N-Q 1 tftonq.txt TAX-FREE TRUST OF OREGON 12/31/09 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, 2009 Date of reporting period: December 31, 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 December 31, 2009 (unaudited)
Rating Principal Moody's/ Amount State of Oregon General Obligation Bonds (41.9%) S&P Value (a) -------------------- ---------------------------------------------------- --------------------- -------------------- Bend, Oregon Transportation Highway System (National Public Finance Guarantee Insured) $ 1,135,000 5.300%, 09/01/17 A1/NR $ 1,154,522 Benton and Linn Counties, Oregon School District #509J (Assured Guaranty Municipal Corp. Insured) 4,670,000 5.000%, 06/01/21 pre-refunded Aa2/NR 5,283,311 Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured), 1,385,000 5.500%, 06/01/14 Escrowed to Maturity NR/NR* 1,594,606 Chemeketa, Oregon Community College District (State School Guaranty Program) 1,235,000 5.000%, 06/15/25 NR/AA 1,355,166 1,540,000 5.000%, 06/15/26 NR/AA 1,680,494 City of Lake Oswego, Oregon Series A 3,500,000 4.500%, 12/01/34 Aa1/AAA 3,534,650 Clackamas, Oregon Community College District (National Public Finance Guarantee Insured) 1,535,000 5.000%, 05/01/25 A1/AA 1,640,209 Clackamas County, Oregon School District #12 (North Clackamas) Convertible Capital Appreciation Bonds (Assured Guaranty Municipal Corp. Insured) ( School Bond Guaranty Program) (converts to a 5% coupon on 06/15/11) 6,000,000 zero coupon, 06/15/27 Series B Aa2/AAA 5,908,020 9,250,000 zero coupon, 06/15/29 Aa2/AAA 9,030,590 Clackamas County, Oregon School District #46 (Oregon Trail) (School Bond Guaranty Program) 1,865,000 5.000%, 06/15/28 Series A NR/AA 1,999,802 1,800,000 5.000%, 06/15/29 Series A NR/AA 1,924,272 2,000,000 4.500%, 06/15/30 Aa2/AAA 2,044,380 3,115,000 4.750%, 06/15/31 Aa2/AAA 3,229,507 Clackamas County, Oregon School District No. 46, (Oregon Trail) Series A 2,000,000 5.000%, 06/15/32 NR/AA 2,109,240 3,780,000 4.750%, 06/15/32 NR/AA 3,901,867 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 1,079,381 Clackamas County, Oregon School District #86 (Canby) (Assured Guaranty Municipal Corp. Insured) 2,240,000 5.000%, 06/15/19 Aa2/AAA 2,407,418 Clackamas County, Oregon School District #108 (Estacada) (Assured Guaranty Municipal Corp. Insured) 1,295,000 5.375%, 06/15/17 pre-refunded Aa3/AAA 1,384,990 2,000,000 5.000%, 06/15/25 pre-refunded Aa3/AAA 2,128,220 Clackamas County, Oregon School District #115 (Gladstone) (National Public Finance Guarantee Insured) (State School Bond Guaranty Program) 5,000,000 zero coupon, 06/15/27 Baa1/AA 2,120,150 Clackamas County, Oregon Tax Allocation 705,000 6.500%, 05/01/20 NR/NR* 705,952 Clackamas & Washington Counties, Oregon School District No. 003 (West Linn-Wilsonville) (School Bond Guaranty Program) 500,000 5.000%, 06/15/34 Aa2/AA 531,300 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 2,093,980 2,000,000 4.750%, 06/15/32 Aa2/AA 2,110,500 3,000,000 5.000%, 06/15/33 Aa2/AA 3,199,860 Columbia County, Oregon School District #502 (National Public Finance Guarantee Financial Guaranty Insurance Corporation Insured) 2,070,000 zero coupon, 06/01/15 A2/A 1,760,514 Deschutes County, Oregon (Assured Guaranty Municipal Corp. Insured) 2,260,000 5.000%, 12/01/16 Aa3/NR 2,404,776 Deschutes County, Oregon Administrative School District #1 (Bend-LaPine) (Assured Guaranty Municipal Corp. Insured) 1,300,000 5.500%, 06/15/16 pre-refunded Aa2/NR 1,391,689 1,355,000 5.500%, 06/15/18 pre-refunded Aa2/NR 1,450,568 3,000,000 5.125%, 06/15/21 pre-refunded Aa2/NR 3,195,450 Deschutes County, Oregon School District #6 (Sisters) (Assured Guaranty Municipal Corp. Insured) 1,735,000 5.250%, 06/15/19 Aa3/AAA 2,018,221 1,030,000 5.250%, 06/15/21 Aa3/AAA 1,209,354 Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured) 1,000,000 5.000%, 06/15/21 Aa2/NR 1,066,270 2,330,000 zero coupon, 06/15/22 Aa2/NR 1,323,184 Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (School Bond Guaranty Program) 1,025,000 zero coupon, 06/15/23 Aa2/NR 556,206 2,775,000 zero coupon, 06/15/29 Aa2/NR 1,048,367 5,000,000 6.000%, 06/15/31 Aa2/NR 5,780,100 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 1,044,368 Gresham, Oregon (Assured Guaranty Municipal Corp. Insured) 1,155,000 5.375%, 06/01/18 Aa3/NR 1,215,903 Jackson County, Oregon School District #4 (Phoenix-Talent) (Assured Guaranty Municipal Corp. Insured) 1,395,000 5.500%, 06/15/18 pre-refunded Aa3/AAA 1,495,482 Jackson County, Oregon School District #9 (Eagle Point) (National Public Finance Guarantee Insured) 2,080,000 5.500%, 06/15/15 Aa2/NR 2,385,344 1,445,000 5.500%, 06/15/16 Aa2/NR 1,674,394 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 1,202,690 1,880,000 5.000%, 06/15/21 pre-refunded Aa2/NR 2,001,937 Jackson County, Oregon School District #549 (Medford) (State School Bond Guaranty Program) 1,750,000 5.000%, 06/15/12 Aa2/NR 1,916,198 Jackson County, Oregon School District #549C (Medford) (Assured Guaranty Municipal Corp. Insured) 2,000,000 4.750%, 12/15/29 Aa2/AAA 2,092,840 3,000,000 5.000%, 12/15/32 Aa2/AAA 3,160,560 Jackson County, Oregon School District #549C (Medford) (School Board Guaranty) 1,000,000 4.625%, 06/15/27 Aa2/AA 1,038,570 1,000,000 4.625%, 06/15/30 Aa2/AA 1,029,200 1,000,000 5.000%, 06/15/33 Aa2/AA 1,050,540 Jefferson County, Oregon School District #509J (National Public Finance Guarantee Financial Guaranty Insurance Corporation Insured) 1,215,000 5.250%, 06/15/14 NR/AA 1,307,717 1,025,000 5.250%, 06/15/17 NR/AA 1,078,884 Josephine County, Oregon Three Rivers School District (Assured Guaranty Municipal Corp. Insured) 1,780,000 5.250%, 06/15/18 pre-refunded Aa2/NR 1,900,488 Keizer, Oregon 2,320,000 5.200%, 06/01/31 A3/NR 2,380,204 Lane County, Oregon School District #19 (Springfield) (Assured Guaranty Municipal Corp. Insured) 3,425,000 zero coupon, 06/15/29 Aa2/NR 1,212,964 Lane County, Oregon School District #40 (Creswell) (State School Bond Guaranty Program) 1,430,000 5.375%, 06/15/20 pre-refunded NR/AA 1,462,590 Linn County, Oregon School District #7 (Harrisburg) (State School Bond Guaranty Program) 1,660,000 5.500%, 06/15/19 pre-refunded NR/AA 1,698,744 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 3,442,620 Linn County, Oregon School District #9 (Lebanon) (National Public Finance Guarantee Insured) (State School Bond Guaranty Program) 2,500,000 5.000%, 06/15/30 Baa1/AA 2,559,300 Metro, Oregon 1,100,000 5.000%, 06/01/18 Aaa/AAA 1,256,024 Morrow County, Oregon School District #1 (Assured Guaranty Municipal Corp. Insured) 1,710,000 5.250%, 06/15/19 Aa3/AAA 1,989,140 Multnomah County, Oregon School District #7 (Reynolds) (State School Bond Guaranty Program) 500,000 5.625%, 06/15/17 pre-refunded Aa2/AA 536,535 2,375,000 5.125%, 06/15/19 pre-refunded Aa2/AA 2,531,513 Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) (Assured Guaranty Municipal Corp. Insured) 1,500,000 5.500%, 06/15/18 pre-refunded Aa3/AAA 1,606,920 4,275,000 5.250%, 06/15/19 Aa2/AAA 4,972,851 2,650,000 5.000%, 06/15/21 pre-refunded Aa3/AAA 2,819,892 Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Assured Guaranty Municipal Corp. Insured) 2,680,000 5.250%, 12/15/18 Aa3/NR 3,015,456 Multnomah and Clackamas Counties, Oregon School District #51J (Riverdale) (State School Bond Guaranty Program) 1,250,000 zero coupon, 06/15/31 NR/AA 410,613 1,300,000 zero coupon, 06/15/32 NR/AA 401,895 1,325,000 zero coupon, 06/15/33 NR/AA 383,455 1,365,000 zero coupon, 06/15/34 NR/AA 373,792 Oregon Coast Community College District (National Public Finance Guarantee Insured) (State School Bond Guaranty Program) 1,590,000 5.250%, 06/15/17 Aa2/NR 1,737,711 Oregon State Alternative Energy Project 1,255,000 4.750%, 04/01/29 Series B Aa2/AA 1,317,123 Pacific City, Oregon Joint Water - Sanitary Authority 1,830,000 4.800%, 07/01/27 NR/NR* 1,810,767 Polk, Marion & Benton Counties, Oregon School District #13J (Central) (Assured Guaranty Municipal Corp. Insured) 1,520,000 5.000%, 06/15/21 Aa3/AAA 1,658,837 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 1,852,974 Portland, Oregon 1,000,000 4.600%, 06/01/14 Aaa/NR 1,012,790 2,975,000 zero coupon, 06/01/15 Aa1/NR 2,507,419 8,650,000 4.350%, 06/01/23 Aa1/NR 8,925,762 Portland, Oregon Community College District (Financial Guaranty Insurance Corporation Insured) 1,395,000 5.000%, 06/01/17 pre-refunded Aa2/AA 1,482,020 Redmond, Oregon Terminal Expansion Project 500,000 5.000%, 06/01/34 A3/NR 490,985 City of Salem, Oregon 1,750,000 5.000%, 06/01/29 A1/AA- 1,848,018 Salem-Keizer, Oregon School District #24J (Assured Guaranty Municipal Corp. Insured) 1,000,000 5.000%, 06/15/19 Aa2/AAA 1,078,690 Salem-Keizer, Oregon School District #24J (State School Bond Guaranty Program) 4,000,000 zero coupon, 06/15/28 Aa2/AA 1,641,080 3,090,000 zero coupon, 06/15/29 Aa2/AA 1,189,743 3,500,000 zero coupon, 06/15/30 Aa2/AA 1,257,690 Southwestern Oregon Community College District (National Public Finance Guarantee Insured) 1,120,000 6.000%, 06/01/25 pre-refunded NR/A 1,145,166 State of Oregon 500,000 6.000%, 10/01/29 Aa2/AA 575,870 State of Oregon Board of Higher Education 820,000 zero coupon, 08/01/16 Aa2/AA 647,825 2,000,000 5.000%, 08/01/21 Aa2/AA 2,179,080 500,000 5.750%, 08/01/29 Series A Aa2/AA 568,770 1,000,000 5.000%, 08/01/34 Aa2/AA 1,063,710 1,000,000 5.000%, 08/01/38 Aa2/AA 1,057,050 State of Oregon Elderly and Disabled Housing 25,000 6.250%, 08/01/13 Aa2/AA 25,085 State of Oregon Veterans' Welfare 525,000 5.200%, 10/01/18 Aa2/AA 526,265 550,000 4.800%, 12/01/22 Aa2/AA 584,452 400,000 4.900%, 12/01/26 Aa2/AA 423,120 The Dalles, Oregon 230,000 4.000%, 06/01/20 NR/A+ 236,783 155,000 4.000%, 06/01/21 NR/A+ 159,456 130,000 4.125%, 06/01/22 NR/A+ 134,620 100,000 4.200%, 06/01/23 NR/A+ 104,093 Wasco County, Oregon School District #12 (The Dalles) (Assured Guaranty Municipal Corp. Insured) 1,135,000 6.000%, 06/15/15 pre-refunded Aa3/AAA 1,163,999 1,400,000 5.500%, 06/15/17 Aa3/AAA 1,645,112 1,790,000 5.500%, 06/15/20 Aa3/AAA 2,131,926 Washington County, Oregon 2,465,000 5.000%, 06/01/23 Aa2/NR 2,729,864 Washington County, Oregon School District #15 (Forest Grove) (Assured Guaranty Municipal Corp. Insured) 1,760,000 5.375%, 06/15/16 pre-refunded Aa2/NR 1,882,302 2,000,000 5.000%, 06/15/21 pre-refunded Aa2/NR 2,128,220 Washington County, Oregon School District #48J (Beaverton) (Assured Guaranty Corporation Insured) 1,280,000 5.000%, 06/01/31 Aa3/AAA 1,368,051 1,000,000 5.125%, 06/01/36 Aa3/AAA 1,053,720 Yamhill County, Oregon School District #40 (McMinnville) (Assured Guaranty Municipal Corp. Insured) 1,375,000 5.000%, 06/15/22 Aa2/NR 1,471,841 -------------------- Total General Obligation Bonds 200,824,698 -------------------- State of Oregon Revenue Bonds (53.3%) ---------------------------------------------------- Airport Revenue Bonds (0.4%) ---------------------------------------------------- Jackson County, Oregon Airport Revenue (Syncora Guarantee, Inc.) 750,000 5.250%, 12/01/32 Baa1/NR 710,760 Redmond, Oregon Airport Revenue 550,000 6.000%, 06/01/34 Baa3/NR 551,920 825,000 6.250%, 06/01/39 Baa3/NR 820,537 -------------------- Total Airport Revenue Bonds 2,083,217 -------------------- Certificates of Participation Revenue Bonds (6.1%) ---------------------------------------------------- Oregon State Department of Administrative Services 3,270,000 5.000%, 11/01/27 Series C Aa3/AA- 3,467,737 2,155,000 5.000%, 11/01/28 Series C Aa3/AA- 2,272,900 5,000,000 5.125%, 05/01/33 Aa3/AA- 5,212,200 Oregon State Department of Administration Services (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) 500,000 5.375%, 05/01/14 Aa3/AA- 530,450 Oregon State Department of Administrative Services (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured) 2,000,000 5.000%, 11/01/20 Aa3/AA- 2,144,640 2,660,000 5.000%, 11/01/23 Aa3/AA- 2,850,030 2,945,000 5.000%, 11/01/24 Aa3/AA- 3,115,486 1,475,000 5.000%, 11/01/26 Aa3/AA- 1,546,936 3,880,000 5.000%, 11/01/27 Aa3/AA- 4,052,815 Oregon State Department of Administrative Services (Assured Guaranty Municipal Corp. Insured) 2,280,000 4.500%, 11/01/32 Aa3/AAA 2,302,344 1,645,000 4.750%, 05/01/33 Aa3/AAA 1,693,906 -------------------- Total Certificates of Participation Revenue Bonds 29,189,444 -------------------- Development Revenue Bonds (1.2%) ---------------------------------------------------- Oregon State Bond Bank Revenue, Oregon Economic & Community Development Series A 250,000 4.750%, 01/01/34 Aa3/AA+ 255,133 Portland, Oregon Economic Development (Broadway Project) 5,000,000 6.500%, 04/01/35 A2/A+ 5,507,850 -------------------- Total Development Revenue Bonds 5,762,983 -------------------- Hospital Revenue Bonds (10.7%) ---------------------------------------------------- Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) 2,000,000 5.250%, 02/15/17 A2/A+ 2,021,940 2,980,000 5.250%, 02/15/18 A2/A+ 3,012,691 4,025,000 5.250%, 05/01/21 A2/A+ 4,079,016 Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System) (National Public Finance Guarantee Insured) 2,650,000 4.750%, 02/15/11 A1/A**** 2,678,806 Clackamas County, Oregon Hospital Facility Authority (Legacy Health System) Series A 750,000 5.500%, 07/15/35 A2/A+ 765,030 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) 2,000,000 5.600%, 01/01/27 pre-refunded A3/NR 2,193,380 3,500,000 8.000%, 01/01/28 A3/NR 4,157,615 3,000,000 5.600%, 01/01/32 pre-refunded A3/NR 3,290,070 Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) (American Municipal Bond Assurance Corp. Insured) 3,250,000 5.375%, 01/01/35 A3/NR 3,208,530 Klamath Falls, Oregon Inter Community Hospital (Merle West) (Assured Guaranty Municipal Corporation Insured) 4,000,000 5.000%, 09/01/36 NR/AAA** 3,635,080 Medford, Oregon Hospital Facilities Authority (National Public Finance Guarantee Insured) 345,000 5.000%, 08/15/18 Baa1/A 345,038 Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West) 500,000 5.000%, 09/01/21 NR/A 523,360 2,000,000 5.125%, 09/01/40 NR/A*** 1,961,960 Multnomah County, Oregon Hospital Facilities Authority (Providence Health System) 1,390,000 5.250%, 10/01/22 Aa2/AA 1,452,606 Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project) 1,250,000 5.250%, 12/01/36 NR/NR* 1,049,775 Oregon Health Sciences University Series B (National Public Finance Guarantee Insured) 1,400,000 5.250%, 07/01/15 A2/A 1,400,322 Oregon State Facilities Authority Revenue, Refunding, Legacy Health Systems 2,000,000 4.250%, 03/15/17++ A2/A+ 2,030,880 3,000,000 4.500%, 03/15/18++ A2/A+ 3,055,410 1,000,000 4.750%, 03/15/24++ A2/A+ 998,910 1,000,000 5.000%, 03/15/30++ A2/A+ 993,640 Salem, Oregon Hospital Facility Authority (Salem Hospital) 2,000,000 5.750%, 08/15/23 NR/A+*** 2,145,700 3,300,000 4.500%, 08/15/30 NR/A+*** 3,007,719 State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth) (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) 1,835,000 5.250%, 11/15/17 NR/AA-** 1,906,051 1,430,000 5.000%, 11/15/32 NR/AA-** 1,430,286 -------------------- Total Hospital Revenue Bonds 51,343,815 -------------------- Housing, Educational and Cultural Revenue Bonds (8.7%) ---------------------------------------------------- Forest Grove, Oregon Campus Improvement (Pacific University Project) 1,500,000 6.000%, 05/01/30 NR/BBB 1,522,590 Forest Grove, Oregon (Pacific University) (Radian Insured) 4,000,000 5.000%, 05/01/22 NR/BBB 3,818,960 Forest Grove, Oregon Student Housing (Oak Tree Foundation) 5,750,000 5.500%, 03/01/37 NR/NR* 4,886,580 Oregon Health Sciences University (National Public Finance Guarantee Insured) 11,550,000 zero coupon, 07/01/21 A2/A 5,973,198 2,890,000 5.250%, 07/01/22 A2/A 2,932,974 Oregon Health & Science University Series A 5,000,000 5.750%, 07/01/39 A2/BBB+ 5,366,400 Oregon State Facilities Authority (Linfield College) 2,115,000 5.000%, 10/01/25 Baa1/NR 2,023,738 Oregon State Facilities Authority Revenue (University of Portland) 5,000,000 5.000%, 04/01/32 NR/BBB+ 4,966,450 Oregon State Facilities Authority Revenue (Willamette University) 5,000,000 5.000%, 10/01/32 NR/A 4,906,350 State of Oregon Housing and Community Services 30,000 6.700%, 07/01/13 Aa2/NR 30,054 205,000 6.000%, 07/01/20 Aa2/NR 209,467 2,420,000 4.650%, 07/01/25 Aa2/NR 2,429,293 605,000 5.400%, 07/01/27 Aa2/NR 609,652 1,960,000 5.350%, 07/01/30 Aa2/NR 2,018,996 -------------------- Total Housing, Educational, and Cultural Revenue Bonds 41,694,702 -------------------- Transportation Revenue Bonds (5.5%) ---------------------------------------------------- Oregon St. Department Transportation Highway Usertax 3,025,000 5.500%, 11/15/18 pre-refunded Aa2/AAA 3,415,830 2,555,000 5.375%, 11/15/18 pre-refunded+ Aa2/AAA 2,665,376 1,200,000 5.000%, 11/15/22 Aa2/AAA 1,297,548 1,260,000 5.000%, 11/15/23 Aa2/AAA 1,349,536 4,545,000 5.125%, 11/15/26 pre-refunded Aa2/AAA 5,084,264 2,155,000 5.000%, 11/15/28 Aa2/AAA 2,308,393 1,000,000 5.000%, 11/15/29 Aa2/AAA 1,051,370 2,165,000 4.500%, 11/15/32 Aa2/AAA 2,202,195 3,510,000 5.000%, 11/15/33 Aa2/AAA 3,750,470 Tri-County Metropolitan Transportation District, Oregon 1,440,000 5.750%, 08/01/16 pre-refunded NR/AAA 1,485,374 1,775,000 5.000%, 09/01/16 Aa3/AAA 1,903,084 -------------------- Total Transportation Revenue Bonds 26,513,440 -------------------- Urban Renewal Revenue Bonds (3.1%) ---------------------------------------------------- Portland, Oregon Airport Way Renewal and Redevelopment (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) 1,640,000 6.000%, 06/15/14 pre-refunded Aa3/NR 1,697,531 1,765,000 5.750%, 06/15/20 pre-refunded Aa3/NR 1,824,975 Portland, Oregon River District Urban Renewal and Redevelopment (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) 1,915,000 5.000%, 06/15/20 A3/NR 1,992,194 Portland, Oregon Urban Renewal Tax Allocation (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) (Convention Center) 1,150,000 5.750%, 06/15/18 Aa3/NR 1,173,541 2,000,000 5.450%, 06/15/19 Aa3/NR 2,036,920 Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor) (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured) 1,890,000 5.250%, 06/15/20 A3/NR 1,972,517 1,810,000 5.250%, 06/15/21 A3/NR 1,883,685 2,030,000 5.000%, 06/15/23 A3/NR 2,075,513 -------------------- Total Urban Renewal Revenue Bonds 14,656,876 -------------------- Utility Revenue Bonds (1.6%) ---------------------------------------------------- Emerald Peoples Utility District, Oregon (Assured Guaranty Municipal Corp. Insured) 1,455,000 5.250%, 11/01/22 Aa3/NR** 1,557,578 Eugene, Oregon Electric Utility 5,635,000 5.000%, 08/01/30 A1/AA- 5,977,270 -------------------- Total Utility Revenue Bonds 7,534,848 -------------------- Water and Sewer Revenue Bonds (14.1%) ---------------------------------------------------- Klamath Falls, Oregon Wastewater (American Municipal Bond Assurance Corp. Indemnity Corporation Insured) 1,545,000 5.650%, 06/01/20 pre-refunded NR/NR* 1,577,229 Klamath Falls, Oregon Water (Assured Guaranty Municipal Corp. Insured) 1,575,000 5.500%, 07/01/16 Aa3/AAA 1,735,981 Lane County, Oregon Metropolitan Wastewater 2,500,000 5.250%, 11/01/28 A1/AA- 2,718,550 Lebanon, Oregon Wastewater (Assured Guaranty Municipal Corp. Insured) 1,000,000 5.700%, 03/01/20 Aa3/AAA 1,004,550 Portland, Oregon Sewer System 5,000,000 5.000%, 06/15/33 A1/AA 5,223,850 Portland, Oregon Sewer System (Financial Guaranty Insurance Corporation Insured) 2,500,000 5.750%, 08/01/19 pre-refunded Aa3/AA 2,578,050 Portland, Oregon Sewer System (Assured Guaranty Municipal Corp. Insured) 2,760,000 5.250%, 06/01/17 Aa3/AAA 2,984,471 4,595,000 5.000%, 06/01/17 Aa3/AAA 5,069,388 3,470,000 5.000%, 06/01/21 Aa3/AAA 3,664,008 Portland, Oregon Sewer System (National Public Finance Guarantee Insured) 4,410,000 5.000%, 06/15/25 Aa3/AA 4,725,359 4,630,000 5.000%, 06/15/26 Aa3/AA 4,939,284 1,610,000 5.000%, 06/15/27 Aa3/AA 1,710,931 Portland, Oregon Water System 2,420,000 5.500%, 08/01/19 pre-refunded Aa1/NR 2,492,818 1,235,000 5.500%, 08/01/20 pre-refunded Aa1/NR 1,272,161 Portland, Oregon Water System (National Public Finance Guarantee Insured) 2,725,000 4.500%, 10/01/27 Aa2/NR 2,804,597 Salem, Oregon Water & Sewer (Assured Guaranty Municipal Corp. Insured) 1,000,000 5.375%, 06/01/15 Aa3/AAA 1,155,920 1,970,000 5.375%, 06/01/16 pre-refunded+ Aa3/AAA 2,010,937 3,025,000 5.500%, 06/01/20 pre-refunded+ Aa3/AAA 3,089,372 Sunrise Water Authority, Oregon (Assured Guaranty Municipal Corp. Insured) 2,630,000 5.000%, 03/01/19 Aa3/AAA 2,790,535 1,350,000 5.250%, 03/01/24 Aa3/AAA 1,430,865 Sunrise Water Authority, Oregon (Syncora Guarantee, Inc.) 1,000,000 5.000%, 09/01/25 NR/NR* 992,430 Washington County, Oregon Clean Water Services 4,000,000 5.000%, 10/01/28 Aa3/AA- 4,316,360 Washington County, Oregon Clean Water Services (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured) 995,000 5.000%, 10/01/13 Aa3/AA 1,050,033 3,525,000 5.125%, 10/01/17 Aa3/AA 3,631,314 Washington County, Oregon Clean Water Services (National Public Finance Guarantee Insured) 2,235,000 5.250%, 10/01/15 Aa3/AA 2,589,940 -------------------- Total Water and Sewer Revenue Bonds 67,558,933 -------------------- Other Revenue Bonds (1.8%) ---------------------------------------------------- Oregon State Department of Administration Services (Lottery Revenue) 2,500,000 5.000%, 04/01/29 Aa3/AAA 2,695,325 Oregon State Department of Administration Services (Lottery Revenue) (Assured Guaranty Municipal Corp. Insured) 2,700,000 5.000%, 04/01/19 Aa3/AAA 2,888,757 3,000,000 5.000%, 04/01/27 Aa3/AAA 3,223,740 -------------------- Total Other Revenue Bonds 8,807,822 -------------------- Total Revenue Bonds 255,146,080 -------------------- U.S. Territory (1.7%) ---------------------------------------------------- Puerto Rico Commonwealth Aqueduct & Sewer Authority (Assured Guaranty Municipal Corporation Insured) 3,000,000 5.000%, 07/01/28 Aa3/AAA 3,072,900 Puerto Rico Commonwealth General Obligation (National Public Finance Guarantee Insured) 1,270,000 6.000%, 07/01/28 Baa1/A 1,299,629 Puerto Rico Electric Power Authority 1,000,000 5.250%, 07/01/33 A3/BBB+ 981,460 Puerto Rico Municipal Finance Agency (Assured Guaranty Municipal Corp. Insured) 500,000 5.250%, 08/01/16 Aa3/AAA 525,585 Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue First Subordinate Series A 2,000,000 5.750%, 08/01/37 A2/A+ 2,082,020 -------------------- Total U.S. Territory Bonds 7,961,594 -------------------- Total Municipal Bonds (cost $443,419,150-note b) 96.8% 463,932,372 Other assets less liabilities 3.2 15,122,019 -------------- ----------------- Net Assets 100.0% $ 479,054,391 =============== =================
* 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 ****AAA Percent of Portfolio Distribution By Quality Rating Investments + Aaa of Moody's or AAA of S&P 23.6 % Pre-refunded bonds ++ 17.6 Aa of Moody's or AA of S&P or Fitch 37.1 A of Moody's or S&P or Fitch 16.6 Baa of Moody's or BBB of S&P 3.1 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. + Security pledged as collateral for the Trust's when - issued commitments. ++ Security traded on a "when-issued" basis. PORTFOLIO ABBREVIATION: NR - Not Rated Notes: National Public Finance Guarantee formerly known as National-re and Assured Guaranty Municipal Corp. formerly known as Financial Security Assurance Inc. (FSA). 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 December 31, 2009, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $443,044,813 amounted to $20,887,559, which consisted of aggregate gross unrealized appreciation of $23,830,869 and aggregate gross unrealized depreciation of $2,943,310. (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 December 31, 2009: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs-Municipal Bonds $ 463,932,372 Level 3 - Significant Unobservable Inputs $ - --------------- Total $ 463,932,372 =============== 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 February 25, 2010 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 25, 2010 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 25, 2010