N-Q 1 e608068_nq-oregon.htm TAX-FREE TRUST OF OREGON 12/31/2010 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: December 31, 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
December 31, 2010
(unaudited)
 
Amount
  
State of Oregon General Obligation Bonds (46.5%)
  
Ratings Moody's/ S&P and Fitch
  
Value
  
(a)
                 
   
Ashland, Oregon Refunding (Assured Guaranty Municipal Corp. Insured)
            
$ 1,025,000  
4.000%, 05/01/17
  
NR/AA+/NR
   $ 1,104,407    
  1,465,000  
4.000%, 05/01/21
  
NR/AA+/NR
     1,488,909    
                     
     
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/NR
     5,112,856    
                     
     
Central Oregon Community College District (School Bond Guaranty Program)
              
  1,850,000  
4.750%, 06/15/22
  
NR/AA/NR
     1,997,482    
  2,195,000  
4.750%, 06/15/23
  
NR/AA/NR
     2,341,165    
  2,175,000  
4.750%, 06/15/26
  
NR/AA/NR
     2,248,559    
                     
     
Chemeketa, Oregon Community College District (Financial Guaranty Insurance Corp. Insured),
              
  1,385,000  
5.500%, 06/01/14 Escrowed to Maturity
  
NR/NR/NR*
     1,555,964    
                     
     
Chemeketa, Oregon Community College District (School Bond Guaranty Program)
              
  1,010,000  
5.500%, 06/15/24
  
NR/AA/NR
     1,115,575    
  1,235,000  
5.000%, 06/15/25
  
NR/AA/NR
     1,308,100    
  1,540,000  
5.000%, 06/15/26
  
NR/AA/NR
     1,618,032    
                     
     
Clackamas, Oregon Community College District (National Public Finance Guarantee  Insured)
              
  1,535,000  
5.000%, 05/01/25
  
Aa3/AA/NR
     1,593,683    
                     
     
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/AA+/NR
     7,980,240    
  9,250,000  
zero coupon, 06/15/29
  
Aa1/AA+/NR
     9,129,843    
                     
     
Clackamas County, Oregon School District #46 (Oregon Trail) (School Bond Guaranty Program)
              
  1,000,000  
5.000%, 06/15/22
  
NR/AA/NR
     1,086,720    
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA/NR
     1,914,031    
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA/NR
     1,839,744    
  2,000,000  
4.500%, 06/15/30
  
Aa1/AA+/NR
     1,917,320    
  3,115,000  
4.750%, 06/15/31
  
Aa1/AA+/NR
     3,047,124    
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA/NR
     2,012,260    
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA/NR
     3,680,699    
                     
     
Clackamas County, Oregon School District #86 (Canby) (Assured Guaranty Municipal Corp. Insured)
              
  2,240,000  
5.000%, 06/15/19
  
Aa1/AA+/NR
     2,426,032    
                     
     
Clackamas County, Oregon School District #108 (Estacada) (Assured Guaranty Municipal Corp. Insured)
              
  1,295,000  
5.375%, 06/15/17 pre-refunded
  
Aa3/AA+/NR
     1,323,866    
 
 
2
 
 
  2,000,000  
5.000%, 06/15/25 pre-refunded
  
Aa3/AA+/NR
     2,041,260    
                     
     
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/NR
     2,083,050    
                     
     
Clackamas County, Oregon Tax Allocation
              
  705,000  
6.500%, 05/01/20
  
NR/NR/NR*
     705,959    
                     
     
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/NR
     1,170,140    
  500,000  
5.000%, 06/15/34
  
Aa1/AA/NR
     504,095    
                     
     
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/NR
     2,983,779    
  2,000,000  
4.500%, 06/15/29
  
Aa1/AA/NR
     1,982,620    
  1,965,000  
5.000%, 06/15/30
  
Aa1/AA/NR
     2,018,055    
  2,000,000  
4.750%, 06/15/32
  
Aa1/AA/NR
     1,997,280    
  3,000,000  
5.000%, 06/15/33
  
Aa1/AA/NR
     3,026,640    
                     
     
Columbia County, Oregon School District #502 (National Public Finance Guarantee Financial Guaranty Insurance Corp. Insured)
              
  2,070,000  
zero coupon, 06/01/15
  
Aa3/BBB/NR
     1,810,008    
                     
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia) (State School Bond Guaranty Program)
              
  3,430,000  
5.00%, 06/15/27
  
NR/AA/NR
     3,614,671    
                     
     
Deschutes County, Oregon (Assured Guaranty Municipal Corp. Insured)
              
  2,260,000  
5.000%, 12/01/16
  
Aa2/NR/NR
     2,404,052    
                     
     
Deschutes County, Oregon Administrative School District #1 Refunding (Assured Guaranty Municipal Corp. Insured)
              
  400,000  
5.000%, 06/15/13
  
Aa1/NR/NR
     438,028    
     
(Assured Guaranty Municipal Corp. Insured)
              
  1,300,000  
5.500%, 06/15/16 pre-refunded
  
Aa1/NR/NR
     1,329,705    
  1,355,000  
5.500%, 06/15/18 pre-refunded
  
Aa1/NR/NR
     1,385,962    
  3,000,000  
5.125%, 06/15/21 pre-refunded
  
Aa1/NR/NR
     3,063,540    
                     
     
Deschutes County, Oregon School District #6 (Sisters) (Assured Guaranty Municipal Corp. Insured)
              
  1,735,000  
5.250%, 06/15/19
  
Aa3/AA+/NR
     1,990,808    
  1,030,000  
5.250%, 06/15/21
  
Aa3/AA+/NR
     1,170,111    
                     
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (National Public Finance Guarantee- Financial Guaranty Insurance Corp. Insured)
              
  1,000,000  
5.000%, 06/15/21
  
Aa1/NR/NR
     1,047,260    
  2,330,000  
zero coupon, 06/15/22
  
Aa1/NR/NR
     1,390,777    
                     
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) (School Bond Guaranty Program)
              
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR/NR
     579,894    
  2,775,000  
zero coupon, 06/15/29
  
Aa1/NR/NR
     1,049,838    
  5,000,000  
6.000%, 06/15/31
  
Aa1/NR/NR
     5,493,050    
                     
     
Gresham, Oregon
              
     
(Assured Guaranty Municipal Corp. Insured)
              
  1,155,000  
5.375%, 06/01/18
  
Aa3/NR/NR
     1,206,929    
 
 
3
 
 
     
Hillsboro, Oregon Series B
              
  380,000  
3.500%, 06/01/15
  
Aa3/NR/NR
     407,573    
  390,000  
3.500%, 06/01/16
  
Aa3/NR/NR
     418,376    
  345,000  
3.500%, 06/01/17
  
Aa3/NR/NR
     367,404    
                     
     
Hood River County, Oregon School District Refunding (School Bond Guaranty Program)
              
  365,000  
3.000%, 06/15/14
  
NR/AA/NR
     383,312    
  385,000  
3.000%, 06/15/15
  
NR/AA/NR
     403,973    
  250,000  
4.000%, 06/15/16
  
NR/AA/NR
     273,505    
                     
     
Independence, Oregon City Hall Project
              
     
(Assured Guaranty Municipal Corp. Insured)
              
  2,435,000  
5.00%, 06/15/30
  
NR/AA+/NR
     2,425,942    
                     
     
Jackson County, Oregon School District #4 (Phoenix-Talent)
              
     
(Assured Guaranty Municipal Corp. Insured)
              
  1,395,000  
5.500%, 06/15/18 pre-refunded
  
Aa3/AA+/NR
     1,427,197    
                     
     
Jackson County, Oregon School District #9 (Eagle Point) (National Public Finance Guarantee Insured)
              
  2,080,000  
5.500%, 06/15/15
  
Aa1/NR/NR
     2,361,528    
  1,445,000  
5.500%, 06/15/16
  
Aa1/NR/NR
     1,674,726    
                     
     
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/NR
     1,146,466    
  1,880,000  
5.000%, 06/15/21 pre-refunded
  
Aa1/NR/NR
     1,919,217    
                     
     
Jackson County, Oregon School District #549
              
     
(Medford) (State School Bond Guaranty Program)
              
  1,750,000  
5.000%, 06/15/12
  
Aa1/NR/NR
     1,858,990    
                     
     
Jackson County, Oregon School District #549C (Medford) (Assured Guaranty Municipal Corp. Insured)
              
  2,000,000  
4.750%, 12/15/29
  
Aa1/AA+/NR
     2,006,980    
  3,000,000  
5.000%, 12/15/32
  
Aa1/AA+/NR
     3,026,190    
                     
     
Jackson County, Oregon School District #549C (Medford) (School Board Guaranty Program)
              
  1,000,000  
4.625%, 06/15/27
  
Aa1/AA/NR
     1,002,790    
  1,000,000  
4.625%, 06/15/30
  
Aa1/AA/NR
     979,250    
  1,000,000  
5.000%, 06/15/33
  
Aa1/AA/NR
     1,005,530    
                     
     
Jefferson County, Oregon School District #509J (National Public Finance Guarantee Insured) (State School Bond Guaranty Program)
              
  1,215,000  
5.250%, 06/15/14
  
NR/AA/NR
     1,287,596    
  1,025,000  
5.250%, 06/15/17
  
NR/AA/NR
     1,085,629    
                     
     
Josephine County, Oregon Three Rivers School District
              
     
(Assured Guaranty Municipal Corp. Insured)
              
  1,780,000  
5.250%, 06/15/18 pre-refunded
  
Aa1/NR/NR
     1,818,697    
                     
     
Keizer, Oregon
              
  2,270,000  
5.200%, 06/01/31
  
A1/NR/NR
     2,111,214    
                     
     
Lane County, Oregon School District #4J (Eugene) Refunding (School Bond Guaranty Program)
              
  1,000,000  
5.000%, 07/01/15
  
Aa1/NR/NR
     1,146,240    
                     
     
Lane County, Oregon School District #19 (Springfield)
              
     
(Assured Guaranty Municipal Corp. Insured)
              
  3,425,000  
zero coupon, 06/15/29
  
Aa1/NR/NR
     1,245,501    
 
 
4
 
 
     
Linn County, Oregon School District #9 (Lebanon)
              
     
(Financial Guaranty Insurance Corp. Insured)
              
     
(State School Bond Guaranty Program)
              
  3,000,000  
5.600%, 06/15/30 pre-refunded
  
NR/AA/NR
     3,328,560    
                     
     
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/NR
     2,512,225    
                     
     
Metro, Oregon
              
  1,100,000  
5.000%, 06/01/18
  
Aaa/AAA/NR
     1,259,709    
                     
     
Morrow County, Oregon School District #1 (Assured Guaranty Municipal Corp. Insured)
              
  1,710,000  
5.250%, 06/15/19
  
Aa3/AA+/NR
     1,962,122    
                     
     
Multnomah County, Oregon School District #7 (Reynolds)
              
     
(State School Bond Guaranty Program)
              
  500,000  
5.625%, 06/15/17 pre-refunded
  
Aa1/AA/NR
     511,700    
  2,375,000  
5.125%, 06/15/19 pre-refunded
  
Aa1/AA/NR
     2,425,303    
                     
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
              
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,202,000    
                     
     
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/AA+/NR
     1,534,620    
  4,275,000  
5.250%, 06/15/19
  
Aa1/AA+/NR
     4,939,463    
  2,650,000  
5.000%, 06/15/21 pre-refunded
  
Aa2/AA+/NR
     2,705,279    
                     
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) (Assured Guaranty Municipal Corp. Insured)
              
  2,680,000  
5.250%, 12/15/18
  
Aa1/NR/NR
     3,111,614    
                     
     
Multnomah and Clackamas Counties, Oregon School District #51J (Riverdale) (State School Bond Guaranty Program)
              
  1,250,000  
zero coupon, 06/15/31
  
NR/AA/NR
     408,988    
  1,300,000  
zero coupon, 06/15/32
  
NR/AA/NR
     397,709    
  850,000  
zero coupon, 06/15/33
  
NR/AA/NR
     243,398    
                     
     
Newport, Oregon Urban Renewal Obligations, Refunding, Series B
              
  565,000  
4.500%, 06/15/22
  
NR/A+/NR
     584,329    
                     
     
Newport, Oregon Wastewater Obligations, Refunding, Series A
              
  525,000  
4.250%, 06/15/22
  
NR/A+/NR
     532,749    
  255,000  
4.250%, 06/15/23
  
NR/A+/NR
     255,783    
                     
     
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/NR
     1,760,591    
                     
     
Oregon State Alternative Energy Project
              
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA/AA
     1,273,725    
                     
     
Oregon State Department of Administrative Services, Oregon Opportunity Refunding
              
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA/AA+
     7,121,876    
 
 
5
 
 
     
Pacific City, Oregon Joint Water - Sanitary Authority
              
  1,830,000  
4.800%, 07/01/27
  
NR/NR/NR*
     1,696,556    
                     
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central) (Assured Guaranty Municipal Corp. Insured)
              
  1,520,000  
5.000%, 06/15/21
  
Aa3/AA+/NR
     1,630,550    
                     
     
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/NR
     1,805,966    
                     
     
Portland, Oregon
              
  2,975,000  
zero coupon, 06/01/15
  
Aa1/NR/NR
     2,646,917    
  7,620,000  
4.350%, 06/01/23
  
Aa1/NR/NR
     7,736,281    
                     
     
Portland, Oregon Community College District
              
  1,195,000  
3.000%, 06/15/12
  
Aa1/AA/NR
     1,229,703    
                     
     
Portland, Oregon Community College District
              
     
(Financial Guaranty Insurance Corp. Insured)
              
  1,395,000  
5.000%, 06/01/17 pre-refunded
  
Aa1/AA/NR
     1,421,254    
                     
     
Portland, Oregon Revenue Refunding LTD Tax, Series A
              
  1,000,000  
4.000%, 04/01/22
  
Aa1/NR/NR
     1,016,110    
                     
     
Redmond, Oregon Terminal Expansion Project
              
  500,000  
5.000%, 06/01/34
  
A1/NR/NR
     449,580    
                     
     
City of Salem, Oregon
              
  1,750,000  
5.000%, 06/01/29
  
Aa2/AA-/NR
     1,772,680    
                     
     
Salem, Oregon
              
  1,585,000  
4.000%, 06/01/17
  
Aa2/AA-/NR
     1,736,685    
                     
     
Salem-Keizer, Oregon School District #24J (Assured Guaranty Municipal Corp. Insured)
              
  1,000,000  
5.000%, 06/15/19
  
Aa1/AA+/NR
     1,087,520    
                     
     
Salem-Keizer, Oregon School District #24J (State School Bond Guaranty Program)
              
  4,000,000  
zero coupon, 06/15/28
  
Aa1/AA/NR
     1,606,040    
  3,090,000  
zero coupon, 06/15/29
  
Aa1/AA/NR
     1,158,565    
  3,500,000  
zero coupon, 06/15/30
  
Aa1/AA/NR
     1,223,285    
                     
     
State of Oregon
              
  500,000  
6.000%, 10/01/29
  
Aa1/AA/AA+
     552,295    
                     
     
State of Oregon Board of Higher Education
              
  820,000  
zero coupon, 08/01/16
  
Aa1/AA/AA+
     695,393    
  2,000,000  
5.000%, 08/01/21
  
Aa1/AA/AA+
     2,137,900    
  500,000  
5.750%, 08/01/29 Series A
  
Aa1/AA/AA+
     546,080    
  1,000,000  
5.000%, 08/01/34
  
Aa1/AA/AA+
     1,027,230    
  1,000,000  
5.000%, 08/01/38
  
Aa1/AA/AA+
     1,024,010    
                     
     
State of Oregon Veterans' Welfare
              
  550,000  
4.800%, 12/01/22
  
Aa1/AA/AA+
     570,537    
  400,000  
4.900%, 12/01/26
  
Aa1/AA/AA+
     408,580    
                     
     
The Dalles, Oregon
              
  230,000  
4.000%, 06/01/20
  
NR/A+/NR
     235,626    
  155,000  
4.000%, 06/01/21
  
NR/A+/NR
     156,880    
  130,000  
4.125%, 06/01/22
  
NR/A+/NR
     131,695    
  100,000  
4.200%, 06/01/23
  
NR/A+/NR
     100,948    
 
 
6
 
 
     
Tualatin Hills, Oregon Park & Recreational District
              
  1,000,000  
4.250%, 06/01/24
  
Aa1/AA/NR
     1,012,670    
                     
     
Wasco County, Oregon School District #12 (The Dalles) (Assured Guaranty Municipal Corp. Insured)
              
  1,400,000  
5.500%, 06/15/17
  
Aa3/AA+/NR
     1,647,618    
  1,790,000  
5.500%, 06/15/20
  
Aa3/AA+/NR
     2,099,348    
                     
     
Washington County, Oregon
              
  2,465,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     2,657,270    
                     
     
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/NR
     1,799,230    
  2,000,000  
5.000%, 06/15/21 pre-refunded
  
Aa1/NR/NR
     2,041,260    
                     
     
Washington County, Oregon School District #48J (Beaverton) (Assured Guaranty Corp. Insured)
              
  1,280,000  
5.000%, 06/01/31
  
Aa2/AA+/NR
     1,300,134    
  1,000,000  
5.125%, 06/01/36
  
Aa2/AA+/NR
     1,011,870    
                     
     
Yamhill County, Oregon School District #40 (McMinnville) (Assured Guaranty Municipal Corp. Insured) (School Bond Guaranty Program)
              
  1,205,000  
5.000%, 06/15/19
  
Aa1/NR/NR
     1,350,492    
  1,375,000  
5.000%, 06/15/22
  
Aa1/NR/NR
     1,488,919    
                     
     
Total State of Oregon General Obligation Bonds
         226,399,368    
                     
     
State of Oregon Revenue Bonds (50.4%)
              
                     
     
Airport Revenue Bonds (0.3%)
              
                     
     
Jackson County, Oregon Airport Revenue (Syncora Guarantee, Inc.)
              
  750,000  
5.250%, 12/01/32
  
Baa1/NR/NR
     694,785    
                     
     
Redmond, Oregon Airport Revenue
              
  550,000  
6.000%, 06/01/34
  
Baa3/NR/NR
     547,910    
                     
     
Total Airport Revenue Bonds
         1,242,695    
                     
     
Certificates of Participation Revenue Bonds (5.7%)
              
                     
     
Oregon State Department of Administrative Services
              
  3,270,000  
5.000%, 11/01/27 Series C
  
Aa2/AA-/AA
     3,292,955    
  2,155,000  
5.000%, 11/01/28 Series C
  
Aa2/AA-/AA
     2,154,849    
  5,000,000  
5.125%, 05/01/33
  
Aa2/AA-/AA
     4,847,700    
                     
     
Oregon State Department of Administration Services
              
     
(American Municipal Bond Assurance Corp. Insured)
              
  500,000  
5.375%, 05/01/14 pre-refunded
  
Aa2/AA-/AA
     513,160    
                     
     
Oregon State Department of Administrative Services (Assured Guaranty Municipal Corp. Insured)
              
  2,280,000  
4.500%, 11/01/32
  
Aa2/AA+/AA
     1,986,518    
  1,645,000  
4.750%, 05/01/33
  
Aa2/AA+/AA
     1,512,561    
                     
     
Oregon State Department of Administrative Services (National Public Finance Guarantee- Financial Guaranty Insurance Corp. Insured)
              
  2,000,000  
5.000%, 11/01/20
  
Aa2/AA-/AA
     2,136,540    
  2,660,000  
5.000%, 11/01/23
  
Aa2/AA-/AA
     2,741,024    
  2,945,000  
5.000%, 11/01/24
  
Aa2/AA-/AA
     3,013,442    
  1,475,000  
5.000%, 11/01/26
  
Aa2/AA-/AA
     1,489,735    
 
 
7
 
 
  3,880,000  
5.000%, 11/01/27
  
Aa2/AA-/AA
     3,899,167    
                     
     
Total Certificates of Participation Revenue Bonds
         27,587,651    
                     
     
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+/NR
     238,558    
                     
     
Portland, Oregon Economic Development (Broadway Project)
              
  5,000,000  
6.500%, 04/01/35
  
A1/A+/NR
     5,412,500    
                     
     
Total Development Revenue Bonds
         5,651,058    
                     
                     
     
Hospital Revenue Bonds (11.5%)
              
                     
     
Clackamas County, Oregon Hospital Facilities Authority (Legacy Health System)
              
  5,750,000  
5.250%, 05/01/21
  
A2/A+/NR
     5,764,835    
                     
     
Deschutes County, Oregon Hospital Facilities Authority
              
     
(Cascade Health)
              
  2,000,000  
5.600%, 01/01/27 pre-refunded
  
A3/NR/NR
     2,100,700    
  3,500,000  
8.000%, 01/01/28
  
A3/NR/NR
     4,025,350    
  3,000,000  
5.600%, 01/01/32 pre-refunded
  
A3/NR/NR
     3,151,050    
                     
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) (American Municipal Bond Assurance Corp. Insured)
              
  3,250,000  
5.375%, 01/01/35
  
A3/NR/NR
     3,183,505    
                     
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems (Assured Guaranty Municipal Corp. Insured)
              
  9,000,000  
5.500%, 08/15/28
  
NR/AA+/NR
     9,277,200    
                     
     
Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West)
              
  500,000  
5.000%, 09/01/21
  
NR/A/A
     529,495    
                     
     
Multnomah County, Oregon Hospital Facilities Authority (Providence Health System)
              
  1,390,000  
5.250%, 10/01/22
  
Aa2/AA/AA
     1,461,029    
                     
     
Multnomah County, Oregon Hospital Facilities Authority (Terwilliger Plaza Project)
              
  1,250,000  
5.250%, 12/01/36
  
NR/NR/NR*
     1,043,138    
                     
     
Oregon Health Sciences University Series B (National Public Finance Guarantee Insured)
              
  1,400,000  
5.250%, 07/01/15
  
A1/A/NR
     1,403,682    
                     
     
Oregon State Facilities Authority Revenue, Refunding, Legacy Health Systems
              
  2,000,000  
4.250%, 03/15/17
  
A2/A+/NR
     2,069,260    
  3,000,000  
4.500%, 03/15/18
  
A2/A+/NR
     3,098,490    
  1,000,000  
4.750%, 03/15/24
  
A2/A+/NR
     985,480    
  1,000,000  
5.000%, 03/15/30
  
A2/A+/NR
     958,250    
                     
     
Oregon State Facilities Authority Revenue, Refunding, Samaritan Health Services
              
  1,500,000  
4.375%, 10/01/20
  
NR/A-/NR
     1,475,970    
 
 
8
 
 
  2,000,000  
4.500%, 10/01/21
  
NR/A-/NR
     1,968,100    
  1,520,000  
5.000%, 10/01/23
  
NR/A-/NR
     1,524,530    
  1,795,000  
4.875%, 10/01/25
  
NR/A-/NR
     1,738,906    
  2,000,000  
5.000%, 10/01/30
  
NR/A-/NR
     1,843,440    
                     
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
              
  2,000,000  
5.750%, 08/15/23
  
NR/A+/A+
     2,131,640    
  3,300,000  
4.500%, 08/15/30
  
NR/A+/A+
     2,890,371    
                     
     
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/A+/AA
     1,887,646    
  1,430,000  
5.000%, 11/15/32
  
NR/A+/AA
     1,378,348    
                     
     
Total Hospital Revenue Bonds
         55,890,415    
 
 
9
 
 
     
Housing, Educational and Cultural Revenue Bonds (9.3%)
              
                     
     
Forest Grove, Oregon Campus Improvement (Pacific University Project)
              
  1,500,000  
6.000%, 05/01/30
  
NR/BBB/NR
     1,536,045    
                     
     
Forest Grove, Oregon (Pacific University) (Radian Insured)
              
  4,000,000  
5.000%, 05/01/22
  
NR/BBB/NR
     4,039,960    
                     
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
              
  5,750,000  
5.500%, 03/01/37
  
NR/NR/NR*
     4,950,578    
                     
     
Oregon Health Sciences University
              
     
(National Public Finance Guarantee Insured)
              
  11,550,000  
zero coupon, 07/01/21
  
A1/A/NR
     6,767,376    
  2,890,000  
5.250%, 07/01/22
  
A1/A/NR
     2,935,720    
                     
     
Oregon Health Science University Series A
              
  4,500,000  
5.750%, 07/01/39
  
A2/A/A
     4,636,980    
                     
     
Oregon State Facilities Authority Revenue (Linfield College Project), Series A 2005
              
  2,830,000  
5.000%, 10/01/20
  
Baa1/NR/NR
     2,883,544    
  2,115,000  
5.000%, 10/01/25
  
Baa1/NR/NR
     2,141,522    
                     
     
Oregon State Facilities Authority Revenue (Linfield College Project), Series A 2010
              
  1,220,000  
5.000%, 10/01/31
  
Baa1/NR/NR
     1,171,212    
                     
     
Oregon State Facilities Authority Revenue (University of Portland)
              
  5,000,000  
5.000%, 04/01/32
  
NR/BBB+/NR
     4,742,600    
                     
     
Oregon State Facilities Authority Revenue (Willamette University)
              
  1,000,000  
4.000%, 10/01/24
  
NR/A/NR
     971,090    
  5,000,000  
5.000%, 10/01/32
  
NR/A/NR
     4,453,700    
                     
     
State of Oregon Housing and Community Services
              
  2,360,000  
4.650%, 07/01/25
  
Aa2/NR/NR
     2,330,594    
  1,855,000  
5.350%, 07/01/30
  
Aa2/NR/NR
     1,879,783    
                     
     
Total Housing, Educational, and Cultural Revenue Bonds
         45,440,704    
                     
     
Transportation Revenue Bonds (4.8%)
              
                     
     
Oregon State Department Transportation Highway Usertax
              
  3,025,000  
5.500%, 11/15/18 pre-refunded
  
Aa1/AAA/AA+
     3,294,165    
  1,200,000  
5.000%, 11/15/22
  
Aa1/AAA/AA+
     1,275,132    
  1,865,000  
5.000%, 11/15/23 Series A
  
Aa1/AAA/AA+
     2,010,078    
  1,260,000  
5.000%, 11/15/23
  
Aa1/AAA/AA+
     1,332,324    
  4,545,000  
5.125%, 11/15/26 pre-refunded
  
Aa1/AAA/AA+
     4,917,963    
  2,155,000  
5.000%, 11/15/28
  
Aa1/AAA/AA+
     2,232,300    
  1,000,000  
5.000%, 11/15/29
  
Aa1/AAA/AA+
     1,026,760    
  2,165,000  
4.500%, 11/15/32
  
Aa1/AAA/AA+
     2,003,837    
  3,510,000  
5.000%, 11/15/33
  
Aa1/AAA/AA+
     3,555,244    
                     
     
Tri-County Metropolitan Transportation District, Oregon
              
  1,775,000  
5.000%, 09/01/16
  
Aa2/AAA/NR
     1,879,015    
                     
     
Total Transportation Revenue Bonds
         23,526,818    
 
 
10
 
 
     
Urban Renewal Revenue Bonds (2.4%)
              
                     
     
Portland, Oregon River District Urban Renewal and Redevelopment (American Municipal Bond Assurance Corp. Insured)
              
  1,915,000  
5.000%, 06/15/20
  
A2/NR/NR
     1,970,382    
                     
     
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam, Series B
              
  1,000,000  
4.000%, 06/15/25
  
A1/NR/NR
     877,310    
                     
     
Portland, Oregon Urban Renewal Tax Allocation (American Municipal Bond Assurance Corp. Insured) (Convention Center)
              
  1,150,000  
5.750%, 06/15/18
  
Aa3/NR/NR
     1,165,479    
  2,000,000  
5.450%, 06/15/19
  
Aa3/NR/NR
     2,026,320    
                     
     
Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor) (National Public Finance Guarantee- Financial Guaranty Insurance Corp. Insured)
              
  1,890,000  
5.250%, 06/15/20
  
A2/NR/NR
     1,950,310    
  1,810,000  
5.250%, 06/15/21
  
A2/NR/NR
     1,855,286    
  2,030,000  
5.000%, 06/15/23
  
A2/NR/NR
     2,033,938    
                     
     
Total Urban Renewal Revenue Bonds
         11,879,025    
                     
     
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/NR
     1,545,326    
                     
     
Eugene, Oregon  Electric Utility
              
  5,635,000  
5.000%, 08/01/30
  
Aa2/AA-/AA-
     5,712,763    
                     
     
Total Utility Revenue Bonds
         7,258,089    
                     
     
Water and Sewer Revenue Bonds (12.0%)
              
                     
     
Klamath Falls, Oregon Water (Assured Guaranty Municipal Corp. Insured)
              
  1,575,000  
5.500%, 07/01/16
  
Aa3/AA+/NR
     1,746,974    
                     
     
Lane County, Oregon Metropolitan Wastewater
              
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA-/NR
     2,588,950    
                     
     
Lebanon, Oregon Wastewater Revenue Refunding (Assured Guaranty Municipal Corp. Insured)
              
  230,000  
4.000%, 03/01/20
  
NR/AA+/NR
     238,022    
  400,000  
4.250%, 03/01/25
  
NR/AA+/NR
     399,136    
                     
     
Molalla, Oregon Sewer Revenue Refunding
              
  210,000  
4.000%, 03/01/18
  
NR/A/NR
     219,841    
  240,000  
4.000%, 03/01/19
  
NR/A/NR
     247,752    
  250,000  
4.000%, 03/01/20
  
NR/A/NR
     253,825    
  260,000  
4.000%, 03/01/21
  
NR/A/NR
     260,582    
  270,000  
4.000%, 03/01/22
  
NR/A/NR
     267,351    
  280,000  
4.000%, 03/01/23
  
NR/A/NR
     273,395    
  290,000  
4.000%, 03/01/24
  
NR/A/NR
     276,356    
  150,000  
4.000%, 03/01/25
  
NR/A/NR
     140,309    
                     
     
Portland, Oregon Sewer System
              
  5,000,000  
5.000%, 06/15/33
  
Aa3/AA/NR
     5,027,650    
 
 
11
 
 
     
Portland, Oregon Sewer System (Assured Guaranty Municipal Corp. Insured)
              
  2,760,000  
5.250%, 06/01/17
  
Aa3/AA+/NR
     2,962,860    
  4,595,000  
5.000%, 06/01/17
  
Aa2/AA+/NR
     5,091,536    
  3,470,000  
5.000%, 06/01/21
  
Aa3/AA+/NR
     3,632,292    
                     
     
Portland, Oregon Sewer System (National Public Finance Guarantee Insured)
              
  4,410,000  
5.000%, 06/15/25
  
Aa3/AA/NR
     4,619,343    
  4,630,000  
5.000%, 06/15/26
  
Aa3/AA/NR
     4,819,923    
  1,610,000  
5.000%, 06/15/27
  
Aa3/AA/NR
     1,668,105    
                     
     
Portland, Oregon Water System (National Public Finance Guarantee Insured)
              
  2,725,000  
4.500%, 10/01/27
  
Aa1/NR/NR
     2,724,837    
                     
     
Portland, Oregon Water System Revenue, Refunding, Series A
              
  1,920,000  
4.000%, 05/01/14
  
Aaa/NR/NR
     2,091,264    
  1,275,000  
4.000%, 05/01/25
  
Aaa/NR/NR
     1,245,012    
                     
     
Salem, Oregon Water & Sewer (Assured Guaranty Municipal Corp. Insured)
              
  1,000,000  
5.375%, 06/01/15
  
Aa3/AA+/NR
     1,133,950    
                     
     
Sunrise Water Authority, Oregon (Assured Guaranty Municipal Corp. Insured)
              
  2,630,000  
5.000%, 03/01/19
  
Aa3/AA+/NR
     2,775,755    
  1,350,000  
5.250%, 03/01/24
  
Aa3/AA+/NR
     1,399,896    
                     
     
Sunrise Water Authority, Oregon (Syncora Guarantee, Inc.)
              
  1,000,000  
5.000%, 09/01/25
  
NR/NR/NR*
     944,090    
                     
     
Washington County, Oregon Clean Water Services
              
  4,000,000  
5.000%, 10/01/28
  
Aa2/AA-/NR
     4,113,800    
                     
     
Washington County, Oregon Clean Water Services (National Public Finance Guarantee- Financial Guaranty Insurance Corp. Insured)
              
  995,000  
5.000%, 10/01/13
  
Aa2/AA/NR
     1,023,835    
  3,525,000  
5.125%, 10/01/17
  
Aa2/AA/NR
     3,611,327    
                     
     
Washington County, Oregon Clean Water Services (National Public Finance Guarantee  Insured)
              
  2,235,000  
5.250%, 10/01/15
  
Aa2/AA/NR
     2,579,279    
                     
     
Total Water and Sewer Revenue Bonds
         58,377,247    
                     
     
Other Revenue Bonds (1.7%)
              
                     
     
Oregon State Department of Administration Services (Lottery Revenue)
              
  2,500,000  
5.000%, 04/01/29
  
Aa2/AAA/NR
     2,560,875    
                     
     
Oregon State Department of Administration Services (Lottery Revenue) (Assured Guaranty Municipal Corp. Insured)
              
  2,700,000  
5.000%, 04/01/19
  
Aa2/AAA/AA-
     2,874,825    
  3,000,000  
5.000%, 04/01/27
  
Aa2/AAA/AA-
     3,088,830    
                     
     
Total Other Revenue Bonds
         8,524,530    
                     
     
Total State of Oregon Revenue Bonds
         245,378,232    
 
 
12
 
 
     
U.S. Territory Bonds (1.2%)
              
                     
     
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Assured Guaranty Municipal Corp. Insured)
              
  3,000,000  
5.000%, 07/01/28
  
Aa3/AA+/BBB
     2,951,910    
                     
     
Puerto Rico Commonwealth General Obligation (National Public Finance Guarantee Insured)
              
  1,270,000  
6.000%, 07/01/28
  
A3/BBB/NR
     1,316,419    
                     
     
Puerto Rico Electric Power Authority
              
  1,000,000  
5.250%, 07/01/33
  
A3/BBB+/BBB+
     950,640    
                     
     
Puerto Rico Municipal Finance Agency (Assured Guaranty Municipal Corp. Insured)
              
  500,000  
5.250%, 08/01/16
  
Aa3/AA+/NR
     519,330    
                     
     
Total U.S. Territory Bonds
         5,738,299    
                     
     
Total Investments (cost $469,835,065-note b)
  
98.1%
     477,515,899    
                     
     
Other assets less liabilities
  
1.9
     9,310,424    
                     
     
Net Assets
  
100.0%
   $ 486,826,323    
                     
     
* 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.
          
                     
         
Percent of
          
     
Portfolio Distribution By Quality Rating
  
Investments †
          
                     
     
Aaa of Moody's or AAA of S&P
  
5.9
 %         
     
Pre-refunded bonds ††/ Escrowed to Maturity bonds
  
10.9
          
     
Aa of Moody's or AA of S&P or Fitch
  
61.1
          
     
A of Moody's or S&P or Fitch
  
16.4
          
     
Baa of Moody's or BBB of S&P
  
3.7
          
     
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
December 31, 2010
(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, 2010, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $469,586,088 amounted to $7,929,811, which consisted of aggregate gross unrealized appreciation of $14,466,630 and aggregate gross unrealized depreciation of $6,536,819.
 
(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 December 31, 2010:
 
Valuation Inputs
    
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+
     477,515,899  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 477,515,899  
 
 + See schedule of investments for a detailed listing of securities.
 
 
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
February 22, 2011
    

 
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 22, 2011
    
 
 
By:
/s/ Joseph P. DiMaggio
    
 
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
February 22, 2011