-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WkAFmdiQDFZm2ScgfhH6RNCgGoNXZXzTFqasqlP2wJi21w3XR2jvwo4H3qUWdMUt uzRqpsU9R1/6I8GOZyWGqA== 0000088053-05-000450.txt : 20050427 0000088053-05-000450.hdr.sgml : 20050427 20050427092839 ACCESSION NUMBER: 0000088053-05-000450 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050228 FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 EFFECTIVENESS DATE: 20050427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCUDDER MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02671 FILM NUMBER: 05774757 BUSINESS ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-295-3986 MAIL ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MANAGED MUNICIPAL BONDS DATE OF NAME CHANGE: 19880302 N-Q 1 nq022805smt_hyt.txt N-Q FILING 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 811-2671 Scudder Municipal Trust ----------------------- (Exact name of registrant as specified in charter) Two International Place Boston, MA 02110 (Address of principal executive offices) (Zip code) Salvatore Schiavone Two International Place Boston, Massachusetts 02110 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 295-2663 -------------- Date of fiscal year end: 05/31 ----- Date of reporting period: 2/28/05 --------- Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS
Scudder High Yield Tax-Free Fund Investment Portfolio as of February 28, 2005 (Unaudited) - ---------------------------------------------------------------------------------------------------------- Principal Amount ($ ) Value ($) -------------------------------- Municipal Investments 98.4% Alabama 0.6% Camden, AL, Industrial Development Board Revenue, Weyerhaeuser, Series A, 6.125%, 12/1/2024 1,000,000 1,085,190 Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, 5.75%, 6/1/2031 3,700,000 3,899,319 ---------- 4,984,509 Alaska 1.3% Anchorage, AK, State General Obligation, 5.5%, 7/1/2018 (a) 2,680,000 2,995,731 North Slope Borough, AK, Other General Obligation, Series B, Zero Coupon, 6/30/2005 (a) 7,600,000 7,542,240 ---------- 10,537,971 Arizona 0.5% Arizona, Water & Sewer Revenue, Water Infrastructure Finance Authority, Series A, Prerefunded, 5.375%, 10/1/2013 3,625,000 4,068,374 ---------- California 18.8% California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.875%, 5/1/2016 4,500,000 5,103,540 California, Electric Revenue, Department Water Supply, Inverse Floater, Series 309, 144A, 8.63%**, 5/1/2018 (a) 1,875,000 2,295,262 California, General Obligation, Economic Recovery, Inverse Floater, Series 926, 144A, 8.217%**, 7/1/2015 2,900,000 3,560,359 California, Multi-Family Housing Revenue, Communities Development Authority Revenue, East Valley Tourist, Series A, 9.25%, 10/1/2020 4,000,000 4,374,200 California, Public Works Board, Lease Revenue, Department of Mental Health, Series A, 5.5%, 6/1/2020 4,000,000 4,445,440 California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.: Series B, 5.625%, 6/1/2038 15,110,000 16,417,166 Series 2003-A-1, 6.75%, 6/1/2039 17,750,000 18,598,983 California, State General Obligation: 5.0%, 2/1/2020 11,105,000 11,764,415 5.25%, 2/1/2019 8,000,000 8,670,320 California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2019 3,825,000 4,240,701 Fontana, CA, Public Financing Authority, Tax Allocation Revenue, North Fontana Redevelopment, Series A, 5.0%, 10/1/2025 (a) 6,170,000 6,504,537 Foothill, CA, Eastern Corridor Agency, Series A, ETM, 7.1%, 1/1/2010 7,000,000 8,290,870 Foothill, CA, Transportation/Tolls Revenue, Eastern Corridor Agency: Series A, Prerefunded, 7.1%, 1/1/2011 4,415,000 5,315,748 Series A, Prerefunded, 7.1%, 1/1/2012 6,000,000 7,224,120 Series A, Prerefunded, 7.1%, 1/1/2014 2,875,000 3,467,998 Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corporation Lease, AMT, Series C, 7.5%, 12/1/2024 6,035,000 6,144,535 Los Angeles, CA, Community Redevelopment Agency, Community Redevelopment Financing Authority Revenue, Bunker Hill Project, Series A, 5.0%, 12/1/2027 (a) 5,500,000 5,752,505 Millbrae, CA, Senior Care Revenue, Magnolia of Millbrae Project, AMT, Series A, 7.375%, 9/1/2027 960,000 981,648 Sacramento, CA, Project Revenue, City Financing Authority, Convention Center Hotel, Series A, 6.25%, 1/1/2030 4,000,000 4,227,600 San Diego County, CA, Certificates of Participation, Edgemoor Project & Regional System, 5.0%, 2/1/2026 (a) 1,000,000 1,050,670 San Joaquin Hills, CA, Transportation Corridor Agency: Prerefunded, 7.6%, 1/1/2011 5,000,000 5,775,450 Prerefunded, 7.65%, 1/1/2012 15,000,000 17,346,750 Prerefunded, 7.65%, 1/1/2013 4,000,000 4,625,800 ----------- 156,178,617 Colorado 3.4% Colorado, Hospital & Healthcare Revenue, Health Facilities Authority, Hospital-Portercare Adventist Health, 6.625%, 11/15/2026 2,000,000 2,232,220 Colorado, Transportation/Tolls Revenue, Northwest Parkway Public Highway Authority, Series D, 7.125%, 6/15/2041 8,000,000 8,716,400 Denver, CO, Airport Revenue, AMT, Series D, 7.75%, 11/15/2013 9,775,000 11,721,300 Denver, CO, Sales & Special Tax Revenue, Urban Renewal Authority, AMT, 7.75%, 9/1/2016 2,430,000 2,549,921 Montrose, CO, Memorial Hospital Revenue, 6.375%, 12/1/2023 2,355,000 2,537,489 ----------- 27,757,330 Connecticut 1.7% Mashantucket, CT, Project Revenue, Western Pequot Tribe: Series B, 144A, Zero Coupon, 9/1/2010 2,000,000 1,571,980 Series B, 144A, Zero Coupon, 9/1/2011 2,000,000 1,487,880 Series B, 144A, Zero Coupon, 9/1/2012 2,000,000 1,401,460 Series B, 144A, Zero Coupon, 9/1/2013 2,000,000 1,321,180 Series B, 144A, Zero Coupon, 9/1/2014 2,000,000 1,245,100 Mashantucket, CT, Sports, Expo & Entertainment Revenue, Western Pequot Tribe: Series B, 144A, 5.7%, 9/1/2012 1,000,000 1,066,600 Series A, Prerefunded, 144A, 6.4%, 9/1/2011 1,490,000 1,623,012 Series A, 144A, 6.4%, 9/1/2011 1,510,000 1,597,278 Mohegan Tribe, CT, Gaming Authority, Priority Distribution, 144A, 5.25%, 1/1/2033 3,000,000 2,952,750 ----------- 14,267,240 Delaware 0.2% Delaware, Industrial Development Revenue, 6.375%, 5/1/2027 2,000,000 2,044,460 ----------- District of Columbia 0.9% District of Columbia, Water & Sewer Revenue, Water & Sewer Authority, Inverse Floater, Rites: 144A, 9.887%**, 10/1/2014 (a) 4,220,000 5,761,608 144A, 9.905%**, 10/1/2016 (a) 1,155,000 1,629,012 ----------- 7,390,620 Florida 3.9% Alachua County, FL, Health Facilities Authority, Health Facilities Revenue, Shands Teaching Hospital, Series A, 1.83%*, 12/1/2032, SunTrust Bank (b) 1,550,000 1,550,000 Bayside, FL, Sales & Special Tax Revenue, Community Development District, Series A, 6.3%, 5/1/2018 515,000 528,514 Broward County, FL, Educational Facilities Authority Revenue, Nova Southeastern, Series C, 1.83%*, 4/1/2024, Bank of America NA (b) 1,100,000 1,100,000 Florida, Industrial Development Revenue, Capital Travel Agency, Seminole Tribe Convention, Series A, 10.0%, 10/1/2033 8,000,000 9,034,800 Highlands County, FL, Hospital & Healthcare Revenue, Adventist Health Systems, Series A, 6.0%, 11/15/2031 1,000,000 1,083,510 Highlands County, FL, Hospital & Healthcare Revenue, Health Facilities Authority, Adventist Hospital, Series D, 5.875%, 4,000,000 4,346,280 11/15/2029 Hillsborough County, FL, Hospital & Healthcare Revenue, Industrial Development Authority, University Community Hospital Project, Series A, 5.625%, 8/15/2019 3,425,000 3,520,420 Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, 5.625%, 8/15/2023 3,320,000 3,395,630 Indian Trace, FL, Special Assessment Revenue, Community Development District, Water Management, Series B, 8.25%, 5/1/2005 345,000 346,004 Miami Beach, FL, Health Facilities Authority Hospital Revenue, Mount Sinai Medical Center, 144A, 6.75%, 11/15/2029 6,400,000 6,822,976 Pinellas County, FL, Health Facilities Authority Revenue, Pooled Hospital Loan Program, 1.8%*, 12/1/2015 (a) 800,000 800,000 ----------- 32,528,134 Georgia 2.0% Americus-Sumter County, GA, Hospital & Healthcare Revenue, Hospital Authority, South Georgia Methodist, Series A, 6.375%, 5/15/2029 3,000,000 3,001,920 Athens-Clarke County, GA, Senior Care Revenue, Wesley Woods, 6.35%, 10/1/2017 1,380,000 1,279,522 Brunswick & Glynn County, GA, Development Authority First Mortgage Revenue, Coastal Community Retirement, Series A, 7.25%, 1/1/2035 2,960,000 3,123,599 Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., 1.83%*, 1/1/2021 (a) 1,785,000 1,785,000 Coweta County, GA, Senior Care Revenue, Residential Care Facilities for the Elderly Authority, Wesley Woods, Series A, 8.25%, 10/1/2026 1,000,000 1,037,950 Georgia, Electric Revenue, Municipal Electric Authority: Series Z, ETM, 5.5%, 1/1/2012 80,000 88,839 Series Z, 5.5%, 1/1/2012 1,295,000 1,423,361 Monroe County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power, Series B, 1.83%*, 1/1/2020 (a) 800,000 800,000 Rockdale County, GA, Resource Recovery Revenue, Development Authority, Visy Paper, Inc. Project, AMT, 7.4%, 1/1/2016 3,640,000 3,762,668 ----------- 16,302,859 Illinois 1.8% Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2029 (a) 1,000,000 1,070,340 Hoffman Estates, IL, Sales & Special Tax Revenue, Tax Increment Revenue, Zero Coupon, 5/15/2006 4,000,000 3,826,120 Illinois, Health Facilities Authority Revenue, Benedict State, Series 2003A-1, 6.9%, 11/15/2033 3,000,000 3,076,350 Kane County, IL, School District General Obligation, School District No. 129 Aurora West Side, Series A, 5.75%, 2/1/2018 (a) 4,370,000 4,939,804 Winnebago County, IL, School District General Obligation, School District No. 122, Series 3, 6.45%, 6/1/2008 (a) 1,500,000 1,661,880 ----------- 14,574,494 Indiana 0.9% Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028 2,000,000 1,898,340 Indiana, Senior Care Revenue, Health Facilities Finance Authority, Franciscan Eldercare Community Services, 5.875%, 5/15/2029 2,300,000 2,220,627 North Manchester, IN, Senior Care Revenue, 7.25%, 7/1/2033 3,000,000 3,070,890 ----------- 7,189,857 Iowa 0.4% Wapello County, IA, Hospital & Healthcare Revenue, Ottumwa Regional Health Center Project, 6.375%, 10/1/2031 3,000,000 3,162,450 ----------- Kansas 2.1% Lenexa, KS, Hospital & Healthcare Revenue, Series C, 6.875%, 5/15/2032 1,750,000 1,879,133 Manhattan, KS, Senior Care Revenue, Meadowlark Hills Retirement, Series A, 6.5%, 5/15/2028 1,000,000 1,007,330 Overland Park, KS, Industrial Development Revenue, Development Corp., Series A, 7.375%, 1/1/2032 8,000,000 8,751,760 Wichita, KS, Hospital & Healthcare Revenue: Series 3, 5.5%, 11/15/2025 1,300,000 1,369,550 Series 3, 5.625%, 11/15/2031 3,750,000 3,985,687 ----------- 16,993,460 Kentucky 1.2% Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc., Series A, 6.625%, 10/1/2028 5,500,000 5,944,785 Kentucky, Transportation/Tolls Revenue, State Turnpike Authority, Revitalization Project, Series A, 5.5%, 7/1/2014 (a) 3,210,000 3,661,326 ----------- 9,606,111 Louisiana 0.2% Louisiana, Offshore Term Authority, Deepwater Port Revenue, Loop LLC Project, Series A, 1.83%*, 9/1/2014, SunTrust Bank (b) 1,700,000 1,700,000 ----------- Maryland 2.3% Anne Arundel County, MD, County General Obligation, National Business Park Project, Prerefunded, 144A, 7.375%, 7/1/2028 2,000,000 2,442,200 Maryland, Higher Education Revenue, Collegiate Housing Foundation, Series A, 5.75%, 6/1/2031 1,000,000 1,029,240 Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030 2,500,000 2,813,100 Maryland, Project Revenue, Economic Development Corp., Chesapeake Bay, Series B, 7.625%, 12/1/2022 12,000,000 12,716,400 ----------- 19,000,940 Massachusetts 5.3% Boston, MA, Industrial Development Revenue, AMT: 6.5%, 9/1/2035 4,000,000 3,869,880 8.0%, 9/1/2035 1,000,000 989,960 Massachusetts, Electric Revenue, Wholesale Electrical Co. Power Supply, Inverse Floater, Series 674, 144A, 5.25%**, 7/1/2016 (a) 5,392,500 7,547,289 Massachusetts, Health & Educational Facilities Authority Revenue, Caritas Christi Obligation, Series B, 6.25%, 7/1/2022 1,750,000 1,871,100 Massachusetts, Health & Educational Facilities Authority Revenue, Milford-Whitinsville Hospital, Series D, 6.5%, 7/15/2023 2,685,000 2,904,579 Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Civic Investments, Series A, 9.0%, 12/15/2015 4,000,000 4,633,360 Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Partners Healthcare System, Series B, 5.125%, 7/1/2019 1,185,000 1,241,762 Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, South Shore Hospital: Series F, 5.625%, 7/1/2019 1,000,000 1,049,470 Series F, 5.75%, 7/1/2029 4,000,000 4,154,120 Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032 3,960,000 3,880,008 Massachusetts, Project Revenue, Health & Educational Facilities Authority, Series B, 9.15%, 12/15/2023 2,000,000 2,314,780 Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033 7,450,000 7,936,038 Massachusetts, Resource Recovery Revenue, Industrial Finance Agency, Solid Waste Disposal, Peabody Monofill Association, Inc., 144A, 9.0%, 9/1/2005 (c) 320,000 321,581 Massachusetts, Senior Care Revenue, Industrial Finance Agency, Edgewood Retirement Community, Series A, Prerefunded, 9.0%, 11/15/2025 1,000,000 1,066,370 ----------- 43,780,297 Michigan 3.1% Delta County, MI, Pollution Control Revenue, Economic Development Corp., Series A, 6.25%, 4/15/2027 5,000,000 5,696,350 Detroit, MI, Sales & Special Tax Revenue, Downtown Development Authority: Zero Coupon, 7/1/2011 3,150,000 2,406,631 Zero Coupon, 7/1/2012 3,150,000 2,278,616 Detroit, MI, School District General Obligation: Series A, 5.5%, 5/1/2016 (a) 1,500,000 1,679,220 Series A, 5.5%, 5/1/2018 (a) 1,565,000 1,745,711 Series A, 5.5%, 5/1/2019 (a) 1,200,000 1,338,564 Kalamazoo, MI, Industrial Development Revenue, Economic Development Corp., Series A, 7.5%, 5/15/2029 2,000,000 2,079,640 Kentwood, MI, Industrial Development Revenue, Economic Development, Series A, 6.0%, 11/15/2032 1,750,000 1,778,192 Michigan, Higher Education Facilities Authority Revenue, University of Detroit, 1.83%*, 11/1/2017, Bank One NA (b) 125,000 125,000 Michigan, Municipal Bond Authority Revenue, Inverse Floater, Series 419, 144A, 5.0%**, 4/1/2012 500,000 1,260,850 Michigan, Senior Care Revenue, Strategic Fund Limited, 5.75%, 11/15/2018 1,500,000 1,540,620 Michigan, State Agency General Obligation Lease, Building Authority, Inverse Floater, Series B, 144A, 8.909%**, 4/15/2009 1,145,000 1,420,304 Saginaw, MI, Hospital & Healthcare Revenue, Hospital Finance Authority, Covenant Medical Center, Series F, 6.5%, 7/1/2030 2,000,000 2,196,680 ----------- 25,546,378 Minnesota 0.6% Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Benedictine Health Systems, St. Mary: 5.375%, 2/15/2022 1,000,000 1,049,640 5.5%, 2/15/2023 1,000,000 1,054,510 Minneapolis & St. Paul, MN, Community Special Facilities Revenue, Northwest Airlines Project, Series A, AMT, 7.0%, 4/1/2025 2,000,000 1,822,040 Minneapolis & St. Paul, MN, Metropolitan Apartments Community Special Facilities Revenue, Northwest Airlines Inc. Project, AMT, 7.375%, 4/1/2025 1,330,000 1,271,666 ----------- 5,197,856 Mississippi 0.2% Mississippi, Sales & Special Tax Revenue, Development Bank, Diamond Lakes Utilities, Series A, 6.25%, 12/1/2017 1,400,000 1,371,328 ----------- Missouri 3.5% Florissant, MO, Industrial Development Revenue, Desmet Acquisition, Series A, 8.5%, 8/15/2030 6,775,000 7,180,348 Florissant, MO, Industrial Development Revenue, St. Catherine Acquisition, Series B, 9.0%, 8/15/2030 3,185,000 3,379,572 Kansas City, MO, Industrial Development Authority, Health Facilities Revenue, First Mortgage, Bishop Spencer, Series A, 6.5%, 1/1/2035 1,000,000 1,020,790 Missouri, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Washington University, Series A, 5.5%, 6/15/2016 7,600,000 8,781,116 St. Louis, MO, Industrial Development Revenue, St. Louis Convention Center, AMT, Series A, 7.25%, 12/15/2035 10,000,000 8,423,000 ----------- 28,784,826 Nevada 1.5% Clark County, NV, Airport Revenue, AMT, Series A, 1.82%*, 7/1/2036 (a) 650,000 650,000 Clark County, NV, County General Obligation, 5.5%, 6/1/2015 (a) 5,000,000 5,576,700 Las Vegas, NV, Transportation/Tolls Revenue, Las Vegas Monorail Project, 7.375%, 1/1/2030 6,000,000 6,117,900 ----------- 12,344,600 New Hampshire 1.2% New Hampshire, Higher Education Revenue, Health & Educational Facilities Authority, New Hampshire College Issue, 7.4%, 1/1/2023 2,000,000 2,172,300 New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, New Hampshire Catholic Charities, 5.8%, 8/1/2022 2,760,000 2,792,954 New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, Rivermead at Peterborough: 5.5%, 7/1/2013 2,055,000 2,048,732 5.625%, 7/1/2018 1,615,000 1,603,647 New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, Riverwoods at Exeter: Series A, 6.375%, 3/1/2013 640,000 654,362 Series A, 6.5%, 3/1/2023 1,000,000 1,014,380 ----------- 10,286,375 New Jersey 2.1% Middlesex County, NJ, Pollution Control Authority Revenue, Pollution Control Amerada, 6.05%, 9/15/2034 1,000,000 1,064,070 New Jersey, Economic Development Authority Revenue, Inverse Floater, Series PA-1253, 144A, 5.0%**, 9/1/2011 (a) 1,015,000 2,097,041 New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034 1,165,000 1,235,914 New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue: Series A, 5.0%, 7/1/2022 (a) 1,430,000 1,523,822 Series A, 5.0%, 7/1/2023 (a) 1,770,000 1,880,501 New Jersey, Economic Development Authority, Economic Development Revenue, United Methodist Homes, Series A-2, 2,500,000 2,652,325 6.625%, 7/1/2033 New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026 1,425,000 1,449,709 New Jersey, Tobacco Settlement Filing Corp., 6.25%, 6/1/2043 5,500,000 5,518,645 ----------- 17,422,027 New Mexico 0.0% Farmington, NM, Pollution Control Revenue, Arizona Public Service Co., Series C, AMT, 1.8%*, 9/1/2024, Barclays Bank PLC (b) 300,000 300,000 ----------- New York 5.3% Brookhaven, NY, Hospital & Healthcare Revenue, Industrial Development Authority, Memorial Hospital Medical Center, Series A, 8.25%, 11/15/2030 3,000,000 3,263,130 New York, Metropolitan Transportation Authority Revenue, Series A, 4.75%, 11/15/2029 (a) 2,000,000 2,039,440 New York, Senior Care Revenue, Dormitory Authority, Inverse Floater, Series 310, 144A, 9.89%**, 2/15/2010 (a) 1,890,000 2,533,337 New York, State Agency General Obligation Lease, Metropolitan Transportation Authority, Series O, ETM, 5.75%, 7/1/2013 2,750,000 3,116,685 New York, State Dormitory Authority Revenue, Mental Health Services Facilities Improvements, Series D, 5.0%, 2/15/2024 (a) 3,640,000 3,849,227 New York, State General Obligation, Tobacco Settlement Financing Corp., Series A-1, 5.5%, 6/1/2019 2,750,000 3,067,185 New York, Transportation/Tolls Revenue, Inverse Floater, Securities Trust Certificates, 144A, 9.416%**, 11/15/2016 (a) 5,000,000 6,308,800 New York, Transportation/Tolls Revenue, Transportation Authority, Series A, 5.75%, 7/1/2018 7,000,000 8,149,960 New York, NY, General Obligation: Series A, Prerefunded, 7.0%, 8/1/2007 200,000 215,584 Series A, 7.0%, 8/1/2007 4,800,000 5,144,400 New York, NY, Hospital & Healthcare Revenue, Industrial Development Agency, 6.45%, 7/1/2032 1,490,000 1,467,263 New York, NY, Hospital & Healthcare Revenue, Industrial Development Agency, British Airways PLC Project, AMT, 7.625%, 1,500,000 1,577,700 12/1/2032 New York, NY, Transitional Finance Authority: Series B, Prerefunded, 5.5%, 2/1/2016 420,000 475,839 Series B, Prerefunded, 5.5%, 2/1/2016 1,580,000 1,762,743 Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 1,250,000 1,035,150 ----------- 44,006,443 North Carolina 0.6% North Carolina, Electric Revenue, Municipal Power Agency: Series F, 5.5%, 1/1/2016 1,000,000 1,077,380 Series F, 5.5%, 1/1/2017 1,495,000 1,604,509 Series B, 6.375%, 1/1/2013 2,075,000 2,320,078 ----------- 5,001,967 North Dakota 0.5% Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, 7.125%, 8/15/2024 3,750,000 4,113,075 ----------- Ohio 1.3% Franklin County, OH, Hospital & Healthcare Revenue, Health Care Facilities, Ohio Presbyterian Retirement Service, 1,000,000 1,097,840 Series A, 7.125%, 7/1/2029 Ohio, Industrial Development Revenue, Building Authority, Adult Correction Facilities, Series A, 5.5%, 10/1/2013 (a) 5,860,000 6,579,198 Ohio, Transportation/Tolls Revenue, Turnpike Authority, Series B, 5.5%, 2/15/2013 (a) 3,000,000 3,397,140 ----------- 11,074,178 Pennsylvania 5.7% Allegheny County, PA, Hospital & Healthcare Revenue, Hospital Development Authority, West Pennsylvania Allegheny Health Services: 9.25%, 11/15/2022 2,000,000 2,316,600 Series B, 9.25%, 11/15/2030 4,630,000 5,362,929 Allegheny County, PA, Redevelopment Authority Revenue, Pittsburgh Mills Project, 5.6%, 7/1/2023 1,000,000 1,052,630 Chester County, PA, Senior Care Revenue, Health & Education Facilities Authority, Jenners Pond, Inc. Project, 7.625%, 7/1/2034 1,750,000 1,884,313 Delaware County, PA, Project Revenue, Authority First Management, White Horse Village Project, Series A, 7.625%, 7/1/2030 1,000,000 1,054,760 Delaware County, PA, Senior Care Revenue, Authority First Management, White Horse Village Project: Series A, 6.7%, 7/1/2007 1,000,000 1,030,400 Series A, 7.5%, 7/1/2018 2,000,000 2,057,140 Delaware Valley, PA, County General Obligation, Regional Financial Authority, 5.75%, 7/1/2017 6,250,000 7,191,500 Montgomery County, PA, Industrial Development Authority Revenue, Whitemarsh Continued Care Project, 6.25%, 2/1/2035 2,400,000 2,442,456 Montgomery County, PA, Senior Care Revenue, Higher Education & Health Authority, Philadelphia Geriatric Center, Series A, 7.25%, 12/1/2027 3,125,000 3,288,562 Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 5,095,000 5,593,036 Pennsylvania, Sales & Special Tax Revenue, Economic Development Financing Authority, Amtrak Project, AMT, Series A, 6.125%, 11/1/2021 700,000 723,870 Pennsylvania, State University, 5.0%, 9/1/2029 1,500,000 1,570,560 Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue, Children's Hospital Project, Series B, 1.8%*, 7/1/2025 3,595,000 3,595,000 Philadelphia, PA, Industrial Development Authority Revenue, Doubletree Commercial Development, Series A, 6.5%*, 10/1/2027 4,500,000 4,637,520 Westmoreland County, PA, Senior Care Revenue, Industrial Development Authority, Health Care Facilities-Redstone, Series B, 8.125%, 11/15/2030 3,000,000 3,229,170 ----------- 47,030,446 Rhode Island 0.2% Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032 1,750,000 1,746,570 ----------- South Carolina 3.3% Berkeley County, SC, County General Obligation, School District, 5.5%, 1/15/2017 (a) 8,970,000 10,055,729 Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031 1,500,000 1,572,045 South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Bon Secours Health Systems, Inc., 5,000,000 5,183,300 Series A, 5.625%, 11/15/2030 South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance: Series C, 7.0%, 8/1/2030 5,420,000 6,109,586 Series A, Prerefunded, 7.375%, 12/15/2021 3,500,000 4,289,810 ----------- 27,210,470 Tennessee 1.9% Elizabethton, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board, Series B, 8.0%, 7/1/2033 3,000,000 3,588,090 Johnson City, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board Hospital, Series A, 7.5%, 5,000,000 5,932,500 7/1/2033 Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care: ETM, 6.5%, 9/1/2026 1,870,000 2,240,335 Prerefunded, 6.5%, 9/1/2026 3,130,000 3,750,334 ----------- 15,511,259 Texas 10.1% Abilene, TX, Hospital & Healthcare Revenue, Health Facilities, Sears Methodist Retirement Facilities, Series A, 7.0%, 11/15/2033 3,500,000 3,691,135 Abilene, TX, Senior Care Revenue, Health Facilities Development, Sears Methodist Retirement Facilities, Series A, 5.9%, 11/15/2025 2,500,000 2,438,500 Austin, TX, Project Revenue, Bergstrom Landhost Enterprises, Inc. Airport Hotel Project, Series A, 6.75%, 4/1/2027 4,990,000 2,403,284 Dallas, TX, Airport Revenue, International Airport, Inverse Floater, Series 350, AMT, 144A, 8.835%**, 5/1/2011 (a) 3,565,000 4,207,662 Fort Bend, TX, General Obligation, Independent School District, Series A, 5.25%, 8/15/2025 4,445,000 4,790,110 Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Herman Healthcare Systems, Series A, 5.125%, 12/1/2023 1,175,000 1,203,106 Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare, Series A, 6.375%, 6/1/2029 4,460,000 4,888,874 Hidalgo County, TX, Hospital & Healthcare Revenue, Health Services Mission Hospital, 6.875%, 8/15/2026 5,000,000 5,475,800 Hidalgo County, TX, Hospital & Healthcare Revenue, Mission Hospital, Inc. Project, 6.75%, 8/15/2016 3,500,000 3,819,025 Houston, TX, Transportation/Tolls Revenue, Special Facilities, Continental Airlines, Inc., AMT, Series E, 6.75%, 7/1/2029 12,100,000 10,174,769 Jefferson County, TX, County General Obligation: 5.75%, 8/1/2015 (a) 3,075,000 3,505,530 5.75%, 8/1/2017 (a) 1,185,000 1,347,440 Lubbock, TX, Senior Care Revenue, Health Facilities Development Corp., Carillon Project, Series A, 6.5%, 7/1/2019 2,885,000 2,413,158 Magnolia, TX, School District General Obligation, Independent School District, 5.0%, 8/15/2017 2,400,000 2,560,320 Plano, TX, School District General Obligation, Independent School District, 5.375%, 2/15/2016 5,000,000 5,499,200 San Antonio, TX, Gas & Electric, , 5.375%, 2/1/2020 2,500,000 2,740,875 Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., 6.7%, 11/15/2030 2,500,000 2,747,450 Texas, Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%, 8/1/2024 5,000,000 5,326,600 Texas, Water & Sewer Revenue, Waste Disposal Authority, AMT, 6.65%, 4/1/2032 2,000,000 2,175,180 Tom Green County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Shannon Health System Project, 6.75%, 5/15/2021 1,000,000 1,080,560 Travis County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Ascension Health, Series A, Prerefunded, 6.25%, 11/15/2015 (a) 10,000,000 11,486,000 ----------- 83,974,578 Utah 0.3% Salt Lake City, UT, Hospital & Healthcare Revenue, IHC Hospitals, Inc., 6.15%, 2/15/2012 2,000,000 2,297,700 Salt Lake County, UT, Pollution Control Revenue, Service Station Holdings Project, 1.81%*, 2/1/2008 400,000 400,000 ----------- 2,697,700 Vermont 0.1% Vermont, Multi-Family Housing Revenue, Housing Finance Agency, Northgate Project, AMT, 144A, 8.25%, 6/15/2020 (c) 890,000 890,819 ----------- Virginia 0.8% Fairfax County, VA, Hospital & Healthcare Revenue, Economic Development Authority, Greenspring Retirement Community, Series A, 7.25%, 10/1/2019 3,000,000 3,177,930 Virginia, Senior Care Revenue, 7.375%, 12/1/2032 3,500,000 3,684,870 ----------- 6,862,800 Washington 5.6% Grant County, WA, Public Utility District No. 002, Wanapum Hydro Electric Revenue, Series A, 5.0%, 1/1/2029 (a) 1,500,000 1,560,840 Port Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2014 (a) 4,885,000 5,589,222 Tacoma, WA, Electric Revenue, Series A, 5.75%, 1/1/2016 (a) 5,000,000 5,648,650 Washington, Electric Revenue, Energy Northeast Electric, Series A, 5.75%, 7/1/2018 (a) 3,500,000 3,965,815 Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 2: Series A, 6.3%, 7/1/2012 10,000,000 11,724,200 Inverse Floater, 9.425%**, 7/1/2012 3,000,000 3,664,470 Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 3, Series B, 7.125%, 7/1/2016 2,500,000 3,190,750 Washington, Electric Revenue, Rites, Inverse Floater, 144A, 8.639%**, 7/1/2015 6,250,000 7,527,437 Whatcom County, WA, School District General Obligation, Washington School District No. 503, 5.5%, 12/1/2014 (a) 3,375,000 3,795,660 ----------- 46,667,044 West Virginia 0.7% West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center, 6.75%, 9/1/2030 980,000 1,080,480 West Virginia, Hospital Finance Authority, Charleston Medical Center, Prerefunded, 6.75%, 9/1/2030 4,020,000 4,772,584 ----------- 5,853,064 Wisconsin 2.3% Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030 5,000,000 5,690,200 Wisconsin, Senior Care Revenue, Health & Educational Facilities Authority, National Regency of New Berlin Project, 8.0%, 8/15/2025 1,405,000 1,496,718 Wisconsin, State General Obligation, Series 1, 5.5%, 5/1/2014 (a) 8,410,000 9,572,599 Wisconsin, State Health & Educational Facilities Authority Revenue, Beaver Dam Community Hospitals, Inc., Series A, 6.75%, 8/15/2034 2,500,000 2,585,850 ----------- 19,345,367 Wyoming 0.0% Platte County, WY, Pollution Control Revenue, Tri-State G&T, Series A, 1.8%*, 7/1/2014, National Rural Utility Financial (b) 200,000 200,000 ----------- % of Net Assets Value ($) ---------- --------- Total Investment Portfolio (Cost $751,858,057) 98.4 815,506,893 Other Assets and Liabilities, Net 1.6 13,136,619 ----------- Net Assets 100.0 828,643,512 ===========
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 rate as of February 28, 2005. ** Inverse floating notes are derivative debt instruments with a floating rate of interest that bears an inverse relationship to changes in short-term market interest rates. Inverse floating rate notes exhibit added interest rate sensitivity compared to other bonds with a similar maturity. Investments in this type of security involve special risks as compared to investments in a fixed rate municipal security. Moreover, the market for securities of this type may be less developed and may have less liquidity than the markets for more traditional municipal securities. These securities, amounting to $49,813,431, aggregating 6.0% of net assets, are shown at their current rate as of February 28, 2005. (a) Bond is insured by one of these companies: As a % of Total Insurance Coverage Investment Portfolio - ------------------------------------------------------------------------------- AMBAC AMBAC Assurance Corp. 3.1 - ------------------------------------------------------------------------------- FGIC Financial Guaranty Insurance Company 2.8 - ------------------------------------------------------------------------------- FSA Financial Security Assurance 6.9 - ------------------------------------------------------------------------------- MBIA Municipal Bond Investors Assurance 6.5 - ------------------------------------------------------------------------------- (b) Security incorporates a letter of credit from a major bank. (c) The fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such a security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund.
Schedule of Restricted Securities - ------------------------------------------------------------------------------------------------------- Acquisition Acquisition Value as % of Securities Date Cost ($) Value ($) Net Assets - ------------------------------------------------------------------------------------------------------- Massachusetts, Resource Recovery Revenue, Industrial Finance Agency, Solid Waste Disposal, Peabody Monofill Association, Inc., 9.0% 9/1/2005 12/30/1994 320,000 321,581 0.04% - ------------------------------------------------------------------------------------------------------- Vermont Multi-Family Housing Revenue, Housing Finance Agency, Northgate Project, AMT, 8.25% 6/15/2020 12/12/1989 873,148 890,819 0.11% - -------------------------------------------------------------------------------------------------------
AMT: Subject to alternative minimum tax ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. RITES: Residual Interest Tax Exempt Security At February 28, 2005, open interest rate swaps were as follows:
Effective/ Cash Flows Expiration Notional Cash Flows Paid Received by the Total Unrealized Date Amount ($) by the Fund Fund Appreciation ($) - ------------------------------------------------------------------------------------------------------- 3/30/2005 d 3/30/2015 5,750,000 Fixed - 4.612% Floating - LIBOR 79,350 - ------------------------------------------------------------------------------------------------------- 3/31/2005 d 3/31/2015 6,200,000 Fixed - 4.723% Floating - LIBOR 31,620 - ------------------------------------------------------------------------------------------------------- 4/14/2005 b 10/14/2014 17,700,000 Fixed - 3.586% Floating - BMA 107,970 - ------------------------------------------------------------------------------------------------------- 5/4/2005 e 11/4/2014 44,000,000 Fixed - 3.651% Floating - BMA 96,800 - ------------------------------------------------------------------------------------------------------- 5/18/2005 b 11/18/2014 32,500,000 Fixed - 4.753% Floating - LIBOR 107,250 - ------------------------------------------------------------------------------------------------------- 6/14/2005 c 12/14/2014 6,000,000 Fixed - 4.655% Floating - LIBOR 72,600 - ------------------------------------------------------------------------------------------------------- 7/20/2005 b 1/20/2017 23,000,000 Fixed - 4.838% Floating - LIBOR 197,800 - ------------------------------------------------------------------------------------------------------- 7/27/2005 c 1/26/2017 22,500,000 Fixed - 4.792% Floating - LIBOR 288,000 - ------------------------------------------------------------------------------------------------------- 8/23/2005 a 2/22/2015 5,000,000 Fixed - 4.763% Floating - LIBOR 36,500 - ------------------------------------------------------------------------------------------------------- 8/25/2005 c 2/25/2015 4,200,000 Fixed - 4.764% Floating - LIBOR 30,660 - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Total unrealized appreciation on open interest rate swaps 1,048,550 - -------------------------------------------------------------------------------------------------------
Counterparties: a Lehman Brothers, Inc. b JPMorgan Chase Bank c Goldman Sachs Group, Inc. d Morgan Stanley e Citibank, NA BMA: Represents the Bond Market Association LIBOR: Represents the London InterBank Offered Rate 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: Scudder High Yield Tax Free Fund By: /s/Julian Sluyters -------------------------------------------- Julian Sluyters Chief Executive Officer Date: April 22, 2005 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: Scudder High Yield Tax Free Fund By: /s/Julian Sluyters -------------------------------------------- Julian Sluyters Chief Executive Officer Date: April 22, 2005 By: /s/Paul Schubert -------------------------------------------- Paul Schubert Chief Financial Officer Date: April 22, 2005 EX-99.CERT 2 cert.txt CERTIFICATION CERTIFICATIONS I, Julian Sluyters, certify that: 1. I have reviewed this report on Form N-Q of Scudder High Yield Tax Free Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Registrant: Scudder High Yield Tax Free Fund By: /s/ Julian Sluyters ---------------------------- Julian Sluyters Chief Executive Officer Date: April 22, 2005 CERTIFICATIONS I, Paul Schubert, certify that: 1. I have reviewed this report on Form N-Q of Scudder High Yield Tax Free Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Registrant: Scudder High Yield Tax Free Fund By: /s/Paul Schubert -------------------------- Paul Schubert Chief Financial Officer Date: April 22, 2005 -----END PRIVACY-ENHANCED MESSAGE-----