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<PAGE> 1 TAX-FREE INVESTMENTS CO. INSTITUTIONAL CASH RESERVE SHARES Supplement dated September 12, 1997 to the Prospectus dated July 29, 1997 The following sentence is added to the section entitled "INVESTMENT PROGRAM": "Securities in which the Portfolio invests may be insured by financial insurance companies. Since a limited number of entities provide such insurance, the Portfolio may invest more than 25% of its assets in securities insured by the same insurance company."
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