-----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, Ac+B2EcXxx3vKw8aiBnAADL/h4FSJXzoz60wTZMZ9oxHwGEkZ7RrISKemcG3gvrB 2DHvVfyYYCZvW3XVZWNE8g== 0000791049-08-000021.txt : 20080827 0000791049-08-000021.hdr.sgml : 20080827 20080827155731 ACCESSION NUMBER: 0000791049-08-000021 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080827 DATE AS OF CHANGE: 20080827 EFFECTIVENESS DATE: 20080827 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: 081042129 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 6/30/08 FORM N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4626 Tax-Free Trust of Oregon (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Registrant's Telephone Number, including Area Code: (212) 697-6666 Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Date of fiscal year end: September 30, 2007 Date of reporting period: June 30, 2008 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, 2008 (unaudited)
Rating Principal Moody's/ Amount State of Oregon General Obligation Bonds (39.7%) S&P Value (a) - -------------------- -------------------------------------------------------------- -------------- -------------------- Bend, Oregon Transportation Highway System (MBIA Corporation Insured) $ 1,135,000 5.300%, 09/01/17 A1/NR $ 1,172,330 Benton and Linn Counties, Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 pre-refunded Aaa/NR 5,009,556 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured), 1,385,000 5.500%, 06/01/14 Escrowed to Maturity NR/NR*** 1,520,079 Clackamas, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 3,955,000 5.250%, 06/15/17 pre-refunded Aa2/AA- 4,199,775 Clackamas, Oregon Community College District (MBIA Corporation Insured) 1,535,000 5.000%, 05/01/25 A1/AA 1,560,742 Clackamas, Oregon School District #12 (North Clackamas) Convertible Capital Appreciation Bonds (Financial Security Assurance Insured) (converts to a 5% coupon on 06/15/11) 4,250,000 zero coupon, 06/15/29 Aaa/AAA 3,694,483 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 2,000,000 4.500%, 06/15/30 Aaa/AAA 1,924,340 3,115,000 4.750%, 06/15/31 Aaa/AAA 3,093,413 Clackamas County, Oregon School District #62 (Oregon City) (State School Bond Guaranty Program) 1,055,000 5.500%, 06/15/20 pre-refunded Aa2/AAA 1,111,137 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 2,240,000 5.000%, 06/15/19 Aaa/AAA 2,358,026 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aaa/AAA 1,379,680 2,000,000 5.000%, 06/15/25 pre-refunded Aaa/AAA 2,109,780 Clackamas County, Oregon Tax Allocation 705,000 6.500%, 05/01/20 NR/NR* 706,072 Columbia County, Oregon School District #502 (Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 A2/NR 1,531,241 Deschutes County, Oregon (Financial Security Assurance Insured) 1,615,000 5.000%, 12/01/15 Aaa/NR 1,703,712 2,260,000 5.000%, 12/01/16 Aaa/NR 2,378,492 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 1,223,879 1,300,000 5.500%, 06/15/16 pre-refunded Aaa/NR 1,389,557 1,355,000 5.500%, 06/15/18 pre-refunded Aaa/NR 1,448,346 3,000,000 5.125%, 06/15/21 pre-refunded Aaa/NR 3,175,170 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,735,000 5.250%, 06/15/19 Aaa/AAA 1,906,349 1,030,000 5.250%, 06/15/21 Aaa/AAA 1,127,438 Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aa2/NR 1,026,350 2,330,000 zero coupon, 06/15/22 Aa2/NR 1,136,993 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 1,076,681 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aaa/NR 1,220,500 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,395,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,491,102 Jackson County, Oregon School District #9 (Eagle Point) (MBIA Corporation Insured) 2,080,000 5.500%, 06/15/15 Aa2/NR 2,296,840 1,445,000 5.500%, 06/15/16 Aa2/NR 1,602,751 Jackson County, Oregon School District #9 (Eagle Point) (State School Bond Guaranty Program) 1,120,000 5.625%, 06/15/17 pre-refunded Aa2/NR 1,201,077 1,880,000 5.000%, 06/15/21 pre-refunded Aa2/NR 1,983,193 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa2/NR 1,857,310 Jackson County, Oregon School District #549C (Medford) (Financial Security Assurance Insured) 2,000,000 4.750%, 12/15/29 Aaa/AAA 1,978,720 3,000,000 5.000%, 12/15/32 Aaa/AAA 3,040,530 Jackson County, Oregon School District #549C (Medford) (School Board Guaranty) 1,000,000 4.625%, 06/15/27 Aa2/AA 1,001,950 1,000,000 4.625%, 06/15/30 Aa2/AA 967,160 1,000,000 5.000%, 06/15/33 Aa2/AA 1,014,070 Jefferson County, Oregon School District #509J (Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 NR/AA 1,268,606 1,025,000 5.250%, 06/15/17 NR/AA 1,061,511 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aaa/NR 1,890,164 Keizer, Oregon 2,500,000 5.200%, 06/01/31 A3/NR 2,476,750 Lane County, Oregon School District #19 (Springfield) (Financial Security Assurance Insured) 3,425,000 zero coupon, 06/15/29 Aaa/NR 1,091,753 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA 1,502,730 Lincoln County, Oregon School District (Financial Guaranty Insurance Corporation Insured) 1,245,000 5.250%, 06/15/12 A2/NR 1,285,027 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA 1,748,329 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) 3,000,000 5.600%, 06/15/30 pre-refunded NR/AA 3,279,720 Linn County, Oregon School District #9 (Lebanon) (MBIA Corporation Insured) 2,500,000 5.000%, 06/15/30 A2/AA 2,522,425 Metro, Oregon 1,100,000 5.000%, 06/01/18 Aaa/AAA 1,181,741 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aaa/AAA 1,878,880 Multnomah County, Oregon School District #7 (Reynolds) (MBIA Corporation Insured) 2,625,000 5.000%, 06/01/25 A2/NR 2,658,758 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa2/AA 535,465 2,375,000 5.125%, 06/15/19 pre-refunded Aa2/AA 2,510,233 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,500,000 5.500%, 06/15/18 pre-refunded Aaa/AAA 1,603,335 4,275,000 5.250%, 06/15/19 Aaa/AAA 4,697,199 2,650,000 5.000%, 06/15/21 pre-refunded Aaa/AAA 2,795,459 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.250%, 12/15/18 Aaa/NR 2,954,137 Oregon Coast Community College District (MBIA Corporation Insured) 1,590,000 5.250%, 06/15/17 Aa2/NR 1,683,063 Pacific City, Oregon Joint Water - Sanitary Authority 1,830,000 4.800%, 07/01/27 NR/NR* 1,830,000 Polk, Marion & Benton Counties, Oregon School District #13J (Central) (Financial Security Assurance Insured) 1,520,000 5.000%, 06/15/21 Aaa/AAA 1,600,636 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,022,000 2,975,000 zero coupon, 06/01/15 Aa2/NR 2,200,697 1,120,000 5.125%, 06/01/18 Aaa/NR 1,133,126 10,070,000 4.350%, 06/01/23 Aa1/NR 10,078,459 Portland, Oregon Community College District 2,350,000 5.000%, 06/01/21 pre-refunded Aa2/AA 2,473,986 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aa2/AA 1,468,600 Salem-Keizer, Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 5.000%, 06/15/19 Aaa/AAA 1,046,530 Southwestern Oregon Community College District (MBIA Corporation Insured) 1,120,000 6.000%, 06/01/25 pre-refunded A2/AA 1,188,790 State of Oregon 2,115,000 5.250%, 10/15/14 Aa2/AA 2,264,404 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa2/AA 575,574 2,560,000 5.500%, 08/01/21 pre-refunded Aa2/AA 2,686,566 2,000,000 5.000%, 08/01/21 Aa2/AA 2,098,280 2,130,000 5.000%, 08/01/22 Aa2/AA 2,152,748 State of Oregon Elderly and Disabled Housing 35,000 6.250%, 08/01/13 Aa2/AA 35,103 State of Oregon Veterans' Welfare 700,000 9.200%, 10/01/08 Aa2/NR 712,446 595,000 5.200%, 10/01/18 Aa2/AA 599,177 550,000 4.800%, 12/01/22 Aa2/AA 538,775 400,000 4.900%, 12/01/26 Aa2/AA 393,316 The Dalles, Oregon 230,000 4.000%, 06/01/20 NR/A 226,564 155,000 4.000%, 06/01/21 NR/A 151,327 130,000 4.125%, 06/01/22 NR/A 127,633 100,000 4.200%, 06/01/23 NR/A 98,256 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aaa/AAA 1,206,108 1,400,000 5.500%, 06/15/17 Aaa/AAA 1,566,712 1,790,000 5.500%, 06/15/20 Aaa/AAA 2,003,261 Washington County, Oregon 2,465,000 5.000%, 06/01/23 Aa2/NR 2,576,640 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 1,760,000 5.375%, 06/15/16 pre-refunded Aaa/NR 1,875,086 2,000,000 5.000%, 06/15/21 pre-refunded Aaa/NR 2,109,780 Washington County, Oregon School District #48J (Beaverton) 1,620,000 5.125%, 01/01/16 pre-refunded Aa2/AA- 1,698,554 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) 1,295,000 5.250%, 06/01/13 pre-refunded Aa3/NR 1,336,129 Washington, Multnomah and Yamhill County, Oregon School District #1J (Hillsboro) (MBIA Corporation Insured) 8,500,000 zero coupon, 06/15/26 Aa3/NR 3,170,500 Yamhill County, Oregon School District #40 (McMinnville) (Financial Security Assurance Insured) 1,375,000 5.000%, 06/15/22 Aaa/NR 1,441,688 -------------------- Total General Obligation Bonds 164,931,560 -------------------- State of Oregon Revenue Bonds (55.0%) -------------------------------------------------------------- Airport Revenue Bonds (0.9%) -------------------------------------------------------------- Jackson County, Oregon Airport Revenue (XLCA Insured) 750,000 5.250%, 12/01/32 Baa1/BBB- 752,175 Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 3,000,000 5.500%, 07/01/24 Aa3/AA 3,056,610 -------------------- Total Airport Revenue Bonds 3,808,785 -------------------- Certificates of Participation Revenue Bonds (5.6%) -------------------------------------------------------------- Oregon State Department Administrative Services (AMBAC Indemnity Corporation Insured) 595,000 5.000%, 11/01/19 Aa3/AA 600,206 Oregon State Department of Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aa3/AA 528,570 3,500,000 6.000%, 05/01/26 pre-refunded Aaa/AA 3,742,375 Oregon State Department of Administrative Services (Financial Guaranty Insurance Corporation Insured) 2,000,000 5.000%, 11/01/20 Aa3/AA- 2,065,500 2,660,000 5.000%, 11/01/23 Aa3/AA- 2,723,494 2,945,000 5.000%, 11/01/24 Aa3/AA- 3,009,201 1,475,000 5.000%, 11/01/26 Aa3/AA- 1,497,995 1,145,000 5.000%, 05/01/27 Aa3/AA- 1,158,774 3,880,000 5.000%, 11/01/27 Aa3/AA- 3,940,489 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 750,000 5.000%, 05/01/19 Aaa/AAA 784,238 1,000,000 5.000%, 05/01/22 Aaa/AAA 1,036,210 2,280,000 4.500%, 11/01/32 Aaa/AAA 2,176,009 -------------------- Total Certificates of Participation Revenue Bonds 23,263,061 -------------------- Hospital Revenue Bonds (10.7%) -------------------------------------------------------------- Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 A1/AA- 2,039,700 2,980,000 5.250%, 02/15/18 A1/AA- 3,034,892 4,025,000 5.250%, 05/01/21 A1/AA- 4,092,982 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (MBIA Corporation Insured) 2,650,000 4.750%, 02/15/11 A1/AA 2,711,374 Clackamas County, Oregon Hospital Facilities Authority (Mary's Woods) 3,480,000 6.625%, 05/15/29 pre-refunded+ NR/NR** 3,671,226 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 pre-refunded A1/NR 2,150,640 3,000,000 5.600%, 01/01/32 pre-refunded A1/NR 3,225,960 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) (AMBAC Insured) 4,800,000 5.375%, 01/01/35 Aa3/AA 4,749,840 Klamath Falls, Oregon Inter Community Hospital (Merle West) (Assured Guaranty Corporation Insured) 5,000,000 5.000%, 09/01/36 NR/AAA 4,947,500 Medford, Oregon Hospital Facilities Authority 7 Day Auction Bond (Asante Health System) (MBIA Corporation Insured) 1,000,000 8.080%, 08/15/29 A2/AA 1,000,000 Medford, Oregon Hospital Facilities Authority (MBIA Corporation Insured) 345,000 5.000%, 08/15/18 A2/AA 348,302 Multnomah County, Oregon Hospital Facilities Authority (Providence Health System) 1,390,000 5.250%, 10/01/22 Aa2/AA 1,434,647 Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project) 1,250,000 5.250%, 12/01/36 NR/NR* 1,007,613 Oregon Health Sciences University Series B (MBIA Corporation Insured) 1,400,000 5.250%, 07/01/15 A2/AA 1,402,590 Salem, Oregon Hospital 3,300,000 4.500%, 08/15/30 NR/A+ 2,992,968 State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth) (AMBAC Indemnity Corporation Insured) 2,300,000 5.250%, 11/15/17 Aa3/AA 2,421,624 1,850,000 5.000%, 11/15/26 Aa3/AA 1,865,041 1,430,000 5.000%, 11/15/32 Aa3/AA 1,425,925 -------------------- Total Hospital Revenue Bonds 44,522,824 -------------------- Housing, Educational, and Cultural Revenue Bonds (8.5%) -------------------------------------------------------------- Forest Grove, Oregon (Pacific University) (Radian Insured) 4,000,000 5.000%, 05/01/22 A3/A 4,020,400 Forest Grove, Oregon Student Housing (Oak Tree Foundation) 5,750,000 5.500%, 03/01/37 NR/NR* 5,087,428 Multnomah County, Oregon Educational Facility (University of Portland) 1,000,000 6.000%, 04/01/20 pre-refunded NR/BBB+ 1,056,170 Oregon Health Sciences University, Oregon (MBIA Corporation Insured) 11,550,000 zero coupon, 07/01/21 A2/AA 5,964,074 3,140,000 5.250%, 07/01/22 A2/AA 3,210,493 Oregon State Facilities Authority (Linfield College) 2,115,000 5.000%, 10/01/25 Baa1/NR 2,064,705 Oregon State Facilities Authority Revenue (University of Portland) 5,000,000 5.000%, 04/01/32 NR/BBB+ 4,670,350 Oregon State Facilities Authority (Willamette University) (Financial Guaranty Corporation Insured) 500,000 5.125%, 10/01/25 NR/A 506,145 Oregon State Facilities Authority Revenue (Willamette University) 5,000,000 5.000%, 10/01/32 NR/A 4,903,200 State of Oregon Housing and Community Services 5,000 5.900%, 07/01/12 Aa2/NR 5,042 95,000 6.700%, 07/01/13 Aa2/NR 95,238 290,000 6.000%, 07/01/20 Aa2/NR 292,134 2,580,000 4.650%, 07/01/25 Aa2/NR 2,491,738 1,000,000 5.400%, 07/01/27 Aa2/NR 997,760 -------------------- Total Housing, Educational, and Cultural Revenue Bonds 35,364,877 -------------------- Public Facilities Revenue Bonds (0.3%) -------------------------------------------------------------- Port of Morrow, Oregon 1,250,000 5.000%, 06/01/25 NR/NR* 1,144,350 -------------------- Total Public Facilities Revenue Bonds 1,144,350 -------------------- Transportation Revenue Bonds (5.9%) -------------------------------------------------------------- Oregon St. Department Transportation Highway Usertax 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AAA 3,293,439 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AAA 2,707,559 1,200,000 5.000%, 11/15/22 Aa2/AAA 1,246,296 1,260,000 5.000%, 11/15/23 Aa2/AAA 1,305,058 4,545,000 5.125%, 11/15/26 pre-refunded Aa2/AAA 4,879,557 2,155,000 5.000%, 11/15/28 Aa2/AAA 2,214,176 1,000,000 5.000%, 11/15/29 Aa2/AAA 1,019,040 2,165,000 4.500%, 11/15/32 Aa2/AAA 2,087,233 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded NR/AAA 1,528,733 1,775,000 5.000%, 09/01/16 Aa3/AAA 1,868,205 Tri-County Metropolitan Transportation District, Oregon (LOC: Morgan Guaranty Trust) 2,500,000 5.400%, 06/01/19 pre-refunded NR/AAA 2,605,050 -------------------- Total Transportation Revenue Bonds 24,754,346 -------------------- Urban Renewal Revenue Bonds (3.6%) -------------------------------------------------------------- Portland, Oregon Airport Way Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 pre-refunded Aa3/NR 1,758,326 1,765,000 5.750%, 06/15/20 pre-refunded Aa3/NR 1,884,014 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,915,000 5.000%, 06/15/20 Aa3/NR 1,968,141 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aa3/NR 1,208,869 2,000,000 5.450%, 06/15/19 Aa3/NR 2,078,460 Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor) (Financial Guaranty Insurance Corporation Insured) 1,890,000 5.250%, 06/15/20 A3/NR 1,960,043 1,990,000 5.250%, 06/15/21 A3/NR 2,055,391 2,030,000 5.000%, 06/15/23 A3/NR 2,040,597 -------------------- Total Urban Renewal Revenue Bonds 14,953,841 -------------------- Utility Revenue Bonds (2.2%) -------------------------------------------------------------- Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aaa/NR 1,529,292 Eugene, Oregon Electric Utility (Financial Security Assurance Insured) 1,600,000 5.000%, 08/01/18 Aaa/AAA 1,601,360 Eugene, Oregon Electric Utility 5,935,000 5.000%, 08/01/30++ A1/AA- 5,981,530 -------------------- Total Utility Revenue Bonds 9,112,182 -------------------- Water and Sewer Revenue Bonds (15.6%) -------------------------------------------------------------- Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded Aa3/AA 1,629,898 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aaa/AAA 1,727,051 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aaa/AAA 1,039,750 Portland, Oregon Sewer System 5,000,000 5.000%, 06/15/33 A1/AA- 5,090,150 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,500,000 5.750%, 08/01/19 pre-refunded Aa3/AA- 2,651,450 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aaa/AAA 2,931,313 4,595,000 5.000%, 06/01/17 Aaa/AAA 4,898,454 3,470,000 5.000%, 06/01/21 Aaa/AAA 3,587,251 Portland, Oregon Sewer System (MBIA Corporation Insured) 4,410,000 5.000%, 06/15/25 Aa3/AA 4,573,787 4,630,000 5.000%, 06/15/26 Aa3/AA 4,786,309 1,610,000 5.000%, 06/15/27 Aa3/AA 1,638,481 Portland, Oregon Water System 7,420,000 5.500%, 08/01/19 pre-refunded Aa1/NR 7,839,972 1,235,000 5.500%, 08/01/20 pre-refunded Aa1/NR 1,304,901 Portland, Oregon Water System (MBIA Corporation Insured) 2,725,000 4.500%, 10/01/27 Aa2/NR 2,629,516 Salem, Oregon Water & Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aaa/AAA 1,102,570 1,970,000 5.375%, 06/01/16 pre-refunded Aaa/AAA 2,068,224 3,025,000 5.500%, 06/01/20 pre-refunded+ Aaa/AAA 3,182,814 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 2,630,000 5.000%, 03/01/19 Aaa/AAA 2,752,427 1,350,000 5.250%, 03/01/24 Aaa/AAA 1,419,296 Sunrise Water Authority, Oregon (XLCA Insured) 1,000,000 5.000%, 09/01/25 NR/BBB- 989,710 Washington County, Oregon Clean Water Services (Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 A1/AA- 1,034,462 3,525,000 5.125%, 10/01/17 A1/AA- 3,627,014 Washington County, Oregon Clean Water Services (MBIA Corporation Insured) 2,235,000 5.250%, 10/01/15 A2/AA 2,438,407 -------------------- Total Water and Sewer Revenue Bonds 64,943,207 -------------------- Other Revenue Bonds (1.7%) -------------------------------------------------------------- Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 3,040,000 5.000%, 04/01/19 Aaa/AAA 3,177,013 3,740,000 5.000%, 04/01/27 Aaa/AAA 3,851,863 -------------------- Total Other Revenue Bonds 7,028,876 -------------------- Total Revenue Bonds 228,896,349 -------------------- U.S. Territory (4.9%) -------------------------------------------------------------- Puerto Rico Commonwealth Aqueduct & Sewer Authority (Assured Guaranty Corporation Insured) 3,000,000 5.000%, 07/01/28 Aaa/AAA 3,051,960 Puerto Rico Commonwealth General Obligation 5,000,000 5.000%, 07/01/28 Baa3/BBB- 4,769,000 Puerto Rico Commonwealth General Obligation 1,000,000 5.500%, 07/01/32 Baa3/BBB- 1,001,520 Puerto Rico Commonwealth General Obligation (MBIA Insured) 1,500,000 6.000%, 07/01/28 A2/AA 1,583,040 Puerto Rico Electric Power Authority 1,000,000 5.250%, 07/01/33 A3/BBB+ 1,000,770 Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aaa/AAA 522,710 5,000,000 5.250%, 08/01/20 Aaa/AAA 5,172,000 Puerto Rico Public Buildings Authority Revenue (Commonwealth Guaranteed) 3,000,000 6.250%, 07/01/31 Baa3/BBB- 3,266,790 -------------------- Total U.S. Territory Bonds 20,367,790 -------------------- Total Municipal Bonds (cost $407,396,703-note b) 99.6% 414,195,699 Other assets less liabilities 0.4 1,797,427 -------------- -------------------- Net Assets 100.0% $ 415,993,126 ============== ====================
(*) 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. Fitch Rating: ** AAA *** BBB Percent of Portfolio Distribution By Quality Rating Portfolio + ---------------------------------------- ----------- Aaa of Moody's or AAA of S&P or Fitch 37.9 % Aa of Moody's or AA of S&P 46.6 A of Moody's or S&P 8.3 Baa of Moody's or BBB of S&P or Fitch 4.8 Not rated* 2.4 ------- 100.0 % ======= + Calculated using the highest rating of the three rating services. + Security are pledged as collateral for the Trust's when - issued commitments. ++ Security traded on a "when-issued" basis. PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance NR - Not Rated XLCA - XL Capita-l Assurance See accompanying notes to financial statements. TAX-FREE TRUST OF OREGON NOTES TO FINANCIAL STATEMENTS (unaudited) (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, 2008, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $407,137,111 amounted to $7,058,588, which consisted of aggregate gross unrealized appreciation of $11,223,877 and aggregate gross unrealized depreciation of $4,165,289. (c) Recent Developments 1) The Davis case: In May, 2007, the U. S. Supreme Court agreed to hear an appeal in Department of Revenue of Kentucky v. Davis, a case concerning the constitutionality of differential tax treatment for interest from in- state vs. out-of-state municipal securities, a practice which is common among the majority of the states. On May 19, 2008, the U. S. Supreme Court upheld the right of states to tax interest on out-of-state municipal bonds while exempting their own state's bond interest from taxation. The U. S. Supreme Court said differential tax treatment for interest from in-state vs. out-of-state municipal securities does not discriminate against interstate commerce, but rather promotes the financing of essential governmental services. 2) Insurers: Over the past few months, municipal bond insurance companies have been under review by the three major rating agencies: Standard & Poor's, Moody's and Fitch. The ratings of some of the insurance companies have now either been downgraded and/or have a negative outlook. The financial markets continue to assess the severity of the losses caused by the subprime credit crisis and its impact on municipal bond insurance companies and the prices of insured municipal bonds. 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 ------------------------------- Diana P. Herrmann Vice Chair, President and Trustee August 27, 2008 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 27, 2008 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 27, 2008 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 27, 2008 /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 27, 2008 /s/ Joseph P. DiMaggio - -------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----