-----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, D8A+5ipDAtWPYQuDkN/n19dZuee64WNuXyjADSmlTAJw1+JE9GNcMwPVMQMGVExj Q1onD9xnaPGgHObeQ/u3JQ== 0000791049-09-000014.txt : 20090821 0000791049-09-000014.hdr.sgml : 20090821 20090821162924 ACCESSION NUMBER: 0000791049-09-000014 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090821 DATE AS OF CHANGE: 20090821 EFFECTIVENESS DATE: 20090821 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: 091028916 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 06/30/2009 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, 2008 Date of reporting period: June 30, 2009 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, 2009 (unaudited)
Rating Principal Moody's/ Amount State of Oregon General Obligation Bonds (41.4%) S&P Value (a) Bend, Oregon Transportation Highway System (National-re Insured) $1,135,000 5.300%, 09/01/17 A1/NR $1,164,839 Benton and Linn Counties, Oregon School District #509J (Financial Security Assurance Insured) 4,670,000 5.000%, 06/01/21 pre-refunded Aa2/NR** 5,266,452 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured), 1,385,000 5.500%, 06/01/14 Escrowed to Maturity NR/NR* 1,574,191 Chemeketa, Oregon Community College District (State School Guaranty Program) 1,235,000 5.000%, 06/15/25 NR/AA 1,319,388 1,540,000 5.000%, 06/15/26 NR/AA 1,635,726 City of Lake Oswego, Oregon Series A 3,500,000 4.500%, 12/01/34 Aa1/AAA 3,317,160 Clackamas, Oregon Community College District (National-re Insured) 1,535,000 5.000%, 05/01/25 A1/AA- 1,587,743 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 Aa2/AAA 3,874,980 Clackamas County, Oregon School District #12 (North Clackamas) (Financial Security Assurance Insured) 2,000,000 4.500%, 06/15/30 Aa2/AAA 1,934,060 3,115,000 4.750%, 06/15/31 Aa2/AAA 3,098,117 Clackamas County, Oregon School District No. 46, (Oregon Trail) Series A 2,000,000 5.000%, 06/15/32 School Bond Guaranty Program NR/AA 2,003,040 3,780,000 4.750%, 06/15/32 School Bond Guaranty Program NR/AA 3,651,745 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 1,105,207 Clackamas County, Oregon School District #86 (Canby) (Financial Security Assurance Insured) 2,240,000 5.000%, 06/15/19 Aa2/AAA 2,392,768 Clackamas County, Oregon School District #108 (Estacada) (Financial Security Assurance Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aa3/AAA 1,404,712 2,000,000 5.000%, 06/15/25 pre-refunded Aa3/AAA 2,155,060 Clackamas County, Oregon School District #115 (Gladstone) (National-re Insured) (State School Bond Guaranty Program) 5,000,000 zero coupon, 06/15/27 Baa1/AA 1,854,650 Clackamas County, Oregon Tax Allocation 705,000 6.500%, 05/01/20 NR/NR* 649,361 Clackamas & Washington Counties, Oregon School District No. 003 (West Linn-Wilsonville) 500,000 5.000%, 06/15/34 School Bond Guaranty Program Aa2/AA 508,610 Clackamas & Washington Counties, Oregon School District #3J (West Linn - Wilsonville) (State School Bond Guaranty Program) 2,000,000 4.500%, 06/15/29 Aa2/AA 2,001,540 2,000,000 4.750%, 06/15/32 Aa2/AA 2,006,240 3,000,000 5.000%, 06/15/33 Aa2/AA 3,054,030 Columbia County, Oregon School District #502 (National-re Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 A2/A 1,705,349 Deschutes County, Oregon (Financial Security Assurance Insured) 2,260,000 5.000%, 12/01/16 Aa3/NR** 2,411,149 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) (Financial Security Assurance Insured) 1,300,000 5.500%, 06/15/16 pre-refunded Aa2/NR** 1,413,256 1,355,000 5.500%, 06/15/18 pre-refunded Aa2/NR** 1,473,048 3,000,000 5.125%, 06/15/21 pre-refunded Aa2/NR** 3,239,790 Deschutes County, Oregon School District #6 (Sisters) (Financial Security Assurance Insured) 1,735,000 5.250%, 06/15/19 Aa3/AAA 1,999,067 1,030,000 5.250%, 06/15/21 Aa3/AAA 1,179,741 Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (National-re Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aa2/NR 1,043,500 2,330,000 zero coupon, 06/15/22 Aa2/NR 1,257,944 Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (School Bond Guaranty Program) 1,025,000 zero coupon, 06/15/23 Aa2/NR 525,497 2,775,000 zero coupon, 06/15/29 Aa2/NR 970,196 5,000,000 6.000%, 06/15/31 Aa2/NR 5,512,150 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 1,070,235 Gresham, Oregon (Financial Security Assurance Insured) 1,155,000 5.375%, 06/01/18 Aa3/NR** 1,220,789 Jackson County, Oregon School District #4 (Phoenix-Talent) (Financial Security Assurance Insured) 1,395,000 5.500%, 06/15/18 pre-refunded Aa3/AAA 1,517,941 Jackson County, Oregon School District #9 (Eagle Point) (National-re Insured) 2,080,000 5.500%, 06/15/15 Aa2/NR 2,407,600 1,445,000 5.500%, 06/15/16 Aa2/NR 1,681,633 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 1,221,394 1,880,000 5.000%, 06/15/21 pre-refunded Aa2/NR 2,027,636 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa2/NR 1,923,478 Jackson County, Oregon School District #549C (Medford) (Financial Security Assurance Insured) 2,000,000 4.750%, 12/15/29 Aa2/AAA 2,016,560 3,000,000 5.000%, 12/15/32 Aa2/AAA 3,032,850 Jackson County, Oregon School District #549C (Medford) (School Board Guaranty) 1,000,000 4.625%, 06/15/27 Aa2/AA 1,006,160 1,000,000 4.625%, 06/15/30 Aa2/AA 983,500 1,000,000 5.000%, 06/15/33 Aa2/AA 1,009,300 Jefferson County, Oregon School District #509J (National-re Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 NR/AA 1,294,230 1,025,000 5.250%, 06/15/17 NR/AA 1,072,663 Josephine County, Oregon Three Rivers School District (Financial Security Assurance Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aa2/NR** 1,926,530 Keizer, Oregon 2,500,000 5.200%, 06/01/31 A3/NR 2,426,725 Lane County, Oregon School District #19 (Springfield) (Financial Security Assurance Insured) 3,425,000 zero coupon, 06/15/29 Aa2/NR 1,037,604 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA 1,497,081 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA 1,739,813 Linn County, Oregon School District #9 (Lebanon) (Financial Guaranty Insurance Corporation Insured) (State School Bond Guaranty Program) 3,000,000 5.600%, 06/15/30 pre-refunded NR/AA 3,436,800 Linn County, Oregon School District #9 (Lebanon) (National-re Insured) (State School Bond Guaranty Program) 2,500,000 5.000%, 06/15/30 Baa1/AA 2,514,150 Metro, Oregon 1,100,000 5.000%, 06/01/18 Aaa/AAA 1,244,639 Morrow County, Oregon School District #1 (Financial Security Assurance Insured) 1,710,000 5.250%, 06/15/19 Aa3/AAA 1,970,262 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa2/AA 544,760 2,375,000 5.125%, 06/15/19 pre-refunded Aa2/AA 2,564,834 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Financial Security Assurance Insured) 1,500,000 5.500%, 06/15/18 pre-refunded Aa3/AAA 1,630,680 4,275,000 5.250%, 06/15/19 Aa2/AAA 4,925,655 2,650,000 5.000%, 06/15/21 pre-refunded Aa3/AAA 2,855,455 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Financial Security Assurance Insured) 2,680,000 5.250%, 12/15/18 Aa3/NR** 2,981,312 Multnomah and Clackamas Counties, Oregon School District #51J (Riverdale) (State School Bond Guaranty Program) 1,250,000 zero coupon, 06/15/31 NR/AA 376,850 1,300,000 zero coupon, 06/15/32 NR/AA 364,520 1,325,000 zero coupon, 06/15/33 NR/AA 350,675 1,365,000 zero coupon, 06/15/34 NR/AA 340,103 Oregon Coast Community College District (National-re Insured) (State School Bond Guaranty Program) 1,590,000 5.250%, 06/15/17 Aa2/NR 1,709,997 Pacific City, Oregon Joint Water - Sanitary Authority 1,830,000 4.800%, 07/01/27 NR/NR* 1,699,960 Polk, Marion & Benton Counties, Oregon School District #13J (Central) (Financial Security Assurance Insured) 1,520,000 5.000%, 06/15/21 Aa3/AAA 1,638,590 Polk Marion & Benton Counties, Oregon School District No. 13J (Central) Series B (State School Bond Guaranty Program) 5,650,000 zero coupon, 06/15/32 NR/AA 1,573,695 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,022,770 2,975,000 zero coupon, 06/01/15 Aa1/NR 2,419,835 1,120,000 5.125%, 06/01/18 Aaa/NR 1,121,064 9,050,000 4.350%, 06/01/23 Aa1/NR 9,222,131 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aa2/AA 1,500,992 City of Salem, Oregon 1,750,000 5.000%, 06/01/29 A1/AA- 1,781,395 Salem-Keizer, Oregon School District #24J (Financial Security Assurance Insured) 1,000,000 5.000%, 06/15/19 Aa2/AAA 1,075,970 Salem-Keizer, Oregon School District #24J (State School Bond Guaranty Program) 4,000,000 zero coupon, 06/15/28 Aa2/AA 1,493,320 3,090,000 zero coupon, 06/15/29 Aa2/AA 1,069,882 3,500,000 zero coupon, 06/15/30 Aa2/AA 1,135,085 Southwestern Oregon Community College District (National-re Insured) 1,120,000 6.000%, 06/01/25 pre-refunded NR/A 1,174,578 State of Oregon 500,000 6.000%, 10/01/29 Aa2/AA 556,530 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa2/AA 625,799 2,000,000 5.000%, 08/01/21 Aa2/AA 2,144,620 1,000,000 5.000%, 08/01/34 Aa2/AA 1,020,430 1,000,000 5.000%, 08/01/38 Aa2/AA 1,018,210 State of Oregon Elderly and Disabled Housing 30,000 6.250%, 08/01/13 Aa2/AA 30,007 State of Oregon Veterans' Welfare 555,000 5.200%, 10/01/18 Aa2/AA 558,530 550,000 4.800%, 12/01/22 Aa2/AA 553,933 400,000 4.900%, 12/01/26 Aa2/AA 397,760 The Dalles, Oregon 230,000 4.000%, 06/01/20 NR/A+ 231,364 155,000 4.000%, 06/01/21 NR/A+ 155,110 130,000 4.125%, 06/01/22 NR/A+ 130,621 100,000 4.200%, 06/01/23 NR/A+ 100,736 Wasco County, Oregon School District #12 (The Dalles) (Financial Security Assurance Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aa3/AAA 1,194,894 1,400,000 5.500%, 06/15/17 Aa3/AAA 1,633,828 1,790,000 5.500%, 06/15/20 Aa3/AAA 2,084,724 Washington County, Oregon 2,465,000 5.000%, 06/01/23 Aa2/NR 2,662,249 Washington County, Oregon School District #15 (Forest Grove) (Financial Security Assurance Insured) 1,760,000 5.375%, 06/15/16 pre-refunded Aa2/NR** 1,909,107 2,000,000 5.000%, 06/15/21 pre-refunded Aa2/NR** 2,155,060 Washington County, Oregon School District #48J (Beaverton) (Assured Guaranty Corporation Insured) 1,280,000 5.000%, 06/01/31 Aa2/AAA 1,307,021 1,000,000 5.125%, 06/01/36 Aa2/AAA 1,013,520 Yamhill County, Oregon School District #40 (McMinnville) (Financial Security Assurance Insured) 1,375,000 5.000%, 06/15/22 Aa2/NR** 1,435,376 ----------- Total General Obligation Bonds 181,063,416 ----------- State of Oregon Revenue Bonds (53.4%) Airport Revenue Bonds (0.8%) Jackson County, Oregon Airport Revenue (Syncora Guarantee Inc.) 750,000 5.250%, 12/01/32 Baa1/NR 671,070 Port of Portland, Oregon Airport (AMBAC Indemnity Corporation Insured) 2,950,000 5.500%, 07/01/24 NR/A 2,979,500 ---------- Total Airport Revenue Bonds 3,650,570 ---------- Certificates of Participation Revenue Bonds (5.2%) Oregon State Department of Administration Services 5,000,000 5.125%, 05/01/33 Aa3/AA- 5,043,800 Oregon State Department of Administration Services (AMBAC Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aa3/AA- 533,785 Oregon State Department of Administrative Services (National-re Financial Guaranty Insurance Corporation Insured) 2,000,000 5.000%, 11/01/20 Aa3/AA- 2,106,020 2,660,000 5.000%, 11/01/23 Aa3/AA- 2,780,817 2,945,000 5.000%, 11/01/24 Aa3/AA- 3,061,858 1,475,000 5.000%, 11/01/26 Aa3/AA- 1,518,616 3,880,000 5.000%, 11/01/27 Aa3/AA- 3,970,443 Oregon State Department of Administrative Services (Financial Security Assurance Insured) 2,280,000 4.500%, 11/01/32 Aa3/AAA 2,091,421 1,645,000 4.750%, 05/01/33 Aa3/AAA 1,628,682 ---------- Total Certificates of Participation Revenue Bonds 22,735,442 ---------- Development Revenue Bonds (1.3%) Oregon State Bond Bank Revenue, Oregon Economic & Community Development Series A 250,000 4.750%, 01/01/34 Aa3/AA+ 240,545 Portland, Oregon Economic Development (Broadway Project) 5,000,000 6.500%, 04/01/35 A2/A+ 5,307,000 ---------- Total Development Revenue Bonds 5,547,545 ---------- Hospital Revenue Bonds (9.2%) Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 A2/A+ 2,021,280 2,980,000 5.250%, 02/15/18 A2/A+ 3,011,052 4,025,000 5.250%, 05/01/21 A2/A+ 4,030,957 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (National-re Insured) 2,650,000 4.750%, 02/15/11 A2/A 2,681,827 Clackamas County, Oregon Hospital Facility Authority (Legacy Health System) Series A 750,000 5.500%, 07/15/35 A2/A+ 737,490 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 pre-refunded A3/NR 2,213,340 3,500,000 8.000%, 01/01/28 A3/NR 3,921,855 3,000,000 5.600%, 01/01/32 pre-refunded A3/NR 3,320,010 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) (AMBAC Insured) 3,250,000 5.375%, 01/01/35 A3/NR 3,147,073 Klamath Falls, Oregon Inter Community Hospital (Merle West) (Assured Guaranty Corporation Insured) 4,000,000 5.000%, 09/01/36 NR/AAA** 3,362,080 Medford, Oregon Hospital Facilities Authority (National-re Insured) 345,000 5.000%, 08/15/18 Baa1/AA- 323,310 Multnomah County, Oregon Hospital Facilities Authority (Providence Health System) 1,390,000 5.250%, 10/01/22 Aa2/AA 1,425,667 Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project) 1,250,000 5.250%, 12/01/36 NR/NR* 817,963 Oregon Health Sciences University Series B (National-re Insured) 1,400,000 5.250%, 07/01/15 A2/A 1,400,266 Salem, Oregon Hospital Facility Authority (Salem Hospital) 2,000,000 5.750%, 08/15/23 NR/A+*** 2,046,820 3,300,000 4.500%, 08/15/30 NR/A+*** 2,702,040 State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth) (AMBAC Indemnity Corporation Insured) 1,835,000 5.250%, 11/15/17 NR/AA-** 1,898,968 1,430,000 5.000%, 11/15/32 NR/AA-** 1,311,610 ---------- Total Hospital Revenue Bonds 40,373,608 ---------- Housing, Educational, and Cultural Revenue Bonds (8.6%) Forest Grove, Oregon (Pacific University) (Radian Insured) 4,000,000 5.000%, 05/01/22 NR/BBB 3,685,800 Forest Grove, Oregon Student Housing (Oak Tree Foundation) 5,750,000 5.500%, 03/01/37 NR/NR* 4,242,868 Oregon Health Sciences University (National-re Insured) 11,550,000 zero coupon, 07/01/21 A2/A 5,616,303 2,890,000 5.250%, 07/01/22 A2/A 2,766,135 Oregon Health & Science University Series A 5,000,000 5.750%, 07/01/39 A2/BBB+ 4,929,650 Oregon State Facilities Authority (Linfield College) 2,115,000 5.000%, 10/01/25 Baa1/NR 1,891,233 Oregon State Facilities Authority Revenue (University of Portland) 5,000,000 5.000%, 04/01/32 NR/BBB+ 4,556,600 Oregon State Facilities Authority Revenue (Willamette University) 5,000,000 5.000%, 10/01/32 NR/A 4,466,250 State of Oregon Housing and Community Services 45,000 6.700%, 07/01/13 Aa2/NR 45,087 230,000 6.000%, 07/01/20 Aa2/NR 233,110 2,495,000 4.650%, 07/01/25 Aa2/NR 2,434,496 670,000 5.400%, 07/01/27 Aa2/NR 673,672 2,000,000 5.350%, 07/01/30 Aa2/NR 2,010,820 ---------- Total Housing, Educational, and Cultural Revenue Bonds 37,552,024 ---------- Transportation Revenue Bonds (6.0%) Oregon St. Department Transportation Highway Usertax 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AAA 3,435,765 2,555,000 5.375%, 11/15/18 pre-refunded Aa2/AAA 2,707,917 1,200,000 5.000%, 11/15/22 Aa2/AAA 1,260,852 1,260,000 5.000%, 11/15/23 Aa2/AAA 1,317,078 4,545,000 5.125%, 11/15/26 pre-refunded Aa2/AAA 5,106,398 2,155,000 5.000%, 11/15/28 Aa2/AAA 2,227,193 1,000,000 5.000%, 11/15/29 Aa2/AAA 1,021,130 2,165,000 4.500%, 11/15/32 Aa2/AAA 2,056,750 3,510,000 5.000%, 11/15/33 Aa2/AAA 3,547,908 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded Aa3/AAA 1,522,454 1,775,000 5.000%, 09/01/16 Aa3/AAA 1,900,706 ---------- Total Transportation Revenue Bonds 26,104,151 ---------- Urban Renewal Revenue Bonds (3.3%) Portland, Oregon Airport Way Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 pre-refunded Aa3/NR 1,742,894 1,765,000 5.750%, 06/15/20 pre-refunded Aa3/NR 1,871,588 Portland, Oregon River District Urban Renewal and Redevelopment (AMBAC Indemnity Corporation Insured) 1,915,000 5.000%, 06/15/20 A3/NR 1,979,919 Portland, Oregon Urban Renewal Tax Allocation (AMBAC Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aa3/NR 1,182,488 2,000,000 5.450%, 06/15/19 Aa3/NR 2,047,800 Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor) (National-re Financial Guaranty Insurance Corporation Insured) 1,890,000 5.250%, 06/15/20 A3/NR 1,912,037 1,810,000 5.250%, 06/15/21 A3/NR 1,830,182 2,030,000 5.000%, 06/15/23 A3/NR 1,982,153 ---------- Total Urban Renewal Revenue Bonds 14,549,061 ---------- Utility Revenue Bonds (1.7%) Emerald Peoples Utility District, Oregon (Financial Security Assurance Insured) 1,455,000 5.250%, 11/01/22 Aa3/NR** 1,491,564 Eugene, Oregon Electric Utility 5,635,000 5.000%, 08/01/30 A1/AA- 5,741,783 ---------- Total Utility Revenue Bonds 7,233,347 ---------- Water and Sewer Revenue Bonds (15.3%) Klamath Falls, Oregon Wastewater (AMBAC Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded NR/NR* 1,618,310 Klamath Falls, Oregon Water (Financial Security Assurance Insured) 1,575,000 5.500%, 07/01/16 Aa3/AAA 1,724,294 Lane County, Oregon Metropolitan Wastewater 2,500,000 5.250%, 11/01/28 A1/AA- 2,619,950 Lebanon, Oregon Wastewater (Financial Security Assurance Insured) 1,000,000 5.700%, 03/01/20 Aa3/AAA 1,017,410 Portland, Oregon Sewer System 5,000,000 5.000%, 06/15/33 A1/AA 5,014,150 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,500,000 5.750%, 08/01/19 pre-refunded Aa3/AA 2,641,750 Portland, Oregon Sewer System (Financial Security Assurance Insured) 2,760,000 5.250%, 06/01/17 Aa3/AAA 2,978,564 4,595,000 5.000%, 06/01/17 Aa3/AAA 5,067,734 3,470,000 5.000%, 06/01/21 Aa3/AAA 3,627,295 Portland, Oregon Sewer System (National-re Insured) 4,410,000 5.000%, 06/15/25 Aa3/AA 4,631,250 4,630,000 5.000%, 06/15/26 Aa3/AA 4,842,424 1,610,000 5.000%, 06/15/27 Aa3/AA 1,674,030 Portland, Oregon Water System 2,420,000 5.500%, 08/01/19 pre-refunded Aa1/NR 2,552,108 1,235,000 5.500%, 08/01/20 pre-refunded Aa1/NR 1,302,419 Portland, Oregon Water System (National-re Insured) 2,725,000 4.500%, 10/01/27 Aa2/NR 2,718,106 Salem, Oregon Water & Sewer (Financial Security Assurance Insured) 1,000,000 5.375%, 06/01/15 Aa3/AAA 1,146,790 1,970,000 5.375%, 06/01/16 pre-refunded Aa3/AAA 2,058,591 3,025,000 5.500%, 06/01/20 pre-refunded Aa3/AAA 3,164,453 Sunrise Water Authority, Oregon (Financial Security Assurance Insured) 2,630,000 5.000%, 03/01/19 Aa3/AAA 2,775,939 1,350,000 5.250%, 03/01/24 Aa3/AAA 1,411,007 Sunrise Water Authority, Oregon (Syncora Guarantee Inc.) 1,000,000 5.000%, 09/01/25 NR/NR* 930,750 Washington County, Oregon Clean Water Services 4,000,000 5.000%, 10/01/28 Aa3/AA- 4,125,880 Washington County, Oregon Clean Water Services (National-re Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aa3/AA 1,053,864 3,525,000 5.125%, 10/01/17 Aa3/AA 3,643,158 Washington County, Oregon Clean Water Services (National-re Insured) 2,235,000 5.250%, 10/01/15 Aa3/AA 2,572,463 ---------- Total Water and Sewer Revenue Bonds 66,912,689 ---------- Other Revenue Bonds (2.0%) Oregon State Department of Administration Services (Lottery Revenue) 2,500,000 5.000%, 04/01/29 Aa3/AAA 2,577,600 Oregon State Department of Administration Services (Lottery Revenue) (Financial Security Assurance Insured) 2,700,000 5.000%, 04/01/19 Aa3/AAA 2,863,107 3,000,000 5.000%, 04/01/27 Aa3/AAA 3,156,930 ----------- Total Other Revenue Bonds 8,597,637 ----------- Total Revenue Bonds 233,256,074 ----------- U.S. Territory (1.7%) Puerto Rico Commonwealth Aqueduct & Sewer Authority (Assured Guaranty Corporation Insured) 3,000,000 5.000%, 07/01/28 Aa2/AAA 2,914,020 Puerto Rico Commonwealth General Obligation (National-re Insured) 1,270,000 6.000%, 07/01/28 Baa3/AA 1,282,268 Puerto Rico Electric Power Authority 1,000,000 5.250%, 07/01/33 A3/BBB+ 920,860 Puerto Rico Municipal Finance Agency (Financial Security Assurance Insured) 500,000 5.250%, 08/01/16 Aa3/AAA 511,630 Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue First Subordinate Series A 2,000,000 5.750%, 08/01/37 A2/A+ 1,906,380 ----------- Total U.S. Territory Bonds 7,535,158 ----------- Total Municipal Bonds (cost $412,998,086-note b) 96.5% 421,854,648 Other assets less liabilities 3.5 15,278,213 ----- ------------ Net Assets 100.0% $437,132,861 ----- ------------ ----- ------------
* Any security not rated (NR) by any of the approved credit rating services has been determined by the Investment Sub-Adviser to have sufficient quality to be ranked in the top four ratings if a credit rating were to be assigned by a rating service. Fitch Ratings: ** AA *** A Percent of Portfolio Distribution By Quality Rating Portfolio + Aaa of Moody's or AAA of S&P 22.3% Pre-refunded bonds ++ 19.6 Aa of Moody's or AA of S&P or Fitch 37.3 A of Moody's or S&P or Fitch 16.2 Baa of Moody's or BBB of S&P 2.6 Not rated* 2.0 ----- 100.0% ----- ----- + Calculated using the highest rating of the three rating services. ++ Pre-refunded bonds are bonds for which U.S. Government Obligations have been placed in escrow to retire the bonds at their earliest call date. PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. National-re-National Public Finance Guarantee Corporation National-re-FGIC-Reinsured FGIC bonds NR - Not Rated 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, 2009, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $412,660,459 amounted to $9,194,189, which consisted of aggregate gross unrealized appreciation of $16,207,311 and aggregate gross unrealized depreciation of $7,013,122. (c) Fair Value Measurements The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective October 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, details of which can be found in the Schedule of Investments, used to value the Trust's net assets as of June 30, 2009: Valuation Inputs Investments in Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Municipal Bonds $421,854,648 Level 3 - Significant Unobservable Inputs $ - ------------ Total $421,854,648 ------------ ------------ 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 21, 2009 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 21, 2009 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 21, 2009 EX-99.CERT 2 tftocerts.txt N-Q 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 21, 2009 /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 21, 2009 /s/ Joseph P. DiMaggio - -------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----