N-Q 1 tftonq.txt TAX-FREE TRUST OF OREGON 12/31/06 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: December 31, 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 December 31, 2006 (unaudited)
Rating Principal Moody's/ Amount State of Oregon General Obligation Bonds (53.3%) S&P Value (a) Bend, Oregon Transportation Highway System (MBIA Corporation Insured) $ 1,135,000 5.300%, 09/01/17 Aaa/NR $ 1,194,168 Benton and Linn Counties Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 Aaa/NR 4,955,944 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured), Escrowed to Maturity 1,385,000 5.500%, 06/01/14 Aaa/AAA 1,544,247 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 pre-refunded Aaa/AAA 4,210,849 4,310,000 5.250%, 06/15/18 pre-refunded Aaa/AAA 4,579,720 Clackamas, Oregon Community College District (MBIA Corporation Insured) 1,535,000 5.000%, 05/01/25 Aaa/AAA 1,649,695 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 9,110,000 5.000%, 06/15/17 Aaa/AAA 10,003,964 Clackamas County, Oregon School District #62 (Oregon City) (State School Bond Guaranty Program) 2,055,000 5.500%, 06/15/20 pre-refunded Aa3/AAA 2,179,101 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 2,240,000 5.000%, 06/15/19 Aaa/AAA 2,407,485 1,000,000 5.000%, 06/15/23 Aaa/AAA 1,068,840 1,000,000 5.000%, 06/15/25 Aaa/AAA 1,068,110 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aaa/AAA 1,387,010 2,000,000 5.000%, 06/15/25 pre-refunded Aaa/AAA 2,111,560 Clackamas County, Oregon School District #115 (Gladstone) (MBIA Corporation Insured) 2,250,000 zero coupon, 06/15/25 NR/AAA 972,360 Clackamas County, Oregon Tax Allocation 705,000 6.500%, 05/01/20 NR/NR* 708,687 Clatsop County, Oregon School District #1 (Astoria) (State School Bond Guaranty Program) 1,895,000 5.500%, 06/15/19 pre-refunded NR/AA- 2,009,439 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 Aaa/AAA 1,476,365 Columbia Gorge, Oregon Community College District (MBIA Corporation Insured) 1,000,000 5.000%, 06/15/22 Aaa/NR 1,070,320 Columbia River, Oregon Fire & Rescue District (AMBAC Indemnity Corporation Insured) 1,290,000 5.000%, 01/01/37 Aaa/AAA 1,383,306 Deschutes County, Oregon (Financial Security Assurance Insured) 2,000,000 5.000%, 12/01/14 Aaa/NR 2,136,780 1,615,000 5.000%, 12/01/15 Aaa/NR 1,722,801 2,260,000 5.000%, 12/01/16 Aaa/NR 2,412,098 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) 1,500,000 5.000%, 12/01/17 pre-refunded A1/NR 1,551,795 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 1,232,180 1,300,000 5.500%, 06/15/16 pre-refunded Aaa/NR 1,398,982 1,355,000 5.500%, 06/15/18 pre-refunded Aaa/NR 1,458,170 3,000,000 5.125%, 06/15/21 pre-refunded Aaa/NR 3,182,610 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,735,000 5.250%, 06/15/19 Aaa/AAA 1,962,354 1,030,000 5.250%, 06/15/21 Aaa/AAA 1,175,096 Deschutes and Jefferson Counties Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aaa/NR 1,068,480 2,330,000 zero coupon, 06/15/22 Aaa/NR 1,200,369 Douglas County, Oregon School District #4 (Roseburg) (State School Bond Guaranty Program) 1,075,000 5.125%, 12/15/17 pre-refunded Aa3/NR 1,147,154 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- 1,085,698 Eugene, Oregon (Parks and Open Space) 1,465,000 5.250%, 02/01/18 pre-refunded Aa2/NR 1,512,583 1,555,000 5.250%, 02/01/19 pre-refunded Aa2/NR 1,605,506 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa/NR 1,251,350 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,395,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,501,215 Jackson County, Oregon School District #9 (Eagle Point) (MBIA Corporation Insured) 2,080,000 5.500%, 06/15/15 Aaa/NR 2,339,813 1,445,000 5.500%, 06/15/16 Aaa/NR 1,638,428 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 1,210,978 1,880,000 5.000%, 06/15/21 pre-refunded Aa3/NR 1,984,866 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa3/NR 1,860,390 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 Aaa/AAA 1,310,220 1,025,000 5.250%, 06/15/17 Aaa/AAA 1,104,806 Josephine County, Oregon Three Rivers School District (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 12/15/19 Aaa/NR 1,106,590 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aaa/NR 1,897,409 Lane County, Oregon School District #19 (Springfield) (Financial Security Assurance Insured) 3,750,000 zero coupon, 06/15/28 Aaa/NR 1,370,137 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA- 1,510,623 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- 1,639,039 Lane and Douglas Counties, Oregon School District #97J (Siuslaw) (Financial Guaranty Insurance Corporation Insured) 1,340,000 5.375%, 06/15/17 Aaa/NR 1,514,388 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 1,041,550 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 Aaa/AAA 1,291,202 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA- 1,760,247 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 pre-refunded Aaa/AAA 3,329,670 Linn County, Oregon School District #9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 Aaa/AAA 2,602,950 Madras Aquatic Center District, Oregon 1,695,000 5.000%, 06/01/22 NR/NR* 1,773,038 Metro, Oregon 3,000,000 5.250%, 09/01/14 Aa1/AAA 3,232,590 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aaa/AAA 1,934,078 Multnomah County, Oregon School District #7 (Reynolds) (MBIA Corporation Insured) 2,625,000 5.000%, 06/01/25 Aaa/NR 2,714,539 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa3/AA- 540,615 2,375,000 5.125%, 06/15/19 pre-refunded Aa3/AA- 2,519,566 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,140,000 5.000%, 06/15/16 Aaa/AAA 1,219,572 1,500,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,614,210 4,775,000 5.250%, 06/15/19 Aaa/AAA 5,375,600 2,650,000 5.000%, 06/15/21 pre-refunded Aaa/AAA 2,797,817 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.25%, 12/15/18 Aaa/NR 3,028,320 Oak Lodge, Oregon Water District (AMBAC Indemnity Corporation Insured) 215,000 7.400%, 12/01/07 Aaa/AAA 218,328 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aaa/NR 1,735,056 1,475,000 5.250%, 06/15/20 Aaa/NR 1,605,582 State of Oregon 2,115,000 5.250%, 10/15/14 Aa3/AA- 2,290,947 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa3/AA- 551,803 5,000,000 5.000%, 08/01/20 Aa3/AA- 5,357,600 2,560,000 5.500%, 08/01/21 pre-refunded Aa3/AA- 2,697,984 2,000,000 5.000%, 08/01/21 Aa3/AA- 2,152,940 2,130,000 5.000%, 08/01/22 Aa3/AA- 2,192,686 870,000 5.000%, 08/01/22 pre-refunded Aa3/AA- 897,092 State of Oregon Elderly and Disabled Housing 40,000 6.250%, 08/01/13 Aa3/AA- 40,032 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa3/NR 764,540 640,000 5.200%, 10/01/18 Aa3/AA- 653,856 3,000,000 4.300%, 12/01/26 Aa3/AA- 3,000,810 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,031,780 2,975,000 zero coupon, 06/01/15 Aa2/NR 2,111,387 1,120,000 5.125%, 06/01/18 Aaa/NR 1,162,437 10,480,000 4.350%, 06/01/23 Aa2/NR 10,679,225 Portland, Oregon Community College District 3,115,000 5.125%, 06/01/16 pre-refunded Aa2/AA 3,296,511 2,350,000 5.000%, 06/01/21 pre-refunded Aa2/AA 2,475,091 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aaa/AAA 1,469,256 Rogue Community College District Oregon (MBIA Corporation Insured) 1,540,000 5.000%, 06/15/20 Aaa/NR 1,656,301 1,000,000 5.000%, 06/15/22 Aaa/NR 1,071,060 Salem-Keizer, Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 4.875%, 06/01/14 Aaa/AAA 1,016,910 1,000,000 5.000%, 06/15/19 Aaa/AAA 1,069,150 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 pre-refunded Aaa/AAA 1,204,706 Tillamook County, Oregon School District #9 (Financial Security Assurance Insured) 3,000,000 5.250%, 06/15/22 Aaa/AAA 3,224,370 Tillamook and Yamhill Counties, Oregon School District #101 (Nestucca Valley) (Financial Security Assurance Insured) 1,560,000 5.000%, 06/15/25 NR/AAA 1,666,252 Umatilla County, Oregon School District #16R (Pendleton) (Financial Guaranty Insurance Corporation Insured) 1,550,000 5.500%, 07/01/12 Aaa/NR 1,689,918 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aaa/AAA 1,221,782 1,400,000 5.500%, 06/15/17 Aaa/AAA 1,597,134 1,790,000 5.500%, 06/15/20 Aaa/AAA 2,079,300 Washington County, Oregon 2,465,000 5.000%, 06/01/23 Aa2/NR 2,674,821 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 1,760,000 5.375%, 06/15/16 pre-refunded Aaa/NR 1,885,048 2,000,000 5.000%, 06/15/21 pre-refunded Aaa/NR 2,111,560 Washington County, Oregon School District #48J (Beaverton) 2,000,000 5.125%, 01/01/15 pre-refunded Aa2/AA- 2,110,180 1,620,000 5.125%, 01/01/16 pre-refunded Aa2/AA- 1,709,246 Washington County, Oregon School District #48J (Beaverton) (Financial Guaranty Insurance Corporation Insured) 2,500,000 5.375%, 06/01/19 pre-refunded Aaa/AAA 2,600,825 Washington County, Oregon School District #48J (Beaverton) (Financial Security Assurance Insured) 1,900,000 5.000%, 06/01/16 Aaa/AAA 2,054,413 Washington and Clackamas Counties, Oregon School District #23 (Tigard) (MBIA Corporation Insured) 2,700,000 5.375%, 06/15/14 pre-refunded Aaa/NR 2,929,527 2,525,000 5.375%, 06/15/20 pre-refunded Aaa/NR 2,739,650 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 2,127,254 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 pre-refunded Aa3/NR 1,343,524 5,000,000 zero coupon, 06/15/26 Aaa/NR 2,053,000 Yamhill County, Oregon School District #29J (Newberg) (MBIA Corporation Insured) 2,850,000 5.250%, 06/15/17 pre-refunded Aaa/NR 3,074,808 3,765,000 5.250%, 06/15/20 pre-refunded Aaa/NR 4,061,983 ---------------- Total General Obligation Bonds 229,207,307 ---------------- State of Oregon Revenue Bonds (44.5%) ----------------------------------------------------------------- Airport Revenue Bonds (0.7%) ----------------------------------------------------------------- Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aaa/AAA 3,143,820 --------------- Certificates of Participation Revenue Bonds (5.7%) Oregon State Department Administrative Services 595,000 5.000%, 11/01/19 Aaa/AAA 606,579 355,000 5.000%, 11/01/19 pre-refunded Aaa/AAA 362,434 Oregon State Department Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aaa/AAA 538,675 1,120,000 5.000%, 05/01/21 Aaa/AAA 1,176,638 3,500,000 6.000%, 05/01/26 pre-refunded Aaa/AAA 3,783,885 Oregon State Department Administrative Services (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.000%, 11/01/20 Aaa/AAA 2,155,080 2,660,000 5.000%, 11/01/23 Aaa/AAA 2,858,542 2,945,000 5.000%, 11/01/24 Aaa/AAA 3,164,815 1,475,000 5.000%, 11/01/26 Aaa/AAA 1,581,392 3,880,000 5.000%, 11/01/27 Aaa/AAA 4,166,344 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 1,135,000 5.000%, 05/01/15 Aaa/AAA 1,212,850 1,770,000 5.000%, 05/01/19 Aaa/AAA 1,891,758 1,000,000 5.000%, 05/01/22 Aaa/AAA 1,063,550 ---------------- Total Certificates of Participation Revenue Bonds 24,562,542 ---------------- Hospital Revenue Bonds (10.4%) ----------------------------------------------------------------- Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 A1/AA- 2,094,660 2,980,000 5.250%, 02/15/18 A1/AA- 3,106,620 4,025,000 5.250%, 05/01/21 A1/AA- 4,240,297 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 Aaa/AAA 2,734,667 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 pre-refunded NR/NR** 3,771,172 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 pre-refunded A1/NR 2,172,700 3,000,000 5.600%, 01/01/32 pre-refunded A1/NR 3,259,050 Klamath Falls, Oregon Inter Community Hospital (Merle West) (Assured Guaranty Corporation Insured) 1,000,000 4.500%, 09/01/33 NR/AAA 1,003,840 5,000,000 5.000%, 09/01/36 NR/AAA 5,310,550 Medford, Oregon Hospital Facilities Authority 705,000 5.000%, 08/15/18 pre-refunded Aaa/AAA 727,306 345,000 5.000%, 08/15/18 Aaa/AAA 354,108 Multnomah County, Oregon Hospital Facility Authority (Providence Health System) 2,390,000 5.250%, 10/01/22 Aa2/AA 2,590,378 Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project) 1,250,000 5.250%, 12/01/36 NR/NR* 1,279,725 Oregon Health Sciences University Series B (MBIA Corporation Insured) 1,400,000 5.250%, 07/01/15 Aaa/AAA 1,424,906 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 2,459,528 1,850,000 5.000%, 11/15/26 Aaa/AAA 1,941,815 1,430,000 5.000%, 11/15/32 Aaa/AAA 1,493,378 Salem, Oregon Hospital Facility Authority (Salem Hospital Project) 4,500,000 4.500%, 08/15/30 NR/A+ 4,460,985 Western Lane County, Oregon Hospital Facilities Authority (Sisters of St. Joseph Hospital) (MBIA Corporation Insured) 350,000 5.625%, 08/01/07 Aaa/AAA 350,207 ---------------- Total Hospital Revenue Bonds 44,775,892 ---------------- 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 4,196,840 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 NR/BBB+ 1,057,670 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 11,550,000 zero coupon, 07/01/21 Aaa/AAA 6,217,134 3,140,000 5.250%, 07/01/22 Aaa/AAA 3,378,452 Oregon State Facilities Authority (Linfield College) 2,115,000.00 5.000%, 10/01/25 Baa1/NR 2,207,679 Oregon State Facilities Authority (Willamette University) (Financial Guaranty Corporation Insured) 500,000 5.125%, 10/01/25 NR/AAA 541,890 State of Oregon Housing and Community Services 5,000 5.900%, 07/01/12 Aa2/NR 5,079 130,000 6.700%, 07/01/13 Aa2/NR 130,576 365,000 6.000%, 07/01/20 Aa2/NR 376,844 985,000 4.650%, 07/01/25 Aa2/NR 1,013,545 1,205,000 5.400%, 07/01/27 Aa2/NR 1,236,776 ---------------- Total Housing, Educational, and Cultural Revenue Bonds 20,362,485 ---------------- Transportation Revenue Bonds (4.7%) ----------------------------------------------------------------- Oregon St. Department Transportation Highway Usertax 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AAA 3,319,544 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AAA 2,715,224 4,545,000 5.125%, 11/15/26 Aa2/AAA 4,843,925 2,155,000 5.000%, 11/15/28 Aa2/AAA 2,312,768 1,000,000 5.000%, 11/15/29 Aa2/AAA 1,059,930 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded Aa3/AA+ 1,539,446 1,775,000 5.000%, 09/01/16 Aa3/AA+ 1,882,884 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 pre-refunded NR/AA- 2,625,175 ---------------- Total Transportation Revenue Bonds 20,298,896 ---------------- Urban Renewal Revenue Bonds (3.1%) ----------------------------------------------------------------- Portland, Oregon Airport Way Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 pre-refunded Aaa/NR 1,779,876 1,765,000 5.750%, 06/15/20 pre-refunded Aaa/NR 1,901,364 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,915,000 5.000%, 06/15/20 Aaa/NR 2,028,425 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aaa/NR 1,233,432 2,000,000 5.450%, 06/15/19 Aaa/NR 2,122,540 Portland Oregon Urban Renewal Tax Allocation (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,890,000 5.250%, 06/15/20 Aaa/NR 2,079,227 1,990,000 5.250%, 06/15/21 Aaa/NR 2,184,722 ---------------- Total Urban Renewal Revenue Bonds 13,329,586 ---------------- Utility Revenue Bonds (0.8%) ----------------------------------------------------------------- Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa/NR 1,574,339 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,600,000 5.000%, 08/01/18 Aaa/AAA 1,635,440 ---------------- Total Utility Revenue Bonds 3,209,779 ---------------- Water and Sewer Revenue Bonds (13.1%) ----------------------------------------------------------------- Bend, Oregon Sewer Revenue (AMBAC Indemnity Corporation Insured) 1,130,000 5.150%, 10/01/14 pre-refunded Aaa/NR 1,189,924 Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded Aaa/AAA 1,644,668 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa/AAA 1,786,680 Lane County, Oregon Metropolitan Wastewater Management (Financial Guaranty Insurance Corporation Insured) 1,615,000 4.750%, 11/01/26 Aaa/AAA 1,689,791 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa/AAA 1,055,070 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,500,000 5.750%, 08/01/19 pre-refunded Aaa/AAA 2,676,975 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa/AAA 2,985,630 4,595,000 5.000%, 06/01/17 Aaa/AAA 4,971,330 3,470,000 5.000%, 06/01/21 Aaa/AAA 3,670,358 Portland, Oregon Sewer System (MBIA Corporation Insured) 1,610,000 5.000%, 06/15/27 Aaa/AAA 1,723,811 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 pre-refunded Aa1/NR 7,883,602 1,235,000 5.500%, 08/01/20 pre-refunded Aa1/NR 1,312,163 Portland, Oregon Water System (MBIA Corporation Insured) 3,415,000.00 4.375%, 10/01/25 Aaa/NR 3,451,301 Salem, Oregon Water & Sewer (Financial Guaranty Insurance Corporation Insured) 1,040,000 5.000%, 06/01/17 Aaa/AAA 1,128,296 Salem, Oregon Water & Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa/AAA 1,115,470 1,970,000 5.375%, 06/01/16 pre-refunded Aaa/AAA 2,079,847 3,025,000 5.500%, 06/01/20 pre-refunded Aaa/AAA 3,205,714 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 2,630,000 5.000%, 03/01/19 Aaa/AAA 2,814,126 1,350,000 5.250%, 03/01/24 Aaa/AAA 1,466,316 Sunrise Water Authority, Oregon (XLCA Insured) 1,000,000 5.000%, 09/01/25 Aaa/AAA 1,061,990 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aaa/AAA 1,052,053 3,525,000 5.125%, 10/01/17 Aaa/AAA 3,724,127 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 Aaa/AAA 2,481,029 ---------------- Total Water and Sewer Revenue Bonds 56,170,271 ---------------- Other Revenue Bonds (1.3%) ----------------------------------------------------------------- Multnomah County, Oregon School District #1J, Special Obligations 345,000 5.000%, 03/01/07 A2/A- 345,756 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,000,000 5.750%, 04/01/14 pre-refunded Aaa/AAA 2,107,480 3,040,000 5.000%, 04/01/19 Aaa/AAA 3,235,198 ---------------- Total Other Revenue Bonds 5,688,434 ---------------- Total Revenue Bonds 191,541,705 ---------------- U.S. Territory (1.4%) ----------------------------------------------------------------- Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aaa/AAA 538,705 5,000,000 5.250%, 08/01/20 Aaa/AAA 5,363,600 ---------------- Total U.S. Territory Bonds 5,902,305 ---------------- Total Municipal Bonds (cost $407,992,900-note b) 99.2% 426,651,317 Other assets less liabilities 0.8 3,465,828 ---------------------------------- Net Assets 100.0% $ 430,117,145 ==================================
(*) 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. (**) Rated AAA by Fitch. Percent of Portfolio Distribution By Quality Rating (unaudited) Portfolio Aaa of Moody's or AAA of S&P or Fitch 72.0 % Aa of Moody's or AA of S&P 24.1 A of Moody's or S&P 2.8 Baa of Moody's or BBB of S&P 0.2 Not rated* 0.9 ----- 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, 2006, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $407,992,900 amounted to $18,658,417, which consisted of aggregate gross unrealized appreciation of $18,707,834 and aggregate gross unrealized depreciation of $49,417. 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, 2007 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 24, 2007 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 27, 2007