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, 2018
Date of reporting period: June 30, 2018
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, 2018 |
(unaudited) |
Amount | General Obligation Bonds (49.6%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||||||||||
City & County (6.5%) | ||||||||||||||||
Bend, Oregon | ||||||||||||||||
$ | 2,435,000 | 4.000%, 06/01/24 | Aa2/NR/NR | $ | 2,610,661 | |||||||||||
Canby, Oregon | ||||||||||||||||
1,060,000 | 5.000%, 06/01/27 | A1/NR/NR | 1,141,048 | |||||||||||||
1,405,000 | 4.000%, 12/01/24 AGMC Insured | A1/NR/NR | 1,486,265 | |||||||||||||
Clackamas County, Oregon Refunding | ||||||||||||||||
1,135,000 | 4.000%, 06/01/24 | Aaa/NR/NR | 1,217,764 | |||||||||||||
Gresham, Oregon Full Faith and Credit Refunding and Project Obligations | ||||||||||||||||
1,545,000 | 5.000%, 05/01/23 | Aa2/NR/NR | 1,748,878 | |||||||||||||
Lake Oswego, Oregon Refunding | ||||||||||||||||
3,140,000 | 4.000%, 12/01/30 | Aaa/AAA/NR | 3,474,441 | |||||||||||||
Lebanon, Oregon Refunding | ||||||||||||||||
1,050,000 | 5.000%, 06/01/24 | A1/NR/NR | 1,176,777 | |||||||||||||
1,165,000 | 5.000%, 06/01/25 | A1/NR/NR | 1,340,799 | |||||||||||||
McMinnville, Oregon Refunding | ||||||||||||||||
2,075,000 | 5.000%, 02/01/27 | Aa3/NR/NR | 2,371,580 | |||||||||||||
Multnomah County, Oregon | ||||||||||||||||
3,000,000 | 5.000%, 06/01/30 | Aaa/AAA/NR | 3,564,090 | |||||||||||||
Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects | ||||||||||||||||
1,640,000 | 4.000%, 04/01/29 2017 Series A | Aaa/NR/NR | 1,805,017 | |||||||||||||
1,710,000 | 4.000%, 04/01/30 2017 Series A | Aaa/NR/NR | 1,876,469 | |||||||||||||
1,775,000 | 4.000%, 04/01/31 2017 Series A | Aaa/NR/NR | 1,929,088 | |||||||||||||
Portland, Oregon Public Safety | ||||||||||||||||
1,345,000 | 5.000%, 06/15/25 Series A | Aaa/NR/NR | 1,582,675 | |||||||||||||
2,130,000 | 4.125%, 06/01/26 Series A | Aaa/NR/NR | 2,177,648 | |||||||||||||
Redmond, Oregon Refunding | ||||||||||||||||
735,000 | 5.000%, 06/01/23 Series A | Aa3/NR/NR | 815,203 | |||||||||||||
Springfield, Oregon | ||||||||||||||||
1,765,000 | 4.000%, 06/01/24 | Aa3/NR/NR | 1,944,289 | |||||||||||||
1,830,000 | 4.000%, 06/01/25 | Aa3/NR/NR | 2,025,243 | |||||||||||||
Washington County, Oregon | ||||||||||||||||
5,055,000 | 4.000%, 06/01/29 Series B | Aaa/NR/NR | 5,554,232 | |||||||||||||
Total City & County | 39,842,167 | |||||||||||||||
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 | 1,056,466 | |||||||||||||
Central Oregon Community College District | ||||||||||||||||
1,850,000 | 4.750%, 06/15/22 | NR/AA+/NR | 1,956,653 | |||||||||||||
2,195,000 | 4.750%, 06/15/23 | NR/AA+/NR | 2,319,808 | |||||||||||||
2,175,000 | 4.750%, 06/15/26 | NR/AA+/NR | 2,293,951 | |||||||||||||
Chemeketa, Oregon Community College District | ||||||||||||||||
2,000,000 | 5.000%, 06/15/25 | NR/AA+/NR | 2,301,060 |
Clackamas, Oregon Community College District | ||||||||||||||||
1,405,000 | 5.000%, 06/15/27 Series A | Aa1/AA+/NR | 1,630,713 | |||||||||||||
Columbia Gorge, Oregon Community College District, Refunding | ||||||||||||||||
1,000,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 1,069,690 | |||||||||||||
Lane, Oregon Community College | ||||||||||||||||
1,840,000 | 5.000%, 06/15/24 | NR/AA+/NR | 2,051,600 | |||||||||||||
1,750,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 1,917,598 | |||||||||||||
Linn Benton, Oregon Community College | ||||||||||||||||
1,520,000 | 5.000%, 06/01/27 | NR/AA+/NR | 1,762,926 | |||||||||||||
Mount Hood, Oregon Community College District Refunding | ||||||||||||||||
1,865,000 | 5.000%, 06/01/27 | Aa2/NR/NR | 2,191,897 | |||||||||||||
1,000,000 | 5.000%, 06/01/29 | Aa2/NR/NR | 1,165,930 | |||||||||||||
Oregon Coast Community College District State | ||||||||||||||||
1,770,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,974,258 | |||||||||||||
Rogue, Oregon Community College District | ||||||||||||||||
1,375,000 | 4.000%, 06/15/29 Series B | Aa1/NR/NR | 1,490,830 | |||||||||||||
Total Community College | 25,183,380 | |||||||||||||||
Higher Education (0.9%) | ||||||||||||||||
Oregon State Higher Education | ||||||||||||||||
1,000,000 | 5.000%, 08/01/25 Series C | Aa1/AA+/AA+ | 1,157,230 | |||||||||||||
1,795,000 | 5.000%, 08/01/27 Series C | Aa1/AA+/AA+ | 2,070,604 | |||||||||||||
Oregon State, Oregon University System | ||||||||||||||||
1,170,000 | 4.000%, 08/01/25 Series B | Aa1/AA+/AA+ | 1,252,169 | |||||||||||||
1,090,000 | 5.000%, 08/01/25 Series N | Aa1/AA+/AA+ | 1,240,911 | |||||||||||||
Total Higher Education | 5,720,914 | |||||||||||||||
Hospital (0.8%) | ||||||||||||||||
Pacific Communities Health District, Oregon | ||||||||||||||||
1,220,000 | 5.000%, 06/01/29 | A1/NR/NR | 1,403,647 | |||||||||||||
1,060,000 | 5.000%, 06/01/30 | A1/NR/NR | 1,216,329 | |||||||||||||
1,000,000 | 5.000%, 06/01/31 | A1/NR/NR | 1,145,200 | |||||||||||||
1,200,000 | 5.000%, 06/01/32 | A1/NR/NR | 1,371,504 | |||||||||||||
Total Hospital | 5,136,680 | |||||||||||||||
School District (25.2%) | ||||||||||||||||
Clackamas County, Oregon School District #12 (North Clackamas) | ||||||||||||||||
2,450,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 2,827,643 | |||||||||||||
1,165,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,364,320 | |||||||||||||
1,500,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 1,726,695 | |||||||||||||
4,725,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 5,571,531 | |||||||||||||
2,160,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,560,162 | |||||||||||||
Clackamas County, Oregon School District #62 (Oregon City) | ||||||||||||||||
1,000,000 | 5.000%, 06/01/29 MAC Insured | Aa3/AA/NR | 1,130,690 | |||||||||||||
Clackamas County, Oregon School District #86 (Canby) | ||||||||||||||||
1,800,000 | 5.000%, 06/15/24 | Aa1/AA+/NR | 2,009,898 | |||||||||||||
1,110,000 | 5.000%, 06/15/25 Series A | Aa1/AA+/NR | 1,237,650 | |||||||||||||
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) | ||||||||||||||||
3,500,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 4,093,915 | |||||||||||||
5,500,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 6,417,950 | |||||||||||||
1,115,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 1,299,544 | |||||||||||||
Clatsop County, Oregon School District #10 (Seaside) | ||||||||||||||||
1,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 1,185,260 | |||||||||||||
Coos County, Oregon School District #9 (Coos Bay) | ||||||||||||||||
1,035,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,232,519 |
Deschutes County, Oregon Administrative School District #1 (Bend - La Pine) | ||||||||||||||||
3,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 3,258,450 | |||||||||||||
Deschutes County, Oregon School District #6 (Sisters) | ||||||||||||||||
1,735,000 | 5.250%, 06/15/19 AGMC Insured | A2/AA+/NR | 1,797,130 | |||||||||||||
1,030,000 | 5.250%, 06/15/21 AGMC Insured | A2/AA+/NR | 1,128,839 | |||||||||||||
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) | ||||||||||||||||
80,000 | 5.000%, 06/15/21 NPFG/ FGIC Insured | Aa1/NR/NR | 80,222 | |||||||||||||
1,025,000 | zero coupon, 06/15/23 | Aa1/NR/NR | 917,990 | |||||||||||||
Greater Albany School District #8J (Linn & Benton Counties) | ||||||||||||||||
1,000,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 1,181,770 | |||||||||||||
Hood River County, Oregon School District | ||||||||||||||||
2,825,000 | 4.000%, 06/15/29 | NR/AA+/NR | 3,077,696 | |||||||||||||
2,260,000 | 4.000%, 06/15/30 | NR/AA+/NR | 2,443,693 | |||||||||||||
2,400,000 | 4.000%, 06/15/31 | NR/AA+/NR | 2,572,104 | |||||||||||||
Jefferson County, Oregon School District #509J | ||||||||||||||||
1,400,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,589,210 | |||||||||||||
Klamath County, Oregon School District | ||||||||||||||||
1,250,000 | 5.000%, 06/15/24 | NR/AA+/NR | 1,422,725 | |||||||||||||
Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||||||||||
1,130,000 | 4.000%, 06/15/23 | Aa1/NR/NR | 1,196,421 | |||||||||||||
2,850,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 3,066,543 | |||||||||||||
2,765,000 | 3.000%, 06/15/24 | Aa1/NR/NR | 2,879,858 | |||||||||||||
4,575,000 | 5.000%, 06/15/26 | Aa1/NR/NR | 5,249,950 | |||||||||||||
Lane County, Oregon School District #19 (Springfield) | ||||||||||||||||
1,000,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,158,570 | |||||||||||||
1,735,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 2,020,945 | |||||||||||||
Lane County, Oregon School District #69 (Junction City) | ||||||||||||||||
630,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 737,787 | |||||||||||||
Lane & Douglas Counties, Oregon School District #45J3 | ||||||||||||||||
2,665,000 | 4.000%, 06/15/27 Series B | Aa1/NR/NR | 2,933,392 | |||||||||||||
Lincoln County, Oregon School District | ||||||||||||||||
2,370,000 | 4.000%, 06/15/24 Series A | Aa1/NR/NR | 2,505,801 | |||||||||||||
Marion County, Oregon School District #103 (Woodburn) | ||||||||||||||||
2,140,000 | 5.000%, 06/15/27 | Aa1/NR/NR | 2,498,664 | |||||||||||||
2,260,000 | 5.000%, 06/15/28 | Aa1/NR/NR | 2,634,053 | |||||||||||||
Marion & Clackamas Counties, Oregon School District #4J (Silver Falls) | ||||||||||||||||
1,260,000 | 5.000%, 06/15/24 | Aa1/NR/NR | 1,434,107 | |||||||||||||
Morrow County, Oregon School District #1 | ||||||||||||||||
1,710,000 | 5.250%, 06/15/19 AGMC Insured | A2/AA+/NR | 1,771,235 | |||||||||||||
Multnomah County, Oregon School District #1J (Portland) | ||||||||||||||||
2,970,000 | 5.000%, 06/15/26 Series B | Aa1/AA+/NR | 3,467,772 | |||||||||||||
Multnomah County, Oregon School District #7 (Reynolds) | ||||||||||||||||
5,680,000 | 5.000%, 06/15/26 Series A | Aa1/NR/NR | 6,631,968 | |||||||||||||
1,500,000 | 5.000%, 06/15/27 Series A | Aa1/NR/NR | 1,745,130 | |||||||||||||
1,825,000 | 5.000%, 06/15/28 Series A | Aa1/NR/NR | 2,120,723 | |||||||||||||
Multnomah County, Oregon School District #7 (Reynolds) Refunding | ||||||||||||||||
1,165,000 | 5.000%, 06/01/29 | Aa3/NR/NR | 1,234,026 | |||||||||||||
Multnomah County, Oregon School District #40 (David Douglas) | ||||||||||||||||
1,500,000 | 5.000%, 06/15/23 Series A | NR/AA+/NR | 1,670,070 | |||||||||||||
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) | ||||||||||||||||
4,275,000 | 5.250%, 06/15/19 AGMC Insured | Aa1/AA+/NR | 4,424,796 | |||||||||||||
2,500,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,963,150 | |||||||||||||
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) | ||||||||||||||||
2,680,000 | 5.250%, 12/15/18 AGMC Insured | Aa1/NR/NR | 2,725,962 | |||||||||||||
Polk, Marion & Benton Counties, Oregon School District #13J (Central) | ||||||||||||||||
1,515,000 | 4.000%, 02/01/28 | NR/AA+/NR | 1,632,003 |
Union County, Oregon School District #1 (La Grande) | ||||||||||||||||
1,000,000 | 5.000%, 06/15/27 | Aa1/NR/NR | 1,160,650 | |||||||||||||
Wasco County, Oregon School District #12 (The Dalles) | ||||||||||||||||
1,790,000 | 5.500%, 06/15/20 AGMC Insured | A2/AA/NR | 1,922,048 | |||||||||||||
Washington County, Oregon School District #48J (Beaverton) | ||||||||||||||||
2,750,000 | 4.000%, 06/15/25 | Aa1/AA+/NR | 2,938,430 | |||||||||||||
2,275,000 | 4.000%, 06/15/23 Series B | Aa1/AA+/NR | 2,449,652 | |||||||||||||
5,290,000 | 4.000%, 06/15/24 Series B | Aa1/AA+/NR | 5,683,629 | |||||||||||||
3,000,000 | 5.000%, 06/15/25 Series 2014B | Aa1/AA+/NR | 3,462,420 | |||||||||||||
3,000,000 | 5.000%, 06/15/28 Series 2014B | Aa1/AA+/NR | 3,433,620 | |||||||||||||
1,845,000 | 5.000%, 06/15/29 Series 2014B | Aa1/AA+/NR | 2,106,178 | |||||||||||||
1,500,000 | 5.000%, 06/15/27 Series C | Aa1/AA+/NR | 1,800,375 | |||||||||||||
1,015,000 | 4.000%, 06/01/29 Series 2016 | Aa2/NR/NR | 1,096,383 | |||||||||||||
Washington, Clackamas & Yamhill Counties, Oregon School District #88J | ||||||||||||||||
2,785,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 3,300,949 | |||||||||||||
Washington, Clackamas & Yamhill Counties, Oregon School District #88J | ||||||||||||||||
2,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,408,680 | |||||||||||||
Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) | ||||||||||||||||
1,535,000 | 4.000%, 06/15/25 | Aa1/NR/NR | 1,642,573 | |||||||||||||
3,105,000 | 5.000%, 06/15/30 | Aa1/NR/NR | 3,669,396 | |||||||||||||
Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) | ||||||||||||||||
2,110,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 2,488,028 | |||||||||||||
Yamhill County, Oregon School District #40 (McMinnville) | ||||||||||||||||
2,255,000 | 4.000%, 06/15/26 | Aa1/NR/NR | 2,425,704 | |||||||||||||
1,000,000 | 4.000%, 06/15/29 | Aa1/AA+/NR | 1,091,690 | |||||||||||||
1,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 1,084,990 | |||||||||||||
Total School Districts | 154,995,927 | |||||||||||||||
Special District (4.1%) | ||||||||||||||||
Bend, Oregon Metropolitan Park & Recreational District | ||||||||||||||||
1,430,000 | 4.000%, 06/01/27 | Aa3/NR/NR | 1,512,239 | |||||||||||||
Clackamas County, Oregon Fire District No. 1 | ||||||||||||||||
1,020,000 | 4.000%, 06/01/30 | NR/AA/NR | 1,115,921 | |||||||||||||
2,705,000 | 4.000%, 06/01/31 | NR/AA/NR | 2,930,489 | |||||||||||||
Metro, Oregon | ||||||||||||||||
4,000,000 | 4.000%, 06/01/26 Series A | Aaa/AAA/NR | 4,271,440 | |||||||||||||
Tualatin Hills, Oregon Park & Recreational District | ||||||||||||||||
3,480,000 | 5.000%, 06/01/23 | Aa1/NR/NR | 3,965,982 | |||||||||||||
4,725,000 | 5.000%, 06/01/24 | Aa1/NR/NR | 5,474,338 | |||||||||||||
2,775,000 | 5.000%, 06/01/26 | Aa1/NR/NR | 3,237,676 | |||||||||||||
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District | ||||||||||||||||
1,235,000 | 4.000%, 06/01/26 | Aaa/NR/NR | 1,297,330 | |||||||||||||
1,170,000 | 4.000%, 06/01/27 | Aaa/NR/NR | 1,226,020 | |||||||||||||
Total Special District | 25,031,435 | |||||||||||||||
State (6.4%) | ||||||||||||||||
State of Oregon | ||||||||||||||||
750,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 863,805 | |||||||||||||
3,000,000 | 5.000%, 05/01/23 Series L | Aa1/AA+/AA+ | 3,262,590 | |||||||||||||
1,125,000 | 5.000%, 05/01/24 Series L | Aa1/AA+/AA+ | 1,222,166 | |||||||||||||
1,470,000 | 4.000%, 11/01/26 Series M | Aa1/AA+/AA+ | 1,554,422 | |||||||||||||
2,125,000 | 4.000%, 05/01/25 Series O | Aa1/AA+/AA+ | 2,237,625 | |||||||||||||
State of Oregon Article XI-G Community College Projects | ||||||||||||||||
1,160,000 | 5.000%, 08/01/27 Series J | Aa1/AA+/AA+ | 1,355,228 | |||||||||||||
State of Oregon Article XI-G Higher Education | ||||||||||||||||
500,000 | 5.000%, 08/01/25 Series O | Aa1/AA+/AA+ | 588,420 | |||||||||||||
1,000,000 | 5.000%, 08/01/26 Series O | Aa1/AA+/AA+ | 1,171,850 | |||||||||||||
1,000,000 | 5.000%, 08/01/27 Series O | Aa1/AA+/AA+ | 1,168,300 |
State of Oregon Article XI-M Seismic Projects | ||||||||||||||||
1,000,000 | 5.000%, 06/01/30 | Aa1/AA+/AA+ | 1,169,810 | |||||||||||||
State of Oregon Article XI-Q State Projects | ||||||||||||||||
2,140,000 | 5.000%, 11/01/28 | Aa1/AA+/AA+ | 2,514,821 | |||||||||||||
1,000,000 | 5.000%, 11/01/30 | Aa1/AA+/AA+ | 1,167,420 | |||||||||||||
2,000,000 | 5.000%, 11/01/31 | Aa1/AA+/AA+ | 2,330,220 | |||||||||||||
1,195,000 | 5.000%, 05/01/28 Series D | Aa1/AA+/AA+ | 1,406,157 | |||||||||||||
1,255,000 | 5.000%, 05/01/29 Series D | Aa1/AA+/AA+ | 1,470,923 | |||||||||||||
1,000,000 | 5.000%, 05/01/30 Series D | Aa1/AA+/AA+ | 1,168,190 | |||||||||||||
2,300,000 | 5.000%, 05/01/28 Series F | Aa1/AA+/AA+ | 2,668,184 | |||||||||||||
State of Oregon Department of Administrative Services COP | ||||||||||||||||
1,815,000 | 5.000%, 11/01/27 Series C | Aa2/AA/AA | 1,891,557 | |||||||||||||
1,195,000 | 5.000%, 11/01/28 Series C | Aa2/AA/AA | 1,245,405 | |||||||||||||
State of Oregon Department of Administrative Services, Oregon Opportunity Refunding | ||||||||||||||||
6,210,000 | 5.000%, 12/01/19 | Aa1/AA+/AA+ | 6,506,031 | |||||||||||||
State of Oregon Higher Education | ||||||||||||||||
1,000,000 | 5.000%, 08/01/28 Series A | Aa1/AA+/AA+ | 1,164,050 | |||||||||||||
1,250,000 | 5.000%, 08/01/30 Series L | Aa1/AA+/AA+ | 1,487,825 | |||||||||||||
Total State | 39,614,999 | |||||||||||||||
Transportation (1.2%) | ||||||||||||||||
Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||||||||||
5,000,000 | 5.000%, 11/15/29 Series B | Aa1/AAA/AA+ | 5,931,600 | |||||||||||||
State of Oregon ODOT Projects | ||||||||||||||||
1,020,000 | 5.000%, 11/15/30 Series M | Aa1/AA+/AA+ | 1,210,046 | |||||||||||||
Total Transportation | 7,141,646 | |||||||||||||||
Water & Sewer (0.4%) | ||||||||||||||||
Gearheart, Oregon | ||||||||||||||||
1,060,000 | 4.500%, 03/01/26 AGMC Insured | A2/NR/NR | 1,117,017 | |||||||||||||
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding | ||||||||||||||||
1,270,000 | 4.250%, 08/15/26 | A1/NR/NR | 1,341,298 | |||||||||||||
Total Water & Sewer | 2,458,315 | |||||||||||||||
Total General Obligation Bonds | 305,125,463 | |||||||||||||||
Revenue Bonds (30.6%) | ||||||||||||||||
City & County (2.3%) | ||||||||||||||||
Newport, Oregon Urban Renewal Obligations, Refunding | ||||||||||||||||
565,000 | 4.500%, 06/15/22 Series B | NR/AA-/NR | 594,990 | |||||||||||||
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center | ||||||||||||||||
2,825,000 | 5.000%, 06/01/24 | Aaa/NR/NR | 3,074,335 | |||||||||||||
4,265,000 | 5.000%, 06/01/27 | Aaa/NR/NR | 4,637,633 | |||||||||||||
Portland, Oregon Revenue Refunding Limited Tax | ||||||||||||||||
1,000,000 | 4.000%, 04/01/22 Series A | Aaa/NR/NR | 1,017,670 | |||||||||||||
Portland, Oregon River District Urban Renewal and Redevelopment | ||||||||||||||||
1,600,000 | 5.000%, 06/15/22 Series B | A1/NR/NR | 1,776,272 | |||||||||||||
1,830,000 | 5.000%, 06/15/23 Series B | A1/NR/NR | 2,027,933 | |||||||||||||
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam | ||||||||||||||||
1,000,000 | 4.000%, 06/15/25 Series B | A1/NR/NR | 1,033,390 | |||||||||||||
Total City & County | 14,162,223 | |||||||||||||||
Electric (1.6%) | ||||||||||||||||
Eugene, Oregon Electric Utility Refunding System | ||||||||||||||||
2,875,000 | 5.000%, 08/01/29 Series A | Aa2/AA-/AA- | 3,374,761 | |||||||||||||
4,030,000 | 5.000%, 08/01/30 Series A | Aa2/AA-/AA- | 4,727,311 |
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 | 1,736,066 | |||||||||||||
Total Electric | 9,838,138 | |||||||||||||||
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 | 1,096,610 | |||||||||||||
3,000,000 | 5.000%, 10/01/27 Series A | A3/A-/NR | 3,257,610 | |||||||||||||
Oregon State Facilities Authority (Linfield College Project) | ||||||||||||||||
1,180,000 | 5.000%, 10/01/22 Series A | Baa1/NR/NR | 1,310,614 | |||||||||||||
1,000,000 | 5.000%, 10/01/23 Series A | Baa1/NR/NR | 1,129,480 | |||||||||||||
1,220,000 | 5.000%, 10/01/31 Series A 2010 | Baa1/NR/NR | 1,274,693 | |||||||||||||
Oregon State Facilities Authority (Reed College Project) | ||||||||||||||||
500,000 | 5.000%, 07/01/30 Series A | Aa2/AA-/NR | 589,540 | |||||||||||||
1,135,000 | 4.000%, 07/01/31 Series A | Aa2/AA-/NR | 1,232,281 | |||||||||||||
Oregon State Facilities Authority (Willamette University) | ||||||||||||||||
1,000,000 | 4.000%, 10/01/24 | NR/A/NR | 1,030,440 | |||||||||||||
Total Higher Education | 10,921,268 | |||||||||||||||
Hospital (4.9%) | ||||||||||||||||
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems | ||||||||||||||||
9,000,000 | 5.500%, 08/15/28 AGMC Insured | NR/AA/NR | 9,649,440 | |||||||||||||
Oregon Health Sciences University | ||||||||||||||||
9,025,000 | zero coupon, 07/01/21 NPFG Insured | Aa3/AA-/AA- | 8,037,665 | |||||||||||||
2,000,000 | 5.000%, 07/01/23 Series A | Aa3/AA-/AA- | 2,215,440 | |||||||||||||
1,250,000 | 5.000%, 07/01/28 Series B | Aa3/AA-/AA- | 1,462,338 | |||||||||||||
1,000,000 | 5.000%, 07/01/33 Series B | Aa3/AA-/AA- | 1,151,190 | |||||||||||||
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems | ||||||||||||||||
1,000,000 | 4.750%, 03/15/24 | A1/AA-/NR | 1,045,710 | |||||||||||||
1,000,000 | 5.000%, 03/15/30 | A1/AA-/NR | 1,045,410 | |||||||||||||
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services | ||||||||||||||||
1,500,000 | 4.375%, 10/01/20 | NR/BBB+/NR | 1,578,105 | |||||||||||||
2,000,000 | 4.500%, 10/01/21 | NR/BBB+/NR | 2,107,340 | |||||||||||||
1,520,000 | 5.000%, 10/01/23 | NR/BBB+/NR | 1,621,278 | |||||||||||||
Total Hospital | 29,913,916 | |||||||||||||||
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 | Aa2/NR/NR | 1,364,810 | |||||||||||||
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor | ||||||||||||||||
1,390,000 | 5.000%, 06/15/27 Series B | A1/NR/NR | 1,501,812 | |||||||||||||
State of Oregon Housing and Community Services | ||||||||||||||||
950,000 | 1.800%, 01/01/23 | Aa2/NR/NR | 927,438 | |||||||||||||
Total Housing | 3,794,060 | |||||||||||||||
Lottery (4.2%) | ||||||||||||||||
Oregon State Department of Administration Services (Lottery Revenue) | ||||||||||||||||
1,015,000 | 5.250%, 04/01/26 Series A | Aa2/AAA/NR | 1,103,488 | |||||||||||||
1,715,000 | 5.000%, 04/01/24 Series B | Aa2/AAA/NR | 1,895,092 | |||||||||||||
1,500,000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1,653,525 | |||||||||||||
1,000,000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1,150,870 | |||||||||||||
3,000,000 | 5.000%, 04/01/26 Series C | Aa2/AAA/NR | 3,493,080 | |||||||||||||
4,000,000 | 5.000%, 04/01/30 Series C | Aa2/AAA/NR | 4,732,680 | |||||||||||||
5,000,000 | 5.000%, 04/01/26 Series D | Aa2/AAA/NR | 5,821,800 | |||||||||||||
4,000,000 | 5.000%, 04/01/28 Series D | Aa2/AAA/NR | 4,641,200 | |||||||||||||
1,000,000 | 5.000%, 04/01/29 Series D | Aa2/AAA/NR | 1,154,910 | |||||||||||||
Total Lottery | 25,646,645 |
Sales Tax (0.1%) | ||||||||||||||||
Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel) | ||||||||||||||||
750,000 | 5.000%, 06/15/31 | Aa3/NR/NR | 874,650 | |||||||||||||
Transportation (6.7%) | ||||||||||||||||
Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||||||||||
3,605,000 | 5.000%, 11/15/24 Series A | Aa1/AAA/AA+ | 4,053,390 | |||||||||||||
2,425,000 | 5.000%, 11/15/25 Series A | Aa1/AAA/AA+ | 2,724,439 | |||||||||||||
1,040,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,208,740 | |||||||||||||
8,000,000 | 5.000%, 11/15/28 Series A | Aa1/AAA/AA+ | 9,251,760 | |||||||||||||
Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three | ||||||||||||||||
2,525,000 | 5.000%, 07/01/26 | NR/AA-/NR | 2,926,021 | |||||||||||||
1,000,000 | 5.000%, 07/01/28 | NR/AA-/NR | 1,146,390 | |||||||||||||
2,390,000 | 5.000%, 07/01/29 | NR/AA-/NR | 2,728,424 | |||||||||||||
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt | ||||||||||||||||
1,100,000 | 5.000%, 10/01/27 Series A | A3/A/NR | 1,290,971 | |||||||||||||
2,000,000 | 5.000%, 10/01/30 Series A | A3/A/NR | 2,343,100 | |||||||||||||
Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||||||||||
1,000,000 | 5.000%, 09/01/25 Series A | Aaa/AAA/NR | 1,179,470 | |||||||||||||
1,890,000 | 5.000%, 09/01/28 Series A | Aaa/AAA/NR | 2,242,939 | |||||||||||||
1,650,000 | 5.000%, 09/01/29 Series A | Aaa/AAA/NR | 1,943,436 | |||||||||||||
3,975,000 | 5.000%, 09/01/30 Series A | Aaa/AAA/NR | 4,669,115 | |||||||||||||
1,000,000 | 5.000%, 09/01/31 Series A | Aaa/AAA/NR | 1,190,900 | |||||||||||||
2,010,000 | 5.000%, 09/01/29 Series B | Aaa/AAA/NR | 2,344,705 | |||||||||||||
Total Transportation | 41,243,800 | |||||||||||||||
Water and Sewer (8.5%) | ||||||||||||||||
Clackamas County, Oregon Service District No. 1 | ||||||||||||||||
2,240,000 | 5.000%, 12/01/26 | NR/AAA/NR | 2,671,738 | |||||||||||||
Clean Water Services, Oregon Refunding (Senior Lien) | ||||||||||||||||
1,510,000 | 5.000%, 10/01/27 | Aa1/AAA/NR | 1,819,807 | |||||||||||||
Eugene, Oregon Water Utility System | ||||||||||||||||
115,000 | 5.000%, 08/01/28 | Aa2/AA/AA+ | 135,357 | |||||||||||||
450,000 | 5.000%, 08/01/29 | Aa2/AA/AA+ | 525,722 | |||||||||||||
Grants Pass, Oregon | ||||||||||||||||
1,000,000 | 4.000%, 12/01/23 | NR/AA/NR | 1,082,270 | |||||||||||||
Madras, Oregon | ||||||||||||||||
725,000 | 4.500%, 02/15/27 | A3/NR/NR | 776,062 | |||||||||||||
Portland, Oregon Water System (First Lien) | ||||||||||||||||
3,230,000 | 5.000%, 05/01/27 Series A | Aaa/NR/NR | 3,718,215 | |||||||||||||
3,500,000 | 5.000%, 06/01/28 Series A | Aa1/AA/NR | 4,059,370 | |||||||||||||
Portland, Oregon Sewer System (Second Lien) | ||||||||||||||||
3,005,000 | 5.000%, 03/01/28 Series A | Aa2/AA-/NR | 3,164,145 | |||||||||||||
5,405,000 | 4.500%, 05/01/31 Series A | Aa2/AA-/NR | 6,054,735 | |||||||||||||
2,000,000 | 5.000%, 10/01/25 Series B | Aa2/AA-/NR | 2,314,880 | |||||||||||||
2,000,000 | 5.000%, 06/01/26 Series B | Aa2/AA-/NR | 2,334,840 | |||||||||||||
2,000,000 | 5.000%, 06/01/27 Series B | Aa2/AA-/NR | 2,329,300 | |||||||||||||
Portland, Oregon Water System Revenue Refunding (Junior Lien) | ||||||||||||||||
2,000,000 | 5.000%, 10/01/23 | Aa1/NR/NR | 2,265,380 | |||||||||||||
Portland, Oregon Water System Revenue Refunding (Senior Lien) | ||||||||||||||||
1,275,000 | 4.000%, 05/01/25 Series A | Aaa/NR/NR | 1,324,011 | |||||||||||||
Salem, Oregon Water & Sewer Revenue Refunding | ||||||||||||||||
3,500,000 | 5.000%, 06/01/25 | Aa2/NR/NR | 4,098,150 | |||||||||||||
Seaside, Oregon Wastewater System | ||||||||||||||||
1,000,000 | 4.250%, 07/01/26 | A3/NR/NR | 1,046,940 | |||||||||||||
Tigard, Oregon Water System Revenue Refunding | ||||||||||||||||
2,565,000 | 5.000%, 08/01/24 | Aa3/AA-/NR | 2,853,152 |
Washington County, Oregon Clean Water Services Sewer (Senior Lien) | ||||||||||||||||
1,010,000 | 4.000%, 10/01/22 Series B | Aa1/AAA/NR | 1,075,751 | |||||||||||||
1,500,000 | 4.000%, 10/01/23 Series B | Aa1/AAA/NR | 1,596,180 | |||||||||||||
2,850,000 | 4.000%, 10/01/26 Series B | Aa1/AAA/NR | 2,985,974 | |||||||||||||
2,745,000 | 4.000%, 10/01/28 Series B | Aa1/AAA/NR | 2,855,047 | |||||||||||||
Woodburn, Oregon Wastewater Revenue Refunding | ||||||||||||||||
1,090,000 | 5.000%, 03/01/21 Series A | A1/NR/NR | 1,173,123 | |||||||||||||
Total Water and Sewer | 52,260,149 | |||||||||||||||
Total Revenue Bonds | 188,654,849 | |||||||||||||||
Pre-Refunded Bonds (18.4%)†† | ||||||||||||||||
Pre-Refunded General Obligation Bonds (8.8%) | ||||||||||||||||
City & County (0.3%) | ||||||||||||||||
City of Salem, Oregon | ||||||||||||||||
1,750,000 | 5.000%, 06/01/29 | NR/AA/NR | 1,804,233 | |||||||||||||
Community College (1.3%) | ||||||||||||||||
Portland, Oregon Community College District | ||||||||||||||||
7,915,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 8,174,533 | |||||||||||||
Higher Education (0.8%) | ||||||||||||||||
Oregon State, Oregon University System Projects | ||||||||||||||||
2,365,000 | 4.000%, 08/01/26 Series H | Aa1/AA+/AA+ | 2,518,749 | |||||||||||||
State of Oregon Board of Higher Education | ||||||||||||||||
1,000,000 | 5.000%, 08/01/34 | Aa1/AA+/NR | 1,002,840 | |||||||||||||
1,000,000 | 5.000%, 08/01/38 | Aa1/AA+/NR | 1,002,840 | |||||||||||||
500,000 | 5.750%, 08/01/29 Series A | Aa1/AA+/NR | 501,710 | |||||||||||||
Total Higher Education | 5,026,139 | |||||||||||||||
School District (4.6%) | ||||||||||||||||
Clackamas County, Oregon School District #46 (Oregon Trail) | ||||||||||||||||
1,000,000 | 5.000%, 06/15/22 | NR/AA+/NR | 1,032,790 | |||||||||||||
1,865,000 | 5.000%, 06/15/28 Series A | NR/AA+/NR | 1,926,153 | |||||||||||||
1,800,000 | 5.000%, 06/15/29 Series A | NR/AA+/NR | 1,859,022 | |||||||||||||
2,000,000 | 5.000%, 06/15/32 Series A | NR/AA+/NR | 2,065,580 | |||||||||||||
3,780,000 | 4.750%, 06/15/32 Series A | NR/AA+/NR | 3,895,063 | |||||||||||||
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) | ||||||||||||||||
1,110,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 1,146,397 | |||||||||||||
2,850,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 2,943,452 | |||||||||||||
2,000,000 | 4.500%, 06/15/29 | Aa1/AA+/NR | 2,056,180 | |||||||||||||
1,965,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 2,029,432 | |||||||||||||
3,000,000 | 5.000%, 06/15/33 | Aa1/AA+/NR | 3,098,370 | |||||||||||||
500,000 | 5.000%, 06/15/34 | Aa1/AA+/NR | 516,395 | |||||||||||||
Columbia & Washington Counties, Oregon School District #47J (Vernonia) | ||||||||||||||||
3,430,000 | 5.00%, 06/15/27 | NR/AA+/NR | 3,645,473 | |||||||||||||
Washington County, Oregon School District #48J (Beaverton) | ||||||||||||||||
1,280,000 | 5.000%, 06/01/31 AGC Insured | Aa2/AA/NR | 1,320,256 | |||||||||||||
1,000,000 | 5.125%, 06/01/36 AGC Insured | Aa2/AA/NR | 1,032,580 | |||||||||||||
Total School District | 28,567,143 | |||||||||||||||
Special District (0.2%) | ||||||||||||||||
Tualatin Hills, Oregon Park & Recreational District | ||||||||||||||||
1,000,000 | 4.250%, 06/01/24 | Aa1/AA/NR | 1,024,690 | |||||||||||||
State (1.5%) | ||||||||||||||||
State of Oregon Alternative Energy Project | ||||||||||||||||
1,255,000 | 4.750%, 04/01/29 Series B | Aa1/AA+/AA+ | 1,285,534 | |||||||||||||
500,000 | 6.000%, 10/01/29 Series B | Aa1/AA+/AA+ | 505,665 |
State of Oregon Department of Administrative Services | ||||||||||||||||
5,000,000 | 5.125%, 05/01/33 | Aa2/AA/AA | 5,149,700 | |||||||||||||
State of Oregon Department of Administrative Services COP | ||||||||||||||||
1,455,000 | 5.000%, 11/01/27 Series C | NR/NR/NR* | 1,518,525 | |||||||||||||
960,000 | 5.000%, 11/01/28 Series C | NR/NR/NR* | 1,001,914 | |||||||||||||
Total State | 9,461,338 | |||||||||||||||
Total Pre-Refunded General Obligation Bonds | 54,058,076 | |||||||||||||||
Pre-Refunded Revenue Bonds (9.6%) | ||||||||||||||||
City & County (0.4%) | ||||||||||||||||
Local Oregon Capital Assets Program COP Cottage Grove | ||||||||||||||||
2,375,000 | 5.000%, 09/15/25 Series 2013A | Baa1/NR/NR | 2,600,150 | |||||||||||||
Electric (1.3%) | ||||||||||||||||
Eugene, Oregon Electric Utility | ||||||||||||||||
5,635,000 | 5.000%, 08/01/30 | Aa2/AA-/AA- | 5,651,003 | |||||||||||||
Eugene, Oregon Electric Utility Refunding System | ||||||||||||||||
2,000,000 | 5.000%, 08/01/27 Series A | Aa2/AA-/AA- | 2,189,500 | |||||||||||||
Total Electric | 7,840,503 | |||||||||||||||
Higher Education (1.1%) | ||||||||||||||||
Oregon State Facilities Authority Revenue Refunding (Reed College Project) | ||||||||||||||||
1,500,000 | 5.000%, 07/01/29 Series A | Aa2/AA-/NR | 1,597,890 | |||||||||||||
Portland, Oregon Economic Development (Broadway Project) | ||||||||||||||||
5,000,000 | 6.500%, 04/01/35 | A1/NR/NR | 5,062,100 | |||||||||||||
Total Higher Education | 6,659,990 | |||||||||||||||
Hospital (1.7%) | ||||||||||||||||
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health) | ||||||||||||||||
3,500,000 | 8.000%, 01/01/28 | A2/NR/NR | 3,610,950 | |||||||||||||
Oregon Health Sciences University | ||||||||||||||||
4,500,000 | 5.750%, 07/01/39 Series A | Aa3/AA-/NR | 4,685,355 | |||||||||||||
Salem, Oregon Hospital Facility Authority (Salem Hospital) | ||||||||||||||||
2,000,000 | 5.750%, 08/15/23 | NR/A+/AA- | 2,010,020 | |||||||||||||
Total Hospital | 10,306,325 | |||||||||||||||
Lottery (1.5%) | ||||||||||||||||
Oregon State Department of Administration Services (Lottery Revenue) | ||||||||||||||||
6,285,000 | 5.250%, 04/01/26 | NR/NR/NR* | 6,855,804 | |||||||||||||
2,500,000 | 5.000%, 04/01/29 | Aa2/AAA/NR | 2,565,425 | |||||||||||||
Total Lottery | 9,421,229 | |||||||||||||||
Transportation (2.3%) | ||||||||||||||||
Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||||||||||
1,865,000 | 5.000%, 11/15/23 Series A | Aa1/AAA/NR | 1,921,454 | |||||||||||||
2,000,000 | 4.625%, 11/15/25 Series A | Aa1/AAA/NR | 2,054,100 | |||||||||||||
1,000,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,149,720 | |||||||||||||
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt | ||||||||||||||||
1,685,000 | 5.000%, 10/01/24 Series A | A3/A/NR | 1,840,761 | |||||||||||||
3,480,000 | 5.000%, 10/01/26 Series A | A3/A/NR | 3,801,691 | |||||||||||||
3,000,000 | 5.000%, 10/01/27 Series A | A3/A/NR | 3,277,320 | |||||||||||||
Total Transportation | 14,045,046 |
Water and Sewer (1.3%) | ||||||||||||||||
Lane County, Oregon Metropolitan Wastewater | ||||||||||||||||
2,500,000 | 5.250%, 11/01/28 | Aa2/AA/NR | 2,531,625 | |||||||||||||
Prineville, Oregon Refunding | ||||||||||||||||
1,255,000 | 4.400%, 06/01/29 AGMC Insured | NR/AA/NR | 1,344,908 | |||||||||||||
Washington County, Oregon Clean Water Services Sewer | ||||||||||||||||
4,000,000 | 5.000%, 10/01/28 | Aa1/AAA/NR | 4,169,840 | |||||||||||||
Total Water and Sewer | 8,046,373 | |||||||||||||||
Total Pre-Refunded Revenue Bonds | 58,919,616 | |||||||||||||||
Total Pre-Refunded Bonds | 112,977,692 | |||||||||||||||
Total Investments (cost $600,724,729 note b) | 98.6 | % | 606,758,004 | |||||||||||||
Other assets less liabilities | 1.4 | 8,881,719 | ||||||||||||||
Net Assets | 100.0 | % | $ | 615,639,723 |
Percent of | ||||||||||||||||
Portfolio Distribution By Quality Rating | Investments † | |||||||||||||||
Aaa of Moody's or AAA of S&P | 19.7 | % | ||||||||||||||
Pre-refunded bonds†† | 18.6 | |||||||||||||||
Aa of Moody's or AA of S&P or Fitch | 55.1 | |||||||||||||||
A of Moody's or S&P | 5.1 | |||||||||||||||
Baa of Moody's or BBB of S&P | 1.5 | |||||||||||||||
100.0 | % |
PORTFOLIO ABBREVIATION: | ||||||||||||||||
AGC - Assured Guaranty Corp. | ||||||||||||||||
AGMC - Assured Guaranty Municipal 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. |
See accompanying notes to financial statements.
AQUILA TAX-FREE TRUST OF OREGON |
NOTES TO FINANCIAL STATEMENTS |
June 30, 2018 |
(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, 2018, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $600,724,729 amounted to $6,033,275, which consisted of aggregate gross unrealized appreciation of $10,797,582 and aggregate gross unrealized depreciation of $4,764,307. |
(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, 2018: |
Valuation Inputs | Investments in Securities | |||
Level 1 – Quoted Prices | $- | |||
Level 2 – Other Significant Observable Inputs-Municipal Bonds+ | 606,758,004 | |||
Level 3 – Significant Unobservable Inputs | — | |||
Total | $ | 606,758,004 |
+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 23, 2018 |
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 23, 2018 |
By: | /s/ Joseph P. DiMaggio | |
Joseph P. DiMaggio | ||
Chief Financial Officer and Treasurer | ||
August 23, 2018 |
1.
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I have reviewed this report on Form N-Q of The Cascades Trust;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Diana P. Herrmann
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Diana P. Herrmann
Vice Chair, President and Trustee
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1.
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I have reviewed this report on Form N-Q of The Cascades Trust;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Joseph P. DiMaggio
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Joseph P. DiMaggio
Chief Financial Officer and Treasurer
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