0000791049-17-000005.txt : 20170217 0000791049-17-000005.hdr.sgml : 20170217 20170217161944 ACCESSION NUMBER: 0000791049-17-000005 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170217 DATE AS OF CHANGE: 20170217 EFFECTIVENESS DATE: 20170217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 17621614 BUSINESS ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: SUITE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: SUITE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 0000791049 S000006648 AQUILA TAX-FREE TRUST OF OREGON C000018137 Class A ORTFX C000018138 Class C ORTCX C000018139 Class I ORTIX C000018140 Class Y ORTYX N-Q 1 e615790_nq-atfto.htm THE CASCADES TRUST 12/31/2016 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, 2016

Date of reporting period: December 31, 2016




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)
 
 
 
 
 
AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
December 31, 2016
(unaudited)
 
Amount
  
General Obligation Bonds (45.4%)
  
Ratings
Moody's, S&P and Fitch
  
Value
      
(a)
  
                       
   
City & County (6.2%)
                  
                       
   
Bend, Oregon
                  
$ 2,435,000  
4.000%, 06/01/24
  
Aa2/NR/NR
   $ 2,658,484          
                           
     
Canby, Oregon
                    
  1,405,000  
4.000%, 12/01/24 AGMC Insured
  
A2/NR/NR
     1,504,305          
  1,060,000  
5.000%, 06/01/27
  
A2/NR/NR
     1,174,077          
                           
     
Clackamas County, Oregon Refunding
                    
  1,135,000  
4.000%, 06/01/24
  
Aa2/NR/NR
     1,239,170          
                           
     
Clackamas County, Oregon Tax Allocation
                    
  705,000  
6.500%, 05/01/20
  
NR/NR/NR*
     712,128          
                           
     
Gresham, Oregon Full Faith and Credit Refunding and Project Obligations
                    
  1,545,000  
5.000%, 05/01/23
  
Aa3/NR/NR
     1,801,964          
                           
     
Hillsboro, Oregon
                    
  345,000  
3.500%, 06/01/17 Series B
  
Aa3/NR/NR
     348,564          
                           
     
Lebanon, Oregon Refunding
                    
  1,050,000  
5.000%, 06/01/24
  
A2/NR/NR
     1,203,122          
  1,165,000  
5.000%, 06/01/25
  
A1/NR/NR
     1,363,353          
                           
     
McMinnville, Oregon Refunding
                    
  2,075,000  
5.000%, 02/01/27
  
Aa3/NR/NR
     2,432,170          
                           
     
Portland, Oregon Public Safety
                    
  1,345,000  
5.000%, 06/15/25 Series A
  
Aaa/NR/NR
     1,637,242          
  2,130,000  
4.125%, 06/01/26 Series A
  
Aaa/NR/NR
     2,245,531          
                           
     
Portland, Oregon Limited Tax Improvement
                    
  345,000  
4.000%, 06/01/22 2011 Series A
  
Aa1/NR/NR
     348,609          
  30,000  
4.000%, 06/01/24 2014 Series A
  
Aa1/NR/NR
     30,314          
                           
     
Redmond, Oregon Refunding
                    
  735,000  
5.000%, 06/01/23 Series A
  
A1/NR/NR
     834,115          
                           
     
City of Salem, Oregon
                    
  1,585,000  
4.000%, 06/01/17
  
NR/AA/NR
     1,604,828          
  1,750,000  
5.000%, 06/01/29
  
NR/AA/NR
     1,887,253          
                           
     
Springfield, Oregon
                    
  1,765,000  
4.000%, 06/01/24
  
Aa3/NR/NR
     1,982,272          
  1,830,000  
4.000%, 06/01/25
  
Aa3/NR/NR
     2,069,492          
  1,640,000  
4.000%, 06/01/26
  
Aa3/NR/NR
     1,861,203          
                           
     
Washington County, Oregon
                    
  3,800,000  
5.000%, 06/01/26
  
Aa1/NR/NR
     4,630,908          
  5,055,000  
4.000%, 06/01/29 Series B
  
Aaa/NR/NR
     5,544,678          
                           
     
Total City & County
         39,113,782          
 
 
 
 
 
     
Community College (4.1%)
                    
                           
     
Blue Mountain Community College District, Umatilla County
                    
  970,000  
4.000%, 06/15/27
  
NR/AA+/NR
     1,058,513          
                           
     
Central Oregon Community College District
                    
  1,850,000  
4.750%, 06/15/22
  
NR/AA+/NR
     2,035,370          
  2,195,000  
4.750%, 06/15/23
  
NR/AA+/NR
     2,411,076          
  2,175,000  
4.750%, 06/15/26
  
NR/AA+/NR
     2,386,040          
                           
     
Chemeketa, Oregon Community College District
                    
  2,000,000  
5.000%, 06/15/25
  
NR/AA+/NR
     2,381,060          
                           
     
Clackamas, Oregon Community College District
                    
  1,405,000  
5.000%, 06/15/27 Series A
  
Aa1/AA+/NR
     1,640,604          
                           
     
Columbia Gorge, Oregon Community College District, Refunding
                    
  1,000,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     1,092,410          
                           
     
Lane, Oregon Community College
                    
  1,840,000  
5.000%, 06/15/24
  
NR/AA+/NR
     2,109,063          
  1,750,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     1,951,198          
                           
     
Linn Benton, Oregon Community College
                    
  1,520,000  
5.000%, 06/01/27
  
NR/AA+/NR
     1,798,859          
                           
     
Mount Hood, Oregon Community College District Refunding
                    
  1,865,000  
5.000%, 06/01/27
  
Aa3/NR/NR
     2,219,164          
  1,000,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,179,880          
                           
     
Oregon Coast Community College District State
                    
  1,770,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     2,024,915          
                           
     
Rogue, Oregon Community College District
                    
  1,375,000  
4.000%, 06/15/29 Series B
  
Aa1/NR/NR
     1,518,289          
                           
     
Total Community College
         25,806,441          
                           
                           
     
Higher Education (1.4%)
                    
                           
     
Oregon State Higher Education
                    
  1,000,000  
5.000%, 08/01/25 Series C
  
Aa1/AA+/AA+
     1,193,540          
  1,795,000  
5.000%, 08/01/27 Series C
  
Aa1/AA+/AA+
     2,131,383          
                           
     
Oregon State, Oregon University System
                    
  1,170,000  
4.000%, 08/01/25 Series B
  
Aa1/AA+/AA+
     1,274,095          
  1,090,000  
5.000%, 08/01/25 Series N
  
Aa1/AA+/AA+
     1,285,284          
                           
     
Oregon State, Oregon University System Projects
                    
  2,365,000  
4.000%, 08/01/26 Series H
  
Aa1/AA+/AA+
     2,545,970          
                           
     
Total Higher Education
         8,430,272          
                           
     
Hospital (0.8%)
                    
                           
     
Pacific Communities Health District, Oregon
                    
  1,220,000  
5.000%, 06/01/29
  
A1/NR/NR
     1,427,363          
  1,060,000  
5.000%, 06/01/30
  
A1/NR/NR
     1,232,589          
  1,000,000  
5.000%, 06/01/31
  
A1/NR/NR
     1,158,380          
  1,200,000  
5.000%, 06/01/32
  
A1/NR/NR
     1,382,628          
                           
     
Total Hospital
         5,200,960          
                           
     
Housing (0.2%)
                    
                           
     
State of Oregon Veterans' Welfare
                    
 
 
 
 
 
  550,000  
4.800%, 12/01/22
  
Aa1/AA+/AA+
     557,909          
  400,000  
4.900%, 12/01/26
  
Aa1/AA+/AA+
     406,004          
                           
     
Total Housing
         963,913          
                           
     
School District (22.0%)
                    
                           
     
Clackamas County, Oregon School District #12 (North Clackamas)
                    
  2,450,000  
5.000%, 06/15/25
  
Aa1/AA+/NR
     2,909,400          
  1,500,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     1,775,625          
                           
     
Clackamas County, Oregon School District #46 (Oregon Trail)
                    
  1,000,000  
5.000%, 06/15/22
  
NR/AA+/NR
     1,085,200          
  1,865,000  
5.000%, 06/15/28 Series A
  
NR/AA+/NR
     2,017,799          
  1,800,000  
5.000%, 06/15/29 Series A
  
NR/AA+/NR
     1,945,674          
  2,000,000  
5.000%, 06/15/32 Series A
  
NR/AA+/NR
     2,157,360          
  3,780,000  
4.750%, 06/15/32 Series A
  
NR/AA+/NR
     4,045,469          
                           
     
Clackamas County, Oregon School District #62 (Oregon City)
                    
  1,000,000  
5.000%, 06/01/29 MAC Insured
  
A1/AA/NR
     1,139,740          
                           
     
Clackamas County, Oregon School District #86 (Canby)
                    
  1,800,000  
5.000%, 06/15/24
  
Aa1/AA+/NR
     2,073,222          
  1,110,000  
5.000%, 06/15/25 Series A
  
Aa1/AA+/NR
     1,280,341          
                           
     
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
                    
  3,500,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     4,171,160          
  5,500,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     6,517,830          
  1,115,000  
5.000%, 06/15/28
  
Aa1/AA+/NR
     1,315,778          
                           
     
Deschutes County, Oregon School District #6 (Sisters)
                    
  1,735,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     1,889,259          
  1,030,000  
5.250%, 06/15/21 AGMC Insured
  
A2/AA+/NR
     1,175,436          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
                    
  80,000  
5.000%, 06/15/21 NPFG/ FGIC Insured
  
Aa1/NR/NR
     80,276          
  1,025,000  
zero coupon, 06/15/23
  
Aa1/NR/NR
     886,236          
                           
     
Hood River County, Oregon School District
                    
  2,825,000  
4.000%, 06/15/29
  
NR/AA+/NR
     3,082,527          
  1,135,000  
4.000%, 06/15/30
  
NR/AA+/NR
     1,227,730          
  2,400,000  
4.000%, 06/15/31
  
NR/AA+/NR
     2,581,752          
                           
     
Jefferson County, Oregon School District #509J
                    
  1,400,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     1,632,484          
                           
     
Klamath County, Oregon School District
                    
  1,250,000  
5.000%, 06/15/24
  
NR/AA+/NR
     1,462,488          
                           
     
Lane County, Oregon School District #4J (Eugene) Refunding
                    
  1,130,000  
4.000%, 06/15/23
  
Aa1/NR/NR
     1,223,643          
  2,850,000  
4.000%, 06/15/24
  
Aa1/NR/NR
     3,119,496          
  2,765,000  
3.000%, 06/15/24
  
Aa1/NR/NR
     2,898,632          
  4,575,000  
5.000%, 06/15/26
  
Aa1/NR/NR
     5,371,233          
                           
     
Lane County, Oregon School District #19 (Springfield)
                    
  1,000,000  
5.000%, 06/15/25
  
Aa1/AA+/NR
     1,192,600          
  1,735,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     2,072,076          
                           
     
Lane County, Oregon School District #69 (Junction City)
                    
  630,000  
5.000%, 06/15/25
  
Aa1/NR/NR
     749,750          
                           
     
Lane & Douglas Counties, Oregon School District #45J3
                    
  2,665,000  
4.000%, 06/15/27 Series B
  
Aa1/NR/NR
     2,966,198          
                           
     
Lincoln County, Oregon School District
                    
  2,370,000  
4.000%, 06/15/24 Series A
  
Aa1/NR/NR
     2,553,841          
 
 
 
 
 
     
Marion County, Oregon School District #103 (Woodburn)
                    
  2,140,000  
5.000%, 06/15/27
  
Aa1/NR/NR
     2,548,569          
  2,260,000  
5.000%, 06/15/28
  
Aa1/NR/NR
     2,678,236          
                           
     
Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)
                    
  1,260,000  
5.000%, 06/15/24
  
Aa1/NR/NR
     1,480,815          
                           
     
Morrow County, Oregon School District #1
                    
  1,710,000  
5.250%, 06/15/19 AGMC Insured
  
A2/AA+/NR
     1,865,490          
                           
     
Multnomah County, Oregon School District #1J (Portland)
                    
  2,970,000  
5.000%, 06/15/26 Series B
  
Aa1/AA+/NR
     3,539,527          
                           
     
Multnomah County, Oregon School District #7 (Reynolds)
                    
  5,680,000  
5.000%, 06/15/26 Series A
  
Aa1/NR/NR
     6,817,079          
  1,500,000  
5.000%, 06/15/27 Series A
  
Aa1/NR/NR
     1,790,160          
  1,825,000  
5.000%, 06/15/28 Series A
  
Aa1/NR/NR
     2,168,830          
                           
     
Multnomah County, Oregon School District #7 (Reynolds) Refunding
                    
  1,165,000  
5.000%, 06/01/29
  
Aa3/NR/NR
     1,292,486          
                           
     
Multnomah County, Oregon School District #40 (David Douglas)
                    
  1,500,000  
5.000%, 06/15/23 Series A
  
NR/AA+/NR
     1,726,845          
                           
     
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
                    
  4,275,000  
5.250%, 06/15/19 AGMC Insured
  
Aa1/AA+/NR
     4,664,795          
                           
     
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
                    
  2,680,000  
5.250%, 12/15/18 AGMC Insured
  
Aa1/NR/NR
     2,877,221          
                           
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
                    
  1,515,000  
4.000%, 02/01/28
  
NR/AA+/NR
     1,643,230          
                           
     
Union County, Oregon School District #1 (La Grande)
                    
  1,000,000  
5.000%, 06/15/27
  
Aa1/NR/NR
     1,182,560          
                           
     
Wasco County, Oregon School District #12 (The Dalles)
                    
  1,400,000  
5.500%, 06/15/17 AGMC Insured
  
A2/AA/NR
     1,428,616          
  1,790,000  
5.500%, 06/15/20 AGMC Insured
  
A2/AA/NR
     2,017,258          
                           
     
Washington County, Oregon School District #48J (Beaverton)
                    
  2,750,000  
4.000%, 06/15/25
  
Aa1/AA+/NR
     2,986,445          
  2,275,000  
4.000%, 06/15/23 Series B
  
Aa1/AA+/NR
     2,496,267          
  5,290,000  
4.000%, 06/15/24 Series B
  
Aa1/AA+/NR
     5,775,992          
  3,000,000  
5.000%, 06/15/25 Series 2014B
  
Aa1/AA+/NR
     3,528,810          
  3,000,000  
5.000%, 06/15/28 Series 2014B
  
Aa1/AA+/NR
     3,477,810          
  1,845,000  
5.000%, 06/15/29 Series 2014B
  
Aa1/AA+/NR
     2,128,078          
  1,015,000  
4.000%, 06/01/29 Series 2016
  
Aa3/NR/NR
     1,099,357          
                           
     
Washington Clackamas & Yamhill Counties, Oregon School District #88J
                    
  2,000,000  
5.000%, 06/15/25
  
Aa1/AA+/NR
     2,413,980          
                           
     
Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)
                    
  1,535,000  
4.000%, 06/15/25
  
Aa1/NR/NR
     1,679,321          
                           
     
Yamhill County, Oregon School District #40 (McMinnville)
                    
  2,255,000  
4.000%, 06/15/26
  
Aa1/NR/NR
     2,473,442          
  1,000,000  
4.000%, 06/15/29
  
Aa1/AA+/NR
     1,095,490          
  1,000,000  
4.000%, 06/15/30
  
Aa1/AA+/NR
     1,083,410          
                           
     
Total School Districts
         138,560,374          
                           
     
Special District (3.4%)
                    
                           
     
Bend, Oregon Metropolitan Park & Recreational District
                    
  1,430,000  
4.000%, 06/01/27
  
Aa3/NR/NR
     1,554,439          
 
 
 
 
 
     
Metro, Oregon
                    
  4,000,000  
4.000%, 06/01/26 Series A
  
Aaa/AAA/NR
     4,362,880          
                           
     
Tualatin Hills, Oregon Park & Recreational District
                    
  3,480,000  
5.000%, 06/01/23
  
Aa1/NR/NR
     4,081,831          
  4,725,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     5,624,451          
  2,775,000  
5.000%, 06/01/26
  
Aa1/NR/NR
     3,330,527          
                           
     
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
                    
  1,235,000  
4.000%, 06/01/26
  
Aaa/NR/NR
     1,329,984          
  1,170,000  
4.000%, 06/01/27
  
Aaa/NR/NR
     1,256,416          
                           
     
Total Special District
         21,540,528          
                           
     
State (6.6%)
                    
                           
     
State of Oregon
                    
  750,000  
5.000%, 05/01/25 Series A
  
Aa1/AA+/AA+
     892,403          
  3,000,000  
5.000%, 05/01/23 Series L
  
Aa1/AA+/AA+
     3,406,770          
  1,125,000  
5.000%, 05/01/24 Series L
  
Aa1/AA+/AA+
     1,274,029          
  1,470,000  
4.000%, 11/01/26 Series M
  
Aa1/AA+/AA+
     1,586,894          
  2,125,000  
4.000%, 05/01/25 Series O
  
Aa1/AA+/AA+
     2,290,941          
                           
     
State of Oregon Alternative Energy Project
                    
  1,255,000  
4.750%, 04/01/29 Series B
  
Aa1/AA+/AA+
     1,347,042          
  500,000  
6.000%, 10/01/29 Series B
  
Aa1/AA+/AA+
     540,895          
                           
     
State of Oregon Article XI-G Community College Projects
                    
  1,160,000  
5.000%, 08/01/27 Series J
  
Aa1/AA+/AA+
     1,397,382          
                           
     
State of Oregon Article XI-G Higher Education
                    
  500,000  
5.000%, 08/01/25 Series O
  
Aa1/AA+/AA+
     606,210          
  1,000,000  
5.000%, 08/01/26 Series O
  
Aa1/AA+/AA+
     1,211,560          
  1,000,000  
5.000%, 08/01/27 Series O
  
Aa1/AA+/AA+
     1,204,640          
                           
     
State of Oregon Article XI-M Seismic Projects
                    
  1,000,000  
5.000%, 06/01/30
  
Aa1/AA+/AA+
     1,197,240          
                           
     
State of Oregon Article XI-Q State Projects
                    
  2,140,000  
5.000%, 11/01/28
  
Aa1/AA+/AA+
     2,592,268          
  1,000,000  
5.000%, 11/01/30
  
Aa1/AA+/AA+
     1,195,680          
  2,000,000  
5.000%, 11/01/31
  
Aa1/AA+/AA+
     2,376,800          
  1,195,000  
5.000%, 05/01/28 Series D
  
Aa1/AA+/AA+
     1,450,885          
  1,255,000  
5.000%, 05/01/29 Series D
  
Aa1/AA+/AA+
     1,515,576          
  1,000,000  
5.000%, 05/01/30 Series D
  
Aa1/AA+/AA+
     1,195,680          
  2,300,000  
5.000%, 05/01/28 Series F
  
Aa1/AA+/AA+
     2,752,456          
                           
     
State of Oregon Department of Administrative Services COP
                    
  1,815,000  
5.000%, 11/01/27 Series C
  
Aa2/AA/AA
     1,972,506          
  1,195,000  
5.000%, 11/01/28 Series C
  
Aa2/AA/AA
     1,297,674          
                           
     
State of Oregon  Department of Administrative Services, Oregon Opportunity Refunding
                    
  6,210,000  
5.000%, 12/01/19
  
Aa1/AA+/AA+
     6,829,323          
                           
     
State of Oregon  Higher Education
                    
  1,000,000  
5.000%, 08/01/28 Series A
  
Aa1/AA+/AA+
     1,203,780          
                           
     
Total State
         41,338,634          
                           
     
Water & Sewer (0.7%)
                    
                           
     
Gearheart, Oregon
                    
  1,060,000  
4.500%, 03/01/26 AGMC Insured
  
A2/NR/NR
     1,144,895          
                           
     
Pacific City, Oregon Joint Water - Sanitary Authority
                    
  1,830,000  
4.800%, 07/01/27
  
NR/NR/NR*
     1,834,099          
 
 
 
 
 
     
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
                    
  1,270,000  
4.250%, 08/15/26
  
A1/NR/NR
     1,367,346          
                           
     
Total Water & Sewer
         4,346,340          
                           
     
Total General Obligation Bonds
         285,301,244          
                           
     
Revenue Bonds (32.5%)
                    
                           
     
City & County (2.7%)
                    
                           
     
Local Oregon Capital Assets Program COP Cottage Grove
                    
  2,375,000  
5.000%, 09/15/25 Series 2013A
  
Baa2/NR/NR
     2,499,474          
                           
     
Newport, Oregon Urban Renewal Obligations, Refunding
                    
  565,000  
4.500%, 06/15/22 Series B
  
NR/AA-/NR
     614,341          
                           
     
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
                    
  2,825,000  
5.000%, 06/01/24
  
Aa1/NR/NR
     3,180,639          
  4,265,000  
5.000%, 06/01/27
  
Aa1/NR/NR
     4,788,529          
                           
     
Portland, Oregon Revenue Refunding Limited Tax
                    
  1,000,000  
4.000%, 04/01/22 Series A
  
Aa1/NR/NR
     1,050,300          
                           
     
Portland, Oregon River District Urban Renewal and Redevelopment
                    
  1,600,000  
5.000%, 06/15/22 Series B
  
A1/NR/NR
     1,830,432          
  1,830,000  
5.000%, 06/15/23 Series B
  
A1/NR/NR
     2,064,478          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
                    
  1,000,000  
4.000%, 06/15/25 Series B
  
A1/NR/NR
     1,046,840          
                           
     
Total City & County
         17,075,033          
                           
     
Electric (1.4%)
                    
                           
     
Eugene, Oregon  Electric Utility Refunding System
                    
  2,875,000  
5.000%, 08/01/29 Series A
  
Aa2/AA-/AA-
     3,429,444          
  3,030,000  
5.000%, 08/01/30 Series A
  
Aa2/AA-/AA-
     3,594,671          
                           
     
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
     1,802,129          
                           
     
Total Electric
         8,826,244          
                           
     
Higher Education (2.7%)
                    
                           
     
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
                    
  5,465,000  
5.500%, 03/01/37
  
NR/NR/NR*
     5,475,547          
                           
     
Oregon State Facilities Authority (Lewis & Clark College Project)
                    
  1,000,000  
5.250%, 10/01/24 Series A
  
A3/A-/NR
     1,136,510          
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A-/NR
     3,361,590          
                           
     
Oregon State Facilities Authority (Linfield College Project)
                    
  1,180,000  
5.000%, 10/01/22 Series A
  
Baa1/NR/NR
     1,314,709          
  1,000,000  
5.000%, 10/01/23 Series A
  
Baa1/NR/NR
     1,119,220          
  1,220,000  
5.000%, 10/01/31 Series A 2010
  
Baa1/NR/NR
     1,328,177          
                           
     
Oregon State Facilities Authority Revenue Refunding (Reed College Project)
                    
  1,500,000  
5.000%, 07/01/29 Series A
  
Aa2/AA-/NR
     1,647,720          
                           
     
Oregon State Facilities Authority (Willamette University)
                    
  1,000,000  
4.000%, 10/01/24
  
NR/A/NR
     1,057,560          
  670,000  
5.000%, 10/01/32
  
NR/A/NR
     687,152          
                           
     
Total Higher Education
         17,128,185          
 
 
 
 
 
     
Hospital (6.6%)
                    
                           
     
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
                    
  9,000,000  
5.500%, 08/15/28 AGMC Insured
  
NR/AA/NR
     10,055,250          
                           
     
Oregon Health Sciences University
                    
  11,550,000  
zero coupon, 07/01/21 NPFG Insured
  
Aa3/AA-/AA-
     9,982,781          
  2,000,000  
5.000%, 07/01/23 Series A
  
Aa3/AA-/AA-
     2,302,560          
  1,250,000  
5.000%, 07/01/28 Series B
  
Aa3/AA-/AA-
     1,482,338          
  1,000,000  
5.000%, 07/01/33 Series B
  
Aa3/AA-/AA-
     1,154,270          
                           
     
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
                    
  2,000,000  
4.250%, 03/15/17
  
A1/AA-/NR
     2,012,680          
  3,000,000  
4.500%, 03/15/18
  
A1/AA-/NR
     3,111,900          
  1,000,000  
4.750%, 03/15/24
  
A1/AA-/NR
     1,079,180          
  1,000,000  
5.000%, 03/15/30
  
A1/AA-/NR
     1,078,500          
                           
     
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
                    
  1,500,000  
4.375%, 10/01/20
  
NR/BBB+/NR
     1,605,840          
  2,000,000  
4.500%, 10/01/21
  
NR/BBB+/NR
     2,137,440          
  1,520,000  
5.000%, 10/01/23
  
NR/BBB+/NR
     1,631,142          
  1,795,000  
4.875%, 10/01/25
  
NR/BBB+/NR
     1,893,581          
  2,000,000  
5.000%, 10/01/30
  
NR/BBB+/NR
     2,106,320          
                           
     
Total Hospital
         41,633,782          
                           
     
Housing (0.6%)
                    
                           
     
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
     1,359,544          
                           
     
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
                    
  1,390,000  
5.000%, 06/15/27 Series B
  
A1/NR/NR
     1,539,620          
                           
     
State of Oregon Housing and Community Services
                    
  1,120,000  
1.800%, 01/01/23
  
Aa2/NR/NR
     1,064,806          
  10,000  
5.350%, 07/01/30
  
Aa2/NR/NR
     10,000          
                           
     
Total Housing
         3,973,970          
                           
     
Lottery (4.5%)
                    
                           
     
Oregon State Department of Administration Services (Lottery Revenue)
                    
  1,015,000  
5.250%, 04/01/26 Series A
  
Aa2/AAA/NR
     1,152,827          
  1,715,000  
5.000%, 04/01/24 Series B
  
Aa2/AAA/NR
     1,972,404          
  1,500,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,721,910          
  1,000,000  
5.000%, 04/01/25 Series B
  
Aa2/AAA/NR
     1,183,460          
  2,000,000  
5.000%, 04/01/24 Series C
  
Aa2/AAA/NR
     2,372,780          
  3,000,000  
5.000%, 04/01/26 Series C
  
Aa2/AAA/NR
     3,607,170          
  8,500,000  
5.000%, 04/01/26 Series D
  
Aa2/AAA/NR
     10,220,315          
  4,000,000  
5.000%, 04/01/28 Series D
  
Aa2/AAA/NR
     4,776,400          
  1,000,000  
5.000%, 04/01/29 Series D
  
Aa2/AAA/NR
     1,183,430          
                           
     
Total Lottery
         28,190,696          
                           
     
Transportation (6.8%)
                    
                           
     
Oregon State Department Transportation Highway Usertax, Senior Lien
                    
  3,605,000  
5.000%, 11/15/24 Series A
  
Aa1/AAA/AA+
     4,228,557          
  2,425,000  
5.000%, 11/15/25 Series A
  
Aa1/AAA/AA+
     2,837,105          
  1,040,000  
5.000%, 11/15/26 Series A
  
Aa1/AAA/AA+
     1,243,330          
  1,000,000  
5.000%, 11/15/26 Series A
  
Aa1/AAA/AA+
     1,183,680          
  8,000,000  
5.000%, 11/15/28 Series A
  
Aa1/AAA/AA+
     9,475,520          
 
 
 
 
 
     
Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three
                    
  2,525,000  
5.000%, 07/01/26
  
NR/AA-/NR
     2,988,161          
  1,000,000  
5.000%, 07/01/28
  
NR/AA-/NR
     1,172,610          
  2,390,000  
5.000%, 07/01/29
  
NR/AA-/NR
     2,786,788          
                           
     
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
                    
  1,685,000  
5.000%, 10/01/24 Series A
  
A3/A/NR
     1,891,311          
  3,480,000  
5.000%, 10/01/26 Series A
  
A3/A/NR
     3,902,785          
  3,000,000  
5.000%, 10/01/27 Series A
  
A3/A/NR
     3,355,890          
                           
     
Tri-County Metropolitan Transportation District, Oregon Senior Lien Payroll Tax
                    
  1,000,000  
5.000%, 09/01/25 Series A
  
Aaa/AAA/NR
     1,219,550          
  1,650,000  
5.000%, 09/01/29 Series A
  
Aaa/AAA/NR
     1,965,975          
  2,010,000  
5.000%, 09/01/29 Series B
  
Aaa/AAA/NR
     2,388,523          
                           
     
Tri-County Metropolitan Transportation District, Oregon Senior Lien Payroll Tax
                    
  1,890,000  
5.000%, 09/01/28 Series A
  
Aaa/AAA/NR
     2,264,352          
                           
     
Total Transportation
         42,904,137          
                           
     
Water and Sewer (7.2%)
                    
                           
     
Ashland, Oregon Refunding
                    
  1,025,000  
4.000%, 05/01/17 AGMC Insured
  
NR/AA+/NR
     1,035,424          
                           
     
Clean Water Services, Oregon Refunding (Senior Lien)
                    
  1,510,000  
5.000%, 10/01/27
  
Aa1/AAA/NR
     1,847,606          
                           
     
Eugene, Oregon Water Utility System
                    
  115,000  
5.000%, 08/01/28
  
Aa2/AA/AA+
     138,469          
  450,000  
5.000%, 08/01/29
  
Aa2/AA/AA+
     538,461          
                           
     
Grants Pass, Oregon
                    
  1,000,000  
4.000%, 12/01/23
  
NR/AA-/NR
     1,095,090          
                           
     
Madras, Oregon
                    
  725,000  
4.500%, 02/15/27
  
Baa1/NR/NR
     751,615          
                           
     
Portland, Oregon Water System (First Lien)
                    
  3,230,000  
5.000%, 05/01/27 Series A
  
Aaa/NR/NR
     3,816,891          
  3,500,000  
5.000%, 06/01/28 Series A
  
Aa2/AA/NR
     4,113,165          
                           
     
Portland, Oregon Sewer System (Second Lien)
                    
  3,005,000  
5.000%, 03/01/28 Series A
  
Aa3/AA-/NR
     3,301,533          
  2,000,000  
5.000%, 10/01/25 Series B
  
Aa3/AA-/NR
     2,363,640          
  2,000,000  
5.000%, 06/01/26 Series B
  
Aa3/AA-/NR
     2,371,900          
  2,000,000  
5.000%, 06/01/27 Series B
  
Aa3/AA-/NR
     2,338,880          
                           
     
Portland, Oregon Water System Revenue Refunding  (Sr. Lien)
                    
  1,275,000  
4.000%, 05/01/25 Series A
  
Aaa/NR/NR
     1,356,116          
                           
     
Portland, Oregon Water System Revenue Refunding (Jr. Lien)
                    
  2,000,000  
5.000%, 10/01/23
  
Aa1/NR/NR
     2,348,940          
                           
     
Prineville, Oregon Refunding
                    
  1,255,000  
4.400%, 06/01/29 AGMC Insured
  
NR/AA/NR
     1,355,500          
                           
     
Seaside, Oregon Wastewater System
                    
  1,000,000  
4.250%, 07/01/26
  
A3/NR/NR
     1,065,980          
                           
     
Tigard, Oregon Water System Revenue Refunding
                    
  2,025,000  
4.000%, 08/01/21
  
A1/AA-/NR
     2,192,792          
  2,565,000  
5.000%, 08/01/24
  
A1/AA-/NR
     2,973,220          
                           
     
Washington County, Oregon Clean Water Services Sewer (Senior Lien)
                    
  1,010,000  
4.000%, 10/01/22 Series B
  
Aa1/AAA/NR
     1,103,263          
  1,500,000  
4.000%, 10/01/23 Series B
  
Aa1/AAA/NR
     1,632,120          
 
 
 
 
 
  2,850,000  
4.000%, 10/01/26 Series B
  
Aa1/AAA/NR
     3,066,287          
  2,745,000  
4.000%, 10/01/28 Series B
  
Aa1/AAA/NR
     2,939,264          
                           
     
Woodburn, Oregon Wastewater Revenue Refunding
                    
  1,090,000  
5.000%, 03/01/21 Series A
  
A2/NR/NR
     1,214,206          
                           
     
Total Water and Sewer
         44,960,362          
                           
     
Total Revenue Bonds
         204,692,409          
                           
     
Pre-Refunded Bonds (20.6%)††
                    
                           
     
Pre-Refunded General Obligation Bonds (11.0%)
                    
                           
     
Community College (2.0%)
                    
     
Chemeketa, Oregon Community College District
                    
  1,010,000  
5.500%, 06/15/24
  
NR/AA+/NR
     1,072,297          
  1,235,000  
5.000%, 06/15/25
  
NR/AA+/NR
     1,302,357          
  1,540,000  
5.000%, 06/15/26
  
NR/AA+/NR
     1,623,992          
                           
     
Portland, Oregon Community College District
                    
  7,915,000  
5.000%, 06/15/28
  
Aa1/AA/NR
     8,589,358          
                           
     
Total Community College
         12,588,004          
                           
     
Higher Education (0.4%)
                    
     
State of Oregon Board of Higher Education
                    
  1,000,000  
5.000%, 08/01/34
  
Aa1/AA+/NR
     1,058,680          
  1,000,000  
5.000%, 08/01/38
  
Aa1/AA+/NR
     1,058,680          
  500,000  
5.750%, 08/01/29 Series A
  
Aa1/AA+/NR
     535,160          
                           
     
Total Higher Education
         2,652,520          
                           
     
School District (6.9%)
                    
                           
     
Clackamas County, Oregon School District #12 (North Clackamas)
                    
  9,250,000  
5.000%, 06/15/29 AGMC Insured
  
Aa1/AA+/NR
     9,416,130          
                           
     
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
                    
  1,110,000  
5.000%, 06/15/26
  
Aa1/AA+/NR
     1,204,572          
  2,850,000  
5.000%, 06/15/27
  
Aa1/AA+/NR
     3,092,820          
  2,000,000  
4.500%, 06/15/29
  
Aa1/AA+/NR
     2,146,460          
  1,965,000  
5.000%, 06/15/30
  
Aa1/AA+/NR
     2,132,418          
  3,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     3,255,600          
  500,000  
5.000%, 06/15/34
  
Aa1/AA+/NR
     542,600          
                           
     
Columbia & Washington Counties, Oregon School District #47J (Vernonia)
                    
  3,430,000  
5.00%, 06/15/27
  
NR/AA+/NR
     3,813,165          
                           
     
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
                    
  5,000,000  
6.000%, 06/15/31
  
Aa1/NR/NR
     5,344,100          
                           
     
Jackson County, Oregon School District #549C (Medford)
                    
  1,000,000  
4.625%, 06/15/27
  
Aa1/AA+/NR
     1,049,190          
  1,000,000  
5.000%, 06/15/33
  
Aa1/AA+/NR
     1,054,540          
  2,000,000  
4.750%, 12/15/29 AGMC Insured
  
Aa1/AA+/NR
     2,069,540          
                           
     
Lane County, Oregon School District #19 (Springfield)
                    
  3,425,000  
zero coupon, 06/15/29 AGMC Insured
  
Aa1/NR/NR
     1,954,613          
                           
     
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
                    
  1,520,000  
5.000%, 06/15/21 AGMC Insured
  
A2/AA+/NR
     1,547,299          
                           
     
Washington County, Oregon School District #48J (Beaverton)
                    
  1,280,000  
5.000%, 06/01/31 AGC Insured
  
Aa3/AA/NR
     1,387,341          
  1,000,000  
5.125%, 06/01/36 AGC Insured
  
Aa3/AA/NR
     1,086,810          
 
 
 
 
 
     
Yamhill County, Oregon School District #40 (McMinnville)
                    
  1,205,000  
5.000%, 06/15/19 AGMC Insured
  
Aa1/NR/NR
     1,226,642          
  1,375,000  
5.000%, 06/15/22 AGMC Insured
  
Aa1/NR/NR
     1,399,695          
                           
     
Total School District
         43,723,535          
                           
     
Special District (0.3%)
                    
                           
     
Metro, Oregon
                    
  1,100,000  
5.000%, 06/01/18
  
Aaa/AAA/NR
     1,118,249          
                           
     
Tualatin Hills, Oregon Park & Recreational District
                    
  1,000,000  
4.250%, 06/01/24
  
Aa1/AA/NR
     1,066,190          
                           
     
Total Special District
         2,184,439          
                           
     
State (1.3%)
                    
                           
     
State of Oregon  Department of Administrative Services
                    
  5,000,000  
5.125%, 05/01/33
  
Aa2/AA/AA
     5,421,600          
                           
     
State of Oregon  Department of Administrative Services COP
                    
  1,455,000  
5.000%, 11/01/27 Series C
  
NR/NR/NR
     1,591,785          
  960,000  
5.000%, 11/01/28 Series C
  
NR/NR/NR
     1,050,250          
                           
     
Total State
         8,063,635          
                           
     
Total Pre-Refunded General Obligation Bonds
         69,212,133          
                           
     
Pre-Refunded Revenue Bonds(9.6%)
                    
                           
     
Electric (1.3%)
                    
                           
     
Eugene, Oregon  Electric Utility
                    
  5,635,000  
5.000%, 08/01/30
  
Aa2/AA-/AA-
     5,965,662          
                           
     
Eugene, Oregon  Electric Utility Refunding System
                    
  2,000,000  
5.000%, 08/01/27 Series A
  
Aa2/AA-/AA-
     2,274,960          
                           
     
Total Electric
         8,240,622          
                           
     
Higher Education (1.6%)
                    
                           
     
Oregon State Facilities Authority (University of Portland)
                    
  3,000,000  
5.000%, 04/01/32
  
NR/A-/NR
     3,141,990          
                           
     
Oregon State Facilities Authority (Willamette University)
                    
  1,830,000  
5.000%, 10/01/32
  
NR/NR/NR*
     1,882,905          
                           
     
Portland, Oregon Economic Development (Broadway Project)
                    
  5,000,000  
6.500%, 04/01/35
  
A1/A/NR
     5,450,000          
                           
     
Total Higher Education
         10,474,895          
                           
     
Hospital (2.3%)
                    
                           
     
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
                    
  3,500,000  
8.000%, 01/01/28
  
A2/NR/NR
     3,938,235          
  3,250,000  
5.375%, 01/01/35 AMBAC Insured
  
A2/NR/NR
     3,387,248          
                           
     
Oregon Health Sciences University
                    
  4,500,000  
5.750%, 07/01/39 Series A
  
Aa3/AA-/AA-
     4,970,160          
                           
     
Salem, Oregon Hospital Facility Authority (Salem Hospital)
                    
  2,000,000  
5.750%, 08/15/23
  
NR/A+/A+
     2,144,080          
                           
     
Total Hospital
         14,439,723          
 
 
 
 
 
     
Lottery (1.6%)
                    
                           
     
Oregon State Department of Administration Services (Lottery Revenue)
                    
  6,285,000  
5.250%, 04/01/26
  
NR/NR/NR*
     7,168,734          
  2,500,000  
5.000%, 04/01/29
  
Aa2/AAA/NR
     2,697,650          
                           
     
Total Lottery
         9,866,384          
                           
     
Transportation (0.8%)
                    
                           
     
Jackson County, Oregon Airport Revenue
                    
  750,000  
5.250%, 12/01/32 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     778,028          
                           
     
Oregon State Department Transportation Highway Usertax (Senior Lien)
                    
  1,865,000  
5.000%, 11/15/23 Series A
  
Aa1/AAA/NR
     2,019,459          
  2,000,000  
4.625%, 11/15/25 Series A
  
Aa1/AAA/NR
     2,148,280          
                           
     
Total Transportation
         4,945,767          
                           
     
Water and Sewer (2.0%)
                    
                           
     
Lane County, Oregon Metropolitan Wastewater
                    
  2,500,000  
5.250%, 11/01/28
  
Aa2/AA/NR
     2,678,625          
                           
     
Portland Oregon Sewer System Refunding (Second Lien)
                    
  5,000,000  
5.000%, 06/15/33 Series B
  
Aa3/AA-/NR
     5,272,700          
                           
     
Washington County, Oregon Clean Water Services Sewer
                    
  4,000,000  
5.000%, 10/01/28
  
Aa1/AAA/NR
     4,378,720          
                           
     
Total Water and Sewer
         12,330,045          
                           
     
Total Pre-Refunded Revenue Bonds
         60,297,436          
                           
     
Total Pre-Refunded Bonds
         129,509,569          
                           
     
Total Investments (cost $604,852,513-note b)
  
98.5%
     619,503,222          
     
Other assets less liabilities
  
1.5
     9,652,801          
     
Net Assets
  
100.0%
   $ 629,156,023          
 
         
Percent of
                
     
Portfolio Distribution By Quality Rating
  
Investments †
                
                           
     
Aaa of Moody's or AAA of S&P
  
                   14.1
 %
 
          
     
Pre-refunded bonds††
  
                   20.9
                
     
Aa of Moody's or AA of S&P or Fitch
  
                   55.0
                
     
A of Moody's or S&P or Fitch
  
                     6.1
                
     
Baa of Moody's or BBB of S&P
  
                     2.6
                
     
Not Rated*
  
                     1.3
                
         
               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.
                
 
 See accompanying notes to financial statements.
 
 
 
 
 
AQUILA TAX-FREE TRUST OF OREGON
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
(unaudited)
 
(a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. 
 
(b) At December 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $604,840,017 amounted to $14,663,205, which consisted of aggregate gross unrealized appreciation of $20,367,119 and aggregate gross unrealized depreciation of $5,703,914.
 
(c) Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:
 
Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of December 31, 2016:
 
Valuation Inputs
    
Investments in
Securities
  
Level 1 – Quoted Prices
   $ -  
Level 2 – Other Significant Observable Inputs-Municipal Bonds+
     619,503,222  
Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 619,503,222  
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 
 
Item 2. Controls and Procedures.

(a)  The T'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, President and Trustee
    
 
February     17, 2017
    
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
       
By:
/s/ Diana P. Herrmann
    
 
Diana P. Herrmann
    
 
Vice Chair, President and Trustee
    
 
February     17, 2017
    
       
       
By:
/s/ Joseph P. DiMaggio
    
  Joseph P. DiMaggio    
 
Chief Financial Officer and Treasurer
    
 
February     17, 2017
    
       
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 The Cascades Trust;

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

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

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

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

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

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

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

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

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

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

Date: February 17,  2017
 
 
/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 The Cascades Trust;

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

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

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

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

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

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

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

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

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

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

 
Date: February 17, 2017
 
 
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
Chief Financial Officer and Treasurer