0000791049-13-000043.txt : 20130820 0000791049-13-000043.hdr.sgml : 20130820 20130820114505 ACCESSION NUMBER: 0000791049-13-000043 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130820 DATE AS OF CHANGE: 20130820 EFFECTIVENESS DATE: 20130820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 131050150 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: # 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 0000791049 S000006648 TAX-FREE TRUST OF OREGON C000018137 Tax-Free Trust of Oregon Class A ORTFX C000018138 Tax-Free Trust of Oregon Class C ORTCX C000018139 Tax-Free Trust of Oregon Class I ORTIX C000018140 Tax-Free Trust of Oregon Class Y ORTYX N-Q 1 e611170_nq-tfto.htm TAX-FREE TRUST OF OREGON 6/30/2013 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: March 31, 2013

Date of reporting period: June 30, 2013


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, 2013
(unaudited)

Amount
  
General Obligation Bonds (48.7%)
  
Ratings Moody's, S&P and Fitch
  
Value
    
(a)
  
                     
   
City & County (4.8%)
                
                     
   
Bend, Oregon
                
$ 2,435,000  
4.000%, 06/01/24
  
Aa2/NR/NR
   $ 2,624,126          
                           
     
Canby, Oregon
                    
  1,405,000  
4.000%, 12/01/24 AGMC Insured
  
A2/NR/NR
     1,480,364          
  1,060,000  
5.000%, 06/01/27
  
A2/NR/NR
     1,142,426          
                           
     
Clackamas County, Oregon Refunding
                    
  1,135,000  
4.000%, 06/01/24
  
Aa2/NR/NR
     1,213,985          
                           
     
Clackamas County, Oregon Tax Allocation
                    
  705,000  
6.500%, 05/01/20
  
NR/NR/NR*
     709,998          
                           
     
Hillsboro, Oregon
                    
  380,000  
3.500%, 06/01/15 Series B
  
Aa3/NR/NR
     397,419          
  390,000  
3.500%, 06/01/16 Series B
  
Aa3/NR/NR
     413,622          
  345,000  
3.500%, 06/01/17 Series B
  
Aa3/NR/NR
     366,380          
                           
     
Hillsboro, Oregon Refunding
                    
  1,305,000  
4.500%, 06/01/22
  
Aa3/NR/NR
     1,473,371          
                           
     
Portland, Oregon
                    
  5,385,000  
4.350%, 06/01/23
  
Aa1/NR/NR
     5,391,947          
                           
     
Portland, Oregon Public Safety
                    
  2,130,000  
4.125%, 06/01/26 Series A
  
Aaa/NR/NR
     2,250,579          
                           
     
Portland, Oregon Revenue Limited Tax, Improvement
                    
  1,045,000  
4.000%, 06/01/22 Series A
  
Aa1/NR/NR
     1,090,813          
                           
     
Redmond, Oregon Refunding
                    
  735,000  
5.000%, 06/01/23 Series A
  
A1/NR/NR
     833,196          
                           
     
City of Salem, Oregon
                    
  1,585,000  
4.000%, 06/01/17
  
NR/AA-/NR
     1,744,483          
  1,750,000  
5.000%, 06/01/29
  
NR/AA-/NR
     1,899,730          
                           
     
Washington County, Oregon
                    
  2,465,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     2,711,451          
                           
     
Total City & County
         25,743,890          
                           
     
Community College (5.6%)
                    
                           
     
Central Oregon Community College District
                    
  1,850,000  
4.750%, 06/15/22
  
NR/AA+/NR
     2,114,032          
  2,195,000  
4.750%, 06/15/23
  
NR/AA+/NR
     2,484,323          
  2,175,000  
4.750%, 06/15/26
  
NR/AA+/NR
     2,409,269          
 
 
 
 
 
                           
     
Chemeketa, Oregon Community College District
                    
  1,385,000  
5.500%, 06/01/14 ETM FGIC Insured
  
NR/NR/NR*
     1,450,607          
                           
     
Chemeketa, Oregon Community College District
                    
  1,010,000  
5.500%, 06/15/24
  
NR/AA+/NR
     1,132,735          
  1,235,000  
5.000%, 06/15/25
  
NR/AA+/NR
     1,343,075          
  1,540,000  
5.000%, 06/15/26
  
NR/AA+/NR
     1,664,478          
                           
     
Clackamas, Oregon Community College District
                    
  1,535,000  
5.000%, 05/01/25 NPFG Insured
  
Aa3/AA/NR
     1,614,160          
                           
     
Columbia Gorge, Oregon Community College District, Refunding
                    
  1,000,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     1,069,860          
                           
     
Lane, Oregon Community College
                    
  1,840,000  
5.000%, 06/15/24
  
NR/AA+/NR
     2,142,643          
                           
     
Oregon Coast Community College District State
                    
  1,590,000  
5.250%, 06/15/17 NPFG Insured (pre-refunded)
  
Aa1/NR/NR
     1,665,541          
  1,770,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     2,026,597          
                           
     
Portland, Oregon Community College District
                    
  7,915,000  
5.000%, 06/15/28
  
Aa1/AA/NR
     8,735,311          
                           
     
Total Community College
         29,852,631          
                           
     
Higher Education (2.6%)
                    
                           
     
Oregon State, Oregon University System
                    
  2,000,000  
4.000%, 08/01/24 Series A
  
Aa1/AA+/AA+
     2,172,800          
  1,170,000  
4.000%, 08/01/25 Series B
  
Aa1/AA+/AA+
     1,257,539          
  1,745,000  
4.000%, 08/01/26 Series C
  
Aa1/AA+/AA+
     1,853,574          
                           
     
 Oregon State, Oregon University System Projects
                    
  2,365,000  
4.000%, 08/01/26 Series H
  
Aa1/AA+/AA+
     2,486,632          
                           
     
State of Oregon Board of Higher Education
                    
  820,000  
zero coupon, 08/01/16
  
Aa1/AA+/AA+
     780,033          
  1,125,000  
5.000%, 08/01/21 Series A (pre-refunded)
  
NR/NR/NR*
     1,227,049          
  875,000  
5.000%, 08/01/21 Series A (pre-refunded)
  
Aa1/AA+/NR
     955,325          
  500,000  
5.750%, 08/01/29 Series A (pre-refunded)
  
Aa1/AA+/AA+
     604,330          
  1,000,000  
5.000%, 08/01/34
  
Aa1/AA+/AA+
     1,092,540          
  1,000,000  
5.000%, 08/01/38
  
Aa1/AA+/AA+
     1,087,630          
                           
     
Total Higher Education
         13,517,452          
                           
     
Housing (0.2%)
                    
                           
     
State of Oregon Veterans' Welfare
                    
  550,000  
4.800%, 12/01/22
  
Aa1/AA+/AA+
     585,635          
  400,000  
4.900%, 12/01/26
  
Aa1/AA+/AA+
     422,240          
                           
     
Total Housing
         1,007,875          
                           
     
School District  (23.7%)
                    
                           
     
Clackamas County, Oregon School District #12 (North Clackamas)
                    
  8,000,000  
5.000%, 06/15/27 AGMC Insured Series B
  
Aa1/AA+/NR
     8,684,880          
  9,250,000  
5.000%, 06/15/29 AGMC Insured
  
Aa1/AA+/NR
     9,991,480          
 
 
 
 
 
                           
     
Clackamas County, Oregon School District #46 (Oregon Trail)
                    
  1,000,000  
5.000%, 06/15/22
  
NR/AA+/NR
     1,105,360          
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA+/NR
     1,995,438          
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA+/NR
     1,915,020          
  2,000,000  
4.500%, 06/15/30 AGMC Insured
  
Aa1/AA+/NR
     2,082,140          
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA+/NR
     2,099,520          
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA+/NR
     3,918,575          
                           
     
Clackamas County, Oregon School District #86 (Canby)
                    
  2,240,000  
5.000%, 06/15/19 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     2,433,066          
  1,800,000  
5.000%, 06/15/24
  
Aa1/AA+/NR
     2,096,064          
  1,110,000  
5.000%, 06/15/25 Series A
  
Aa1/AA+/NR
     1,280,274          
                           
     
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
                    
  1,110,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     1,225,673          
  2,850,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     3,134,003          
  2,000,000  
4.500%, 06/15/29
  
Aa1/AA+/NR
     2,080,380          
  1,965,000  
5.000%, 06/15/30
  
Aa1/AA+/NR
     2,135,248          
  3,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     3,234,750          
  500,000  
5.000%, 06/15/34
  
Aa1/AA+/NR
     538,290          
                           
     
Columbia County, Oregon School District #502
                    
  2,070,000  
zero coupon, 06/01/15 NPFG/ FGIC Insured
  
Aa3/A/NR
     2,000,303          
                           
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia)
                    
  3,430,000  
5.00%, 06/15/27
  
NR/AA+/NR
     3,789,430          
                           
     
Deschutes County, Oregon School District #6 (Sisters)
                    
  1,735,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     2,024,381          
  1,030,000  
5.250%, 06/15/21 AGMC Insured
  
A2/AA+/NR
     1,213,546          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
                    
  1,000,000  
5.000%, 06/15/21 NPFG/ FGIC Insured
  
Aa1/NR/NR
     1,032,980          
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR/NR
     726,459          
  5,000,000  
6.000%, 06/15/31 (pre-refunded)
  
Aa1/NR/NR
     6,077,500          
                           
     
Hood River County, Oregon School District Refunding
                    
  365,000  
3.000%, 06/15/14
  
NR/AA+/NR
     373,884          
  385,000  
3.000%, 06/15/15
  
NR/AA+/NR
     400,061          
  250,000  
4.000%, 06/15/16
  
NR/AA+/NR
     269,320          
                           
     
Jackson County, Oregon School District #9 (Eagle Point)
                    
  2,080,000  
5.500%, 06/15/15 NPFG Insured
  
Aa1/NR/NR
     2,259,442          
  1,445,000  
5.500%, 06/15/16 NPFG Insured
  
Aa1/NR/NR
     1,614,730          
                           
     
Jackson County, Oregon School District #549C (Medford)
                    
  1,000,000  
4.625%, 06/15/27
  
Aa1/AA+/NR
     1,067,100          
  2,000,000  
4.750%, 12/15/29 AGMC Insured
  
Aa1/AA+/NR
     2,111,440          
  1,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     1,066,210          
                           
     
Lane County, Oregon School District #4J (Eugene) Refunding
                    
  1,000,000  
5.000%, 07/01/15
  
Aa1/NR/NR
     1,087,100          
  1,130,000  
4.000%, 06/15/23
  
Aa1/NR/NR
     1,225,191          
  2,455,000  
4.000%, 06/15/25
  
Aa1/NR/NR
     2,600,876          
                           
     
Lane County, Oregon School District #19 (Springfield)
                    
  3,425,000  
zero coupon, 06/15/29 AGMC Insured
  
Aa1/NR/NR
     1,671,503          
                           
     
Lincoln County, Oregon School District
                    
  2,370,000  
4.000%, 06/15/24 Series A
  
Aa1/NR/NR
     2,527,842          
                           
     
Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)
                    
  1,260,000  
5.000%, 06/15/24
  
Aa1/NR/NR
     1,463,603          
 
 
 
 
 
                           
     
Morrow County, Oregon School District #1
                    
  1,710,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     1,995,211          
                           
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
                    
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,275,908          
                           
     
Multnomah County, Oregon School District #40 (David Douglas)
                    
  1,420,000  
4.000%, 06/15/23 Series A
  
NR/AA+/NR
     1,535,347          
                           
     
Multnomah County, Oregon School District #40 (David Douglas)
                    
  1,500,000  
5.000%, 06/15/23 Series A
  
NR/AA+/NR
     1,745,430          
                           
     
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
                    
  4,275,000  
5.250%, 06/15/19 AGMC Insured
  
Aa1/AA+/NR
     5,066,516          
                           
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
                    
  2,680,000  
5.250%, 12/15/18 AGMC Insured
  
Aa1/NR/NR
     3,157,898          
                           
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
                    
  1,520,000  
5.000%, 06/15/21 AGMC Insured (pre-refunded)
  
A2/AA+/NR
     1,745,340          
                           
     
Salem-Keizer, Oregon School District #24J
                    
  1,000,000  
5.000%, 06/15/19 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     1,045,140          
                           
     
Wasco County, Oregon School District #12 (The Dalles)
                    
  1,400,000  
5.500%, 06/15/17 AGMC Insured
  
A2/AA-/NR
     1,602,398          
  1,790,000  
5.500%, 06/15/20 AGMC Insured
  
A2/AA-/NR
     2,131,872          
                           
     
Washington County, Oregon School District #48J (Beaverton)
                    
  2,275,000  
4.000%, 06/15/23 Series B
  
Aa1/AA+/NR
     2,469,126          
  6,000,000  
4.000%, 06/15/25
  
Aa1/AA+/NR
     6,380,520          
  1,280,000  
5.000%, 06/01/31 AGC Insured
  
Aa3/AA-/NR
     1,378,854          
  1,000,000  
5.125%, 06/01/36 AGC Insured
  
Aa3/AA-/NR
     1,083,840          
                           
     
Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)
                    
  2,310,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     2,471,377          
  1,535,000  
4.000%, 06/15/25
  
Aa1/NR/NR
     1,626,210          
                           
     
Yamhill County, Oregon School District #40 (McMinnville)
                    
  1,205,000  
5.000%, 06/15/19 AGMC Insured (pre-refunded)
  
Aa1/NR/NR
     1,383,641          
  1,375,000  
5.000%, 06/15/22 AGMC Insured (pre-refunded)
  
Aa1/NR/NR
     1,578,844          
                           
     
Total School Districts
         126,226,534          
                           
     
Special District (2.2%)
                    
                           
     
Bend, Oregon Metropolitan Park & Recreational District
                    
  1,430,000  
4.000%, 06/01/27
  
Aa3/NR/NR
     1,451,035          
                           
     
Metro, Oregon
                    
  1,100,000  
5.000%, 06/01/18
  
Aaa/AAA/NR
     1,245,706          
  5,140,000  
4.000%, 06/01/26 Series A
  
Aaa/AAA/NR
     5,448,297          
                           
     
Tualatin Hills, Oregon Park & Recreational District
                    
  1,000,000  
4.250%, 06/01/24
  
Aa1/AA/NR
     1,064,440          
                           
     
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
                    
  1,235,000  
4.000%, 06/01/26
  
Aaa/NR/NR
     1,310,644          
  1,170,000  
4.000%, 06/01/27
  
Aaa/NR/NR
     1,230,758          
                           
     
Total Special District
         11,750,880          
 
 
 
 
 
                           
     
State (8.8%)
                    
                           
     
Oregon State Alternative Energy Project
                    
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA+/AA+
     1,329,898          
  500,000  
6.000%, 10/01/29 Series B
  
Aa1/AA+/AA+
     576,985          
                           
     
Oregon State Department of Administrative Services
                    
  3,270,000  
5.000%, 11/01/27 Series C
  
Aa2/AA/AA
     3,498,181          
  2,155,000  
5.000%, 11/01/28 Series C
  
Aa2/AA/AA
     2,289,170          
  5,000,000  
5.125%, 05/01/33
  
Aa2/AA/AA
     5,228,700          
                           
     
Oregon State Department of Administrative Services
                    
  2,000,000  
5.000%, 11/01/20 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     2,205,560          
  2,660,000  
5.000%, 11/01/23 NPFG FGIC/ Insured (pre-refunded)
  
Aa2/AA/AA
     3,019,526          
  2,945,000  
5.000%, 11/01/24 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     3,343,046          
  1,475,000  
5.000%, 11/01/26 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     1,674,361          
  3,880,000  
5.000%, 11/01/27 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     4,404,421          
                           
     
Oregon State Department of Administrative Services, Oregon Opportunity Refunding
                    
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA+/AA+
     7,403,935          
                           
     
Oregon State Refunding
                    
  3,000,000  
5.000%, 05/01/23 Series L
  
Aa1/AA+/AA+
     3,476,940          
  1,125,000  
5.000%, 05/01/24 Series L
  
Aa1/AA+/AA+
     1,293,581          
  2,630,000  
5.000%, 05/01/26 Series L
  
Aa1/AA+/AA+
     2,976,792          
                           
     
Oregon State Refunding Various Projects
                    
  2,125,000  
4.000%, 05/01/25 Series O
  
Aa1/AA+/AA+
     2,252,394          
                           
     
Oregon State Various Projects
                    
  1,470,000  
4.000%, 11/01/26 Series M
  
Aa1/AA+/AA+
     1,546,528          
                           
     
Total State
         46,520,018          
                           
     
Water & Sewer (0.8%)
                    
                           
     
Gearheart, Oregon
                    
  1,060,000  
4.500%, 03/01/26 AGMC Insured
  
A2/NR/NR
     1,143,952          
                           
     
Pacific City, Oregon Joint Water - Sanitary Authority
                    
  1,830,000  
4.800%, 07/01/27
  
NR/NR/NR*
     1,853,204          
                           
     
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
                    
  1,270,000  
4.250%, 08/15/26
  
A1/NR/NR
     1,386,446          
                           
     
Total Water & Sewer
         4,383,602          
                           
     
Total General Obligation Bonds
         259,002,882          
                           
     
Revenue Bonds (48.9%)
                    
                           
     
City & County (5.0%)
                    
                           
     
Local Oregon Capital Assets Program COP Cottage Grove
                    
  2,375,000  
5.000%, 09/15/25 Series 2013A
  
Baa2/NR/NR
     2,485,366          
                           
     
Newport, Oregon Urban Renewal Obligations, Refunding
                    
  565,000  
4.500%, 06/15/22 Series B
  
NR/A+/NR
     612,268          
                           
     
Portland, Oregon
                    
  2,975,000  
zero coupon, 06/01/15
  
Aa1/NR/NR
     2,904,998          
                           
     
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
                    
  2,825,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     3,252,394          
  4,765,000  
5.000%, 06/01/27
  
Aa1/NR/NR
     5,342,470          
 
 
 
 
 
                           
     
Portland, Oregon Revenue Refunding Limited Tax
                    
  1,000,000  
4.000%, 04/01/22 Series A
  
Aa1/NR/NR
     1,076,990          
                           
     
Portland, Oregon River District Urban Renewal and Redevelopment
                    
  1,600,000  
5.000%, 06/15/22 Series B
  
A1/NR/NR
     1,796,096          
  1,830,000  
5.000%, 06/15/23 Series B
  
A1/NR/NR
     2,045,300          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
                    
  1,000,000  
4.000%, 06/15/25 Series B
  
A1/NR/NR
     997,160          
                           
     
Portland, Oregon Urban Renewal Tax Allocation (Interstate Corridor)
                    
  1,890,000  
5.250%, 06/15/20 NPFG/ FGIC Insured
  
A1/NR/NR
     1,966,640          
  1,810,000  
5.250%, 06/15/21 NPFG/ FGIC Insured
  
A1/NR/NR
     1,874,708          
  2,030,000  
5.000%, 06/15/23 NPFG/ FGIC Insured
  
A1/NR/NR
     2,086,495          
                           
     
Total City & County
         26,440,885          
                           
     
Electric (2.2%)
                    
                           
     
Emerald Peoples Utility District, Oregon
                    
  1,455,000  
5.250%, 11/01/22 AGMC Insured
  
A1/NR/NR
     1,470,307          
                           
     
Eugene, Oregon  Electric Utility
                    
  5,635,000  
5.000%, 08/01/30
  
Aa3/AA-/AA-
     5,976,481          
                           
     
Eugene, Oregon  Electric Utility Refunding System
                    
  2,000,000  
5.000%, 08/01/27 Series A
  
Aa3/AA-/AA-
     2,231,800          
                           
     
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
     1,839,519          
                           
     
Total Electric
         11,518,107          
                           
     
Higher Education (6.6%)
                    
                           
     
Forest Grove, Oregon Campus Improvement (Pacific University Project)
                    
  1,500,000  
6.000%, 05/01/30
  
NR/BBB/NR
     1,516,020          
                           
     
Forest Grove, Oregon (Pacific University)
                    
  4,000,000  
5.000%, 05/01/22 Radian Insured
  
NR/BBB/NR
     4,094,440          
                           
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
                    
  5,750,000  
5.500%, 03/01/37
  
NR/NR/NR*
     5,430,185          
                           
     
Oregon State Facilities Authority (Lewis & Clark College Project)
                    
  1,000,000  
5.250%, 10/01/24 Series A
  
A3/A-/NR
     1,120,530          
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A-/NR
     3,197,880          
                           
     
Oregon State Facilities Authority (Linfield College Project)
                    
  2,830,000  
5.000%, 10/01/20 Series A 2005
  
Baa1/NR/NR
     2,931,257          
  2,115,000  
5.000%, 10/01/25 Series A 2005
  
Baa1/NR/NR
     2,157,110          
  1,220,000  
5.000%, 10/01/31 Series A 2010
  
Baa1/NR/NR
     1,257,271          
                           
     
Oregon State Facilities Authority Revenue Refunding (Reed College Project)
                    
  1,500,000  
5.000%, 07/01/29 Series A
  
Aa2/AA-/NR
     1,629,795          
                           
     
Oregon State Facilities Authority (University of Portland)
                    
  3,000,000  
5.000%, 04/01/32
  
NR/BBB+/NR
     3,063,240          
                           
     
Oregon State Facilities Authority (Willamette University)
                    
  1,000,000  
4.000%, 10/01/24
  
NR/A/NR
     1,018,910          
  2,500,000  
5.000%, 10/01/32
  
NR/A/NR
     2,579,800          
 
 
 
 
 
                           
     
Portland, Oregon Economic Development (Broadway Project)
                    
  5,000,000  
6.500%, 04/01/35
  
A1/A+/NR
     5,424,750          
                           
     
Total Higher Education
         35,421,188          
                           
     
Hospital (11.1%)
                    
                           
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
                    
  3,500,000  
8.000%, 01/01/28
  
A2/NR/NR
     4,296,775          
  3,250,000  
5.375%, 01/01/35 AMBAC Insured
  
A2/NR/NR
     3,440,385          
                           
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
                    
  9,000,000  
5.500%, 08/15/28 AGMC Insured
  
NR/AA-/NR
     9,724,320          
                           
     
Multnomah County, Oregon Hospital Facilities Authority (Adventist Health/West)
                    
  500,000  
5.000%, 09/01/21
  
NR/A/A
     555,850          
                           
     
Multnomah County, Oregon Hospital Facilities Authority (Providence Health System)
                    
  1,390,000  
5.250%, 10/01/22
  
Aa2/AA/AA
     1,448,366          
                           
     
Oregon Health Sciences University
                    
  11,550,000  
zero coupon, 07/01/21 NPFG Insured
  
A1/A+/A+
     8,888,880          
  2,000,000  
5.000%, 07/01/23 Series A
  
A1/A+/A+
     2,269,400          
  4,500,000  
5.750%, 07/01/39 Series A
  
A1/A+/A+
     4,981,680          
                           
     
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
                    
  2,000,000  
4.250%, 03/15/17
  
A2/A+/NR
     2,167,120          
  3,000,000  
4.500%, 03/15/18
  
A2/A+/NR
     3,306,420          
  1,000,000  
4.750%, 03/15/24
  
A2/A+/NR
     1,056,280          
  1,000,000  
5.000%, 03/15/30
  
A2/A+/NR
     1,030,330          
                           
     
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
                    
  1,500,000  
4.375%, 10/01/20
  
NR/A-/NR
     1,615,110          
  2,000,000  
4.500%, 10/01/21
  
NR/A-/NR
     2,138,800          
  1,520,000  
5.000%, 10/01/23
  
NR/A-/NR
     1,648,501          
  1,795,000  
4.875%, 10/01/25
  
NR/A-/NR
     1,859,674          
  2,000,000  
5.000%, 10/01/30
  
NR/A-/NR
     2,088,760          
                           
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
                    
  2,000,000  
5.750%, 08/15/23
  
NR/A/A
     2,185,540          
  1,075,000  
5.000%, 08/15/27 Series A
  
NR/A/A
     1,111,260          
                           
     
State of Oregon Health Housing Educational and Cultural Facilities Authority (Peacehealth)
                    
  1,835,000  
5.250%, 11/15/17 AMBAC Insured
  
NR/A+/AA-
     1,840,046          
  1,430,000  
5.000%, 11/15/32 AMBAC Insured
  
NR/A+/AA-
     1,431,015          
                           
     
Total Hospital
         59,084,512          
                           
     
Housing (1.1%)
                    
                           
     
Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project)
                    
  1,310,000  
4.000%, 09/01/27 Series A
  
Aa3/NR/NR
     1,343,772          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
                    
  1,390,000  
5.000%, 06/15/27 Series B
  
A1/NR/NR
     1,450,145          
                           
     
State of Oregon Housing and Community Services
                    
  1,735,000  
4.650%, 07/01/25
  
Aa2/NR/NR
     1,773,118          
  1,255,000  
5.350%, 07/01/30
  
Aa2/NR/NR
     1,303,142          
                           
     
Total Housing
         5,870,177          
 
 
 
 
 
                           
     
Lottery (3.8%)
                    
                           
     
Oregon State Department of Administration Services (Lottery Revenue)
                    
  2,700,000  
5.000%, 04/01/19 AGMC Insured (pre-refunded)
  
Aa2/AAA/AA-
     2,796,984          
  1,195,000  
5.000%, 04/01/24 Series A
  
Aa2/AAA/NR
     1,387,550          
  1,500,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,725,435          
  7,300,000  
5.250%, 04/01/26
  
Aa2/AAA/NR
     8,470,993          
  3,000,000  
5.000%, 04/01/27 AGMC Insured
  
Aa2/AAA/AA-
     3,260,790          
  2,500,000  
5.000%, 04/01/29
  
Aa2/AAA/NR
     2,701,600          
                           
     
Total Lottery
         20,343,352          
                           
     
Transportation (5.5%)
                    
                           
     
Jackson County, Oregon Airport Revenue
                    
  750,000  
5.250%, 12/01/32 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     777,713          
                           
     
Oregon State Department Transportation Highway Usertax
                    
  1,200,000  
5.000%, 11/15/22 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,278,744          
  1,260,000  
5.000%, 11/15/23 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,342,681          
  1,000,000  
5.000%, 11/15/29 Series A (pre-refunded)
  
Aa1/AAA/AA+
     1,065,620          
                           
     
Oregon State Department Transportation Highway Usertax, Senior Lien
                    
  1,865,000  
5.000%, 11/15/23 Series A
  
Aa1/AAA/AA+
     2,084,436          
  2,000,000  
4.625%, 11/15/25 Series A
  
Aa1/AAA/AA+
     2,175,820          
  3,540,000  
4.625%, 11/15/26 Series A
  
Aa1/AAA/AA+
     3,773,074          
  2,155,000  
5.000%, 11/15/28 Series A
  
Aa1/AAA/AA+
     2,336,580          
  3,410,000  
5.000%, 11/15/24 Series N
  
Aa1/AAA/AA+
     3,993,587          
                           
     
Tri-County Metropolitan Transportation District, Oregon
                    
  1,010,000  
5.000%, 09/01/24
  
Aa1/AAA/NR
     1,188,417          
                           
     
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
                    
  1,685,000  
5.000%, 10/01/24 Series A
  
A2/A/NR
     1,896,687          
  3,480,000  
5.000%, 10/01/26 Series A
  
A2/A/NR
     3,845,609          
  3,000,000  
5.000%, 10/01/27 Series A
  
A2/A/NR
     3,285,930          
                           
     
Total Transportation
         29,044,898          
                           
     
Water and Sewer (13.6%)
                    
                           
     
Ashland, Oregon Refunding
                    
  1,025,000  
4.000%, 05/01/17 AGMC Insured
  
NR/AA-/NR
     1,128,002          
                           
     
Grants Pass, Oregon
                    
  1,000,000  
4.000%, 12/01/23
  
NR/AA-/NR
     1,084,860          
                           
     
Klamath Falls, Oregon Water
                    
  1,575,000  
5.500%, 07/01/16 AGMC Insured
  
A2/AA-/NR
     1,681,265          
                           
     
Lane County, Oregon Metropolitan Wastewater
                    
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA/NR
     2,688,200          
                           
     
Madras, Oregon
                    
  725,000  
4.500%, 02/15/27
  
Baa1/NR/NR
     737,434          
                           
     
Portland, Oregon Sewer System, Second Lien
                    
  3,005,000  
5.000%, 03/01/28 Series A
  
Aa3/AA/NR
     3,359,530          
                           
     
Portland Oregon Sewer System Revenue Refunding Second Lien
                    
  5,000,000  
5.000%, 06/15/33 Series B
  
Aa3/AA/NR
     5,296,100          
 
 
 
 
 
                           
     
Portland, Oregon Sewer System
                    
  2,760,000  
5.250%, 06/01/17 AGMC Insured
  
Aa3/AA/NR
     2,768,418          
  4,595,000  
5.000%, 06/01/17 AGMC Insured
  
Aa2/AA/NR
     4,932,962          
  3,470,000  
5.000%, 06/01/21 AGMC Insured
  
Aa3/AA/NR
     3,478,571          
  4,410,000  
5.000%, 06/15/25 NPFG Insured
  
Aa2/AA/NR
     4,750,276          
  4,630,000  
5.000%, 06/15/26 NPFG Insured
  
Aa2/AA/NR
     4,968,083          
  1,610,000  
5.000%, 06/15/27 NPFG Insured
  
Aa2/AA/NR
     1,723,763          
                           
     
Portland, Oregon Water System Revenue Refunding
                    
  1,920,000  
4.000%, 05/01/14 Series A
  
Aaa/NR/NR
     1,980,480          
  1,275,000  
4.000%, 05/01/25 Series A
  
Aaa/NR/NR
     1,350,722          
                           
     
Prineville, Oregon Refunding
                    
  1,255,000  
4.400%, 06/01/29 AGMC Insured
  
NR/AA-/NR
     1,315,617          
                           
     
Salem, Oregon Water & Sewer
                    
  1,000,000  
5.375%, 06/01/15 AGMC Insured ETM
  
Aa3/AA-/NR
     1,091,600          
                           
     
Seaside, Oregon Wastewater System
                    
  1,000,000  
4.250%, 07/01/26
  
A3/NR/NR
     1,029,380          
                           
     
Sunrise Water Authority, Oregon
                    
  2,630,000  
5.000%, 03/01/19 AGMC Insured
  
A2/AA-/NR
     2,681,680          
  1,350,000  
5.250%, 03/01/24 AGMC Insured
  
A2/AA-/NR
     1,371,465          
  1,000,000  
5.000%, 09/01/25 Syncora Guarantee, Inc.
  
NR/NR/NR*
     1,019,830          
                           
     
Tigard, Oregon Water System Revenue Refunding
                    
  2,025,000  
4.000%, 08/01/21
  
A1/AA-/NR
     2,208,728          
  2,565,000  
5.000%, 08/01/24
  
A1/AA-/NR
     2,981,017          
                           
     
Washington County, Oregon Clean Water Services
                    
  2,235,000  
5.250%, 10/01/15 NPFG Insured
  
Aa2/AA/NR
     2,461,048          
  4,000,000  
5.000%, 10/01/28
  
Aa2/AA/NR
     4,421,120          
                           
     
Washington County, Oregon Clean Water Services Sewer Revenue Senior Lien
                    
  1,010,000  
4.000%, 10/01/22 Series B
  
Aa2/AA/NR
     1,100,607          
                           
     
Washington County, Oregon Clean Water Services Sewer Revenue Senior Lien
                    
  1,500,000  
4.000%, 10/01/23 Series B
  
Aa2/AA/NR
     1,624,755          
  2,850,000  
4.000%, 10/01/26 Series B
  
Aa2/AA/NR
     2,988,653          
  2,745,000  
4.000%, 10/01/28 Series B
  
Aa2/AA/NR
     2,806,845          
                           
     
Woodburn, Oregon Wastewater Revenue Refunding
                    
  1,090,000  
5.000%, 03/01/21 Series A
  
A2/NR/NR
     1,227,057          
                           
     
Total Water and Sewer
         72,258,068          
                           
     
Total Revenue Bonds
         259,981,187          
                           
     
Total Investments (cost $499,151,426-note b)
  
97.6%
     518,984,069          
                           
     
Other assets less liabilities
  
2.4
     12,762,278          
                           
     
Net Assets
  
100.0%
   $ 531,746,347          
                           
     
* 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.
                
 
 
 
 
 
                           
         
Percent of
              
     
Portfolio Distribution By Quality Rating
  
Investments †
              
                           
     
Aaa of Moody's or AAA of S&P
  
9.2
%
 
          
     
Pre-refunded bonds ††/ Escrowed to Maturity bonds
  
8.2
                
     
Aa of Moody's or AA of S&P or Fitch
  
59.9
                
     
A of Moody's or S&P or Fitch
  
17.3
                
     
Baa of Moody's or BBB of S&P
  
3.7
                
     
Not rated*
  
1.7
                
         
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
June 30, 2013
(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, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $498,901,793 amounted to $20,082,276, which consisted of aggregate gross unrealized appreciation of $25,225,007 and aggregate gross unrealized depreciation of $5,142,731.
 
(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, 2013:

Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+
     518,984,069  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 518,984,069  
 
 +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, 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
    
 
August    20, 2013
    
       
       
By:
/s/ Joseph P. DiMaggio
    
 
Chief Financial Officer and Treasurer
    
 
August    20, 2013
    
 
 EX-99.CERT 3 e610506_ex99-cert.htm CERTIFICATIONS Unassociated Document
 
CERTIFICATIONS
  
I, Diana P. Herrmann, certify that:

1.
I have reviewed this report on Form N-Q of Tax-Free Trust of Oregon;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August     20, 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: August     20, 2013
 
 
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
Chief Financial Officer and Treasurer