-----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, KpPdLVlVO70Cs5Iq6xf4R6zv0ZeaEqVxW2Ag8C+1MGb92RmRTrzqGsXEZCM8NNvP uFk0T1ilG199znk8GovkTQ== 0000791049-10-000021.txt : 20100823 0000791049-10-000021.hdr.sgml : 20100823 20100823170322 ACCESSION NUMBER: 0000791049-10-000021 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100630 FILED AS OF DATE: 20100823 DATE AS OF CHANGE: 20100823 EFFECTIVENESS DATE: 20100823 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: 101033239 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 e607365_nq-oregon.htm TAX-FREE TRUST OF OREGON 6/30/2010 FORM N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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, 2010

Date of reporting period: June 30, 2010

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)
 
 
1
 
 
TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
June 30, 2010
(unaudited)

       
Rating
          
Principal
      
Moody's/
          
Amount
  
State of Oregon General Obligation Bonds (44.2%)
  
S&P
    
Value
  
(a)
                   
   
Bend, Oregon Transportation Highway System (National Public Finance Guarantee Insured)
              
$ 1,135,000  
5.300%, 09/01/17 pre-refunded
  
Aa3/NR
     $ 1,143,660    
                       
     
Benton and Linn Counties, Oregon School District #509J (Assured Guaranty Municipal Corp. Insured)
                
  4,670,000  
5.000%, 06/01/21 pre-refunded
  
Aa1/NR
       5,218,772    
                       
     
Central Oregon Community College District (School Bond Guaranty Program)
                
  1,850,000  
4.750%, 06/15/22
  
NR/AA
       2,067,431    
  2,195,000  
4.750%, 06/15/23
  
NR/AA
       2,427,538    
  2,175,000  
4.750%, 06/15/26
  
NR/AA
       2,344,694    
                       
     
Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corporation Insured)
                
  1,385,000  
5.500%, 06/01/14 Escrowed to Maturity
  
NR/NR*
       1,585,160    
                       
     
Chemeketa, Oregon Community College District (School Bond Guaranty Program)
                
  1,235,000  
5.000%, 06/15/25
  
NR/AA
       1,353,486    
  1,540,000  
5.000%, 06/15/26
  
NR/AA
       1,677,753    
                       
     
City of Lake Oswego, Oregon Series A
                
  3,000,000  
4.500%, 12/01/34
  
Aa1/AAA
       3,052,770    
                       
     
Clackamas, Oregon Community College District (National Public Finance Guarantee  Insured)
                
  1,535,000  
5.000%, 05/01/25
  
Aa3/AA
       1,636,878    
                       
     
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)
                
  8,000,000  
zero coupon, 06/15/27 Series B
  
Aa1/AAA
       8,001,760    
  9,250,000  
zero coupon, 06/15/29
  
Aa1/AAA
       9,173,503    
                       
     
Clackamas County, Oregon School District #46 (Oregon Trail) (School Bond Guaranty Program)
                
  1,000,000  
5.000%, 06/15/22
  
NR/AA
       1,122,460    
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA
       1,998,198    
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA
       1,922,994    
  2,000,000  
4.500%, 06/15/30
  
Aa1/AAA
       2,036,960    
  3,115,000  
4.750%, 06/15/31
  
Aa1/AAA
       3,205,802    
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA
       2,112,100    
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA
       3,910,750    
                       
     
Clackamas County, Oregon School District #86 (Canby) (Assured Guaranty Municipal Corp. Insured)
                
  2,240,000  
5.000%, 06/15/19
  
Aa1/AAA
       2,459,408    
                       
     
Clackamas County, Oregon School District #108 (Estacada) (Assured Guaranty Municipal Corp. Insured)
                
  1,295,000  
5.375%, 06/15/17 pre-refunded
  
Aa3/AAA
       1,356,241    
  2,000,000  
5.000%, 06/15/25 pre-refunded
  
Aa3/AAA
       2,087,540    
 
 
2
 
 
     
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
       2,187,350    
                       
     
Clackamas County, Oregon Tax Allocation
                
  705,000  
6.500%, 05/01/20
  
NR/NR*
       706,551    
                       
     
Clackamas & Washington Counties, Oregon School District No. 003 (West Linn-Wilsonville) (School Bond Guaranty Program)
                
  1,110,000  
5.000%, 06/15/26
  
Aa1/AA
       1,217,215    
  500,000  
5.000%, 06/15/34
  
Aa1/AA
       530,315    
                       
     
Clackamas & Washington Counties, Oregon School District #3J (West Linn - Wilsonville) (State School Bond Guaranty Program)
                
  2,850,000  
5.000%, 06/15/27
  
Aa1/AA
       3,107,156    
  2,000,000  
4.500%, 06/15/29
  
Aa1/AA
       2,079,080    
  1,965,000  
5.000%, 06/15/30
  
Aa1/AA
       2,111,451    
  2,000,000  
4.750%, 06/15/32
  
Aa1/AA
       2,097,980    
  3,000,000  
5.000%, 06/15/33
  
Aa1/AA
       3,184,200    
                       
     
Columbia County, Oregon School District #502 (National Public Finance Guarantee Financial Guaranty Insurance Corporation Insured)
                
  2,070,000  
zero coupon, 06/01/15
  
Aa3/A
       1,787,963    
                       
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia) (State School Bond Guaranty Program)
                
  3,430,000  
5.00%, 06/15/27
  
NR/AA
       3,714,862    
                       
     
Deschutes County, Oregon (Assured Guaranty Municipal Corp. Insured)
                
  2,260,000  
5.000%, 12/01/16
  
Aa2/NR
       2,432,054    
                       
     
Deschutes County, Oregon Administrative School District #1 (Bend-LaPine)
                
     
(Assured Guaranty Municipal Corp. Insured)
                
  1,300,000  
5.500%, 06/15/16 pre-refunded
  
Aa1/NR
       1,363,011    
  1,355,000  
5.500%, 06/15/18 pre-refunded
  
Aa1/NR
       1,420,677    
  3,000,000  
5.125%, 06/15/21 pre-refunded
  
Aa1/NR
       3,134,850    
                       
     
Deschutes County, Oregon School District #6 (Sisters) (Assured Guaranty Municipal Corp. Insured)
                
  1,735,000  
5.250%, 06/15/19
  
Aa3/AAA
       2,045,097    
  1,030,000  
5.250%, 06/15/21
  
Aa3/AAA
       1,217,347    
                       
     
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
  
Aa1/NR
       1,068,050    
  2,330,000  
zero coupon, 06/15/22
  
Aa1/NR
       1,411,747    
                       
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (School Bond Guaranty Program)
                
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR
       582,846    
  2,775,000  
zero coupon, 06/15/29
  
Aa1/NR
       1,101,092    
  5,000,000  
6.000%, 06/15/31
  
Aa1/NR
       5,751,550    
                       
     
Gresham, Oregon
                
     
(Assured Guaranty Municipal Corp. Insured)
                
  1,155,000  
5.375%, 06/01/18
  
Aa3/NR
       1,224,496    
 
 
3
 
 
     
Independence, Oregon City Hall Project
                
     
(Assured Guaranty Municipal Corp. Insured)
                
  2,435,000  
5.00%, 06/15/30
  
NR/AAA
       2,553,560    
                       
     
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
       1,463,299    
                       
     
Jackson County, Oregon School District #9 (Eagle Point) (National Public Finance Guarantee Insured)
                
  2,080,000  
5.500%, 06/15/15
  
Aa1/NR
       2,389,213    
  1,445,000  
5.500%, 06/15/16
  
Aa1/NR
       1,682,948    
                       
     
Jackson County, Oregon School District #9 (Eagle Point)
                
     
(State School Bond Guaranty Program)
                
  1,120,000  
5.625%, 06/15/17 pre-refunded
  
Aa1/NR
       1,176,146    
  1,880,000  
5.000%, 06/15/21 pre-refunded
  
Aa1/NR
       1,963,209    
                       
     
Jackson County, Oregon School District #549
                
     
(Medford) (State School Bond Guaranty Program)
                
  1,750,000  
5.000%, 06/15/12
  
Aa1/NR
       1,891,313    
                       
     
Jackson County, Oregon School District #549C (Medford) (Assured Guaranty Municipal Corp. Insured)
                
  2,000,000  
4.750%, 12/15/29
  
Aa1/AAA
       2,086,520    
  3,000,000  
5.000%, 12/15/32
  
Aa1/AAA
       3,159,780    
                       
     
Jackson County, Oregon School District #549C (Medford) (School Board Guaranty)
                
  1,000,000  
4.625%, 06/15/27
  
Aa1/AA
       1,038,690    
  1,000,000  
4.625%, 06/15/30
  
Aa1/AA
       1,029,790    
  1,000,000  
5.000%, 06/15/33
  
Aa1/AA
       1,052,830    
                       
     
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
       1,312,577    
  1,025,000  
5.250%, 06/15/17
  
NR/AA
       1,104,427    
                       
     
Josephine County, Oregon Three Rivers School District
                
     
(Assured Guaranty Municipal Corp. Insured)
                
  1,780,000  
5.250%, 06/15/18 pre-refunded
  
Aa1/NR
       1,862,094    
                       
     
Keizer, Oregon
                
  2,270,000  
5.200%, 06/01/31
  
A1/NR
       2,290,385    
                       
     
Lane County, Oregon School District #19 (Springfield)
                
     
(Assured Guaranty Municipal Corp. Insured)
                
  3,425,000  
zero coupon, 06/15/29
  
Aa1/NR
       1,316,981    
                       
     
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
       3,404,640    
                       
     
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
       2,539,975    
                       
     
Metro, Oregon
                
  1,100,000  
5.000%, 06/01/18
  
Aaa/AAA
       1,274,086    
 
 
4
 
 
     
Morrow County, Oregon School District #1 (Assured Guaranty Municipal Corp. Insured)
                
  1,710,000  
5.250%, 06/15/19
  
Aa3/AAA
       2,015,628    
                       
     
Multnomah County, Oregon School District #7 (Reynolds)
                
     
(State School Bond Guaranty Program)
                
  500,000  
5.625%, 06/15/17 pre-refunded
  
Aa1/AA
       524,820    
  2,375,000  
5.125%, 06/15/19 pre-refunded
  
Aa1/AA
       2,481,756    
                       
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
                
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR
       1,261,427    
                       
     
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
  
Aa2/AAA
       1,573,440    
  4,275,000  
5.250%, 06/15/19
  
Aa1/AAA
       5,076,050    
  2,650,000  
5.000%, 06/15/21 pre-refunded
  
Aa2/AAA
       2,767,289    
                       
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Assured Guaranty Municipal Corp. Insured)
                
  2,680,000  
5.250%, 12/15/18
  
Aa1/NR
       3,077,149    
                       
     
Multnomah and Clackamas Counties, Oregon School District #51J (Riverdale) (State School Bond Guaranty Program)
                
  1,250,000  
zero coupon, 06/15/31
  
NR/AA
       435,400    
  1,300,000  
zero coupon, 06/15/32
  
NR/AA
       425,997    
  1,075,000  
zero coupon, 06/15/33
  
NR/AA
       331,820    
                       
     
Oregon  Coast Community College District (National Public Finance Guarantee Insured)
                
     
(State School Bond Guaranty Program)
                
  1,590,000  
5.250%, 06/15/17
  
Aa1/NR
       1,778,495    
                       
     
Oregon State Alternative Energy Project
                
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA
       1,324,703    
                       
     
Oregon State Department of Administrative Services, Oregon Opportunity Refunding
                
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA
       7,259,676    
                       
     
Pacific City, Oregon Joint Water - Sanitary Authority
                
  1,830,000  
4.800%, 07/01/27
  
NR/NR*
       1,817,391    
                       
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central) (Assured Guaranty Municipal Corp. Insured)
                
  1,520,000  
5.000%, 06/15/21
  
Aa3/AAA
       1,673,170    
                       
     
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
       1,915,915    
                       
     
Portland, Oregon
                
  2,975,000  
zero coupon, 06/01/15
  
Aa1/NR
       2,619,845    
  8,055,000  
4.350%, 06/01/23
  
Aa1/NR
       8,296,086    
                       
     
Portland, Oregon Community College District
                
     
(Financial Guaranty Insurance Corporation Insured)
                
  1,395,000  
5.000%, 06/01/17 pre-refunded
  
Aa1/AA
       1,453,548    
                       
     
Redmond, Oregon Terminal Expansion Project
                
  500,000  
5.000%, 06/01/34
  
A1/NR
       498,595    
 
 
5
 
 
     
City of Salem, Oregon
                
  1,750,000  
5.000%, 06/01/29
  
Aa2/AA-
       1,851,693    
                       
     
Salem-Keizer, Oregon School District #24J (Assured Guaranty Municipal Corp. Insured)
                
  1,000,000  
5.000%, 06/15/19
  
Aa1/AAA
       1,104,750    
                       
     
Salem-Keizer, Oregon School District #24J (State School Bond Guaranty Program)
                
  4,000,000  
zero coupon, 06/15/28
  
Aa1/AA
       1,753,400    
  3,090,000  
zero coupon, 06/15/29
  
Aa1/AA
       1,277,004    
  3,500,000  
zero coupon, 06/15/30
  
Aa1/AA
       1,361,815    
                       
     
State of Oregon
                
  500,000  
6.000%, 10/01/29
  
Aa1/AA
       576,370    
                       
     
State of Oregon Board of Higher Education
                
  820,000  
zero coupon, 08/01/16
  
Aa1/AA
       683,601    
  2,000,000  
5.000%, 08/01/21
  
Aa1/AA
       2,185,780    
  500,000  
5.750%, 08/01/29 Series A
  
Aa1/AA
       569,435    
  1,000,000  
5.000%, 08/01/34
  
Aa1/AA
       1,074,070    
  1,000,000  
5.000%, 08/01/38
  
Aa1/AA
       1,068,360    
                       
     
State of Oregon Elderly and Disabled Housing
                
  25,000  
6.250%, 08/01/13
  
Aa1/AA
       25,088    
                       
     
State of Oregon Veterans' Welfare
                
  495,000  
5.200%, 10/01/18
  
Aa1/AA
       495,406    
  550,000  
4.800%, 12/01/22
  
Aa1/AA
       588,962    
  400,000  
4.900%, 12/01/26
  
Aa1/AA
       425,980    
                       
     
The Dalles, Oregon
                
  230,000  
4.000%, 06/01/20
  
NR/A+
       240,463    
  155,000  
4.000%, 06/01/21
  
NR/A+
       161,067    
  130,000  
4.125%, 06/01/22
  
NR/A+
       135,290    
  100,000  
4.200%, 06/01/23
  
NR/A+
       103,883    
                       
     
Wasco County, Oregon School District #12 (The Dalles) (Assured Guaranty Municipal Corp. Insured)
                
  1,400,000  
5.500%, 06/15/17
  
Aa3/AAA
       1,673,994    
  1,790,000  
5.500%, 06/15/20
  
Aa3/AAA
       2,175,620    
                       
     
Washington County, Oregon
                
  2,465,000  
5.000%, 06/01/23
  
Aa1/NR
       2,727,251    
                       
     
Washington County, Oregon School District #15 (Forest Grove) (Assured Guaranty Municipal Corp. Insured)
                
  1,760,000  
5.375%, 06/15/16 pre-refunded
  
Aa1/NR
       1,843,230    
  2,000,000  
5.000%, 06/15/21 pre-refunded
  
Aa1/NR
       2,087,540    
                       
     
Washington County, Oregon School District #48J (Beaverton) (Assured Guaranty Corporation Insured)
                
  1,280,000  
5.000%, 06/01/31
  
Aa2/AAA
       1,364,173    
  1,000,000  
5.125%, 06/01/36
  
Aa2/AAA
       1,062,730    
                       
     
Yamhill County, Oregon School District #40 (McMinnville) (Assured Guaranty Municipal Corp. Insured)
                
  1,375,000  
5.000%, 06/15/22
  
Aa1/NR
       1,477,424    
                       
     
Total General Obligation Bonds
           222,667,840    
 
 
6
 
 
     
State of Oregon Revenue Bonds (51.9%)
                
                       
     
Airport Revenue Bonds (0.3%)
                
                       
     
Jackson County, Oregon Airport Revenue (Syncora Guarantee, Inc.)
                
  750,000  
5.250%, 12/01/32
  
Baa1/NR
       735,443    
                       
     
Redmond, Oregon Airport Revenue
                
  550,000  
6.000%, 06/01/34
  
Baa3/NR
       561,743    
                       
     
Total Airport Revenue Bonds
           1,297,186    
                       
     
Certificates of Participation Revenue Bonds (5.8%)
                
                       
     
Oregon State Department of Administrative Services
                
  3,270,000  
5.000%, 11/01/27 Series C
  
Aa2/AA-
       3,488,044    
  2,155,000  
5.000%, 11/01/28 Series C
  
Aa2/AA-
       2,286,692    
  5,000,000  
5.125%, 05/01/33
  
Aa2/AA-
       5,239,950    
                       
     
Oregon State Department of Administration Services
                
     
(American Municipal Bond Assurance Corp. Insured)
                
  500,000  
5.375%, 05/01/14 pre-refunded
  
Aa2/AA-
       525,565    
                       
     
Oregon State Department of Administrative Services (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured)
                
  2,000,000  
5.000%, 11/01/20
  
Aa2/AA-
       2,176,760    
  2,660,000  
5.000%, 11/01/23
  
Aa2/AA-
       2,845,402    
  2,945,000  
5.000%, 11/01/24
  
Aa2/AA-
       3,131,507    
  1,475,000  
5.000%, 11/01/26
  
Aa2/AA-
       1,552,349    
  3,880,000  
5.000%, 11/01/27
  
Aa2/AA-
       4,065,852    
                       
     
Oregon State Department of Administrative Services (Assured Guaranty Municipal Corp. Insured)
                
  2,280,000  
4.500%, 11/01/32
  
Aa2/AAA
       2,285,518    
  1,645,000  
4.750%, 05/01/33
  
Aa2/AAA
       1,670,678    
                       
     
Total Certificates of Participation Revenue Bonds
           29,268,317    
                       
     
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+
       256,495    
                       
     
Portland, Oregon Economic Development (Broadway Project)
                
  5,000,000  
6.500%, 04/01/35
   A1/A+       5,577,650    
                         
     
Total Development Revenue Bonds
             5,834,145    
                         
                         
     
Hospital Revenue Bonds (11.7%)
                  
                         
     
Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System)
                  
  4,025,000  
5.250%, 05/01/21
   A2/A+       4,107,150    
                         
     
Clackamas County, Oregon Hospital Facility Authority (Legacy Health System) Series A
                  
  750,000  
5.500%, 07/15/35
   A2/A+       782,438    
 
 
7
 
 
     
Deschutes County, Oregon Hospital Facilities Authority
                  
     
(Cascade Health)
                  
  2,000,000  
5.600%, 01/01/27 pre-refunded
  
A3/NR
       2,152,380    
  3,500,000  
8.000%, 01/01/28
  
A3/NR
       4,202,800    
  3,000,000  
5.600%, 01/01/32 pre-refunded
  
A3/NR
       3,228,570    
                         
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) (American Municipal Bond Assurance Corp. Insured)
                  
  3,250,000  
5.375%, 01/01/35
  
A3/NR
       3,315,195    
                         
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems (Assured Guaranty Municipal Corp. Insured)
                  
  9,000,000  
5.500%, 08/15/28
  
NR/AAA
       9,499,410    
                         
     
Medford, Oregon Hospital Facilities Authority (National Public Finance Guarantee Insured)
                  
  345,000  
5.000%, 08/15/18
  
Baa1/A
       345,745    
                         
     
Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West)
                  
  500,000  
5.000%, 09/01/21
  
NR/A***
       536,000    
  2,000,000  
5.125%, 09/01/40
  
NR/A***
       2,020,980    
                         
     
Multnomah County, Oregon Hospital Facilities Authority (Providence Health System)
                  
  1,390,000  
5.250%, 10/01/22
  
Aa2/AA
       1,474,804    
                         
     
Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project)
                  
  1,250,000  
5.250%, 12/01/36
  
NR/NR*
       1,101,000    
                         
     
Oregon Health Sciences University Series B (National Public Finance Guarantee Insured)
                  
  1,400,000  
5.250%, 07/01/15
   A1/A       1,403,934    
                         
     
Oregon State Facilities Authority Revenue, Refunding, Legacy Health Systems
                  
  2,000,000  
4.250%, 03/15/17
   A2/A+       2,071,780    
  3,000,000  
4.500%, 03/15/18
   A2/A+       3,122,520    
  1,000,000  
4.750%, 03/15/24
   A2/A+       1,020,980    
  1,000,000  
5.000%, 03/15/30
   A2/A+       1,019,170    
                         
     
Oregon State Facilities Authority Revenue, Refunding, Samaritan Health Services
                  
  1,500,000  
4.375%, 10/01/20
  
NR/A-
       1,544,250    
  2,000,000  
4.500%, 10/01/21
  
NR/A-
       2,036,040    
  1,520,000  
5.000%, 10/01/23
  
NR/A-
       1,585,497    
  1,795,000  
4.875%, 10/01/25
  
NR/A-
       1,830,415    
  2,000,000  
5.000%, 10/01/30
  
NR/A-
       2,020,620    
                         
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
                  
  2,000,000  
5.750%, 08/15/23
  
NR/A+***
       2,180,940    
  3,300,000  
4.500%, 08/15/30
  
NR/A+***
       3,132,228    
                         
     
State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth) (American Municipal Bond Assurance Corp. Insured)
                  
  1,835,000  
5.250%, 11/15/17
  
NR/AA-**
       1,904,106    
  1,430,000  
5.000%, 11/15/32
  
NR/AA-**
       1,442,241    
                         
     
Total Hospital Revenue Bonds
             59,081,193    
 
 
8
 
 
     
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
       1,554,600    
                         
     
Forest Grove, Oregon (Pacific University) (Radian Insured)
                  
  4,000,000  
5.000%, 05/01/22
  
NR/BBB
       4,089,000    
                         
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
                  
  5,750,000  
5.500%, 03/01/37
  
NR/NR*
       5,255,673    
                         
     
Oregon Health Sciences University
                  
     
(National Public Finance Guarantee Insured)
                  
  11,550,000  
zero coupon, 07/01/21
   A1/A       6,807,570    
  2,890,000  
5.250%, 07/01/22
   A1/A       2,937,020    
                         
     
Oregon Health & Science University Series A
                  
  5,000,000  
5.750%, 07/01/39
  
A2/BBB+
       5,268,750    
                         
     
Oregon State Facilities Authority (Linfield College)
                  
  2,115,000  
5.000%, 10/01/25
  
Baa1/NR
       2,122,572    
                         
     
Oregon State Facilities Authority Revenue (University of Portland)
                  
  5,000,000  
5.000%, 04/01/32
  
NR/BBB+
       4,902,200    
                         
     
Oregon State Facilities Authority Revenue (Willamette University)
                  
  1,000,000  
4.000%, 10/01/24
  
NR/A
       997,800    
  5,000,000  
5.000%, 10/01/32
  
NR/A
       4,927,000    
                         
     
State of Oregon Housing and Community Services
                  
  15,000  
6.700%, 07/01/13
  
Aa2/NR
       15,009    
  185,000  
6.000%, 07/01/20
  
Aa2/NR
       188,543    
  2,360,000  
4.650%, 07/01/25
  
Aa2/NR
       2,388,249    
  555,000  
5.400%, 07/01/27
  
Aa2/NR
       558,019    
  1,930,000  
5.350%, 07/01/30
  
Aa2/NR
       2,010,867    
                         
     
Total Housing, Educational, and Cultural Revenue Bonds
             44,022,872    
                         
     
Transportation Revenue Bonds (5.6%)
                  
                         
     
Oregon State Department Transportation Highway Usertax
                  
  3,025,000  
5.500%, 11/15/18 pre-refunded
  
Aa1/AAA
       3,367,793    
  2,555,000  
5.375%, 11/15/18 pre-refunded
  
Aa1/AAA
       2,601,118    
  1,200,000  
5.000%, 11/15/22
  
Aa1/AAA
       1,298,340    
  1,865,000  
5.000%, 11/15/23 Series A
  
Aa1/AAA
       2,083,951    
  1,260,000  
5.000%, 11/15/23
  
Aa1/AAA
       1,356,844    
  4,545,000  
5.125%, 11/15/26 pre-refunded
  
Aa1/AAA
       5,020,180    
  2,155,000  
5.000%, 11/15/28
  
Aa1/AAA
       2,299,751    
  1,000,000  
5.000%, 11/15/29
  
Aa1/AAA
       1,048,960    
  2,165,000  
4.500%, 11/15/32
  
Aa1/AAA
       2,190,590    
  3,510,000  
5.000%, 11/15/33
  
Aa1/AAA
       3,739,800    
                         
     
Tri-County Metropolitan Transportation District, Oregon
                  
  1,440,000  
5.750%, 08/01/16 pre-refunded
  
NR/AAA
       1,445,486    
  1,775,000  
5.000%, 09/01/16
  
Aa2/AAA
       1,895,239    
                         
     
Total Transportation Revenue Bonds
             28,348,052    
 
 
9
 
 
     
Urban Renewal Revenue Bonds (2.2%)
                  
                         
     
Portland, Oregon River District Urban Renewal and Redevelopment (American Municipal Bond Assurance Corp. Insured)
                  
  1,915,000  
5.000%, 06/15/20
  
A2/NR
       1,992,960    
                         
     
Portland, Oregon Urban Renewal Tax Allocation (American Municipal Bond Assurance Corp. Insured) (Convention Center)
                  
  1,150,000  
5.750%, 06/15/18
  
Aa3/NR
       1,164,950    
  2,000,000  
5.450%, 06/15/19
  
Aa3/NR
       2,025,400    
                         
     
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
  
A2/NR
       1,983,706    
  1,810,000  
5.250%, 06/15/21
  
A2/NR
       1,889,043    
  2,030,000  
5.000%, 06/15/23
  
A2/NR
       2,069,971    
                         
     
Total Urban Renewal Revenue Bonds
             11,126,030    
                         
     
Utility Revenue Bonds (1.5%)
                  
                         
     
Emerald Peoples Utility District, Oregon (Assured Guaranty Municipal Corp. Insured)
                  
  1,455,000  
5.250%, 11/01/22
  
Aa3/NR
       1,551,467    
                         
     
Eugene, Oregon  Electric Utility
                  
  5,635,000  
5.000%, 08/01/30
  
Aa2/AA-
       5,964,422    
                         
     
Total Utility Revenue Bonds
             7,515,889    
                         
     
Water and Sewer Revenue Bonds (13.2%)
                  
                         
     
Klamath Falls, Oregon Water (Assured Guaranty Municipal Corp. Insured)
                  
  1,575,000  
5.500%, 07/01/16
  
Aa3/AAA
       1,764,614    
                         
     
Lane County, Oregon Metropolitan Wastewater
                  
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA-
       2,700,775    
                         
     
Lebanon, Oregon Wastewater
                  
     
(Assured Guaranty Municipal Corp. Insured)
                  
  1,000,000  
5.700%, 03/01/20
  
Aa3/AAA
       1,003,120    
                         
     
Molalla, Oregon Sewer Revenue Refunding
                  
  210,000  
4.000%, 03/01/18
  
NR/A
       223,077    
  240,000  
4.000%, 03/01/19
  
NR/A
       252,362    
  250,000  
4.000%, 03/01/20
  
NR/A
       260,573    
  260,000  
4.000%, 03/01/21
  
NR/A
       268,193    
  270,000  
4.000%, 03/01/22
  
NR/A
       275,854    
  280,000  
4.000%, 03/01/23
  
NR/A
       283,349    
  290,000  
4.000%, 03/01/24
  
NR/A
       290,911    
  300,000  
4.000%, 03/01/25
  
NR/A
       297,687    
                         
     
Portland, Oregon Sewer System
                  
  5,000,000  
5.000%, 06/15/33
  
Aa2/AA
       5,229,800    
                         
     
Portland, Oregon Sewer System (Assured Guaranty Municipal Corp. Insured)
                  
  2,760,000  
5.250%, 06/01/17
  
Aa2/AAA
       2,985,685    
  4,595,000  
5.000%, 06/01/17
  
Aa2/AAA
       5,117,360    
  3,470,000  
5.000%, 06/01/21
  
Aa2/AAA
       3,670,393    
 
 
10
 
 
     
Portland, Oregon Sewer System (Financial Guaranty
                  
     
Insurance Corporation Insured)
                  
  2,500,000  
5.750%, 08/01/19 pre-refunded
  
Aa2/AA
       2,509,450    
                         
     
Portland, Oregon Sewer System (National Public Finance Guarantee Insured)
                  
  4,410,000  
5.000%, 06/15/25
  
Aa2/AA
       4,710,762    
  4,630,000  
5.000%, 06/15/26
  
Aa2/AA
       4,922,940    
  1,610,000  
5.000%, 06/15/27
  
Aa2/AA
       1,704,829    
                         
     
Portland, Oregon Water System
                  
  2,420,000  
5.500%, 08/01/19 pre-refunded
  
Aaa/NR
       2,428,809    
  1,235,000  
5.500%, 08/01/20 pre-refunded
  
Aaa/NR
       1,239,495    
                         
     
Portland, Oregon Water System (National Public Finance Guarantee Insured)
                  
  2,725,000  
4.500%, 10/01/27
  
Aa1/NR
       2,800,919    
                         
     
Portland, Oregon Water System Revenue, Refunding, Series A
                  
  1,920,000  
4.000%, 05/01/14
  
Aaa/NR
       2,120,851    
  1,275,000  
4.000%, 05/01/25
  
Aaa/NR
       1,294,635    
                         
     
Salem, Oregon Water & Sewer (Assured Guaranty Municipal Corp. Insured)
                  
  1,000,000  
5.375%, 06/01/15
  
Aa3/AAA
       1,146,780    
                         
     
Sunrise Water Authority, Oregon (Assured Guaranty Municipal Corp. Insured)
                  
  2,630,000  
5.000%, 03/01/19
  
Aa3/AAA
       2,799,346    
  1,350,000  
5.250%, 03/01/24
  
Aa3/AAA
       1,425,074    
                         
     
Sunrise Water Authority, Oregon (Syncora Guarantee, Inc.)
                  
  1,000,000  
5.000%, 09/01/25
  
NR/NR*
       998,880    
                         
     
Washington County, Oregon Clean Water Services
                  
  4,000,000  
5.000%, 10/01/28
  
Aa2/AA-
       4,306,120    
                         
     
Washington County, Oregon Clean Water Services (National Public Finance Guarantee- Financial Guaranty Insurance Corporation Insured)
                  
  995,000  
5.000%, 10/01/13
  
Aa2/AA
       1,043,636    
  3,525,000  
5.125%, 10/01/17
  
Aa2/AA
       3,655,637    
                         
     
Washington County, Oregon Clean Water Services (National Public Finance Guarantee  Insured)
                  
  2,235,000  
5.250%, 10/01/15
  
Aa2/AA
       2,612,492    
                         
     
Total Water and Sewer Revenue Bonds
             66,344,408    
                         
     
Other Revenue Bonds (1.7%)
                  
                         
     
Oregon State Department of Administration Services (Lottery Revenue)
                  
  2,500,000  
5.000%, 04/01/29
  
Aa2/AAA
       2,688,375    
                         
     
Oregon State Department of Administration Services (Lottery Revenue) (Assured Guaranty Municipal Corp. Insured)
                  
  2,700,000  
5.000%, 04/01/19
  
Aa2/AAA
       2,918,187    
  3,000,000  
5.000%, 04/01/27
  
Aa2/AAA
       3,206,490    
                         
     
Total Other Revenue Bonds
             8,813,052    
                         
     
Total Revenue Bonds
             261,651,144    
 
 
11
 
 
     
U.S. Territory (1.6%)
                  
                         
     
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Assured Guaranty Municipal Corporation Insured)
                  
  3,000,000  
5.000%, 07/01/28
  
Aa3/AAA
       3,105,780    
                         
     
Puerto Rico Commonwealth General Obligation (National Public Finance Guarantee Insured)
                  
  1,270,000  
6.000%, 07/01/28
   A3/A       1,339,939    
                         
     
Puerto Rico Electric Power Authority
                  
  1,000,000  
5.250%, 07/01/33
  
A3/BBB+
       1,008,430    
                         
     
Puerto Rico Municipal Finance Agency (Assured Guaranty Municipal Corp. Insured)
                  
  500,000  
5.250%, 08/01/16
  
Aa3/AAA
       524,865    
                         
     
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue First Subordinate Series A
                  
  2,000,000  
5.750%, 08/01/37
   A1/A+       2,083,060    
                         
     
Total U.S. Territory Bonds
             8,062,074    
                         
     
Total Municipal Bonds  (cost $469,143,609-note b)
     97.7 %     492,381,058    
                         
     
Other assets less liabilities
     2.3       11,526,912    
                         
     
Net Assets
     100.0 %   $ 503,907,970    
                         
     
* 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
                  
 
 
12
 
 
         
Percent of
            
     
Portfolio Distribution By Quality Rating
  
Investments †
            
                         
     
Aaa of Moody's or AAA of S&P
     24.7 %  
 
    
     
Pre-refunded bonds ††/ Escrowed to Maturity bonds
     13.1            
     
Aa of Moody's or AA of S&P or Fitch
     40.6            
     
A of Moody's or S&P or Fitch
     16.8            
     
Baa of Moody's or BBB of S&P
     2.8            
     
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 ABBREVIATION:
                  
     
NR - Not Rated
                  
                         
     
See accompanying notes to financial statements.
            
 
 
13
 
 
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, 2010, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $468,919,402 amounted to $23,461,656, which consisted of aggregate gross unrealized appreciation of $24,751,086 and aggregate gross unrealized depreciation of $1,289,430.

(c) Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not 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, used to value the Trust’s net assets as of June 30, 2010:
 
Valuation Inputs
    
Investments in Securities
  
Level 1 – Quoted Prices
   $ -  
Level 2 – Other Significant Observable Inputs-Municipal Bonds+
   $ 492,381,058  
Level 3 – Significant Unobservable Inputs
   $ -  
Total
   $ 492,381,058  
 
+ See schedule of investments for additional detailed categorizations.
  
 
 
14
 
 
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)).
 
 
15
 
 
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 23, 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
August 23, 2010
    
 
 
By:
/s/ Joseph P. DiMaggio
    
 
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
August 23, 2010
    

 
 EX-99.CERT 2 e607365_ex99-cert.htm CERTIFICATIONS Unassociated Document
 
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 23, 2010
 
 
/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 23, 2010
 
 
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
    
 
 
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