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: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of February 28, 2009  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

 

**DWS Intermediate Tax/AMT Free Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Value ($)** |
|--------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Bonds and Notes 99.0%** |  
**Alabama 0.3%**

 
Birmingham, AL, Special Care Facilities Financing Authority Revenue, Methodist Home for Aging, 5.0%, 3/1/2014, Colonial Bank (a) 

 

2,200,000

 

**2,276,868**

**Arizona 3.9%**

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

 

3,000,000

 

2,963,970

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

 

105,000

 

109,970

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

 

4,000,000

 

4,248,800

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

 

3,590,000

 

4,304,877

Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, 5.5%, 7/1/2022 

 

2,545,000

 

2,793,239

 

 

 

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

 

10,000,000

 

11,470,300

 

**25,891,156**

**Arkansas 0.0%**

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

 

95,000

 

104,866

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

 

1,173

 

1,177

 

**106,043**

**California 13.1%**

 
California, Bay Area Toll Authority, Toll Bridge Revenue:

 
 

Series C, 0.35% *, 4/1/2045 

 

5,500,000 

 

5,500,000 

 

Series D-1, 0.4% *, 4/1/2045 

 

3,500,000 

 

3,500,000 

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

 

10,000,000

 

10,736,600

California, Eastern Municipal Water District, Water & Sewer Revenue, Certificates of Participation, Series G, 0.4% *, 7/1/2038 

 

1,500,000

 

1,500,000

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

 

7,000,000

 

8,026,480

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

 

10,000,000

 

10,866,100

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

 

6,735,000

 

7,297,440

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

 
 

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

 

2,955,000 

 

3,254,135 

 

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

 

45,000 

 

51,594 

California, State General Obligation, 6.0%, 4/1/2018 

 

1,700,000

 

1,908,488

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

 

60,000

 

64,817

Long Beach, CA, Bond Finance Authority Lease Revenue, Long Beach Museum of Art,    0.45% *, 9/1/2009, Bank One NA (a) 

 

1,510,000

 

1,510,000

Los Angeles, CA, General Obligation:

 
 

Series A, 5.0%, 9/1/2019 (b) 

 

6,340,000 

 

6,902,485 

 

Series A, 5.0%, 9/1/2020 (b) 

 

5,915,000 

 

6,354,189 

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

 

4,000,000

 

4,473,480

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

 

7,000,000

 

7,170,170

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

 

825,000

 

708,922

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

 

6,260,000

 

6,576,130

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

 

35,000

 

33,933

 

**86,434,963**

**Colorado 2.9%**

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

 

7,000,000

 

7,480,410

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

 

30,000

 

30,671

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

 

8,000,000

 

7,962,640

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

 

2,680,000

 

2,709,534

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

 

30,000

 

30,904

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

 

70,000

 

70,039

Colorado, Housing Finance Authority, Single Family Program:

 
 

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

 

40,000 

 

41,398 

 

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

 

32,000 

 

33,229 

Colorado, University Enterprise System Revenue, Series A, 5.5%, 6/1/2023 

 

1,000,000

 

1,081,220

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

 

5,000

 

5,035

 

**19,445,080**

 

 

 

**Connecticut 0.6%**

 
Connecticut, State General Obligation, Series C, 5.0%, 6/1/2017 (b) 

 

3,170,000

 

**3,625,212**

**District of Columbia 0.6%**

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

 

3,630,000

 

**4,224,376**

**Florida 2.8%**

 
Broward County, FL, Water & Sewer Utility Revenue, Series A, 5.0%, 10/1/2024 

 

2,745,000

 

2,811,100

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

 

5,301,135

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

 

3,000,000

 

3,072,600

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

 

160,000

 

167,598

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

 

4,000,000

 

4,302,200

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

 

2,500,000

 

2,474,600

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

 

185,000

 

184,983

 

**18,314,216**

**Georgia 3.8%**

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

 

1,000,000

 

1,104,520

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

 

1,000,000

 

1,069,150

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

 

8,500,000

 

9,396,410

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

 

1,705,000

 

1,314,350

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

 

2,500,000

 

2,701,350

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

 

5,370,000

 

5,823,604

Georgia, State Road & Tollway Authority Revenue, Federal Highway Grant Anticipation Bonds, Series A, 5.0%, 6/1/2021 (c) 

 

2,500,000

 

2,676,150

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

 
 

ETM, 6.2%, 10/1/2009 

 

255,000 

 

263,591 

 

Prerefunded, 6.5%, 10/1/2013 

 

800,000 

 

843,632 

 

**25,192,757**

**Hawaii 1.5%**

 
Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2021 

 

9,000,000

 

**9,726,120**

**Illinois 7.6%**

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

 

20,000

 

20,907

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

 

1,150,182

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

 

11,570,000

 

10,054,099

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

 

5,000,000

 

4,689,350

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

 

505,000

 

545,693

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

 
 

5.0%, 1/1/2013 

 

65,000 

 

62,309 

 

5.15%, 1/1/2014 

 

65,000 

 

61,788 

 

5.25%, 1/1/2010 

 

55,000 

 

55,093 

 

5.25%, 1/1/2016 

 

150,000 

 

137,468 

 

5.375%, 1/1/2011 

 

60,000 

 

59,798 

 

5.5%, 1/1/2012 

 

35,000 

 

34,712 

 

5.5%, 1/1/2019 

 

255,000 

 

220,955 

 

5.75%, 1/1/2022 

 

300,000 

 

244,005 

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

 

2,000,000

 

2,198,420

Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024 (b) 

 

5,000,000

 

5,488,200

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

 

2,200,000

 

2,467,014

Illinois, Will, Grundy Etc. Counties, Community College District Number 525, Joliet Jr. College, 6.25%, 6/1/2021 

 

1,000,000

 

1,159,370

 

 

 

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

 

3,355,000

 

3,361,676

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

 

1,285,000

 

1,285,951

Rosemont, IL, Core City General Obligation:

 
 

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

 

3,865,000 

 

3,313,503 

 

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

 

4,000,000 

 

3,256,240 

Silvas, IL, Mortgage Revenue:

 
 

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

 

260,000 

 

267,545 

 

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

 

1,285,000 

 

1,334,845 

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

 
 

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

 

3,860,000 

 

4,444,751 

 

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

 

3,580,000 

 

4,148,003 

 

**50,061,877**

**Indiana 2.2%**

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

 

1,250,000

 

1,180,363

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

 

2,470,000

 

2,680,913

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

 

8,000,000

 

8,998,800

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

 

2,000,000

 

1,975,620

 

**14,835,696**

**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

 

**2,516,370**

**Kentucky 0.3%**

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

 

1,000,000

 

1,138,920

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

 

1,030,000

 

1,052,691

 

**2,191,611**

**Louisiana 1.2%**

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

 

2,815,000

 

3,348,470

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

 

55,000

 

56,390

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

 

3,579,000

 

3,860,739

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

 

935,000

 

937,431

 

**8,203,030**

**Maryland 0.9%**

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

 

305,000

 

311,646

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

 

5,000,000

 

5,679,100

 

**5,990,746**

**Massachusetts 0.6%**

 
Boston, MA, Deutsches Altenheim, Inc., Series A, 5.95%, 10/1/2018 

 

405,000

 

425,704

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

 

85,000

 

89,334

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

 

310,000

 

304,321

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

 

1,000,000

 

1,172,870

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

 

10,000

 

10,043

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

 

1,895,000

 

2,062,385

 

**4,064,657**

 

 

 

**Michigan 3.8%**

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

 

5,000,000

 

3,830,700

Detroit, MI, Core City General Obligation:

 
 

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

 

2,410,000 

 

2,568,940 

 

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

 

2,555,000 

 

2,723,502 

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

 

2,000,000

 

1,844,180

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

 

3,295,000

 

3,495,665

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

 

3,000,000

 

3,063,810

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

 

6,670,000

 

7,321,992

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

 

65,000

 

69,360

 

**24,918,149**

**Minnesota 0.8%**

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

 

4,535,000

 

**4,989,906**

**Mississippi 2.1%**

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

 

190,000

 

188,588

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

 

1,240,000

 

1,201,163

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

 

2,650,000

 

2,517,527

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

 

6,650,000

 

6,845,577

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

 

2,845,000

 

3,119,087

 

**13,871,942**

**Missouri 1.2%**

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

 

130,000

 

134,224

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

 

3,200,000

 

3,809,536

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

 

3,495,000

 

4,092,191

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

 

60,000

 

62,766

 

**8,098,717**

**Nebraska 0.3%**

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

 

1,500,000

 

**1,818,870**

**Nevada 0.3%**

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

 

1,975,000

 

2,137,365

Nevada, Housing Division, Single Family Mortgage:

 
 

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

 

30,000 

 

30,221 

 

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

 

10,000 

 

10,080 

 

**2,177,666**

**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

 

**625,169**

**New Jersey 2.5%**

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

 

2,280,000

 

2,172,179

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

 
 

Series O, 5.0%, 3/1/2017 

 

3,300,000 

 

3,505,722 

 

Series W, 5.0%, 3/1/2019 

 

3,000,000 

 

3,174,810 

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

 

140,000

 

152,352

 

 

 

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

 

7,000,000

 

7,381,570

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

 

85,000

 

94,990

 

**16,481,623**

**New York 6.3%**

 
New York, Dormitory Authority, Lutheran Nursing Home:

 
 

5.125%, 2/1/2018 (b) 

 

320,000 

 

323,421 

 

6.1%, 8/1/2041 (b) 

 

1,000,000 

 

1,024,750 

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

 

450,000

 

427,014

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

 

5,000,000

 

5,478,750

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

 

250,000

 

251,590

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

 

8,000,000

 

8,136,640

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

 

60,000

 

62,673

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

 

10,000,000

 

10,605,300

New York, NY, General Obligation, Series J, 5.25%, 5/15/2015 (b) 

 

4,000,000

 

4,278,920

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

 

10,000,000

 

10,264,000

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

 

600,000

 

607,056

 

**41,460,114**

**North Carolina 0.5%**

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

 

2,000,000

 

2,059,760

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

 

1,000,000

 

1,037,200

 

**3,096,960**

**North Dakota 0.2%**

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

 

1,250,000

 

**1,252,388**

**Ohio 3.4%**

 
Buckeye, OH, Tobacco Settlement Financing Authority:

 
 

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

 

5,610,000 

 

4,095,244 

 

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

 

1,920,000 

 

1,442,765 

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

 

750,000

 

738,900

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

 

1,895,000

 

1,993,824

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

 

695,000

 

695,820

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

 

1,140,000

 

1,234,278

Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2021 

 

2,150,000

 

2,240,945

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

 

2,280,000

 

2,673,779

Ross County, OH, Hospital Revenue, Adena Health System, 5.75%, 12/1/2022 

 

5,750,000

 

5,785,707

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

 

10,000

 

10,116

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

 
 

5.3%, 7/20/2018 

 

850,000 

 

868,173 

 

5.35%, 7/20/2023 

 

940,000 

 

944,427 

 

**22,723,978**

**Oklahoma 0.2%**

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

 

1,500,000

 

**1,503,090**

 

 

 

**Oregon 0.6%**

 
Oregon, State Facilities Authority Revenue, PeaceHealth, Series D, 0.42% *, 5/1/2047, Wells Fargo Bank NA (a) 

 

4,000,000

 

**4,000,000**

**Pennsylvania 3.6%**

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

 

3,370,000

 

3,550,564

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

 

105,000

 

107,104

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

 

360,000

 

367,186

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

 
 

5.125%, 10/15/2009 

 

230,000 

 

228,919 

 

5.3%, 10/15/2011 

 

280,000 

 

269,710 

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

 

4,200,000

 

4,283,412

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

 

100,000

 

105,660

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

 

800,000

 

756,832

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

 

40,000

 

42,763

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

 

1,000,000

 

1,086,300

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

 

40,000

 

42,959

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

 

800,000

 

802,456

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

 

1,450,000

 

1,152,721

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

 

5,500,000

 

5,813,830

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

 

2,645,000

 

2,595,671

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

 

170,000

 

173,754

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

 

610,000

 

610,049

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

 

1,000,000

 

1,049,430

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

 

590,000

 

596,690

 

**23,636,010**

**Puerto Rico 1.6%**

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

 

5,000,000

 

4,693,450

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

 

3,000,000

 

2,880,360

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

 

3,045,000

 

3,091,040

 

**10,664,850**

**Rhode Island 0.9%**

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

 

5,000,000

 

**5,678,400**

**South Carolina 1.5%**

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

 

1,190,000

 

1,286,711

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

 
 

5.375%, 6/1/2015 (b) 

 

3,705,000 

 

4,026,001 

 

5.375%, 6/1/2016 (b) 

 

3,900,000 

 

4,237,896 

 

**9,550,608**

 

 

 

**Tennessee 2.6%**

 
Clarksville, TN, Public Building Authority Revenue, Murfreesboro Loan, 0.62% *, 7/1/2024, SunTrust Bank (a) 

 

15,000

 

15,000

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

 

55,000

 

57,644

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

 

3,305,000

 

3,801,047

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

 

4,001,702

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

 

3,310,000

 

3,609,820

Tennessee, Energy Acquisition Corp., Gas Revenue:

 
 

Series A, 5.0%, 9/1/2016 

 

2,700,000 

 

2,190,159 

 

Series A, 5.25%, 9/1/2021 

 

5,000,000 

 

3,631,650 

 

**17,307,022**

**Texas 19.7%**

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

 

200,000

 

138,252

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

 

6,500,000

 

7,266,610

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

 

2,330,000

 

2,627,331

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

 
 

5.0%, 2/15/2019 

 

1,300,000 

 

1,454,466 

 

5.0%, 2/15/2021 

 

1,850,000 

 

2,012,486 

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

 

4,885,000

 

5,294,412

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

 

2,000,000

 

2,087,960

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

 

2,285,000

 

2,367,900

Houston, TX, Water & Sewer Revenue:

 
 

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

 

8,250,000 

 

8,969,647 

 

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

 

1,000,000 

 

1,142,410 

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

 

2,500,000

 

2,737,450

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

 

370,000

 

373,833

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

 

2,000,000

 

2,178,340

North Texas, Tollway Authority Revenue, First Tier:

 
 

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

 

4,900,000 

 

5,050,332 

 

Series A, 6.0%, 1/1/2022 

 

7,000,000 

 

7,397,530 

 

Series L-2, 6.0%, 1/1/2038 

 

6,000,000 

 

6,156,420 

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

 

5,750,000

 

5,750,345

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

 

2,160,000

 

2,414,794

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

 

20,937

 

21,032

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

 

1,570,000

 

1,665,754

San Antonio, TX, Electric & Gas Revenue, Series A, 5.25%, 2/1/2026 (c) 

 

7,000,000

 

7,229,040

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

 

3,000,000

 

3,462,660

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

 

2,000,000

 

2,058,880

Tarrant County, TX, Health Facilities Development Corp. Revenue, Cumberland Rest, Inc. Project, 1.0% *, 8/15/2036, HSH Nordbank AG (a) 

 

2,500,000

 

2,500,000

Texas, Lower Colorado River Authority Revenue:

 
 

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

 

2,495,000 

 

2,542,056 

 

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

 

5,000 

 

5,108 

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

 

5,000,000

 

4,517,050

Texas, Municipal Power Agency Revenue:

 
 

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

 

40,000 

 

34,310 

 

Zero Coupon, 9/1/2014 (b) 

 

1,760,000 

 

1,467,611 

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

 

7,000,000

 

5,702,340

Texas, State Veterans' Housing Assistance Program, Fund II, Series A, 5.25%, 12/1/2023 (c) 

 

4,000,000

 

4,260,640

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

 

3,710,000

 

4,092,872

 

 

 

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

 
 

Series A, 5.625%, 7/15/2013 

 

2,290,000 

 

2,403,332 

 

Series A, 5.75%, 7/15/2013 

 

3,000,000 

 

3,103,080 

 

Series B, 5.75%, 7/15/2014 

 

3,555,000 

 

3,677,150 

Texas, Water Development Board Revenue, State Revolving Fund:

 
 

Series B, 5.0%, 7/15/2017 

 

3,000,000 

 

3,282,060 

 

Series A, 5.0%, 7/15/2020 

 

3,150,000 

 

3,428,995 

 

Series B, 5.25%, 7/15/2021 

 

3,000,000 

 

3,267,420 

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

 
 

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

 

1,000,000 

 

1,035,750 

 

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

 

5,000,000 

 

5,254,650 

 

**130,432,308**

**Utah 0.1%**

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

 

790,000

 

815,841

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

 

10,000

 

10,057

 

**825,898**

**Virgin Islands 0.3%**

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

 

2,000,000

 

**1,996,200**

**Virginia 0.3%**

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

 

620,000

 

626,609

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

 

1,185,000

 

1,334,832

 

**1,961,441**

**Washington 0.9%**

 
Seattle, WA, Water System Revenue, 5.0%, 2/1/2020 

 

3,870,000

 

4,287,302

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

 

1,000,000

 

1,138,750

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

 

515,000

 

543,500

 

**5,969,552**

**West Virginia 0.5%**

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

 

2,940,000

 

**3,258,461**

**Wisconsin 2.0%**

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

 
 

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

 

185,000 

 

187,104 

 

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

 

405,000 

 

408,301 

Wisconsin, State General Obligation:

 
 

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

 

7,705,000 

 

8,448,378 

 

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

 

4,000,000 

 

4,380,800 

 

**13,424,583**

**Total Municipal Bonds and Notes** (Cost $639,917,970)

 

**654,824,683**

 

**Municipal Inverse Floating Rate Notes (d) 4.2%**

 
**Indiana 1.7%**

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

 

10,000,000

 

**11,233,700**

 

*Trust: Indiana, State Transportation, Series 1157, 144A, 19.06%, 12/1/2022, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**New York 0.9%**

 
New York, State Dormitory Authority Personal Income Tax Revenues, Series A, 5.0%, 

3/15/2019 (e)

 

5,000,000

 

**5,506,650**

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-1, 144A, 17.72%, 3/15/2019, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

 

 

**Texas 1.6%**

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

 

10,000,000

 

**10,705,350**

 

*Trust: Texas, State Transportation Commission Revenue, Series 2214, 144A, 17.66%, 4/1/2022, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Total Municipal Inverse Floating Rate Notes** (Cost $26,756,779)

 

**27,445,700**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $666,674,749) †

103.2

 

**682,270,383**

**Other Assets and Liabilities, Net**

(3.2)

 

**(21,023,366)**

**Net Assets**

100.0

 

**661,247,017**

*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 February 28, 2009.*

*†*

*The cost for federal income tax purposes was $666,523,415.  At February 28, 2009, net unrealized appreciation for all securities based on tax cost was $15,746,968.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $26,376,634 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $10,629,666.*

*(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, Inc.

8.9

 
Financial Guaranty Insurance Co.

10.0

 
Financial Security Assurance, Inc.

11.5

 
MBIA Corp.

14.3

 
Radian

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***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value 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 following is a summary of the inputs used as of February 28, 2009 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 

682,270,383   

Level 3 

-   

**Total**

**$              682,270,383**

 

 

**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:

April 22, 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:

April 22, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 22, 2009

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