<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 205010
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
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000 I000000 3.0
000 J000000 U
001 A000000 TAX-FREE INVESTMENTS CO.
001 B000000 811-2731
001 C000000 7136261919
002 A000000 11 GREENWAY PLAZA, SUITE 1919
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77046
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
077 A000000 Y
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 30000
081 A00AA00 Y
081 B00AA00 68
082 A00AA00 Y
082 B00AA00 100
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084 A00AA00 N
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<PAGE> PAGE 2
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SIGNATURE JOHN J. ARTHUR
TITLE SR. V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information for the Institutional
Shares of Cash Reserve Portfolio of Tax-Free Investments Co. for the year
ended March 31, 1995 annual report.
</LEGEND>
<CIK> 0000205010
<NAME> TAX-FREE INVESTMENTS CO.
<SERIES>
<NUMBER> 2
<NAME> TAX-FREE CASH RESERCE INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 1,057,962,784
<INVESTMENTS-AT-VALUE> 1,057,962,784
<RECEIVABLES> 14,212,257
<ASSETS-OTHER> 180,022
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,072,355,063
<PAYABLE-FOR-SECURITIES> 29,555,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,622,512
<TOTAL-LIABILITIES> 33,177,825
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,039,524,933
<SHARES-COMMON-STOCK> 1,039,524,933
<SHARES-COMMON-PRIOR> 1,057,145,871
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (384,049)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,354
<NET-ASSETS> 1,039,177,238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,862,176
<OTHER-INCOME> 0
<EXPENSES-NET> 2,316,075
<NET-INVESTMENT-INCOME> 33,546,101
<REALIZED-GAINS-CURRENT> (430,985)
<APPREC-INCREASE-CURRENT> 33,165
<NET-CHANGE-FROM-OPS> 33,148,281
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,546,101)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,371,017,949
<NUMBER-OF-SHARES-REDEEMED> 5,389,314,049
<SHARES-REINVESTED> 675,162
<NET-CHANGE-IN-ASSETS> (18,018,758)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46,936
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,483,986
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,075,608
<AVERAGE-NET-ASSETS> 1,092,308,224
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information for the Private
Investment Class of the Cash Reserve Portfolio of Tax-Free Investments Co.
for the year ended March 31, 1995 annual report.
</LEGEND>
<CIK> 0000205010
<NAME> TAX-FREE INVESTMENTS CO.
<SERIES>
<NUMBER> 5
<NAME> PRIVATE INVESTMENT CLASS OF THE CASH RESERVE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 1,057,962,784
<INVESTMENTS-AT-VALUE> 1,057,962,784
<RECEIVABLES> 14,212,257
<ASSETS-OTHER> 180,022
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,072,355,063
<PAYABLE-FOR-SECURITIES> 29,555,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,622,512
<TOTAL-LIABILITIES> 33,177,825
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,039,524,933
<SHARES-COMMON-STOCK> 1,039,524,933
<SHARES-COMMON-PRIOR> 1,057,145,871
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (384,049)
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,862,176
<OTHER-INCOME> 0
<EXPENSES-NET> 2,316,075
<NET-INVESTMENT-INCOME> 33,546,101
<REALIZED-GAINS-CURRENT> (430,985)
<APPREC-INCREASE-CURRENT> 33,165
<NET-CHANGE-FROM-OPS> 33,148,281
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,546,101)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,371,017,949
<NUMBER-OF-SHARES-REDEEMED> 5,389,314,049
<SHARES-REINVESTED> 675,162
<NET-CHANGE-IN-ASSETS> (18,018,758)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46,936
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,483,986
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,075,608
<AVERAGE-NET-ASSETS> 24,685,681
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
