0000791049-13-000013.txt : 20130207 0000791049-13-000013.hdr.sgml : 20130207 20130207162217 ACCESSION NUMBER: 0000791049-13-000013 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130207 DATE AS OF CHANGE: 20130207 EFFECTIVENESS DATE: 20130207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-04382 FILM NUMBER: 13582743 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: # 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 13582744 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: # 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 0000791049 S000006648 TAX-FREE TRUST OF OREGON C000018137 Tax-Free Trust of Oregon Class A ORTFX C000018138 Tax-Free Trust of Oregon Class C ORTCX C000018139 Tax-Free Trust of Oregon Class I ORTIX C000018140 Tax-Free Trust of Oregon Class Y ORTYX 485BPOS 1 orxbrl13.htm TAX-FREE TRUST OF OREGON N-1A orxbrl13.htm

As filed with the U.S. Securities and
Exchange Commission on February 7, 2013
Registration Nos. 33-4382 & 811-4626


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[    ]
   
Pre-Effective Amendment No.
[    ]
   
Post-Effective Amendment No.  41
[ X ]
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[    ]
   
Amendment No. 42
[ X ]

THE CASCADES TRUST
(Exact Name of Registrant as Specified in Charter)

380 Madison Avenue, Suite 2300
New York, New York 10017
(Address of Principal Executive Offices)

(212) 697-6666
(Registrant's Telephone Number)

(212) 697-6666
(Registrant's Telephone Number)
Diana P. Herrmann
Aquila Investment Management LLC
380 Madison Avenue, Suite 2300
New York, New York 10017
(Name and Address of Agent for Service)

 
Copy to:
 
Roger P. Joseph, Esq.
Bingham McCutchen LLP
One Federal Street
Boston, Massachusetts 02110

 
 
 

 


It is proposed that this filing will become effective (check appropriate box):


[ X]
immediately upon filing pursuant to paragraph (b)
[    ]
on (date) pursuant to paragraph (b)
[    ]
60 days after filing pursuant to paragraph (a)(i)
[    ]
on (date) pursuant to paragraph (a)(i)
[    ]
75 days after filing pursuant to paragraph (a)(ii)
[    ]
on (date) pursuant to paragraph (a)(ii) of Rule 485.
[    ]
This post-effective amendment designates a new effective date for a previous post-effective amendment.
   


 
 
 

 


SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the7th day of February, 2013.
 

 
THE CASCADES TRUST
 
(Registrant)
   
   
 
By:           /s/ Diana P. Herrmann
 
Diana P. Herrmann, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on February 7, 2013.
 

SIGNATURE
 
TITLE
     
     
/s/ Diana P. Herrmann
   
Diana P. Herrmann
 
Vice Chair, President and Trustee
     
/s/ Gary C. Cornia*
   
Gary C. Cornia
 
Trustee
     
/s/ James A. Gardner *
   
James A. Gardner
 
Chair of the Board of Trustees
     
/s/ Edmund P. Jensen *
   
Edmund P. Jensen
 
Trustee
     
/s/ John W. Mitchell*
   
John W. Mitchell.
 
Trustee
     
/s/ Ralph R. Shaw *
   
Ralph R. Shaw
 
Trustee
     
/s/ Nancy Wilgenbusch *
   
Nancy Wilgenbusch
 
Trustee

 
 
 

 


     
/s/ Joseph P. DiMaggio
   
Joseph P. DiMaggio
 
Chief Financial Officer and Treasurer
     


* By:            /s/ Diana P. Herrmann
Diana P. Herrmann
*Attorney-in-Fact, pursuant to Power of Attorney


 
 
 

 


THE CASCADES TRUST
Exhibit List



EX-101.INS
  
XBRL Instance Document
   
EX-101.SCH
  
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
  
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase
 
EX-101.INS 2 tfto-20130124.xml XBRL INSTANCE DOCUMENT 0000791049 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member tfto:C000018140Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member tfto:C000018137Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member tfto:C000018138Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member rr:AfterTaxesOnDistributionsMember tfto:C000018140Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member rr:AfterTaxesOnDistributionsAndSalesMember tfto:C000018140Member 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member tfto:index_Barclays_Capital_Quality_Intermediate_Municipal_Bond_Index_This_index_of_municipal_bonds_of_issuers_throughout_the_US_is_unmanaged_and_does_not_reflect_deductions_for_fund_operating_expensMember 2012-09-30 2012-09-30 0000791049 tfto:S000006648Member tfto:S000006648Member tfto:C000018139Member 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase. Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year. CASCADES TRUST 485BPOS false 0000791049 2012-09-30 2013-01-24 2013-01-25 2013-01-25 TAX-FREE TRUST OF OREGON Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-9" style="MARGIN-LEFT: 36pt"></font>The Trust pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Trust shares are held in a taxable account. These costs, which are not reflected in annual Trust operating expenses or in the example, affect the Trust's performance. During the most recent fiscal year, the Trust's portfolio turnover rate was 8% of the average value of its portfolio.</font> </div> 0.08 Trust Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-28" style="MARGIN-LEFT: 36pt"></font>The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust&#8217;s performance from year to year and by showing how the Trust&#8217;s average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. Updated performance information is available at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.aquilafunds.com</font> or by calling <font style="DISPLAY: inline; FONT-WEIGHT: bold">800-437-1020 (toll-free).</font></font> </div> ANNUAL TOTAL RETURNS As of December 31 Class Y Shares 2003 - 2012 0.0514 0.0394 0.0277 0.0378 0.0299 -0.0103 0.1110 0.0133 0.1000 0.0594 ~ http://cascadetrust.com/20130124/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact tfto_S000006648Member row primary compact * ~ Highest Return 0.0551 2009-09-30 Lowest Return -0.0317 2008-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the 10-year period shown in the bar chart, the highest return for a quarter was 5.51% (quarter ended September 30, 2009) and the lowest return for a quarter was -3.17% (quarter ended September 30, 2008).</font> </div> Average Annual Total Returns for the Periods Ended December 31, 2012 0.0154 0.0434 0.0395 0.0387 0.0431 0.0350 0.0594 0.0536 0.0454 0.0587 0.0535 0.0452 0.0515 0.0515 0.0445 0.0384 0.0547 0.0453 ~ http://cascadetrust.com/20130124/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact tfto_S000006648Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-29" style="MARGIN-LEFT: 36pt"></font>These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.&#160;&#160;Actual after-tax returns will depend on your specific situation and may differ from those shown.&#160;&#160;The total returns reflect reinvestment of dividends and distributions.&#160;&#160;After-tax returns are shown only for Class Y Shares.&#160;&#160;After-tax returns for other classes of shares will vary.</font> </div> These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust's performance from year to year and by showing how the Trust's average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. After-tax returns are shown only for Class Y Shares. After-tax returns for other classes of shares will vary. This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges. 800-437-1020 www.aquilafunds.com Actual after-tax returns will depend on your specific situation and may differ from those shown. Fees and Expenses of the Trust <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-1" style="MARGIN-LEFT: 36pt"></font>This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans&#8221; on page 23 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares&#8221; on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares&#8221; on page 27 of the Prospectus, and &#8220;Purchase, Redemption, and Pricing of Shares&#8221; on page 54 of the Statement of Additional Information (the &#8220;SAI&#8221;).&#160;&#160;No Class I Shares are currently outstanding.</font> </div> 0.0400 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0040 0.0040 0.0040 0.0040 0.0015 0.0075 0.0015 0.0000 0.0020 0.0044 0.0039 0.0020 0.0075 0.0159 0.0094 0.0060 ~ http://cascadetrust.com/20130124/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact tfto_S000006648Member row primary compact * ~ ~ http://cascadetrust.com/20130124/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact tfto_S000006648Member row primary compact * ~ You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans" on page 23 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares" on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares" on page 27 of the Prospectus, and "Purchase, Redemption, and Pricing of Shares" on page 54 of the Statement of Additional Information (the "SAI"). Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment) 25000 Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year. Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase. Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-0" style="MARGIN-LEFT: 36pt"></font>The Trust&#8217;s objective is to provide you as high a level of current income exempt from Oregon state and regular Federal income taxes as is consistent with preservation of capital.</font> </div> Principal Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-15" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market and Interest Rate Risk</font>. The market prices of the Trust&#8217;s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-16" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk</font>. If an issuer or obligor of a security held by the Trust or a counterparty to a financial contract with the Trust defaults or is downgraded, or if the value of the assets underlying a security declines, the value of your investment will typically decline.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-17" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rating Agency Risk.</font> Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer&#8217;s financial condition. Ratings represent the rating agency&#8217;s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-18" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Investments in Oregon and Other Municipal Obligations</font>. The Trust may be affected significantly by adverse economic, political or other events affecting Oregon and other municipal issuers.&#160;&#160;Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.&#160;&#160;Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities.&#160;&#160;Issuers often depend on revenues from these projects to make principal and interest payments.&#160;&#160;The value of municipal securities also can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-19" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax Risk</font>. The income on the Trust&#8217;s Oregon Obligations and other municipal obligations could become subject to Federal and/or state income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-20" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk</font>. Some securities held by the Trust may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the Trust is forced to sell an illiquid security to meet redemption requests or other cash needs, the Trust may be forced to sell the security at a loss.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-21" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment or Call Risk</font>. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Trust may also lose any premium it paid on the security.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-22" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Selection Risk</font>. The value of your investment may decrease if the Sub-Adviser&#8217;s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-23" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> Using derivatives can increase losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves, behave in a way not anticipated by the Trust. Using derivatives also can have a leveraging effect (which may increase investment losses) and increase Trust volatility. Some derivatives have the potential for unlimited loss, regardless of the size of the Trust&#8217;s initial investment.&#160;&#160;Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Trust. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-24" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Leveraging Risk.</font> The value of your investment may be more volatile if the Trust borrows or uses derivatives or other investments that have a leveraging effect on the Trust&#8217;s portfolio. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the Trust would otherwise have had, potentially resulting in the loss of all assets. The Trust may also have to sell assets at inopportune times to satisfy its obligations.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-25" style="MARGIN-LEFT: 36pt"></font>The Trust is classified as a &#8220;non-diversified&#8221; investment company under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). Thus, compared with &#8220;diversified&#8221; funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects.&#160;&#160;Also, the Trust may be more volatile than a more geographically diverse fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-26" style="MARGIN-LEFT: 36pt"></font>Loss of money is a risk of investing in the Trust.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-27" style="MARGIN-LEFT: 36pt"></font>These risks are discussed in more detail later in the Prospectus or in the SAI.</font> </div> The Trust is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act"). Thus, compared with "diversified" funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects. Also, the Trust may be more volatile than a more geographically diverse fund. Loss of money is a risk of investing in the Trust. Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-2" style="MARGIN-LEFT: 36pt"></font>This Example is intended to help you compare the cost of investing in the Trust with the cost of investing in other mutual funds.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-3" style="MARGIN-LEFT: 36pt"></font>The Example assumes that you invest $10,000 in the Trust for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Trust&#8217;s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div> 474 630 800 1293 262 502 866 1456 96 300 520 1155 61 192 335 750 162 502 866 1456 ~ http://cascadetrust.com/20130124/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact tfto_S000006648Member row primary compact * ~ ~ http://cascadetrust.com/20130124/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact tfto_S000006648Member row primary compact * ~ You would pay the following expenses if you did not redeem your Class C Shares: Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-10" style="MARGIN-LEFT: 36pt"></font>The Trust invests primarily in municipal obligations that pay interest exempt in the opinion of bond counsel from Oregon state and regular Federal income taxes. In general, almost all of these obligations are issued by the State of Oregon, its counties and various other local authorities. We call these &#8220;Oregon Obligations.&#8221; These securities may include participation or other interests in municipal securities and variable rate demand notes.&#160;&#160;Some Oregon Obligations, such as general obligation issues, are backed by the issuer&#8217;s taxing authority, while other Oregon Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-11" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Under normal circumstances, at least 80% of the Trust&#8217;s net assets will consist of Oregon Obligations the income paid upon which will not be subject to the Federal alternative minimum tax on individuals.&#160;&#160;</font>These obligations can be of any maturity, but the Trust&#8217;s average portfolio maturity has traditionally been between 10 and 18 years.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-12" style="MARGIN-LEFT: 36pt"></font>At the time of purchase, the Trust&#8217;s Oregon Obligations must be of investment grade quality. This means that they must either</font> </div> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font> </div> </td> <td> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,</font> </div> </td> </tr> </table> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font> </div> </td> <td> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if unrated, be determined to be of comparable quality by the Sub-Adviser.</font> </div> </td> </tr> </table> <br/><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The Sub-Adviser selects obligations for the Trust&#8217;s portfolio to best achieve the Trust&#8217;s objective by considering various characteristics including quality, maturity and coupon rate.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -7.2pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-14" style="MARGIN-LEFT: 36pt"></font>The Trust may use derivatives, including futures contracts and options on futures contracts, for a variety of purposes, including to &#8220;hedge&#8221; or protect its portfolio from adverse movements in securities prices and interest rates.</font> </div> EX-101.SCH 3 tfto-20130124.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - TAX-FREE TRUST OF OREGON link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - TAX-FREE TRUST OF OREGON link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 tfto-20130124_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 tfto-20130124_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 tfto-20130124_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE EX-101.PRE 7 tfto-20130124_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading TAX-FREE TRUST OF OREGON
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Trust’s objective is to provide you as high a level of current income exempt from Oregon state and regular Federal income taxes as is consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Trust
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans” on page 23 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares” on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares” on page 27 of the Prospectus, and “Purchase, Redemption, and Pricing of Shares” on page 54 of the Statement of Additional Information (the “SAI”).  No Class I Shares are currently outstanding.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Trust pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Trust shares are held in a taxable account. These costs, which are not reflected in annual Trust operating expenses or in the example, affect the Trust's performance. During the most recent fiscal year, the Trust's portfolio turnover rate was 8% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 8.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans" on page 23 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares" on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares" on page 27 of the Prospectus, and "Purchase, Redemption, and Pricing of Shares" on page 54 of the Statement of Additional Information (the "SAI").
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Trust with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Trust for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Trust’s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your Class C Shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Trust invests primarily in municipal obligations that pay interest exempt in the opinion of bond counsel from Oregon state and regular Federal income taxes. In general, almost all of these obligations are issued by the State of Oregon, its counties and various other local authorities. We call these “Oregon Obligations.” These securities may include participation or other interests in municipal securities and variable rate demand notes.  Some Oregon Obligations, such as general obligation issues, are backed by the issuer’s taxing authority, while other Oregon Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

Under normal circumstances, at least 80% of the Trust’s net assets will consist of Oregon Obligations the income paid upon which will not be subject to the Federal alternative minimum tax on individuals.  These obligations can be of any maturity, but the Trust’s average portfolio maturity has traditionally been between 10 and 18 years.

At the time of purchase, the Trust’s Oregon Obligations must be of investment grade quality. This means that they must either

*
be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,

*
if unrated, be determined to be of comparable quality by the Sub-Adviser.

The Sub-Adviser selects obligations for the Trust’s portfolio to best achieve the Trust’s objective by considering various characteristics including quality, maturity and coupon rate.

The Trust may use derivatives, including futures contracts and options on futures contracts, for a variety of purposes, including to “hedge” or protect its portfolio from adverse movements in securities prices and interest rates.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Market and Interest Rate Risk. The market prices of the Trust’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term securities.

Credit Risk. If an issuer or obligor of a security held by the Trust or a counterparty to a financial contract with the Trust defaults or is downgraded, or if the value of the assets underlying a security declines, the value of your investment will typically decline.

Rating Agency Risk. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.

Risks Associated with Investments in Oregon and Other Municipal Obligations. The Trust may be affected significantly by adverse economic, political or other events affecting Oregon and other municipal issuers.  Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.  Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities.  Issuers often depend on revenues from these projects to make principal and interest payments.  The value of municipal securities also can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors.

Tax Risk. The income on the Trust’s Oregon Obligations and other municipal obligations could become subject to Federal and/or state income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.

Liquidity Risk. Some securities held by the Trust may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the Trust is forced to sell an illiquid security to meet redemption requests or other cash needs, the Trust may be forced to sell the security at a loss.

Prepayment or Call Risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Trust may also lose any premium it paid on the security.

Portfolio Selection Risk. The value of your investment may decrease if the Sub-Adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.

Derivatives Risk. Using derivatives can increase losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves, behave in a way not anticipated by the Trust. Using derivatives also can have a leveraging effect (which may increase investment losses) and increase Trust volatility. Some derivatives have the potential for unlimited loss, regardless of the size of the Trust’s initial investment.  Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Trust. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.

Leveraging Risk. The value of your investment may be more volatile if the Trust borrows or uses derivatives or other investments that have a leveraging effect on the Trust’s portfolio. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the Trust would otherwise have had, potentially resulting in the loss of all assets. The Trust may also have to sell assets at inopportune times to satisfy its obligations.

The Trust is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”). Thus, compared with “diversified” funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects.  Also, the Trust may be more volatile than a more geographically diverse fund.

Loss of money is a risk of investing in the Trust.

These risks are discussed in more detail later in the Prospectus or in the SAI.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Trust.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Trust is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act"). Thus, compared with "diversified" funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects. Also, the Trust may be more volatile than a more geographically diverse fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Trust Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust’s performance from year to year and by showing how the Trust’s average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. Updated performance information is available at www.aquilafunds.com or by calling 800-437-1020 (toll-free).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust's performance from year to year and by showing how the Trust's average annual total returns for the designated periods compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-437-1020
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.aquilafunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future.
Bar Chart [Heading] rr_BarChartHeading ANNUAL TOTAL RETURNS As of December 31 Class Y Shares 2003 - 2012
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the 10-year period shown in the bar chart, the highest return for a quarter was 5.51% (quarter ended September 30, 2009) and the lowest return for a quarter was -3.17% (quarter ended September 30, 2008).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.51%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.17%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the Periods Ended December 31, 2012
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns will depend on your specific situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y Shares. After-tax returns for other classes of shares will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.  Actual after-tax returns will depend on your specific situation and may differ from those shown.  The total returns reflect reinvestment of dividends and distributions.  After-tax returns are shown only for Class Y Shares.  After-tax returns for other classes of shares will vary.
Barclays Capital Quality Intermediate Municipal Bond Index (This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.84%
5 Years rr_AverageAnnualReturnYear05 5.47%
10 Years rr_AverageAnnualReturnYear10 4.53%
Tax-Free Trust of Oregon Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fee rr_ManagementFeesOverAssets 0.40%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Trust Operating Expenses rr_NetExpensesOverAssets 0.75%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 474
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 630
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 800
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,293
1 Year rr_AverageAnnualReturnYear01 1.54%
5 Years rr_AverageAnnualReturnYear05 4.34%
10 Years rr_AverageAnnualReturnYear10 3.95%
Tax-Free Trust of Oregon Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther 1.00%
Management Fee rr_ManagementFeesOverAssets 0.40%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Trust Operating Expenses rr_NetExpensesOverAssets 1.59%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 262
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 502
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 866
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,456
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 162
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 502
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 866
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,456
1 Year rr_AverageAnnualReturnYear01 3.87%
5 Years rr_AverageAnnualReturnYear05 4.31%
10 Years rr_AverageAnnualReturnYear10 3.50%
Tax-Free Trust of Oregon Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none
Management Fee rr_ManagementFeesOverAssets 0.40%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.39% [2]
Total Annual Trust Operating Expenses rr_NetExpensesOverAssets 0.94%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 96
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 300
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 520
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,155
Tax-Free Trust of Oregon Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none
Management Fee rr_ManagementFeesOverAssets 0.40%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Trust Operating Expenses rr_NetExpensesOverAssets 0.60%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 61
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 192
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 335
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 750
Annual Return 2003 rr_AnnualReturn2003 5.14%
Annual Return 2004 rr_AnnualReturn2004 3.94%
Annual Return 2005 rr_AnnualReturn2005 2.77%
Annual Return 2006 rr_AnnualReturn2006 3.78%
Annual Return 2007 rr_AnnualReturn2007 2.99%
Annual Return 2008 rr_AnnualReturn2008 (1.03%)
Annual Return 2009 rr_AnnualReturn2009 11.10%
Annual Return 2010 rr_AnnualReturn2010 1.33%
Annual Return 2011 rr_AnnualReturn2011 10.00%
Annual Return 2012 rr_AnnualReturn2012 5.94%
1 Year rr_AverageAnnualReturnYear01 5.94%
5 Years rr_AverageAnnualReturnYear05 5.36%
10 Years rr_AverageAnnualReturnYear10 4.54%
Tax-Free Trust of Oregon Class Y | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.87%
5 Years rr_AverageAnnualReturnYear05 5.35%
10 Years rr_AverageAnnualReturnYear10 4.52%
Tax-Free Trust of Oregon Class Y | After Taxes on Distributions and Redemption
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.15%
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 4.45%
[1] Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
[2] Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
EXCEL 10 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\U935A.34W9%\W,3`Y7S0P8F%?8C0W9E]F,SEB M.39A938T8V0B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O M=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D M/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D M('=I=&@@36EC'1087)T7S5E-6$Y-3=D7S'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^4V5P(#,P M+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,#'0^2F%N(#(U+`T*"0DR,#$S/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U935A.34W9%\W,3`Y7S0P M8F%?8C0W9E]F,SEB.39A938T8V0-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO-64U83DU-V1?-S$P.5\T,&)A7V(T-V9?9C,Y8CDV864V-&-D+U=O M'0O:'1M M;#L@8VAA6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,"!S='EL93TS1"=- M05)'24XM3$5&5#H@,S9P="<^/"]F;VYT/E1H92!4&5S(&%S(&ES(&-O;G-I6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,2!S='EL93TS1"=-05)'24XM3$5& M5#H@,S9P="<^/"]F;VYT/E1H:7,@=&%B;&4@9&5S8W)I8F5S('1H92!F965S M(&%N9"!E>'!E;G-E2!R97%U:7)E;65N=',@9F]R(&5A M8V@@2!O=71S=&%N9&EN9RX\+V9O;G0^(#PO M9&EV/CQS<&%N/CPO2!F&EM=6T@4V%L97,@0VAA&EM=6T@1&5F97)R960@ M4V%L97,@0VAA'0^06YN=6%L(%1R=7-T($]P97)A=&EN9R!%>'!E;G-E65A6]U'!E;G-E"U&"U&"U&"U&'!E;G-E'0^17AA;7!L M93QS<&%N/CPO6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS M1%1!0C$M,B!S='EL93TS1"=-05)'24XM3$5&5#H@,S9P="<^/"]F;VYT/E1H M:7,@17AA;7!L92!I6QE/3-$)TU!4D=)3BU, M1494.B`S-G!T)SX\+V9O;G0^5&AE($5X86UP;&4@87-S=6UE6]U&%M<&QE(&%L2!C;VYV97)T('1O($-L87-S($$@4VAA M&%M<&QE M#0H-"@T*#0I405@M1E)%12!44E535"!/1B!/4D5'3TX-"@T**%531"`D*3QB M"U&"U&'!E;G-E'!E;G-E($5X M86UP;&4@3F\@4F5D96UP=&EO;@T*#0H-"@T**%531"`D*3QB'0^4&]R=&9O;&EO(%1U'0^/&1I=B!S='EL93TS1"=415A4+4E.1$5. M5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%2 M1TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X@/&9O;G0@6QE/3-$ M)TU!4D=)3BU,1494.B`S-G!T)SX\+V9O;G0^5&AE(%1R=7-T('!A>7,@=')A M;G-A8W1I;VX@8V]S=',L('-U8V@@87,@8V]M;6ES&%B;&4@86-C;W5N="X@5&AE'0^/&1I=B!S='EL93TS1"=415A4 M+4E.1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P M=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X@/&9O;G0@2!T:&4@:7-S=65R M)B,X,C$W.W,@=&%X:6YG(&%U=&AO2P@=VAI;&4@;W1H97(@3W)E9V]N M($]B;&EG871I;VYS+"!S=6-H(&%S(')E=F5N=64@8F]N9',L(&%R92!B86-K M960@;VYL>2!B>2!R979E;G5E6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$ M25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE2!H87,@=')A9&ET M:6]N86QL>2!B965N(&)E='=E96X@,3`@86YD(#$X('EE87)S+CPO9F]N=#X@ M/"]D:78^(#QB3X@/&9O;G0@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2 M;VUA;CL@1D].5"U325I%.B`Q,'!T)SYB92!R871E9"!W:71H:6X@=&AE(&9O M=7(@:&EG:&5S="!C2!N871I;VYA M;&QY(')E8V]G;FEZ960@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I M;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SYI9B!U;G)A=&5D+"!B M92!D971E2!B>2!T M:&4@4W5B+4%D=FES97(N/"]F;VYT/B`\+V1I=CX@/"]T9#X@/"]T6QE/3-$)W1E>'0M:6YD96YT.B`P<'0[(&1I M3X@/&9O;G0@3H@:6YL:6YE.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT M+7-I>F4Z(#$P<'0[)SY4:&4@4W5B+4%D=FES97(@6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I% M.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,30@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K M.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX] M,T1L969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!4:6UE2!O6]U M2!G;R!D;W=N+B!4:&4@=F%L=64@;V8@>6]U2!A;'-O(&=O(&1O=VX@=VAE;B!I;G1E6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2 M;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,38@2!T:&4@5')U6]U6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE2!2 M:7-K+CPO9F]N=#X@26YV97-T;65N="!G2!C6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U714E'2%0Z(&)O;&0G/E)I2!B>2!A9'9E2!B92!A9'9E2!T:&4@<&AA6UE;G1S M+B8C,38P.R8C,38P.U1H92!V86QU92!O9B!M=6YI8VEP86P@6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U714E'2%0Z(&)O;&0G/E1A>"!2:7-K M/"]F;VYT/BX@5&AE(&EN8V]M92!O;B!T:&4@5')U2!A M=71H;W)I=&EE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S M($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M M,C`@2!A;'-O(&)E(&1I9F9I8W5L M="!T;R!V86QU92X@268@=&AE(%1R=7-T(&ES(&9O2!A="!A(&QO6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!, M05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P M="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI M;F4[($9/3E0M1D%-24Q9.B!4:6UE6UE;G0@<')O8V5E M9',@870@82!T:6UE('=H96X@>6EE;&1S(&]N('-E8W5R:71I97,@879A:6QA M8FQE(&EN('1H92!M87)K970@87)E(&QO=V5R('1H86X@=&AE('EI96QD(&]N M('1H92!P6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,C(@6]U2!D96-R96%S92!I9B!T:&4@4W5B+4%D=FES97(F(S@R,3<[2P@6EE;&0L('9A;'5E(&]R M(&UA2P@:6YD=7-T6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K M.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX] M,T1L969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE2!D969A=6QT(&]N(&ET2!A9F9E8W0@=&AE:7(@ M=F%L=64@;W(@<&5R9F]R;6%N8V4N/"]F;VYT/B`\+V1I=CX@/&)R+SX\9&EV M('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!- M05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L M969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%- M24Q9.B!T:6UE2!R97-U;'1I;F<@:6X@=&AE(&QO2!A;'-O(&AA=F4@=&\@2!I=',@;V)L:6=A=&EO;G,N M/"]F;VYT/B`\+V1I=CX@/&)R+SX\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$ M25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE2!I;G9E6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!, M05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P M="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI M;F4[($9/3E0M1D%-24Q9.B!4:6UE'0^5')U6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1J=7-T:69Y/B`\9F]N="!S='EL93TS1"=$ M25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE'0^04Y. M54%,(%1/5$%,(%)%5%523E,@07,@;V8@1&5C96UB97(@,S$@0VQA6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1) M4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z M(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE"U&"U&"U&&5S(&]N($1I6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,CD@6]U2!D:69F97(@9G)O;2!T:&]S92!S:&]W;BXF(S$V,#LF(S$V,#M4:&4@=&]T M86P@"!R971U3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U935A.34W9%\W,3`Y7S0P8F%? M8C0W9E]F,SEB.39A938T8V0-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO-64U83DU-V1?-S$P.5\T,&)A7V(T-V9?9C,Y8CDV864V-&-D+U=O'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^5$%8+492144@5%)54U0@3T8@3U)%1T]./'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^26YV97-T;65N M="!/8FIE8W1I=F4\2!;5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\ M=&0@8VQA6QE/3-$)U1% M6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@ M,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE'0@0FQO M8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@,'!T.R!$25-03$%9.B!B M;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G(&%L M:6=N/3-$;&5F=#X@/&9O;G0@6QE/3-$)TU!4D=)3BU,1494.B`S-G!T M)SX\+V9O;G0^5&AI6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L9"!S M:&%R97,@;V8@=&AE(%1R=7-T+B!9;W4@;6%Y('%U86QI9GD@9F]R('-A;&5S M(&-H87)G92!D:7-C;W5N=',@:68@>6]U(&%N9"!Y;W5R(&EM;65D:6%T92!F M86UI;'D@:6YV97-T+"!O6]U'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^ M'0^4VAA6]U'1= M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E'1";&]C:SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@,'!T M.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5)) M1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X@/&9O;G0@6QE/3-$)TU!4D=) M3BU,1494.B`S-G!T)SX\+V9O;G0^5&AE(%1R=7-T('!A>7,@=')A;G-A8W1I M;VX@8V]S=',L('-U8V@@87,@8V]M;6ES&%B;&4@86-C;W5N="X@5&AE'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^2!I;G9E'!E;G-E0G)E86MP;VEN M=$UI;FEM=6U);G9E'!E;G-E($5X86UP;&4@6TAE861I;F==/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&@^&%M<&QE/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X86UP;&4@ M3F%R&%M<&QE3F%R6QE/3-$)U1% M6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@ M,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T M)SX\9F]N="!I9#TS1%1!0C$M,R!S='EL93TS1"=-05)'24XM3$5&5#H@,S9P M="<^/"]F;VYT/E1H92!%>&%M<&QE(&%S65A65A M6]U6]U&%M<&QE+"!.;R!2961E;7!T:6]N+"!">2!996%R M+"!#87!T:6]N(%M497AT73PO=&0^#0H@("`@("`@(#QT9"!C;&%S&%M<&QE3F]2961E;7!T:6]N0GE996%R0V%P=&EO;CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^66]U('=O=6QD('!A>2!T M:&4@9F]L;&]W:6YG(&5X<&5N6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,3`@2!T:&4@4W1A=&4@;V8@3W)E9V]N+"!I=',@ M8V]U;G1I97,@86YD('9A&EN9R!A=71H;W)I='DL('=H:6QE(&]T:&5R($]R96=O;B!/8FQI9V%T M:6]N6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U325I%.B`Q,'!T)SY5;F1E6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q M,'!T)SX\9F]N="!I9#TS1%1!0C$M,3(@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($U!4D=) M3BU,1494.B`P<'0[($U!4D=)3BU224=(5#H@,'!T)SX@/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($U!4D=)3BU,1494.B`P<'0[($U!4D=)3BU224=(5#H@,'!T)SX@/&9O M;G0@6QE/3-$)V1I2!A;F0@8V]U<&]N(')A=&4N/"]F;VYT/B`\+V1I=CX@/&)R+SX\9&EV M('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!- M05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z("TW+C)P="<@86QI9VX] M,T1J=7-T:69Y/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!4:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q M,'!T)SX\9F]N="!I9#TS1%1!0C$M,34@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U714E'2%0Z(&)O;&0G M/D-R961I="!2:7-K/"]F;VYT/BX@268@86X@:7-S=65R(&]R(&]B;&EG;W(@ M;V8@82!S96-U2!H96QD(&)Y('1H92!42!T;R!A(&9I;F%N8VEA;"!C;VYT7!I8V%L;'D@9&5C M;&EN92X\+V9O;G0^(#PO9&EV/B`\8G(O/CQD:78@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2 M;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,3<@2!A(&UA:F]R(')A=&EN9R!A M9V5N8WD@=&\@8F5L;W<@:6YV97-T;65N="!G2!B96-O;64@2!O9B!T:&4@2X@4F%T:6YG(&%G96YC:65S(&UA M>2!F86EL('1O(&UA:V4@=&EM96QY(&-R961I="!R871I;F=S(&EN(')E2!A6QE/3-$)U1%6%0M M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T M.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE2!B92!A9F9E8W1E9"!S:6=N:69I8V%N=&QY(&)Y(&%D=F5R2!A9F9E8W1E9"!B>2!R M:7-I;F<@:&5A;'1H(&-A2!A9F9E8W1E9"!B>2!C M:&%N9V5S(&EN('1H92!F:6YA;F-I86P@8V]N9&ET:6]N(&]F(&]N92!O6QE/3-$ M)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5& M5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N M="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE M6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U714E'2%0Z M(&)O;&0G/DQI<75I9&ET>2!2:7-K/"]F;VYT/BX@4V]M92!S96-U2!B92!D:69F:6-U;'0@=&\@2!D=7)I;F<@=&EM97,@;V8@;6%R M:V5T('1U6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,C$@6EE;&0@;VX@=&AE('!R97!A:60@2!P6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U714E'2%0Z(&)O;&0G/E!O2P@6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SX\9F]N="!I9#TS1%1!0C$M,C,@2!T:&4@5')U2X@4V]M92!D97)I=F%T:79E65T(&9U;&QY(&MN;W=N(&%N9"!M87D@;F]T(&)E M(&9O2!M86ME('1H96T@;6]R92!C;W-T;'DL(&UA>2!L:6UI="!T:&5I2!O=&AE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SX\9F]N="!I9#TS1%1!0C$M,C0@6]U2!B92!M;W)E('9O;&%T:6QE M(&EF('1H92!46QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE M=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,C4@ M2!U;F1E'!O6QE/3-$)U1% M6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@ M,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SX\9F]N="!I9#TS1%1!0C$M,C<@2!;5&5X=%T\+W1D/@T*("`@ M("`@("`\=&0@8VQA'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^2!U;F1E6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!, M05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P M="<@86QI9VX],T1J=7-T:69Y/B`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE2!O9B!2971U65A2!S:&]W:6YG(&AO=R!T:&4@5')U5=E8E-I=&5!9&1R97-S/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#YW=W'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&@^6QE/3-$)U1%6%0M24Y$ M14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!- M05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/B`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE2!2971U5)E='5R;CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S5)E='5R;DQA8F5L/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y, M;W=E'0^4V5P(#,P+`T* M"0DR,#`X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^079E"!.;R!$961U8W1I;VX@9F]R($9E97,L($5X<&5N$YO1&5D=6-T:6]N1F]R1F5E&5S(&]R('-A;&5S(&-H87)G97,N/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5S+CQS<&%N/CPO"!$969E"!3:&]W;B!;5&5X=%T\+W1D/@T*("`@("`@("`\ M=&0@8VQA"!R971U2X\'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T M)SX\9F]N="!I9#TS1%1!0C$M,CD@6]U2!D:69F97(@9G)O M;2!T:&]S92!S:&]W;BXF(S$V,#LF(S$V,#M4:&4@=&]T86P@"U&'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&EM=6T@1&5F97)R960@4V%L97,@0VAA'!E;G-E'!E;G-E65A'!E;G-E($5X86UP;&4L('=I=&@@ M4F5D96UP=&EO;BP@,2!996%R/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&@^&%M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L M95EE87(P,SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X86UP;&4L M('=I=&@@4F5D96UP=&EO;BP@-2!996%R&%M<&QE665A&%M<&QE665A&EM=6T@4V%L97,@0VAA&EM=6U386QE&EM M=6U$969E'!E;G-E'!E;G-E($5X86UP;&4L M('=I=&@@4F5D96UP=&EO;BP@,2!996%R/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&@^&%M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#,@ M665A'!E;G-E M17AA;7!L95EE87(P,SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X M86UP;&4L('=I=&@@4F5D96UP=&EO;BP@-2!996%R&%M<&QE665A&%M<&QE665A&%M<&QE+"!.;R!2961E;7!T:6]N+"`Q(%EE87(\+W1D/@T* M("`@("`@("`\=&0@8VQA'!E;G-E17AA;7!L94YO4F5D M96UP=&EO;EEE87(P,3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X M86UP;&4L($YO(%)E9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L94YO4F5D96UP=&EO;EEE M87(P,SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X86UP;&4L($YO M(%)E9&5M<'1I;VXL(#4@665A'!E;G-E17AA;7!L94YO4F5D96UP=&EO;EEE87(P-3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'!E;G-E($5X86UP;&4L($YO(%)E9&5M<'1I M;VXL(#$P(%EE87)S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E'!E;G-E&%M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#$@665A&%M<&QE665A&%M<&QE+"!W:71H(%)E M9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L95EE87(P,SPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'!E;G-E($5X86UP;&4L('=I=&@@4F5D96UP=&EO;BP@-2!996%R&%M<&QE M665A&%M<&QE665A&EM=6T@4V%L97,@0VAA&EM=6U386QE&EM=6U$969E'!E;G-E'!E;G-E($5X86UP;&4L('=I=&@@4F5D96UP=&EO;BP@,2!996%R/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E($5X86UP;&4L('=I M=&@@4F5D96UP=&EO;BP@,R!996%R&%M<&QE665A&%M M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#$P(%EE87)S/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&@^'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S65A65A7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA4IX1D1+0FMA14E),$MX=U)64S!F06M-,DIY9V=K2T9H8UE' M4F]L2FEC;TM3;S!.5%DS#0I/1&LV43!21E)K9$E357!45D965U8Q:%I7;4YK M6E=:;F%';'%C,U(Q9&YD-&58<41H25=':#1I2FEP2U1L2E=7;#5I6FUQ2VIP M2U=M#0IP-FEP<7)+>G1,5S)T-VDU=7-,1'A-6$=X.&I*>71,5#%.6%#AV4#`Y9F(S*U!N-B\X44%(=T5!#0I!=T5"05%% M0D%114)!44%!04%!04%!14-!=U%&0F=C24-1;TPO.%%!=%)%04%G14-"05%$ M0D%C1D)!44%!44HS04%%0T%X145"4T5X#0I":$I"55%D:&-236E-;T5)1D5+ M4F]B2$)#4TUZ579!5EEN3%)#:%EK3D]%;#A28UE'4F]M2GEG<$MJ53).>FE1Y9$QI9D1Y=455#0IS9'5&6$HU2DDY0FMK0398=S0O-4HU M-%@O=T-W5F$O*VE6;SAD>%AS*VDR-F%D<#EX9GI,9C)C-U)W=D=P0U)80U-S M8WE/;S92:T1N#0IQ4C)Y4C(R5FIY#1'-$1K5AU;E@Y:$QU=7))=WEIF+TDY1VY93F8U=GI%+W=#148X2B\Y0W9O6"]G=F@O.$%I M85`K148X2B]W1%%R-D8O-$PT9B]I85@O:$AT5"\V1R]8=BLO3FPO#0HX:C%K M,TYH&)R6&M81FQC,TQS64Q,8T=J94)602\P9D=-4W1N:G-/ M;F,P-T%R=C=8-6UR+W=G=FA0+T%+1F91=CA!#0IW6'&E6EIF+TDY M2"]#4&%N+S!.*W9F#0HY*V),+W=#4C9,3'-&,R].*UEN+T%!9W9H4#A!-D9F M478O0F9$+SA!13!F.$E,-%0O=T-H6#!,+T%-1CA0+WA.3"]W:C)P+SE$9G(S M#0HO9FUY+W=$:V5J+VA(=%0O04]H=C$W+W9Z6F8O04-04EID9W4O=T-B.'A0 M*T5&.$HO=T115!75').:')&:G%/9S(X6&DS5VEL+V5T8E-L M;TQ,2557.#!U5B\P9G)U:55C-31*#0HK;TY/=TLW*S$K6G$O=T1#0RM%+RMH M6#!,+W=8=R\X07A.2"]!06=V:%`X039&9E%V+T)F1"\X044P=B]!06HR<"\X M05$S-CDO=T(K#0IB3"\U2&\O-%(W52\K:'8Q-R]V>EIF.$%Y4%):9&=U+S5V M>D4O=T-%1CA*+SE#=F]8+V=V:"\X06EA4"M%1CA*+W=$47(V1B\T3#1F#0HO M:6%8+VA(=%0O-D78K:CED,%-J;E!"4#%"<#)"6&8R=GI. M6"]H0F9#9B]12]W1&ME M:7DW0F0O>F9M2B]W9W9H4"]O5CE#+SA&.%`O04U44B]W04E,-%0O#0I!3VA8 M,$PO=UAW+R]!0DY,+W=!23EQ9B]!14XK=F8X069M>2\K4C90*T5E,5`O;V(Y M92\W.#)8+T%-:C!76%E,=BMB.'A0.$%H0F9##0IF+U%R-D8O-$PT9B]!26UJ M+VA"9D-F.$$P2RMH9BM#*T@O-&UL+S12-U4O*VAV,3&)R5$\Y#0HW85=X1'=74D$Y(+T-#*T4O*VA8,$PO M=T%�HX4#A!.%13+SA).7%F+U$S-CDO,S5S=B]!2DAO+W=#164Q4"]!2T5(W-#8Y2TY/=TLW,#5V>DY8+T%)45AW;B\P2RMH9BM#*T@O=T-* M#0IO+S116'=N+T%.0W9O6"]G=F@O*TIP9BM%93%0+V]B.64O-S@R6"]Y4%(O M=VHR<"\Y1&9R,R]F;7DO.$%K96EY-T)D+WIF;4HO=T%)#0I,-%0O04]H6#!, M+W=8=R\O04).2"]#0RM%+SA!;U8Y0R]W1$)F1"\X5%,O.$DY<68O43,V.2\S M-7-V.$$U2&\O-%(W52]W1&]B.64O#0HW.#)8+W=!:C!76%E,=CA!;2]-5"]H M0F9#9CA!,$LK:&8K0RM(+S1M:B]H0F9#9B]!14LK:&8X06=V:"\K2G!F*T5E M,5`O;V(Y92\W#0HX,E@O04UJ,6LK3&)$5TY(.$LV>G%D=#1T,7!P-TMY;759 M,6MG$Y(+T-#*T4O*VA8,$PO=UAW+SA!>$Y,+T%-23EQ9CA!,$XK=F8Y M*V),+S5(;R\T4C=5+RMH=C$W+W9Z6F8O23E&;#)##0HW+VTO350O:$)F0V8O M47(V1B\T3#1F.$$T;6HO04E16'=N+S!+*VAF*T,K2"]W0TIP9CA!:$AT5"]W M0VAV,35!2+W=J#0HR<"\Y1&9R,R]F;7DO=T1K96EY-T)D+WIF M;4HO=V=V:%`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`P9%HQ,&5+-38K+W=#4VEA2B\R0W(O05`X05(Q M;EA2-'!,#0IQ53EK3GA2:6Y9;WA42D%1S55EO06)I:D9/>%)I9T)U2TU5-T9'2T%'-&]X#0I46)B&IJ1E0Q3"MY9%9I#0IV;$PY<3&XY M7E:5FQ53$=#5DE6:3-2,TUY5S%T3%!)2D-K4T8R16-B4TU10FYH5D),2#)! M2E!A'9015,V=61C,65�IL.'!6=&]M:$514DA6>6=*:DQH6%I2 M=G=W,V=!131644]J>%11;F)1-'$R,6DQ,6(T:394.6QI=C0O2S!Q*S-F83=# M93)Z;6$P>'0X#0HQ1C-D3V-:>'AN<4LW5#%R;F(X9CA81C!0+W-&6"\X039/ M%%!;G)36D=!9C95-T9'#0I+044W-&\Y85A&1TM! M1S5'068V579F1DQI:D9!0V5T2FM90B]P5'-566]!5'9I:C%P8U59;T%B:UE" M+W!3.3A5=4M-54%*-C!M4F=(#0HK;$]X4FEG0D\K2U!7;'A2:6="=5)G2"ML M3#-X4S1O>%%!;G)36D=!9C95-T9'2T%%-S1O.6%81D=+04]/*TM&>'!T=&]' M;EA'<5,R#0IK2WAA=G`X:TUL>7ER%HP4D=L=$4Q2V)2-WE-<5=55%-,-71U>4QJ<5(X%)I:S!5;EI73THX5U@K:V8X2E`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`O4C%N#0I84UER;F(X9CA81S!0 M+W-&86@O-D]S-C941D-'.6M.>%)I;EEO>%1%3GA2:6Y9;WA103-&1TMD:6I& M041C55EP,DM-54%.>%)I;EEO#0IX44$S1D=+9&EJ1D%$8U59<#)+355!3GA2 M:6Y9;WA103-&1TMD:6I&041C55EP,DM-54%.>%)I;EEO>%%!,T9'2V1I:D9! M1&-567`R#0I+355!3GA2:6Y9;WA103-&1TMD:6I&041C55EP,DM-54%.>%)I M;EEO>%%!,T9'2V1I:D9!2&YN:2]W051A-UIE3%@PE=L-$$X439V<2MR-G99-GDQ:$HY M:VAT-6\S=$QD-&,K63!W#0I)64Y)*V-E54U9>#%.6FUO.39D.$U0.$%K8G9% M;B]8;%DO.$%O>39O<5%59&@T871/;S=36C92:6I&3WA2:7-Z%)I9T)U2TU5-T9'2T%/6BM*0W4O=T%0+T5C54U&>%!.3G`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`T:E-M3%%B57)B,VQW9C=45A$0EDW<4M2,DMX<5-!15)J;DA91'%11$PX3E`K#0I38RM&9BMW5&%F.$%O M;&$V5$95=&I.-E-U960V3)D-#%X9C8W<"MO,C=R8G4P2F=I M*W@K67I39V57:$@R95@U5UE-#0ID;W=$=5A09EA+>DYB4W)A=DA(8T9#23-K M475Q=&IG;%%14TTY%)I;6M$9'II3&%(5TEV:4YP4#A!8DXY65AE M9$MV=DPK#0IY5U0R*S,Y.5HU,V)P6DXR94U9>&I"-C4T-U5:-7I83S,O.$%Y M56)1+W=$&]Z>FUJ0G=/4FYV>%1S55EO06)Z;C)O#0I'96,P-T9'2T)$8TA!-4=E M+T9(3V9A;EEO>%%-84TX-6]W8T1K6CFXR<#)+#0I-541':E!/84U(035'92]&3WA2:6="=D]F86=: M-7I4%)I9U(U4#1Z>B]W04Q*=6,Y#0IF-TIT4"]2 M,3%7:'`O87%(:E@O:W!6,2\R0V)4+W="2%A66#E0-U8P54YJ>F-:.&(K6#5% M3V\Y-F0X34TO=T1#6&5*368X*U9J+S9-#0IU<6)Q4&5N+T%!=B]!3U)U.%-F M.656:B]!3VI,<6Q72W=7-394>FXR;T=E8S`W1D=+=U!11S1/0GE-.2M+3V,K M,4]X4FEG63!:-7I2#0IG-$A)>C,T<#)+355!3C5Z-U5$4$]A9&EJ1D%J:'9( M+T%):3%J4TY7,&5X,&1T4%$S8T9X3DQ*9%2\V=&]106]74DU:.#`Y4V5G M#0IR3G0Y93A8>EDO-&U'9T0O04QH8S,O>512.%50*U)V.$XO.$%8;&9F*VI, M5VTV9C)R4VQ"4S-/5$4Q<#`S84Q*3&I7+T8X3V8K2FIO#0I$9CA!8TMM2"]T M>E4S9R]X4'(Q.31T5%-T6&LP>5=#4WEM=59A,71*25=6;S5)5G=D,')G9VE5 M.6@P1E$V:C-Q:C1*+S5+5F$O=T19#0I*=2\O045D83`V#=C8S5Z;D]2,'AZ:R]$9%IL.$UY&]55FTK,GHU#0I) M56MK1%!B2G@V;75G,45HK,6XO>55B5'8K=U9(+W=#:G!Q*W1-5CAM9G1A9CAL M1S`W+W-%>"\X06\V86]Q+T-A#0HT9C1Z-E(K1VGAU,FLT>FC9'=3)'1&Y(8G)35$DUB.&(K6#5%3V\Y-FLK1G8X M07E.,VE4+W)YDPT;R\X04DS*T=V*W9+*R\X05)LG-B.%)*<5!E<5AG:B]K<&1R+S)#8G8X03E( M5W189%(W,5,X145$-&PR=51J+VE66&8O;S8Q<#$Y:6-&.&$K9C5(#99;4M-5756=T1K65!1-6\T>FIV-E5!2FEJ1DM- M2$]/,U=J2S1">4U(;V,P059D4G-O=%%S-4Q7-&4T#0I32U1'5W0W:5-">&=G M.$]H1$1P,E!)-#9'DE5:3%05555>5-.27A!=EIW37-X M2EDK-4I*-S%P*TET5S!(5')B#0HW4#1K,4143%50K,70O=T%L2#`S+T%,0DUF+V\V86]Q+T-A,%!J4'!,#0HT6FHO M04ET>#15+S="3G`O-DI3='I5-U0W9G!T,UHO84QI,BLP4E!&-3EU*WE74&-# M3GE.,EE:>40R27)%*T=9+W=#3&(K1E`K=U1A#0IF*VE5'AR M9V)/96=X4S1O>%%*-FY-#0HS-"\T=5!O6"]92C%$+S!D6E8P=4LU=2](+T9Y M3D,O-T)/;V8K:G)+=6QX46AV;TII:D9,:6I&36M41D=+6$9'2T%%>%)I;'A2 M:6="#0I-55EP8U59;T%41D=+6$9'2T%%>%)I;'A2:6="3559<&-566]!5$9' M2UA&1TM!17A2:6QX4FEG0DU567!C55EO051&1TM81D=+045X#0I2:6QX4FEG M0DU567!C55EO051&1TM81D=+045X4FEL>%)I9T)-55EP8U59;T%41D=+6$9' M2T%%>%)I;'A2:6=$>51X>"]W06Q-=78K#0IW5&%F*VIR<7)U;CEQ<"M/4"M3 M;5A8+UE*=%`O045D9%9C,"]T6%11,E!,>'8X4B],.&E(564Y4R]#>B]!2D$PO,3574"]!2TUU#0IQ:3%(=E4S=W(O-4$PO04YE5FHO-DUU<6UU6&=V M:5!48U59<&-567)!.4541D=+6$9'2T%%>%)I;'A2:6="3559<&-566]!.'@K M#0I+9CA!>4XO:'(O5)/:TYZ-5EK.&QY0T9F865'=V-( M0C1/2S5B431B,&5'=D5/;&%68U-283E:=DIA:35U8G%A-6HK,'1!:GAY2UIM M:UI5>$I'4VAY#0I&3S1F4#DU;&-A4C)/2TU6-4IP=FE+.&@O='5,4C=B6#1D M4&IU-V)4;65D>G%S,7!C9G9(=6Y"4C4R-&DX;%9",TE*4T%62#=YD5$-"-$I9=V3-0:&E794U32VMU<#9K-FE33F\R04XY3U)L5T%:5#=% M06IV4F4W#0I#,6MD4FEV:VXY&)F=W`O#0HR0V)4 M+W="17!84S1R;2]H;"]Y5&)W;B]!3F=M,"\X05)+5F4X6518.70T4S%U9E)X M23)P>%=--S)O:FHX>&I+23)+65A",TAD:FI"#0IZ5DHV14Y86F-G=C=/-'9B M<7IT-W4S;'4W6%HY;V=34E=E2&--G5J371T2S%R2$A*8T)#63!K8V]R3FIG1F=#44TY=T1J,%!3:$U'G0K#0I0*TQK848O,D-D42\Y2%=69$QI=4IT6G19;2M*3VMF,C%9869A63!M M+W=$2RMY6'(S1SFY*-EDU-V-:>6-J#0HV54E':FY9 M=&1U6B]&.#)J>%=-8V1V8G!U964U;&5+4U5B45,P0V575FQ24S9+>$5G2W-3 M0T(X=39Z3G%S,%AI,C`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`O0U4IC,4AD<&9--V$Q=#1B4S)I=#=72T]',VA14GAX4G%&5D9! M=T9!2$%!2$="559V#0IP.6YB+UIV6]Z='EI-$AY ME!#;79G9'9N&QS,3DU,6MK8V1N1F581G):*UI/*UIN:F=#2S@W:$%O#0HU2D%,14MQ9W-1 M34%!:T%6>B]W,6MA8G=X3$Q*1$IB=2MP-FMZ47E&4S!:3CE0;%1T2EA)-F-% M:C!*&I! M-C4T>5!H;UIM.$U3=&12>'@S0C%056I):V)L,59V=#`K44=)0DEZ,TE'9E%D M2UA5=F]D4FEV#0IK9CA!834O-4M2<'8O64IJ+W=$4C`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`O87)( M>%DO=T-2=CA-+SEE5B\O=T-J3%=Q*VXY<39A0C5M#0I/*TEK,4AV5EAW2"]! M36Q.='8X07-%,VXO;S8Q<3%Q4&5Q=F=,+VMP='0O,D-B>B]!3DA7=%!%8D4T M2"M)=FXK4C8Y4E,P5GEN<6YL#0IV>%DO-43%Q%HO-4&1(+W=#4V=E M12\K=C)B#0HO=T))-VET<2]W0VQ9=6HO05!*469#9B]!1BMZ9BMK9'A65CEJ M4$(O1VHR3%5K=DI,2U)D36YT-V4W3TYK='A!,'E,>4TU44]H4$=2#0HY-&,X M.#E+-2]W0T=I>DPT66Q7-FMJ:W5"<6UP0U(T,$M+>F9B<#AK2U-30FYS4V-E M<#8Q,%=P5S!T,UI345&-7-GAL#0HP=U%E0DER3'IJ2$MN9RMV M3F,Y.$TT,V@X35-X4U136$1P<6UP2S`P9U5.25)F5#5:=&]#-5!5-$%(;T)8 M2#%06C9(53$X:2]T9"\X#0IL2C`S+W-%>&8K:G!Q*W4V*U)0,G90.$%K<$]M M+W=$64II+SE(5%9.5#144VHX4CE,+T1%9CA7,3A*+SEG:3`O.45P6%19C(X>4=/4TM247EU<$=#6&Q/1',W+W="9DTY:7A2:79#-WEX94ES M63E6.%%,;FLO.%1Q."\K3S$V;CA/<%I,=C1E948U-W%2-7!P9$QT6DI*#0I* M1TQ--T=*4U=*4$I/96,Q16]U3'-Z5VQ7:E948V5H,$]+355U,%I">'E/33!" M44-30FI02CDV:S%-830X4C988C9S3D]L;FM&>'97#0I*;D5%:E%X>4YJ8D312;41(96U".'DU:3A1*TMD23A08B\W5&UU0C5C2G5*9G,Y<$YC M951%32]02C5A3C5A;F$R0S)!#0ID3`V4'&%Z1S13-'0P4U8Q;%9T>EIK.'A5:7=(,G%M-E(Q0S56069-,"]%,6YD M83-P.7!9#0IP6GE2450S>7!E1U9K3S(R:F-U,E9$14]K=VE737)N3S)B3$1H M;'!82W-H2B]'3VA7*V\O634W=5-)-S5)+W1$,C!Q,C(V3DAE4F9T#0I"6'ES M<7-C;31B=4-J03AG:7(P975A9$I:5V0Q2&-B;W)U655(S M33`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`W=%8S-'4O=T1),V5'4"MV2R\O=T12;'!63%1U M,61.03AR#0I(9D=78B]P5TYO=B]!0U5,=VPO,2MZ9BMK9'A7>F8X05-S9E)0 M*U-H*T5V*W8R8B]!3DDW:7)R-T=71"]!26E083=Q6F)A,FUN:T5J#0I*16AD M:$A',&I%05I/,59"6FHV04%K.7$U;C1:5$QC*T8U6C1X27%3-G!Q5'%*23)J M64$S,#5'-5=!6E0V9V=%9'A85#-5>5D@P04)*-T-U6BM'57E84&AE5V5-4TMK=7%A:S9I4TYO,D%..4]2=59G M1U4K;TE"2&5U4'%E,S!/#0IQ>%AY1"LQ.2]W06Q+,#,O04Q"15@O;S9A=G(O M04)8>40K,2\O=T%L3#!Z+T%,0D58+V\V86]Q8D8P=FE0<'(T6"\X04I.4$-8 M+UE)#0IT4#A!,%-L9$1D44QC,C`P16AK5DI52TU9-4=J8T%J0C)S<$1+9E%G M9VIS834O-%@O=T1*3E!#6"]92710+U)+5C!6,6)W,V1T3F)8#0I536,Y=DUH M:FMI:U5-:G%29W%W4$)"0G=187!B179C-#-W3&(V6D9R;7)Y*TA)8D]Z,%-7 M,G1J0F$R<7)%:VI"<#DQ,'-A.&)*0G-2#0I:0T)V.&=K6E%)>#=#-FME1S)M M;&IG:W5(4D-Y=WAL43AH07E&6&-1=50P1U-"-FM64S!8=R]O,FAE9"]9;6MA M9'!V;F)F3BMX,GE1#0HK6FI/3C(P1$]-;D=F53%P,#!$,T]&=&13=3E1*TIE M:B]A.44Q2%-V3#!I+S(O8DAG8GI->E=E9'9L4W8P=TTU>#%'33@T-V=:2E!" M#0I'4#%R;3E1+S5+6&]0+UE),4@O,&1:5C`Q2D%Z-3`X02]W1$EQ-DPO04YE M54@O;W1A-U)F*U!E=4PX02\X:7)O=B]8;$(O-DQ7=3!8#0HO:C-R,$M0=VYZ M,68T,EEM;SDV.4LK1T]2.$TO0U=!5"]W05-I>C9F.6-5FI593EE:R]#+SA!-4IP-%,O-T)&<"\V#0I* M4W5E=CA34%)W2'=Y*U@V;E-C-V=-2$AR44UK;F=J2#8P-FES5'9004Y,3V(O M5T-1451Q*V]C2'0O<&-T9%!B+W=#<%`P%E30T-B,DAG.78Y1'1Q#0HR8DPW;C16:V$Q+WE54'AB M+W="9G-0.$$V4C(Q83EL.7HX2S=+1W@T;4TO:4UO-FHS%`O=T)H9B\R,'1Q>GA"=FPO M>%`P+WE04D]D=T=$:C%O1U-4=U)J.6%D4EA/96].>61O3S`U3T]/36EJ;F-" M9S0Y#0IA9%)103!:2E!"1U`Q;WED;T\P-4]/3TUI;E5504XU,T%93U!79UI* M4$)'4#%P,49!2&I8>$%*4'A/=4-1451O.6YW93,W-C9Q>'`O#0IA;U!I1B]Y M5D,U+S="1FXO04]J$@X=GE)9%(W,6,K15)).%AE M2CA!;B]1-T1P+S$P=7%P-FHS<3DX25`K#0I2=3A4+W=$6&Q99BMJ3'5L:4,X M0CA:-FYZ=4%W8V5T07E394--9G)4<4LU5#%J1CA5-DHO=VM/;5$R$A806168F=C-V-C9VM'6%9T3G4W-6E,6%=D M4C`T2&)Z87!B=&IB=7HOFE8K2EAH M<'9U>6%U9G!O=#G0U4F1425I(>C5B24)N-4%V1F%D.31E%A&&=!78K1#(K93!Q<'`O87)V>&4O-4$]T$8X+WE0675D=T=$:C%O1U-4 M=U)J.6%D4EA)97EE569&,&LK#0I,4$,U24E*3!Q:'`S875N1&YK-#7IF.$%3EI5-C5/#0I-6C9( M3T]--"]W04U:2&TX3%-Y>5%35S=V<6UP55V5%`K=U)&+S9/;7%A;7AD3#1J-F(K1B\X07E44'=L+S)#3%0O,%-L9%!8 M32]##0HW+VMM9FA(+T%,0D9P+S9*4W0S5DPV,C!R5$QV54PK5'ER3S!H965A M5&%7,DEI;&U/0FMN04(T07I63%EL4YH>4%#0V1N1D%R2$PV:"]Y M57I19BMW4G%0+V\V>7)P-C5N55`K4VUA#0I$+S)#3E(O.4A75F10:6=B4&Y( M=T0O>4MU:2\Y955(+T%+3%=U,%@O04DY-C1V=T0O=T%ICA*9CEG:3`O.45P M6&U7;SDV.4\K1C,O2DTO0U`O64ET4"]22U9Y,3DP96IG4&AL.'8Q3VUO<&-5 M#0I9C))*TXK<&HV:C-R,'(T#0I8+SA!2DTO0U@O M64ET4#A!,%-L96$V:C-R,'8T6&8X04I-+T-0+UE)=%`X03!3;&,Y9F1(;S5F M.$UV;"MP,#%&3&EJ1EE(;TAZ.7!V#0HO25(Q;B]S36%H+S96>E8P,78X039K M+U-U6C`S+VM)-GHO,D=.42\Y2S5Q-F$S+S%**VQD.40T565":78T:W95>712 M-S$R+W=:+S5*#0HO8F8Y9G0O+T%/;&LQ8U)Q4&5U-"M$2"]!0U0K,B\V+V(O M.$$Y3%IQ=W(W;S=C=C9N8C!5=4M-5GIN<$AZ-7`S+TE3,7(O3$Q1G`O<6HY2S5F5"\K46QR6"]963%$+S!R;')Q3%0O5D@V5C-54&A2-$=, M+VE3.51.,4AV6&$O0FXO:U%,8B]R.78O.$$P5!2-DM81D=+-6HQ0DM+ M6$9'2T%%;W!C55EO05-I;'A2:6=$>&XT:"\X;%%U9BMW4EHO=T1O#0HV-G%B M5"LQ42]%4"]!2DMH8V8X05E)C%A:6QX4FEU53EC.%DK26XO2E5,:B]S15=F.$$V M3W5Q:S`O=%5F>$8O=T-3#0IO6$@O04=#3%`O,&1D5DIP+V%U>D0W2&I9-RM) M+VPK46%J,W%,-&1F.&Q1="]W1'-%6&XO04M/=&%L,4AV569W-2\U2VAB+SEG M:3@O#0HY2%=T3$5B0F=F-&DOE55=4M-5GE(7IF.4MY#0I.0R\U2THT4R]W0W8R8B\P:G5A,3F8K:V1Z5C$Y:DA"+WA%93$V;6PU2EI33'!K.79B,VAX6EU:%!'4CDT8S@X.41Z=G=X5UIF0S!Q,V-K8W1W3E4Q35-01VA2 M1V(W9%!K<7!,1E%4,$)*>#9N3-L;$I"8C-T#0IX65-V:D9X8G)' M6D5W465"27),>FI(2VYG.6IZ6$\O1$-*;V9#,'-5:SAL=S9A<'%A=$Y)1D1Y M15@P-$Q.=$%82C9N04$Y04LT97`W#0IV439U=FHS.7-,+VMP;6UF.6=I3"]W M0DA45CEH-'(T.2]B1"]!3U-M85HO,D-)=B]!161.57HR3'!F1694;G=U2"]& MF$S-%`Q,U-R4F\P=4PV=VYT66UK2D-" M;FI:45=)0D]-;FY!3E5V:&%0*TQ:945F.$%S1#)F+V]L2S9F1E5T:5AU#0IC M=C1C9W9RE%)I;4DX,'9V0C)M&,V-W-F4S51R;#980E=A>D%W M,VYB9U!M3U%$9SA:0C)J2%(O#0HX25!P6"]0,31H+SA+0R\O05!J,4QQ02\T M=6)O2"]92#%(+S!D63$P*TM6:T\W3T9T+VA6-%1T;VMI=#=856]O:U5+:4IR M1C1O541G#0I!05,X0W!V*T9A*T&HP+W1U.2\K4%8R;4M-53=K8W%F M431H=FAF-%AB-S!'<6XV-C%E+R](<717=G'A2-CEF2VE+0F=+;T4R04%"9T%6,75+355B;$I7,D]8+S119E-V*V9R>$0O M=T-&0F8X02]W065O+S119E-V*V9R>$0O=T-�I"9CA!+W=!97)Q3559<%=1 M-W,T4S,K1E!H2S-I4TLS=$Y3:6E247%);7-8:6A13T%!0DQW2VY(=S`X3F=9 M0V%X:B]S3C-V.$$X97)T#0I-55EP,TDU52MH>$1F0R]W=3,S;V164#$Q<3DO M*U!6871F:"]O;'!A=S(Q<$QR$QF1$1W=S,S;V164#$Q<3DO#0HK4%906F9$>E%B1S-%1FLR=#(P M05IM16-/=3-Y2T-Z1FU/0DYJ2DI*4'%35%A8-&]X4G5#5G1J;"]W1&A".4LO M-2MV15`O:%%8+SA!#0HX96\O-%%F4W8K9G)X1"\T548O+T%02'$V:D9'2U9K M5F1N1$PX3%!#<7,W3&)A;4=D,FMC:E=B,TQ->$Q->"]E.&MK:VLY>515;RM' M#0IN:'129TIQ-$ATE%B1S-%1FLR=#(P05IM16-/=3-Y#0I+0WI&;4]"3FI* M2DI0<5-46%@T;WA2=4-6=&IL+W=$:$(Y2R\U*W9%4"]H45@O.$$X96\O-%%F M4W8K9G)X1"\T548O+T%02'$V:D9'#0I+5FM69&Y%4#A,+T,X;'I.8U-187$P M.'I"<$I',7$Y3$]1;U5&:C4R4V-+;S4W041T5#$K1VYH=&9U<'$T*VUT,W8X M03AE4MB84)Y32MB:R]--TAN,3E+,V10,%-/5F-Y86XT:%`X03-( M8C,O=T-/,655I'5F-! M=6=X;E!Z#0IC06=%:C5N1E9A>7)Y:D=4=&9U9EI95VAH,VA)4VQ"6'1R;U5T M4S!K434X=E9014LO=T1C8W94+T%/,6%D.$].24=S94I.9G1D4C%4#0IX1$Y" M83)T<$I#=CEU,W$W5V0W9TUC:55%-45A9&94,TY5=%0X4S)S=W1P-$QA.&LP M-C5%3WDO.'-,1FU88C59=WA$;D\Y0FM+44,R#0I#4G1B833A-,TXP8FTU:3%A835+0TUY>6$Q97,U545K3&MZ6G=# M>D5$,U!R479W>CA.3#DR4%9X.4YB=F8O04DY6&$T;WA45'1S#0I3-'`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`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`W<#A$+UIR9E5*9$9G,#=33&\W-')3,S`U4',P4W=.2D5-/941J<%-B:'-$8S1/4#14;FXR;W-& M,E9T3&=U8F)43$]#+W4O='0U1D-I5%A0;&E0>FY#9TTK=V-,:S5/#0I"=TTT M<7II;'HX=TA/4TTY2T%C:VIN9S0V57A#66]X4G5'=TYZ9S0O:$]E9F%L>CAW M2$]333E+045X4FEL0GE33V5$:G!38FAS1&,T#0I/4#14;FXR;T%-55EP8R]- M0GIK:E!39TA*234T3T]L04-9;WA2=4=W3GIG-"]H3V5F86QZ.'=(3U--.4M! M17A2:6Q">5-/941J<%-B#0IHFMJ4%-G M2$I)-31/3VQ!0UEO>%)U1W=.>F%)I;$)Y M4T]E#0I$:G!38FAS1&,T3U`T5&YN,F]!3559<&,O34)Z:VI04V=(2DDU-$]/ M;$%#66]X4G5'=TYZ9S0O:$]E9F%L>CAW2$]333E+045X4FEL#0I">5-/941J M<%-B:'-$8S1/4#14;FXR;T%I=7!L=&)7831K5U)O-&M,B]!3$$X6"]O-F5VE!W%1S#0I5 M66]!8FEJ1D]X4FEG0G5+354W1D=+04%1S55EO06)I:D9/>%)I9T)U2TU5#0HW1D=+04$91.&A!>4988U%U5#!'4T(V:U9Y+W=V:V5F=W),3$I"2F)U M*W$V;7I1#0IY;%,X6DXO3U-R8E-6>4]H=U-046UU;#%.-S)/>&QF4S=E,G5B M=UDX=4LU;F%'3G52;DQQ:FMC6E`S5&LX8V12>FYW=4UZ949:5W4T#0HT-')K M-G)Q6FQ32U%U:70Y=G5-:%=)57-!96A)1V919$M/;RMH,65+*T]0,G@O.$%K M<#)M9CEG94PO,&106#)4:79J9CES;B]!2DMD#0IP;B]92&DO.4A4,4TY:6]B M;C%$.$Q0.$%K;4AH1"]S1#)F.$$V25-U;WA832]#'IK351+97!E23E0,"]X0G!7:7ET22MO86DW3$=K86)H14)(2DE':U!207=H M:T,U#0HU67$R05%R1F1N1F5D,W9H3'A);FI,4TY5:C%(5')Y06%W,3%/-S)$ M3%!&8BM28V]K6F9Z.$965UAY,4-O4&UC>45%;51D-D1D=W90#0IA>E)25'E7 M.&MI1E9M:4-L-'E29TUU-$9C:G%-9VHQ0F]#>'I7;R\X;%`X040O.$$R0CE3 M+W=$4CEJ6%59%A-+SA)>'$S#0HO43AE278X079X<"\O=T%I,6I85VUA-40T>3!V4U8X M838X8F$VEEX:5IS.&1H,#5Y6$-X,RM+359Z M#0I0+T--870O,%!(:4PO=GAP+W=$.&DP9CA)>'$S+U$X94EV.$%V>'`O+W=! M:3!80W@P,DM-5GI0+T%!:D=R9CA!43AE278K+T=N+SA!#0IY3%(O=VI'7%!9G,R35EM M8E!(661/8VQW'$S+U$X94EV*R]';B]W1'E,4B]W:D=R M9CE$>#1I+SB]W:D=R9CE$>#1I+W=#+T=N M+R]!0TQ2+W=!27AQ,R]!15!(:4PO=GAP+R]!36DP6$-X,#)+359Z4#A!#0IW M:D=R9CE$>#1I+S'$S+U$X94EV*R]';B]W1'E,4F-,2%19;WA8 M32\X27AQ,R]1.&5)=BLO1VXO#0I!4'E,4B]W:D=R9CE$>#1I+W=#+T=N+R]! M0TQ28TQ(5%EO>%A-+SA!0TUA="]W0D1X-&DO-SAA9B]W1$ET63)V85IR;6XV M'$S+U$X94EV.$%V>'`O+W=!:3!80W@P,DM- M5GI0+T%!:D=R9CA!43AE278K+T=N+SA!>4Q73C1T,'I83D@P#0IQ0S5T=D=U M=DY*2F8R5G%22F(R0D'`O=T0X:3!8 M0W@P,DM-5GI0+T--870O,%!(:4PO04PX868O.$%)=$@O04%J1W)F.$%1.&5) M=BLO1VXO.$%Y3%)C#0I,2%19;WA832]W1$--870O,%!(:4PO=GAP+SA!.&DQ M:F5.9$TQ>E$O0G5V871A94YD964U%)I=5HO=T-%63%B+T%+2&IX1B\S-#`O+T%/4F%0*T59,6(O M;V5015@O9FI4+W=$-49O=49J<'-567)M9BM%63%B+V]E#0I015@O04@T,"]W M1"M285`K15DQ8B]O95!%6"]F:E0O+T%*1F]U1FIP#,K2TU6>E`O04%J1W)F.$%1.&5)=BLO M1VXO.$%Y3%(O#0IW:D=R9CE$>#1I+SB]W04EX<3,O04502&E,+W9X<"\O04UI,&8X27AQ,R]1.&5)=BLO M1VXO=T1Y3%)C3$A466]X6$%E0W1-,7I84$)U9S9T#0ID*TYD95,U=C=#0S9L M5TLS$8O,S0P+R]!3U)A3&A9-F)&1TLT1'=6<&UU834T3C!( M5G)V>')R>5A.+UE16%5Q>%65-:S%S+SA!#0I#36%T M+W="1'@T:2\W.&%F+W=$271&=W-B;7!X,W-L:DMM;#-&=&)8:'@U8W1Z03`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`K-&ME44E:67I*8GE2 M2F-29V='4T8S54Q-;GI,.#A:6F9N434K6F,W5TLX#0HU*TA%5G=M=&9V=$MU M64%L;7E02%!B>E)2-E$S;4$O63=D-5!L;6E/5&PT=FQZ04]F3$U%8UAO*TM% M=UEM2TU5=4M-54-%>%A.,F9J#0I844PR4WE7,79*2DDW>$E8:FY&&9A M.64P=2]S#0IL9W1(1G-T<&)I>$1N>E98>6\Y;W1P445:;%DW44%$=5A*8V%/ M,C!8>$YP5W,S5%DQN87A8;E!W-S!4554Q4W=U,VXO-'`W4CE.9E-D2U,T,"M3,'4U M63)A2$Q3<3FA$1S1,9F0V8R]-#0IU9'9&8UHT#$O=T%&4E=L M:&,K54Y9;75*5%HR56MK8V4K,G5585-1;W!63C!S-C5:&Y2 M,G5R-F9D-GAF-E9B#0I88U5U;U=#4E-854M(2FA%=31P=5!116A#8V1C64]- M15IV-')K=$UL2BM+;79Q8F$Y5TTV5EEX%,T;WA1251&670U-&XP87EK:VIU-RM+1U-/ M+V@P&YX2E-+>C!# M3U&)Y3D1(22M.:V)Z0F9,4C(S2FA' M64UD-EE",W)N87A80BM-.5I&-31G&]K=3-Y#0IW<7-Q=DLW3F=)0W%H;5EM4'9C55A!5$9'2UA&1TM"0UER M-#`O8DTO-4MH<&8O64AI+SA!4C@Y9EIM2RM-+S)Z4"M3;V%8+S)"-'8O#0I! M169057DR2VIU9E5N=W$O-4IF-%`O-T$Q;B\V25-U<'(T:SA0+W1)94PY0S!( M5&1*=$Y/,$(W87=T;W)72G!92FDU4TY1;TQ%4V=:#0IW0FY!1E@O*T=P9D&XO=S%,-#(O M=T-G6#1C+SA"-2\O:C%(+T15=FIB+V]&*TA0+T%E9B]W0U!56$-X.6U55CA: M+SA.4RM.#0IV*V=8-&,O.$(U+R]!23E2+W=!3E,K3G8K9U@T8R\X04%E9B]! M3U!56$-X.6U55CA:+SA!1%5V:F(O;T8K2%`O04%(;B]W1&HQ2"]$#0I5=FIB M+V]&*TA0.$%W2&XO05!J,49WB]W04(U+SA! M-#E28TQ(,EI26'AN+W=!3E,K3G8K9U@T8R\X04%E9B]!3U!59CA.4RM.=BMG M6#1C#0HO=T1!968X02M055A#>#EM558X6B]W1$15=FIB+V]&*TA0.$%W2&XO M05!J,4@O1%5V:F(O04M"9FAZ+W=(;B\K4%580W@Y;556.%HO#0HX3E,K3G8X M06]&*TA0+T%E9B\T.5(O=S%,-#(O-D)F:'HO=TAN+SA!:C%&=W-F6FQ&9D=F M+T15=FIB+V]&*TA0+T%E9B]W0U!59CA!#0I$579J8B]O1BM(4"]!04AN+W=$ M:C%&=W-F6FQ&9D=F+T%!,4PT,B\V0F9H>B]W04(U+SA!-#E2+W&XO=S%,-#(O=T-G M#0I8-&,O.$(U+R]J,4@O1%5V:F(O;T8K2%`O065F+W=#4%580W@Y;556.%HO M.$Y3*TYV*V=8-&,O.$(U+R]!23E2+W=!3E,K3G8K9U@T#0IC+SA!065F+T%/ M4%580W@Y;556.%HO.$%$579J8B]O1BM(4"]!04AN+W=$:C%(+T15=FIB+V]& M*TA0.$%W2&XO05!J,49W&XO M=S%,-#(O-D)F:'HO=TAN+SA!:C%(+T%!,4PT,B\V0F9H>B]W04(U+SA!#0HT M.5)C3$@R6E)8>&XO=T%.4RM.=BMG6#1C+SA!065F+T%/4%5F.$Y3*TYV*V=8 M-&,O=T1!968X02M055A#>#EM558X6B]W1$15=FIB#0HO;T8K2%`X07=(;B]! M4&HQ2"]$579J8B]!2T)F:'HO=TAN+RM055A#>#EM558X6B\X3E,K3G8X06]& M*TA0+T%E9B\T.5(O=S%,-#(O#0HV0F9H>B]W2&XO.$%J,49W#EM558X6B\X M3E,K3G8K9U@T8R\X0C4O+T%).5(O=T%.4RM.=BMG6#1C+SA!065F+T%/4%58 M0W@Y;556.%HO.$%$579J#0IB+V]&*TA0+T%!2&XO=T1J,4@O1%5V:F(O;T8K M2%`X07=(;B]!4&HQ1G=S9EIL1F9'9CA!=S%,-#(O-D)F:'HO04U"-2]W1#0Y M4B]W#0HQ3#0R+W=#9U@T8R\X0C4O+VHQ1G=S9EIL1F9'9B]$579J8B]!2T)F M:'HO=TAN+RM0568X3E,K3G8K9U@T8R\X0C4O+T%).5)C3$@R#0I:4EAX;B]W M,4PT,B\V0F9H>B]W2&XO.$%J,4@O04$Q3#0R+S9"9FAZ+W=!0C4O.$$T.5)C M3$@R6E)8>&XO=T%.4RM.=BMG6#1C+SA!#0I!968O04]0568X3E,K3G8K9U@T M8R]W1$%E9CA!*U!56$-X.6U6.%HO=&TO.&Q1,'8ODA/6%!F,'%:4%%Q2S%0+UH-"@T*#0HM+2TM+2T]7TYE M>'1087)T7S5E-6$Y-3=D7S XML 11 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAX-FREE TRUST OF OREGON | TAX-FREE TRUST OF OREGON
TAX-FREE TRUST OF OREGON
Investment Objective
The Trust’s objective is to provide you as high a level of current income exempt from Oregon state and regular Federal income taxes as is consistent with preservation of capital.
Fees and Expenses of the Trust
This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans” on page 23 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares” on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares” on page 27 of the Prospectus, and “Purchase, Redemption, and Pricing of Shares” on page 54 of the Statement of Additional Information (the “SAI”).  No Class I Shares are currently outstanding.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees TAX-FREE TRUST OF OREGON
Tax-Free Trust of Oregon Class A
Tax-Free Trust of Oregon Class C
Tax-Free Trust of Oregon Class I
Tax-Free Trust of Oregon Class Y
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) none [1] 1.00% none none
[1] Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment)
Annual Fund Operating Expenses TAX-FREE TRUST OF OREGON
Tax-Free Trust of Oregon Class A
Tax-Free Trust of Oregon Class C
Tax-Free Trust of Oregon Class I
Tax-Free Trust of Oregon Class Y
Management Fee 0.40% 0.40% 0.40% 0.40%
Distribution (12b-1) Fee 0.15% 0.75% 0.15% none
Other Expenses 0.20% 0.44% 0.39% [1] 0.20%
Total Annual Trust Operating Expenses 0.75% 1.59% 0.94% 0.60%
[1] Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
Example
This Example is intended to help you compare the cost of investing in the Trust with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Trust for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Trust’s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example TAX-FREE TRUST OF OREGON (USD $)
1 Year
3 Years
5 Years
10 Years
Tax-Free Trust of Oregon Class A
474 630 800 1,293
Tax-Free Trust of Oregon Class C
262 502 866 1,456
Tax-Free Trust of Oregon Class I
96 300 520 1,155
Tax-Free Trust of Oregon Class Y
61 192 335 750
You would pay the following expenses if you did not redeem your Class C Shares:
<
Expense Example No Redemption (USD $)
1 Year
3 Years