TAX-FREE TRUST OF OREGON
                         Supplement to the Prospectuses
                     and Statement of Additional Information
                             Dated January 31, 2007
                     As Previously Supplemented June 1, 2007

         The material under the caption "Purchase, Redemption, and Pricing of
Shares" in the Statement of Additional Information is supplemented to add the
following:

         Investors may exchange securities acceptable to the Manager and the
Sub-Adviser for shares of the Trust. The Trust believes such exchange provides a
means by which holders of certain securities may invest in the Trust without the
expense of selling the securities in the open market. The investor should
furnish, either in writing or by FAX or e-mail, to the Manager a list with a
full and exact description (including CUSIP numbers) of all securities proposed
for exchange. The Manager will then notify the investor as to whether the
securities are acceptable and, if so, will send a letter of transmittal to be
completed and signed by the investor. The Manager has the right to reject all or
any part of the securities offered for exchange. The securities must then be
sent in proper form for transfer with the letter of transmittal to the Custodian
of the Trust's assets. The investor must certify that there are no legal or
contractual restrictions on the free transfers and sale of the securities. Upon
receipt by the Custodian of the securities and all required documents for
transfer, the securities will be valued as of the close of business on that day
in the same manner as the Trust's securities are valued each day. Shares of the
Trust having an equal net asset as of the close of the same day will be
registered in the investor's name. Applicable sales charges, if any, will apply,
but there is no charge for making the exchange and no brokerage commission on
the securities accepted, although applicable stock transfer taxes, if any, may
be deducted. The exchange of securities by the investor pursuant to this offer
may constitute a taxable transaction and may result in a gain or loss for
Federal income tax purposes. The tax treatment experienced by investors may vary
depending upon individual circumstances. Each investor should consult a tax
adviser to determine Federal, state and local tax consequences

         The material under the caption "Purchases" in the Prospectuses is
supplemented as follows:

         Except as provided in the Statement of Additional Information, under
the caption "Purchase, Redemption and Pricing of Shares," your investment must
be drawn in United States dollars on a United States commercial bank, savings
bank or credit union or a United States branch of a foreign commercial bank
(each of which is a "Financial Institution").

         There is no minimum amount for purchase of Class A, Class C or Class Y
shares acquired by a financial intermediary on behalf of a beneficial owner who
has entered into a comprehensive fee or other advisory fee arrangement with the
financial intermediary or an affiliate or associated person of the financial
intermediary, provided that the financial intermediary has entered into an
agreement with the Distributor authorizing the sale of Trust shares.

         The material under the caption "Tax Information" in the Prospectus is
supplemented as follows:

         The U.S. Supreme Court has agreed to review a Kentucky state court
decision holding that the Kentucky law exempting interest paid on Kentucky
municipal obligations from Kentucky income tax while taxing interest on
municipal obligations of other states violates the U.S. Constitution. If the
Supreme Court affirms the Kentucky court's decision, Kentucky (and all other
states that differentially tax interest on in-state and out-of-state municipal
obligations) may then be required to accord equal income tax treatment to all
interest on municipal obligations. While it is impossible to predict the
consequences of such an outcome, they may include effects on the net asset
values of the shares, and/or on the tax treatment of the dividends, of some or
all funds that invest substantially or exclusively in the municipal obligations
of a single state, including the Trust. Regardless of the outcome of the case,
the Federal tax-exempt status of the dividends on municipal obligations will not
be affected. The case is expected to be heard and decided during the U.S.
Supreme Court's October 2007 - April 2008 term, with a decision likely to be
handed down in early or mid-2008.


                         The date of this supplement is
                                 August 3, 2007