<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000791049
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE CASCADES TRUST
001 B000000 811-4626
001 C000000 2126976666
002 A000000 380 MADISON AVENUE #2300
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 U S BANK NATIONAL ASSOCIATION
008 B000001 S
008 C000001 801-000000
008 D010001 PORTLAND
008 D020001 OR
008 D030001 97204
008 A000002 AQUILA MANAGEMENT CORPORATION
008 B000002 A
008 C000002 801-22119
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10017
010 A000001 AQUILA MANAGEMENT CORPORATION
010 B000001 801-22119
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10017
011 A000001 AQUILA DISTRIBUTORS, INC.
011 B000001 8-13173
<PAGE> PAGE 2
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10017
012 A000001 PFPC, INC.
012 B000001 85-11196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 BANK ONE TRUST COMPANY, N.A.
015 B000001 C
015 C010001 COLUMBUS
015 C020001 OH
015 C030001 43271
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 OPPENHEIMER & CO.
022 B000001 13-2798343
022 C000001 8385
022 D000001 7093
022 A000002 SMITH BARNEY
022 B000002 13-1912900
022 C000002 6635
022 D000002 1051
022 A000003 SEATTLE NORTHWEST SECURITIES
022 B000003 91-1172183
022 C000003 3963
022 D000003 0
022 A000004 DAIN RAUSUER
022 B000004 41-0212020
022 C000004 2400
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
<PAGE> PAGE 3
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 21384
023 D000000 8144
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 3247
028 A020000 805
028 A030000 0
028 A040000 2548
028 B010000 3290
028 B020000 11
028 B030000 0
028 B040000 2436
028 C010000 3860
028 C020000 1753
028 C030000 0
028 C040000 2011
028 D010000 3625
028 D020000 844
028 D030000 0
028 D040000 2062
028 E010000 2619
028 E020000 18
028 E030000 0
028 E040000 2300
028 F010000 3704
<PAGE> PAGE 4
028 F020000 1579
028 F030000 0
028 F040000 3361
028 G010000 20345
028 G020000 5010
028 G030000 0
028 G040000 14718
028 H000000 254
029 000000 Y
030 A000000 266
030 B000000 4.00
030 C000000 0.00
031 A000000 59
031 B000000 0
032 000000 207
033 000000 0
034 000000 Y
035 000000 0
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 4
042 D000000 96
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 241
044 000000 0
045 000000 Y
046 000000 Y
047 000000 Y
048 000000 0.400
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
<PAGE> PAGE 5
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
<PAGE> PAGE 6
062 M000000 0.0
062 N000000 0.0
062 O000000 98.6
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 14.7
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
<PAGE> PAGE 7
071 A000000 21384
071 B000000 10135
071 C000000 318527
071 D000000 3
072 A000000 6
072 B000000 8972
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 646
072 G000000 0
072 H000000 0
072 I000000 101
072 J000000 12
072 K000000 0
072 L000000 33
072 M000000 37
072 N000000 11
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 40
072 T000000 241
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 1147
072 Y000000 12
072 Z000000 7837
072AA000000 578
072BB000000 0
072CC010000 1495
072CC020000 0
072DD010000 7805
072DD020000 187
072EE000000 228
073 A010000 0.2654
073 A020000 0.5230
073 B000000 0.0100
073 C000000 0.0000
074 A000000 372
074 B000000 0
074 C000000 0
074 D000000 324619
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
<PAGE> PAGE 8
074 K000000 0
074 L000000 6053
074 M000000 5
074 N000000 331049
074 O000000 1202
074 P000000 112
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 571
074 S000000 0
074 T000000 329164
074 U010000 29744
074 U020000 908
074 V010000 10.74
074 V020000 10.73
074 W000000 0.0000
074 X000000 6247
074 Y000000 0
075 A000000 0
075 B000000 323866
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 Y
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 10000
081 A000000 Y
081 B000000 17
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
<PAGE> PAGE 9
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE PATRICIA A. CRAVEN
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's Semi-Annual report dated March 31, 1998 and is qualified in its
entirety by reference to such Financial Statements.
</LEGEND>
<CIK> 0000791049
<NAME> TAX-FREE TRUST OF OREGON - CLASS A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 306,304,671
<INVESTMENTS-AT-VALUE> 324,618,843
<RECEIVABLES> 6,052,474
<ASSETS-OTHER> 5,433
<OTHER-ITEMS-ASSETS> 372,127
<TOTAL-ASSETS> 331,048,877
<PAYABLE-FOR-SECURITIES> 1,202,253
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 683,021
<TOTAL-LIABILITIES> 1,885,274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310,654,335
<SHARES-COMMON-STOCK> 29,744,367
<SHARES-COMMON-PRIOR> 29,209,762
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 195,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,314,172
<NET-ASSETS> 319,416,829
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,972,439
<OTHER-INCOME> 0
<EXPENSES-NET> 1,135,433
<NET-INVESTMENT-INCOME> 7,837,006
<REALIZED-GAINS-CURRENT> 577,877
<APPREC-INCREASE-CURRENT> 1,495,364
<NET-CHANGE-FROM-OPS> 9,910,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,805,354
<DISTRIBUTIONS-OF-GAINS> 222,521
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,427,266
<NUMBER-OF-SHARES-REDEEMED> 1,352,919
<SHARES-REINVESTED> 460,257
<NET-CHANGE-IN-ASSETS> 9,910,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 645,957
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,147,433
<AVERAGE-NET-ASSETS> 316,284,735
<PER-SHARE-NAV-BEGIN> 10.68
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's Semi-Annual report dated March 31, 1998 and is qualified in its
entirety by reference to such Financial Statements.
</LEGEND>
<CIK> 0000791049
<NAME> TAX-FREE TRUST OF OREGON - CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 306,304,671
<INVESTMENTS-AT-VALUE> 324,618,843
<RECEIVABLES> 6,052,474
<ASSETS-OTHER> 5,433
<OTHER-ITEMS-ASSETS> 372,127
<TOTAL-ASSETS> 331,048,877
<PAYABLE-FOR-SECURITIES> 1,202,253
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 683,021
<TOTAL-LIABILITIES> 1,885,274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310,654,335
<SHARES-COMMON-STOCK> 99,028
<SHARES-COMMON-PRIOR> 74,991
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 195,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,314,172
<NET-ASSETS> 1,062,730
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,972,439
<OTHER-INCOME> 0
<EXPENSES-NET> 1,135,433
<NET-INVESTMENT-INCOME> 7,837,006
<REALIZED-GAINS-CURRENT> 577,877
<APPREC-INCREASE-CURRENT> 1,495,364
<NET-CHANGE-FROM-OPS> 9,910,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,152
<DISTRIBUTIONS-OF-GAINS> 571
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,615
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 424
<NET-CHANGE-IN-ASSETS> 9,910,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 645,957
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,147,433
<AVERAGE-NET-ASSETS> 888,872
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> .25
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contians summary financial information extracted from the
registrant's Semi-Annual report dated March 31, 1998 and is qualified in its
entirety by reference to such Financial Statements.
</LEGEND>
<CIK> 0000791049
<NAME> TAX-FREE TRUST OF OREGON - CLASS Y SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 306,304,671
<INVESTMENTS-AT-VALUE> 324,618,843
<RECEIVABLES> 6,052,474
<ASSETS-OTHER> 5,433
<OTHER-ITEMS-ASSETS> 372,127
<TOTAL-ASSETS> 331,048,877
<PAYABLE-FOR-SECURITIES> 1,202,253
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 683,021
<TOTAL-LIABILITIES> 1,885,274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310,654,335
<SHARES-COMMON-STOCK> 809,072
<SHARES-COMMON-PRIOR> 377,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 195,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,314,172
<NET-ASSETS> 8,684,044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,972,439
<OTHER-INCOME> 0
<EXPENSES-NET> 1,135,433
<NET-INVESTMENT-INCOME> 7,837,006
<REALIZED-GAINS-CURRENT> 577,877
<APPREC-INCREASE-CURRENT> 1,495,364
<NET-CHANGE-FROM-OPS> 9,910,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 168,450
<DISTRIBUTIONS-OF-GAINS> 4,740
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 443,879
<NUMBER-OF-SHARES-REDEEMED> 17,909
<SHARES-REINVESTED> 5,572
<NET-CHANGE-IN-ASSETS> 9,910,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 645,957
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,147,433
<AVERAGE-NET-ASSETS> 6,692,283
<PER-SHARE-NAV-BEGIN> 10.68
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
