0001145549-19-016519.txt : 20190610 0001145549-19-016519.hdr.sgml : 20190610 20190610070627 ACCESSION NUMBER: 0001145549-19-016519 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190610 DATE AS OF CHANGE: 20190610 EFFECTIVENESS DATE: 20190610 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-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 19887536 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 ORFFX C000188798 Class T ORFTX N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0000791049 XXXXXXXX false false false N-1A true Cascades Trust 811-04626 0000791049 549300J1S57NN3KX4P53 120 West 45th Street SUITE 3600 New York 10036 US-NY US 212-697-6666 The Bank of New York Mellon 240 Greenwich Street New York 10286 1-212-495-1784 Records related to its function as the custodian BNY Mellon Investment Servicing (U.S.) Inc. 4400 Computer Drive Westborough 01581 508-871-8500 Records related to its function as the transfer agent Aquila Investment Management LLC 120 West 45th Street Suite 3600 New York 10036 212-697-6666 Records related to its function as the adviser and administrator Kirkpatrick Pettis Capital Management 1550 Market Street Denver 80202 303-764-6000 Records related to its function as the sub-adviser Y N N-1A 1 Y Diana P. Herrmann N/A Y Edmund P. Jensen N/A N John W. Mitchell N/A N Patricia L. Moss N/A N Ralph R. Shaw N/A Y Gary C. Cornia N/A N James A. Gardner N/A N Henry H. Hewitt N/A N Randall S. Fillmore 004188259 120 West 45th Street Suite 3600 New York 10036 XXXXXX N N N N N N Aquila Distributors LLC 8-13173 000001706 5493000CXLFC5DL61F76 Y N Tait, Weller & Baker LLP 445 N/A N N N N N N N Aquila Tax-Free Trust of Oregon S000006648 5493003RLNQUI9W1VK52 Y 5 0 0 N/A Y N N N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N Aquila Investment Management LLC 801-22119 000105588 549300B3GEBMJ5RQBG49 N Kirkpatrick Pettis Capital Management Inc. 801-62264 000127844 N/A N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Aquila Investment Management LLC 549300B3GEBMJ5RQBG49 N N N 0.000000000000 SAMUEL A. RAMIREZ & COMPANY, INC. 008-19014 000006963 254900CBKVW7O2ENQA21 1874627.400000000000 HILLTOP SECURITIES INC. 008-45123 000006220 549300IXU82PMU6XZT45 7356074.650000000000 JP Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 12681905.350000000000 WELLS FARGO SECURITIES LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 10024650.000000000000 STIFEL, NICHOLAS & COMPANY, INC. 008-01447 000000793 5WUVMA08EYG4KEUPW589 1121743.800000000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 8908607.400000000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 26303806.400000000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 20256803.550000000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 14641510.000000000000 103169728.550000000000 N 600882932.000000000000 0.000000000000 Committed 40000000.000000000000 N N N N true INTERNAL CONTROL RPT 2 cascades_g1aiii.htm FOR VALIDATION PURPOSES ONLY - [707195.G1AIII_46]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees

Aquila Tax-Free Trust of Oregon

New York, New York

In planning and performing our audit of the financial statements of the Aquila Tax-Free Trust of Oregon, as of and for the year ended March 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Shareholders and Board of Trustees

Aquila Tax-Free Trust of Oregon

Page Two

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in Fund’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of March 31, 2019.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Aquila Tax-Free Trust of Oregon and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

 

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

May 30, 2019