0000791049-17-000056.txt : 20170809 0000791049-17-000056.hdr.sgml : 20170809 20170809141818 ACCESSION NUMBER: 0000791049-17-000056 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170809 DATE AS OF CHANGE: 20170809 EFFECTIVENESS DATE: 20170809 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: 171017403 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 C000188797 Class F C000188798 Class T N-Q 1 e616459_nq-tfto.htm THE CASCADES TRUST 6/30/2017 FORM N-Q

 

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, 2017

 

Date of reporting period: June 30, 2017

 

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
June 30, 2017
(unaudited)

 

Amount  General Obligation Bonds (46.2%)  Ratings Moody's, S&P and Fitch  Value  (a)
             
   City & County (5.7%)         
             
     Bend, Oregon               
$2,435,000   4.000%, 06/01/24   Aa2/NR/NR   $2,697,347     
                     
     Canby, Oregon               
 1,060,000   5.000%, 06/01/27   A1/NR/NR    1,187,264      
 1,405,000   4.000%, 12/01/24 AGMC Insured   A1/NR/NR    1,528,724      
                     
     Clackamas County, Oregon Refunding               
 1,135,000   4.000%, 06/01/24   Aa1/NR/NR    1,264,072      
                     
     Clackamas County, Oregon Tax Allocation               
 705,000   6.500%, 05/01/20   NR/NR/NR*    711,655      
                     
     Gresham, Oregon Full Faith and Credit Refunding and Project Obligations               
 1,545,000   5.000%, 05/01/23   Aa2/NR/NR    1,826,329      
                     
     Lebanon, Oregon Refunding               
 1,050,000   5.000%, 06/01/24   A1/NR/NR    1,223,271      
 1,165,000   5.000%, 06/01/25   A1/NR/NR    1,392,944      
                     
     McMinnville, Oregon Refunding               
 2,075,000   5.000%, 02/01/27   Aa3/NR/NR    2,470,080      
                     
     Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects               
 1,640,000   4.000%, 04/01/29 2017 Series A   Aaa/NR/NR    1,830,338      
 1,710,000   4.000%, 04/01/30 2017 Series A   Aaa/NR/NR    1,892,970      
 1,775,000   4.000%, 04/01/31 2017 Series A   Aaa/NR/NR    1,952,181      
                     
     Portland, Oregon Limited Tax Improvement               
 215,000   4.000%, 06/01/22 2011 Series A   Aaa/NR/NR    216,647      
                     
     Portland, Oregon Public Safety               
 1,345,000   5.000%, 06/15/25 Series A   Aaa/NR/NR    1,666,657      
 2,130,000   4.125%, 06/01/26 Series A   Aaa/NR/NR    2,227,107      
                     
     Redmond, Oregon Refunding               
 735,000   5.000%, 06/01/23 Series A   Aa3/NR/NR    845,632      
                     
     City of Salem, Oregon               
 1,750,000   5.000%, 06/01/29   NR/AA/NR    1,873,690      
                     
     Springfield, Oregon               
 1,765,000   4.000%, 06/01/24   Aa3/NR/NR    2,012,277      
 1,830,000   4.000%, 06/01/25   Aa3/NR/NR    2,100,602      
                     
     Washington County, Oregon               
 5,055,000   4.000%, 06/01/29 Series B   Aaa/NR/NR    5,635,415      
                     
     Total City & County        36,555,202      
                     
     Community College (4.1%)               
                     
     Blue Mountain Community College District Umatilla, Oregon Morrow and Baker Counties Oregon (Umatilla and Morrow Counties Service Area)               
 970,000   4.000%, 06/15/27 Series 2015   NR/AA+/NR    1,080,114      
                     
     Central Oregon Community College District               
 1,850,000   4.750%, 06/15/22   NR/AA+/NR    2,034,168      
 2,195,000   4.750%, 06/15/23   NR/AA+/NR    2,408,178      
 2,175,000   4.750%, 06/15/26   NR/AA+/NR    2,384,257      

 

 

 

 

                     
     Chemeketa, Oregon Community College District               
 2,000,000   5.000%, 06/15/25   NR/AA+/NR    2,417,300      
                     
     Clackamas, Oregon Community College District               
 1,405,000   5.000%, 06/15/27 Series A   Aa1/AA+/NR    1,697,029      
                     
     Columbia Gorge, Oregon Community College District, Refunding               
 1,000,000   4.000%, 06/15/24   Aa1/NR/NR    1,112,080      
                     
     Lane, Oregon Community College               
 1,840,000   5.000%, 06/15/24   NR/AA+/NR    2,137,031      
 1,750,000   4.000%, 06/15/24   Aa1/NR/NR    1,996,488      
                     
     Linn Benton, Oregon Community College               
 1,520,000   5.000%, 06/01/27   NR/AA+/NR    1,828,378      
                     
     Mount Hood, Oregon Community College District Refunding               
 1,865,000   5.000%, 06/01/27   Aa2/NR/NR    2,261,555      
 1,000,000   5.000%, 06/01/29   Aa2/NR/NR    1,193,130      
                     
     Oregon Coast Community College District State               
 1,770,000   5.000%, 06/15/25   Aa1/NR/NR    2,054,828      
                     
     Rogue, Oregon Community College District               
 1,375,000   4.000%, 06/15/29 Series B   Aa1/NR/NR    1,544,015      
                     
     Total Community College        26,148,551      
                     
                     
     Higher Education (0.9%)               
                     
     Oregon State Higher Education               
 1,000,000   5.000%, 08/01/25 Series C   Aa1/AA+/AA+    1,212,250      
 1,795,000   5.000%, 08/01/27 Series C   Aa1/AA+/AA+    2,162,778      
                     
     Oregon State, Oregon University System               
 1,170,000   4.000%, 08/01/25 Series B   Aa1/AA+/AA+    1,291,177      
 1,090,000   5.000%, 08/01/25 Series N   Aa1/AA+/AA+    1,292,435      
                     
     Total Higher Education        5,958,640      
                     
     Hospital (0.8%)               
                     
     Pacific Communities Health District, Oregon               
 1,220,000   5.000%, 06/01/29   A1/NR/NR    1,441,772      
 1,060,000   5.000%, 06/01/30   A1/NR/NR    1,244,429      
 1,000,000   5.000%, 06/01/31   A1/NR/NR    1,168,840      
 1,200,000   5.000%, 06/01/32   A1/NR/NR    1,394,400      
                     
     Total Hospital        5,249,441      
                     
     Housing (0.1%)               
                     
     State of Oregon Veterans' Welfare               
 550,000   4.800%, 12/01/22   Aa1/AA+/AA+    551,634      
 400,000   4.900%, 12/01/26   Aa1/AA+/AA+    401,148      
                     
     Total Housing        952,782      
                     
     School District (22.2%)               
                     
     Clackamas County, Oregon School District #12 (North Clackamas)               
 2,450,000   5.000%, 06/15/25   Aa1/AA+/NR    2,975,452      
 1,500,000   5.000%, 06/15/26   Aa1/AA+/NR    1,817,340      
 2,160,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    2,660,515      
 1,975,000   5.000%, 06/15/31   Aa1/AA+/NR    2,384,023      
                     
     Clackamas County, Oregon School District #62 (Oregon City)               
 1,000,000   5.000%, 06/01/29 MAC Insured   Aa3/AA/NR    1,170,010      
                     
     Clackamas County, Oregon School District #86 (Canby)               
 1,800,000   5.000%, 06/15/24   Aa1/AA+/NR    2,094,300      
 1,110,000   5.000%, 06/15/25 Series A   Aa1/AA+/NR    1,293,217      

 

 

 

 

                     
     Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)               
 3,500,000   5.000%, 06/15/26   Aa1/AA+/NR    4,247,390      
 5,500,000   5.000%, 06/15/27   Aa1/AA+/NR    6,620,900      
 1,115,000   5.000%, 06/15/28   Aa1/AA+/NR    1,332,369      
                     
     Clatsop County, Oregon School District #10 (Seaside)               
 1,000,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    1,222,790      
                     
     Deschutes County, Oregon School District #6 (Sisters)               
 1,735,000   5.250%, 06/15/19 AGMC Insured   A2/AA+/NR    1,873,627      
 1,030,000   5.250%, 06/15/21 AGMC Insured   A2/AA+/NR    1,179,844      
                     
     Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)               
 80,000   5.000%, 06/15/21 NPFG/ FGIC Insured   Aa1/NR/NR    80,213      
 1,025,000   zero coupon, 06/15/23   Aa1/NR/NR    913,378      
                     
     Hood River County, Oregon School District               
 2,825,000   4.000%, 06/15/29   NR/AA+/NR    3,148,237      
 1,135,000   4.000%, 06/15/30   NR/AA+/NR    1,254,357      
 2,400,000   4.000%, 06/15/31   NR/AA+/NR    2,638,344      
                     
     Jefferson County, Oregon School District #509J               
 1,400,000   5.000%, 06/15/25   Aa1/NR/NR    1,651,356      
                     
     Klamath County, Oregon School District               
 1,250,000   5.000%, 06/15/24   NR/AA+/NR    1,485,288      
                     
     Lane County, Oregon School District #4J (Eugene) Refunding               
 1,130,000   4.000%, 06/15/23   Aa1/NR/NR    1,234,548      
 2,850,000   4.000%, 06/15/24   Aa1/NR/NR    3,165,125      
 2,765,000   3.000%, 06/15/24   Aa1/NR/NR    3,016,449      
 4,575,000   5.000%, 06/15/26   Aa1/NR/NR    5,483,321      
                     
     Lane County, Oregon School District #19 (Springfield)               
 1,000,000   5.000%, 06/15/25   Aa1/AA+/NR    1,217,630      
 1,735,000   5.000%, 06/15/27   Aa1/AA+/NR    2,092,809      
                     
     Lane County, Oregon School District #69 (Junction City)               
 630,000   5.000%, 06/15/25   Aa1/NR/NR    765,563      
                     
     Lane & Douglas Counties, Oregon School District #45J3               
 2,665,000   4.000%, 06/15/27 Series B   Aa1/NR/NR    3,033,863      
                     
     Lincoln County, Oregon School District               
 2,370,000   4.000%, 06/15/24 Series A   Aa1/NR/NR    2,564,696      
                     
     Marion County, Oregon School District #103 (Woodburn)               
 2,140,000   5.000%, 06/15/27   Aa1/NR/NR    2,588,266      
 2,260,000   5.000%, 06/15/28   Aa1/NR/NR    2,711,480      
                     
     Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)               
 1,260,000   5.000%, 06/15/24   Aa1/NR/NR    1,503,457      
                     
     Morrow County, Oregon School District #1               
 1,710,000   5.250%, 06/15/19 AGMC Insured   A2/AA+/NR    1,846,629      
                     
     Multnomah County, Oregon School District #1J (Portland)               
 2,970,000   5.000%, 06/15/26 Series B   Aa1/AA+/NR    3,604,214      
                     
     Multnomah County, Oregon School District #7 (Reynolds)               
 5,680,000   5.000%, 06/15/26 Series A   Aa1/NR/NR    6,939,426      
 1,500,000   5.000%, 06/15/27 Series A   Aa1/NR/NR    1,817,865      
 1,825,000   5.000%, 06/15/28 Series A   Aa1/NR/NR    2,195,457      
                     
     Multnomah County, Oregon School District #7 (Reynolds) Refunding               
 1,165,000   5.000%, 06/01/29   Aa2/NR/NR    1,288,094      
                     
     Multnomah County, Oregon School District #40 (David Douglas)               
 1,500,000   5.000%, 06/15/23 Series A   NR/AA+/NR    1,745,250      
                     
     Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)               
 4,275,000   5.250%, 06/15/19 AGMC Insured   Aa1/AA+/NR    4,613,153      
 2,500,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    3,069,350      
                     
     Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)               
 2,680,000   5.250%, 12/15/18 AGMC Insured   Aa1/NR/NR    2,837,048      

 

 

 

 

     Polk, Marion & Benton Counties, Oregon School District #13J (Central)               
 1,515,000   4.000%, 02/01/28   NR/AA+/NR    1,670,818      
                     
     Union County, Oregon School District #1 (La Grande)               
 1,000,000   5.000%, 06/15/27   Aa1/NR/NR    1,201,380      
                     
     Wasco County, Oregon School District #12 (The Dalles)               
 1,790,000   5.500%, 06/15/20 AGMC Insured   A2/AA/NR    2,006,823      
                     
     Washington County, Oregon School District #48J (Beaverton)               
 2,750,000   4.000%, 06/15/25   Aa1/AA+/NR    3,030,693      
 2,275,000   4.000%, 06/15/23 Series B   Aa1/AA+/NR    2,531,120      
 5,290,000   4.000%, 06/15/24 Series B   Aa1/AA+/NR    5,858,992      
 3,000,000   5.000%, 06/15/25 Series 2014B   Aa1/AA+/NR    3,634,680      
 1,500,000   5.000%, 06/15/27 Series C   Aa1/AA+/NR    1,882,335      
 3,000,000   5.000%, 06/15/28 Series 2014B   Aa1/AA+/NR    3,591,330      
 1,845,000   5.000%, 06/15/29 Series 2014B   Aa1/AA+/NR    2,199,425      
 1,015,000   4.000%, 06/01/29 Series 2016   Aa2/NR/NR    1,132,395      
                     
     Washington Clackamas & Yamhill Counties, Oregon School District #88J               
 2,000,000   5.000%, 06/15/25   Aa1/AA+/NR    2,461,640      
 2,785,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    3,416,499      
                     
     Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)               
 1,535,000   4.000%, 06/15/25   Aa1/NR/NR    1,697,802      
                     
     Yamhill County, Oregon School District #40 (McMinnville)               
 2,255,000   4.000%, 06/15/26   Aa1/NR/NR    2,503,794      
 1,000,000   4.000%, 06/15/29   Aa1/AA+/NR    1,118,660      
 1,000,000   4.000%, 06/15/30   Aa1/AA+/NR    1,106,840      
                     
     Total School Districts        142,421,869      
                     
     Special District (4.1%)               
                     
     Bend, Oregon Metropolitan Park & Recreational District               
 1,430,000   4.000%, 06/01/27   Aa3/NR/NR    1,575,059      
                     
     Clackamas County, Oregon Fire District No. 1               
 1,020,000   4.000%, 06/01/30   NR/AA/NR    1,154,416      
 2,705,000   4.000%, 06/01/31   NR/AA/NR    3,043,774      
                     
     Metro, Oregon               
 4,000,000   4.000%, 06/01/26 Series A   Aaa/AAA/NR    4,427,000      
                     
     Tualatin Hills, Oregon Park & Recreational District               
 3,480,000   5.000%, 06/01/23   Aa1/NR/NR    4,126,619      
 4,725,000   5.000%, 06/01/24   Aa1/NR/NR    5,709,076      
 2,775,000   5.000%, 06/01/26   Aa1/NR/NR    3,376,176      
                     
     Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District               
 1,235,000   4.000%, 06/01/26   Aaa/NR/NR    1,337,431      
 1,170,000   4.000%, 06/01/27   Aaa/NR/NR    1,262,898      
                     
     Total Special District        26,012,449      
                     
     State (6.4%)               
                     
     State of Oregon               
 750,000   5.000%, 05/01/25 Series A   Aa1/AA+/AA+    904,425      
 3,000,000   5.000%, 05/01/23 Series L   Aa1/AA+/AA+    3,412,230      
 1,125,000   5.000%, 05/01/24 Series L   Aa1/AA+/AA+    1,276,436      
 1,470,000   4.000%, 11/01/26 Series M   Aa1/AA+/AA+    1,595,494      
 2,125,000   4.000%, 05/01/25 Series O   Aa1/AA+/AA+    2,295,956      
                     
     State of Oregon Article XI-G Community College Projects               
 1,160,000   5.000%, 08/01/27 Series J   Aa1/AA+/AA+    1,419,086      
                     
     State of Oregon Article XI-G Higher Education               
 500,000   5.000%, 08/01/25 Series O   Aa1/AA+/AA+    620,090      
 1,000,000   5.000%, 08/01/26 Series O   Aa1/AA+/AA+    1,232,570      
 1,000,000   5.000%, 08/01/27 Series O   Aa1/AA+/AA+    1,223,350      
                     
     State of Oregon Article XI-M Seismic Projects               
 1,000,000   5.000%, 06/01/30   Aa1/AA+/AA+    1,210,850      

 

 

 

 

                     
     State of Oregon Article XI-Q State Projects               
 2,140,000   5.000%, 11/01/28   Aa1/AA+/AA+    2,619,831      
 1,000,000   5.000%, 11/01/30   Aa1/AA+/AA+    1,208,170      
 2,000,000   5.000%, 11/01/31   Aa1/AA+/AA+    2,404,000      
 1,195,000   5.000%, 05/01/28 Series D   Aa1/AA+/AA+    1,467,245      
 1,255,000   5.000%, 05/01/29 Series D   Aa1/AA+/AA+    1,528,527      
 1,000,000   5.000%, 05/01/30 Series D   Aa1/AA+/AA+    1,209,060      
 2,300,000   5.000%, 05/01/28 Series F   Aa1/AA+/AA+    2,787,830      
                     
     State of Oregon Department of Administrative Services COP               
 1,815,000   5.000%, 11/01/27 Series C   Aa2/AA/AA    1,966,607      
 1,195,000   5.000%, 11/01/28 Series C   Aa2/AA/AA    1,294,245      
                     
     State of Oregon Department of Administrative Services, Oregon Opportunity Refunding               
 6,210,000   5.000%, 12/01/19   Aa1/AA+/AA+    6,782,686      
                     
     State of Oregon Higher Education               
 1,000,000   5.000%, 08/01/28 Series A   Aa1/AA+/AA+    1,216,700      
 1,250,000   5.000%, 08/01/30 Series L   Aa1/AA+/AA+    1,540,425      
                     
     Total State        41,215,813      
                     
     Transportation (1.2%)               
                     
     Oregon State Department Transportation Highway Usertax (Senior Lien)               
 5,000,000   5.000%, 11/15/29 Series B   Aa1/AAA/AA+    6,169,700      
                     
     State of Oregon ODOT Projects               
 1,020,000   5.000%, 11/15/30 Series M   Aa1/AA+/AA+    1,251,560      
                     
     Total Transportation        7,421,260      
                     
     Water & Sewer (0.7%)               
                     
     Gearheart, Oregon               
 1,060,000   4.500%, 03/01/26 AGMC Insured   A2/NR/NR    1,152,877      
                     
     Pacific City, Oregon Joint Water - Sanitary Authority               
 1,830,000   4.800%, 07/01/27   NR/NR/NR*    1,830,000      
                     
     Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding               
 1,270,000   4.250%, 08/15/26   A1/NR/NR    1,382,141      
                     
     Total Water & Sewer        4,365,018      
                     
     Total General Obligation Bonds        296,301,025      
                     
     Revenue Bonds (31.4%)               
                     
     City & County (2.7%)               
                     
     Local Oregon Capital Assets Program COP Cottage Grove               
 2,375,000   5.000%, 09/15/25 Series 2013A   Baa1/NR/NR    2,569,441      
                     
     Newport, Oregon Urban Renewal Obligations, Refunding               
 565,000   4.500%, 06/15/22 Series B   NR/AA-/NR    616,325      
                     
     Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center               
 2,825,000   5.000%, 06/01/24   Aaa/NR/NR    3,215,698      
 4,265,000   5.000%, 06/01/27   Aaa/NR/NR    4,849,604      
                     
     Portland, Oregon Revenue Refunding Limited Tax               
 1,000,000   4.000%, 04/01/22 Series A   Aaa/NR/NR    1,045,480      
                     
     Portland, Oregon River District Urban Renewal and Redevelopment               
 1,600,000   5.000%, 06/15/22 Series B   A1/NR/NR    1,850,880      
 1,830,000   5.000%, 06/15/23 Series B   A1/NR/NR    2,087,078      
                     
     Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam               
 1,000,000   4.000%, 06/15/25 Series B   A1/NR/NR    1,053,040      
                     
     Total City & County        17,287,546      

 

 

 

 

     Electric (1.6%)               
                     
     Eugene, Oregon  Electric Utility Refunding System               
 2,875,000   5.000%, 08/01/29 Series A   Aa2/AA-/AA-    3,480,935      
 4,030,000   5.000%, 08/01/30 Series A   Aa2/AA-/AA-    4,850,226      
                     
     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    1,817,567      
                     
     Total Electric        10,148,728      
                     
     Higher Education (1.8%)               
                     
     Oregon State Facilities Authority (Lewis & Clark College Project)               
 1,000,000   5.250%, 10/01/24 Series A   A3/A-/NR    1,140,960      
 3,000,000   5.000%, 10/01/27 Series A   A3/A-/NR    3,380,640      
                     
     Oregon State Facilities Authority (Linfield College Project)               
 1,180,000   5.000%, 10/01/22 Series A   Baa1/NR/NR    1,319,594      
 1,000,000   5.000%, 10/01/23 Series A   Baa1/NR/NR    1,145,360      
 1,220,000   5.000%, 10/01/31 Series A 2010   Baa1/NR/NR    1,304,778      
                     
     Oregon State Facilities Authority Revenue Refunding (Reed College Project)               
 1,500,000   5.000%, 07/01/29 Series A   Aa2/AA-/NR    1,648,590      
                     
     Oregon State Facilities Authority (Willamette University)               
 1,000,000   4.000%, 10/01/24   NR/A/NR    1,061,770      
 670,000   5.000%, 10/01/32   NR/A/NR    675,601      
                     
     Total Higher Education        11,677,293      
                     
     Hospital (6.2%)               
                     
     Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems               
 9,000,000   5.500%, 08/15/28 AGMC Insured   NR/AA/NR    10,002,060      
                     
     Oregon Health Sciences University               
 11,550,000   zero coupon, 07/01/21 NPFG Insured   Aa3/AA-/AA-    10,091,697      
 2,000,000   5.000%, 07/01/23 Series A   Aa3/AA-/AA-    2,305,960      
 1,250,000   5.000%, 07/01/28 Series B   Aa3/AA-/AA-    1,514,675      
 1,000,000   5.000%, 07/01/33 Series B   Aa3/AA-/AA-    1,175,450      
                     
     Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems               
 3,000,000   4.500%, 03/15/18   A1/AA-/NR    3,069,420      
 1,000,000   4.750%, 03/15/24   A1/AA-/NR    1,080,440      
 1,000,000   5.000%, 03/15/30   A1/AA-/NR    1,074,660      
                     
     Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services               
 1,500,000   4.375%, 10/01/20   NR/BBB+/NR    1,611,060      
 2,000,000   4.500%, 10/01/21   NR/BBB+/NR    2,155,880      
 1,520,000   5.000%, 10/01/23   NR/BBB+/NR    1,657,666      
 1,795,000   4.875%, 10/01/25   NR/BBB+/NR    1,928,404      
 2,000,000   5.000%, 10/01/30   NR/BBB+/NR    2,130,040      
                     
     Total Hospital        39,797,412      
                     
     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    1,380,046      
                     
     Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor               
 1,390,000   5.000%, 06/15/27 Series B   A1/NR/NR    1,543,373      
                     
     State of Oregon Housing and Community Services               
 1,020,000   1.800%, 01/01/23   Aa2/NR/NR    1,026,650      
                     
     Total Housing        3,950,069      

 

 

 

 

     Lottery (3.8%)               
                     
     Oregon State Department of Administration Services (Lottery Revenue)               
 1,015,000   5.250%, 04/01/26 Series A   Aa2/AAA/NR    1,156,339      
 1,715,000   5.000%, 04/01/24 Series B   Aa2/AAA/NR    1,990,103      
 1,500,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR    1,737,630      
 1,000,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR    1,213,430      
 2,000,000   5.000%, 04/01/24 Series C   Aa2/AAA/NR    2,422,600      
 3,000,000   5.000%, 04/01/26 Series C   Aa2/AAA/NR    3,666,060      
 5,000,000   5.000%, 04/01/26 Series D   Aa2/AAA/NR    6,110,100      
 4,000,000   5.000%, 04/01/28 Series D   Aa2/AAA/NR    4,827,360      
 1,000,000   5.000%, 04/01/29 Series D   Aa2/AAA/NR    1,202,090      
                     
     Total Lottery        24,325,712      
                     
     Transportation (7.4%)               
                     
     Oregon State Department Transportation Highway Usertax, Senior Lien               
 3,605,000   5.000%, 11/15/24 Series A   Aa1/AAA/AA+    4,280,865      
 2,425,000   5.000%, 11/15/25 Series A   Aa1/AAA/AA+    2,872,728      
 1,040,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+    1,268,374      
 8,000,000   5.000%, 11/15/28 Series A   Aa1/AAA/AA+    9,652,640      
                     
     Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three               
 2,525,000   5.000%, 07/01/26   NR/AA-/NR    3,058,735      
 1,000,000   5.000%, 07/01/28   NR/AA-/NR    1,195,150      
 2,390,000   5.000%, 07/01/29   NR/AA-/NR    2,837,241      
                     
     Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt               
 1,685,000   5.000%, 10/01/24 Series A   A3/A/NR    1,915,003      
 3,480,000   5.000%, 10/01/26 Series A   A3/A/NR    3,951,958      
 3,000,000   5.000%, 10/01/27 Series A   A3/A/NR    3,398,970      
                     
     Tri-County Metropolitan Transportation District, Oregon Senior Lien Payroll Tax               
 1,000,000   5.000%, 09/01/25 Series A   Aaa/AAA/NR    1,240,760      
 1,890,000   5.000%, 09/01/28 Series A   Aaa/AAA/NR    2,322,980      
 1,650,000   5.000%, 09/01/29 Series A   Aaa/AAA/NR    2,011,202      
 3,975,000   5.000%, 09/01/30 Series A   Aaa/AAA/NR    4,797,825      
 2,010,000   5.000%, 09/01/29 Series B   Aaa/AAA/NR    2,414,593      
                     
     Total Transportation        47,219,024      
                     
     Water and Sewer (7.3%)               
                     
     Clean Water Services, Oregon Refunding (Senior Lien)               
 1,510,000   5.000%, 10/01/27   Aa1/AAA/NR    1,914,589      
                     
     Eugene, Oregon Water Utility System               
 115,000   5.000%, 08/01/28   Aa2/AA/AA+    140,601      
 450,000   5.000%, 08/01/29   Aa2/AA/AA+    545,661      
                     
     Grants Pass, Oregon               
 1,000,000   4.000%, 12/01/23   NR/AA-/NR    1,113,860      
                     
     Madras, Oregon               
 725,000   4.500%, 02/15/27   A3/NR/NR    795,245      
                     
     Portland, Oregon Water System (First Lien)               
 3,230,000   5.000%, 05/01/27 Series A   Aaa/NR/NR    3,892,731      
 3,500,000   5.000%, 06/01/28 Series A   Aa2/AA/NR    4,201,645      
                     
     Portland, Oregon Sewer System (Second Lien)               
 3,005,000   5.000%, 03/01/28 Series A   Aa3/AA-/NR    3,289,814      
 2,000,000   5.000%, 10/01/25 Series B   Aa3/AA-/NR    2,415,760      
 2,000,000   5.000%, 06/01/26 Series B   Aa3/AA-/NR    2,433,280      
 2,000,000   5.000%, 06/01/27 Series B   Aa3/AA-/NR    2,397,720      
                     
     Portland, Oregon Water System Revenue Refunding  (Sr. Lien)               
 1,275,000   4.000%, 05/01/25 Series A   Aaa/NR/NR    1,355,733      
                     
     Portland, Oregon Water System Revenue Refunding (Jr. Lien)               
 2,000,000   5.000%, 10/01/23   Aa1/NR/NR    2,377,260      
                     
     Prineville, Oregon Refunding               
 1,255,000   4.400%, 06/01/29 AGMC Insured   NR/AA/NR    1,367,523      

 

 

 

 

                     
     Salem, Oregon Water & Sewer Revenue Refunding               
 3,500,000   5.000%, 06/01/25†††   Aa2/NR/NR    4,303,880      
                     
     Seaside, Oregon Wastewater System               
 1,000,000   4.250%, 07/01/26   A3/NR/NR    1,077,430      
                     
     Tigard, Oregon Water System Revenue Refunding               
 2,565,000   5.000%, 08/01/24   Aa3/AA-/NR    3,004,359      
                     
     Washington County, Oregon Clean Water Services Sewer (Senior Lien)               
 1,010,000   4.000%, 10/01/22 Series B   Aa1/AAA/NR    1,115,434      
 1,500,000   4.000%, 10/01/23 Series B   Aa1/AAA/NR    1,650,090      
 2,850,000   4.000%, 10/01/26 Series B   Aa1/AAA/NR    3,096,069      
 2,745,000   4.000%, 10/01/28 Series B   Aa1/AAA/NR    2,963,365      
                     
     Woodburn, Oregon Wastewater Revenue Refunding               
 1,090,000   5.000%, 03/01/21 Series A   A2/NR/NR    1,218,489      
                     
     Total Water and Sewer        46,670,538      
                     
     Total Revenue Bonds        201,076,322      
                     
     Pre-Refunded Bonds (20.0%)††               
                     
     Pre-Refunded General Obligation Bonds (10.5%)               
                     
     Community College (1.9%)               
                     
     Chemeketa, Oregon Community College District               
 1,010,000   5.500%, 06/15/24   NR/AA+/NR    1,052,875      
 1,235,000   5.000%, 06/15/25   NR/AA+/NR    1,281,658      
 1,540,000   5.000%, 06/15/26   NR/AA+/NR    1,598,181      
                     
     Portland, Oregon Community College District               
 7,915,000   5.000%, 06/15/28   Aa1/AA/NR    8,504,747      
                     
     Total Community College        12,437,461      
                     
     Higher Education (0.8%)               
                     
     Oregon State, Oregon University System Projects               
 2,365,000   4.000%, 08/01/26 Series H   Aa1/AA+/AA+    2,621,413      
                     
     State of Oregon Board of Higher Education               
 1,000,000   5.000%, 08/01/34   Aa1/AA+/NR    1,042,660      
 1,000,000   5.000%, 08/01/38   Aa1/AA+/NR    1,042,660      
 500,000   5.750%, 08/01/29 Series A   Aa1/AA+/NR    525,305      
                     
     Total Higher Education        5,232,038      
                     
     School District (6.1%)               
                     
     Clackamas County, Oregon School District #46 (Oregon Trail)               
 1,000,000   5.000%, 06/15/22   NR/AA+/NR    1,074,510      
 1,865,000   5.000%, 06/15/28 Series A   NR/AA+/NR    2,003,961      
 1,800,000   5.000%, 06/15/29 Series A   NR/AA+/NR    1,934,118      
 2,000,000   5.000%, 06/15/32 Series A   NR/AA+/NR    2,149,020      
 3,780,000   4.750%, 06/15/32 Series A   NR/AA+/NR    4,043,542      
                     
     Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)               
 1,110,000   5.000%, 06/15/26   Aa1/AA+/NR    1,192,706      
 2,850,000   5.000%, 06/15/27   Aa1/AA+/NR    3,062,354      
 2,000,000   4.500%, 06/15/29   Aa1/AA+/NR    2,129,860      
 1,965,000   5.000%, 06/15/30   Aa1/AA+/NR    2,111,412      
 3,000,000   5.000%, 06/15/33   Aa1/AA+/NR    3,223,530      
 500,000   5.000%, 06/15/34   Aa1/AA+/NR    537,255      
                     
     Columbia & Washington Counties, Oregon School District #47J (Vernonia)               
 3,430,000   5.00%, 06/15/27   NR/AA+/NR    3,806,648      
                     
     Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)               
 5,000,000   6.000%, 06/15/31   Aa1/NR/NR    5,235,650      

 

 

 

 

     Jackson County, Oregon School District #549C (Medford)               
 1,000,000   4.625%, 06/15/27   Aa1/AA+/NR    1,034,270      
 1,000,000   5.000%, 06/15/33   Aa1/AA+/NR    1,037,780      
 2,000,000   4.750%, 12/15/29 AGMC Insured   Aa1/AA+/NR    2,033,760      
                     
     Washington County, Oregon School District #48J (Beaverton)               
 1,280,000   5.000%, 06/01/31 AGC Insured   Aa2/AA/NR    1,373,478      
 1,000,000   5.125%, 06/01/36 AGC Insured   Aa2/AA/NR    1,075,380      
                     
     Total School District        39,059,234      
                     
     Special District (0.2%)               
                     
     Tualatin Hills, Oregon Park & Recreational District               
 1,000,000   4.250%, 06/01/24   Aa1/AA/NR    1,058,950      
                     
     Total Special District        1,058,950      
                     
     State (1.5%)               
                     
     State of Oregon Alternative Energy Project               
 1,255,000   4.750%, 04/01/29 Series B   Aa1/AA+/AA+    1,333,764      
 500,000   6.000%, 10/01/29 Series B   Aa1/AA+/AA+    530,565      
                     
                     
     State of Oregon  Department of Administrative Services               
 5,000,000   5.125%, 05/01/33   Aa2/AA/AA    5,361,450      
                     
     State of Oregon  Department of Administrative Services COP               
 1,455,000   5.000%, 11/01/27 Series C   NR/NR/NR    1,581,425      
 960,000   5.000%, 11/01/28 Series C   NR/NR/NR    1,043,414      
                     
     Total State        9,850,618      
                     
     Total Pre-Refunded General Obligation Bonds        67,638,301      
                     
     Pre-Refunded Revenue Bonds(9.5%)               
                     
     Electric (1.3%)               
                     
     Eugene, Oregon  Electric Utility               
 5,635,000   5.000%, 08/01/30   Aa2/AA-/AA-    5,875,389      
                     
     Eugene, Oregon  Electric Utility Refunding System               
 2,000,000   5.000%, 08/01/27 Series A   Aa2/AA-/AA-    2,291,520      
                     
     Total Electric        8,166,909      
                     
     Higher Education (1.6%)               
                     
     Oregon State Facilities Authority (University of Portland)               
 3,000,000   5.000%, 04/01/32   NR/A-/NR    3,089,100      
                     
     Oregon State Facilities Authority (Willamette University)               
 1,830,000   5.000%, 10/01/32   NR/NR/NR*    1,847,403      
                     
     Portland, Oregon Economic Development (Broadway Project)               
 5,000,000   6.500%, 04/01/35   A1/NR/NR    5,336,250      
                     
     Total Higher Education        10,272,753      
                     
     Hospital (2.2%)               
                     
     Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)               
 3,500,000   8.000%, 01/01/28   A2/NR/NR    3,848,950      
 3,250,000   5.375%, 01/01/35 AMBAC Insured   A2/NR/NR    3,320,070      
                     
     Oregon Health Sciences University               
 4,500,000   5.750%, 07/01/39 Series A   Aa3/AA-/NR    4,908,105      
                     
     Salem, Oregon Hospital Facility Authority (Salem Hospital)               
 2,000,000   5.750%, 08/15/23   NR/A+/A+    2,104,880      
                     
     Total Hospital        14,182,005      

 

 

 

 

     Lottery (1.5%)               
                     
     Oregon State Department of Administration Services (Lottery Revenue)               
 6,285,000   5.250%, 04/01/26   NR/NR/NR*    7,194,817      
 2,500,000   5.000%, 04/01/29   Aa2/AAA/NR    2,667,625      
                     
     Total Lottery        9,862,442      
                     
     Transportation (1.0%)               
                     
     Jackson County, Oregon Airport Revenue               
 750,000   5.250%, 12/01/32 Syncora Guarantee, Inc. Insured   Baa1/NR/NR    762,893      
                     
     Oregon State Department Transportation Highway Usertax (Senior Lien)               
 1,865,000   5.000%, 11/15/23 Series A   Aa1/AAA/NR    1,998,403      
 2,000,000   4.625%, 11/15/25 Series A   Aa1/AAA/NR    2,129,300      
 1,000,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+    1,208,790      
                     
     Total Transportation        6,099,386      
                     
     Water and Sewer (1.9%)               
                     
     Lane County, Oregon Metropolitan Wastewater               
 2,500,000   5.250%, 11/01/28   Aa2/AA/NR    2,638,200      
                     
     Portland Oregon Sewer System Refunding (Second Lien)               
 5,000,000   5.000%, 06/15/33 Series B   Aa3/AA-/NR    5,191,300      
                     
     Washington County, Oregon Clean Water Services Sewer               
 4,000,000   5.000%, 10/01/28   Aa1/AAA/NR    4,339,880      
                     
     Total Water and Sewer        12,169,380      
                     
     Total Pre-Refunded Revenue Bonds        60,752,875      
                     
     Total Pre-Refunded Bonds        128,391,176      
                     
     Total Investments (cost $603,593,743-note b)   97.5%   625,768,523      
     Other assets less liabilities   2.5    15,765,351      
     Net Assets   100.0%   $641,533,874      

 

         Percent of           
     Portfolio Distribution By Quality Rating   Investments †            
                     
     Aaa of Moody's or AAA of S&P   17.4%          
     Pre-refunded bonds††   20.5           
     Aa of Moody's or AA of S&P or Fitch   53.1           
     A of Moody's or S&P   6.1           
     Baa of Moody's or BBB of S&P   2.5           
     Not Rated*   0.4           
         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      
  ODOT - Oregon Department of Transportation      
         
  * 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.      
         
  Note: 144A – Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.    

 

 See accompanying notes to financial statements.

 

 

 

 

AQUILA TAX-FREE TRUST OF OREGON
 NOTES TO FINANCIAL STATEMENTS
June 30, 2017
(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, 2017, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $603,593,753 amounted to $22,174,770, which consisted of aggregate gross unrealized appreciation of $24,646,597 and aggregate gross unrealized depreciation of $2,471,827.
 
(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, 2017:

 

Valuation Inputs  Investments in Securities
Level 1 – Quoted Prices  $-
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+   625,768,523 
 Level 3 – Significant Unobservable Inputs   —   
 Total  $625,768,523 
 +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, President and Trustee    
  August 9, 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    
  August 9, 2017    
       
       
By: /s/ Joseph P. DiMaggio    
  Joseph P. DiMaggio    
  Chief Financial Officer and Treasurer    
  August 9, 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: August  9, 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: August  9, 2017
 
 
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
Chief Financial Officer and Treasurer