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
|
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 |
TAX-FREE TRUST OF OREGON
|
|||
By:
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
Vice Chair, President and Trustee
February 15 , 2013
|
By:
|
/s/ Diana P. Herrmann
|
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Diana P. Herrmann
Vice Chair, President and Trustee
February 15 , 2013
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By:
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/s/ Joseph P. DiMaggio
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Joseph P. DiMaggio
Chief Financial Officer and Treasurer
February 15 , 2013
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1.
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I have reviewed this report on Form N-Q of Tax-Free Trust of Oregon;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Diana P. Herrmann
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Diana P. Herrmann
Vice Chair, President and Trustee
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1.
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I have reviewed this report on Form N-Q of Tax-Free Trust of Oregon;
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2.
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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;
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3.
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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;
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4.
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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:
|
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Joseph P. DiMaggio
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Joseph P. DiMaggio
Chief Financial Officer and Treasurer
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