N-Q 1 e614013_nq-atfto.htm THE CASCADES TRUST 6/30/2015 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
 
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)(Zip Code)

Registrant's Telephone Number, including Area Code: (212) 697-6666

Joseph P. DiMaggio, Chief Financial Officer and Treasurer
120 West 45th Street, Suite 3600
New York, New York 10036
(Name and address of Agent for Service)

Date of fiscal year end: March 31, 2015

Date of reporting period: June 30, 2015
 
Item 1. Schedule of Investments.
 
 
 
 
 
AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
June 30, 2015
(unaudited)

Amount
  
General Obligation Bonds (53.7%)
  
Ratings Moody's, S&P and Fitch
  
Value
    
(a)
  
                     
   
City & County (4.7%)
                
                     
   
Bend, Oregon
                
$ 2,435,000  
4.000%, 06/01/24
  
Aa2/NR/NR
   $ 2,705,991          
                           
     
Canby, Oregon
                    
  1,405,000  
4.000%, 12/01/24 AGMC Insured
  
A2/NR/NR
     1,514,702          
  1,060,000  
5.000%, 06/01/27
  
A2/NR/NR
     1,217,103          
                           
     
Clackamas County, Oregon Refunding
                    
  1,135,000  
4.000%, 06/01/24
  
Aa2/NR/NR
     1,238,546          
                           
     
Clackamas County, Oregon Tax Allocation
                    
  705,000  
6.500%, 05/01/20
  
NR/NR/NR*
     711,930          
                           
     
Gresham, Oregon Full Faith and Credit Refunding and Project Obligations
                    
  1,545,000  
5.000%, 05/01/23
  
Aa3/NR/NR
     1,848,036          
                           
     
Hillsboro, Oregon
                    
  390,000  
3.500%, 06/01/16 Series B
  
Aa3/NR/NR
     401,025          
  345,000  
3.500%, 06/01/17 Series B
  
Aa3/NR/NR
     363,361          
                           
     
Lebanon, Oregon Refunding
                    
  1,050,000  
5.000%, 06/01/24
  
A2/NR/NR
     1,223,240          
                           
     
McMinnville, Oregon Refunding
                    
  2,075,000  
5.000%, 02/01/27
  
Aa3/NR/NR
     2,461,593          
                           
     
Portland, Oregon Public Safety
                    
  1,345,000  
5.000%, 06/15/25 Series A
  
Aaa/NR/NR
     1,662,030          
  2,130,000  
4.125%, 06/01/26 Series A
  
Aaa/NR/NR
     2,293,265          
                           
     
Portland, Oregon Limited Tax, Improvement
                    
  730,000  
4.000%, 06/01/22 Series A
  
Aa1/NR/NR
     742,790          
  890,000  
4.000%, 06/01/24 Series A
  
Aa1/NR/NR
     966,763          
                           
     
Redmond, Oregon Refunding
                    
  735,000  
5.000%, 06/01/23 Series A
  
A1/NR/NR
     851,321          
                           
     
City of Salem, Oregon
                    
  1,585,000  
4.000%, 06/01/17
  
NR/AA/NR
     1,685,235          
  1,750,000  
5.000%, 06/01/29
  
NR/AA/NR
     1,974,210          
                           
     
Washington County, Oregon
                    
  2,465,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     2,615,957          
                           
     
Total City & County
         26,477,098          
                           
     
Community College (5.9%)
                    
                           
     
Central Oregon Community College District
                    
  1,850,000  
4.750%, 06/15/22
  
NR/AA+/NR
     2,124,855          
  2,195,000  
4.750%, 06/15/23
  
NR/AA+/NR
     2,515,492          
  2,175,000  
4.750%, 06/15/26
  
NR/AA+/NR
     2,477,064          
 
 
 
 
 
                           
     
Chemeketa, Oregon Community College District
                    
  1,010,000  
5.500%, 06/15/24 (pre-refunded)
  
NR/AA+/NR
     1,142,047          
  2,000,000  
5.000%, 06/15/25
  
NR/AA+/NR
     2,409,060          
  1,235,000  
5.000%, 06/15/25 (pre-refunded)
  
NR/AA+/NR
     1,378,606          
  1,540,000  
5.000%, 06/15/26 (pre-refunded)
  
NR/AA+/NR
     1,719,071          
                           
     
Clackamas, Oregon Community College District
                    
  1,535,000  
5.000%, 05/01/25 NPFG Insured (pre-refunded)
  
Aa3/AA/NR
     1,594,389          
  1,405,000  
5.000%, 06/15/27 Series A
  
Aa1/AA+/NR
     1,660,893          
                           
     
Columbia Gorge, Oregon Community College District, Refunding
                    
  1,000,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     1,095,040          
                           
     
Lane, Oregon Community College
                    
  1,840,000  
5.000%, 06/15/24
  
NR/AA+/NR
     2,160,896          
                           
     
Linn Benton, Oregon Community College
                    
  1,520,000  
5.000%, 06/01/27
  
NR/AA+/NR
     1,794,451          
                           
     
Oregon Coast Community College District State
                    
  1,770,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     2,067,555          
                           
     
Portland, Oregon Community College District
                    
  7,915,000  
5.000%, 06/15/28
  
Aa1/AA/NR
     8,968,091          
                           
     
Total Community College
         33,107,510          
                           
                           
     
Higher Education (2.5%)
                    
                           
     
Oregon State Higher Education
                    
  1,000,000  
5.000%, 08/01/25 Series C
  
Aa1/AA+/AA+
     1,213,480          
  1,795,000  
5.000%, 08/01/27 Series C
  
Aa1/AA+/AA+
     2,145,851          
                           
     
Oregon State, Oregon University System
                    
  1,170,000  
4.000%, 08/01/25 Series B
  
Aa1/AA+/AA+
     1,287,047          
  1,090,000  
5.000%, 08/01/25 Series N
  
Aa1/AA+/AA+
     1,301,177          
                           
     
Oregon State, Oregon University System Projects
                    
  2,365,000  
4.000%, 08/01/26 Series H
  
Aa1/AA+/AA+
     2,536,013          
                           
     
State of Oregon Board of Higher Education
                    
  820,000  
zero coupon, 08/01/16
  
Aa1/AA+/AA+
     815,457          
  1,125,000  
5.000%, 08/01/21 Series A (pre-refunded)
  
NR/NR/NR*
     1,128,780          
  875,000  
5.000%, 08/01/21 Series A (pre-refunded)
  
Aa1/AA+/NR
     877,966          
  500,000  
5.750%, 08/01/29 Series A (pre-refunded)
  
Aa1/AA+/NR
     571,120          
  1,000,000  
5.000%, 08/01/34 (pre-refunded)
  
Aa1/AA+/AA+
     1,119,640          
  1,000,000  
5.000%, 08/01/38 (pre-refunded)
  
Aa1/AA+/AA+
     1,119,640          
                           
     
Total Higher Education
         14,116,171          
                           
     
Housing (0.2%)
                    
                           
     
State of Oregon Veterans' Welfare
                    
  550,000  
4.800%, 12/01/22
  
Aa1/AA+/AA+
     572,099          
  400,000  
4.900%, 12/01/26
  
Aa1/AA+/AA+
     414,772          
                           
     
Total Housing
         986,871          
                           
     
School District (27.1%)
                    
                           
     
Clackamas County, Oregon School District #12 (North Clackamas)
                    
  2,450,000  
5.000%, 06/15/25
  
Aa1/AA+/NR
     2,957,640          
  1,500,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     1,790,835          
  8,000,000  
5.000%, 06/15/27 AGMC Insured Series B (pre-refunded)
  
Aa1/AA+/NR
     8,657,360          
  9,250,000  
5.000%, 06/15/29 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     10,010,073          
 
 
 
 
 
                           
     
Clackamas County, Oregon School District #46 (Oregon Trail)
                    
  1,000,000  
5.000%, 06/15/22
  
NR/AA+/NR
     1,143,370          
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA+/NR
     2,113,138          
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA+/NR
     2,032,866          
  2,000,000  
4.500%, 06/15/30 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     2,145,100          
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA+/NR
     2,245,700          
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA+/NR
     4,178,110          
                           
     
Clackamas County, Oregon School District #62 (Oregon City)
                    
  1,000,000  
5.000%, 06/01/29 MAC Insured
  
A1/AA/NR
     1,137,630          
                           
     
Clackamas County, Oregon School District #86 (Canby)
                    
  1,800,000  
5.000%, 06/15/24
  
Aa1/AA+/NR
     2,103,858          
  1,110,000  
5.000%, 06/15/25 Series A
  
Aa1/AA+/NR
     1,289,665          
                           
     
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
                    
  1,110,000  
5.000%, 06/15/26 (pre-refunded)
  
Aa1/AA+/NR
     1,270,062          
  3,500,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     4,231,675          
  2,850,000  
5.000%, 06/15/27 (pre-refunded)
  
Aa1/AA+/NR
     3,260,970          
  1,115,000  
5.000%, 06/15/28
  
Aa1/AA+/NR
     1,324,442          
  2,000,000  
4.500%, 06/15/29 (pre-refunded)
  
Aa1/AA+/NR
     2,250,040          
  1,965,000  
5.000%, 06/15/30 (pre-refunded)
  
Aa1/AA+/NR
     2,248,353          
  3,000,000  
5.000%, 06/15/33 (pre-refunded)
  
Aa1/AA+/NR
     3,432,600          
  500,000  
5.000%, 06/15/34 (pre-refunded)
  
Aa1/AA+/NR
     572,100          
                           
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia)
                    
  3,430,000  
5.00%, 06/15/27
  
NR/AA+/NR
     3,987,272          
                           
     
Deschutes County, Oregon School District #6 (Sisters)
                    
  1,735,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     1,992,439          
  1,030,000  
5.250%, 06/15/21 AGMC Insured
  
A2/AA+/NR
     1,226,174          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
                    
  80,000  
5.000%, 06/15/21 NPFG/ FGIC Insured
  
Aa1/NR/NR
     80,262          
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR/NR
     836,195          
  5,000,000  
6.000%, 06/15/31 (pre-refunded)
  
Aa1/NR/NR
     5,718,200          
                           
     
Hood River County, Oregon School District Refunding
                    
  250,000  
4.000%, 06/15/16
  
NR/AA+/NR
     257,225          
                           
     
Jackson County, Oregon School District #9 (Eagle Point)
                    
  1,445,000  
5.500%, 06/15/16 NPFG Insured
  
Aa1/NR/NR
     1,512,785          
                           
     
Jackson County, Oregon School District #549C (Medford)
                    
  1,000,000  
4.625%, 06/15/27 (pre-refunded)
  
Aa1/AA+/NR
     1,103,900          
  2,000,000  
4.750%, 12/15/29 AGMC Insured (pre-refunded)
  
Aa1/AA+/NR
     2,185,540          
  1,000,000  
5.000%, 06/15/33 (pre-refunded)
  
Aa1/AA+/NR
     1,114,740          
                           
     
Jefferson County, Oregon School District #509J
                    
  1,400,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     1,645,154          
                           
     
Klamath County, Oregon School District
                    
  1,250,000  
5.000%, 06/15/24
  
NR/AA+/NR
     1,463,988          
                           
     
Lane County, Oregon School District #4J (Eugene) Refunding
                    
  1,000,000  
5.000%, 07/01/15
  
Aa1/NR/NR
     1,000,000          
  1,130,000  
4.000%, 06/15/23
  
Aa1/NR/NR
     1,232,163          
  2,850,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     3,176,610          
  4,575,000  
5.000%, 06/15/26
  
Aa1/NR/NR
     5,498,510          
                           
     
Lane County, Oregon School District #19 (Springfield)
                    
  1,000,000  
5.000%, 06/15/25
  
Aa1/AA+/NR
     1,211,000          
  875,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     1,035,195          
  3,425,000  
zero coupon, 06/15/29 AGMC Insured (pre-refunded)
  
Aa1/NR/NR
     1,930,433          
                           
     
Lincoln County, Oregon School District
                    
  2,370,000  
4.000%, 06/15/24 Series A
  
Aa1/NR/NR
     2,563,771          
                           
     
Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)
                    
  1,260,000  
5.000%, 06/15/24
  
Aa1/NR/NR
     1,501,605          
                           
     
Morrow County, Oregon School District #1
                    
  1,710,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     1,972,981          
 
 
 
 
 
                           
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
                    
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,334,461          
                           
     
Multnomah County, Oregon School District #40 (David Douglas)
                    
  1,500,000  
5.000%, 06/15/23 Series A
  
NR/AA+/NR
     1,747,995          
                           
     
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
                    
  4,275,000  
5.250%, 06/15/19 AGMC Insured
  
Aa1/AA+/NR
     4,912,873          
                           
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
                    
  2,680,000  
5.250%, 12/15/18 AGMC Insured
  
Aa1/NR/NR
     3,003,396          
                           
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
                    
  1,520,000  
5.000%, 06/15/21 AGMC Insured (pre-refunded)
  
A2/AA+/NR
     1,644,898          
                           
     
Union County, Oregon School District #1 (La Grande)
                    
  1,000,000  
5.000%, 06/15/27
  
Aa1/NR/NR
     1,182,130          
                           
     
Wasco County, Oregon School District #12 (The Dalles)
                    
  1,400,000  
5.500%, 06/15/17 AGMC Insured
  
A2/AA/NR
     1,529,934          
  1,790,000  
5.500%, 06/15/20 AGMC Insured
  
A2/AA/NR
     2,115,726          
                           
     
Washington County, Oregon School District #48J (Beaverton)
                    
  2,750,000  
4.000%, 06/15/25
  
Aa1/AA+/NR
     3,029,785          
  2,275,000  
4.000%, 06/15/23 Series B
  
Aa1/AA+/NR
     2,538,809          
  5,290,000  
4.000%, 06/15/24 Series B
  
Aa1/AA+/NR
     5,867,456          
  3,000,000  
5.000%, 06/15/25 Series 2014B
  
Aa1/AA+/NR
     3,616,260          
  3,000,000  
5.000%, 06/15/28 Series 2014B
  
Aa1/AA+/NR
     3,526,620          
  1,845,000  
5.000%, 06/15/29 Series 2014B
  
Aa1/AA+/NR
     2,154,536          
  1,280,000  
5.000%, 06/01/31 AGC Insured
  
Aa3/AA/NR
     1,433,165          
  1,000,000  
5.125%, 06/01/36 AGC Insured
  
Aa3/AA/NR
     1,116,340          
                           
     
Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)
                    
  1,535,000  
4.000%, 06/15/25
  
Aa1/NR/NR
     1,686,013          
                           
     
Yamhill County, Oregon School District #40 (McMinnville)
                    
  1,205,000  
5.000%, 06/15/19 AGMC Insured (pre-refunded)
  
Aa1/NR/NR
     1,304,015          
  1,375,000  
5.000%, 06/15/22 AGMC Insured (pre-refunded)
  
Aa1/NR/NR
     1,487,984          
  2,255,000  
4.000%, 06/15/26
  
Aa1/NR/NR
     2,459,889          
                           
     
Total School Districts
         152,334,014          
                           
     
Special District (3.8%)
                    
                           
     
Bend, Oregon Metropolitan Park & Recreational District
                    
  1,430,000  
4.000%, 06/01/27
  
Aa3/NR/NR
     1,512,368          
                           
     
Metro, Oregon
                    
  1,100,000  
5.000%, 06/01/18 (pre-refunded)
  
Aaa/AAA/NR
     1,189,683          
  4,000,000  
4.000%, 06/01/26 Series A
  
Aaa/AAA/NR
     4,333,280          
                           
     
Tualatin Hills, Oregon Park & Recreational District
                    
  3,480,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     4,188,806          
  1,000,000  
4.250%, 06/01/24 (pre-refunded)
  
Aa1/AA/NR
     1,114,320          
  2,525,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     3,070,956          
  2,775,000  
5.000%, 06/01/26
  
Aa1/NR/NR
     3,385,611          
                           
     
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
                    
  1,235,000  
4.000%, 06/01/26
  
Aaa/NR/NR
     1,331,836          
  1,170,000  
4.000%, 06/01/27
  
Aaa/NR/NR
     1,257,083          
                           
     
Total Special District
         21,383,943          
                           
     
State of Oregon (8.7%)
                    
                           
     
Oregon State
                    
  750,000  
5.000%, 05/01/25 Series A
  
Aa1/AA+/AA+
     909,458          
                           
     
Oregon State Alternative Energy Project
                    
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA+/AA+
     1,385,282          
  500,000  
6.000%, 10/01/29 Series B
  
Aa1/AA+/AA+
     573,020          
 
 
 
 
 
                           
     
Oregon State Article XI-G Community College Projects
                    
  1,160,000  
5.000%, 08/01/27 Series J
  
Aa1/AA+/AA+
     1,401,802          
                           
     
Oregon State Article XI-G Higher Education
                    
  500,000  
5.000%, 08/01/25 Series O
  
Aa1/AA+/AA+
     613,155          
  1,000,000  
5.000%, 08/01/26 Series O
  
Aa1/AA+/AA+
     1,218,330          
  1,000,000  
5.000%, 08/01/27 Series O
  
Aa1/AA+/AA+
     1,208,450          
                           
     
Oregon State Department of Administrative Services
                    
  3,270,000  
5.000%, 11/01/27 Series C
  
Aa2/AA/AA
     3,729,206          
  2,155,000  
5.000%, 11/01/28 Series C
  
Aa2/AA/AA
     2,448,942          
  5,000,000  
5.125%, 05/01/33††††
  
Aa2/AA/AA
     5,585,350          
                           
     
Oregon State Department of Administrative Services
                    
  2,000,000  
5.000%, 11/01/20 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     2,031,220          
  2,660,000  
5.000%, 11/01/23 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     2,821,568          
  2,945,000  
5.000%, 11/01/24 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     3,123,879          
  1,475,000  
5.000%, 11/01/26 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     1,564,592          
  3,880,000  
5.000%, 11/01/27 NPFG/ FGIC Insured (pre-refunded)
  
Aa2/AA/AA
     4,115,671          
                           
     
Oregon State Department of Administrative Services, Oregon Opportunity Refunding
                    
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA+/AA+
     7,190,062          
                           
     
Oregon State Refunding
                    
  3,000,000  
5.000%, 05/01/23 Series L
  
Aa1/AA+/AA+
     3,538,980          
  1,125,000  
5.000%, 05/01/24 Series L
  
Aa1/AA+/AA+
     1,316,925          
                           
     
Oregon State Refunding Various Projects
                    
  2,125,000  
4.000%, 05/01/25 Series O
  
Aa1/AA+/AA+
     2,294,193          
                           
     
Oregon State Various Projects
                    
  1,470,000  
4.000%, 11/01/26 Series M
  
Aa1/AA+/AA+
     1,578,530          
                           
     
Total State of Oregon
         48,648,615          
                           
     
Water & Sewer (0.8%)
                    
                           
     
Gearheart, Oregon
                    
  1,060,000  
4.500%, 03/01/26 AGMC Insured
  
A2/NR/NR
     1,173,441          
                           
     
Pacific City, Oregon Joint Water - Sanitary Authority
                    
  1,830,000  
4.800%, 07/01/27
  
NR/NR/NR*
     1,861,531          
                           
     
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
                    
  1,270,000  
4.250%, 08/15/26
  
A1/NR/NR
     1,377,899          
                           
     
Total Water & Sewer
         4,412,871          
                           
     
Total General Obligation Bonds
         301,467,093          
                           
     
Revenue Bonds (44.8%)
                    
                           
     
City & County (3.1%)
                    
                           
     
Local Oregon Capital Assets Program COP Cottage Grove
                    
  2,375,000  
5.000%, 09/15/25 Series 2013A
  
Baa2/NR/NR
     2,582,670          
                           
     
Newport, Oregon Urban Renewal Obligations, Refunding
                    
  565,000  
4.500%, 06/15/22 Series B
  
NR/AA-/NR
     641,970          
                           
     
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
                    
  2,825,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     3,299,741          
  4,265,000  
5.000%, 06/01/27
  
Aa1/NR/NR
     4,935,373          
                           
     
Portland, Oregon Revenue Refunding Limited Tax
                    
  1,000,000  
4.000%, 04/01/22 Series A
  
Aa1/NR/NR
     1,064,190          
                           
     
Portland, Oregon River District Urban Renewal and Redevelopment
                    
  1,600,000  
5.000%, 06/15/22 Series B
  
A1/NR/NR
     1,879,040          
  1,830,000  
5.000%, 06/15/23 Series B
  
A1/NR/NR
     2,121,135          
 
 
 
 
 
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
                    
  1,000,000  
4.000%, 06/15/25 Series B
  
A1/NR/NR
     1,052,170          
                           
     
Total City & County
         17,576,289          
                           
     
Electric (1.9%)
                    
                           
     
Eugene, Oregon  Electric Utility
                    
  5,635,000  
5.000%, 08/01/30
  
Aa3/AA-/A+
     6,213,715          
                           
     
Eugene, Oregon  Electric Utility Refunding System
                    
  2,000,000  
5.000%, 08/01/27 Series A
  
Aa3/AA-/A+
     2,305,460          
                           
     
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
     1,827,188          
                           
     
Total Electric
         10,346,363          
                           
     
Higher Education (6.0%)
                    
                           
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
                    
  5,715,000  
5.500%, 03/01/37
  
NR/NR/NR*
     5,875,363          
                           
     
Oregon State Facilities Authority (Lewis & Clark College Project)
                    
  1,000,000  
5.250%, 10/01/24 Series A
  
A3/A-/NR
     1,161,600          
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A-/NR
     3,415,620          
                           
     
Oregon State Facilities Authority (Linfield College Project)
                    
  2,830,000  
5.000%, 10/01/20 Series A 2005 (pre-refunded)
  
Baa1/NR/NR
     2,862,319          
  1,180,000  
5.000%, 10/01/22 Series A†††
  
Baa1/NR/NR
     1,345,495          
  1,000,000  
5.000%, 10/01/23 Series A†††
  
Baa1/NR/NR
     1,140,160          
  2,115,000  
5.000%, 10/01/25 Series A 2005 (pre-refunded)
  
Baa1/NR/NR
     2,139,153          
  1,220,000  
5.000%, 10/01/31 Series A 2010
  
Baa1/NR/NR
     1,338,608          
                           
     
Oregon State Facilities Authority Revenue Refunding (Reed College Project)
                    
  1,500,000  
5.000%, 07/01/29 Series A
  
Aa2/AA-/NR
     1,707,195          
                           
     
Oregon State Facilities Authority (University of Portland)
                    
  3,000,000  
5.000%, 04/01/32 (pre-refunded)
  
NR/BBB+/NR
     3,326,490          
                           
     
Oregon State Facilities Authority (Willamette University)
                    
  1,000,000  
4.000%, 10/01/24
  
NR/A/NR
     1,073,520          
  2,500,000  
5.000%, 10/01/32
  
NR/A/NR
     2,685,350          
                           
     
Portland, Oregon Economic Development (Broadway Project)
                    
  5,000,000  
6.500%, 04/01/35
  
A1/A/NR
     5,638,800          
                           
     
Total Higher Education
         33,709,673          
                           
     
Hospital (9.9%)
                    
                           
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
                    
  3,500,000  
8.000%, 01/01/28
  
A2/NR/NR
     4,201,120          
  3,250,000  
5.375%, 01/01/35 AMBAC Insured
  
A2/NR/NR
     3,479,548          
                           
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
                    
  9,000,000  
5.500%, 08/15/28 AGMC Insured
  
NR/AA/NR
     10,190,070          
                           
     
Oregon Health Sciences University
                    
  11,550,000  
zero coupon, 07/01/21 NPFG Insured
  
A1/AA-/AA-
     9,473,888          
  2,000,000  
5.000%, 07/01/23 Series A
  
A1/AA-/AA-
     2,342,440          
  4,500,000  
5.750%, 07/01/39 Series A
  
A1/AA-/AA-
     5,205,150          
                           
     
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
                    
  2,000,000  
4.250%, 03/15/17
  
A1/AA-/NR
     2,117,080          
  3,000,000  
4.500%, 03/15/18
  
A1/AA-/NR
     3,268,080          
  1,000,000  
4.750%, 03/15/24
  
A1/AA-/NR
     1,109,750          
  1,000,000  
5.000%, 03/15/30
  
A1/AA-/NR
     1,106,250          
 
 
 
 
 
                           
     
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
                    
  1,500,000  
4.375%, 10/01/20
  
NR/BBB+/NR
     1,656,570          
  2,000,000  
4.500%, 10/01/21
  
NR/BBB+/NR
     2,202,340          
  1,520,000  
5.000%, 10/01/23
  
NR/BBB+/NR
     1,688,796          
  1,795,000  
4.875%, 10/01/25
  
NR/BBB+/NR
     1,955,060          
  2,000,000  
5.000%, 10/01/30
  
NR/BBB+/NR
     2,142,280          
                           
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
                    
  2,000,000  
5.750%, 08/15/23
  
NR/A/A
     2,244,840          
  1,075,000  
5.000%, 08/15/27 Series A
  
NR/A/A
     1,119,828          
                           
                           
     
Total Hospital
         55,503,090          
                           
     
Housing (0.7%)
                    
                           
     
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
     1,347,820          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
                    
  1,390,000  
5.000%, 06/15/27 Series B
  
A1/NR/NR
     1,529,904          
                           
     
State of Oregon Housing and Community Services
                    
  545,000  
4.650%, 07/01/25
  
Aa2/NR/NR
     545,540          
  600,000  
5.350%, 07/01/30
  
Aa2/NR/NR
     623,304          
                           
     
Total Housing
         4,046,568          
                           
     
Lottery (4.2%)
                    
                           
     
Oregon State Department of Administration Services (Lottery Revenue)
                    
  1,015,000  
5.250%, 04/01/26 Series A
  
Aa2/AAA/NR
     1,196,512          
  1,715,000  
5.000%, 04/01/24 Series B
  
Aa2/AAA/NR
     2,028,193          
  1,500,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,763,625          
  1,000,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,198,540          
  3,000,000  
5.000%, 04/01/26 Series C
  
Aa2/AAA/NR
     3,644,460          
  3,000,000  
5.000%, 04/01/27 AGMC Insured (pre-refunded)
  
Aa2/AAA/A+
     3,221,640          
  6,285,000  
5.250%, 04/01/26 (pre-refunded)
  
NR/NR/NR*
     7,480,407          
  2,500,000  
5.000%, 04/01/29 (pre-refunded)
  
Aa2/AAA/NR
     2,845,050          
                           
     
Total Lottery
         23,378,427          
                           
     
Transportation (7.1%)
                    
                           
     
Jackson County, Oregon Airport Revenue
                    
  750,000  
5.250%, 12/01/32 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     802,140          
                           
     
Oregon State Department Transportation Highway Usertax, Senior Lien
                    
  1,865,000  
5.000%, 11/15/23 Series A (pre-refunded)
  
Aa1/AAA/NR
     2,126,846          
  3,605,000  
5.000%, 11/15/24 Series A
  
Aa1/AAA/AA+
     4,308,840          
  2,425,000  
5.000%, 11/15/25 Series A
  
Aa1/AAA/AA+
     2,878,475          
  2,000,000  
4.625%, 11/15/25 Series A (pre-refunded)
  
Aa1/AAA/NR
     2,252,640          
  1,040,000  
5.000%, 11/15/26 Series A
  
Aa1/AAA/AA+
     1,250,912          
  1,000,000  
5.000%, 11/15/26 Series A
  
Aa1/AAA/AA+
     1,191,640          
  3,540,000  
4.625%, 11/15/26 Series A  (pre-refunded)
  
Aa1/AAA/NR
     3,743,373          
  8,000,000  
5.000%, 11/15/28 Series A
  
Aa1/AAA/AA+
     9,483,280          
  2,155,000  
5.000%, 11/15/28 Series A (pre-refunded)
  
Aa1/AAA/NR
     2,289,752          
                           
     
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
                    
  1,685,000  
5.000%, 10/01/24 Series A
  
A3/A/NR
     1,930,976          
  3,480,000  
5.000%, 10/01/26 Series A
  
A3/A/NR
     3,977,188          
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A/NR
     3,413,760          
                           
     
Total Transportation
         39,649,822          
                           
     
Water and Sewer (11.9%)
                    
                           
     
Ashland, Oregon Refunding
                    
  1,025,000  
4.000%, 05/01/17 AGMC Insured
  
NR/AA/NR
     1,087,576          
                           
     
Grants Pass, Oregon
                    
  1,000,000  
4.000%, 12/01/23
  
NR/AA-/NR
     1,100,780          
 
 
 
 
 
                           
     
Klamath Falls, Oregon Water
                    
  890,000  
5.500%, 07/01/16 AGMC Insured
  
A2/AA/NR
     909,811          
                           
     
Lane County, Oregon Metropolitan Wastewater
                    
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA/NR
     2,820,625          
                           
     
Madras, Oregon
                    
  725,000  
4.500%, 02/15/27
  
Baa1/NR/NR
     773,039          
                           
     
Portland, Oregon Sewer System, Second Lien
                    
  3,005,000  
5.000%, 03/01/28 Series A
  
Aa3/AA-/NR
     3,416,445          
  2,000,000  
5.000%, 10/01/25 Series B
  
Aa3/AA-/NR
     2,389,980          
                           
     
Portland Oregon Sewer System Revenue Refunding Second Lien
                    
  5,000,000  
5.000%, 06/15/33 Series B
  
Aa3/AA-/NR
     5,474,450          
                           
     
Portland, Oregon Sewer System
                    
  4,595,000  
5.000%, 06/01/17 AGMC Insured
  
Aa2/AA/NR
     4,610,026          
  4,410,000  
5.000%, 06/15/25 NPFG Insured
  
Aa3/AA-/NR
     4,582,519          
  4,630,000  
5.000%, 06/15/26 NPFG Insured
  
Aa3/AA-/NR
     4,807,561          
  1,610,000  
5.000%, 06/15/27 NPFG Insured
  
Aa3/AA-/NR
     1,670,359          
                           
     
Portland, Oregon Water System (First Lien)
                    
  3,230,000  
5.000%, 05/01/27 Series A
  
Aaa/NR/NR
     3,815,018          
                           
     
Portland, Oregon Water System Revenue Refunding  (Sr. Lien)
                    
  1,275,000  
4.000%, 05/01/25 Series A
  
Aaa/NR/NR
     1,358,908          
                           
     
Portland, Oregon Water System Revenue Refunding (Jr. Lien)
                    
  2,000,000  
5.000%, 10/01/23
  
Aa1/NR/NR
     2,412,080          
                           
     
Prineville, Oregon Refunding
                    
  1,255,000  
4.400%, 06/01/29 AGMC Insured
  
NR/AA/NR
     1,353,593          
                           
     
Seaside, Oregon Wastewater System
                    
  1,000,000  
4.250%, 07/01/26
  
A3/NR/NR
     1,066,330          
                           
     
Sunrise Water Authority, Oregon
                    
  1,000,000  
5.000%, 09/01/25 Syncora Guarantee, Inc. (pre-refunded)
  
NR/NR/NR*
     1,007,390          
                           
     
Tigard, Oregon Water System Revenue Refunding
                    
  2,025,000  
4.000%, 08/01/21
  
A1/AA-/NR
     2,272,617          
  2,565,000  
5.000%, 08/01/24
  
A1/AA-/NR
     3,008,950          
                           
     
Washington County, Oregon Clean Water Services
                    
  2,235,000  
5.250%, 10/01/15 NPFG Insured
  
Aa2/AA+/NR
     2,261,842          
  4,000,000  
5.000%, 10/01/28
  
Aa2/AA+/NR
     4,561,840          
                           
     
Washington County, Oregon Clean Water Services Sewer Revenue Senior Lien
                    
  1,010,000  
4.000%, 10/01/22 Series B
  
Aa2/AA+/NR
     1,125,342          
  1,500,000  
4.000%, 10/01/23 Series B
  
Aa2/AA+/NR
     1,660,185          
  2,850,000  
4.000%, 10/01/26 Series B
  
Aa2/AA+/NR
     3,086,778          
  2,745,000  
4.000%, 10/01/28 Series B
  
Aa2/AA+/NR
     2,914,421          
                           
     
Woodburn, Oregon Wastewater Revenue Refunding
                    
  1,090,000  
5.000%, 03/01/21 Series A
  
A2/NR/NR
     1,259,517          
                           
     
Total Water and Sewer
         66,807,982          
                           
     
Total Revenue Bonds
         251,018,214          
                           
     
Total Investments (cost $522,167,307-note b)
  
98.5%
     552,485,307          
     
Other assets less liabilities
  
1.5
     8,225,289          
     
Net Assets
  
100.0%
   $ 560,710,596          
                           
 
 
 
 
 
         
Percent of
                
     
Portfolio Distribution By Quality Rating
  
Investments †
                
                           
     
Aaa of Moody's or AAA of S&P
  
                     8.1
%
 
          
     
Pre-refunded bonds ††
  
                   20.0
                
     
Aa of Moody's or AA of S&P or Fitch
  
                   58.0
                
     
A of Moody's or S&P or Fitch
  
                     9.2
                
     
Baa of Moody's or BBB of S&P
  
                     3.2
                
     
Not Rated*
  
                     1.5
                
         
                100.0
%
 
          
                           
     
PORTFOLIO ABBREVIATION:
                    
     
AGC - Assured Guaranty Corp.
                    
     
AGMC - Assured Guaranty Municipal Corp.
                    
     
AMBAC - American Municipal Bond Assurance Corp.
                    
     
COP- Certificates of Participation
                    
     
FGIC - Financial Guaranty Insurance Co.
                    
     
MAC - Municipal Assurance Corp.
                    
     
NPFG - National Public Finance Guarantee
                    
     
NR - Not Rated
                    
                           
     
* Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") 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.
                
                           
     
† 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.
                
                           
     
 ††† Security purchased on a delayed delivery or when-issued basis.
                
                           
     
 †††† Security pledged as collateral for the Trust's delayed delivery or when-issued commitments.
                
 
 See accompanying notes to financial statements.
 
 
 
 
 
AQUILA TAX-FREE TRUST OF OREGON
 NOTES TO FINANCIAL STATEMENTS
June 30, 2015
(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, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $521,891,696 amounted to $30,593,611, which consisted of aggregate gross unrealized appreciation of $31,749,205 and aggregate gross unrealized depreciation of $1,155,594.
 
(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, 2015:
 

 Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+
     552,485,307  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 552,485,307  
         
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 
 
Item 2. Controls and Procedures.

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

(b) The Trust's chief financial and executive officers are aware of no changes in the Trust's internal control over financial reporting that occurred during the Trust's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust'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.
 
THE CASCADES TRUST
    
     
       
By:
/s/ Diana P. Herrmann
    
 
Diana P. Herrmann
    
 
Vice Chair, Trustee and President
    
 
August  20, 2015
    
 
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, Trustee and President
    
 
August  20, 2015
    
       
       
By:
/s/ Joseph P. DiMaggio
    
  Joseph P. DiMaggio    
 
Chief Financial Officer and Treasurer
    
 
August  20, 2015