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<PAGE>
TAX-FREE INVESTMENTS CO.
INSTITUTIONAL CASH RESERVE SHARES
Supplement dated October 19, 1995
to the Prospectus
dated July 31, 1995 and
to the Statement of Additional Information
dated July 31, 1995
Effective October 19, 1995, The Bank of New York became the custodian for
the Cash Reserve Portfolio of Tax-Free Investments Co. The address of The Bank
of New York is 110 Washington Street, New York, NY 10286.
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