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<AVERAGE-NET-ASSETS> 24404278
<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> 1.00
</TABLE>
SUB-ITEM 77D(E)
POLICIES WITH RESPECT TO
SECURITY INVESTMENTS
TAX-FREE INVESTMENTS CO.
Effective as of February 4, 2000, the Cash Reserve Portfolio (the
"Portfolio") of Tax-Free Investments Co. may invest in other investment
companies to the extent permitted by the 1940 Act, and rules and
regulations thereunder, and if applicable, exemptive orders granted by
the SEC. The following restrictions apply to investments in other
investment companies other than Affiliated Money Market Funds: (i) the
Portfolio may not purchase more than 3% of the total outstanding voting
stock of another investment company; (ii) the Portfolio may not invest
more than 5% of its total assets in securities issued by another
investment company; and (iii) the Portfolio may not invest more than 10%
of its total assets in securities issued by other investment companies
other than Affiliated Money Market Funds. With respect to the Portfolio's
purchase of shares of another investment company, including Affiliated
Money Market Funds, the Portfolio will indirectly bear its proportionate
share of the advisory fees and other operating expenses of such
investment company.
TAX-FREE INVESTMENTS CO.
ARTICLES SUPPLEMENTARY
TAX-FREE INVESTMENTS CO., a Maryland corporation (hereinafter called
the "Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: The Board of Directors of the Corporation, by resolutions
duly adopted at a meeting duly called and held on December 8, 1999, has (a)
increased the aggregate number of shares of stock that the Corporation has
authority to issue from Ten Billion (10,000,000,000) to Twenty-Five Billion One
Hundred Million (25,100,000,000) shares, (b) classified and designated such
newly authorized shares (collectively, the "Shares") as follows: One Hundred
Million (100,000,000) shares as shares of the Cash Reserve Portfolio - Cash
Management Class, Eight Billion Six Hundred Million (8,600,000,000) shares as
shares of the Cash Reserve Portfolio - Institutional Class, One Hundred Million
(100,000,000) shares as shares of the Cash Reserve Portfolio - Personal
Investment Class, One Hundred Million (100,000,000) shares as shares of the
Cash Reserve Portfolio - Private Investment Class, One Hundred Million
(100,000,000) shares as shares of the Cash Reserve Portfolio - Reserve Class,
One Hundred Million (100,000,000) shares as shares of the Cash Reserve
Portfolio - Resource Class and Six Billion (6,000,000,000) shares as
unclassified, with the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications and terms and
conditions of redemption of shares of stock as set forth in ARTICLE FIFTH,
paragraph (b) of the Charter of the Corporation (the "Charter") and in any
other provisions of the Charter relating to the stock of the Corporation
generally, and (c) ratified and confirmed the issuance of shares of Common
Stock of the Corporation, of each class of whatever portfolio, as reflected in
the records of the Corporation, and further declared and confirmed that each
such share, of whatever class of whatever portfolio, is duly authorized,
validly issued, fully paid and nonassessable.
SECOND: Immediately prior to the filing of these Articles
Supplementary, the Corporation had authority to issue Ten Billion
(10,000,000,000) shares, $.001 par value per share, having an aggregate par
value of $10,000,000, of which:
(a) One Billion (1,000,000,000) shares are classified as Cash
Reserve Portfolio - Cash Management Class,
Three Billion (3,000,000,000) shares are classified as
Cash Reserve Portfolio - Institutional Class,
One Billion (1,000,000,000) shares are classified as Cash
Reserve Portfolio - Personal Investment Class,
One Billion (1,000,000,000) shares are classified as Cash
Reserve Portfolio - Private Investment Class,
One Billion (1,000,000,000) shares are classified as Cash
Reserve Portfolio - Reserve Class, and
One Billion (1,000,000,000) shares are classified as Cash
Reserve Portfolio - Resource Class; and
(b) Two Billion (2,000,000,000) shares are unclassified.
<PAGE>
THIRD: As of the filing of these Articles Supplementary, the
Corporation shall have authority to issue Twenty-Five Billion One Hundred
Million (25,100,000,000) shares, $.001 par value per share, having an aggregate
par value of $25,100,000, of which:
(a) One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Cash Management
Class,
Eleven Billion Six Hundred Million (11,600,000,000) shares
are classified as Cash Reserve Portfolio - Institutional
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Personal Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Private Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Reserve Class, and
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Resource Class; and
(b) Eight Billion (8,000,000,000) shares are unclassified.
FOURTH: The Corporation is registered as an open-end company under
the Investment Company Act of 1940.
FIFTH: The total number of shares of capital stock that the
Corporation had authority to issue immediately prior to the filing of these
Articles Supplementary was increased and such additional shares were classified
by the Board of Directors of the Corporation in accordance with section
2-105(c) of the Maryland General Corporation Law.
SIXTH: The Shares were classified by the Board of Directors of the
Corporation under authority granted to it in ARTICLE FIFTH, paragraph (a) of
the Charter.
The undersigned Vice President acknowledges these Articles
Supplementary to be the corporate act of the Corporation and states that to the
best of his or her knowledge, information and belief, the matters and facts set
forth in these Articles with respect to authorization and approval are true in
all material respects and that this statement is made under the penalties for
perjury.
2
<PAGE>
IN WITNESS WHEREOF, TAX-FREE INVESTMENTS CO. has caused these
Articles Supplementary to be executed in its name and on its behalf by its
Vice President and witnessed by its Assistant Secretary on December 8, 1999.
TAX-FREE INVESTMENTS CO.
Witness:
_____________________________ By:____________________________
Assistant Secretary Vice President
3
TAX-FREE INVESTMENTS CO.
ARTICLES SUPPLEMENTARY
TAX-FREE INVESTMENTS CO., a Maryland corporation (hereinafter called
the "Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: The Board of Directors of the Corporation, by resolutions
duly adopted at a meeting duly called and held on December 8, 1999, has (a)
increased the aggregate number of shares of stock that the Corporation has
authority to issue from Twenty-Five Billion One Hundred Million
(25,100,000,000) to Thirty Billion One Hundred Million (30,100,000,000) shares,
(b) classified and designated such newly authorized shares as follows: Five
Billion (5,000,000,000) shares as shares of the Cash Reserve Portfolio -
Institutional Class, with the preferences, conversion and other rights, voting
powers, restrictions, limitations as to dividends, qualifications and terms and
conditions of redemption of shares of stock as set forth in ARTICLE FIFTH,
paragraph (b) of the Charter of the Corporation (the "Charter") and in any
other provisions of the Charter relating to the stock of the Corporation
generally, and (c) ratified and confirmed the issuance of shares of Common
Stock of the Corporation, of each class of whatever portfolio, as reflected in
the records of the Corporation, and further declared and confirmed that each
such share, of whatever class of whatever portfolio, is duly authorized,
validly issued, fully paid and nonassessable.
SECOND: Immediately prior to the filing of these Articles
Supplementary, the Corporation had authority to issue Twenty-Five Billion One
Hundred Million (25,100,000,000) shares, $.001 par value per share, having an
aggregate par value of $25,100,000, of which:
(a) One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Cash Management
Class,
Eleven Billion Six Hundred Million (11,600,000,000) shares
are classified as Cash Reserve Portfolio - Institutional
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Personal Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Private Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Reserve Class, and
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Resource Class; and
(b) Eight Billion (8,000,000,000) shares are unclassified.
<PAGE>
THIRD: As of the filing of these Articles Supplementary, the
Corporation shall have authority to issue Thirty Billion One Hundred Million
(30,100,000,000) shares, $.001 par value per share, having an aggregate par
value of $30,100,000, of which:
(a) One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Cash Management
Class,
Sixteen Billion Six Hundred Million (16,600,000,000) shares
are classified as Cash Reserve Portfolio - Institutional
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Personal Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Private Investment
Class,
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Reserve Class, and
One Billion One Hundred Million (1,100,000,000) shares are
classified as Cash Reserve Portfolio - Resource Class; and
(b) Eight Billion (8,000,000,000) shares are unclassified.
FOURTH: The Corporation is registered as an open-end company under
the Investment Company Act of 1940.
FIFTH: The total number of shares of capital stock that the
Corporation had authority to issue immediately prior to the filing of these
Articles Supplementary was increased and such additional shares were classified
by the Board of Directors of the Corporation in accordance with section
2-105(c) of the Maryland General Corporation Law.
SIXTH: The Shares were classified by the Board of Directors of the
Corporation under authority granted to it in ARTICLE FIFTH, paragraph (a) of
the Charter.
The undersigned Vice President acknowledges these Articles
Supplementary to be the corporate act of the Corporation and states that to the
best of his or her knowledge, information and belief, the matters and facts set
forth in these Articles with respect to authorization and approval are true in
all material respects and that this statement is made under the penalties for
perjury.
2
<PAGE>
IN WITNESS WHEREOF, TAX-FREE INVESTMENTS CO. has caused these
Articles Supplementary to be executed in its name and on its behalf by its Vice
President and witnessed by its Assistant Secretary on December ___, 1999.
TAX-FREE INVESTMENTS CO.
Witness:
_____________________________ By:____________________________
Assistant Secretary Vice President
3
