

 

2,000,000

 

2,061,780

Hartland, MI, School District General Obligation, 5.375%, 5/1/2014 

 

3,295,000

 

3,515,469

Michigan, Hospital & Healthcare Revenue, Hospital Finance Authority, Mercy Mt. Clemens, Series A, Prerefunded, 6.0%, 5/15/2014 (b) 

 

3,000,000

 

3,109,650

Michigan, Water & Sewer Revenue, Municipal Bond Authority, 5.375%, 10/1/2016 

 

6,670,000

 

7,245,688

Saginaw, MI, Hospital Finance Authority, Saint Luke Hospital, ETM, 7.5%, 11/1/2010 

 

95,000

 

100,397

 

**24,957,460**

**Minnesota 0.7%**

 
Minnesota, State General Obligation, 5.0%, 6/1/2020 

 

4,535,000

 

**4,862,699**

**Mississippi 2.1%**

 
Corinth & Alcorn Counties, MS, Hospital Revenue, Magnolia Regional Health Center Project, Series B, 5.125%, 10/1/2010 

 

190,000

 

194,011

Lincoln County, MS, Hospital & Healthcare Revenue, Kings Daughters Hospital, Series B, 5.5%, 4/1/2018 (b) 

 

1,345,000

 

1,348,779

Mississippi, Business Financial Corp., Mississippi Retirement Facilities Revenue, Wesley Manor, Series A, 5.45%, 5/20/2034 

 

2,670,000

 

2,677,770

Mississippi, Home Corp., Single Family Mortgage Revenue, Series C-1, 5.6%, 6/1/2038 

 

6,815,000

 

7,133,465

Rankin County, MS, School District General Obligation, 5.25%, 2/1/2015 (b) 

 

2,845,000

 

3,073,823

 

**14,427,848**

**Missouri 1.1%**

 
Bridgeton, MO, Industrial Development Authority, Facilities Revenue, Mizpath Assisted Living, Series A, 5.25%, 12/20/2019 

 

140,000

 

144,011

Missouri, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Washington University, Series A, 5.5%, 6/15/2016 

 

3,200,000

 

3,659,616

Missouri, Water & Sewer Revenue, State Revenue Revolving Funds Project, Series C, 5.375%, 7/1/2015 

 

3,495,000

 

3,965,322

Springfield, MO, Law Enforcement Communication, Certificate of Participation, 5.5%, 6/1/2010 

 

60,000

 

63,204

 

**7,832,153**

**Nebraska 0.3%**

 
Omaha, NE, School District General Obligation, Series A, ETM, 6.5%, 12/1/2013 

 

1,500,000

 

**1,762,830**

**Nevada 0.3%**

 
Clark County, NV, Airport Revenue, Series 08-E, 5.0%, 7/1/2012 

 

1,975,000

 

2,110,110

Nevada, Housing Division, Single Family Mortgage:

 
 

Series B-1, 4.95%, 4/1/2012 

 

40,000 

 

40,095 

 

 

 

 

Series C-1, 5.45%, 4/1/2010 

 

10,000 

 

10,116 

 

**2,160,321**

**New 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

 

**625,725**

**New Jersey 3.2%**

 
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.375%, 6/15/2014 

 

2,280,000

 

2,246,416

New Jersey, Economic Development Authority Revenue, School Facilities Construction:

 
 

Series O, 5.0%, 3/1/2017 

 

3,300,000 

 

3,538,524 

 

Series W, 5.0%, 3/1/2019 

 

3,000,000 

 

3,191,820 

 

Series I, Prerefunded, 5.25%, 9/1/2024 

 

2,000,000 

 

2,256,760 

New Jersey, Sales & Special Tax Revenue, Transportation Trust Fund, Series B, 6.5%, 6/15/2011 (b) 

 

140,000

 

154,535

New Jersey, State Transit Corp., Certificate of Participation, Federal Transit Administration Grants, Series A, 5.0%, 9/15/2016 (b) 

 

7,000,000

 

7,416,220

New Jersey, State Transportation Trust Fund Authority, Transportation System, Series B, ETM, 6.5%, 6/15/2011 (b) 

 

85,000

 

94,627

New Jersey, Transportation/Tolls Revenue, State Highway Authority, Garden State Parkway, ETM, 5.5%, 1/1/2014 (b) 

 

2,630,000

 

2,976,292

Secaucus, NJ, Municipal Utilities Authority, Sewer Revenue, ETM, 6.875%, 12/1/2008 

 

10,000

 

10,136

 

**21,885,330**

**New York 8.0%**

 
New York, Dormitory Authority, Lutheran Nursing Home:

 
 

5.125%, 2/1/2018 (b) 

 

405,000 

 

417,818 

 

6.1%, 8/1/2041 (b) 

 

1,000,000 

 

1,071,180 

New York, Dormitory Authority, St. Joseph's Hospital, 5.25%, 7/1/2018 (b) 

 

450,000

 

455,427

New York, Metropolitan Transportation Authority Revenue, Series A, 5.5%, 11/15/2014 (b) 

 

5,000,000

 

5,556,250

New York, State Dormitory Authority Revenue, State University Educational Facilities, 5.0%, 5/15/2010 

 

250,000

 

253,093

New York, State Housing Finance Agency Revenue, 100 Maiden Lane, Series A, 1.77% *, 5/15/2037 

 

2,300,000

 

2,300,000

New York, Tobacco Settlement Financing Corp., Series C-1, 5.5%, 6/1/2015 

 

8,000,000

 

8,224,240

New York, Triborough Bridge & Tunnel Authority, Convention Center Project, Series E, 7.25%, 1/1/2010 

 

120,000

 

124,710

New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series AA, 5.0%, 6/15/2021 

 

10,000,000

 

10,640,500

New York, NY, Core City General Obligation, Series B, 5.75%, 8/1/2015 

 

5,000,000

 

5,479,850

New York, NY, General Obligation:

 
 

Series J, 5.25%, 5/15/2015 (b) 

 

4,000,000 

 

4,349,160 

 

Series A, 5.5%, 8/1/2014 

 

5,000,000 

 

5,489,900 

 

Series G, ETM, 6.75%, 2/1/2009 

 

255,000 

 

260,465 

New York, NY, State Agency General Obligation Lease, Tobacco Settlement Funding Corp., Series A-1, 5.5%, 6/1/2018 

 

10,000,000

 

10,499,800

Oneida County, NY, Industrial Development Agency Revenue, Civic Facilities, 5.0%, 3/1/2014, HSBC Bank PLC (a) 

 

600,000

 

607,890

 

**55,730,283**

**North Carolina 0.5%**

 
North Carolina, Electric Revenue, Catawba Municipal Power Agency No. 1, Series A, 5.25%, 1/1/2020 

 

2,000,000

 

2,094,580

North Carolina, Electric Revenue, Municipal Power Agency, Series F, 5.5%, 1/1/2016 

 

1,000,000

 

1,040,950

 

**3,135,530**

**North Dakota 0.2%**

 
Fargo, ND, Health Systems Revenue, Series A, 5.6%, 6/1/2013 (b) 

 

1,250,000

 

**1,272,025**

 

 

 

**Ohio 3.9%**

 
Buckeye, OH, Tobacco Settlement Financing Authority:

 
 

Series A-2, 5.125%, 6/1/2024 

 

5,665,000 

 

5,190,840 

 

Series A-2, 5.375%, 6/1/2024 

 

1,940,000 

 

1,826,762 

Columbus, OH, General Obligation, Series 1, 5.0%, 7/1/2014 

 

9,905,000

 

10,969,589

Franklin County, OH, Hospital & Healthcare Revenue, Ohio Presbyterian Services, 5.4%, 7/1/2010 

 

750,000

 

758,655

Montgomery County, OH, Catholic Health Revenue, Series C-2, 4.1%, 10/1/2041 

 

1,895,000

 

1,955,223

Ohio, Capital Housing Corp. Mortgage, Georgetown Section 8, Series A, 6.625%, 7/1/2022 

 

705,000

 

705,895

Ohio, Industrial Development Revenue, Building Authority, Adult Correction Facilities, Series A, 5.5%, 10/1/2013 (b) 

 

1,140,000

 

1,225,124

Ohio, Water & Sewer Revenue, Water Development Authority, Pure Water Improvement Project, Series B, 5.5%, 6/1/2015 (b) 

 

2,280,000

 

2,591,311

Sandusky County, OH, Health Care Facilities Revenue, Bethany Place Retirement Center Project, 5.15%, 7/1/2009 

 

15,000

 

15,217

Stark County, OH, Health Care Facility, Rose Land, Inc. Project:

 
 

5.3%, 7/20/2018 

 

850,000 

 

874,684 

 

5.35%, 7/20/2023 

 

940,000 

 

955,021 

 

**27,068,321**

**Oklahoma 0.2%**

 
Oklahoma, Ordinance Works Authority, Ralston Purina Project, 6.3%, 9/1/2015 

 

1,500,000

 

**1,503,420**

**Oregon 0.5%**

 
Oregon, Department Transportation Highway, User Tax Revenue, Series A, Prerefunded, 5.25%, 11/15/2015 

 

3,000,000

 

**3,369,840**

**Pennsylvania 3.6%**

 
Allegheny County, PA, Airport Revenue, San Authority, 5.375%, 12/1/2015 (b) 

 

3,370,000

 

3,630,771

Allegheny County, PA, Residential Finance Authority, Single Family Mortgage, Series CC-2, 5.2%, 5/1/2017 

 

105,000

 

107,115

Beaver County, PA, Industrial Development Authority, Health Care Revenue, Providence Project, Series C, 4.85%, 5/20/2010 

 

495,000

 

504,336

Chester County, PA, Health & Education Facility, Immaculata College:

 
 

5.1%, 10/15/2008 

 

120,000 

 

120,146 

 

5.125%, 10/15/2009 

 

230,000 

 

230,253 

 

5.3%, 10/15/2011 

 

280,000 

 

280,140 

Delaware County, PA, County General Obligation, 5.125%, 10/1/2014 

 

4,200,000

 

4,318,986

Delaware County, PA, Housing Authority, Dunwood Village Project, Prerefunded, 6.125%, 4/1/2020 

 

100,000

 

106,004

Erie, PA, Higher Education Building Authority, Gannon University Project, Series E, 5.2%, 7/15/2016 

 

800,000

 

800,128

Lancaster, PA, Sewer Authority Revenue, ETM, 6.0%, 4/1/2012 

 

40,000

 

42,603

Pennsylvania, Delaware River Junction Toll Bridge, Commonwealth of Pennsylvania Bridge Revenue, 5.25%, 7/1/2013 

 

1,000,000

 

1,091,180

Pennsylvania, Delaware River Port Authority, ETM, 6.5%, 1/15/2011 

 

55,000

 

58,369

Pennsylvania, Higher Educational Facilities Authority, College & University Revenue, University of the Arts, 5.5%, 3/15/2013 (b) 

 

800,000

 

811,672

Pennsylvania, Higher Educational Facility Authority, Health Services Revenue, Allegheny Delaware Valley Obligation, Series C, 5.875%, 11/15/2018 (b) 

 

1,450,000

 

1,449,768

Pennsylvania, Higher Educational Facility, Gwynedd Mercy College, ETM, 5.0%, 11/1/2008 

 

115,000

 

115,682

Pennsylvania, State General Obligation, Series First, Prerefunded, 6.0%, 1/15/2013 

 

5,500,000

 

5,853,265

Philadelphia, PA, Hospital & Higher Education Authority, Health System, Series A, 5.375%, 1/1/2028 

 

2,645,000

 

2,692,160

Philadelphia, PA, Industrial Development Authority, Jeanes Physicians' Office, Series A, 9.375%, 7/1/2010 

 

170,000

 

174,384

Philadelphia, PA, Redevelopment Authority, Multi-Family Housing Revenue, Woodstock, 5.45%, 2/1/2023 

 

620,000

 

620,198

Philadelphia, PA, School District General Obligation, Series C, Prerefunded, 5.875%,    3/1/2013 (b) 

 

1,000,000

 

1,056,970

 

 

 

Williamsport, PA, Multi-Family Housing Authority, Series A, 5.25%, 1/1/2015 (b) 

 

690,000

 

698,942

 

**24,763,072**

**Puerto Rico 1.6%**

 
Commonwealth of Puerto Rico, Highway & Transportation Authority Revenue, Series BB, 5.25%, 7/1/2018 (b) 

 

5,000,000

 

5,093,900

Puerto Rico, Electric Power Authority Revenue, Series UU, 5.0%, 7/1/2019 (b) 

 

3,000,000

 

3,048,780

Puerto Rico, Public Buildings Authority Revenue, Government Facilities, Series M, 6.0%, 7/1/2020 

 

3,045,000

 

3,287,473

 

**11,430,153**

**Rhode Island 0.8%**

 
Rhode Island, State & Providence Plantations, Construction Capital Development Loan, Series A, 5.0%, 8/1/2017 (b) 

 

5,000,000

 

**5,497,050**

**South Carolina 1.4%**

 
Columbia, SC, Waterworks & Sewer Systems Revenue, ETM, 7.75%, 1/1/2011 

 

1,720,000

 

1,837,786

South Carolina, Water & Sewer Revenue, Grand Strand Water and Sewer Authority:

 
 

5.375%, 6/1/2015 (b) 

 

3,705,000 

 

3,991,915 

 

5.375%, 6/1/2016 (b) 

 

3,900,000 

 

4,202,016 

 

**10,031,717**

**Tennessee 2.9%**

 
Greeneville, TN, Health & Education Facility Board, Southern Advent Hospital, ETM, 8.7%, 10/1/2009 

 

105,000

 

108,917

Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.25%, 4/1/2018 

 

1,000,000

 

1,038,110

Johnson City, TN, Hospital & Healthcare Revenue, Medical Center Hospital, ETM, 5.5%, 7/1/2013 (b) 

 

3,305,000

 

3,681,506

Memphis & Shelby Counties, TN, Sports, Expo & Entertainment Revenue, Sports Authority Memphis Arena Project, Series A, Prerefunded, 5.5%, 11/1/2015 (b) 

 

3,545,000

 

3,929,739

Memphis, TN, Health, Education & Housing Facility Board, Multi-Family Housing, Hickory Pointe Apartments Project, Series A, 5.4%, 7/1/2010 (b) 

 

380,000

 

365,142

Nashville & Davidson Counties, TN, Water & Sewer Revenue, Series B, 5.25%, 1/1/2013 (b) 

 

3,310,000

 

3,574,337

Tennessee, Energy Acquisition Corp., Gas Revenue:

 
 

Series A, 5.0%, 9/1/2016 

 

2,700,000 

 

2,680,668 

 

Series A, 5.25%, 9/1/2021 

 

5,000,000 

 

4,790,850 

 

**20,169,269**

**Texas 16.2%**

 
Bexar County, TX, Housing Finance Corp., Multi-Family Housing Revenue, American Opportunity Housing, Series A, 5.8%, 1/1/2031 (b) 

 

200,000

 

202,348

Brownsville, TX, Electric Revenue, ETM, 6.25%, 9/1/2014 (b) 

 

6,500,000

 

7,181,980

Comal, TX, Independent School District, School Building Improvements, 5.25%, 2/1/2020 

 

2,330,000

 

2,531,708

Cypress-Fairbanks, TX, Independent School District, School House Building Improvements:

 
 

5.0%, 2/15/2019 

 

1,300,000 

 

1,398,891 

 

5.0%, 2/15/2021 

 

1,850,000 

 

1,955,654 

El Paso, TX, Independent School District, School Building Improvements, 5.0%, 8/15/2022 (c)

 

4,885,000

 

5,139,411

Fort Bend, TX, Independent School District, 5.0%, 8/15/2026 

 

2,000,000

 

2,070,440

Houston, TX, Higher Education Finance Corp. Revenue, William Marsh Rice University Project, Series A, 2.55% *, 5/15/2048 

 

1,300,000

 

1,300,000

Houston, TX, Sewer Systems Revenue, ETM, 6.375%, 10/1/2008 

 

55,000

 

55,235

Houston, TX, Utility Systems Revenue, First Lien, Series C-2B, 5.0%, 5/15/2034 (b) 

 

2,285,000

 

2,393,492

Houston, TX, Water & Sewer Revenue:

 
 

Series A, 5.5%, 12/1/2015 (b) 

 

8,250,000 

 

8,890,612 

 

Series B, Prerefunded, 5.75%, 12/1/2016 (b) 

 

1,000,000 

 

1,118,930 

Houston, TX, Water & Sewer Revenue, Water Conveyance Systems Contract, Series J, 6.25%, 12/15/2013 (b) 

 

2,500,000

 

2,831,425

Jefferson County, TX, Health Facilities Development Corp., Baptist Hospitals, 5.2%,   8/15/2021 (b) 

 

375,000

 

385,500

 

 

 

Longview, TX, Independent School District, School Building Improvements, 5.0%, 2/15/2022 

 

2,000,000

 

2,107,460

North Texas, Tollway Authority Revenue, First Tier:

 
 

Series E-3, 5.75%, 1/1/2038 

 

4,900,000 

 

5,223,694 

 

Series A, 6.0%, 1/1/2022 

 

7,000,000 

 

7,430,850 

Northern, TX, Health Facilities Development Corp., United Regional Health Care Systems Project, 5.0%, 9/1/2014 (b) 

 

5,750,000

 

5,784,442

Northside, TX, Independent School District, General Obligation, 5.0%, 2/15/2015 

 

2,160,000

 

2,338,740

Odessa, TX, Housing Finance Corp., Single Family Mortgage, Series A, 8.45%, 11/1/2011 

 

34,560

 

34,587

Plano, TX, Independent School District, 5.25%, 2/15/2014 

 

1,570,000

 

1,662,426

San Antonio, TX, General Improvement, Series 2006, 5.5%, 8/1/2014 (b) 

 

3,000,000

 

3,370,350

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%, 2/15/2018 

 

2,000,000

 

2,060,880

Texas, Lower Colorado River Authority Revenue:

 
 

Series A, 5.875%, 5/15/2014 (b) 

 

2,495,000 

 

2,575,414 

 

Series A, Prerefunded, 5.875%, 5/15/2014 (b) 

 

5,000 

 

5,198 

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series A, 5.0%, 12/15/2012 

 

5,000,000

 

4,917,650

Texas, Municipal Power Agency Revenue:

 
 

ETM, Zero Coupon, 9/1/2014 (b) 

 

40,000 

 

32,520 

 

Zero Coupon, 9/1/2014 (b) 

 

1,760,000 

 

1,406,627 

Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020 

 

7,000,000

 

6,933,990

Texas, Water & Sewer Revenue, 5.375%, 3/1/2015 (b) 

 

3,710,000

 

4,029,023

Texas, Water & Sewer Revenue, State Revenue Revolving Funds Project:

 
 

Series A, 5.625%, 7/15/2013 

 

2,290,000 

 

2,420,232 

 

Series A, 5.75%, 7/15/2013 

 

3,000,000 

 

3,131,760 

 

Series B, 5.75%, 7/15/2014 

 

3,555,000 

 

3,711,136 

Texas, Water Development Board Revenue, State Revolving Fund:

 
 

Series B, 5.0%, 7/15/2017 

 

3,000,000 

 

3,208,950 

 

Series A, 5.0%, 7/15/2020 

 

3,150,000 

 

3,357,837 

 

Series B, 5.25%, 7/15/2021 

 

3,000,000 

 

3,227,820 

Travis County, TX, Hospital & Healthcare Revenue, Ascension Health Credit:

 
 

Series A, 5.75%, 11/15/2010 (b) 

 

1,000,000 

 

1,046,350 

 

Series A, Prerefunded, 6.25%, 11/15/2013 (b) 

 

5,000,000 

 

5,297,600 

 

**112,771,162**

**Utah 0.1%**

 
Intermountain Power Agency, UT, Power Supply Revenue, Series A, ETM, 6.15%, 7/1/2014 (b) 

 

790,000

 

835,456

Utah, Housing Finance Agency, Single Family Mortgage, Series F-1, Class I, 5.5%, 7/1/2016 

 

15,000

 

15,302

 

**850,758**

**Virgin Islands 0.3%**

 
Virgin Islands, Electric Revenue, Water and Power Authority, 5.25%, 7/1/2009 

 

2,000,000

 

**2,022,380**

**Virginia 0.3%**

 
Newport News, VA, Industrial Development Authority, Mennowood Communities, Series A, 7.25%, 8/1/2016 

 

620,000

 

627,725

Richmond, VA, Metro Expressway Authority, ETM, 7.0%, 10/15/2013 (b) 

 

1,380,000

 

1,522,044

 

**2,149,769**

**Washington 0.7%**

 
Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 2, Series A, 6.3%, 7/1/2012 

 

1,000,000

 

1,123,290

Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series D, 5.0%, 7/1/2012 

 

3,000,000

 

3,232,860

Washington, Health Care, Nursing Home Revenue, Grays Harbor Community Hospital, Prerefunded, 5.85%, 7/1/2012 (b) 

 

515,000

 

544,757

 

**4,900,907**

 

 

 

 

 

**West Virginia 0.5%**

 
Beckley, WV, Nursing Facility, Berkley Healthcare Corp. Project:

 
 

5.55%, 9/1/2008, Bank of America NA (a) 

 

190,000 

 

190,000 

 
 

5.7%, 9/1/2009, Bank of America NA (a) 

 

150,000 

 

149,985 

 
West Virginia, Transportation/Tolls Revenue, 5.25%, 5/15/2015 (b) 

 

2,940,000

 

3,215,390

 
 
 

**3,555,375**

 
**Wisconsin 2.1%**

 
Shell Lake, WI, Nursing Home Revenue, Terraceview Living, 5.3%, 9/20/2018 

 

845,000

 

845,600

 
Wisconsin, Health & Educational Facilities, Viterbo College, Inc. Project, Series A:

 
 

5.75%, 2/1/2012, US Bank NA (a) 

 

240,000 

 

242,141 

 
 

6.0%, 2/1/2017, US Bank NA (a) 

 

405,000 

 

407,580 

 
Wisconsin, State General Obligation:

 
 

Series C, Prerefunded, 5.25%, 5/1/2016 (b) 

 

7,705,000 

 

8,394,289 

 
 

Series D, Prerefunded, 5.75%, 5/1/2015 

 

4,000,000 

 

4,355,000 

 
 
 

**14,244,610**

 
 
**Total Municipal Bonds and Notes** (Cost $658,761,293)

 

**678,348,215**

 
 

**Municipal Inverse Floating Rate Notes (d) 5.8%**

 
**California 1.9%**

 
Los Angeles, CA, General Obligation, Series A, 5.0%, 9/1/2020 (b) (e)

 

5,915,000

 

6,294,186

 
 

*Trust:  Los Angeles, CA, General Obligation, Series 2678-2, 144A, 13.338%, 9/1/2020,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 
Los Angeles, CA, General Obligation, Series A, 5.0%, 9/1/2019 (b) (e)

 

6,340,000

 

6,766,428

 
 

*Trust:  Los Angeles, CA, General Obligation, Series 2678-1, 144A, 13.34%, 9/1/2019,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 
 
 

**13,060,614**

 
**Indiana 1.6%**

 
Indiana, Transportation Finance Authority, Highway Revenue, Series A, 5.5%, 12/1/2022 (e)

 

10,000,000

 

**11,092,000**

 
 

*Trust: Indiana, State Transportation, Series 1157, 144A, 15.4%, 12/1/2022,Leverage*

*Factor at purchase date: 4 to 1***

 

 

 

 

 
**New York 0.8%**

 
New York, State Dormitory Authority, Personal Income Tax Revenue, Series A, 5.0%, 3/15/2019 (e)

 

5,000,000

 

**5,407,650**

 
 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-1,*

*144A, 13.94%, 3/15/2019, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 
**Texas 1.5%**

 
Texas, State Transportation Commission Revenue, First Tier, 5.0%, 4/1/2022 (e)

 

10,000,000

 

**10,534,650**

 
 

*Trust: Texas, State Transportation Commission Revenue, Series 2214, 144A, 13.85%,*

*4/1/2022, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 
 
**Total Municipal Inverse Floating Rate Notes** (Cost $39,941,090)

 

**40,094,914**

 
 

**% of****Net Assets**

 

**Value ($)**

 
 
**Total Investment Portfolio** (Cost $698,702,383) †

103.5

 

**718,443,129**

 
**Other Assets and Liabilities, Net**

(3.5)

 

**(24,439,693)**

 
 
**Net Assets**

100.0

 

**694,003,436**

 
*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*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 August 31, 2008.*

*†*

*The cost for federal income tax purposes was $698,163,171.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $20,279,958.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $23,745,093 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,465,135.*

 

 

 

*(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 Portfolio**

 
Ambac Financial Group

10.4

 
Financial Guaranty Insurance Company

10.2

 
Financial Security Assurance, Inc.

10.8

 
MBIA Corp.

13.0

 
Radian Asset Assurance

0.6

 
*(c)*

*When-issued security.*

*(d)*

*Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.*

*(e)*

*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 August 31, 2008 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                                 -   

Level 2 

718,443,129                       

Level 3 

-   

**Total**

**$              718,443,129**

 

*The Fund adopted Financial Accounting Standards Board 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, credit risk, etc.).  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.*

 

**ITEM 2.**

**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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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.

 

 

**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:

October 22, 2008

 

 

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:

October 22, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 22, 2008

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