The telomere DNA of most eucaryotes consists of tandem DNA repeats and a number of associated proteins. The synthesis of the G-rich DNA strand is performed by the telomerase complex. The complementary C-strand is synthesized by DNA-dependent DNA polymerases. Using telomerase reverse transcriptase tagging followed by immunoprecipitation coupled with two-step purification, we have found a specific DNA-dependent DNA polymerase activity associated with telomerase of Saccharomyces cerevisiae. Investigation of the biochemical properties of this DNA polymerase activity confirms the hypothesis of tight interaction of DNA polymerase δ with telomerase.