<PAGE> 1
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FREEDOM GROUP OF TAX EXEMPT FUNDS
SUPPLEMENT DATED APRIL 6, 1999
TO THE PROSPECTUS DATED MARCH 1, 1999
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INVESTOR FEES AND FUND EXPENSES
The table currently set forth in the Example under Investor Fees and Fund
Expenses on page 4 of the Prospectus dated March 1, 1999 for the Freedom
California Tax Exempt Money Fund contains typographical errors. The table below,
effective as of March 1, 1999, replaces the table currently set forth in the
Example under Investor Fees and Fund Expenses on page 4 of the Prospectus dated
March 1, 1999 for the Freedom California Tax Exempt Money Fund.
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C>
$63 $199 $346 $774
</TABLE>
Freedom Services Corporation
One World Financial Center
200 Liberty Street
New York, New York 10281
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FREEDOM MUTUAL FUND
FREEDOM GROUP OF TAX EXEMPT FUNDS
SUPPLEMENT DATED APRIL 6, 1999
TO THE PROSPECTUS DATED MARCH 1, 1999
- --------------------------------------------------------------------------------
INVESTOR FEES AND FUND EXPENSES
The table currently set forth in the Example under Investor Fees and Fund
Expenses on page 6 of the Prospectus dated March 1, 1999 for the Freedom Cash
Management Fund, Freedom Government Securities Fund and Freedom Tax Exempt Money
Fund contains typographical errors. The table below, effective as of March 1,
1999, replaces the table currently set forth in the Example under Investor Fees
and Fund Expenses on page 6 of the Prospectus dated March 1, 1999 for the
Freedom Cash Management Fund, Freedom Government Securities Fund and Freedom Tax
Exempt Money Fund.
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C> <C>
Cash Management Fund $66 $208 $362 $810
Government Securities Fund 62 195 340 762
Tax Exempt Money Fund 64 202 351 786
</TABLE>
Freedom Services Corporation
One World Financial Center
200 Liberty Street
New York, New York 10281
