-----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, ToDpvGHr4MBDPH6Uz5f93GtVCglRYam9hPTjJ4LXjjw/A4rML443nKwoS4w8phPz SdW9fQFUvZhurUx/OVh0tA== 0000791049-05-000021.txt : 20050825 0000791049-05-000021.hdr.sgml : 20050825 20050825124009 ACCESSION NUMBER: 0000791049-05-000021 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050825 DATE AS OF CHANGE: 20050825 EFFECTIVENESS DATE: 20050825 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: 051048077 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 tftonq63005.txt TAX-FREE TRUST OF OREGON 3RD QUARTER 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: September 30, 2004 Date of reporting period: June 30, 2005 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 June 30, 2005 (unaudited)
Rating Face Moody's/ Amount State of Oregon General Obligation Bonds (61.0%) S&P Value (a) Bend, Oregon Transportation Highway System (MBIA Corporation Insured) $ 1,135,000 5.300%, 09/01/17 Aaa/NR $ 1,236,094 Benton and Linn Counties Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 Aaa/NR 5,042,666 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,385,000 5.500%, 06/01/14 Aaa/AAA 1,603,304 Clackamas County, Oregon School District #007J (Lake Oswego) 1,340,000 5.375%, 06/01/13 Aa2/NR 1,484,197 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 9,110,000 5.000%, 06/15/17 Aaa/AAA 10,207,208 Clackamas County, Oregon School District #62 (Oregon City) (Financial Security Assurance Insured) 5,270,000 5.000%, 06/15/16 Aaa/AAA 5,842,427 Clackamas County, Oregon School District #62 (Oregon City) (State School Bond Guaranty Program) 1,330,000 5.375%, 06/15/17 pre-refunded Aa3/AA- 1,473,401 2,055,000 5.500%, 06/15/20 pre-refunded Aa3/AA- 2,288,284 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 1,500,000 5.000%, 06/15/25 Aaa/AAA 1,620,735 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aaa/AAA 1,451,488 2,000,000 5.000%, 06/15/25 pre-refunded Aaa/AAA 2,201,300 Clackamas County, Oregon Tax Allocation 1,000,000 6.500%, 05/01/20 NR/NR* 1,004,980 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 Aaa/AAA 4,327,759 4,310,000 5.250%, 06/15/18 Aaa/AAA 4,694,495 Clackamas and Washington Counties, Oregon School District #3J (Financial Guaranty Insurance Corporation Insured) 2,285,000 5.250%, 06/15/15 Aaa/AAA 2,589,705 1,620,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,689,530 Clatsop County, Oregon School District #1 (Astoria) (State School Bond Guaranty Program) 1,895,000 5.500%, 06/15/19 pre-refunded NR/AA- 2,110,120 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 Aaa/AAA 1,395,718 Columbia Gorge, Oregon Community College District (MBIA Corporation Insured) 1,440,000 5.000%, 06/15/22 Aaa/NR 1,564,517 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) 1,500,000 5.000%, 12/01/17 pre-refunded A1/NR 1,614,420 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) (Financial Security Assurance Insured) 1,145,000 5.500%, 06/15/14 pre-refunded Aaa/NR 1,291,068 1,300,000 5.500%, 06/15/16 pre-refunded Aaa/NR 1,465,841 1,355,000 5.500%, 06/15/18 pre-refunded Aaa/NR 1,527,857 3,000,000 5.125%, 06/15/21 pre-refunded Aaa/NR 3,322,140 Deschutes County, Oregon (Financial Security Assurance Insured) 2,000,000 5.000%, 12/01/14 Aaa/NR 2,205,060 1,615,000 5.000%, 12/01/15 Aaa/NR 1,771,736 2,260,000 5.000%, 12/01/16 Aaa/NR 2,476,237 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,030,000 5.250%, 06/15/21 Aaa/AAA 1,187,250 Deschutes and Jefferson Counties Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aaa/NR 1,087,070 2,330,000 zero coupon, 06/15/22 Aaa/NR 1,087,248 Douglas County, Oregon School District #4 (Roseburg) (State School Bond Guaranty Program) 1,075,000 5.125%, 12/15/17 pre-refunded Aa3/NR 1,194,583 Douglas County, Oregon School District #116 (Winston-Dillard) (State School Bond Guaranty Program) 1,020,000 5.625%, 06/15/20 pre-refunded NR/AA- 1,141,604 Douglas County, Oregon School District #116 (Winston-Dillard) (State School Bond Guaranty Program) (Financial Security Assurance Insured) 765,000 5.000%, 6/15/16 Aaa/AAA 848,094 Eugene, Oregon (Parks and Open Space) 1,465,000 5.250%, 02/01/18 Aa2/NR 1,572,165 1,555,000 5.250%, 02/01/19 Aa2/NR 1,665,483 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa/NR 1,285,249 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,490,000 5.500%, 06/15/13 pre-refunded Aaa/AAA 1,680,079 1,395,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,572,960 Jackson County, Oregon School District #9 (Eagle Point) (MBIA Corporation Insured) 2,080,000 5.500%, 06/15/15 Aaa/NR 2,417,210 1,445,000 5.500%, 06/15/16 Aaa/NR 1,688,613 Jackson County, Oregon School District #9 (Eagle Point) (State School Bond Guaranty Program) 1,120,000 5.625%, 06/15/17 pre-refunded Aa3/NR 1,270,416 1,880,000 5.000%, 06/15/21 pre-refunded Aa3/NR 2,069,222 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa3/NR 1,926,348 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 Aaa/AAA 1,355,308 1,025,000 5.250%, 06/15/17 Aaa/AAA 1,136,007 Josephine County, Oregon School District #7 (Grants Pass) (Financial Guaranty Insurance Corporation Insured) 2,700,000 5.700%, 06/01/13 pre-refunded Aaa/AAA 2,850,714 Josephine County, Oregon School District #7 (Grants Pass) (Financial Security Assurance Insured) 1,000,000 5.250%, 06/15/13 Aaa/AAA 1,130,760 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aaa/NR 1,983,116 1,130,000 5.000%, 06/15/19 pre-refunded Aaa/NR 1,243,734 Lane and Douglas Counties, Oregon School District #45J (South Lane) (State School Bond Guaranty Program) 1,525,000 6.000%, 06/15/18 pre-refunded NR/AA- 1,729,137 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (Financial Guaranty Insurance Corporation Insured) 1,340,000 5.375%, 06/15/17 Aaa/NR 1,556,450 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (State School Bond Guaranty Program) 1,000,000 5.400%, 06/15/19 pre-refunded Aa3/NR 1,092,470 Lane County, Oregon (Financial Security Assurance Insured) 2,870,000 5.000%, 06/01/15 Aaa/NR 3,164,893 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA- 1,584,183 Lane County, Oregon School District #52J (Financial Guaranty Insurance Corporation Insured) 750,000 6.400%, 12/01/09 pre-refunded Aaa/AAA 788,775 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 Aaa/AAA 1,342,135 Linn-Benton, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,160,000 zero coupon, 06/15/11 Aaa/AAA 937,303 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA- 1,848,443 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 pre-refunded Aaa/AAA 3,474,000 Linn County, Oregon School District #9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 Aaa/AAA 2,622,900 Madras Aquatic Center District, Oregon 1,695,000 5.000%, 06/01/22 NR/NR* 1,782,818 Metro, Oregon 3,240,000 5.000%, 01/01/13 Aa1/AAA 3,458,149 3,000,000 5.250%, 09/01/14 Aa1/AAA 3,331,740 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aaa/AAA 1,972,382 Multnomah County, Oregon School District #007 (Reynolds) (MBIA Corporation Insured) 2,625,000 5.000%, 06/01/25 Aaa/NR 2,763,416 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa3/AA- 567,150 2,375,000 5.125%, 06/15/19 pre-refunded Aa3/AA- 2,630,028 Multnomah County, Oregon School District #40 (David Douglas) (Financial Security Assurance Insured) 2,055,000 5.000%, 12/01/15 Aaa/AAA 2,200,247 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,140,000 5.000%, 06/15/16 Aaa/AAA 1,251,845 1,205,000 5.000%, 06/15/17 Aaa/AAA 1,313,655 1,500,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,691,355 4,775,000 5.250%, 06/15/19 Aaa/AAA 5,479,742 2,650,000 5.000%, 06/15/21 pre-refunded Aaa/AAA 2,916,723 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.250%, 12/15/2018 Aaa/NR 3,098,268 Northern Oregon Correctional (AMBAC Indemnity Corporation Insured) 1,195,000 5.400%, 09/15/16 pre-refunded Aaa/AAA 1,263,163 Oak Lodge, Oregon Water District (AMBAC Indemnity Corporation Insured) 215,000 7.300%, 12/01/05 Aaa/AAA 19,057 215,000 7.300%, 12/01/06 Aaa/AAA 19,038 215,000 7.400%, 12/01/07 Aaa/AAA 19,141 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aaa/NR 1,782,565 1,475,000 5.250%, 06/15/20 Aaa/NR 1,636,999 State of Oregon 1,975,000 5.250%, 10/15/13 Aa3/AA- 2,203,251 2,115,000 5.250%, 10/15/14 Aa3/AA- 2,363,745 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa3/AA- 525,513 500,000 zero coupon, 08/01/18 Aa3/AA- 290,060 540,000 zero coupon, 08/01/19 Aa3/AA- 297,599 2,560,000 5.500%, 08/01/21 pre-refunded Aa3/AA- 2,833,357 870,000 5.000%, 08/01/22 pre-refunded Aa3/AA- 933,623 2,130,000 5.000%, 08/01/22 Aa3/AA- 2,229,258 1,655,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,766,597 1,500,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,601,145 6,300,000 6.000%, 08/01/26 pre-refunded Aa3/AA- 6,645,492 State of Oregon Elderly and Disabled Housing 40,000 6.250%, 08/01/13 Aa3/AA- 40,106 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa3/NR 834,988 765,000 5.200%, 10/01/18 Aa3/AA- 787,353 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,055,130 2,000,000 5.600%, 06/01/15 pre-refunded Aa2/NR 2,053,500 2,975,000 zero coupon, 06/01/15 Aa2/NR 2,005,924 1,120,000 5.125%, 06/01/18 Aaa/NR 1,205,725 10,480,000 4.350%, 06/01/23 Aa2/NR 10,683,312 Portland, Oregon Community College District 3,015,000 5.125%, 06/01/13 pre-refunded Aa2/AA 3,336,791 3,115,000 5.125%, 06/01/16 pre-refunded Aa2/AA 3,447,464 2,350,000 5.000%, 06/01/21 pre-refunded Aa2/AA 2,585,094 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,534,556 Rogue Community College District Oregon (MBIA Corporation Insured) 1,540,000 5.000%, 06/15/20 Aaa/NR 1,693,122 1,570,000 5.000%, 06/15/24 Aaa/NR 1,693,700 1,195,000 5.000%, 06/15/25 Aaa/NR 1,286,107 Salem-Keizer Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 4.875%, 06/01/14 Aaa/AAA 1,054,010 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 pre-refunded Aaa/AAA 1,271,547 Tillamook County, Oregon School District #9 (Financial Security Assurance Insured) 3,000,000 5.250%, 06/15/22 Aaa/AAA 3,288,090 Tillamook and Yamhill Counties, Oregon School District #101 (Nestucca Valley) (Financial Security Assurance Insured) 1,760,000 5.000%, 06/15/25 NR/AAA 1,901,662 Umatilla County, Oregon (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.600%, 10/01/15 pre-refunded Aaa/AAA 2,071,940 Umatilla County, Oregon School District #16R (Pendleton) (Financial Guaranty Insurance Corporation Insured) 1,550,000 5.500%, 07/01/12 Aaa/NR 1,763,280 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aaa/AAA 1,289,723 1,400,000 5.500%, 06/15/17 Aaa/AAA 1,642,914 1,790,000 5.500%, 06/15/20 Aaa/AAA 2,116,424 Washington County, Oregon 1,000,000 5.000%, 06/01/17 Aa2/NR 1,072,170 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 2,285,000 5.375%, 06/15/14 pre-refunded Aaa/NR 2,561,119 1,760,000 5.375%, 06/15/16 pre-refunded Aaa/NR 1,972,678 2,000,000 5.000%, 06/15/21 pre-refunded Aaa/NR 2,201,300 Washington County, Oregon School District #48J (Beaverton) 2,000,000 5.125%, 01/01/15 Aa2/AA- 2,159,900 1,620,000 5.125%, 01/01/16 Aa2/AA- 1,747,850 Washington County, Oregon School District #48J (Beaverton) (Financial Guaranty Insurance Corporation Insured) 2,800,000 5.375%, 06/01/19 pre-refunded Aaa/AAA 3,053,904 Washington County, Oregon School District #48J (Beaverton) (Financial Security Assurance Insured) 1,000,000 5.000%, 06/01/16 Aaa/AAA 1,113,340 Washington and Clackamas Counties, Oregon School District #23 (Tigard) (MBIA Corporation Insured) 4,700,000 5.375%, 06/15/14 Aaa/NR 5,294,315 2,525,000 5.375%, 06/15/20 Aaa/NR 2,807,901 Washington and Clackamas Counties, Oregon School District #23J (Tigard) 1,000,000 5.650%, 06/01/15 pre-refunded Aa3/NR 1,027,190 Washington, Clackamas, and Yamhill County, Oregon School District #88JT (Sherwood) (Financial Security Assurance Insured) 2,055,000 5.125%, 06/15/12 pre-refunded Aaa/NR 2,224,106 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 pre-refunded Aa3/NR 1,406,500 Washington and Yamhill, Oregon County School District #58J (Farmington View) (AMBAC Indemnity Corporation Insured) 80,000 6.600%, 11/01/05 Aaa/AAA 81,026 90,000 6.600%, 11/01/06 Aaa/AAA 91,140 Yamhill County, Oregon School District #29J (Newberg) (Financial Security Assurance Insured) 2,000,000 5.350%, 06/01/06 Aaa/AAA 2,020,760 Yamhill County, Oregon School District #29J (Newberg) (MBIA Corporation Insured) 2,850,000 5.250%, 06/15/17 pre-refunded Aaa/NR 3,207,276 3,765,000 5.250%, 06/15/20 pre-refunded Aaa/NR 4,236,980 Total General Obligation Bonds 273,445,247 State of Revenue Bonds (37.0%) Airport Revenue Bonds (0.7%) Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aaa/AAA 3,266,250 Certificates of Participation Revenue Bonds (3.3%) Oregon State Department of Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aaa/AAA 558,070 950,000 5.000%, 11/01/19 Aaa/AAA 1,000,217 1,120,000 5.000%, 05/01/21 Aaa/AAA 1,196,093 1,500,000 5.800%, 05/01/24 pre-refunded Aaa/AAA 1,597,065 4,095,000 6.000%, 05/01/26 pre-refunded Aaa/AAA 4,675,753 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 1,300,000 5.500%, 11/01/12 Aaa/AAA 1,486,383 1,135,000 5.000%, 05/01/15 Aaa/AAA 1,246,457 1,770,000 5.000%, 05/01/19 Aaa/AAA 1,923,671 1,000,000 5.000%, 05/01/22 Aaa/AAA 1,078,270 Total Certificates of Participation Revenue Bonds 14,761,979 Hospital Revenue Bonds (7.2%) Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 Aa3/AA 2,137,440 2,980,000 5.250%, 02/15/18 Aa3/AA 3,161,333 4,000,000 5.250%, 05/01/21 Aa3/AA 4,260,960 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 Aaa/AAA 2,818,540 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 NR/NR* 3,683,058 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 A1/NR 2,136,460 3,000,000 5.600%, 01/01/32 A1/NR 3,202,950 Medford, Oregon Hospital Authority (Asante Health Systems) (MBIA Corporation Insured) 1,050,000 5.000%, 08/15/18 Aaa/AAA 1,106,028 Multnomah County Oregon Hospital Facility Authority (Providence Health System) 2,390,000 5.250%, 10/01/22 Aa3/AA 2,595,564 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 2,521,191 1,850,000 5.000%, 11/15/26 Aaa/AAA 1,960,778 1,430,000 5.000%, 11/15/32 Aaa/AAA 1,498,926 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 1,012,210 Total Hospital Revenue Bonds 32,095,438 Housing, Educational, and Cultural Revenue Bonds (4.8%) Clackamas Community College District, Oregon (MBIA Corporation Insured) 1,865,000 5.700%, 06/01/16 pre-refunded Aaa/AAA 1,916,549 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 NR/BBB+ 1,085,890 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 4,500,000 5.250%, 07/01/15 Aaa/AAA 4,692,240 11,550,000 zero coupon, 07/01/21 Aaa/AAA 5,679,366 3,140,000 5.250%, 07/01/22 Aaa/AAA 3,440,655 State of Oregon Housing and Community Services 15,000 5.900%, 07/01/12 Aa2/NR 15,492 205,000 6.700%, 07/01/13 Aa2/NR 205,869 500,000 6.000%, 07/01/20 Aa2/NR 518,445 1,335,000 5.400%, 07/01/27 Aa2/NR 1,376,745 State of Oregon Housing and Community Services (MBIA Corporation Insured) 1,500,000 5.450%, 07/01/24 Aaa/AAA 1,505,745 State of Oregon Housing, Educational and Cultural Facilities Authority (George Fox University) LOC: Bank of America 1,000,000 5.700%, 03/01/17 pre-refunded NR/AA 1,067,780 Total Housing, Educational, and Cultural Revenue Bonds 21,504,776 Transportation Revenue Bonds (5.4%) Oregon St. Department Transportation Highway Usertax 1,000,000 5.500%, 11/15/14 pre-refunded Aa2/AA+ 1,141,940 2,000,000 5.500%, 11/15/16 pre-refunded Aa2/AA+ 2,283,880 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AA+ 3,454,369 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AA+ 2,845,171 1,085,000 5.000%, 11/15/20 Aa2/AA+ 1,183,106 1,140,000 5.000%, 11/15/21 Aa2/AA+ 1,242,144 4,545,000 5.125%, 11/15/26 Aa2/AA+ 4,879,921 1,000,000 5.000%, 11/15/29 Aa2/AA+ 1,070,920 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded Aa3/AA+ 1,618,430 1,775,000 5.000%, 09/01/16 Aa3/AA+ 1,928,715 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 NR/AA- 2,639,200 Total Transportation Revenue Bonds 24,287,796 Urban Renewal Revenue Bonds (2.9%) Portland, Oregon Airport Way Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 Aaa/NR 1,854,299 1,765,000 5.750%, 06/15/20 Aaa/NR 1,972,246 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,420,000 5.000%, 06/15/16 Aaa/NR 1,559,316 1,915,000 5.000%, 06/15/20 Aaa/NR 2,065,768 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aaa/NR 1,290,059 2,000,000 5.450%, 06/15/19 Aaa/NR 2,196,200 Portland Oregon Urban Renewal Tax Allocation (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,990,000 5.250%, 06/15/21 Aaa/NR 2,223,507 Total Urban Renewal Revenue Bonds 13,161,395 Utility Revenue Bonds (1.0%) Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa/NR 1,602,013 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,060,000 5.250%, 08/01/14 Aaa/AAA 1,171,597 1,600,000 5.000%, 08/01/18 Aaa/AAA 1,688,320 Total Utility Revenue Bonds 4,461,930 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 1,228,016 Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded Aaa/AAA 1,729,581 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa/AAA 1,841,427 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa/AAA 1,102,230 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,900,000 5.750%, 08/01/19 pre-refunded Aaa/AAA 3,266,589 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa/AAA 3,084,797 3,470,000 5.000%, 06/01/21 Aaa/AAA 3,742,013 Portland, Oregon Sewer System (MBIA Corporation Insured) 2,500,000 5.250%, 06/01/16 pre-refunded Aaa/AAA 2,559,125 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 Aa1/NR 8,139,814 1,235,000 5.500%, 08/01/20 Aa1/NR 1,352,992 Salem, Oregon Water and Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa/AAA 1,151,220 1,970,000 5.375%, 06/01/16 pre-refunded Aaa/AAA 2,180,829 3,025,000 5.500%, 06/01/20 pre-refunded Aaa/AAA 3,365,857 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 1,630,000 5.000%, 03/01/19 Aaa/AAA 1,781,818 1,350,000 5.250%, 03/01/24 Aaa/AAA 1,486,850 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aaa/AAA 1,088,411 3,525,000 5.125%, 10/01/17 Aaa/AAA 3,816,553 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 Aaa/AAA 2,558,583 Washington County, Unified Sewer Agency (AMBAC Indemnity Corporation Insured) 315,000 5.900%, 10/01/06 Aaa/AAA 316,572 Total Water and Sewer Revenue Bonds 45,793,277 Other Revenue Bonds (1.5%) Baker County, Oregon Pollution Control (Ash Grove Cement West Project) (Small Business Administration Insured) 380,000 6.300%, 07/01/05 Aaa/NR 380,000 Multnomah County, Oregon School District #1J, Special Obligations 680,000 5.000%, 03/01/07 A2/A- 682,414 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,000,000 5.750%, 04/01/14 pre-refunded Aaa/AAA 2,218,320 3,040,000 5.000%, 04/01/19 Aaa/AAA 3,301,805 Total Other Revenue Bonds 6,582,539 Total Revenue Bonds 165,915,380 U.S. Territory (1.4%) Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aaa/AAA 558,345 5,000,000 5.250%, 08/01/20 Aaa/AAA 5,553,600 Total U.S. Territory Bonds 6,111,945 Total Municipal Bonds (cost $417,396,374**) 99.4% 445,472,572 Other assets less liabilities 0.6 2,748,899 Net Assets 100.0% $ 448,221,471
(*) 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 Distribution By Quality Rating (unaudited) Highest rating (1) 67.0 % Second highest rating (2) 29.6 Third highest rating (3) 1.7 Fourth highest rating (4) 0.2 Not rated*: 1.5 ------ 100.0 % ===== (1) Aaa of Moody's or AAA of S&P. (2) Aa of Moody's or AA of S&P. (3) A of Moody's or S&P. (4) Baa of Moody's or BBB of S&P. 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 June 30, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $416,996,657 amounted to $28,475,915, which consisted of aggregate gross unrealized appreciation of $28,495,219 and aggregate gross unrealized depreciation of $19,304. 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 August 25, 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 August 25, 2005 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 25, 2005 EX-99.CERT 2 tftonqcert.txt CERTLIFICATIONS 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: August 25, 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: August 25, 2005 /s/ Joseph P. DiMaggio - - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----