August 1, 1999
COUNTRYWIDE TAX-FREE TRUST
OHIO INSURED TAX-FREE FUND
SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1998
(REVISED AUGUST 1, 1999)
During the period from August 1, 1999 until September 30, 1999, the
Trust's principal underwriter, Countrywide Investments, Inc. (the "Adviser") is
offering a special promotion to participating broker-dealers. During the
promotion, broker-dealers who open accounts in Class A shares of the Fund will
be paid an additional reallowance by the Adviser. Therefore, the table of sales
loads for accounts opened after July 31, 1999 contained in the section entitled
"How to Purchase Shares" on page 21 of the Prospectus is revised as follows to
be in effect during the promotion:
Dealer
Reallowance
Sales Load as % of: as % of
Public Net Public
Offering Amount Offering
Amount of Investment Price Invested Price
- -------------------- ------ -------- -------
Less than $50,000 4.75% 4.99% 4.50%
$ 50,000 but less than $100,000 4.50% 4.72% 4.25%
$100,000 but less than $250,000 3.50% 3.63% 3.25%
$250,000 but less than $500,000 2.95% 3.04% 2.70%
$500,000 but less than $1,000,000 2.25% 2.31% 2.00%
$1,000,000 or more None* None*
* There is no front-end sales load on purchases of $1 million or more but a
contingent deferred sales load of 1% may apply with respect to Class A shares if
a commission was paid by the Adviser to a participating unaffiliated dealer and
the shares are redeemed within twelve months from the date of purchase.
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August 1, 1999
COUNTRYWIDE TAX-FREE TRUST
TAX-FREE MONEY FUND/TAX-FREE INTERMEDIATE TERM FUND
SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1998
(REVISED AUGUST 1, 1999)
During the period from August 1, 1999 until September 30, 1999, the
Trust's principal underwriter, Countrywide Investments, Inc. (the "Adviser") is
offering a special promotion to participating broker-dealers. During the
promotion, broker-dealers who open accounts in Class A shares of the Tax-Free
Intermediate Term Fund will be paid an additional reallowance by the Adviser.
Therefore, the table of sales loads for accounts in the Tax-Free Intermediate
Term Fund opened after July 31, 1999 contained in the section entitled "How to
Purchase Shares" on page 22 of the Prospectus is revised as follows to be in
effect during the promotion:
Dealer
Reallowance
Sales Load as % of: as % of
Public Net Public
Offering Amount Offering
Amount of Investment Price Invested Price
- -------------------- ------- -------- ---------
Less than $50,000 4.75% 4.99% 4.50%
$ 50,000 but less than $100,000 4.50% 4.72% 4.25%
$100,000 but less than $250,000 3.50% 3.63% 3.25%
$250,000 but less than $500,000 2.95% 3.04% 2.70%
$500,000 but less than $1,000,000 2.25% 2.31% 2.00%
$1,000,000 or more None* None*
* There is no front-end sales load on purchases of $1 million or more but a
contingent deferred sales load of 1% may apply with respect to Class A shares if
a commission was paid by the Adviser to a participating unaffiliated dealer and
the shares are redeemed within twelve months from the date of purchase.
