Tax-Free Trust of Oregon is a mutual fund created especially for the benefit of Oregon residents. The Trust, launched in 1986, seeks to provide as high a level of current income that is exempt from both State of Oregon and Federal income taxes as is consistent with preservation of investors' capital.# The Trust invests primarily in tax-free municipal bond obligations of Oregon issuers, such as schools, highways, hospitals, and water and sewer facilities.

The Trust is qualified for sale only in:
Oregon, Arizona, California, Colorado, Connecticut, Florida, Hawaii, Idaho, Illinois, Minnesota, Missouri, Nevada, New Jersey*, New Mexico, New York, Pennsylvania, Texas*, Washington and Wisconsin.

 * Class A and C shares only.

^#For certain investors, some dividends may be subject to Federal and state taxes, including the Alternative Minimum Tax. Income earned by non-Oregon residents will be subject to applicable state and local taxes.

The Trust is not a financial institution deposit or other obligation, is not backed by any financial institution guarantee, is not backed by FDIC or other deposit insurance, and is subject to investment risks, including possible loss of the principal amount invested. Before investing in the Trust, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Trust prospectus. Consideration should be given to the risks of investing including potential loss of value, market risk, interest rate risk, credit risk, and geographic concentration. Insurance on an obligation is intended to mitigate credit risk; it does not insure the market price of the obligation.