TAX FREE INVESTMENTS CO
NSAR-A, 1997-11-25
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<PAGE>      PAGE  1
000 A000000 09/30/97
000 C000000 205010
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 TAX FREE INVESTMENTS CO.
001 B000000 811-2731
001 C000000 7136261919
002 A000000 11 GREENWAY PLAZA, SUITE 100
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
007 C010100  1
007 C010200  2
007 C020200 INSTITUTIONAL CASH RESERVE SHARES
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C020500 PRIVATE INVESTMENT CLASS
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 AIM ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-12313
008 D01AA01 HOUSTON
008 D02AA01 TX
008 D03AA01 77046
011 A00AA01 FUND MANAGEMENT COMPANY
011 B00AA01 8-41848
011 C01AA01 HOUSTON
011 C02AA01 TX
011 C03AA01 77046
012 A00AA01 AIM INSTITUTIONAL FUND SERVICES, INC.
012 B00AA01 84-5541
012 C01AA01 HOUSTON
012 C02AA01 TX
<PAGE>      PAGE  2
012 C03AA01 77046
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 HOUSTON
013 B02AA01 TX
013 B03AA01 77002
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   45
019 C00AA00 AIMFUNDSAA
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001    513900
022 D000001    185887
022 A000002 PAINEWEBBER INC.
022 B000002 13-2638166
022 C000002    325792
022 D000002    310005
022 A000003 J.P. MORGAN SECURITIES INC.
022 B000003 13-3224016
022 C000003    214112
022 D000003    147140
022 A000004 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000004 36-3595942
022 C000004    152547
022 D000004    169726
022 A000005 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000005 13-5674085
022 C000005    168076
022 D000005    152297
022 A000006 PIPER JAFFRAY INC.
022 B000006 41-0953246
022 C000006    160222
022 D000006    143357
022 A000007 SMITH BARNEY, HARRIS UPHAM & CO. INC.
<PAGE>      PAGE  3
022 B000007 13-1912900
022 C000007    152301
022 D000007    146735
022 A000008 CITICORP SECURITIES MARKETS
022 B000008 13-2771536
022 C000008    114486
022 D000008    116550
022 A000009 MORGAN STANLEY & CO. INC.
022 B000009 13-2655998
022 C000009    108116
022 D000009     84539
022 A000010 DILLON, READ, & CO. INC.
022 B000010 13-1939216
022 C000010     80791
022 D000010     88875
023 C000000    2462012
023 D000000    1900808
024  00AA00 N
026 A000000 N
026 B000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
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048 D02AA00 0.000
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<PAGE>      PAGE  4
048 F02AA00 0.000
048 G01AA00        0
048 G02AA00 0.000
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
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048 K01AA00   500000
048 K02AA00 0.200
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
062 A00AA00 Y
062 B00AA00   0.0
062 C00AA00   0.0
062 D00AA00   0.0
062 E00AA00 102.3
062 F00AA00   0.0
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062 L00AA00   0.0
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062 N00AA00   0.0
062 O00AA00   0.0
062 P00AA00   0.0
062 Q00AA00   0.0
062 R00AA00   0.0
<PAGE>      PAGE  5
063 A00AA00  43
063 B00AA00  0.0
064 A00AA00 Y
064 B00AA00 N
066 A00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 N
069  00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
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070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
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070 N02AA00 N
070 O01AA00 Y
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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034  000500 N
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039  000500 N
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043  000500     45
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055 A000500 N
055 B000500 N
056  000500 N
057  000500 N
058 A000500 N
059  000500 Y
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
076  000500     0.00
SIGNATURE   JOHN J. ARTHUR                               
TITLE       SR. V.P. & TREASURER
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information for the Institutional
Cash Reserve Shares of the Cash Reserve Portfolio of Tax-Free Investments Co. for the
semi-annual period ended September 30, 1997.
</LEGEND>
<CIK> 0000205010
<NAME> TAX-FREE INVESTMENTS CO.
<SERIES>
   <NUMBER> 2
   <NAME> INSTITUTIONAL CASH RESERVE SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                       1003484128
<INVESTMENTS-AT-VALUE>                      1003484128
<RECEIVABLES>                                 14039704
<ASSETS-OTHER>                                   82154
<OTHER-ITEMS-ASSETS>                            519679
<TOTAL-ASSETS>                              1018125665
<PAYABLE-FOR-SECURITIES>                      34200000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      3234998
<TOTAL-LIABILITIES>                           37434998
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     980693528
<SHARES-COMMON-STOCK>                        980693528
<SHARES-COMMON-PRIOR>                       1004123302
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (3135)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           274
<NET-ASSETS>                                 980690667
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             19771780
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (1109258)
<NET-INVESTMENT-INCOME>                       18662522
<REALIZED-GAINS-CURRENT>                          9010
<APPREC-INCREASE-CURRENT>                          274
<NET-CHANGE-FROM-OPS>                         18671806
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   (18662522)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     2521117557
<NUMBER-OF-SHARES-REDEEMED>               (2546061480)
<SHARES-REINVESTED>                            1514149
<NET-CHANGE-IN-ASSETS>                      (23420490)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (12145)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          1170373
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1494317
<AVERAGE-NET-ASSETS>                        1005934744
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                            (0.02)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<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 semi-annual period ended September 30, 1997.
</LEGEND>
<CIK> 0000205010
<NAME> TAX-FREE INVESTMENTS CO.
<SERIES>
   <NUMBER> 5
   <NAME> PRIVATE INVESTMENT CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                       1003484128
<INVESTMENTS-AT-VALUE>                      1003484128
<RECEIVABLES>                                 14039704
<ASSETS-OTHER>                                   82154
<OTHER-ITEMS-ASSETS>                            519679
<TOTAL-ASSETS>                              1018125665
<PAYABLE-FOR-SECURITIES>                      34200000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      3234998
<TOTAL-LIABILITIES>                           37434998
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     980693528
<SHARES-COMMON-STOCK>                        980693528
<SHARES-COMMON-PRIOR>                       1004123302
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (3135)
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                 980690667
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             19771780
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (1109258)
<NET-INVESTMENT-INCOME>                       18662522
<REALIZED-GAINS-CURRENT>                          9010
<APPREC-INCREASE-CURRENT>                          274
<NET-CHANGE-FROM-OPS>                         18671806
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   (18662522)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     2521117557
<NUMBER-OF-SHARES-REDEEMED>               (2546061480)
<SHARES-REINVESTED>                            1514149
<NET-CHANGE-IN-ASSETS>                      (23420490)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (12145)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          1170373
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1494317
<AVERAGE-NET-ASSETS>                          36239835
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.02
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<PER-SHARE-DIVIDEND>                            (0.02)
<PER-SHARE-DISTRIBUTIONS>                         0.00
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<EXPENSE-RATIO>                                   0.45
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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