-----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, Myd0QVsJEVLRveEUe3BIxYgr1T3Y0jDiOfPkQ4s5S7NE1Ka+doHmlPEv+rLB+84A kV+rgCHNkb0OSpUpuF8KJw== 0000791049-06-000021.txt : 20060824 0000791049-06-000021.hdr.sgml : 20060824 20060824093605 ACCESSION NUMBER: 0000791049-06-000021 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060824 DATE AS OF CHANGE: 20060824 EFFECTIVENESS DATE: 20060824 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: 061052027 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 6/30/06 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: June 30, 2006 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, 2006 (unaudited)
Rating Principal Moody's/ Amount State of Oregon General Obligation Bonds (57.2%) S&P Value (a) - ---------------- ---------------------------------------------------------------------------------------------------- Bend, Oregon Transportation Highway System (MBIA Corporation Insured) 1,135,000 5.300%, 09/01/17 Aaa/NR $ 1,186,461 Benton and Linn Counties Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 Aaa/NR 4,829,434 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,385,000 5.500%, 06/01/14 Aaa/AAA 1,512,752 Clackamas, Oregon Community College District (MBIA Corporation Insured) 1,535,000 5.000%, 05/01/25 Aaa/AAA 1,578,087 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 9,110,000 5.000%, 06/15/17 Aaa/AAA 9,637,196 Clackamas County, Oregon School District #62 (Oregon City) (State School Bond Guaranty Program) 2,055,000 5.500%, 06/15/20 pre-refunded Aa3/AA- 2,169,402 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 2,240,000 5.000%, 06/15/19 Aaa/AAA 2,328,323 1,000,000 5.000%, 06/15/23 Aaa/AAA 1,031,990 1,500,000 5.000%, 06/15/25 Aaa/AAA 1,543,545 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aaa/AAA 1,377,077 2,000,000 5.000%, 06/15/25 pre-refunded Aaa/AAA 2,093,400 Clackamas County, Oregon Tax Allocation 705,000 6.500%, 05/01/20 NR/NR* 707,700 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 Aaa/AAA 4,149,270 4,310,000 5.250%, 06/15/18 Aaa/AAA 4,508,001 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 1,638,322 Clatsop County, Oregon School District #1 (Astoria) (State School Bond Guaranty Program) 1,895,000 5.500%, 06/15/19 pre-refunded NR/AA- 2,004,038 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 Aaa/AAA 1,385,617 Columbia Gorge, Oregon Community College District (MBIA Corporation Insured) 1,440,000 5.000%, 06/15/22 Aaa/NR 1,490,342 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) 1,500,000 5.000%, 12/01/17 pre-refunded A1/NR 1,553,565 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 1,223,936 1,300,000 5.500%, 06/15/16 pre-refunded Aaa/NR 1,389,622 1,355,000 5.500%, 06/15/18 pre-refunded Aaa/NR 1,448,414 3,000,000 5.125%, 06/15/21 pre-refunded Aaa/NR 3,156,780 Deschutes County, Oregon (Financial Security Assurance Insured) 2,000,000 5.000%, 12/01/14 Aaa/NR 2,096,940 1,615,000 5.000%, 12/01/15 Aaa/NR 1,687,740 2,260,000 5.000%, 12/01/16 Aaa/NR 2,360,502 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,735,000 5.250%, 06/15/19 Aaa/AAA 1,875,726 1,030,000 5.250%, 06/15/21 Aaa/AAA 1,116,860 Deschutes and Jefferson Counties Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aaa/NR 1,037,110 2,330,000 zero coupon, 06/15/22 Aaa/NR 1,085,384 Douglas County, Oregon School District #4 (Roseburg) (State School Bond Guaranty Program) 1,075,000 5.125%, 12/15/17 pre-refunded Aa3/NR 1,136,286 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- 1,083,301 Eugene, Oregon (Parks and Open Space) 1,465,000 5.250%, 02/01/18 pre-refunded Aa2/NR 1,513,228 1,555,000 5.250%, 02/01/19 pre-refunded Aa2/NR 1,606,191 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa/NR 1,227,730 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,395,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,491,171 Jackson County, Oregon School District #9 (Eagle Point) (MBIA Corporation Insured) 2,080,000 5.500%, 06/15/15 Aaa/NR 2,276,539 1,445,000 5.500%, 06/15/16 Aaa/NR 1,586,494 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 1,203,440 1,880,000 5.000%, 06/15/21 pre-refunded Aa3/NR 1,967,796 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa3/NR 1,837,920 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 Aaa/AAA 1,289,309 1,025,000 5.250%, 06/15/17 Aaa/AAA 1,084,358 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 2,747,169 Josephine County, Oregon Three Rivers School District (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 12/15/19 Aaa/NR 1,056,670 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aaa/NR 1,882,920 1,130,000 5.000%, 06/15/19 pre-refunded Aaa/NR 1,182,771 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- 1,637,469 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (Financial Guaranty Insurance Corporation Insured) 1,340,000 5.375%, 06/15/17 Aaa/NR 1,460,975 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 1,041,560 Lane County, Oregon (Financial Security Assurance Insured) 2,870,000 5.000%, 06/01/15 Aaa/NR 3,007,990 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA- 1,505,804 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 Aaa/AAA 1,289,857 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA- 1,755,516 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 pre-refunded Aaa/AAA 3,276,960 Linn County, Oregon School District #9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 Aaa/AAA 2,544,800 Madras Aquatic Center District, Oregon 1,695,000 5.000%, 06/01/22 NR/NR* 1,716,798 Metro, Oregon 3,240,000 5.000%, 01/01/13 Aa1/AAA 3,338,042 3,000,000 5.250%, 09/01/14 Aa1/AAA 3,202,440 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aaa/AAA 1,848,698 Multnomah County, Oregon School District #007 (Reynolds) (MBIA Corporation Insured) 2,625,000 5.000%, 06/01/25 Aaa/NR 2,680,807 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa3/AA- 537,250 2,375,000 5.125%, 06/15/19 pre-refunded Aa3/AA- 2,499,117 Multnomah County, Oregon School District #40 (David Douglas) (Financial Security Assurance Insured) 2,055,000 5.000%, 12/01/15 pre-refunded Aaa/AAA 2,144,721 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,140,000 5.000%, 06/15/16 Aaa/AAA 1,190,901 1,205,000 5.000%, 06/15/17 Aaa/AAA 1,252,200 1,500,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,603,410 4,775,000 5.250%, 06/15/19 Aaa/AAA 5,137,852 2,650,000 5.000%, 06/15/21 pre-refunded Aaa/AAA 2,773,755 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.25%, 12/15/18 Aaa/NR 2,901,743 Northern Oregon Correctional (AMBAC Indemnity Corporation Insured) 1,195,000 5.400%, 09/15/16 pre-refunded Aaa/AAA 1,218,267 Oak Lodge, Oregon Water District (AMBAC Indemnity Corporation Insured) 215,000 7.300%, 12/01/06 Aaa/AAA 218,040 215,000 7.400%, 12/01/07 Aaa/AAA 218,229 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aaa/NR 1,689,566 1,475,000 5.250%, 06/15/20 Aaa/NR 1,559,237 State of Oregon 2,115,000 5.250%, 10/15/14 Aa3/AA- 2,251,841 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa3/AA- 516,174 5,000,000 5.000%, 08/01/20 Aa3/AA- 5,212,100 2,560,000 5.500%, 08/01/21 pre-refunded Aa3/AA- 2,697,037 2,000,000 5.000%, 08/01/21 Aa3/AA- 2,087,360 2,130,000 5.000%, 08/01/22 Aa3/AA- 2,184,613 870,000 5.000%, 08/01/22 pre-refunded Aa3/AA- 898,962 1,655,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,703,359 1,500,000 5.600%, 08/01/23 pre-refunded Aa3/AA- 1,543,830 State of Oregon Elderly and Disabled Housing 40,000 6.250%, 08/01/13 Aa3/AA- 40,058 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa3/NR 778,638 695,000 5.200%, 10/01/18 Aa3/AA- 708,372 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,020,360 2,975,000 zero coupon, 06/01/15 Aa2/NR 1,987,925 1,120,000 5.125%, 06/01/18 Aaa/NR 1,159,133 10,480,000 4.350%, 06/01/23 Aa2/NR 10,294,923 Portland, Oregon Community College District 3,015,000 5.125%, 06/01/13 pre-refunded Aa2/AA 3,164,544 3,115,000 5.125%, 06/01/16 pre-refunded Aa2/AA 3,269,504 2,350,000 5.000%, 06/01/21 pre-refunded Aa2/AA 2,453,588 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,456,492 Rogue Community College District Oregon (MBIA Corporation Insured) 1,540,000 5.000%, 06/15/20 Aaa/NR 1,599,583 1,000,000 5.000%, 06/15/22 Aaa/NR 1,033,470 1,195,000 5.000%, 06/15/25 Aaa/NR 1,225,281 Salem-Keizer, Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 4.875%, 06/01/14 Aaa/AAA 1,020,260 1,000,000 5.000%, 06/15/19 Aaa/AAA 1,037,790 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 pre-refunded Aaa/AAA 1,203,922 Tillamook County, Oregon School District #9 (Financial Security Assurance Insured) 3,000,000 5.250%, 06/15/22 Aaa/AAA 3,159,210 Tillamook and Yamhill Counties, Oregon School District #101 (Nestucca Valley) (Financial Security Assurance Insured) 1,760,000 5.000%, 06/15/25 NR/AAA 1,811,093 Umatilla County, Oregon School District #16R (Pendleton) (Financial Guaranty Insurance Corporation Insured) 1,550,000 5.500%, 07/01/12 Aaa/NR 1,671,815 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aaa/AAA 1,220,840 1,400,000 5.500%, 06/15/17 Aaa/AAA 1,541,512 1,790,000 5.500%, 06/15/20 Aaa/AAA 1,981,673 Washington County, Oregon 2,465,000 5.000%, 06/01/23 Aa2/NR 2,565,966 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 1,760,000 5.375%, 06/15/16 pre-refunded Aaa/NR 1,871,549 2,000,000 5.000%, 06/15/21 pre-refunded Aaa/NR 2,093,400 Washington County, Oregon School District #48J (Beaverton) 2,000,000 5.125%, 01/01/15 pre-refunded Aa2/AA- 2,095,740 1,620,000 5.125%, 01/01/16 pre-refunded Aa2/AA- 1,697,549 Washington County, Oregon School District #48J (Beaverton) (Financial Guaranty Insurance Corporation Insured) 2,800,000 5.375%, 06/01/19 pre-refunded Aaa/AAA 2,912,980 Washington County, Oregon School District #48J (Beaverton) (Financial Security Assurance Insured) 1,900,000 5.000%, 06/01/16 Aaa/AAA 1,995,627 Washington and Clackamas Counties, Oregon School District #23 (Tigard) (MBIA Corporation Insured) 4,700,000 5.375%, 06/15/14 pre-refunded Aaa/NR 5,043,758 2,525,000 5.375%, 06/15/20 pre-refunded Aaa/NR 2,709,679 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 2,124,849 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 pre-refunded Aa3/NR 1,342,850 Washington and Yamhill, Oregon County School District #58J (Farmington View) (AMBAC Indemnity Corporation Insured) 90,000 6.600%, 11/01/06 Aaa/AAA 90,826 Yamhill County, Oregon School District #29J (Newberg) (MBIA Corporation Insured) 2,850,000 5.250%, 06/15/17 pre-refunded Aaa/NR 3,039,782 3,765,000 5.250%, 06/15/20 pre-refunded Aaa/NR 4,015,711 ----------------- Total General Obligation Bonds 244,164,361 ----------------- State of Oregon Revenue Bonds (40.8%) -------------------------------------------------------------------- Airport Revenue Bonds (0.7%) -------------------------------------------------------------------- Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aaa/AAA 3,172,980 ----------------- Certificates of Participation Revenue Bonds (5.7%) -------------------------------------------------------------------- Oregon State Department Administrative Services 595,000 5.000%, 11/01/19 Aaa/AAA 609,036 355,000 5.000%, 11/01/19 pre-refunded Aaa/AAA 364,209 Oregon State Department Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aaa/AAA 533,515 1,120,000 5.000%, 05/01/21 Aaa/AAA 1,151,786 4,095,000 6.000%, 05/01/26 pre-refunded Aaa/AAA 4,430,995 Oregon State Department Administrative Services (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.000%, 11/01/20 Aaa/AAA 2,079,940 2,660,000 5.000%, 11/01/23 Aaa/AAA 2,746,477 2,945,000 5.000%, 11/01/24 Aaa/AAA 3,035,853 1,475,000 5.000%, 11/01/26 Aaa/AAA 1,514,397 3,880,000 5.000%, 11/01/27 Aaa/AAA 3,986,855 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 1,135,000 5.000%, 05/01/15 Aaa/AAA 1,186,234 1,770,000 5.000%, 05/01/19 Aaa/AAA 1,835,950 1,000,000 5.000%, 05/01/22 Aaa/AAA 1,029,930 ----------------- Total Certificates of Participation Revenue Bonds 24,505,177 ----------------- Hospital Revenue Bonds (7.6%) -------------------------------------------------------------------- Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 Aa3/AA 2,077,500 2,980,000 5.250%, 02/15/18 Aa3/AA 3,078,727 4,025,000 5.250%, 05/01/21 Aa3/AA 4,150,741 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 Aaa/AAA 2,722,689 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 pre-refunded NR/NR* 3,787,354 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 pre-refunded A1/NR 2,153,160 3,000,000 5.600%, 01/01/32 pre-refunded A1/NR 3,229,740 Medford, Oregon Hospital Facilities Authority Revenue 705,000 5.000%, 08/15/18 pre-refunded Aaa/AAA 728,758 345,000 5.000%, 08/15/18 Aaa/AAA 353,049 Multnomah County Oregon Hospital Facility Authority (Providence Health System) 2,390,000 5.250%, 10/01/22 Aa3/AA 2,507,014 Oregon Health Sciences University Series B (MBIA Corporation Insured) 1,400,000 5.250%, 07/01/15 Aaa/AAA 1,429,750 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 2,415,092 1,850,000 5.000%, 11/15/26 Aaa/AAA 1,889,275 1,430,000 5.000%, 11/15/32 Aaa/AAA 1,447,775 Western Lane County, Oregon Hospital Facilities Authority (Sisters of St. Joseph Hospital) (MBIA Corporation Insured) 350,000 5.625%, 08/01/07 Aaa/AAA 350,459 ----------------- Total Hospital Revenue Bonds 32,321,083 ----------------- Housing, Educational, and Cultural Revenue Bonds (4.7%) -------------------------------------------------------------------- Forest Grove, Oregon (Pacific University) (Radian Insured) 4,000,000 5.000%, 05/01/22 Aa3/AA 4,056,720 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 NR/BBB+ 1,048,870 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 11,550,000 zero coupon, 07/01/21 Aaa/AAA 5,657,190 3,140,000 5.250%, 07/01/22 Aaa/AAA 3,301,836 Oregon State Facilities Authority Revenue (Willamette University) (Financial Guaranty Corporation Insured) 500,000 5.125%, 10/01/25 NR/AAA 521,830 State of Oregon Housing and Community Services 5,000 5.900%, 07/01/12 Aa2/NR 5,090 135,000 6.700%, 07/01/13 Aa2/NR 135,555 410,000 6.000%, 07/01/20 Aa2/NR 416,630 1,000,000 4.650%, 07/01/25 Aa2/NR 997,490 1,235,000 5.400%, 07/01/27 Aa2/NR 1,252,747 State of Oregon Housing and Community Services (MBIA Corporation Insured) 1,500,000 5.450%, 07/01/24 Aaa/AAA 1,503,150 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 1,032,190 ----------------- Total Housing, Educational, and Cultural Revenue Bonds 19,929,298 ----------------- Transportation Revenue Bonds (4.7%) -------------------------------------------------------------------- Oregon St. Department Transportation Highway Usertax 1,000,000 5.500%, 11/15/14 pre-refunded Aa2/AA+ 1,082,840 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AA+ 3,275,591 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AA+ 2,703,522 1,140,000 5.000%, 11/15/21 Aa2/AA+ 1,180,082 4,545,000 5.125%, 11/15/26 Aa2/AA+ 4,733,436 1,000,000 5.000%, 11/15/29 Aa2/AA+ 1,021,870 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded Aa3/AA+ 1,535,962 1,775,000 5.000%, 09/01/16 Aa3/AA+ 1,841,971 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 NR/AA- 2,574,875 ----------------- Total Transportation Revenue Bonds 19,950,149 ----------------- Urban Renewal Revenue Bonds (3.4%) -------------------------------------------------------------------- Portland, Oregon Airport Way Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 pre-refunded Aaa/NR 1,778,121 1,765,000 5.750%, 06/15/20 pre-refunded Aaa/NR 1,897,675 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,420,000 5.000%, 06/15/16 Aaa/NR 1,483,403 1,915,000 5.000%, 06/15/20 Aaa/NR 1,974,939 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aaa/NR 1,231,225 2,000,000 5.450%, 06/15/19 Aaa/NR 2,114,340 Portland Oregon Urban Renewal Tax Allocation (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,890,000 5.250%, 06/15/20 Aaa/NR 2,011,962 1,990,000 5.250%, 06/15/21 Aaa/NR 2,115,390 ----------------- Total Urban Renewal Revenue Bonds 14,607,055 ----------------- Utility Revenue Bonds (0.7%) -------------------------------------------------------------------- Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa/NR 1,533,454 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,600,000 5.000%, 08/01/18 Aaa/AAA 1,638,144 ----------------- Total Utility Revenue Bonds 3,171,598 ----------------- Water and Sewer Revenue Bonds (12.0%) -------------------------------------------------------------------- Bend, Oregon Sewer Revenue (AMBAC Indemnity Corporation Insured) 1,130,000 5.150%, 10/01/14 pre-refunded Aaa/NR 1,184,150 Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded Aaa/AAA 1,641,377 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa/AAA 1,729,807 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa/AAA 1,054,050 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,900,000 5.750%, 08/01/19 pre-refunded Aaa/AAA 3,098,853 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa/AAA 2,925,186 4,595,000 5.000%, 06/01/17 Aaa/AAA 4,820,247 3,470,000 5.000%, 06/01/21 Aaa/AAA 3,573,892 Portland, Oregon Sewer System Revenue (MBIA Corporation Insured) 1,610,000 5.000%, 06/15/27 Aaa/AAA 1,659,572 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 Aa1/NR 7,782,764 1,235,000 5.500%, 08/01/20 Aa1/NR 1,293,971 Salem, Oregon Water & Sewer (Financial Guaranty Insurance Corporation Insured) 1,040,000 5.000%, 06/01/17 Aaa/AAA 1,094,122 Salem, Oregon Water and Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa/AAA 1,084,940 1,970,000 5.375%, 06/01/16 pre-refunded Aaa/AAA 2,073,445 3,025,000 5.500%, 06/01/20 pre-refunded Aaa/AAA 3,197,425 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 2,630,000 5.000%, 03/01/19 Aaa/AAA 2,734,911 1,350,000 5.250%, 03/01/24 Aaa/AAA 1,422,900 Sunrise Water Authority, Oregon (XLCA Insured) 1,160,000 5.000%, 09/01/25 Aaa/AAA 1,185,578 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aaa/AAA 1,039,138 3,525,000 5.125%, 10/01/17 Aaa/AAA 3,661,488 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 Aaa/AAA 2,405,888 Washington County, Unified Sewer Agency (AMBAC Indemnity Corporation Insured) 315,000 5.900%, 10/01/06 Aaa/AAA 315,365 ----------------- Total Water and Sewer Revenue Bonds 50,979,069 ----------------- Other Revenue Bonds (1.3%) -------------------------------------------------------------------- Multnomah County, Oregon School District #1J, Special Obligations 345,000 5.000%, 03/01/07 A2/A- 345,673 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,000,000 5.750%, 04/01/14 pre-refunded Aaa/AAA 2,113,540 3,040,000 5.000%, 04/01/19 Aaa/AAA 3,142,174 ----------------- Total Other Revenue Bonds 5,601,387 ----------------- Total Revenue Bonds 174,237,796 ----------------- U.S. Territory (1.4%) -------------------------------------------------------------------- Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aaa/AAA 530,880 5,000,000 5.250%, 08/01/20 Aaa/AAA 5,289,550 ----------------- Total U.S. Territory Bonds 5,820,430 ----------------- Total Municipal Bonds (cost $414,401,863**) 99.4% 424,222,587 Other assets less liabilities 0.6 2,347,818 -------------------------------- Net Assets 100.0% $ 426,570,405 ================================
(*) 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 Percent of (unaudited) Portfolio Aaa of Moody's or AAA of S&P 67.9% Aa of Moody's or AA of S&P 28.7 A of Moody's or S&P 1.7 Baa of Moody's or BBB of S&P 0.2 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 June 30, 2006, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $413,921,237 amounted to $10,301,350, which consisted of aggregate gross unrealized appreciation of $12,828,520 and aggregate gross unrealized depreciation of $2,527,170. 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 24, 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 August 24, 2006 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 24, 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: August 24, 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: August 24, 2006 /s/ Joseph P. DiMaggio - - - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----