N-Q

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, 2012

Date of reporting period: December 31, 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

December 31, 2012

(unaudited)

Amount		General Obligation Bonds (50.1%)	Ratings Moody's/ S&P and Fitch	Value		(a)
		City & County (5.4%)
		Bend, Oregon
$	2,435,000	4.000%, 06/01/24	Aa2/NR/NR	$	2,812,328
		Canby, Oregon
	1,405,000	4.000%, 12/01/24 AGMC Insured	Aa3/NR/NR		1,578,180
	1,060,000	5.000%, 06/01/27	A2/NR/NR		1,223,304
		Clackamas County, Oregon Refunding
	1,135,000	4.000%, 06/01/24	Aa2/NR/NR		1,295,319
		Clackamas County, Oregon Tax Allocation
	705,000	6.500%, 05/01/20	NR/NR/NR*		711,542
		Deschutes County, Oregon
	2,260,000	5.000%, 12/01/16 AGMC Insured	Aa2/NR/NR		2,264,204
		Hillsboro, Oregon
	380,000	3.500%, 06/01/15 Series B	Aa3/NR/NR		402,640
	390,000	3.500%, 06/01/16 Series B	Aa3/NR/NR		421,633
	345,000	3.500%, 06/01/17 Series B	Aa3/NR/NR		374,939
		Hillsboro, Oregon Refunding
	1,305,000	4.500%, 06/01/22	Aa3/NR/NR		1,574,809
		Portland, Oregon
	5,800,000	4.350%, 06/01/23	Aa1/NR/NR		5,858,580
		Portland, Oregon Public Safety
	2,130,000	4.125%, 06/01/26 Series A	Aaa/NR/NR		2,372,437
		Portland, Oregon Revenue Limited Tax, Improvement
	1,045,000	4.000%, 06/01/22 Series A	Aa1/NR/NR		1,122,591
		Redmond, Oregon Refunding
	735,000	5.000%, 06/01/23 Series A	A1/NR/NR		888,189
		City of Salem, Oregon
	1,585,000	4.000%, 06/01/17	Aa2/AA-/NR		1,777,895
	1,750,000	5.000%, 06/01/29	Aa2/AA-/NR		2,042,495
		Washington County, Oregon
	2,465,000	5.000%, 06/01/23	Aa1/NR/NR		2,817,027
		Total City & County			29,538,112
		Community College (5.8%)
		Central Oregon Community College District
	1,850,000	4.750%, 06/15/22	NR/AA+/NR		2,233,061
	2,195,000	4.750%, 06/15/23	NR/AA+/NR		2,627,481
	2,175,000	4.750%, 06/15/26	NR/AA+/NR		2,552,406
		Chemeketa, Oregon Community College District
	1,385,000	5.500%, 06/01/14 ETM FGIC Insured	NR/NR/NR*		1,484,498

	Chemeketa, Oregon Community College District
1,010,000	5.500%, 06/15/24	NR/AA+/NR	1,196,153
1,235,000	5.000%, 06/15/25	NR/AA+/NR	1,419,114
1,540,000	5.000%, 06/15/26	NR/AA+/NR	1,763,608
	Clackamas, Oregon Community College District
1,535,000	5.000%, 05/01/25 NPFG Insured	Aa3/AA/NR	1,675,130
	Columbia Gorge, Oregon Community College District, Refunding
1,000,000	4.000%, 06/15/24	Aa1/NR/NR	1,141,780
	Lane, Oregon Community College
1,840,000	5.000%, 06/15/24	NR/AA+/NR	2,264,930
	Oregon Coast Community College District State
1,590,000	5.250%, 06/15/17 NPFG Insured (pre-refunded)	Aa1/NR/NR	1,702,842
1,770,000	5.000%, 06/15/25	Aa1/NR/NR	2,175,383
	Portland, Oregon Community College District
7,915,000	5.000%, 06/15/28	Aa1/AA/NR	9,460,800
	Total Community College		31,697,186
	Higher Education (1.8%)
	State of Oregon Board of Higher Education
820,000	zero coupon, 08/01/16	Aa1/AA+/AA+	780,935
1,125,000	5.000%, 08/01/21 Series A (pre-refunded)	NR/NR/NR*	1,254,049
875,000	5.000%, 08/01/21 Series A	Aa1/AA+/NR	965,869
500,000	5.750%, 08/01/29 Series A	Aa1/AA+/AA+	608,160
1,000,000	5.000%, 08/01/34	Aa1/AA+/AA+	1,161,510
1,000,000	5.000%, 08/01/38	Aa1/AA+/AA+	1,151,230
	Oregon State, Oregon University System
1,170,000	4.000%, 08/01/25 Series B	Aa1/AA+/AA+	1,341,124
	Oregon State, Oregon University System Projects
2,365,000	4.000%, 08/01/26 Series H	Aa1/AA+/AA+	2,666,419
	Total Higher Education		9,929,296
	Housing (0.2%)
	State of Oregon Veterans' Welfare
550,000	4.800%, 12/01/22	Aa1/AA+/AA+	601,277
400,000	4.900%, 12/01/26	Aa1/AA+/AA+	433,560
	Total Housing		1,034,837
	Puerto Rico (0.3%)
	Puerto Rico Commonwealth
1,270,000	6.000%, 07/01/28 NPFG Insured	Baa2/BBB/NR	1,313,091
	Puerto Rico Municipal Finance Agency
500,000	5.250%, 08/01/16 AGMC Insured	Aa3/AA-/NR	500,945
	Total Puerto Rico		1,814,036
	School District  (24.8%)
	Benton & Linn Counties, Oregon School District #509J Corvallis
4,670,000	5.000%, 06/01/21 AGMC Insured (pre-refunded)	Aa1/NR/NR	4,760,645
	Clackamas County, Oregon School District #12 (North Clackamas)
8,000,000	5.000%, 06/15/27 AGMC Insured Series B	Aa1/AA+/NR	9,155,680
9,250,000	5.000%, 06/15/29 AGMC Insured	Aa1/AA+/NR	10,577,653

	Clackamas County, Oregon School District #46 (Oregon Trail)
1,000,000	5.000%, 06/15/22	NR/AA+/NR	1,179,280
1,865,000	5.000%, 06/15/28 Series A	NR/AA+/NR	2,155,436
1,800,000	5.000%, 06/15/29 Series A	NR/AA+/NR	2,073,330
2,000,000	4.500%, 06/15/30 AGMC Insured	Aa1/AA+/NR	2,202,760
2,000,000	5.000%, 06/15/32 Series A	NR/AA+/NR	2,273,020
3,780,000	4.750%, 06/15/32 Series A	NR/AA+/NR	4,240,404
	Clackamas County, Oregon School District #86 (Canby)
2,240,000	5.000%, 06/15/19 AGMC Insured (pre-refunded)	Aa1/AA+/NR	2,487,184
1,800,000	5.000%, 06/15/24	Aa1/AA+/NR	2,241,684
1,110,000	5.000%, 06/15/25 Series A	Aa1/AA+/NR	1,374,868
	Clackamas & Washington Counties, Oregon School District No. 003 (West Linn-Wilsonville)
1,110,000	5.000%, 06/15/26	Aa1/AA+/NR	1,317,115
500,000	5.000%, 06/15/34	Aa1/AA+/NR	578,185
	Clackamas & Washington Counties, Oregon School District #3J (West Linn - Wilsonville)
2,850,000	5.000%, 06/15/27	Aa1/AA+/NR	3,370,410
2,000,000	4.500%, 06/15/29	Aa1/AA+/NR	2,238,060
1,965,000	5.000%, 06/15/30	Aa1/AA+/NR	2,306,910
3,000,000	5.000%, 06/15/33	Aa1/AA+/NR	3,482,730
	Columbia County, Oregon School District #502
2,070,000	zero coupon, 06/01/15 NPFG FGIC Insured	Aa3/BBB/NR	1,987,304
	Columbia & Washington Counties, Oregon School District #47J (Vernonia)
3,430,000	5.00%, 06/15/27	NR/AA+/NR	4,068,220
	Deschutes County, Oregon Administrative School District #1 Refunding
400,000	5.000%, 06/15/13 AGMC Insured	Aa1/NR/NR	408,616
	Deschutes County, Oregon School District #6 (Sisters)
1,735,000	5.250%, 06/15/19 AGMC Insured	Aa3/AA+/NR	2,120,257
1,030,000	5.250%, 06/15/21 AGMC Insured	Aa3/AA+/NR	1,286,254
	Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
1,000,000	5.000%, 06/15/21 NPFG FGIC Insured	Aa1/NR/NR	1,059,110
1,025,000	zero coupon, 06/15/23	Aa1/NR/NR	789,045
5,000,000	6.000%, 06/15/31	Aa1/NR/NR	6,122,750
	Hood River County, Oregon School District Refunding
365,000	3.000%, 06/15/14	NR/AA+/NR	378,034
385,000	3.000%, 06/15/15	NR/AA+/NR	404,620
250,000	4.000%, 06/15/16	NR/AA+/NR	275,173
	Jackson County, Oregon School District #9 (Eagle Point)
2,080,000	5.500%, 06/15/15 NPFG Insured	Aa1/NR/NR	2,308,925
1,445,000	5.500%, 06/15/16 NPFG Insured	Aa1/NR/NR	1,658,427
	Jackson County, Oregon School District #549C (Medford)
1,000,000	4.625%, 06/15/27	Aa1/AA+/NR	1,133,720
2,000,000	4.750%, 12/15/29 AGMC Insured	Aa1/AA+/NR	2,238,800
1,000,000	5.000%, 06/15/33	Aa1/AA+/NR	1,137,480
	Jefferson County, Oregon School District #509J
1,215,000	5.250%, 06/15/14 NPFG/ FGIC Insured	NR/AA+/NR	1,219,459
1,025,000	5.250%, 06/15/17 NPFG/ FGIC Insured	NR/AA+/NR	1,028,711
	Lane County, Oregon School District #4J (Eugene) Refunding
1,000,000	5.000%, 07/01/15	Aa1/NR/NR	1,108,920
1,130,000	4.000%, 06/15/23	Aa1/NR/NR	1,295,387
2,455,000	4.000%, 06/15/25	Aa1/NR/NR	2,787,456
	Lane County, Oregon School District #19 (Springfield)
3,425,000	zero coupon, 06/15/29 AGMC Insured	Aa1/NR/NR	1,695,444
	Lincoln County, Oregon School District
2,370,000	4.000%, 06/15/24 Series A	Aa1/NR/NR	2,673,810
	Linn County, Oregon School District #9 (Lebanon)
3,000,000	5.600%, 06/15/30  FGIC Insured (pre-refunded)	NR/AA+/NR	3,071,130
	Morrow County, Oregon School District #1
1,710,000	5.250%, 06/15/19 AGMC Insured	Aa3/AA+/NR	2,089,706
	Multnomah County, Oregon School District #7 (Reynolds) Refunding
1,165,000	5.000%, 06/01/29	Aa3/NR/NR	1,378,976
	Multnomah County, Oregon School District #40 (David Douglas)
1,420,000	4.000%, 06/15/23 Series A	NR/AA+/NR	1,636,948
	Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
4,275,000	5.250%, 06/15/19 AGMC Insured	Aa1/AA+/NR	5,313,056
	Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
2,680,000	5.250%, 12/15/18 AGMC Insured	Aa1/NR/NR	3,292,568
	Polk, Marion & Benton Counties, Oregon School District #13J (Central)
1,520,000	5.000%, 06/15/21 AGMC Insured	Aa3/AA+/NR	1,721,400

	Salem-Keizer, Oregon School District #24J
1,000,000	5.000%, 06/15/19 AGMC Insured	Aa1/AA+/NR	1,059,410
	Wasco County, Oregon School District #12 (The Dalles)
1,400,000	5.500%, 06/15/17 AGMC Insured	Aa3/AA-/NR	1,652,602
1,790,000	5.500%, 06/15/20 AGMC Insured	Aa3/AA-/NR	2,245,394
	Washington County, Oregon School District #48J (Beaverton)
4,000,000	4.000%, 06/15/25	Aa1/AA+/NR	4,541,680
1,280,000	5.000%, 06/01/31 AGC Insured	Aa3/AA-/NR	1,496,435
1,000,000	5.125%, 06/01/36 AGC Insured	Aa3/AA-/NR	1,166,760
	Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)
2,310,000	4.000%, 06/15/24	Aa1/NR/NR	2,648,069
1,535,000	4.000%, 06/15/25	Aa1/NR/NR	1,742,870
	Yamhill County, Oregon School District #40 (McMinnville)
1,205,000	5.000%, 06/15/19 AGMC Insured	Aa1/NR/NR	1,402,150
1,375,000	5.000%, 06/15/22 AGMC Insured	Aa1/NR/NR	1,564,118
	Total School Districts		135,224,548
	Special District (2.0%)
	Metro, Oregon
1,100,000	5.000%, 06/01/18	Aaa/AAA/NR	1,289,277
5,140,000	4.000%, 06/01/26 Series A	Aaa/AAA/NR	5,870,702
	Tualatin Hills, Oregon Park & Recreational District
1,000,000	4.250%, 06/01/24	Aa1/AA/NR	1,120,620
	Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
1,235,000	4.000%, 06/01/26	Aaa/NR/NR	1,388,634
1,170,000	4.000%, 06/01/27	Aaa/NR/NR	1,309,862
	Total Special District		10,979,095
	State (8.9%)
	Oregon State Alternative Energy Project
1,255,000	4.750%, 04/01/29 Series B	Aa1/AA+/AA+	1,415,653
500,000	6.000%, 10/01/29 Series B	Aa1/AA+/AA+	618,050
	Oregon State Department of Administrative Services
3,270,000	5.000%, 11/01/27 Series C	Aa2/AA/AA	3,753,371
2,155,000	5.000%, 11/01/28 Series C	Aa2/AA/AA	2,464,867
5,000,000	5.125%, 05/01/33	Aa2/AA/AA	5,638,450

	Oregon State Department of Administrative Services
2,000,000	5.000%, 11/01/20 NPFG FGIC Insured (pre-refunded)	Aa2/AA/AA	2,254,540
2,660,000	5.000%, 11/01/23 NPFG FGIC Insured	Aa2/AA/AA	3,010,083
2,945,000	5.000%, 11/01/24 NPFG FGIC Insured	Aa2/AA/AA	3,324,375
1,475,000	5.000%, 11/01/26 NPFG FGIC Insured	Aa2/AA/AA	1,645,200
3,880,000	5.000%, 11/01/27 NPFG FGIC Insured	Aa2/AA/AA	4,318,595
	Oregon State Department of Administrative Services, Oregon Opportunity Refunding
6,210,000	5.000%, 12/01/19	Aa1/AA+/AA+	7,783,987
	Oregon State Refunding
3,000,000	5.000%, 05/01/23 Series L	Aa1/AA+/AA+	3,712,890
1,125,000	5.000%, 05/01/24 Series L	Aa1/AA+/AA+	1,384,549
2,630,000	5.000%, 05/01/26 Series L	Aa1/AA+/AA+	3,207,443
	Oregon State Refunding Various Projects
2,125,000	4.000%, 05/01/25 Series O	Aa1/AA+/AA+	2,400,655
	Oregon State Various Projects
1,470,000	4.000%, 11/01/26 Series M	Aa1/AA+/AA+	1,662,261
	Total State		48,594,969
	Water & Sewer (0.9%)
	Gearheart, Oregon
1,060,000	4.500%, 03/01/26 AGMC Insured	Aa3/NR/NR	1,218,926
	Pacific City, Oregon Joint Water - Sanitary Authority
1,830,000	4.800%, 07/01/27	NR/NR/NR*	1,942,142
	Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
1,270,000	4.250%, 08/15/26	A1/NR/NR	1,393,723
	Total Water & Sewer		4,554,791
	Total General Obligation Bonds		273,366,870
	Revenue Bonds (49.2%)
	City & County (4.9%)
	Newport, Oregon Urban Renewal Obligations, Refunding
565,000	4.500%, 06/15/22 Series B	NR/A+/NR	648,790
	Portland, Oregon
2,975,000	zero coupon, 06/01/15	Aa1/NR/NR	2,893,961
	Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
2,825,000	5.000%, 06/01/24	Aa1/NR/NR	3,448,534
4,765,000	5.000%, 06/01/27	Aa1/NR/NR	5,735,345
	Portland, Oregon Revenue Refunding Limited Tax
1,000,000	4.000%, 04/01/22 Series A	Aa1/NR/NR	1,112,440
	Portland, Oregon River District Urban Renewal and Redevelopment
1,915,000	5.000%, 06/15/20 AMBAC Insured (pre-refunded)	A1/NR/NR	1,955,713
1,600,000	5.000%, 06/15/22 Series B	A1/NR/NR	1,916,832
1,830,000	5.000%, 06/15/23 Series B	A1/NR/NR	2,178,871
	Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
1,000,000	4.000%, 06/15/25 Series B	A1/NR/NR	1,049,920
	Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor)
1,890,000	5.250%, 06/15/20 NPFG FGIC Insured	A1/NR/NR	2,006,594
1,810,000	5.250%, 06/15/21 NPFG FGIC Insured	A1/NR/NR	1,915,034
2,030,000	5.000%, 06/15/23 NPFG FGIC Insured	A1/NR/NR	2,117,757
	Total City & County		26,979,791

	Electric (2.2%)
	Emerald Peoples Utility District, Oregon
1,455,000	5.250%, 11/01/22 AGMC Insured	Aa3/NR/NR	1,501,735
	Eugene, Oregon  Electric Utility
5,635,000	5.000%, 08/01/30	Aa3/AA-/AA-	6,348,109
	Eugene, Oregon  Electric Utility Refunding System
2,000,000	5.000%, 08/01/27 Series A	Aa3/AA-/AA-	2,397,380
	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	1,952,308
	Total Electric		12,199,532
	Higher Education (7.4%)
	Forest Grove, Oregon Campus Improvement (Pacific University Project)
1,500,000	6.000%, 05/01/30	NR/BBB/NR	1,547,070
	Forest Grove, Oregon (Pacific University)
4,000,000	5.000%, 05/01/22 Radian Insured	NR/BBB/NR	4,216,000
	Forest Grove, Oregon Student Housing (Oak Tree Foundation)
5,750,000	5.500%, 03/01/37	NR/NR/NR*	5,901,858
	Oregon Health Sciences University
2,890,000	5.250%, 07/01/22 NPFG Insured (pre-refunded)	A1/A+/A+	2,890,000
	Oregon State Facilities Authority (Lewis & Clark College Project)
1,000,000	5.250%, 10/01/24 Series A	A3/A-/NR	1,187,060
3,000,000	5.000%, 10/01/27 Series A	A3/A-/NR	3,428,460
	Oregon State Facilities Authority (Linfield College Project)
2,830,000	5.000%, 10/01/20 Series A 2005	Baa1/NR/NR	3,034,128
2,115,000	5.000%, 10/01/25 Series A 2005	Baa1/NR/NR	2,226,016
1,220,000	5.000%, 10/01/31 Series A 2010	Baa1/NR/NR	1,352,699
	Oregon State Facilities Authority Revenue Refunding (Reed College Project)
1,500,000	5.000%, 07/01/29 Series A	Aa2/AA-/NR	1,750,290
	Oregon State Facilities Authority (University of Portland)
3,000,000	5.000%, 04/01/32	NR/BBB+/NR	3,230,010
	Oregon State Facilities Authority (Willamette University)
1,000,000	4.000%, 10/01/24	NR/A/NR	1,091,150
2,500,000	5.000%, 10/01/32	NR/A/NR	2,712,450
	Portland, Oregon Economic Development (Broadway Project)
5,000,000	6.500%, 04/01/35	A1/A+/NR	5,610,550
	Total Higher Education		40,177,741
	Hospital (11.2%)
	Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
3,500,000	8.000%, 01/01/28	A2/NR/NR	4,466,420
3,250,000	5.375%, 01/01/35 AMBAC Insured	A2/NR/NR	3,500,640
	Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
9,000,000	5.500%, 08/15/28 AGMC Insured	NR/AA-/NR	10,401,750
	Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West)
500,000	5.000%, 09/01/21	NR/A/A	568,655
	Multnomah County, Oregon Hospital Facilities Authority (Providence Health System)
1,390,000	5.250%, 10/01/22	Aa2/AA/AA	1,479,488

	Oregon Health Sciences University
11,550,000	zero coupon, 07/01/21 NPFG Insured	A1/A+/A+	8,984,976
2,000,000	5.000%, 07/01/23 Series A	A1/A+/A+	2,401,440
4,500,000	5.750%, 07/01/39 Series A	A1/A+/A+	5,277,150
	Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
2,000,000	4.250%, 03/15/17	A2/A+/NR	2,212,560
3,000,000	4.500%, 03/15/18	A2/A+/NR	3,381,030
1,000,000	4.750%, 03/15/24	A2/A+/NR	1,093,510
1,000,000	5.000%, 03/15/30	A2/A+/NR	1,086,040
	Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
1,500,000	4.375%, 10/01/20	NR/A-/NR	1,662,255
2,000,000	4.500%, 10/01/21	NR/A-/NR	2,220,400
1,520,000	5.000%, 10/01/23	NR/A-/NR	1,727,434
1,795,000	4.875%, 10/01/25	NR/A-/NR	1,972,508
2,000,000	5.000%, 10/01/30	NR/A-/NR	2,194,700
	Salem, Oregon Hospital Facility Authority (Salem Hospital)
2,000,000	5.750%, 08/15/23	NR/A/A	2,288,820
1,075,000	5.000%, 08/15/27 Series A	NR/A/A	1,153,421
	State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth)
1,835,000	5.250%, 11/15/17 AMBAC Insured	NR/A+/AA-	1,840,689
1,430,000	5.000%, 11/15/32 AMBAC Insured	NR/A+/AA-	1,431,816
	Total Hospital		61,345,702
	Housing (1.0%)
	Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
1,390,000	5.000%, 06/15/27 Series B	A1/NR/NR	1,539,175
	State of Oregon Housing and Community Services
1,935,000	4.650%, 07/01/25	Aa2/NR/NR	2,052,242
1,550,000	5.350%, 07/01/30	Aa2/NR/NR	1,655,400
	Total Housing		5,246,817
	Lottery (3.9%)
	Oregon State Department of Administration Services (Lottery Revenue)
2,700,000	5.000%, 04/01/19 AGMC Insured (pre-refunded)	Aa2/AAA/AA-	2,859,246
1,195,000	5.000%, 04/01/24 Series A	Aa2/AAA/NR	1,476,781
1,500,000	5.000%, 04/01/25 Series B	Aa2/AAA/NR	1,836,795
7,300,000	5.250%, 04/01/26	Aa2/AAA/NR	8,994,403
3,000,000	5.000%, 04/01/27 AGMC Insured	Aa2/AAA/AA-	3,427,230
2,500,000	5.000%, 04/01/29	Aa2/AAA/NR	2,899,750
	Total Lottery		21,494,205
	Transportation (6.0%)
	Jackson County, Oregon Airport Revenue
750,000	5.250%, 12/01/32 Syncora Guarantee, Inc. Insured	Baa1/NR/NR	805,898
	Oregon State Department Transportation Highway Usertax
1,200,000	5.000%, 11/15/22 Series A (pre-refunded)	Aa1/AAA/AA+	1,305,216
1,260,000	5.000%, 11/15/23 Series A (pre-refunded)	Aa1/AAA/AA+	1,370,477
1,000,000	5.000%, 11/15/29 Series A (pre-refunded)	Aa1/AAA/AA+	1,087,680
	Oregon State Department Transportation Highway Usertax, Senior Lien
1,865,000	5.000%, 11/15/23 Series A	Aa1/AAA/AA+	2,209,969
2,000,000	4.625%, 11/15/25 Series A	Aa1/AAA/AA+	2,300,600
3,540,000	4.625%, 11/15/26 Series A	Aa1/AAA/AA+	3,936,799
2,155,000	5.000%, 11/15/28 Series A	Aa1/AAA/AA+	2,465,018
3,410,000	5.000%, 11/15/24 Series N	Aa1/AAA/AA+	4,279,891
	Tri-County Metropolitan Transportation District, Oregon
1,775,000	5.000%, 09/01/16	Aa1/AAA/NR	1,786,981
1,010,000	5.000%, 09/01/24	Aa1/AAA/NR	1,272,873
	Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
1,685,000	5.000%, 10/01/24 Series A	A2/A/NR	2,010,963
3,480,000	5.000%, 10/01/26 Series A	A2/A/NR	4,111,272
3,000,000	5.000%, 10/01/27 Series A	A2/A/NR	3,528,840
	Total Transportation		32,472,477
	Water and Sewer (12.6%)
	Ashland, Oregon Refunding
1,025,000	4.000%, 05/01/17 AGMC Insured	NR/AA-/NR	1,159,009
	Klamath Falls, Oregon Water
1,575,000	5.500%, 07/01/16 AGMC Insured	Aa3/AA-/NR	1,713,474
	Lane County, Oregon Metropolitan Wastewater
2,500,000	5.250%, 11/01/28	Aa2/AA/NR	2,873,350
	Portland, Oregon Sewer System, Second Lien
3,005,000	5.000%, 03/01/28 Series A	Aa3/AA/NR	3,607,833

	Portland Oregon Sewer System Revenue Refunding Second Lien
5,000,000	5.000%, 06/15/33 Series B	Aa3/AA/NR		5,632,800
	Portland, Oregon Sewer System
2,760,000	5.250%, 06/01/17 AGMC Insured	Aa3/AA/NR		2,812,136
4,595,000	5.000%, 06/01/17 AGMC Insured	Aa2/AA/NR		5,059,049
3,470,000	5.000%, 06/01/21 AGMC Insured	Aa3/AA/NR		3,527,394
4,410,000	5.000%, 06/15/25 NPFG Insured	Aa2/AA/NR		4,955,120
4,630,000	5.000%, 06/15/26 NPFG Insured	Aa2/AA/NR		5,190,647
1,610,000	5.000%, 06/15/27 NPFG Insured	Aa2/AA/NR		1,803,796
	Portland, Oregon Water System Revenue Refunding
1,920,000	4.000%, 05/01/14 Series A	Aaa/NR/NR		2,013,331
1,275,000	4.000%, 05/01/25 Series A	Aaa/NR/NR		1,425,794
	Prineville, Oregon Refunding
1,255,000	4.400%, 06/01/29 AGMC Insured	NR/AA-/NR		1,420,547
	Salem, Oregon Water & Sewer
1,000,000	5.375%, 06/01/15 AGMC Insured (pre-refunded)	Aa3/AA-/NR		1,117,580
	Seaside, Oregon Wastewater System
1,000,000	4.250%, 07/01/26	A3/NR/NR		1,096,230
	Sunrise Water Authority, Oregon
2,630,000	5.000%, 03/01/19 AGMC Insured	Aa3/AA-/NR		2,736,489
1,350,000	5.250%, 03/01/24 AGMC Insured	Aa3/AA-/NR		1,398,060
1,000,000	5.000%, 09/01/25 Syncora Guarantee, Inc.	NR/NR/NR*		1,040,550
	Tigard, Oregon Water System Revenue Refunding
2,025,000	4.000%, 08/01/21	A1/AA-/NR		2,337,478
1,105,000	5.000%, 08/01/24	A1/AA-/NR		1,374,034
	Washington County, Oregon Clean Water Services
2,235,000	5.250%, 10/01/15 NPFG Insured	Aa2/AA/NR		2,517,817
4,000,000	5.000%, 10/01/28	Aa2/AA/NR		4,595,320
	Washington County, Oregon Clean Water Services Sewer Revenue Senior Lien
2,850,000	4.000%, 10/01/26 Series B	Aa2/AA/NR		3,193,254
2,745,000	4.000%, 10/01/28 Series B	Aa2/AA/NR		3,025,621
	Woodburn, Oregon Wastewater Revenue Refunding
1,090,000	5.000%, 03/01/21 Series A	A2/NR/NR		1,296,141
	Total Water and Sewer			68,922,854
	Total Revenue Bonds			268,839,119
	Total Investments (cost $497,216,900-note b)	99.3%		542,205,989
	Other assets less liabilities	0.7		3,595,278
	Net Assets	100.0%	$	545,801,267
	* 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 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.

	Percent of
Portfolio Distribution By Quality Rating	Investments †
Aaa of Moody's or AAA of S&P	9.6	%
Pre-refunded bonds ††/ Escrowed to Maturity bonds	5.5
Aa of Moody's or AA of S&P or Fitch	63.4
A of Moody's or S&P or Fitch	16.4
Baa of Moody's or BBB of S&P	3.3
Not rated*	1.8
	100.0	%
† Where applicable, calculated using the highest rating of the three NRSRO.
†† Pre-refunded bonds are bonds for which U.S. Government Obligations usually 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

December 31, 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 December 31, 2012, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $496,980,092 amounted to $45,225,897, which consisted of aggregate gross unrealized appreciation of $45,518,989 and aggregate gross unrealized depreciation of $293,092.

(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, 2012:

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	-
Level 2 – Other Significant Observable Inputs-Municipal Bonds+		542,205,989
Level 3 – Significant Unobservable Inputs		-
Total	$	542,205,989

 +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 February 15    , 2013

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 15    , 2013

By:	/s/ Joseph P. DiMaggio
	Joseph P. DiMaggio Chief Financial Officer and Treasurer February 15    , 2013

EX-99.CERT

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: February 15    , 2013

/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: February 15    , 2013

/s/ Joseph P. DiMaggio

Joseph P. DiMaggio

Chief Financial Officer and Treasurer