-----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, BOXNxEkMSppx8TFb83tyu6SRo0t8191UhbjuPnFZ3d2L+LSplns2e2agv851/VMw 3KQyXLzufefut7+eIiuauA== 0000791049-06-000010.txt : 20060227 0000791049-06-000010.hdr.sgml : 20060227 20060227124744 ACCESSION NUMBER: 0000791049-06-000010 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060227 DATE AS OF CHANGE: 20060227 EFFECTIVENESS DATE: 20060227 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: 06645592 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 0000791049 S000006648 TAX-FREE TRUST OF OREGON C000018137 Tax-Free Trust of Oregon Class A ORTFX C000018138 Tax-Free Trust of Oregon Class C ORTCX C000018139 Tax-Free Trust of Oregon Class I ORTIX C000018140 Tax-Free Trust of Oregon Class Y ORTYX N-Q 1 tftonq.txt TAX-FREE TRUST OF OREGON 12/31/05 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, 2006 Date of reporting period: December 31, 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 December 31, 2005 (unaudited)
Rating Face Moody's/ Amount State of Oregon General Obligation Bonds (59.2%) S&P Value (a) Bend, Oregon Transportation Highway System (MBIA Corporation Insured) $1,135,000 5.300%, 09/01/17 Aaa/NR $ 1,213,451 Benton and Linn Counties Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%,06/01/21 Aaa/NR 4,942,027 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,385,000 5.500%, 06/01/14 Aaa/AAA 1,557,252 Clackamas County, Oregon School District #007J (Lake Oswego) 1,340,000 5.375%, 06/01/13 pre-refunded Aa2/NR 1,461,337 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 9,110,000 5.000%, 06/15/17 Aaa/AAA 9,957,321 Clackamas County, Oregon School District #62 (Oregon City) (Financial Security Assurance Insured) 5,270,000 5.000%, 06/15/16 Aaa/AAA 5,687,489 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- 1,436,334 2,055,000 5.500%, 06/15/20 pre-refunded Aa3/AA- 2,229,819 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 2,240,000 5.000%, 06/15/19 Aaa/AAA 2,398,323 1,500,000 5.000%, 06/15/25 Aaa/AAA 1,585,530 1,000,000 5.000%, 06/15/23 Aaa/AAA 1,062,620 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aaa/AAA 1,413,052 2,000,000 5.000%, 06/15/25 pre-refunded Aaa/AAA 2,145,460 Clackamas County, Oregon Tax Allocation 1,000,000 6.500%, 05/01/20 NR/NR* 1,004,640 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 Aaa/AAA 4,238,574 4,310,000 5.250%, 06/15/18 Aaa/AAA 4,603,727 Clackamas and Washington Counties, Oregon School District #3J (Financial Guaranty Insurance Corporation Insured) 1,620,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,658,588 Clatsop County, Oregon School District #1 (Astoria) (State School Bond Guaranty Program) 1,895,000 5.500%, 06/15/19 pre-refunded NR/AA- 2,056,208 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 Aaa/AAA 1,389,901 Columbia Gorge, Oregon Community College District (MBIA Corporation Insured) 1,440,000 5.000%, 06/15/22 Aaa/NR 1,531,325 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) 1,500,000 5.000%, 12/01/17 pre-refunded A1/NR 1,581,555 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 1,256,409 1,300,000 5.500%, 06/15/16 pre-refunded Aaa/NR 1,426,490 1,355,000 5.500%, 06/15/18 pre-refunded Aaa/NR 1,486,842 3,000,000 5.125%, 06/15/21 pre-refunded Aaa/NR 3,236,610 Deschutes County, Oregon (Financial Security Assurance Insured) 2,000,000 5.000%, 12/01/14 Aaa/NR 2,153,320 1,615,000 5.000%, 12/01/15 Aaa/NR 1,730,666 2,260,000 5.000%, 12/01/16 Aaa/NR 2,417,612 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,735,000 5.250%, 06/15/19 Aaa/AAA 1,947,260 1,030,000 5.250%, 06/15/21 Aaa/AAA 1,161,995 Deschutes and Jefferson Counties Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aaa/NR 1,063,670 2,330,000 zero coupon, 06/15/22 Aaa/NR 1,099,411 Douglas County, Oregon School District #4 (Roseburg) (State School Bond Guaranty Program) 1,075,000 5.125%, 12/15/17 pre-refunded Aa3/NR 1,164,999 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- 1,111,984 Eugene, Oregon (Parks and Open Space) 1,465,000 5.250%, 02/01/18 Aa2/NR 1,546,894 1,555,000 5.250%, 02/01/19 Aa2/NR 1,640,074 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa/NR 1,257,529 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,490,000 5.500%, 06/15/13 pre-refunded Aaa/AAA 1,634,977 1,395,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,530,734 Jackson County, Oregon School District #9 (Eagle Point) (MBIA Corporation Insured) 2,080,000 5.500%, 06/15/15 Aaa/NR 2,349,547 1,445,000 5.500%, 06/15/16 Aaa/NR 1,637,777 1,510,000 5.250%, 06/15/17 Aaa/NR 1,684,873 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 1,235,864 1,880,000 5.000%,06/15/21 pre-refunded Aa3/NR 2,016,732 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa3/NR 1,881,425 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 Aaa/AAA 1,323,536 1,025,000 5.250%, 06/15/17 Aaa/AAA 1,110,444 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 2,790,072 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aaa/NR 1,931,318 1,130,000 5.000%, 06/15/19 pre-refunded Aaa/NR 1,212,185 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- 1,682,609 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (Financial Guaranty Insurance Corporation Insured) 1,340,000 5.375%, 06/15/17 Aaa/NR 1,510,461 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 1,066,150 Lane County, Oregon (Financial Security Assurance Insured) 2,870,000 5.000%, 6/01/15 Aaa/NR 3,088,464 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA- 1,544,329 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 Aaa/AAA 1,317,584 Linn-Benton, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,160,000 zero coupon, 06/15/11 Aaa/AAA 944,530 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA- 1,801,216 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 pre-refunded Aaa/AAA 3,372,030 Linn County, Oregon School District #9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 Aaa/AAA 2,589,000 Madras Aquatic Center District, Oregon 1,695,000 5.000%, 06/01/22 NR/NR* 1,756,698 Metro, Oregon 3,240,000 5.000%, 01/01/13 Aa1/AAA 3,394,872 3,000,000 5.250%, 09/01/14 Aa1/AAA 3,263,820 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aaa/AAA 1,919,201 Multnomah County, Oregon School District #007 (Reynolds) (MBIA Corporation Insured) 2,625,000 5.000%, 06/01/25 Aaa/NR 2,723,516 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa3/AA- 551,725 2,375,000 5.125%, 06/15/19 pre-refunded Aa3/AA- 2,562,316 Multnomah County, Oregon School District #40 (David Douglas) (Financial Security Assurance Insured) 2,055,000 5.000%, 12/01/15 pre-refunded Aaa/AAA 2,195,644 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,140,000 5.000%, 06/15/16 Aaa/AAA 1,221,088 1,205,000 5.000%, 06/15/17 Aaa/AAA 1,283,494 1,500,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,645,950 4,775,000 5.250%, 06/15/19 Aaa/AAA 5,332,863 2,650,000 5.000%, 06/15/21 pre-refunded Aaa/AAA 2,842,735 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.25%, 12/15/18 Aaa/NR 3,007,201 Northern Oregon Correctional (AMBAC Indemnity Corporation Insured) 1,195,000 5.400%, 09/15/16 pre-refunded Aaa/AAA 1,236,968 Oak Lodge, Oregon Water District (AMBAC Indemnity Corporation Insured) 215,000 7.300%, 12/01/06 Aaa/AAA 218,440 215,000 7.400%, 12/01/07 Aaa/AAA 218,614 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aaa/NR 1,737,155 1,475,000 5.250%, 06/15/20 Aaa/NR 1,602,691 State of Oregon 1,975,000 5.250%, 10/15/13 Aa3/AA- 2,148,287 2,115,000 5.250%, 10/15/14 Aa3/AA- 2,305,836 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa3/AA- 520,807 500,000 zero coupon, 08/01/18 Aa3/AA- 287,515 540,000 zero coupon, 08/01/19 Aa3/AA- 295,180 2,560,000 5.500%, 08/01/21 pre-refunded Aa3/AA- 2,762,035 870,000 5.000%, 08/01/22 pre-refunded Aa3/AA- 914,605 2,130,000 5.000%, 08/01/22 Aa3/AA- 2,208,171 1,655,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,729,823 1,500,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,567,815 State of Oregon Elderly and Disabled Housing 40,000 6.250%, 08/01/13 Aa3/AA- 40,100 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa3/NR 805,455 735,000 5.200%, 10/01/18 Aa3/AA- 754,654 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,036,660 2,975,000 zero coupon, 06/01/15 Aa2/NR 1,992,030 1,120,000 5.125%, 06/01/18 Aaa/NR 1,186,035 10,480,000 4.350%, 06/01/23 Aa2/NR 10,572,119 Portland, Oregon Community College District 3,015,000 5.125%, 06/01/13 pre-refunded Aa2/AA 3,243,537 3,115,000 5.125%, 06/01/16 pre-refunded Aa2/AA 3,351,117 2,350,000 5.000%, 06/01/21 pre-refunded Aa2/AA 2,513,795 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,492,232 Rogue Community College District Oregon (MBIA Corporation Insured) 1,000,000 5.000%, 06/15/22 Aaa/NR 1,061,820 1,540,000 5.000%, 06/15/20 Aaa/NR 1,646,352 1,195,000 5.000%, 06/15/25 Aaa/NR 1,258,395 Salem-Keizer Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 4.875%, 06/01/14 Aaa/AAA 1,037,750 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 pre-refunded Aaa/AAA 1,237,208 Tillamook County, Oregon School District #9 (Financial Security Assurance Insured) 3,000,000 5.250%, 06/15/22 Aaa/AAA 3,228,750 Tillamook and Yamhill Counties, Oregon School District #101 (Nestucca Valley) (Financial Security Assurance Insured) 1,760,000 5.000%, 06/15/25 NR/AAA 1,860,355 Umatilla County, Oregon (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.600%, 10/01/15 pre-refunded Aaa/AAA 2,034,380 Umatilla County, Oregon School District #16R (Pendleton) (Financial Guaranty Insurance Corporation Insured) 1,550,000 5.500%, 07/01/12 Aaa/NR 1,718,113 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aaa/AAA 1,254,765 1,400,000 5.500%, 06/15/17 Aaa/AAA 1,594,054 1,790,000 5.500%, 06/15/20 Aaa/AAA 2,058,965 Washington County, Oregon 1,000,000 5.000%, 06/01/17 Aa2/NR 1,052,610 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 2,285,000 5.375%, 06/15/14 pre-refunded Aaa/NR 2,493,301 1,760,000 5.375%, 06/15/16 pre-refunded Aaa/NR 1,920,442 2,000,000 5.000%, 06/15/21 pre-refunded Aaa/NR 2,145,460 Washington County, Oregon School District #48J (Beaverton) 2,000,000 5.125%, 01/01/15 Aa2/AA- 2,148,540 1,620,000 5.125%, 01/01/16 Aa2/AA- 1,740,317 Washington County, Oregon School District #48J (Beaverton) (Financial Guaranty Insurance Corporation Insured) 2,800,000 5.375%, 06/01/19 pre-refunded Aaa/AAA 2,980,964 Washington County, Oregon School District #48J (Beaverton) (Financial Security Assurance Insured) 1,900,000 5.000%, 06/01/16 Aaa/AAA 2,057,396 Washington and Clackamas Counties, Oregon School District #23 (Tigard) (MBIA Corporation Insured) 4,700,000 5.375%, 06/15/14 pre-refunded Aaa/NR 5,175,922 2,525,000 5.375%, 06/15/20 pre-refunded Aaa/NR 2,780,682 Washington and Clackamas Counties, Oregon School District #23J (Tigard) 1,000,000 5.650%, 06/01/15 pre-refunded Aa3/NR 1,009,660 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 2,172,690 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 pre-refunded Aa3/NR 1,373,529 Washington and Yamhill, Oregon County School District #58J (Farmington View) (AMBAC Indemnity Corporation Insured) 90,000 6.600%, 11/01/06 Aaa/AAA 90,957 Yamhill County, Oregon School District #29J (Newberg) (Financial Security Assurance Insured) 2,000,000 5.350%, 06/01/06 Aaa/AAA 2,015,960 Yamhill County, Oregon School District #29J (Newberg) (MBIA Corporation Insured) 2,850,000 5.250%, 06/15/17 pre-refunded Aaa/NR 3,118,271 3,765,000 5.250%, 06/15/20 pre-refunded Aaa/NR 4,119,399 --------- Total General Obligation Bonds 260,941,961 ----------- State of Revenue Bonds (38.4%) Airport Revenue Bonds (0.8%) Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aaa/AAA 3,222,030 --------- Certificates of Participation Revenue Bonds (3.5%) Oregon State Department Administrative Services 355,000 5.000%, 11/01/19 pre-refunded Aaa/AAA 369,235 595,000 5.000%, 11/01/19 Aaa/AAA 616,075 Oregon State Department Administrative Services (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 11/01/20 Aaa/AAA 1,066,280 Oregon State Department of Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aaa/AAA 545,985 1,120,000 5.000%, 05/01/21 Aaa/AAA 1,175,574 1,500,000 5.800%, 05/01/24 pre-refunded Aaa/AAA 1,563,405 4,095,000 6.000%, 05/01/26 pre-refunded Aaa/AAA 4,556,547 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 1,300,000 5.500%, 11/01/12 Aaa/AAA 1,447,329 1,135,000 5.000%, 05/01/15 Aaa/AAA 1,216,788 1,770,000 5.000%, 05/01/19 Aaa/AAA 1,879,988 1,000,000 5.000%, 05/01/22 Aaa/AAA 1,054,920 --------- Total Certificates of Participation Revenue Bonds 15,492,126 ---------- Hospital Revenue Bonds (7.2%) Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 Aa3/AA 2,110,200 2,980,000 5.250%, 02/15/18 Aa3/AA 3,126,705 4,025,000 5.250%, 05/01/21 Aa3/AA 4,234,461 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 Aaa/AAA 2,769,117 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 NR/NR* 3,893,215 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 A1/NR 2,212,620 3,000,000 5.600%, 01/01/32 A1/NR 3,318,930 Medford, Oregon Hospital Facilities Authority Revenue 705,000 5.000%, 08/15/18 pre-refunded Aaa/AAA 741,561 345,000 5.000%, 08/15/19 Aaa/AAA 358,138 Multnomah County Oregon Hospital Facility Authority (Providence Health System) 2,390,000 5.250%, 10/01/22 Aa3/AA 2,557,372 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 2,469,510 1,850,000 5.000%, 11/15/26 Aaa/AAA 1,929,495 1,430,000 5.000%, 11/15/32 Aaa/AAA 1,476,847 Western Lane County, Oregon Hospital Facilities Authority (Sisters of St. Joseph Hospital) (MBIA Corporation Insured) 685,000 5.625%, 08/01/07 Aaa/AAA 693,247 ------- Total Hospital Revenue Bonds 31,891,418 ---------- Housing, Educational, and Cultural Revenue Bonds (6.1%) Clackamas Community College District, Oregon (MBIA Corporation Insured) 1,865,000 5.700%, 06/01/16 pre-refunded Aaa/AAA 1,883,389 Forest Grove, Oregon (Pacific University) (Radian Insured) 4,000,000 5.000%, 05/01/22 Aa3/AA 4,163,040 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 NR/BBB+ 1,068,750 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 4,500,000 5.250%, 07/01/15 Aaa/AAA 4,630,950 11,550,000 zero coupon, 07/01/21 Aaa/AAA 5,727,645 3,140,000 5.250%, 07/01/22 Aaa/AAA 3,377,227 Oregon State Facilities Authority Revenue (Willamette University) (Financial Guaranty Corporation Insured) 500,000 5.125%, 10/01/25 NR/AAA 535,385 State of Oregon Housing and Community Services 5,000 5.900%, 07/01/12 Aa2/NR 5,131 170,000 6.700%, 07/01/13 Aa2/NR 170,636 440,000 6.000%, 07/01/20 Aa2/NR 452,531 1,000,000 4.650%, 07/01/25 Aa2/NR 1,013,020 1,265,000 5.400%, 07/01/27 Aa2/NR 1,296,334 State of Oregon Housing and Community Services (MBIA Corporation Insured) 1,500,000 5.450%, 07/01/24 Aaa/AAA 1,503,660 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 1,046,790 --------- Total Housing, Educational, and Cultural Revenue Bonds 26,874,488 ---------- Transportation Revenue Bonds (5.4%) Oregon St. Department Transportation Highway Usertax 1,000,000 5.500%, 11/15/14 pre-refunded Aa2/AA+ 1,111,980 2,000,000 5.500%, 11/15/16 pre-refunded Aa2/AA+ 2,223,960 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AA+ 3,363,740 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AA+ 2,770,898 1,085,000 5.000%, 11/15/20 Aa2/AA+ 1,160,212 1,140,000 5.000%, 11/15/21 Aa2/AA+ 1,216,403 4,545,000 5.125%, 11/15/26 Aa2/AA+ 4,829,290 1,000,000 5.000%, 11/15/29 Aa2/AA+ 1,052,580 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded Aa3/AA+ 1,577,664 1,775,000 5.000%, 09/01/16 Aa3/AA+ 1,885,547 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 NR/AA- 2,611,825 --------- Total Transportation Revenue Bonds 23,804,099 ---------- 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 pre-refunded Aaa/NR 1,827,157 1,765,000 5.750%, 06/15/20 pre-refunded Aaa/NR 1,948,366 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,420,000 5.000%, 06/15/16 Aaa/NR 1,521,005 1,915,000 5.000%, 06/15/20 Aaa/NR 2,023,312 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aaa/NR 1,259,503 2,000,000 5.450%, 06/15/19 Aaa/NR 2,164,300 Portland Oregon Urban Renewal Tax Allocation (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,990,000 5.250%, 06/15/21 Aaa/NR 2,175,826 --------- Total Urban Renewal Revenue Bonds 12,919,469 ---------- Utility Revenue Bonds (1.0%) Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa/NR 1,570,978 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,060,000 5.250%, 08/01/14 Aaa/AAA 1,145,902 1,600,000 5.000%, 08/01/18 Aaa/AAA 1,662,496 --------- Total Utility Revenue Bonds 4,379,376 --------- Water and Sewer Revenue Bonds (10.1%) Bend, Oregon Sewer Revenue (AMBAC Indemnity Corporation Insured) 1,130,000 5.150%, 10/01/14 pre-refunded Aaa/NR 1,214,795 Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded Aaa/AAA 1,684,745 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa/AAA 1,785,877 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa/AAA 1,078,730 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,900,000 5.750%, 08/01/19 pre-refunded Aaa/AAA 3,177,240 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa/AAA 3,010,525 3,470,000 5.000%, 06/01/21 Aaa/AAA 3,667,617 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 Aa1/NR 7,967,151 1,235,000 5.500%, 08/01/20 Aa1/NR 1,324,463 Salem, Oregon Water and Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa/AAA 1,119,350 1,970,000 5.375%, 06/01/16 pre-refunded Aaa/AAA 2,126,201 3,025,000 5.500%, 06/01/20 pre-refunded Aaa/AAA 3,280,189 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 2,630,000 5.000%, 03/01/19 Aaa/AAA 2,809,471 1,350,000 5.250%, 03/01/24 Aaa/AAA 1,458,567 Sunrise Water Authority, Oregon (XLCA Insured) 1,160,000 5.000%, 09/01/25 Aaa/AAA 1,217,930 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aaa/AAA 1,063,934 3,525,000 5.125%, 10/01/17 Aaa/AAA 3,739,320 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 Aaa/AAA 2,486,996 Washington County, Unified Sewer Agency (AMBAC Indemnity Corporation Insured) 315,000 5.900%, 10/01/06 Aaa/AAA 315,907 -------- Total Water and Sewer Revenue Bonds 44,529,008 ---------- Other Revenue Bonds (1.4%) Multnomah County, Oregon School District #1J, Special Obligations 680,000 5.000%, 03/01/07 A2/A- 681,816 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,000,000 5.750%, 04/01/14 pre-refunded Aaa/AAA 2,165,940 3,040,000 5.000%, 04/01/19 Aaa/AAA 3,227,294 Total Other Revenue Bonds 6,075,050 --------- Total Revenue Bonds 169,187,064 ----------- U.S. Territory (1.3%) Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aaa/AAA 543,315 5,000,000 5.250%, 08/01/20 Aaa/AAA 5,424,050 ---------- Total U.S. Territory Bonds 5,967,365 ---------- Total Municipal Bonds (cost $416,141,601**) 98.9% 436,096,390 Other assets less 1.1 liabilities 4,987,044 --------- Net Assets 100.0% $ 441,083,434 --------------- --------------- (*) 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. Percent of Portfolio Distribution By Quality Rating (unaudited) Portfolio Aaa of Moody's or AAA of S&P 67.6% Aa of Moody's or AA of S&P 28.8 A of Moody's or S&P 1.8 Baa of Moody's or BBB of S&P 0.3 Not rated* 1.5 ---- 100.0 % =========== PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance NR - Not Rated XLCA - XL Capital Assurance 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, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $415,712,620 amounted to $20,383,770, which consisted of aggregate gross unrealized appreciation of $20,708,852 and aggregate gross unrealized depreciation of $325,082. 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 27, 2006 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 27, 2006 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 27, 2006 EX-99.CERT 2 tftocerts.txt CERTIFICATIONS 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 27, 2006 /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 27, 2006 /s/ Joseph P. DiMaggio - - - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----