-----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, KugZqNnhVqjb219jz/QQSBuF1QRKlLIqTZrP5NxaCdBMdawOXdTx5VITkA/blp5w JYHoqHIDHunkrznXoUtNdg== 0000791049-05-000005.txt : 20050301 0000791049-05-000005.hdr.sgml : 20050301 20050301122541 ACCESSION NUMBER: 0000791049-05-000005 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050301 DATE AS OF CHANGE: 20050301 EFFECTIVENESS DATE: 20050301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 05648916 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: # 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 N-Q 1 tftonq.txt TAX-FREE TRUST OF OREGON 12/31/2004 FORM N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4626 Tax-Free Trust of Oregon (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Registrant's Telephone Number, including Area Code: (212) 697-6666 Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Date of fiscal year end: November, 2004 Date of reporting period: December 31, 2004 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (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 270.30b1-5). 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. Schedule of investments as of the close of the reporting period as set forth in subsection 210.12-12 - 12-14 of Regulation S-X (17 CFR 210.12-12 - 12-14) TAX-FREE TRUST OF OREGON SCHEDULE OF INVESTMENTS December 31, 2004 (unaudited)
Rating Face Moody's/ Amount State of Oregon General Obligation Bonds - 59.0% S&P Value Bend, Oregon Transportation Highway System (MBIA Corporation Insured) $ 1,135,000 5.300%, 09/01/2017 Aaa / NR $ 1,232,281 Benton and Linn Counties Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 Aaa / NR 4,976,399 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,385,000 5.500%, 06/01/14 Aaa / AAA 1,610,146 Clackamas County, Oregon School District #007J (Lake Oswego) 1,340,000 5.375%, 06/01/13 Aa2 / NR 1,496,043 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 9,110,000 5.000%, 06/15/17 Aaa / AAA 10,118,841 Clackamas County, Oregon School District #62 (Oregon City) (Financial Security Assurance Insured) 5,270,000 5.000%, 06/15/16 Aaa / AAA 5,802,955 Clackamas County, Oregon School District #62 (Oregon City) (State School Bond Guaranty Program) 1,330,000 5.375%, 06/15/17 Aa3 / AA- 1,496,795 2,055,000 5.500%, 06/15/20 Aa3 / AA- 2,325,582 Clackamas County, Oregon School District #86 (Canby) (State School Bond Guaranty Program) 3,535,000 5.250%, 06/15/20 Aa3 / AA- 3,956,195 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 Aaa / AAA 1,425,342 2,000,000 5.000%, 06/15/25 Aaa / AAA 2,083,740 Clackamas County, Oregon Tax Allocation 1,000,000 6.500%, 05/01/20 NR / NR* 1,004,320 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 Aaa / AAA 4,313,007 4,310,000 5.250%, 06/15/18 Aaa / AAA 4,666,696 Clackamas and Washington Counties, Oregon School District #3J (Financial Guaranty Insurance Corporation Insured) 2,285,000 5.250%, 06/15/2015 Aaa / AAA 2,578,691 1,620,000 5.000%, 06/01/17 Aaa / AAA 1,723,712 Clatsop County, Oregon School District #1 (Astoria) (State School Bond Guaranty Program) 1,895,000 5.500%, 06/15/19 NR / AA- 2,144,515 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 Aaa / AAA 1,347,301 Deschutes County, Oregon (Financial Security Assurance Insured) 2,000,000 5.000%, 12/01/14 Aaa / NR 2,204,100 1,615,000 5.000%, 12/01/15 Aaa / NR 1,765,825 2,260,000 5.000%, 12/01/16 Aaa / NR 2,464,575 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) 1,500,000 5.000%, 12/01/17 A1 / NR 1,592,820 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) (Financial Security Assurance Insured) 1,145,000 5.500%, 06/15/14 Aaa / NR 1,285,194 1,300,000 5.500%, 06/15/16 Aaa / NR 1,448,811 1,355,000 5.500%, 06/15/18 Aaa / NR 1,505,161 3,000,000 5.125%, 06/15/21 Aaa / NR 3,191,730 Deschutes and Jefferson Counties Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/2021 Aaa / NR 1,068,250 2,330,000 zero coupon, 06/15/2022 Aaa / NR 1,023,825 Douglas County, Oregon School District #4 (Roseburg) (State School Bond Guaranty Program) 1,075,000 5.125%, 12/15/17 Aa3 / NR 1,209,332 Douglas County, Oregon School District #116 (Winston-Dillard) (State School Bond Guaranty Program) 1,020,000 5.625%, 06/15/20 NR / AA- 1,160,689 Douglas County, Oregon School District #116 (Winston-Dillard) (State School Bond Guaranty Program) (Financial Security Assurance Insured) 765,000 5.000%, 06/15/16 Aaa / AAA 842,364 Eugene, Oregon (Parks and Open Space) 1,465,000 5.250%, 02/01/18 Aa2 / NR 1,573,571 1,555,000 5.250%, 02/01/19 Aa2 / NR 1,671,454 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa / NR 1,276,125 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,490,000 5.500%, 06/15/13 Aaa / AAA 1,673,359 1,395,000 5.500%, 06/15/18 Aaa / AAA 1,549,594 Jackson County, Oregon School District #9 (Eagle Point) (State School Bond Guaranty Program) 1,120,000 5.625%, 06/15/17 Aa3 / NR 1,250,749 1,880,000 5.000%, 06/15/21 Aa3 / NR 1,976,012 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa3 / NR 1,936,025 Jackson County, Oregon School District #549C (Financial Security Assurance Insured) 1,000,000 5.300%, 39600 Aaa / AAA 1,013,520 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 41805 Aaa / AAA 1,356,633 1,025,000 5.250%, 06/15/17 Aaa / AAA 1,130,339 Josephine County, Oregon School District #7 (Grants Pass) (Financial Guaranty Insurance Corporation Insured) 2,700,000 5.700%, 06/01/13 Aaa / AAA 2,916,864 Josephine County, Oregon School District #7 (Grants Pass) (Financial Security Assurance Insured) 1,000,000 5.250%, 06/15/13 Aaa / AAA 1,133,220 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 Aaa / NR 1,927,313 1,130,000 5.000%, 06/15/19 Aaa / NR 1,196,896 Lane and Douglas Counties, Oregon School District #45J (South Lane) (State School Bond Guaranty Program) 1,525,000 6.000%, 06/15/18 NR / AA- 1,759,819 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (Financial Guaranty Insurance Corporation Insured) 1,340,000 5.375%, 5.375%,6/15/17 Aaa / NR 1,544,819 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (State School Bond Guaranty Program) 1,000,000 5.400%, 06/15/19 Aa3 / NR 1,117,680 Lane County, Oregon (Financial Security Assurance Insured) 2,870,000 5.000%, 06/01/15 Aaa / NR 3,152,552 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 NR / AA- 1,609,336 Lane County, Oregon School District #52J (Financial Guaranty Insurance Corporation Insured) 750,000 6.400%, 12/01/09 Aaa / AAA 808,305 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 Aaa / AAA 1,362,889 Linn-Benton, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,160,000 zero coupon, 06/15/11 Aaa / AAA 922,304 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 NR / AA- 1,878,572 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 Aaa / AAA 3,309,390 inn County, Oregon School District L#9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 Aaa / AAA 2,572,000 Malheur County, Oregon Jail Bonds (MBIA Corporation Insured) 1,345,000 6.300%, 12/01/12 Aaa / AAA 1,396,487 Metro, Oregon 3,240,000 5.000%, 01/01/13 Aa1 / AA+ 3,472,956 3,000,000 5.250%, 09/01/14 Aa1 / AA+ 3,334,470 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,140,000 5.000%, 06/15/16 Aaa / AAA 1,244,891 1,205,000 5.000%, 06/15/17 Aaa / AAA 1,303,171 1,500,000 5.500%, 06/15/18 Aaa / AAA 1,666,230 2,650,000 5.000%, 06/15/21 Aaa / AAA 2,796,095 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.250%, 12/15/18 Aaa / NR 3,072,486 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 Aa3 / AA- 558,370 2,375,000 5.125%, 06/15/19 Aa3 / AA- 2,549,111 Multnomah County, Oregon School District #40 (David Douglas) (Financial Security Assurance Insured) 2,055,000 5.000%, 12/01/15 Aaa / AAA 2,197,740 Northern Oregon Correctional (AMBAC Indemnity Corporation Insured) 1,195,000 5.400%, 09/15/16 Aaa / AAA 1,291,532 Oak Lodge, Oregon Water District (AMBAC Indemnity Corporation Insured) 215,000 7.300%, 12/01/05 Aaa / AAA 219,420 215,000 7.300%, 12/01/06 Aaa / AAA 219,554 215,000 7.400%, 12/01/07 Aaa / AAA 219,640 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aaa / NR 1,767,476 1,475,000 5.250%, 06/15/20 Aaa / NR 1,627,353 State of Oregon 1,975,000 5.250%, 10/15/13 Aa3 / AA- 2,209,887 2,115,000 5.250%, 10/15/14 Aa3 / AA- 2,366,537 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa3 / AA- 504,603 500,000 zero coupon, 08/01/18 Aa3 / AA- 274,405 540,000 zero coupon, 08/01/19 Aa3 / AA- 280,730 2,560,000 5.500%, 08/01/21 Aa3 / AA- 2,804,326 3,000,000 5.000%, 08/01/22 Aa3 / AA- 3,136,110 1,655,000 5.600%, 08/01/23 Aa3 / AA- 1,806,664 1,500,000 5.600%, 08/01/23 Aa3 / AA- 1,637,460 6,300,000 6.000%, 08/01/26 Aa3 / AA- 6,793,668 State of Oregon Elderly and Disabled Housing 40,000 6.250%, 08/01/13 Aa3 / AA- 40,138 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa3 / NR 864,108 820,000 5.200%, 10/01/18 Aa3 / AA 845,166 Portland, Oregon 2,790,000 5.750%, 06/01/13 Aaa / NR 2,832,771 1,000,000 4.600%, 06/01/14 Aaa / NR 1,052,710 2,000,000 5.600%, 06/01/15 Aa2 / NR 2,096,700 NR 55,000 5.250%, 06/01/15 Aa2 / 55,667 2,975,000 zero coupon, 06/01/15 Aa2 / NR 1,930,418 1,120,000 5.125%, 06/01/18 Aaa / NR 1,213,173 10,480,000 4.350%, 06/01/23 Aa2 / NR 10,530,933 Portland, Oregon Community College District 3,015,000 5.125%, 06/01/13 Aa2 / AA 3,312,008 3,115,000 5.125%, 06/01/16 Aa2 / AA 3,371,520 2,350,000 5.000%, 06/01/21 Aa2 / AA 2,469,356 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 Aaa / AAA 1,484,447 Salem-Keizer Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 4.875%, 06/01/14 Aaa / AAA 1,059,910 3,000,000 5.000%, 06/15/16 Aaa / AAA 3,303,390 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 Aaa / AAA 1,294,339 Tillamook County, Oregon School District #9 (Financial Security Assurance Insured) 3,000,000 5.250%, 06/15/22 Aaa / AAA 3,269,550 Tualatin Hills Park and Recreation District, Oregon (MBIA Corporation Insured) 2,470,000 5.750%, 03/01/12 Aaa / AAA 2,485,042 2,000,000 5.750%, 03/01/15 Aaa / AAA 2,012,020 Umatilla County, Oregon (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.600%, 10/01/15 Aaa / AAA 2,116,720 Umatilla County, Oregon School District #16R (Pendleton) (Financial Guaranty Insurance Corporation Insured) 1,550,000 5.500%, 07/01/12 Aaa / NR 1,776,842 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 Aaa / AAA 1,312,866 1,400,000 5.500%, 06/15/17 Aaa / AAA 1,631,196 1,790,000 5.500%, 06/15/20 Aaa / AAA 2,108,459 Washington County, Oregon 1,000,000 5.000%, 06/01/17 Aa2 / NR 1,063,530 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 2,285,000 5.375%, 06/15/14 Aaa / NR 2,542,748 1,760,000 5.375%, 06/15/16 Aaa / NR 1,946,736 2,000,000 5.000%, 06/15/21 Aaa / NR 2,104,460 Washington County, Oregon School District #48J (Beaverton) 2,000,000 5.125%, 01/01/15 Aa2 / AA- 2,146,280 1,620,000 5.125%, 01/01/16 Aa2 / AA- 1,741,192 Washington County, Oregon School District #48J (Beaverton) (Financial Guaranty Insurance Corporation Insured) 2,800,000 5.375%, 06/01/19 Aaa / AAA 3,123,876 Washington County, Oregon School District #48J (Beaverton) (Financial Security Assurance Insured) 1,000,000 5.000%, 06/01/16 Aaa / AAA 1,105,210 Washington and Clackamas Counties, Oregon School District #23 (Tigard) (MBIA Corporation Insured) 4,700,000 5.375%, 06/15/14 Aaa / NR 5,302,587 2,500,000 5.375%, 06/15/20 Aaa / NR 2,773,700 Washington and Clackamas Counties, Oregon School District #23J (Tigard) 1,000,000 5.650%, 06/01/15 Aa3 / NR 1,049,040 Washington, Clackamas, and Yamhill County, Oregon School District #88JT (Sherwood) (Financial Security Assurance Insured) 2,315,000 6.100%, 06/01/12 Aaa / AAA 2,353,753 585,000 6.100%, 06/01/12 Aaa / AAA 594,793 2,055,000 5.125%, 06/15/12 Aaa / NR 2,243,526 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 Aa3 / NR 1,416,613 Washington and Yamhill, Oregon County School District #58J (Farmington View) (AMBAC Indemnity Corporation Insured) 80,000 6.600%, 11/01/05 Aaa / AAA 81,170 90,000 6.600%, 11/01/06 Aaa / AAA 91,316 Yamhill County, Oregon School District #29J (Newberg) (Financial Security Assurance Insured) 2,000,000 5.350%, 06/01/06 Aaa / AAA 2,025,880 Yamhill County, Oregon School District #29J (Newberg) (MBIA Corporation Insured) 2,850,000 5.250%, 06/15/17 Aaa / NR 3,142,895 3,765,000 5.250%, 06/15/20 Aaa / NR 4,133,932 Total General Obligation Bonds 264,888,635 State of Revenue Bonds - 39.1% Airport Revenue Bonds - 0.7% Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aaa / AAA 3,224,970 Certificates of Participation Revenue Bonds - 5.5% Oregon State Department of Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aaa / AAA 559,465 950,000 5.000%, 11/01/19 Aaa / AAA 1,016,424 1,120,000 5.000%, 05/01/21 Aaa / AAA 1,185,318 1,500,000 5.800%, 05/01/24 Aaa / AAA 1,634,010 4,095,000 6.000%, 05/01/26 Aaa / AAA 4,758,431 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 1,300,000 5.500%, 11/01/12 Aaa / AAA 1,497,626 1,135,000 5.000%, 05/01/15 Aaa / AAA 1,245,776 1,770,000 5.000%, 05/01/19 Aaa / AAA 1,902,237 1,000,000 5.000%, 05/01/22 Aaa / AAA 1,058,750 Oregon State Department of Administration Services (MBIA Corporation Insured) 2,000,000 5.250%, 05/01/11 Aaa / AAA 2,243,840 1,530,000 5.375%, 11/01/16 Aaa / AAA 1,586,778 4,250,000 5.500%, 11/01/20 Aaa / AAA 4,412,010 Washington County, Oregon Educational Services 645,000 5.625%, 06/01/16 A1 / NR 652,082 Washington County, Oregon Educational Services (MBIA Corporation Insured) 830,000 5.750%, 06/01/25 Aaa / AAA 842,243 Total Certificates of Participation Revenue Bonds 24,594,990 Hospital Revenue Bonds - 7.1% Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 Aa3 / AA 2,126,120 2,980,000 5.250%, 02/15/18 Aa3 / AA 3,140,801 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 Aaa / AAA 2,841,701 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 4,000,000 5.250%, 05/01/21 Aa3 / AA 4,192,760 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 NR / NR* 3,656,993 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 A1 / NR 2,098,880 3,000,000 5.600%, 01/01/32 A1 / NR 3,144,690 Medford, Oregon Hospital Authority (Asante Health Systems) (MBIA Corporation Insured) 1,050,000 5.000%, 08/15/18 Aaa / AAA 1,094,216 ultnomah County Oregon Hospital Facility MAuthority (Providence Health System) 2,390,000 5.250%, 10/01/22 Aa3 / AA 2,539,614 State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth) (AMBAC Indemnity Corporation Insured) 2,300,000 5.250%, 11/15/17 Aaa / AAA 2,508,679 1,850,000 5.000%, 11/15/26 Aaa / AAA 1,920,503 1,430,000 5.000%, 11/15/32 Aaa / AAA 1,462,561 Western Lane County, Oregon Hospital Facilities Authority (Sisters of St. Joseph Hospital) (MBIA Corporation Insured) 1,000,000 5.625%, 08/01/07 Aaa / AAA 1,022,970 Total Hospital Revenue Bonds 31,750,488 Housing, Educational, and Cultural Revenue Bonds - 5.0% Clackamas Community College District, Oregon (MBIA Corporation Insured) 1,865,000 5.700%, 06/01/16 Aaa / AAA 1,957,728 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 NR / BBB+ 1,081,340 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 4,500,000 5.250%, 07/01/15 Aaa / AAA 4,771,260 11,550,000 zero coupon, 07/01/21 Aaa / AAA 5,369,133 3,140,000 5.250%, 07/01/22 Aaa / AAA 3,417,325 State of Oregon Housing and Community Services 20,000 5.900%, 07/01/12 Aa2 / NR 20,761 245,000 6.700%, 07/01/13 Aa2 / NR 245,639 580,000 6.000%, 07/01/20 Aa2 / NR 600,416 1,420,000 5.400%, 07/01/27 Aa2 / NR 1,458,255 State of Oregon Housing and Community Services (MBIA Corporation Insured) 1,500,000 5.450%, 07/01/24 Aaa / AAA 1,504,920 State of Oregon Housing, Educational and Cultural Facilities Authority (George Fox University) (LOC: Bank of America) 1,000,000 5.700%, 03/01/17 NR / AA 1,050,100 State of Oregon Housing Finance Authority 870,000 6.800%, 07/01/13 Aa2 / A+ 873,941 Total Housing, Educational, and Cultural Revenue Bonds 22,350,818 Transportation Revenue Bonds - 4.6% Oregon St. Department Transportation Highway Usertax 1,000,000 5.500%, 11/15/14 Aa1 / AA+ 1,151,940 2,000,000 5.500%, 11/15/16 Aa1 / AA+ 2,303,880 3,025,000 5.500%, 11/15/18 Aa1 / AA+ 3,484,619 2,555,000 5.375%, 11/15/18 Aa1 / AA+ 2,803,908 4,545,000 5.125%, 11/15/26 Aa1 / AA+ 4,801,929 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 Aa3 / AA+ 1,627,574 1,775,000 5.000%, 09/01/16 Aa3 / AA+ 1,920,497 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 NR / AA- 2,620,675 Total Transportation Revenue Bonds 20,715,022 Urban Renewal Revenue Bonds - 2.9% ortland, Oregon Airport Way Renewal and PRedevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 Aaa / NR 1,873,585 1,765,000 5.750%, 06/15/20 Aaa / NR 1,989,843 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,420,000 5.000%, 06/15/16 Aaa / NR 1,550,654 1,915,000 5.000%, 06/15/20 Aaa / NR 2,049,624 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aaa / NR 1,301,409 2,000,000 5.450%, 06/15/19 Aaa / NR 2,219,880 Portland Oregon Urban Renewal Tax Allocaton (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,990,000 5.25%, 6/15/21 Aaa / NR 2,202,413 Total Urban Renewal Revenue Bonds 13,187,408 Utility Revenue Bonds - 1.5% Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa / NR 1,594,665 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,060,000 5.250%, 08/01/14 Aaa / AAA 1,173,939 1,600,000 5.000%, 08/01/18 Aaa / AAA 1,689,808 Eugene, Oregon Trojan Nuclear Project 1,425,000 5.900%, 09/01/09 Aaa / AA- 1,434,776 Northern Wasco County, Oregon Public Utility Development (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.625%, 12/01/22 Aaa / AAA 1,042,080 Total Utility Revenue Bonds 6,935,268 Water and Sewer Revenue Bonds - 10.2% Bend, Oregon Sewer Revenue (AMBAC Indemnity Corporation Insured) 1,130,000 5.150%, 10/01/14 Aaa / NR 1,239,667 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa / AAA 1,833,552 Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 Aaa / AAA 1,719,307 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa / AAA 1,111,880 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,900,000 5.750%, 08/01/19 Aaa / AAA 3,273,027 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa / AAA 3,064,428 3,470,000 5.000%, 06/01/21 Aaa / AAA 3,697,667 Portland, Oregon Sewer System (MBIA Corporation Insured) 2,500,000 5.250%, 06/01/16 Aaa / AAA 2,608,800 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 Aa1 / NR 8,200,732 1,235,000 5.500%, 08/01/20 Aa1 / NR 1,362,316 Salem, Oregon Water and Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa / AAA 1,149,130 1,970,000 5.375%, 06/01/16 Aaa / AAA 2,215,403 3,025,000 5.500%, 06/01/20 Aaa / AAA 3,420,640 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 1,630,000 5.000%, 03/01/19 Aaa / AAA 1,766,855 1,350,000 5.250%, 03/01/24 Aaa / AAA 1,472,823 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aaa / AAA 1,089,485 3,525,000 5.125%, 10/01/17 Aaa / AAA 3,798,011 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 Aaa / AAA 2,552,370 Washington County, Unified Sewer Agency (AMBAC Indemnity Corporation Insured) 315,000 5.900%, 10/01/06 Aaa / AAA 316,767 Total Water and Sewer Revenue Bonds 45,892,860 Other Revenue Bonds - 1.6% Baker County, Oregon Pollution Control (Ash Grove Cement West Project) (Small Business Administration Insured) 380,000 6.300%, 07/01/05 Aaa / NR 387,946 Multnomah County, Oregon School District #1J, Special Obligations 1,000,000 5.000%, 03/01/07 A2 / A- 1,004,190 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,000,000 5.750%, 04/01/14 Aaa / AAA 2,279,540 3,040,000 5.000%, 04/01/19 Aaa / AAA 3,289,797 Total Other Revenue Bonds 6,961,473 Total Revenue Bonds 175,613,297 U.S. Territory - 1.4% Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 8/01/16 Aaa / AAA 555,990 5,000,000 5.250%, 8/01/20 Aaa / AAA 5,518,000 Total U.S. Territory Bonds 6,073,990 Total Municipal Bonds (cost $420,228,950**) 99.5% 446,575,922 Other assets less liabilities 0.5 2,138,511 Net Assets 100.0% $ 448,714,433
(*) Any security not rated (NR) by either rating service has been determined by the Investment Sub-Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a rating service. (**) See note b. PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance NR - Not Rated See accompanying notes to financial statements. TAX-FREE TRUST OF OREGON NOTES TO FINANCIAL STATEMENTS (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. (b) At December 31, 2004, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $419,915,323 amounted to $26,660,599, which consisted of aggregate gross unrealized appreciation of $26,708,457 and aggregate gross unrealized depreciation of $47,858. Item 2. Controls and Procedures. (a) The Fund's chief financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported timely. (b) The Fund's chief financial and executive officers are aware of no changes in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each chief financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). 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. TAX-FREE TRUST OF OREGON By: /s/ Diana P. Herrmann ------------------------------- Lacy B. Herrmann Vice Chair, President and Trustee February 28, 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. By: /s/ Diana P. Herrmann --------------------------------- Diana P. Herrmann Vice Chair, President and Trustee February 28, 2005 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 28, 2005 EX-99.CERT 2 tftonqcert.txt CERTIFICATION CERTIFICATIONS I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Tax-Free Trust of Oregon; 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. Date: February 28, 2005 /s/ Diana P. Herrmann - - ----------------------------- Diana P. Herrmann Vice Chair, President and Trustee I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-Q of Tax-Free Trust of Oregon; 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. Date: February 28, 2005 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----