As filed with the U.S. Securities and

Exchange Commission on August 12, 2015

Registration Nos. 33-4382 & 811-4626

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[    ]
Pre-Effective Amendment No.	[    ]
Post-Effective Amendment No.  47	[ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[    ]
Amendment No. 48	[ X ]

THE CASCADES TRUST

(Exact Name of Registrant as Specified in Charter)

120 West 45th Street, Suite 3600

New York, New York 10036

(Address of Principal Executive Offices)

(212) 697-6666

(Registrant's Telephone Number)

(212) 697-6666

(Registrant's Telephone Number)

Diana P. Herrmann

Aquila Investment Management LLC

120 West 45th Street, Suite 3600

New York, New York 10036

(Name and Address of Agent for Service)

Copy to:

Roger P. Joseph, Esq.

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110

It is proposed that this filing will become effective (check appropriate box):

[ X ]	immediately upon filing pursuant to paragraph (b)
[    ]	on (date) pursuant to paragraph (b)
[    ]	60 days after filing pursuant to paragraph (a)(1)
[    ]	on (date) pursuant to paragraph (a)(1)
[    ]	75 days after filing pursuant to paragraph (a)(2)
[    ]	on (date) pursuant to paragraph (a)(2) of Rule 485.
[    ]	This post-effective amendment designates a new effective date for a previous post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the 12th day of August, 2015.

THE CASCADES TRUST

(Registrant)

By:           /s/ Diana P. Herrmann

Diana P. Herrmann, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on August 12, 2015.

SIGNATURE	TITLE
/s/ Diana P. Herrmann
Diana P. Herrmann	Vice Chair, President and Trustee
/s/ Gary C. Cornia*
Gary C. Cornia	Trustee
/s/ James A. Gardner *
James A. Gardner	Chair of the Board of Trustees
/s/ Henry H. Hewitt *
Henry H. Hewitt	Trustee
/s/ Edmund P. Jensen *
Edmund P. Jensen	Trustee
/s/ John W. Mitchell*
John W. Mitchell.	Trustee
/s/ Patricia L. Moss*
Patricia L. Moss.	Trustee
/s/ Ralph R. Shaw *
Ralph R. Shaw	Trustee
/s/ Nancy Wilgenbusch *
Nancy Wilgenbusch	Trustee
/s/ Joseph P. DiMaggio
Joseph P. DiMaggio	Chief Financial Officer and Treasurer

* By:            /s/ Diana P. Herrmann

Diana P. Herrmann

*Attorney-in-Fact, pursuant to Power of Attorney

THE CASCADES TRUST

Exhibit List

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase