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)

 

Two            International Place

Boston, MA 02110

(Address of principal executive offices)                        (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(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:08/31/07

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

Investment            Portfolio                                                           **as of****August 31, 2007            (Unaudited)** 

 

**DWS            Intermediate Tax/AMT Free Fund**

 

|                                                                                                                                                                                   | **Principal****Amount ($)**         |      | **Value                            ($)** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------|------------------------------------------|
|                                                                                                                                                                                        |
|                                                                                                                                                                                   | **Municipal Bonds and Notes 97.0%** |      |
| **Alabama 0.6%**                                                                                                                                                                       |                                |
| Birmingham, AL, Special Care Facilities Financing                            Authority Revenue, Methodist Home for Aging, 5.0%, 3/1/2014, Colonial                            Bank (a) |                                | 2,920,000 |                                     | 2,958,486 |
| Southeast, AL, Gas District Revenue, Supply Project,                            Series A, 3.98%*, 8/1/2027                                                                             |                                | 800,000   |                                     | 800,000 |
|                                                                                                                                                                                        |
|                                                                                                                                                                                   | **3,758,486**                       |
| **Alaska 0.9%**                                                                                                                                                                        |                                |
| Anchorage, AK, General Obligation:                                                                                                                                                     |                                |
|                                                                                                                                                                                   | Series B, 5.0%, 9/1/2018 (b)        |      | 2,000,000                                |   | 2,143,080 |
|                                                                                                                                                                                   | Series A, 5.5%, 6/1/2017 (b)        |      | 3,035,000                                |   | 3,274,219 |
|                                                                                                                                                                                        |
|                                                                                                                                                                                   | **5,417,299**                       |
|                                                                                                                                                                                        |                                     |           |                                          |  |  |  |  |

 

 

 

| **Arizona 2.2%**                                                                                                                                                                                      |                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Arizona, Health Facilities Authority Revenue, Banner                            Health System:                                                                                                        |                     |
|                                                                                                                                                                                                  | Series A, 5.0%, 1/1/2020 |   | 3,000,000 |   | 3,072,870 |
|                                                                                                                                                                                                  | Series A, 5.0%, 1/1/2023 |   | 3,500,000 |   | 3,547,985 |
| Arizona, Health Facilities, Authority Hospital System                            Revenue, ETM, 6.25%, 9/1/2011 (b)                                                                                    |                     | 145,000 |   | 148,529 |
| Arizona, School District General Obligation, School                            Facilities Board Revenue, Series B, 5.25%, 9/1/2017 (b)                                                                |                     | 2,500,000 |   | 2,694,950 |
| Maricopa County, AZ, Industrial Development                            Authority, Hospital Facility Revenue, Samaritan Health Services, Series                            B, ETM, 6.0%, 12/1/2019 (b) |                     | 3,590,000 |   | 4,039,145 |
|                                                                                                                                                                                                       |
|                                                                                                                                                                                                  | **13,503,479**           |
| **Arkansas 0.0%**                                                                                                                                                                                     |                     |
| Jefferson County, AR, Health Care Facilities, 1978                            Conventional Series, ETM, 7.4%,

12/1/2010 (b)                                                                          |                     | 95,000 |   | 105,190 |
| Stuttgart, AR, Public Facilities Board, Single Family                            Mortgage, Series B, 7.75%, 9/1/2011                                                                                  |                     | 12,751 |   | 12,949 |
|                                                                                                                                                                                                       |
|                                                                                                                                                                                                  | **118,139**              |
| **California 13.7%**                                                                                                                                                                                  |                     |
| California, Department of Water Resources Power                            Supply Revenue, Series A, 5.5%,

5/1/2015 (b)                                                                              |                     | 10,000,000 |   | 10,811,600 |
| California, Electric Revenue, Department of Water                            Resources and Power Supply, Series A, 5.875%, 5/1/2016                                                                   |                     | 7,000,000 |   | 7,733,530 |
| California, General Obligation, Economic Recovery,                            Series A, 5.25%, 7/1/2014 (b)                                                                                           |                     | 10,000,000 |   | 10,830,500 |
| California, Infrastructure & Economic Development                            Bank Revenue, Clean Water, State Revolving Fund, 5.0%,                            10/1/2017                          |                     | 6,735,000 |   | 7,089,934 |
| California, Infrastructure & Economic Development                            Bank Revenue, Workers Compensation Relief Fund, Series A, 5.0%,                            10/1/2015 (b)             |                     | 7,000,000 |   | 7,445,130 |
| California, State General Obligation:                                                                                                                                                                 |                     |
|                                                                                                                                                                                                  | 5.0%, 10/1/2016          |   | 3,000,000 |   | 3,145,380 |
|                                                                                                                                                                                                  | 5.25%, 2/1/2018          |   | 5,000,000 |   | 5,257,350 |
|                                                                                                                                                                                                  | 6.0%, 4/1/2018           |   | 1,700,000 |   | 1,945,922 |
|                                                                                                                                                                                                  | 7.2%, 5/1/2008           |   | 50,000 |   | 51,137 |
| California, Water & Sewer Revenue, Series Y,                            5.25%, 12/1/2016 (b)                                                                                                      |                     | 3,000,000 |   | 3,220,380 |
| Emeryville, CA, Redevelopment Agency, Residential                            Mortgage, ETM, 7.5%, 9/1/2011                                                                                            |                     | 75,000 |   | 79,267 |
| Foothill, CA, Transportation/Tolls Revenue, Eastern                            Corridor Agency, Series A, ETM, 7.05%, 1/1/2009                                                                        |                     | 7,275,000 |   | 7,604,485 |
| Fresno, CA, Multi-Family Housing Revenue, Woodlands                            Apartments Project, Series A, 6.65%, 5/20/2008                                                                         |                     | 80,000 |   | 80,597 |
| Los Angeles, CA, Community Redevelopment Agency,                            Angelus Plaza Project, Series A, 7.4%, 6/15/2010                                                                          |                     | 1,155,000 |   | 1,194,443 |
| Los Angeles, CA, School District General Obligation,                            5.5%, 7/1/2015 (b)                                                                                                    |                     | 4,000,000 |   | 4,355,840 |
| San Bernardino, CA, State General Obligation, City                            Unified School District, 5.0%, 8/1/2016 (b)                                                                             |                     | 2,615,000 |   | 2,793,395 |
| San Diego County, CA, Certificates of Participation,                            Edgemoor Project & Regional System, 5.0%, 2/1/2017 (b)                                                            |                     | 2,335,000 |   | 2,450,326 |
| San Joaquin Hills, CA, Transportation/Tolls Revenue,                            Transportation Corridor Agency, Toll Road Revenue, Series A, Zero                            Coupon, 1/15/2012 (b)    |                     | 825,000 |   | 699,501 |
| San Mateo, CA, State General Obligation, Union High                            School District, 5.0%, 9/1/2016 (b)                                                                                    |                     | 2,150,000 |   | 2,283,923 |
| South Orange County, CA, Public Finance Authority,                            Special Tax Revenue, Foothill Area, Series A, 5.25%, 8/15/2016                            (b)                           |                     | 6,260,000 |   | 6,730,502 |
| Turlock, CA, Public Financing Authority Revenue,                            5.25%, 9/1/2015                                                                                                           |                     | 35,000 |   | 35,624 |
|                                                                                                                                                                                                       |
|                                                                                                                                                                                                  | **85,838,766**           |
| **Colorado 1.5%**                                                                                                                                                                                     |                     |
| Aurora, CO, Centretech Metropolitan District, Series                            C, 4.875%, 12/1/2028, BNP Paribas (a)                                                                                 |                     | 1,280,000 |   | 1,295,271 |
| Aurora, CO, Single Family Mortgage Revenue, Series A,                            7.3%, 5/1/2010                                                                                                       |                     | 10,000 |   | 10,280 |
| Boulder County, CO, Community Hospital Project                            Revenue, ETM, 7.0%, 7/1/2009                                                                                                |                     | 60,000 |   | 62,092 |
| Colorado, Health Facilities Authority Revenue, Weld                            County General Hospital Project, ETM, 9.375%, 7/1/2009                                                                 |                     | 55,000 |   | 58,540 |
|                                                                                                                                                                                                       |                          |  |  |  |  |  |  |

 

 

 

| Colorado, Housing Finance Authority, Multi-Family                            Insured Mortgage, Series C-3, 5.7%, 10/1/2021                                                            |                         | 230,000   |      | 230,191       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-----------|-----------|---------------|
| Colorado, Housing Finance Authority, Single Family                            Program:                                                                                                |                         |
|                                                                                                                                                                                  | Series A-3, 6.5%, 5/1/2016   |      | 60,000    |          | 61,939 |
|                                                                                                                                                                                  | Series B-3, 6.55%, 5/1/2025  |      | 59,000    |          | 60,231 |
| Colorado, Transportation/Tolls Revenue, Regional                            Transportation District Sales Tax, Series B, 5.5%, 11/1/2016                            (b)               |                         | 5,000,000 |      | 5,425,600     |
| Denver City & County, CO, Single Family Mortgage                            Revenue Home, Metro Mayors Caucus, Series C, 5.0%, 11/1/2015                                          |                         | 5,000     |      | 5,020         |
| Interlocken Metropolitan District, CO, General                            Obligation, Series A, 5.75%, 12/15/2019 (b)                                                                 |                         | 2,200,000 |      | 2,250,424     |
|                                                                                                                                                                                       |
|                                                                                                                                                                                  | **9,459,588**                |
| **Connecticut 1.5%**                                                                                                                                                                  |                         |
| Connecticut, Hospital & Healthcare Revenue,                            Windham Community Memorial Hospital,

Series C, 5.75%,                            7/1/2011                 |                         | 1,400,000 |      | 1,413,426     |
| Connecticut, State General Obligation:                                                                                                                                                |                         |
|                                                                                                                                                                                  | Series C, 5.0%, 6/1/2017 (b) |      | 3,170,000 |          | 3,393,929 |
|                                                                                                                                                                                  | Series A, 5.375%, 4/15/2016  |      | 4,000,000 |          | 4,291,760 |
|                                                                                                                                                                                       |
|                                                                                                                                                                                  | **9,099,115**                |
| **Delaware 0.0%**                                                                                                                                                                     |                         |
| Delaware, Economic Development Authority, Peninsula                            United, Series A, 6.0%, 5/1/2009                                                                       |                         | 35,000    |      | **35,688**    |
| **District of Columbia 0.6%**                                                                                                                                                         |                         |
| District of Columbia, Water & Sewer Revenue,                            Public Utility Revenue, 6.0%, 10/1/2013 (b)                                                               |                         | 3,630,000 |      | **4,049,955** |
| **Florida 2.5%**                                                                                                                                                                      |                         |
| Dade County, FL, Health Facilities Authority Hospital                            Revenue, Baptist Hospital of Miami Project, Series A, 5.75%, 5/1/2021                            (b) |                         | 4,500,000 |      | 4,963,095     |
| Daytona Beach, FL, Water & Sewer Revenue, Series                            1978, ETM, 6.75%, 11/15/2007                                                                          |                         | 310,000   |      | 311,541       |
| Miami-Dade County, FL, School Board, Certificates of                            Participation, Series A, 5.0%,

5/1/2019 (b)                                                          |                         | 3,000,000 |      | 3,143,190     |
| Orange County, FL, Health Facilities Authority                            Revenue, Advanced Health Systems, ETM, 8.75%, 10/1/2009                                                     |                         | 440,000   |      | 460,675       |
| South Florida, Water Management District,                            Certificates of Participation, 5.0%, 10/1/2018 (b)                                                               |                         | 4,000,000 |      | 4,201,800     |
| South Miami, FL, Health Facilities Authority,                            Hospital Revenue, Baptist Health South Florida Group, 5.0%,                            8/15/2021             |                         | 2,500,000 |      | 2,546,075     |
| St. John's County, FL, Industrial Development                            Authority Revenue, Series A, 5.5%, 3/1/2017 (b)                                                              |                         | 185,000   |      | 188,395       |
|                                                                                                                                                                                       |
|                                                                                                                                                                                  | **15,814,771**               |
| **Georgia 3.6%**                                                                                                                                                                      |                         |
| Athens, GA, Water & Sewer Revenue, ETM, 6.2%,                            7/1/2008                                                                                                 |                         | 425,000   |      | 428,511       |
| Barrow County, GA, School District, 5.0%,                            2/1/2014                                                                                                         |                         | 3,000,000 |      | 3,200,190     |
| Columbus, GA, Water & Sewer Revenue, 5.25%,                            5/1/2015 (b)                                                                                               |                         | 1,000,000 |      | 1,068,360     |
| Forsyth County, GA, School District General                            Obligation, 6.0%, 2/1/2014                                                                                     |                         | 1,000,000 |      | 1,070,370     |
| Fulton Dekalb, GA, Hospital Authority, Hospital                            Revenue Certificates, 5.25%, 1/1/2016 (b)                                                                  |                         | 8,500,000 |      | 9,096,190     |
| Georgia, State General Obligation, 6.75%,                            9/1/2010                                                                                                         |                         | 5,370,000 |      | 5,839,821     |
| Savannah, GA, Economic Development Authority Revenue,                            College of Art & Design:                                                                         |                         |
|                                                                                                                                                                                  | 6.2%, 10/1/2009              |      | 825,000   |          | 841,846 |
|                                                                                                                                                                                  | Prerefunded, 6.5%, 10/1/2013 |      | 800,000   |          | 857,384 |
|                                                                                                                                                                                       |
|                                                                                                                                                                                  | **22,402,672**               |
| **Hawaii 1.7%**                                                                                                                                                                       |                         |
| Hawaii, Housing & Community Development,                            Multi-Family Revenue, Sunset Villas:                                                                          |                         |
|                                                                                                                                                                                  | 5.7%, 7/20/2031              |      | 1,090,000 |          | 1,123,845 |
|                                                                                                                                                                                  | 5.75%, 1/20/2036             |      | 2,395,000 |          | 2,469,269 |
| Hawaii, State General Obligation, Series CI, 4.75%,                            11/1/2008                                                                                              |                         | 7,050,000 |      | 7,137,067     |
|                                                                                                                                                                                       |
|                                                                                                                                                                                  | **10,730,181**               |
|                                                                                                                                                                                       |                              |           |           |               |  |  |  |

 

 

 

| **Illinois 7.8%**                                                                                                                                                                             |                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
| Belleville St. Clair County, IL, Single Family                            Mortgage Revenue, ETM, 7.25%, 11/1/2009                                                                             |                                 | 40,000 |   | 41,667 |
| 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 |   | 1,001,000 |
| Chicago, IL, Higher Education Revenue, City Colleges,                            Zero Coupon, 1/1/2014 (b)                                                                                    |                                 | 11,570,000 |   | 8,964,205 |
| Chicago, IL, Water & Sewer Revenue, Zero Coupon,                            11/1/2011 (b)                                                                                                 |                                 | 5,000,000 |   | 4,256,750 |
| Du Page County, IL, Special Services Area No. 11,                            6.75%, 1/1/2014                                                                                                  |                                 | 665,000 |   | 698,988 |
| Du Page County, IL, Special Services Area No. 26,                            Bruce Lake Subdivision, General Obligation:                                                                      |                                 |
|                                                                                                                                                                                          | 5.0%, 1/1/2013                       |   | 65,000 |   | 65,209 |
|                                                                                                                                                                                          | 5.15%, 1/1/2014                      |   | 65,000 |   | 65,475 |
|                                                                                                                                                                                          | 5.25%, 1/1/2008                      |   | 50,000 |   | 50,093 |
|                                                                                                                                                                                          | 5.25%, 1/1/2009                      |   | 50,000 |   | 50,352 |
|                                                                                                                                                                                          | 5.25%, 1/1/2010                      |   | 55,000 |   | 55,603 |
|                                                                                                                                                                                          | 5.25%, 1/1/2016                      |   | 150,000 |   | 150,999 |
|                                                                                                                                                                                          | 5.375%, 1/1/2011                     |   | 60,000 |   | 61,093 |
|                                                                                                                                                                                          | 5.5%, 1/1/2012                       |   | 35,000 |   | 35,925 |
|                                                                                                                                                                                          | 5.5%, 1/1/2019                       |   | 255,000 |   | 257,374 |
|                                                                                                                                                                                          | 5.75%, 1/1/2022                      |   | 300,000 |   | 301,056 |
| Granite City, IL, Hospital Facilities Revenue, ETM,                            7.0%, 1/1/2008                                                                                                 |                                 | 35,000 |   | 35,372 |
| Illinois, Educational Facilities Authority Revenues,                            Augustana College, 4.6%, 10/1/2008                                                                            |                                 | 95,000 |   | 95,397 |
| Illinois, Health Facilities Authority, Michael Reese                            Hospital & Medical Center, ETM, 6.75%, 12/1/2008                                                          |                                 | 95,000 |   | 96,909 |
| Illinois, Health Facilities Authority, Midwest Group                            Ltd., 5.375%, 11/15/2008                                                                                      |                                 | 165,000 |   | 165,178 |
| Illinois, Housing Development Authority, Multi-Family                            Program, Series 3, 6.05%, 9/1/2010                                                                           |                                 | 95,000 |   | 96,322 |
| Illinois, Municipal Electric Agency Power Supply,                            Series A, 5.25%, 2/1/2018 (b) (c)                                                                                |                                 | 2,000,000 |   | 2,146,420 |
| Illinois, Transportation/Tolls Revenue, State Toll                            Highway Authority, Series A, 5.5%,

1/1/2013 (b)                                                                |                                 | 2,200,000 |   | 2,377,254 |
| Palatine, IL, Tax Increment Revenue, Dundee Road                            Development Project, Tax Allocation, 5.0%, 1/1/2015 (b)                                                           |                                 | 9,030,000 |   | 9,065,307 |
| Rockford-Concord Commons, IL, Housing Facility,                            Concord Commons Project, Series A, 6.15%, 11/1/2022                                                                |                                 | 1,360,000 |   | 1,376,796 |
| Rosemont, IL, Core City General                            Obligation:                                                                                                                        |                                 |
|                                                                                                                                                                                          | Series A, Zero Coupon, 12/1/2013 (b) |   | 3,865,000 |   | 3,015,666 |
|                                                                                                                                                                                          | Series A, Zero Coupon, 12/1/2014 (b) |   | 4,000,000 |   | 2,978,280 |
| Silvas, IL, Mortgage Revenue:                                                                                                                                                                 |                                 |
|                                                                                                                                                                                          | Series A, 4.9%, 8/1/2011             |   | 540,000 |   | 554,677 |
|                                                                                                                                                                                          | Series A, 5.2%, 8/1/2017             |   | 1,285,000 |   | 1,341,206 |
| University of Illinois, Higher Education Revenue,                            AuxiIiary Facilities System:                                                                                     |                                 |
|                                                                                                                                                                                          | Series A, 5.5%, 4/1/2015 (b)         |   | 3,860,000 |   | 4,238,048 |
|                                                                                                                                                                                          | Series A, 5.5%, 4/1/2016 (b)         |   | 3,580,000 |   | 3,944,874 |
| Woodridge, IL, Multi-Family Revenue, Hawthorn Ridge                            Housing, Series A, 5.65%, 12/20/2032                                                                           |                                 | 1,510,000 |   | 1,541,030 |
|                                                                                                                                                                                               |
|                                                                                                                                                                                          | **49,124,525**                       |
| **Indiana 2.1%**                                                                                                                                                                              |                                 |
| Indiana, Health Facility Authority Revenue, Memorial                            Hospital, 5.125%, 2/15/2017                                                                                   |                                 | 1,250,000 |   | 1,257,550 |
| Indianapolis, IN, City Core General Obligation, Local                            Improvements, Series B, 6.0%, 1/10/2013                                                                      |                                 | 3,000,000 |   | 3,192,420 |
| Indianapolis, IN, State Agency Revenue Lease, Local                            Improvements, Series D, 6.75%, 2/1/2014                                                                        |                                 | 8,000,000 |   | 8,930,400 |
|                                                                                                                                                                                               |
|                                                                                                                                                                                          | **13,380,370**                       |
| **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 |   | **2,413,873** |
| **Kentucky 0.2%**                                                                                                                                                                             |                                 |
| Kentucky, Asset/Liability Commission Agency Revenue,                            Federal Highway Trust, First Series, 5.25%, 9/1/2019 (b) (c)                                                  |                                 | 1,000,000 |   | 1,096,010 |
| Kentucky, Turnpike Authority, Recovery Road Revenue,                            ETM, 6.625%, 7/1/2008                                                                                         |                                 | 40,000 |   | 40,812 |
|                                                                                                                                                                                               |
|                                                                                                                                                                                          | **1,136,822**                        |
|                                                                                                                                                                                               |                                      |  |  |  |  |  |  |

 

 

 

| **Louisiana 1.6%**                                                                                                                                                                        |                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
| Iberia, LA, Single Family Mortgage Revenue, 7.375%,                            1/1/2011                                                                                                   |                           | 5,000 |   | 5,006 |
| Louisiana, Sales & Special Tax Revenue, Regional                            Transportation Authority, Series A, 144A, 7.95%, 12/1/2013                            (b)                 |                           | 2,815,000 |   | 3,416,791 |
| Louisiana, State Health Education Authority, Lease                            Rent Revenue, Tulane University Medical Center, ETM, 7.875%,                            7/1/2009            |                           | 105,000 |   | 109,909 |
| New Orleans, LA, Home Mortgage Authority, Special                            Obligation, ETM, 6.25%, 1/15/2011                                                                            |                           | 3,624,000 |   | 3,864,525 |
| Orleans, LA, Sales & Special Tax Revenue, Levee                            District Improvement Project, 5.95%, 11/1/2014 (b)                                                         |                           | 1,165,000 |   | 1,184,188 |
| Tensas Parish County, LA, General Obligation,                            Prerefunded, 7.0%, 9/1/2018                                                                                      |                           | 1,535,000 |   | 1,595,847 |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **10,176,266**                 |
| **Maryland 0.9%**                                                                                                                                                                         |                           |
| Baltimore County, MD, Mortgage Revenue, Three Garden                            Village Project, Series A, 4.8%, 1/1/2013                                                                 |                           | 400,000 |   | 411,444 |
| Maryland, General Obligation, State & Local                            Facilities Loan, Series 2, 5.0%, 8/1/2019                                                                      |                           | 5,000,000 |   | 5,350,450 |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **5,761,894**                  |
| **Massachusetts 0.7%**                                                                                                                                                                    |                           |
| Boston, MA, Deutsche Altenheim, Series A, 5.95%,                            10/1/2018                                                                                                     |                           | 445,000 |   | 473,235 |
| Massachusetts, Bay Transportation Authority Revenue,                            Series A, 5.75%, 7/1/2015                                                                                 |                           | 85,000 |   | 89,279 |
| Massachusetts, Development Finance Agency, Human                            Services Provider, Seven Hills Foundation & Affiliates, 4.85%,                            9/1/2013 (b)    |                           | 310,000 |   | 312,173 |
| Massachusetts, State General Obligation, Series D,                            5.5%, 11/1/2015 (b)                                                                                         |                           | 1,000,000 |   | 1,108,570 |
| Massachusetts, Water & Sewer Revenue, Pollution                            Control Revenue, Water Pollution Abatement Trust, Series A, 6.2%,                            2/1/2010      |                           | 10,000 |   | 10,020 |
| Somerville, MA, Housing Authority Revenue, Clarendon                            Project, 4.6%, 11/20/2015                                                                                 |                           | 2,215,000 |   | 2,255,512 |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **4,248,789**                  |
| **Michigan 4.2%**                                                                                                                                                                         |                           |
| Brighton, MI, School District General Obligation,                            Series II, Zero Coupon, 5/1/2016 (b)                                                                         |                           | 5,000,000 |   | 3,466,050 |
| Detroit, MI, Core City General Obligation:                                                                                                                                                |                           |
|                                                                                                                                                                                      | Series B, 5.875%, 4/1/2013 (b) |   | 2,410,000 |   | 2,561,372 |
|                                                                                                                                                                                      | Series B, 5.875%, 4/1/2014 (b) |   | 2,555,000 |   | 2,715,479 |
| Detroit, MI, State General Obligation, Series A-1,                            5.375%, 4/1/2016 (b)                                                                                        |                           | 2,000,000 |   | 2,119,040 |
| Hartland, MI, School District General Obligation,                            5.375%, 5/1/2014                                                                                             |                           | 3,295,000 |   | 3,465,945 |
| Michigan, Higher Education Facility Authority                            Revenue, Thomas M. Colley Law School, 5.35%, 5/1/2015, National City                            Bank Midwest (a) |                           | 1,200,000 |   | 1,224,600 |
| Michigan, Hospital & Healthcare Revenue, Hospital                            Finance Authority, Gratiot Community Hospital, 6.1%,                            10/1/2007                |                           | 65,000 |   | 65,069 |
| Michigan, Hospital & Healthcare Revenue, Hospital                            Finance Authority, Mercy Mt. Clemens, Series A, 6.0%, 5/15/2014                            (b)           |                           | 3,000,000 |   | 3,140,010 |
| Michigan, Water & Sewer Revenue, Municipal Bond                            Authority, 5.375%, 10/1/2016                                                                               |                           | 6,670,000 |   | 7,126,428 |
| Saginaw, MI, Hospital Finance Authority, Saint Luke                            Hospital, ETM, 7.5%, 11/1/2010                                                                             |                           | 125,000 |   | 131,580 |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **26,015,573**                 |
| **Minnesota 0.3%**                                                                                                                                                                        |                           |
| Minnesota, White Earth Band of Chippewa Indians                            Revenue, Series A, 144A, 7.0%,

12/1/2011 (b)                                                                  |                           | 2,000,000 |   | 2,109,300 |
| Rochester, MN, Saint Mary's Hospital, ETM, 5.75%,                            10/1/2007                                                                                                    |                           | 65,000 |   | 65,082 |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **2,174,382**                  |
| **Mississippi 2.4%**                                                                                                                                                                      |                           |
| Corinth & Alcorn Counties, MS, Hospital Revenue,                            Magnolia Regional Health Center Project, Series B, 5.125%,                            10/1/2010           |                           | 280,000 |   | 281,128 |
| Lee County, MS, Hospital Systems Revenue, North                            Mississippi Medical Center Project, ETM, 6.8%, 10/1/2007                                                       |                           | 35,000 |   | 35,085 |
|                                                                                                                                                                                           |                                |  |  |  |  |  |  |

 

 

 

| Lincoln County, MS, Hospital & Healthcare                            Revenue, Kings Daughters Hospital, Series B, 5.5%, 4/1/2018                            (b)                                    |                        | 1,345,000 |      | 1,379,916 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-----------|-----------|-----------|
| Mississippi, Business Financial Corp., Mississippi                            Retirement Facilities Revenue, Wesley Manor, Series A, 5.45%,                            5/20/2034                       |                        | 2,695,000 |      | 2,732,326 |
| Mississippi, Home Corp., Single Family Mortgage                            Revenue, Series C-1, 5.6%, 6/1/2038                                                                                         |                        | 7,000,000 |      | 7,464,520 |
| Rankin County, MS, School District General                            Obligation, 5.25%, 2/1/2015 (b)                                                                                                  |                        | 2,845,000 |      | 3,073,653 |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **14,966,628**              |
| **Missouri 1.2%**                                                                                                                                                                                      |                        |
| Bridgeton, MO, Industrial Development Authority,                            Facilities Revenue, Mizpath Assisted Living, Series A, 5.25%,                            12/20/2019                        |                        | 145,000   |      | 149,002   |
| Missouri, Development Financial Board, Recreation                            Facilities Revenue, YMCA, Greater St. Louis, Series A, 4.75%, 9/1/2007,                            Bank of America NA (a) |                        | 170,000   |      | 170,000   |
| Missouri, Hospital & Healthcare Revenue, Health                            & Educational Facilities Authority, Washington University, Series                            A, 5.5%, 6/15/2016     |                        | 3,200,000 |      | 3,561,568 |
| Missouri, Water & Sewer Revenue, State Revenue                            Revolving Funds Project, Series C, 5.375%, 7/1/2015                                                                      |                        | 3,495,000 |      | 3,841,145 |
| Springfield, MO, Law Enforcement Communication,                            Certificate of Participation, 5.5%, 6/1/2010                                                                                |                        | 60,000    |      | 62,804    |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **7,784,519**               |
| **Nebraska 0.3%**                                                                                                                                                                                      |                        |
| Nebraska, Investment Finance Authority, Multi-Family                            Housing, Tara Hills Villa, 4.875%, 1/1/2008                                                                            |                        | 395,000   |      | 396,272   |
| Omaha, NE, School District General Obligation, Series                            A, 6.5%, 12/1/2013                                                                                                    |                        | 1,500,000 |      | 1,726,470 |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **2,122,742**               |
| **Nevada 0.0%**                                                                                                                                                                                        |                        |
| Nevada, Housing Division, Single Family                            Mortgage:                                                                                                                           |                        |
|                                                                                                                                                                                                   | Series B-1, 4.95%, 4/1/2012 |      | 55,000    |      | 55,157 |
|                                                                                                                                                                                                   | Series C-1, 5.45%, 4/1/2010 |      | 15,000    |      | 15,094 |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **70,251**                  |
| **New Hampshire 0.2%**                                                                                                                                                                                 |                        |
| Manchester, NH, Housing & Redevelopment Revenue                            Authority:                                                                                                              |                        |
|                                                                                                                                                                                                   | 4.9%, 1/1/2008              |      | 145,000   |      | 145,233 |
|                                                                                                                                                                                                   | 5.55%, 1/1/2018             |      | 185,000   |      | 187,383 |
| New Hampshire, Senior Care Revenue, Higher                            Educational and Health Facilities Revenue, Catholic Charities, Series                            A, 5.75%, 8/1/2011              |                        | 805,000   |      | 805,322   |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **1,137,938**               |
| **New Jersey 3.0%**                                                                                                                                                                                    |                        |
| New Jersey, Economic Development Authority Revenue,                            Cigarette Tax, 5.375%, 6/15/2014                                                                                        |                        | 2,280,000 |      | 2,349,015 |
| New Jersey, Economic Development Authority Revenue,                            School Facilities Construction:                                                                                         |                        |
|                                                                                                                                                                                                   | Series O, 5.0%, 3/1/2017    |      | 3,300,000 |      | 3,468,795 |
|                                                                                                                                                                                                   | Series I, 5.25%, 9/1/2024   |      | 2,000,000 |      | 2,174,860 |
| New Jersey, Sales & Special Tax Revenue,                            Transportation Trust Fund, Series B, 6.5%, 6/15/2011 (b)                                                                       |                        | 140,000   |      | 153,808   |
| New Jersey, State Transit Corp., Certificate of                            Participation, Federal Transit Administration Grants, Series A, 5.0%,                            9/15/2016 (b)              |                        | 7,000,000 |      | 7,402,080 |
| New Jersey, State Transportation Trust Fund                            Authority, Transportation System, Series B, Prerefunded, ETM, 6.5%,                            6/15/2011 (b)                    |                        | 85,000    |      | 93,485    |
| New Jersey, Transportation/Tolls Revenue, State                            Highway Authority, Garden State Parkway, 5.5%, 1/1/2014 (b)                                                                 |                        | 2,630,000 |      | 2,877,115 |
| Secaucus, NJ, Municipal Utilities Authority, Sewer                            Revenue, ETM, 6.875%, 12/1/2008                                                                                          |                        | 20,000    |      | 20,364    |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **18,539,522**              |
| **New York 8.6%**                                                                                                                                                                                      |                        |
| New York, Dormitory Authority, Lutheran Nursing                            Home:                                                                                                                       |                        |
|                                                                                                                                                                                                   | 5.125%, 2/1/2018 (b)        |      | 565,000   |      | 575,876 |
|                                                                                                                                                                                                   | 6.1%, 8/1/2041 (b)          |      | 1,000,000 |      | 1,088,300 |
|                                                                                                                                                                                                        |                             |           |           |           |  |  |  |

 

 

 

| New York, Dormitory Authority, St. Joseph's Hospital,                            5.25%, 7/1/2018 (b)                                                                              |                                                                   | 450,000    |       | 459,536       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------|------------|---------------|
| New York, Metropolitan Transportation Authority                            Revenue, Series A, 5.5%, 11/15/2014 (b)                                                                |                                                                   | 5,000,000  |       | 5,503,950     |
| New York, State Dormitory Authority Revenue, State                            University Educational Facilities:                                                                  |                                                                   |
|                                                                                                                                                                              | Prerefunded, 5.0%, 5/15/2010                                           |       | 50,000     |          | 50,960 |
|                                                                                                                                                                              | 5.0%, 5/15/2010                                                        |       | 250,000    |          | 254,550 |
| New York, Tobacco Settlement Financing Corp., Series                            C-1, 5.5%, 6/1/2015                                                                               |                                                                   | 8,000,000  |       | 8,312,240     |
| New York, Triborough Bridge & Tunnel Authority,                            Convention Center Project, Series E, 7.25%, 1/1/2010                                               |                                                                   | 175,000    |       | 182,719       |
| New York, NY, Core City General Obligation, Series B,                            5.75%, 8/1/2015                                                                                  |                                                                   | 5,000,000  |       | 5,422,600     |
| New York, NY, General Obligation:                                                                                                                                                 |                                                                   |
|                                                                                                                                                                              | Series J, 5.25%, 5/15/2015 (b)                                         |       | 4,000,000  |          | 4,310,800 |
|                                                                                                                                                                              | Series A, 5.5%, 8/1/2014                                               |       | 10,000,000 |          | 10,839,400 |
|                                                                                                                                                                              | Series G, Prerefunded, ETM, 6.75%,                            2/1/2009 |       | 255,000    |          | 265,957 |
|                                                                                                                                                                              | Series G, 6.75%, 2/1/2009                                              |       | 4,745,000  |          | 4,943,578 |
| New York, NY, State Agency General Obligation Lease,                            Tobacco Settlement Funding Corp, Series A-1, 5.5%, 6/1/2018                                       |                                                                   | 10,000,000 |       | 10,604,700    |
| New York City, NY, Municipal Water Finance Authority,                            Water & Sewer Systems Revenue, Series 2003-C-1, 3.92%*,                            6/15/2018 |                                                                   | 400,000    |       | 400,000       |
| Oneida County, NY, Industrial Development Agency                            Revenue, Civic Facilities, 5.0%, 3/1/2014, Marine Midland Bank                            (a)         |                                                                   | 600,000    |       | 608,352       |
|                                                                                                                                                                                   |
|                                                                                                                                                                              | **53,823,518**                                                         |
| **North Carolina 0.2%**                                                                                                                                                           |                                                                   |
| North Carolina, Electric Revenue, Municipal Power                            Agency, Series F, 5.5%, 1/1/2016                                                                     |                                                                   | 1,000,000  |       | 1,028,970     |
| Wake County, NC, Hospital Revenue, ETM, 6.25%,                            1/1/2008                                                                                                |                                                                   | 45,000     |       | 45,373        |
|                                                                                                                                                                                   |
|                                                                                                                                                                              | **1,074,343**                                                          |
| **North Dakota 0.2%**                                                                                                                                                             |                                                                   |
| Fargo, ND, Health Systems Revenue, Series A, 5.6%,                            6/1/2013 (b)                                                                                        |                                                                   | 1,250,000  |       | **1,279,662** |
| **Ohio 2.8%**                                                                                                                                                                     |                                                                   |
| Columbus, OH, General Obligation, Series 1, 5.0%,                            7/1/2014                                                                                             |                                                                   | 9,905,000  |       | 10,610,830    |
| Franklin County, OH, Hospital & Healthcare                            Revenue, Ohio Presbyterian Services, 5.4%, 7/1/2010                                                     |                                                                   | 750,000    |       | 762,578       |
| Ohio, Capital Housing Corp. Mortgage, Georgetown                            Section 8, Series A, 6.625%, 7/1/2022                                                                 |                                                                   | 725,000    |       | 725,928       |
| Ohio, Industrial Development Revenue, Building                            Authority, Adult Correction Facilities, Series A, 5.5%, 10/1/2013                            (b)        |                                                                   | 1,140,000  |       | 1,213,199     |
| Ohio, Water & Sewer Revenue, Water Development                            Authority, Pure Water Improvement Project, Series B, 5.5%, 6/1/2015                            (b)  |                                                                   | 2,280,000  |       | 2,521,338     |
| Sandusky County, OH, Health Care Facilities Revenue,                            Bethany Place Retirement Center Project, 5.15%, 7/1/2009                                          |                                                                   | 25,000     |       | 25,248        |
| Stark County, OH, Health Care Facility, Rose Land,                            Inc. Project:                                                                                       |                                                                   |
|                                                                                                                                                                              | 5.3%, 7/20/2018                                                        |       | 850,000    |          | 876,061 |
|                                                                                                                                                                              | 5.35%, 7/20/2023                                                       |       | 940,000    |          | 964,205 |
|                                                                                                                                                                                   |
|                                                                                                                                                                              | **17,699,387**                                                         |
| **Oklahoma 0.3%**                                                                                                                                                                 |                                                                   |
| Grand River, OK, Dam Authority Revenue, ETM, 6.25%,                            11/1/2008                                                                                          |                                                                   | 85,000     |       | 86,238        |
| Oklahoma, Housing Finance Agency, Multi-Family                            Housing, Northpark & Meadowlane Project, 5.1%, 12/1/2007                                            |                                                                   | 200,000    |       | 200,542       |
| Oklahoma, Ordinance Works Authority, Ralston Purina                            Project, 6.3%, 9/1/2015                                                                            |                                                                   | 1,500,000  |       | 1,517,640     |
|                                                                                                                                                                                   |
|                                                                                                                                                                              | **1,804,420**                                                          |
| **Oregon 1.2%**                                                                                                                                                                   |                                                                   |
| Oregon, Department Transportation Highway, User Tax                            Revenue, Series A, 5.25%, 11/15/2015                                                               |                                                                   | 3,000,000  |       | 3,268,800     |
| Oregon, Sales & Special Tax Revenue, Department                            Administrative Services, Lottery Revenue, Series B, 5.75%, 4/1/2013                            (b) |                                                                   | 4,000,000  |       | 4,162,280     |
|                                                                                                                                                                                   |
|                                                                                                                                                                              | **7,431,080**                                                          |
|                                                                                                                                                                                   |                                                                        |            |            |               |  |  |  |

 

 

 

| **Pennsylvania 4.2%**                                                                                                                                                                                      |                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|
| Allegheny County, PA, Airport Revenue, San Authority,                            5.375%, 12/1/2015 (b)                                                                                                     |                 | 3,370,000 |   | 3,605,159 |
| Allegheny County, PA, Residental Finance Authority,                            Single Family Mortgage, Series CC-2, 5.2%, 5/1/2017                                                                         |                 | 105,000 |   | 107,601 |
| Beaver County, PA, Industrial Development Authority,                            Health Care Revenue, Providence Project, Series C, 4.85%,                            5/20/2010                             |                 | 760,000 |   | 766,186 |
| Chester County, PA, Health & Education Facility,                            Immaculata College:                                                                                                        |                 |
|                                                                                                                                                                                                       | 5.0%, 10/15/2007     |   | 310,000 |   | 309,932 |
|                                                                                                                                                                                                       | 5.1%, 10/15/2008     |   | 120,000 |   | 119,953 |
|                                                                                                                                                                                                       | 5.125%, 10/15/2009   |   | 230,000 |   | 229,736 |
|                                                                                                                                                                                                       | 5.3%, 10/15/2011     |   | 280,000 |   | 279,983 |
| Delaware County, PA, County General Obligation,                            5.125%, 10/1/2014                                                                                                               |                 | 4,200,000 |   | 4,311,174 |
| Delaware County, PA, Housing Authority, Dunwood                            Village Project, 6.125%, 4/1/2020                                                                                               |                 | 100,000 |   | 105,653 |
| Erie, PA, Higher Education Building Authority, Gannon                            University Project, Series E, 5.2%, 7/15/2016                                                                             |                 | 800,000 |   | 802,416 |
| Erie, PA, Higher Education Building Authority,                            Mercyhurst College Project:                                                                                                      |                 |
|                                                                                                                                                                                                       | 5.75%, 3/15/2012     |   | 110,000 |   | 110,097 |
|                                                                                                                                                                                                       | 5.85%, 3/15/2017     |   | 325,000 |   | 325,254 |
| Lancaster, PA, Sewer Authority Revenue, ETM, 6.0%,                            4/1/2012                                                                                                                     |                 | 50,000 |   | 52,208 |
| Pennsylvania, Delaware River Junction Toll Bridge,                            Commonwealth of Pennsylvania Bridge Revenue, 5.25%, 7/1/2013                                                                 |                 | 1,000,000 |   | 1,070,580 |
| Pennsylvania, Delaware River Port Authority, ETM,                            6.5%, 1/15/2011                                                                                                               |                 | 70,000 |   | 73,457 |
| Pennsylvania, Higher Educational Facilities                            Authority, College & University Revenue, University of the Arts,                            5.5%, 3/15/2013 (b)                 |                 | 800,000 |   | 817,360 |
| Pennsylvania, Higher Educational Facility Authority,                            Health Services Revenue, Allegheny Delaware Valley Obligation, Series                            C, 5.875%, 11/15/2018 (b) |                 | 1,450,000 |   | 1,479,435 |
| Pennsylvania, Higher Educational Facility, Gwynedd                            Mercy College, 5.0%, 11/1/2008                                                                                               |                 | 230,000 |   | 231,923 |
| Pennsylvania, State General Obligation, Series First,                            6.0%, 1/15/2013                                                                                                           |                 | 5,500,000 |   | 5,838,140 |
| Philadelphia, PA, Hospital & Higher Education                            Authority, Health System, Series A, 5.375%, 1/1/2028                                                                          |                 | 2,645,000 |   | 2,707,316 |
| Philadelphia, PA, Industrial Development Authority,                            Elmira Jefferies Memorial Home,

Series A, 4.75%,                            2/1/2008                                       |                 | 35,000 |   | 35,069 |
| Philadelphia, PA, Industrial Development Authority,                            Jeanes Physicians' Office, Series A, 9.375%, 7/1/2010                                                                       |                 | 245,000 |   | 245,813 |
| Philadelphia, PA, Redevelopment Authority,                            Multi-Family Housing Revenue, Woodstock, 5.45%, 2/1/2023                                                                             |                 | 645,000 |   | 648,799 |
| Philadelphia, PA, School District General Obligation,                            Series C, 5.875%, 3/1/2013 (b)                                                                                            |                 | 1,000,000 |   | 1,052,090 |
| Williamsport, PA, Multi-Family Housing Authority,                            Series A, 5.25%, 1/1/2015 (b)                                                                                                 |                 | 790,000 |   | 807,151 |
|                                                                                                                                                                                                            |
|                                                                                                                                                                                                       | **26,132,485**       |
| **Puerto Rico 1.6%**                                                                                                                                                                                       |                 |
| Commonwealth of Puerto Rico, Government Development                            Bank, Series B, 5.0%, 12/1/2015                                                                                             |                 | 1,470,000 |   | 1,545,646 |
| Commonwealth of Puerto Rico, Highway &                            Transportation Authority Revenue, Series BB, 5.25%, 7/1/2018                            (b)                                          |                 | 5,000,000 |   | 5,468,850 |
| Puerto Rico, Electric Power Authority Revenue, Series                            UU, 5.0%, 7/1/2019 (b)                                                                                                    |                 | 3,000,000 |   | 3,230,550 |
|                                                                                                                                                                                                            |
|                                                                                                                                                                                                       | **10,245,046**       |
| **Rhode Island 0.9%**                                                                                                                                                                                      |                 |
| Rhode Island, State & Providence Plantations,                            Construction Capital Development Loan, Series A, 5.0%, 8/1/2017                            (b)                                |                 | 5,000,000 |   | **5,345,800** |
| **South Carolina 1.7%**                                                                                                                                                                                    |                 |
| Columbia, SC, Waterworks & Sewer Systems Revenue,                            ETM, 7.75%, 1/1/2011                                                                                                      |                 | 2,220,000 |   | 2,362,502 |
| South Carolina, Water & Sewer Revenue, Grand                            Strand Water and Sewer Authority:                                                                                              |                 |
|                                                                                                                                                                                                       | 5.375%, 6/1/2015 (b) |   | 3,705,000 |   | 3,952,197 |
|                                                                                                                                                                                                       | 5.375%, 6/1/2016 (b) |   | 3,900,000 |   | 4,160,208 |
|                                                                                                                                                                                                            |
|                                                                                                                                                                                                       | **10,474,907**       |
|                                                                                                                                                                                                            |                      |  |  |  |  |  |  |

 

 

 

| **Tennessee 3.7%**                                                                                                                                                                                       |                                                                   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
| Clarksville, TN, Public Building Authority Revenue,                            Tennessee Municipal Bond Fund, 3.96%*, 7/1/2034, Bank of America NA                            (a)                        |                                                                   | 800,000 |   | 800,000 |
| Greeneville, TN, Health & Education Facility                            Board, Southern Advent Hospital, ETM, 8.7%, 10/1/2009                                                                        |                                                                   | 150,000 |   | 157,310 |
| Johnson City, TN, Hospital & Healthcare Revenue,                            Medical Center Hospital, ETM, 5.5%, 7/1/2013 (b)                                                                         |                                                                   | 3,305,000 |   | 3,588,206 |
| Memphis and Shelby Counties, TN, Sports, Expo &                            Entertainment Revenue, Sports Authority Memphis Arena Project, Series                            A, 5.5%, 11/1/2015 (b)   |                                                                   | 3,545,000 |   | 3,846,750 |
| Memphis, TN, Health, Education & Housing Facility                            Board, Multi-Family Housing, Hickory Pointe Apartments Project, Series                            A, 5.4%, 7/1/2010 (b) |                                                                   | 395,000 |   | 401,253 |
| Nashville & Davidson Counties, TN, Health &                            Education Facilities Board, Home, Inc. Project, Series A, Prerefunded,                            9.0%, 10/1/2022         |                                                                   | 165,000 |   | 173,829 |
| Nashville & Davidson Counties, TN, Health &                            Education Facilities Board, Modal Health, 5.5%, 5/1/2023 (b)                                                              |                                                                   | 510,000 |   | 523,785 |
| Nashville & Davidson Counties, TN, Health &                            Education Facilities Board, Open Arms Care Corp., 5.1%, 8/1/2016                            (b)                           |                                                                   | 1,000,000 |   | 1,006,340 |
| Nashville & Davidson Counties, TN, Water &                            Sewer Revenue, Series B, 5.25%, 1/1/2013 (b)                                                                               |                                                                   | 3,310,000 |   | 3,550,306 |
| Shelby County, TN, Health Educational & Housing                            Facility Board, Methodist Health Systems, 5.2%, 8/1/2013 (b)                                                              |                                                                   | 1,035,000 |   | 1,056,621 |
| Tennessee, Energy Acquisition Corp., Gas                            Revenue:                                                                                                                             |                                                                   |
|                                                                                                                                                                                                     | Series A, 5.0%, 9/1/2016                                               |   | 2,700,000 |   | 2,771,253 |
|                                                                                                                                                                                                     | Series A, 5.25%, 9/1/2021                                              |   | 5,000,000 |   | 5,152,750 |
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **23,028,403**                                                         |
| **Texas 13.2%**                                                                                                                                                                                          |                                                                   |
| Austin, TX, Electric Revenue, Zero Coupon, 11/15/2009                            (b)                                                                                                                     |                                                                   | 5,775,000 |   | 5,307,976 |
| Bexar County, TX, Housing Finance Corp., Multi-Family                            Housing Revenue, American Opportunity Housing, Series A, 5.8%, 1/1/2031                            (b)                  |                                                                   | 200,000 |   | 207,518 |
| Brownsville, TX, Electric Revenue, 6.25%, 9/1/2014                            (b)                                                                                                                        |                                                                   | 6,500,000 |   | 7,108,855 |
| Del Rio, TX, General Obligation:                                                                                                                                                                         |                                                                   |
|                                                                                                                                                                                                     | 5.55%, 4/1/2011 (b)                                                    |   | 45,000 |   | 45,476 |
|                                                                                                                                                                                                     | 5.65%, 4/1/2013 (b)                                                    |   | 95,000 |   | 96,058 |
|                                                                                                                                                                                                     | 5.75%, 4/1/2016 (b)                                                    |   | 45,000 |   | 45,527 |
|                                                                                                                                                                                                     | 6.5%, 4/1/2010 (b)                                                     |   | 95,000 |   | 96,520 |
|                                                                                                                                                                                                     | 7.5%, 4/1/2008 (b)                                                     |   | 95,000 |   | 96,728 |
| Denison, TX, Hospital Authority, Texoma Medical                            Center, ETM, 7.125%, 7/1/2008                                                                                                 |                                                                   | 20,000 |   | 20,476 |
| Grand Prairie, TX, Metropolitan Utilities, Water                            & Sewer Revenue, 6.5%, 4/1/2012 (b)                                                                                      |                                                                   | 1,000,000 |   | 1,001,590 |
| Houston, TX, Sewer Systems Revenue, ETM, 6.375%,                            10/1/2008                                                                                                                    |                                                                   | 115,000 |   | 116,411 |
| Houston, TX, Water & Sewer Revenue:                                                                                                                                                                  |                                                                   |
|                                                                                                                                                                                                     | Series A, 5.5%, 12/1/2015 (b)                                          |   | 8,250,000 |   | 8,792,107 |
|                                                                                                                                                                                                     | Series B, Prerefunded, 5.75%, 12/1/2016                            (b) |   | 1,000,000 |   | 1,093,700 |
| Houston, TX, Water & Sewer Revenue, Water                            Conveyance Systems Contract, Series J, 6.25%, 12/15/2013 (b)                                                                    |                                                                   | 2,500,000 |   | 2,822,600 |
| Jefferson County, TX, Health Facilities Development                            Corp., Baptist Hospitals, 5.2%,

8/15/2021 (b)                                                                            |                                                                   | 375,000 |   | 383,317 |
| Lewisville, TX, Combination Contract Revenue, General                            Obligation, 144A, 5.625%,

9/1/2017 (b)                                                                                 |                                                                   | 3,545,000 |   | 3,645,891 |
| North East, TX, School District, General Obligation,                            6.0%, 2/1/2015                                                                                                           |                                                                   | 4,575,000 |   | 4,820,815 |
| Northeast, TX, Hospital Authority Revenue, ETM, 8.0%,                            7/1/2008                                                                                                                |                                                                   | 100,000 |   | 103,009 |
| Northern, TX, Health Facilities Development Corp.,                            United Regional Health Care Systems Project, 5.0%, 9/1/2014                            (b)                                 |                                                                   | 5,750,000 |   | 5,811,870 |
| Northside, TX, Independent School District, General                            Obligation, 5.0%, 2/15/2015                                                                                               |                                                                   | 2,160,000 |   | 2,280,895 |
| Odessa, TX, Housing Finance Corp., Single Family                            Mortgage, Series A, 8.45%, 11/1/2011                                                                                         |                                                                   | 64,584 |   | 64,725 |
| Plano, TX, Independent School District, 5.25%,                            2/15/2014                                                                                                                      |                                                                   | 1,570,000 |   | 1,642,989 |
| San Antonio, TX, General Improvement, Series 2006,                            5.5%, 8/1/2014 (b)                                                                                                         |                                                                   | 3,000,000 |   | 3,287,100 |
| Tarrant County, TX, Cultural Educational Facilities                            Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%,                            2/15/2018                       |                                                                   | 2,000,000 |   | 2,058,420 |
| Tarrant County, TX, Health Facility, South Central                            Nursing, Series A, 6.0%, 1/1/2037 (b)                                                                                      |                                                                   | 95,000 |   | 100,083 |
| Texas, Lower Colorado River Authority Revenue, Series                            A, 5.875%, 5/15/2014 (b)                                                                                                |                                                                   | 2,500,000 |   | 2,608,175 |
|                                                                                                                                                                                                          |                                                                        |  |  |  |  |  |  |

 

 

 

| Texas, Municipal Gas Acquisition & Supply Corp.                            I, Gas Supply Revenue, Series A, 5.0%, 12/15/2012                                      |                                    | 5,000,000 |      | 5,158,200     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-----------|-----------|---------------|
| Texas, Municipal Power Agency Revenue:                                                                                                                                |                                    |
|                                                                                                                                                                  | Zero Coupon, 9/1/2014 (b)               |      | 40,000    |          | 30,190 |
|                                                                                                                                                                  | ETM, Zero Coupon, 9/1/2014 (b)          |      | 1,760,000 |          | 1,321,109 |
| Texas, Water & Sewer Revenue, 5.375%, 3/1/2015                            (b)                                                                                     |                                    | 3,710,000 |      | 3,978,159     |
| Texas, Water & Sewer Revenue, State Revenue                            Revolving Funds Project:                                                                   |                                    |
|                                                                                                                                                                  | Series A, 5.625%, 7/15/2013             |      | 2,290,000 |          | 2,398,454 |
|                                                                                                                                                                  | Series A, 5.75%, 7/15/2013              |      | 3,000,000 |          | 3,127,200 |
|                                                                                                                                                                  | Series B, 5.75%, 7/15/2014              |      | 3,555,000 |          | 3,705,732 |
| Texas, Water Development Board Revenue, State                            Revolving Fund, Series B, 5.0%, 7/15/2017                                                    |                                    | 3,000,000 |      | 3,144,390     |
| Travis County, TX, Hospital & Healthcare Revenue,                            Ascension Health Credit:                                                             |                                    |
|                                                                                                                                                                  | Series A, 5.75%, 11/15/2010 (b)         |      | 1,000,000 |          | 1,050,020 |
|                                                                                                                                                                  | Series A, 6.25%, 11/15/2013 (b)         |      | 5,000,000 |          | 5,314,000 |
|                                                                                                                                                                       |
|                                                                                                                                                                  | **82,886,285**                          |
| **Utah 0.1%**                                                                                                                                                         |                                    |
| Intermountain Power Agency, UT, Power Supply Revenue,                            Series A, ETM, 6.15%, 7/1/2014 (b)                                                   |                                    | 790,000   |      | 813,036       |
| Provo City, UT, Housing Authority, Multi-Family                            Housing, Lookout Pointe Apartments, 6.0%, 7/20/2008                                        |                                    | 65,000    |      | 65,928        |
| Utah, Housing Finance Agency, Single Family Mortgage,                            Series F-1, Class I, 5.5%, 7/1/2016                                                  |                                    | 30,000    |      | 30,347        |
|                                                                                                                                                                       |
|                                                                                                                                                                  | **909,311**                             |
| **Virgin Islands 0.3%**                                                                                                                                               |                                    |
| Virgin Islands, Electric Revenue, Water and Power                            Authority, 5.25%, 7/1/2009                                                               |                                    | 2,000,000 |      | **2,016,700** |
| **Virginia 0.4%**                                                                                                                                                     |                                    |
| Newport News, VA, Industrial Development Authority,                            Mennowood Communities, Series A, 7.25%, 8/1/2016                                       |                                    | 675,000   |      | 689,809       |
| Richmond, VA, Metro Expressway Authority, ETM, 7.0%,                            10/15/2013 (b)                                                                        |                                    | 1,560,000 |      | 1,689,028     |
|                                                                                                                                                                       |
|                                                                                                                                                                  | **2,378,837**                           |
| **Washington 0.7%**                                                                                                                                                   |                                    |
| Douglas County, WA, School District General                            Obligation, School District No. 206, Eastmont, 5.75%, 12/1/2013                            (b) |                                    | 2,000,000 |      | 2,135,420     |
| Quinault Indian Nation, WA, Entertainment Revenue,                            Quinault Beach, Series A, 5.8%, 12/1/2015 (b)                                           |                                    | 300,000   |      | 310,182       |
| Washington, Electric Revenue, Public Power Supply                            System, Nuclear Project No. 2, Series A, 6.3%, 7/1/2012                                  |                                    | 1,000,000 |      | 1,106,210     |
| Washington, Health Care, Nursing Home Revenue, Grays                            Harbor Community Hospital, 5.85%, 7/1/2012 (b)                                        |                                    | 615,000   |      | 641,685       |
|                                                                                                                                                                       |
|                                                                                                                                                                  | **4,193,497**                           |
| **West Virginia 0.6%**                                                                                                                                                |                                    |
| Beckley, WV, Nursing Facility, Berkley Healthcare                            Corp. Project:                                                                           |                                    |
|                                                                                                                                                                  | 5.55%, 9/1/2008, Bank of America NA (a) |      | 190,000   |          | 191,526 |
|                                                                                                                                                                  | 5.7%, 9/1/2009, Bank of America NA (a)  |      | 150,000   |          | 150,859 |
| West Virginia, Transportation/Tolls Revenue, 5.25%,                            5/15/2015 (b)                                                                          |                                    | 2,940,000 |      | 3,197,309     |
|                                                                                                                                                                       |
|                                                                                                                                                                  | **3,539,694**                           |
| **Wisconsin 2.2%**                                                                                                                                                    |                                    |
| Shell Lake, WI, Nursing Home Revenue, Terraceview                            Living, 5.3%, 9/20/2018                                                                  |                                    | 905,000   |      | 905,507       |
| Wisconsin, Health & Educational Facilities,                            Viterbo College, Inc. Project, Series A:                                                   |                                    |
|                                                                                                                                                                  | 5.75%, 2/1/2012, US Bank NA (a)         |      | 290,000   |          | 291,490 |
|                                                                                                                                                                  | 6.0%, 2/1/2017, US Bank NA (a)          |      | 405,000   |          | 406,847 |
| Wisconsin, State General Obligation:                                                                                                                                  |                                    |
|                                                                                                                                                                  | Series C, 5.25%, 5/1/2016 (b)           |      | 7,705,000 |          | 8,196,887 |
|                                                                                                                                                                       |                                         |           |           |               |  |  |  |

 

 

 

|                                                                                                                                                                                                                                                                                                                                                                 | Series D,                            Prerefunded, 5.75%, 5/1/2015                                                                                                                                                                                                                                          |                  | 4,000,000                                |          | 4,281,640 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|------------------------------------------|---------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                 | **14,082,371**                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                      |
| **Total Municipal Bonds and Notes**(Cost $592,178,191)                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                       | **607,627,979**       |
|                                                                                                                                                                                                                                                                                                                                                                 | **Municipal Inverse Floating Rate Notes                            5.2%**                                                                                                                                                                                                                                  |                  |
| **Colorado 1.1%**                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                       |
| Aurora, CO, Water Improvement Revenue, Series A,                            5.0%, 8/1/2021 (b) (d)                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                       | 7,000,000             |                                     | **7,348,705** |
|                                                                                                                                                                                                                                                                                                                                                                 | *Trust: Aurora, CO, Water Improvement Revenue,                            Series 1943, 144A, 7.37%, 2/1/2015,*

*Leverage Factor at purchase date: 4 to                            1*                                                                                                                      |                  |                                     |          |      |
| **New York 2.9%**                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                       |
| Los Angeles, CA, General Obligation, Series A, 5.0%,                            9/1/2019 (b) (d)                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                       | 6,340,000             |                                     | 6,642,684     |
| Los Angeles, CA, General Obligation, Series A, 5.0%,                            9/1/2020 (b) (d)                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                       | 5,915,000             |                                     | 6,197,394     |
|                                                                                                                                                                                                                                                                                                                                                                 | *Trust: New York, Municipal Securities Trust                            Certificates, Series 7064, Class B, 144A, 7.534%, 8/1/2020, Leverage                            Factor at purchase date: 4 to 1*                                                                                                   |                  |                                     |          |      |
| New York, State Dormitory Authority, Personal Income                            Tax Revenue, Series A, 5.0%, 3/15/2019 (b) (d)                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                       | 5,000,000             |                                     | 5,296,725     |
|                                                                                                                                                                                                                                                                                                                                                                 | *Trust: New York, State Dormitory Authority Revenues,                            Secondary Issues, Series 1955-1, 144A, 7.43%, 3/15/2015, Leverage                            Factor at purchase date: 4 to 1*                                                                                             |                  |                                     |          |      |
|                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                 | **18,136,803**                                                                                                                                                                                                                                                                                             |
| **Texas 1.2%**                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                       |
| Texas, SA Energy                            Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020                            (d)                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                       | 7,000,000             |                                     | **7,381,010** |
|                                                                                                                                                                                                                                                                                                                                                                 | *Trust: Texas, Municipal Securities Trust                            Certificates, Series 7062, Class B, 144A, 9.415%, 8/1/2020, Leverage                            Factor at purchase date: 4 to 1*                                                                                                      |                  |                                     |          |      |
|                                                                                                                                                                                                                                                                                                                                                                      |
| **Total Municipal Inverse Floating Rate                            Notes**(Cost $32,954,354)                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                       | **32,866,518**        |
|                                                                                                                                                                                                                                                                                                                                                                 | **%                            of****Net Assets**                                                                                                                                                                                                                                                          |                  | **Value                            ($)** |
|                                                                                                                                                                                                                                                                                                                                                                      |
| **Total Investment Portfolio**(Cost $625,132,545)                                                                                                                                                                                                                                                                                                                    | 102.2                                                                                                                                                                                                                                                                                                      |                  | **640,494,497**                          |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                                                                                                                                                                | (2.2)                                                                                                                                                                                                                                                                                                      |                  | **(13,993,917)**                         |
|                                                                                                                                                                                                                                                                                                                                                                      |
| **Net Assets**                                                                                                                                                                                                                                                                                                                                                       | 100.0                                                                                                                                                                                                                                                                                                      |                  | **626,500,580**                          |
|                                                                                                                                                                                                                                                                                                                                                                 | *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, 2007.*        |
| *(a)*                                                                                                                                                                                                                                                                                                                                                                | *Security incorporates a letter of credit from a                            major bank.*                                                                                                                                                                                                                   |
| *(b)*                                                                                                                                                                                                                                                                                                                                                                | *Bond is insured by one of these                            companies:*                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                       | ***As a % of Total*** |
| ***Insurance Coverage***                                                                                                                                                                                                                                                                                                                                             | ***Investment Portfolio***                                                                                                                                                                                                                                                                                 |
| *Ambac Financial Group, Inc.*                                                                                                                                                                                                                                                                                                                                        | *13.3*                                                                                                                                                                                                                                                                                                     |
| *American Capital Access (ACA)*                                                                                                                                                                                                                                                                                                                                      | *1.1*                                                                                                                                                                                                                                                                                                      |
| *Financial Guaranty Insurance Company*                                                                                                                                                                                                                                                                                                                               | *11.9*                                                                                                                                                                                                                                                                                                     |
| *Financial Security Assurance, Inc.*                                                                                                                                                                                                                                                                                                                                 | *13.0*                                                                                                                                                                                                                                                                                                     |
| *MBIA Corp.*                                                                                                                                                                                                                                                                                                                                                         | *13.6*                                                                                                                                                                                                                                                                                                     |
| *Radian Asset Assurance*                                                                                                                                                                                                                                                                                                                                             | *1.1*                                                                                                                                                                                                                                                                                                      |
| *(c)*                                                                                                                                                                                                                                                                                                                                                                | *Delayed delivery security.*                                                                                                                                                                                                                                                                               |
| *(d)*                                                                                                                                                                                                                                                                                                                                                                | *Security forms part of the below tender option                            bond trust. The 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 are used to pay principal and interest on tax-exempt issues                            and to retire the bonds in full at the earliest refunding                            date.* |
|                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                            |                       |                                          |               |           |  |  |  |  |  |

 

 

| **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 half-year                            (the registrant’s second fiscal half-year in the case of the                            annual report) 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 17, 2007 |
|-------|------------------|

 

 

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 17, 2007 |
|-------|------------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | October 17, 2007 |
|-------|------------------|