N-Q/A 1 e609941_nq-oregon.htm .TAX-FREE TRUST OF OREGON 06/31/2012 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, 2011
 
Date of reporting period: June 30, 2012
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
 
Item 1. Schedule of Investments.

Schedule of investments as of the close of the reporting period as set forth in subsection 210.12-12 - 12-14 of Regulation S-X (17 CFR 210.12-12 - 12-14)
 
 
 
 
 
TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
June 30, 2012
(unaudited)
 
Amount
  
General Obligation Bonds (49.0%)
  
Ratings Moody's/ S&P and Fitch
  
Value
    
(a)
  
                     
   
City & County (5.7%)
                
                     
   
Canby, Oregon
                
$ 1,060,000  
5.000%, 06/01/27
  
A2/NR/NR
   $ 1,200,662          
                           
     
Clackamas County, Oregon Tax Allocation
                    
  705,000  
6.500%, 05/01/20
  
NR/NR/NR*
     708,335          
                           
     
Deschutes County, Oregon
                    
  2,260,000  
5.000%, 12/01/16 AGMC Insured
  
Aa2/NR/NR
     2,300,861          
                           
     
Gresham, Oregon
                    
  1,155,000  
5.375%, 06/01/18 AGMC Insured
  
Aa3/NR/NR
     1,155,000          
                           
     
Hillsboro, Oregon
                    
  380,000  
3.500%, 06/01/15 Series B
  
Aa3/NR/NR
     406,912          
  390,000  
3.500%, 06/01/16 Series B
  
Aa3/NR/NR
     426,781          
  345,000  
3.500%, 06/01/17 Series B
  
Aa3/NR/NR
     378,541          
                           
     
Portland, Oregon
                    
  6,335,000  
4.350%, 06/01/23
  
Aa1/NR/NR
     6,466,705          
                           
     
Portland, Oregon Public Safety
                    
  2,130,000  
4.125%, 06/01/26 Series A
  
Aaa/NR/NR
     2,342,553          
                           
     
Portland, Oregon Revenue Limited Tax, Improvement
                    
  1,165,000  
4.000%, 06/01/22 Series A
  
Aa1/NR/NR
     1,257,082          
                           
     
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
                    
  4,765,000  
5.000%, 06/01/27
  
Aa1/NR/NR
     5,618,983          
                           
     
Redmond, Oregon Refunding
                    
  735,000  
5.000%, 06/01/23 Series A
  
A1/NR/NR
     883,176          
                           
     
City of Salem, Oregon
                    
  1,585,000  
4.000%, 06/01/17
  
Aa2/AA-/NR
     1,800,655          
  1,750,000  
5.000%, 06/01/29
  
Aa2/AA-/NR
     1,981,945          
                           
     
Washington County, Oregon
                    
  2,465,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     2,810,149          
                           
     
Total City & County
         29,738,340          
                           
     
Community College (5.6%)
                    
                           
     
Central Oregon Community College District School Bond Guaranty Program
                    
  1,850,000  
4.750%, 06/15/22
  
NR/AA+/NR
     2,237,076          
  2,195,000  
4.750%, 06/15/23
  
NR/AA+/NR
     2,623,881          
  2,175,000  
4.750%, 06/15/26
  
NR/AA+/NR
     2,518,802          
                           
     
Chemeketa, Oregon Community College District
                    
  1,385,000  
5.500%, 06/01/14 ETM FGIC Insured
  
NR/NR/NR*
     1,518,389          
                           
     
Chemeketa, Oregon Community College District School Bond Guaranty Program
                    
  1,010,000  
5.500%, 06/15/24
  
NR/AA+/NR
     1,190,437          
  1,235,000  
5.000%, 06/15/25
  
NR/AA+/NR
     1,404,553          
  1,540,000  
5.000%, 06/15/26
  
NR/AA+/NR
     1,743,234          
                           
     
Clackamas, Oregon Community College District
                    
  1,535,000  
5.000%, 05/01/25 NPFG Insured
  
Aa3/AA/NR
     1,676,941          
 
 
 
 
 
     
Columbia Gorge, Oregon Community College District, Refunding, School Board Guaranty Program
                    
  1,000,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     1,124,770          
                           
     
Oregon Coast Community College District State School Bond Guaranty Program
                    
  1,590,000  
5.250%, 06/15/17 NPFG Insured (pre-refunded)
  
Aa1/NR/NR
     1,740,191          
  1,770,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     2,140,107          
                           
     
Portland, Oregon Community College District
                    
  7,915,000  
5.000%, 06/15/28
  
Aa1/AA/NR
     9,362,891          
                           
     
Total Community College
         29,281,272          
                           
                           
     
Higher Education (1.9%)
                    
                           
     
State of Oregon Board of Higher Education
                    
  820,000  
zero coupon, 08/01/16
  
Aa1/AA+/AA+
     775,343          
  1,125,000  
5.000%, 08/01/21 Series A (pre-refunded)
  
Aa1/NR/NR
     1,276,560          
  875,000  
5.000%, 08/01/21 Series A
  
Aa1/AA+/NR
     974,986          
  500,000  
5.750%, 08/01/29 Series A
  
Aa1/AA+/AA+
     591,630          
  1,000,000  
5.000%, 08/01/34
  
Aa1/AA+/AA+
     1,113,190          
  1,000,000  
5.000%, 08/01/38
  
Aa1/AA+/AA+
     1,100,340          
                           
     
Oregon State, Oregon University System
                    
  1,170,000  
4.000%, 08/01/25 Series B
  
Aa1/AA+/AA+
     1,315,419          
                           
     
Oregon State, Oregon University System Projects
                    
  2,365,000  
4.000%, 08/01/26 Series H
  
Aa1/AA+/AA+
     2,614,910          
                           
     
Total Higher Education
         9,762,378          
                           
     
Housing (0.2%)
                    
                           
     
State of Oregon Veterans' Welfare
                    
  550,000  
4.800%, 12/01/22
  
Aa1/AA+/AA+
     589,386          
  400,000  
4.900%, 12/01/26
  
Aa1/AA+/AA+
     425,772          
                           
     
Total Housing
         1,015,158          
                           
     
Puerto Rico (0.4%)
                    
                           
     
Puerto Rico Commonwealth
                    
  1,270,000  
6.000%, 07/01/28 NPFG Insured
  
Baa1/BBB/NR
     1,397,686          
                           
     
Puerto Rico Municipal Finance Agency
                    
  500,000  
5.250%, 08/01/16 AGMC Insured
  
Aa3/AA-/NR
     501,240          
                           
     
Total Puerto Rico
         1,898,926          
                           
     
School District  (23.4%)
                    
                           
     
Benton & Linn Counties, Oregon School District #509J Corvallis
                    
  4,670,000  
5.000%, 06/01/21 (pre-refunded) AGMC Insured
  
Aa1/NR/NR
     4,868,335          
                           
     
Clackamas County, Oregon School District #12 (North Clackamas) School Bond Guaranty Program Convertible Capital Appreciation Bonds
                    
  8,000,000  
5.000%, 06/15/27 Series B AGMC Insured
  
Aa1/AA+/NR
     9,015,920          
  9,250,000  
5.000%, 06/15/29 AGMC Insured
  
Aa1/AA+/NR
     10,378,593          
                           
     
Clackamas County, Oregon School District #46 (Oregon Trail) School Bond Guaranty Program
                    
  1,000,000  
5.000%, 06/15/22
  
NR/AA+/NR
     1,182,930          
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA+/NR
     2,128,599          
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA+/NR
     2,047,104          
  2,000,000  
4.500%, 06/15/30 AGMC Insured
  
Aa1/AA+/NR
     2,147,340          
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA+/NR
     2,233,100          
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA+/NR
     4,161,969          
 
 
 
 
 
     
Clackamas County, Oregon School District #86 (Canby)
                    
  2,240,000  
5.000%, 06/15/19 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     2,532,835          
  1,800,000  
5.000%, 06/15/24
  
Aa1/AA+/NR
     2,217,186          
                           
     
Clackamas County, Oregon School District #115 (Gladstone)  State School Bond Guaranty Program
                    
  5,000,000  
zero coupon, 06/15/27 NPFG Insured
  
Baa2/AA+/NR
     2,636,650          
                           
     
Clackamas & Washington Counties, Oregon School District No. 003 (West Linn-Wilsonville)
                    
  1,110,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     1,290,497          
  500,000  
5.000%, 06/15/34
  
Aa1/AA+/NR
     560,265          
                           
     
Clackamas & Washington Counties, Oregon School District #3J (West Linn - Wilsonville)  School Bond Guaranty Program
                    
  2,850,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     3,297,678          
  2,000,000  
4.500%, 06/15/29
  
Aa1/AA+/NR
     2,184,160          
  1,965,000  
5.000%, 06/15/30
  
Aa1/AA+/NR
     2,237,408          
  3,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     3,373,560          
                           
     
Columbia County, Oregon School District #502
                    
  2,070,000  
zero coupon, 06/01/15 NPFG FGIC Insured
  
Aa3/BBB/NR
     1,969,522          
                           
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia) State School Bond Guaranty Program
                    
  3,430,000  
5.00%, 06/15/27
  
NR/AA+/NR
     4,012,002          
                           
     
Deschutes County, Oregon Administrative School District #1 Refunding
                    
  400,000  
5.000%, 06/15/13 AGMC Insured
  
Aa1/NR/NR
     418,028          
                           
     
Deschutes County, Oregon School District #6 (Sisters)
                    
  1,735,000  
5.250%, 06/15/19 AGMC Insured
  
Aa3/AA+/NR
     2,126,624          
  1,030,000  
5.250%, 06/15/21 AGMC Insured
  
Aa3/AA+/NR
     1,281,907          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
                    
  1,000,000  
5.000%, 06/15/21 NPFG FGIC Insured
  
Aa1/NR/NR
     1,077,430          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) School Bond Guaranty Program
                    
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR/NR
     753,621          
  5,000,000  
6.000%, 06/15/31
  
Aa1/NR/NR
     5,942,800          
                           
     
Hood River County, Oregon School District Refunding  School Bond Guaranty Program
                    
  365,000  
3.000%, 06/15/14
  
NR/AA+/NR
     382,126          
  385,000  
3.000%, 06/15/15
  
NR/AA+/NR
     408,092          
  250,000  
4.000%, 06/15/16
  
NR/AA+/NR
     279,348          
                           
     
Jackson County, Oregon School District #9 (Eagle Point)
                    
  2,080,000  
5.500%, 06/15/15 NPFG Insured
  
Aa1/NR/NR
     2,339,272          
  1,445,000  
5.500%, 06/15/16 NPFG Insured
  
Aa1/NR/NR
     1,678,815          
                           
     
Jackson County, Oregon School District #549C (Medford) School Board Guaranty Program
                    
  1,000,000  
4.625%, 06/15/27
  
Aa1/AA+/NR
     1,101,010          
  2,000,000  
4.750%, 12/15/29 AGMC Insured
  
Aa1/AA+/NR
     2,193,520          
  1,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     1,108,130          
                           
     
Jefferson County, Oregon School District #509J School Board Guaranty Program
                    
  1,215,000  
5.250%, 06/15/14 NPFG/ FGIC Insured
  
NR/AA+/NR
     1,219,082          
  1,025,000  
5.250%, 06/15/17 NPFG/ FGIC Insured
  
NR/AA+/NR
     1,028,526          
                           
     
Lane County, Oregon School District #4J (Eugene) Refunding School Board Guaranty Program
                    
  1,000,000  
5.000%, 07/01/15
  
Aa1/NR/NR
     1,124,750          
  1,130,000  
4.000%, 06/15/23
  
Aa1/NR/NR
     1,272,809          
                           
     
Lane County, Oregon School District #19 (Springfield)
                    
  3,425,000  
zero coupon, 06/15/29 AGMC Insured
  
Aa1/NR/NR
     1,624,649          
                           
     
Lincoln County, Oregon School District, School Board Guaranty Program
                    
  2,370,000  
4.000%, 06/15/24 Series A
  
Aa1/NR/NR
     2,639,256          
 
 
 
 
 
     
Linn County, Oregon School District #9 (Lebanon) School Board Guaranty Program
                    
  3,000,000  
5.600%, 06/15/30  FGIC Insured (pre-refunded)
  
NR/AA+/NR
     3,149,850          
                           
     
Morrow County, Oregon School District #1
                    
  1,710,000  
5.250%, 06/15/19 AGMC Insured
  
Aa3/AA+/NR
     2,095,981          
                           
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
                    
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,357,272          
                           
     
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
                    
  4,275,000  
5.250%, 06/15/19 AGMC Insured
  
Aa1/AA+/NR
     5,287,149          
                           
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
                    
  2,680,000  
5.250%, 12/15/18 AGMC Insured
  
Aa1/NR/NR
     3,249,259          
                           
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
                    
  1,520,000  
5.000%, 06/15/21 AGMC Insured
  
Aa3/AA+/NR
     1,728,270          
                           
     
Salem-Keizer, Oregon School District #24J
                    
  1,000,000  
5.000%, 06/15/19 AGMC Insured
  
Aa1/AA+/NR
     1,081,270          
                           
     
Wasco County, Oregon School District #12 (The Dalles)
                    
  1,400,000  
5.500%, 06/15/17 AGMC Insured
  
Aa3/AA-/NR
     1,677,718          
  1,790,000  
5.500%, 06/15/20 AGMC Insured
  
Aa3/AA-/NR
     2,231,683          
                           
     
Washington County, Oregon School District #48J (Beaverton)
                    
  1,280,000  
5.000%, 06/01/31 AGC Insured
  
Aa2/AA-/NR
     1,441,971          
  1,000,000  
5.125%, 06/01/36 AGC Insured
  
Aa2/AA-/NR
     1,113,810          
                           
     
Yamhill County, Oregon School District #40 (McMinnville) School Bond Guaranty Program
                    
  1,205,000  
5.000%, 06/15/19 AGMC Insured
  
Aa1/NR/NR
     1,412,790          
  1,375,000  
5.000%, 06/15/22 AGMC Insured
  
Aa1/NR/NR
     1,574,540          
                           
     
Total School Districts
         121,877,011          
                           
     
Special District (1.8%)
                    
                           
     
Metro, Oregon
                    
  1,100,000  
5.000%, 06/01/18
  
Aaa/AAA/NR
     1,304,314          
  4,000,000  
4.000%, 06/01/26 Series A
  
Aaa/AAA/NR
     4,434,560          
                           
     
Tualatin Hills, Oregon Park & Recreational District
                    
  1,000,000  
4.250%, 06/01/24
  
Aa1/AA/NR
     1,112,350          
                           
     
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
                    
  1,235,000  
4.000%, 06/01/26
  
Aaa/NR/NR
     1,362,341          
  1,170,000  
4.000%, 06/01/27
  
Aaa/NR/NR
     1,282,858          
                           
     
Total Special District
         9,496,423          
                           
     
State (9.2%)
                    
                           
     
Oregon State Alternative Energy Project
                    
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA+/AA+
     1,396,137          
  500,000  
6.000%, 10/01/29 Series B
  
Aa1/AA+/AA+
     601,130          
                           
     
Oregon State Department of Administrative Services
                    
  3,270,000  
5.000%, 11/01/27 Series C
  
Aa2/AA/AA
     3,703,831          
  2,155,000  
5.000%, 11/01/28 Series C
  
Aa2/AA/AA
     2,428,814          
  5,000,000  
5.125%, 05/01/33
  
Aa2/AA/AA
     5,553,150          
                           
     
Oregon State Department of Administrative Services
                    
  2,000,000  
5.000%, 11/01/20 NPFG FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     2,294,720          
  2,660,000  
5.000%, 11/01/23 NPFG FGIC Insured
  
Aa2/AA/AA
     2,951,483          
  2,945,000  
5.000%, 11/01/24 NPFG FGIC Insured
  
Aa2/AA/AA
     3,248,571          
  1,475,000  
5.000%, 11/01/26 NPFG FGIC Insured
  
Aa2/AA/AA
     1,619,417          
  3,880,000  
5.000%, 11/01/27 NPFG FGIC Insured
  
Aa2/AA/AA
     4,246,582          
                           
     
Oregon State Department of Administrative Services, Oregon Opportunity Refunding
                    
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA+/AA+
     7,737,784          
 
 
 
 
 
     
Oregon State Refunding
                    
  3,000,000  
5.000%, 05/01/23 Series L
  
Aa1/AA+/AA+
     3,683,670          
  1,125,000  
5.000%, 05/01/24 Series L
  
Aa1/AA+/AA+
     1,370,261          
  2,630,000  
5.000%, 05/01/26 Series L
  
Aa1/AA+/AA+
     3,154,475          
                           
     
Oregon State Refunding Various Projects
                    
  2,125,000  
4.000%, 05/01/25 Series O
  
Aa1/AA+/AA+
     2,359,898          
                           
     
Oregon State Various Projects
                    
  1,470,000  
4.000%, 11/01/26 Series M
  
Aa1/AA+/AA+
     1,629,083          
                           
     
Total State
         47,979,006          
                           
     
Water & Sewer (0.9%)
                    
                           
     
Gearheart, Oregon
                    
  1,060,000  
4.500%, 03/01/26 AGMC Insured
  
Aa3/NR/NR
     1,195,023          
                           
     
Pacific City, Oregon Joint Water - Sanitary Authority
                    
  1,830,000  
4.800%, 07/01/27
  
NR/NR/NR*
     1,923,476          
                           
     
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
                    
  1,270,000  
4.250%, 08/15/26
  
A1/NR/NR
     1,365,275          
                           
     
Total Water & Sewer
         4,483,774          
                           
     
Total General Obligation Bonds
         255,532,288          
                           
     
Revenue Bonds (49.9%)
                    
                           
     
City & County (3.5%)
                    
                           
     
Newport, Oregon Urban Renewal Obligations, Refunding
                    
  565,000  
4.500%, 06/15/22 Series B
  
NR/A+/NR
     648,145          
                           
     
Portland, Oregon
                    
  2,975,000  
zero coupon, 06/01/15
  
Aa1/NR/NR
     2,871,708          
                           
     
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
                    
  2,825,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     3,405,707          
                           
     
Portland, Oregon Revenue Refunding Limited Tax
                    
  1,000,000  
4.000%, 04/01/22 Series A
  
Aa1/NR/NR
     1,111,480          
                           
     
Portland, Oregon River District Urban Renewal and Redevelopment
                    
  1,915,000  
5.000%, 06/15/20 AMBAC Insured (pre-refunded)
  
A1/NR/NR
     1,962,645          
  1,000,000  
5.000%, 06/15/23 Series B**
  
A1/NR/NR
     1,150,420          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
                    
  1,000,000  
4.000%, 06/15/25 Series B
  
A1/NR/NR
     1,030,900          
                           
     
Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor)
                    
  1,890,000  
5.250%, 06/15/20 NPFG FGIC Insured
  
A1/NR/NR
     2,019,408          
  1,810,000  
5.250%, 06/15/21 NPFG FGIC Insured
  
A1/NR/NR
     1,926,021          
  2,030,000  
5.000%, 06/15/23 NPFG FGIC Insured
  
A1/NR/NR
     2,124,882          
                           
     
Total City & County
         18,251,316          
                           
     
Electric (2.3%)
                    
                           
     
Emerald Peoples Utility District, Oregon
                    
  1,455,000  
5.250%, 11/01/22 AGMC Insured
  
Aa3/NR/NR
     1,527,124          
                           
     
Eugene, Oregon  Electric Utility
                    
  5,635,000  
5.000%, 08/01/30
  
Aa2/AA-/AA-
     6,259,583          
                           
     
Eugene, Oregon  Electric Utility Refunding System
                    
  2,000,000  
5.000%, 08/01/27 Series A
  
Aa2/AA-/AA-
     2,355,580          
                           
     
Northern Wasco County, Oregon Peoples Utility District, McNary Dam Fishway Hydroelectric Project, Refunding
                    
  1,585,000  
5.000%, 12/01/21 Series A
  
NR/AA-/NR
     1,934,572          
 
 
 
 
 
                           
     
Total Electric
         12,076,859          
                           
     
Higher Education (7.4%)
                    
                           
     
Forest Grove, Oregon Campus Improvement (Pacific University Project)
                    
  1,500,000  
6.000%, 05/01/30
  
NR/BBB/NR
     1,540,680          
                           
     
Forest Grove, Oregon (Pacific University)
                    
  4,000,000  
5.000%, 05/01/22 Radian Insured
  
NR/BBB/NR
     4,136,840          
                           
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
                    
  5,750,000  
5.500%, 03/01/37
  
NR/NR/NR*
     5,808,248          
                           
     
Oregon Health Sciences University
                    
  2,890,000  
5.250%, 07/01/22 NPFG Insured (pre-refunded)
  
A1/A+/A+
     2,960,978          
                           
     
Oregon State Facilities Authority (Linfield College Project)
                    
  2,830,000  
5.000%, 10/01/20 Series A 2005
  
Baa1/NR/NR
     3,044,118          
  2,115,000  
5.000%, 10/01/25 Series A 2005
  
Baa1/NR/NR
     2,224,494          
  1,220,000  
5.000%, 10/01/31 Series A 2010
  
Baa1/NR/NR
     1,331,679          
                           
     
Oregon State Facilities Authority Revenue Refunding (Lewis & Clark College Project)
                    
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A-/NR
     3,347,430          
                           
     
Oregon State Facilities Authority Revenue Refunding (Reed College Project)
                    
  1,500,000  
5.000%, 07/01/29 Series A
  
Aa2/AA-/NR
     1,720,875          
                           
     
Oregon State Facilities Authority (University of Portland)
                    
  3,000,000  
5.000%, 04/01/32
  
NR/BBB+/NR
     3,188,670          
                           
     
Oregon State Facilities Authority (Willamette University)
                    
  1,000,000  
4.000%, 10/01/24
  
NR/A/NR
     1,091,670          
  2,500,000  
5.000%, 10/01/32
  
NR/A/NR
     2,657,025          
                           
     
Portland, Oregon Economic Development (Broadway Project)
                    
  5,000,000  
6.500%, 04/01/35
  
A1/A+/NR
     5,564,500          
                           
     
Total Higher Education
         38,617,207          
                           
     
Hospital (11.6%)
                    
                           
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
                    
  3,500,000  
8.000%, 01/01/28
  
A3/NR/NR
     4,411,820          
  3,250,000  
5.375%, 01/01/35 AMBAC Insured
  
A3/NR/NR
     3,461,673          
                           
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
                    
  9,000,000  
5.500%, 08/15/28 AGMC Insured
  
NR/AA-/NR
     10,193,220          
                           
     
Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West)
                    
  500,000  
5.000%, 09/01/21
  
NR/A/A
     566,355          
                           
     
Multnomah County, Oregon Hospital Facilities Authority (Providence Health System)
                    
  1,390,000  
5.250%, 10/01/22
  
Aa2/AA/AA
     1,500,463          
                           
     
Oregon Health Sciences University
                    
  11,550,000  
zero coupon, 07/01/21 NPFG Insured
  
A1/A+/A+
     8,728,335          
  2,000,000  
5.000%, 07/01/23 Series A
  
A1/A+/A+
     2,367,680          
  4,500,000  
5.750%, 07/01/39 Series A
  
A1/A+/A+
     5,213,520          
                           
     
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
                    
  2,000,000  
4.250%, 03/15/17
  
A2/A+/NR
     2,233,920          
  3,000,000  
4.500%, 03/15/18
  
A2/A+/NR
     3,419,010          
  1,000,000  
4.750%, 03/15/24
  
A2/A+/NR
     1,084,330          
  1,000,000  
5.000%, 03/15/30
  
A2/A+/NR
     1,064,930          
                           
     
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
                    
  1,500,000  
4.375%, 10/01/20
  
NR/A-/NR
     1,621,050          
  2,000,000  
4.500%, 10/01/21
  
NR/A-/NR
     2,153,860          
  1,520,000  
5.000%, 10/01/23
  
NR/A-/NR
     1,685,330          
  1,795,000  
4.875%, 10/01/25
  
NR/A-/NR
     1,942,190          
  2,000,000  
5.000%, 10/01/30
  
NR/A-/NR
     2,149,260          
 
 
 
 
 
                           
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
                    
  2,000,000  
5.750%, 08/15/23
  
NR/A+/A+
     2,290,520          
  1,075,000  
5.000%, 08/15/27 Series A
  
NR/A+/A+
     1,148,949          
                           
     
State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth)
                    
  1,835,000  
5.250%, 11/15/17 AMBAC Insured
  
NR/A+/AA-
     1,858,635          
  1,430,000  
5.000%, 11/15/32 AMBAC Insured
  
NR/A+/AA-
     1,436,850          
                           
     
Total Hospital
         60,531,900          
                           
     
Housing (1.0%)
                    
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
                    
  1,390,000  
5.000%, 06/15/27 Series B
  
A1/NR/NR
     1,507,775          
                           
     
State of Oregon Housing and Community Services
                    
  2,050,000  
4.650%, 07/01/25
  
Aa2/NR/NR
     2,099,364          
  1,620,000  
5.350%, 07/01/30
  
Aa2/NR/NR
     1,716,989          
                           
     
Total Housing
         5,324,128          
                           
     
Lottery (4.1%)
                    
                           
     
Oregon State Department of Administration Services (Lottery Revenue)
                    
  2,700,000  
5.000%, 04/01/19 AGMC Insured (pre-refunded)
  
Aa2/AAA/AA-
     2,920,401          
  1,195,000  
5.000%, 04/01/24 Series A
  
Aa2/AAA/NR
     1,461,031          
  1,500,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,807,920          
  7,300,000  
5.250%, 04/01/26
  
Aa2/AAA/NR
     8,809,567          
  3,000,000  
5.000%, 04/01/27 AGMC Insured
  
Aa2/AAA/AA-
     3,423,870          
  2,500,000  
5.000%, 04/01/29
  
Aa2/AAA/NR
     2,832,250          
                           
     
Total Lottery
         21,255,039          
                           
     
State (1.0%)
                    
                           
     
Oregon State Department Transportation Highway Usertax, Senior Lien
                    
  1,000,000  
5.000%, 11/15/24 Series N
  
Aa1/AAA/AA+
     1,245,540          
  3,540,000  
4.625%, 11/15/26 Series A
  
Aa1/AAA/AA+
     3,842,776          
                           
     
Total State
         5,088,316          
                           
     
Transportation (5.8%)
                    
                           
     
Jackson County, Oregon Airport Revenue
                    
  750,000  
5.250%, 12/01/32 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     771,983          
                           
     
Oregon State Department Transportation Highway Usertax
                    
  3,025,000  
5.500%, 11/15/18 Series A (pre-refunded)
  
Aa1/AAA/AA+
     3,083,171          
  1,200,000  
5.000%, 11/15/22 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,331,988          
  1,260,000  
5.000%, 11/15/23 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,398,587          
  4,545,000  
5.125%, 11/15/26 Series A (pre-refunded)
  
Aa1/AAA/AA+
     4,626,265          
  1,000,000  
5.000%, 11/15/29 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,109,990          
                           
     
Oregon State Department Transportation Highway Usertax, Senior Lien
                    
  1,865,000  
5.000%, 11/15/23 Series A
  
Aa1/AAA/AA+
     2,199,730          
  2,000,000  
4.625%, 11/15/25 Series A
  
Aa1/AAA/AA+
     2,266,380          
  2,155,000  
5.000%, 11/15/28 Series A
  
Aa1/AAA/AA+
     2,385,628          
                           
     
Tri-County Metropolitan Transportation District, Oregon
                    
  1,775,000  
5.000%, 09/01/16
  
Aa2/AAA/NR
     1,823,990          
                           
     
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
                    
  1,685,000  
5.000%, 10/01/24 Series A
  
A1/A/NR
     1,989,378          
  3,480,000  
5.000%, 10/01/26 Series A
  
A1/A/NR
     4,040,872          
  3,000,000  
5.000%, 10/01/27 Series A
  
A1/A/NR
     3,462,540          
                           
     
Total Transportation
         30,490,502          
                           
     
Water and Sewer (13.1%)
                    
                           
     
Ashland, Oregon Refunding
                    
  1,025,000  
4.000%, 05/01/17 AGMC Insured
  
NR/AA-/NR
     1,164,738          
 
 
 
 
 
                           
     
Klamath Falls, Oregon Water
                    
  1,575,000  
5.500%, 07/01/16 AGMC Insured
  
Aa3/AA-/NR
     1,731,539          
                           
     
Lane County, Oregon Metropolitan Wastewater
                    
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA/NR
     2,829,325          
                           
     
Portland, Oregon Sewer System, Second Lien
                    
  3,005,000  
5.000%, 03/01/28 Series A
  
Aa3/AA/NR
     3,480,030          
                           
     
Portland Oregon Sewer System Revenue Refunding Second Lien
                    
  5,000,000  
5.000%, 06/15/33 Series B
  
Aa3/AA/NR
     5,540,650          
                           
     
Portland, Oregon Sewer System
                    
  2,760,000  
5.250%, 06/01/17 AGMC Insured
  
Aa3/AA/NR
     2,875,975          
  4,595,000  
5.000%, 06/01/17 AGMC Insured
  
Aa2/AA/NR
     5,156,601          
  3,470,000  
5.000%, 06/01/21 AGMC Insured
  
Aa3/AA/NR
     3,590,930          
  4,410,000  
5.000%, 06/15/25 NPFG Insured
  
Aa3/AA/NR
     4,874,020          
  4,630,000  
5.000%, 06/15/26 NPFG Insured
  
Aa3/AA/NR
     5,100,593          
  1,610,000  
5.000%, 06/15/27 NPFG Insured
  
Aa3/AA/NR
     1,768,537          
                           
     
Portland, Oregon Water System Revenue Refunding
                    
  1,920,000  
4.000%, 05/01/14 Series A
  
Aaa/NR/NR
     2,046,816          
  1,275,000  
4.000%, 05/01/25 Series A
  
Aaa/NR/NR
     1,400,575          
                           
     
Prineville, Oregon Refunding
                    
  1,255,000  
4.400%, 06/01/29 AGMC Insured
  
NR/AA-/NR
     1,390,352          
                           
     
Salem, Oregon Water & Sewer
                    
  1,000,000  
5.375%, 06/01/15 AGMC Insured
  
Aa3/AA-/NR
     1,121,300          
                           
     
Seaside, Oregon Wastewater System
                    
  1,000,000  
4.250%, 07/01/26
  
A3/NR/NR
     1,074,180          
                           
     
Sunrise Water Authority, Oregon
                    
  2,630,000  
5.000%, 03/01/19 AGMC Insured
  
Aa3/AA-/NR
     2,774,124          
  1,350,000  
5.250%, 03/01/24 AGMC Insured
  
Aa3/AA-/NR
     1,412,708          
  1,000,000  
5.000%, 09/01/25 Syncora Guarantee, Inc.
  
NR/NR/NR*
     1,038,340          
                           
     
Tigard, Oregon Water System Revenue Refunding
                    
  2,025,000  
4.000%, 08/01/21
  
A1/AA-/NR
     2,319,678          
  1,105,000  
5.000%, 08/01/24
  
A1/AA-/NR
     1,325,646          
                           
     
Washington County, Oregon Clean Water Services
                    
  2,235,000  
5.250%, 10/01/15 NPFG Insured
  
Aa2/AA/NR
     2,566,294          
  4,000,000  
5.000%, 10/01/28
  
Aa2/AA/NR
     4,530,800          
                           
     
Washington County, Oregon Clean Water Services Sewer Revenue Senior Lien
                    
  2,850,000  
4.000%, 10/01/26 Series B
  
Aa2/AA/NR
     3,116,903          
  2,745,000  
4.000%, 10/01/28 Series B
  
Aa2/AA/NR
     2,953,483          
                           
     
Woodburn, Oregon Wastewater Revenue Refunding
                    
  1,090,000  
5.000%, 03/01/21 Series A
  
A2/NR/NR
     1,290,625          
                           
     
Total Water and Sewer
         68,474,762          
                           
     
Total Revenue Bonds
         260,110,029          
                           
     
Total Investments (cost $475,715,338-note b)
  
98.9%
     515,642,317          
                           
     
Other assets less liabilities
  
1.1
     5,794,783          
                           
     
Net Assets
  
100.0%
   $ 521,437,100          
                           
     
* Any security not rated (NR) by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO or credit rating agency") has been determined by the Investment Sub-Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by  a NRSRO.
                
                           
     
 ** Security purchased on a delayed delivery or when-issued basis.
                
 
 
 
 
 
         
Percent of
              
     
Portfolio Distribution By Quality Rating
  
Investments †
              
                           
     
Aaa of Moody's or AAA of S&P
  
8.9
%
 
          
     
Pre-refunded bonds ††/ Escrowed to Maturity bonds
  
7.1
                
     
Aa of Moody's or AA of S&P or Fitch
  
62.4
                
     
A of Moody's or S&P or Fitch
  
16.3
                
     
Baa of Moody's or BBB of S&P
  
3.4
                
     
Not rated*
  
1.9
                
         
100.0
%
 
          
                           
     
† Where applicable, calculated using the highest rating of the three NRSRO.
                
                           
     
†† 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:
                    
     
AGC - Assured Guaranty Corp.
                    
     
AGMC - Assured Guaranty Municipal Corp.
                    
     
AMBAC - American Municipal Bond Assurance Corp.
                    
     
ETM - Escrowed to Maturity
                    
     
FGIC - Financial Guaranty Insurance Co.
                    
     
NPFG - National Public Finance Guarantee
                    
     
NR - Not Rated
                    
 
 See accompanying notes to financial statements.
 
 
 
 
 
 TAX-FREE TRUST OF OREGON
 NOTES TO FINANCIAL STATEMENTS
June 30, 2012
(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, 2012, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $475,425,561 amounted to $40,216,756, which consisted of aggregate gross unrealized appreciation of $40,493,723 and aggregate gross unrealized depreciation of $276,967.
  
   
(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, 2012:
  

Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+
     515,642,317  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 515,642,317  
 
 +See schedule of investments for a detailed listing of securities.
 
 
 
 
 
Item 2. Controls and Procedures.

(a) The Fund's chief financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported timely.

(b) The Fund's chief financial and executive officers are aware of no changes in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.

Item 3. Exhibits.

 
Filed as exhibits as part of this Form are separate certifications for each chief financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)).
 
 
 
 
 
Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
TAX-FREE TRUST OF OREGON
    
     
       
By:
/s/ Diana P. Herrmann
    
 
Diana P. Herrmann
Vice Chair, President and Trustee
August 20, 2012
    
 
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 20, 2012
    
 
 
By:
/s/ Joseph P. DiMaggio
    
 
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
August 20, 2012