<PAGE>   1
                            PRIVATE INVESTMENT CLASS
                                     OF THE
                             CASH RESERVE PORTFOLIO
                                     OF THE
                            TAX-FREE INVESTMENTS CO.


                        Supplement dated October 1, 1998
         to the Statement of Additional Information dated July 24, 1998


         The following information should be inserted within the discussion
under the heading  "MANAGEMENT--Directors and Officers":

<TABLE>
 <S>                                      <C>                    <C>
 "PREMA MATHAI-DAVIS (48)                 Director               Chief Executive Officer, YWCA of
 350 Fifth Avenue, Suite 301                                     the U.S.A.; Commissioner, New
 New York, NY 10118                                              York City Department for
                                                                 the Aging; and  Member of the
                                                                 Board of Directors, Metropolitan
                                                                 Transportation Authority of New
                                                                 York State."
</TABLE>



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