-----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, TA88OsiD3Vr0bx5T4vgefkNjY9S5Y9i3hQWc64Oo5EI86hPCGGYJAYlgLRPeRPHR eJx1zeRfVE/m3qPlOJMC+w== 0000088053-07-000330.txt : 20070301 0000088053-07-000330.hdr.sgml : 20070301 20070301155837 ACCESSION NUMBER: 0000088053-07-000330 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061231 FILED AS OF DATE: 20070301 DATE AS OF CHANGE: 20070301 EFFECTIVENESS DATE: 20070301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STATE TAX FREE TRUST CENTRAL INDEX KEY: 0000720245 IRS NUMBER: 042794035 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03749 FILM NUMBER: 07663355 BUSINESS ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-295-2578 MAIL ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: DWS STATE TAX-FREE TRUST DATE OF NAME CHANGE: 20060406 FORMER COMPANY: FORMER CONFORMED NAME: DWS STATE TAX FREE TRUST DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER STATE TAX FREE TRUST DATE OF NAME CHANGE: 19920703 0000720245 S000006105 DWS Massachusetts Tax-Free Fund C000016792 Class A SQMAX C000016793 Class B SQMBX C000016794 Class C SQMCX C000016795 Class S SCMAX N-Q 1 nq123106sta_mtf.htm 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 811-3749

DWS State 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: 03/31

Date of reporting period: 12/31/06

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of December 31, 2006 (Unaudited)

 

 

DWS Massachusetts Tax-Free Fund

 

 

Principal

Amount ($)

 

Value ($)

 

Municipal Bonds and Notes 88.3%

 

Massachusetts 82.2%

 

Bellingham, MA, Other General Obligation, 5.375%, 3/1/2015 (a)

 

1,765,000

 

1,894,798

Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project, AMT:

 

 

6.5%, 9/1/2035

 

1,975,000

 

2,048,430

 

8.0%, 9/1/2035

 

990,000

 

1,001,722

Boston, MA, Project Revenue, Convention Center Act 1997, Series A, 5.0%, 5/1/2015 (a)

 

2,730,000

 

2,895,902

Boston, MA, Senior Care Revenue, Industrial Development Finance Authority, First Mortgage, Springhouse, Inc., 5.5%, 7/1/2008

 

695,000

 

701,380

Chicopee, MA, Electrical Systems, ETM, 7.125%, 1/1/2017

 

1,070,000

 

1,243,265

 

 


 

Groton-Dunstable, MA, School District General Obligation, Regional School District, 5.0%, 10/15/2015 (a)

 

1,920,000

 

2,045,606

Holyoke, MA, Electric Revenue, Gas & Electric Department, Series A, 5.375%, 12/1/2016 (a)

 

1,260,000

 

1,366,470

Hopkinton, MA, Other General Obligation:

 

 

5.5%, 9/1/2012

 

1,735,000

 

1,884,956

 

5.5%, 9/1/2014

 

1,735,000

 

1,883,950

Ipswich, MA, General Obligation, 5.25%, 11/15/2017 (a)

 

2,325,000

 

2,451,829

Massachusetts, Airport Revenue, Port Authority, Series A, 5.75%, 7/1/2011

 

2,000,000

 

2,164,840

Massachusetts, Airport Revenue, USAir Private Jet, AMT, Series A, 5.75%, 9/1/2016 (a)

 

1,000,000

 

1,021,620

Massachusetts, Bay Transportation Authority Revenue:

 

 

Series A, 5.25%, 7/1/2021

 

2,000,000

 

2,206,360

 

Series A, 5.75%, 7/1/2011

 

355,000

 

378,963

 

Series A, 5.75%, 7/1/2015

 

535,000

 

569,481

 

Series B, 6.2%, 3/1/2016

 

3,100,000

 

3,562,613

Massachusetts, Bay Transportation Authority, Sales Tax Revenue:

 

 

Series C, 5.0%, 7/1/2015

 

3,175,000

 

3,462,941

 

Series C, 5.0%, 7/1/2016

 

2,200,000

 

2,409,902

 

Series A, 5.25%, 7/1/2020

 

6,270,000

 

7,120,337

 

Series A, 5.25%, 7/1/2021

 

5,000,000

 

5,691,700

 

Series C, 5.5%, 7/1/2017

 

5,000,000

 

5,718,950

Massachusetts, Bay Transportation System Authority, Series C, 6.1%, 3/1/2013

 

1,500,000

 

1,660,050

Massachusetts, Health & Educational Facilities Authority, Boston College, Series N, 5.25%, 6/1/2017

 

7,225,000

 

7,810,369

Massachusetts, Health & Educational Facilities Authority, Simmons College, Series F, 5.0%, 10/1/2019 (a)

 

1,230,000

 

1,328,941

Massachusetts, Higher Education Revenue, Building Authority, University of Massachusetts:

 

 

6.625%, 5/1/2010

 

2,575,000

 

2,812,338

 

6.75%, 5/1/2011

 

2,745,000

 

3,081,674

 

6.875%, 5/1/2014

 

1,300,000

 

1,530,880

Massachusetts, Higher Education Revenue, Development Finance Agency, Smith College, Prerefunded, 5.75%, 7/1/2015

 

1,265,000

 

1,363,025

Massachusetts, Higher Education Revenue, Development Finance Agency, WGBH Educational Foundation:

 

 

Series A, 5.375%, 1/1/2015 (a)

 

1,200,000

 

1,305,372

 

Series A, 5.375%, 1/1/2016 (a)

 

1,200,000

 

1,305,372

 

Series A, 5.375%, 1/1/2017 (a)

 

1,200,000

 

1,305,372

Massachusetts, Higher Education Revenue, Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series K, 5.375%, 7/1/2017

 

5,500,000

 

6,257,350

Massachusetts, Higher Education Revenue, Health & Educational Facilities Authority, UMass Worcester Campus, Series B, 5.25%, 10/1/2013 (a)

 

500,000

 

533,325

Massachusetts, Higher Education Revenue, Health & Educational Facilities Authority, University of Massachusetts, Series C, 5.5%, 10/1/2014 (a)

 

1,645,000

 

1,803,841

Massachusetts, Higher Education Revenue, Industrial Finance Agency, Babson College, Series A, 5.375%, 10/1/2017

 

1,700,000

 

1,749,725

Massachusetts, Higher Education Revenue, Industrial Finance Agency, Belmont Hill School:

 

 

5.15%, 9/1/2013

 

1,000,000

 

1,026,780

 

5.625%, 9/1/2020

 

1,265,000

 

1,305,227

Massachusetts, Higher Education Revenue, Industrial Finance Agency, The Tabor Academy, 5.4%, 12/1/2018

 

1,000,000

 

1,047,480

Massachusetts, Higher Education Revenue, Industrial Finance Agency, Worcester Polytechnic, Series II, 5.125%, 9/1/2016 (a)

 

2,100,000

 

2,160,417

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Baystate Medical Center:

 

 

Series F, 5.7%, 7/1/2027

 

3,000,000

 

3,204,120

 

Series F, 5.75%, 7/1/2033

 

2,000,000

 

2,129,240

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Berkshire Health System, Series E, 6.25%, 10/1/2031

 

2,000,000

 

2,158,560

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Civic Investments, Series A, 9.0%, 12/15/2015

 

3,800,000

 

4,651,618

 

 


 

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Massachusetts General Hospital, Series F, 6.25%, 7/1/2012 (a)

 

4,420,000

 

4,721,356

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Medical, Academic & Scientific, Series B, 6.5%, 1/1/2009

 

3,440,000

 

3,446,983

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Milford-Whitinsville Regional:

 

 

Series C, 5.75%, 7/15/2013

 

1,750,000

 

1,805,283

 

Series D, 6.35%, 7/15/2032

 

3,250,000

 

3,518,060

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, New England Medical Center:

 

 

Series H, 5.375%, 5/15/2018 (a)

 

4,875,000

 

5,219,370

 

Series H, 5.375%, 5/15/2019 (a)

 

1,800,000

 

1,927,152

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, North Adams Hospital, Series C, 6.625%, 7/1/2018

 

730,000

 

736,891

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, UMass Memorial, Series C, 6.625%, 7/1/2032

 

3,000,000

 

3,288,720

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Winchester Hospital, Series B, 6.75%, 7/1/2030

 

2,000,000

 

2,194,400

Massachusetts, Hospital & Healthcare Revenue, Partners Healthcare System, Series C, 5.75%, 7/1/2032

 

8,000,000

 

8,668,160

Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032

 

3,855,000

 

4,031,867

Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033

 

5,000,000

 

5,533,650

Massachusetts, Sales & Special Tax Revenue, Federal Highway Grant:

 

 

Series A, Zero Coupon, 12/15/2014

 

9,000,000

 

6,602,580

 

Series A, 5.5%, 12/15/2013

 

5,000,000

 

5,536,800

Massachusetts, Sales & Special Tax Revenue, Grant Anticipation Notes:

 

 

Series A, 5.25%, 12/15/2012

 

7,050,000

 

7,631,625

 

5.5%, 6/15/2014

 

7,000,000

 

7,305,970

Massachusetts, School District General Obligation, Development Finance Agency, 5.375%, 9/1/2023

 

1,175,000

 

1,248,532

Massachusetts, Senior Care Revenue, Industrial Finance Agency, Assisted Living Facilities, TNG Marina Bay LLC Project, AMT, 7.5%, 12/1/2027

 

915,000

 

970,266

Massachusetts, Special Obligation Consolidated Loan, Series A, 5.5%, 6/1/2016 (a)

 

2,600,000

 

2,950,974

Massachusetts, Special Obligation Dedicated Tax Revenue, 5.25%, 1/1/2021 (a)

 

5,000,000

 

5,476,050

Massachusetts, State Development Finance Agency Revenue, Biomedical Research:

 

 

Series C, 6.25%, 8/1/2013

 

2,180,000

 

2,381,563

 

Series C, 6.375%, 8/1/2014

 

1,000,000

 

1,096,620

Massachusetts, State Development Finance Agency, Resource Recovery Revenue, Series A, 5.625%, 1/1/2015 (a)

 

4,000,000

 

4,353,480

Massachusetts, State General Obligation:

 

 

Series D, 5.0%, 8/1/2017

 

3,190,000

 

3,471,836

 

Series D, 5.5%, 11/1/2016

 

500,000

 

566,920

 

Series D, 5.5%, 11/1/2019

 

4,325,000

 

4,982,962

Massachusetts, State General Obligation, Consolidated Loan:

 

 

Series D, 5.5%, 11/1/2014 (a)

 

4,990,000

 

5,573,780

 

Series C, 5.5%, 11/1/2015 (a)

 

12,500,000

 

14,090,000

 

Series D, 5.5%, 11/1/2019 (a)

 

2,500,000

 

2,896,725

Massachusetts, State School Building Authority, Dedicated Sales Tax Revenue, Series A, 5.0%, 8/15/2021 (a)

 

4,500,000

 

4,830,525

Massachusetts, State Water & Sewer Revenue, Water Pollution Abatement Trust, Series 2, 5.7%, 2/1/2015

 

35,000

 

35,060

Massachusetts, State Water & Sewer Revenue, Water Pollution Abatement Trust, MWRA Program, Series A, 6.0%, 8/1/2019 (b)

 

4,000,000

 

4,835,880

Massachusetts, State Water Pollution Abatement Treatment, Pool Program:

 

 

Series 7, 5.25%, 2/1/2014

 

3,705,000

 

3,943,602

 

Series 6, 5.625%, 8/1/2015

 

120,000

 

128,452

Massachusetts, State Water Pollution Abatement Trust, Pool Program:

 

 

Series 11, 5.0%, 8/1/2017

 

5,750,000

 

6,239,555

 

Series 11, 5.0%, 8/1/2020

 

5,750,000

 

6,188,092

 

 


 

Massachusetts, State Water Resources Authority, Series D, 5.5%, 8/1/2011 (a)

 

5,000,000

 

5,390,700

Massachusetts, Transportation/Tolls Revenue, Series E, 5.25%, 1/1/2022 (a)

 

4,500,000

 

4,876,290

Massachusetts, Transportation/Tolls Revenue, Rail Connections, Inc., Route 128 Parking Garage Project:

 

 

Series B, Prerefunded, Zero Coupon, 7/1/2015

 

750,000

 

479,250

 

Series B, Prerefunded, Zero Coupon, 7/1/2016

 

1,025,000

 

612,837

 

Series B, Prerefunded, Zero Coupon, 7/1/2017

 

1,000,000

 

559,060

 

Series A, ETM, 5.3%, 7/1/2009

 

705,000

 

734,582

 

Series A, Prerefunded, 5.4%, 7/1/2010

 

1,000,000

 

1,062,660

 

Series A, Prerefunded, 6.0%, 7/1/2012

 

250,000

 

269,233

 

Series A, Prerefunded, 6.0%, 7/1/2014

 

250,000

 

269,233

Massachusetts, University of Massachusetts Building Authority Project Revenue, Series 04-1, 5.25%, 11/1/2022 (a)

 

2,000,000

 

2,212,760

Massachusetts, Water & Sewer Revenue, Water Authority, Series J, 5.5%, 8/1/2021 (a)

 

10,000,000

 

11,687,700

Massachusetts, Water & Sewer Revenue, Water Pollution Abatement Program, New Bedford Program, Series A, 5.25%, 2/1/2013

 

1,000,000

 

1,084,060

Massachusetts, Water & Sewer Revenue, Water Pollution Abatement Program, Pool Loan Program, Series 5, ETM, 5.375%, 8/1/2015

 

5,000,000

 

5,604,600

Massachusetts, Water & Sewer Revenue, Water Resource Authority:

 

 

Series C, 5.25%, 12/1/2015

 

4,030,000

 

4,399,067

 

Series C, 5.25%, 12/1/2015 (a)

 

6,050,000

 

6,620,696

 

Series A, 5.5%, 8/1/2013 (a)

 

1,445,000

 

1,597,852

 

Series A, 6.5%, 7/15/2019

 

3,110,000

 

3,725,065

Medford, MA, Core City General Obligation, 5.0%, 2/15/2015 (a)

 

2,085,000

 

2,227,635

Middleborough, MA, Other General Obligation:

 

 

5.25%, 1/15/2017 (a)

 

1,525,000

 

1,606,755

 

5.25%, 1/15/2018 (a)

 

1,515,000

 

1,595,765

 

5.25%, 1/15/2019 (a)

 

1,470,000

 

1,547,072

Narragansett, MA, School District General Obligation, Regional School District, 6.5%, 6/1/2012 (a)

 

1,145,000

 

1,257,462

Northbridge, MA, Core City General Obligation, 5.25%, 2/15/2014 (a)

 

1,490,000

 

1,613,536

Plymouth, MA, County General Obligation:

 

 

5.75%, 10/15/2015 (a)

 

1,900,000

 

2,051,715

 

5.75%, 10/15/2016 (a) (b)

 

1,725,000

 

1,868,486

Route 3 North, MA, Transportation/Tolls Revenue, Transportation Improvement Association:

 

 

5.75%, 6/15/2012 (a)

 

1,105,000

 

1,179,234

 

5.75%, 6/15/2013 (a)

 

2,500,000

 

2,667,125

 

5.75%, 6/15/2016 (a)

 

4,910,000

 

5,239,019

Springfield, MA, Core City General Obligation, 5.25%, 1/15/2019 (a)

 

1,000,000

 

1,081,280

Springfield, MA, Core City General Obligation, Municipal Purpose Loan:

 

 

5.5%, 8/1/2015 (a)

 

1,505,000

 

1,632,368

 

5.5%, 8/1/2016 (a)

 

1,685,000

 

1,829,084

Springfield, MA, Other General Obligation, Municipal Purpose Loan, 6.0%, 10/1/2014 (a)

 

1,955,000

 

2,097,031

Springfield, MA, Water & Sewer Revenue, Series A, 5.375%, 11/1/2016 (a)

 

1,250,000

 

1,351,813

Tantasqua, MA, School District General Obligation, Regional School District:

 

 

5.625%, 8/15/2012 (a)

 

2,580,000

 

2,774,635

 

5.625%, 8/15/2013 (a)

 

2,575,000

 

2,769,258

 

5.625%, 8/15/2014 (a)

 

2,575,000

 

2,769,258

University of Massachusetts, Building Authority Revenue, Series 2, 5.0%, 11/1/2020 (a)

 

11,880,000

 

12,788,701

University of Massachusetts, Higher Education Revenue, University Building Authority:

 

 

Series 2, 5.5%, 11/1/2015 (a)

 

1,185,000

 

1,263,020

 

Series 2, 5.5%, 11/1/2016 (a)

 

1,250,000

 

1,332,300

Westfield, MA, Core City General Obligation, 6.5%, 5/1/2013 (a)

 

1,170,000

 

1,283,642

Westford, MA, Other General Obligation Lease, 5.125%, 4/1/2017 (a)

 

1,150,000

 

1,210,145

Westford, MA, School District General Obligation, Series A, 5.75%, 4/1/2012 (a)

 

1,140,000

 

1,221,396

Worcester, MA, Core City General Obligation, Series A, 5.5%, 8/15/2016 (a)

 

1,285,000

 

1,384,755

 

 


 

Worcester, MA, Other General Obligation, 5.625%, 8/15/2015 (a)

 

705,000

 

758,185

 

365,273,152

Puerto Rico 6.1%

 

Commonwealth of Puerto Rico, Government Development Bank, Series B, 5.0%, 12/1/2015

 

3,970,000

 

4,252,068

Puerto Rico, Commonwealth Highway & Transportation Authority, Highway Revenue:

 

 

Series Y, Prerefunded, ETM, 6.25%, 7/1/2014

 

1,855,000

 

2,161,873

 

Series Y, 6.25%, 7/1/2014

 

145,000

 

165,519

Puerto Rico, Public Buildings Authority Revenue, Government Facilities, Series H, 5.5%, 7/1/2016 (a)

 

10,350,000

 

11,791,547

Puerto Rico, State General Obligation, Series A, 5.5%, 7/1/2022 (a) (b)

 

5,000,000

 

5,863,550

Puerto Rico, State General Obligation, Highway and Transportation Authority, Series Y, 5.5%, 7/1/2015 (a)

 

2,500,000

 

2,822,900

 

27,057,457

Total Municipal Bonds and Notes (Cost $369,183,301)

 

392,330,609

 

Municipal Inverse Floating Rate Notes 24.5%

 

Massachusetts 22.1%

 

Massachusetts, State Port Authority, Special Facilities Revenue, Delta Air Lines, Inc. Project, Series A, 5.5%, 1/1/2014 (a) (c)

 

4,000,000

 

4,216,160

Massachusetts, State Port Authority, Special Facilities Revenue, Delta Air Lines, Inc. Project, Series A, 5.5%, 1/1/2015 (a) (c)

 

3,000,000

 

3,162,120

Massachusetts, State Port Authority, Special Facilities Revenue, Delta Air Lines, Inc. Project, Series A, 5.5%, 1/1/2015 (a) (c)

 

3,000,000

 

3,159,870

 

Trust: Massachusetts, Airport Revenue, Port Authority, AMT, 144A, 9.31%, 1/1/2016, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 4-A, 5.25%, 7/1/2014 (a) (c)

 

5,915,000

 

6,371,224

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 4-A, 5.25%, 7/1/2015 (a) (c)

 

1,960,000

 

2,097,259

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 5-A, 5.25%, 7/1/2014 (a) (c)

 

1,885,000

 

2,030,390

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 5-A, 5.25%, 7/1/2015 (a) (c)

 

1,575,000

 

1,685,297

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 6-A, 5.25%, 7/1/2014(a) (c)

 

4,250,000

 

4,577,802

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 6-A, 5.25%, 7/1/2015 (a) (c)

 

3,750,000

 

4,021,463

Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project, Series 6-A, 5.25%, 7/1/2016 (a) (c)

 

2,250,000

 

2,418,210

 

Trust: Massachusetts, Electric Revenue, Wholesale Electrical Co. Power Supply, Series 674, 144A, 8.534%, 7/1/2016, Leverage Factor at purchase date: 4 to 1 (a)

 

 

 

 

Massachusetts, State Port Authority Revenue, Series B, 5.5%, 7/1/2011 (a) (c)

 

8,390,000

 

8,754,965

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 592A, AMT, 144A, 6.825%, 7/1/2011, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State Port Authority Revenue, Series B, 5.5%, 7/1/2012 (a) (c)

 

1,610,000

 

1,679,455

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 592B, AMT, 144A, 6.825%, 7/1/2012, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2013 (c)

 

1,860,000

 

1,971,935

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598A, AMT, 7.985%, 7/1/2013, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2014 (c)

 

1,990,000

 

2,108,883

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598B, AMT, 7.985%, 7/1/2014, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2015 (c)

 

2,130,000

 

2,257,864

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598C, AMT, 7.985%, 7/1/2015, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2016 (c)

 

1,850,000

 

1,983,737

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598D, AMT, 8.235%, 7/1/2016, Leverage Factor at purchase date: 2 to 1

 

 

 

 

 

 


 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2017 (c)

 

1,550,000

 

1,659,787

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598E, AMT, 8.235%, 7/1/2017, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Massachusetts, State Port Authority Revenue, Series D, 6.125%, 7/1/2018 (c)

 

2,620,000

 

2,745,157

 

Trust: Massachusetts, Port Authority Revenue, RITES-PA 598F, AMT, 6.735%, 7/1/2018, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Massachusetts, State Special Obligation Revenue, Series A, 5.375%, 6/1/2020 (a) (c)

 

10,000,000

 

10,826,000

 

Trust: Massachusetts, Security Trust Certificates, Series 7002B, 144A, 5.999%, 6/1/2020, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State Development Finance Agency, Resource Recovery Revenue, Series A, 5.625%, 1/1/2014 (a) (c)

 

5,000,000

 

5,437,100

 

Trust: Massachusetts, State Development Finance Agency, Resource Recovery Revenue, Series 563, 144A, 7.08%, 1/1/2016, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State General Obligation, Series D, 5.0%, 11/1/2024 (a) (c)

 

10,000,000

 

10,871,000

 

Trust: Massachusetts, State General Obligation, RITES-PA 1281, 144A, 5.84%, 11/1/2024, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State Water Resource Authority, Series D, 5.0%, 8/1/2021 (a) (c)

 

13,175,000

 

14,199,883

 

Trust: Massachusetts, State Water Resources Authority, Series R-252, 144A, 5.836%, 8/1/2021, Leverage Factor at purchase date: 2 to 1 (a)

 

 

 

 

Massachusetts, State General Obligation, Series E, 5.0%, 11/1/2023 (c)

 

10,000,000

 

10,759,900

 

Trust: Reset Option Certificates Trust II, Variable States, Series R-680-1, 144A, 20.96%, 11/1/2023, Leverage Factor at purchase date: 20 to 1 (a)

 

 

 

 

Total Municipal Inverse Floating Rate Notes (Cost $104,794,008)

 

108,995,461

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $473,977,309)

112.8

 

501,362,070

Other Assets and Liabilities, Net

(12.8)

 

(57,036,685)

Net Assets

100.0

 

444,289,385

 

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 December 31, 2006.

(a)

Bond is insured by one of these companies:

 

 

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group, Inc.

12.0

Financial Guaranty Insurance Company

14.5

Financial Security Assurance, Inc.

12.1

Municipal Bond Insurance Association

16.7

 

 

(b)

All or a portion of these securities are held in connection with open interest rate swaps.

(c)

Security forms part of the below tender option bond trust. Principal amount and value shown take into account the leverage factor.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

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 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.

 

 


 

RITES: Residual Interest Tax Exempt Security

At December 31, 2006, open interest rate swaps were as follows:

Effective/
Expiration
Dates

 

Notional
Amount ($)

 

Cash Flows Paid
by the Fund

 

Cash Flows
Received by
the Fund

 

Net Unrealized
Appreciation/
(Depreciation) ($)

 

1/25/2007
1/25/2027

 

15,200,000†

 

 

Fixed — 4.348%

 

Floating — BMA

 

(801,960)

 

 

10/16/2006
4/12/2027

 

9,000,000††

 

 

Fixed — 4.105%

 

Floating — BMA

 

(203,703)

 

 

11/13/2006
11/13/2027

 

4,700,000†

 

 

Fixed — 5.282%

 

Floating — LIBOR

 

11,437

 

 

Total net unrealized depreciation

 

(994,226)

 

 

Counterparties:

Citibank, NA

††

Chase Securities, Inc.

BMA: Represents the Bond Market Association

LIBOR: Represents the London InterBank Offered Rate.

 

 

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.

 

Management of the Registrant has determined that as of and prior to December 31, 2006, the Registrant's first fiscal quarter end, the Registrant had a material weakness in its internal control over financial reporting related to the review, analysis and determination of whether certain transfers of municipal securities qualified for sale accounting under the provisions of Statement of Financial Accounting Standards No. 140. Since December 31, 2006, but prior to the date of this filing, management has revised its internal control over financial reporting to improve the effectiveness of the controls to ensure that transactions in transfers of municipal securities are accounted for properly.

 

Management notes that other investment companies investing in similar investments over the same time periods had been accounting for such investments in a similar manner as the Registrant. Accordingly, other investment companies are also concluding that there was a material weakness in their internal control over financial reporting of such investments.

 

 

 

(b)         There have been no changes in the Registrant's internal control over financial reporting that occurred during the Registrant’s first fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. However, as discussed above, subsequent to December 31, 2006, the Registrant's internal control over financial reporting was enhanced.

 

 

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 Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 22, 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 Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 22, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                                   February 22, 2007

 

 

EX-99.CERT 2 certifications.htm CERTIFICATIONS

CERTIFICATIONS

I, Michael G. Clark, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust;

 

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:

DWS Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 22, 2007

 

 


CERTIFICATIONS

I, Paul Schubert, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust;

 

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:

DWS Massachusetts Tax-Free Fund, a series of DWS State Tax Free Trust

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                                   February 22, 2007

 

 

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