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<PAGE> PAGE 2
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<PAGE> PAGE 9
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SIGNATURE JOHN J. ARTHUR
TITLE SR. V.P. & TREASURER
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<LEGEND>
This schedule contains summary financial information for the Institutional
shares of the Cash Reserve Portfolio of Tax-Free Investments Co. for the
six month period ended September 30, 1995 semi-annual report.
</LEGEND>
<CIK> 0000205010
<NAME> TAX-FREE INVESTMENTS CO.
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<NAME> TAX-FREE INVESTMENTS CO.
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