TAX FREE INVESTMENTS CO
NSAR-A, EX-99.77J(A), 2000-11-22
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                                                                 SUB-ITEM 77J(A)

         REVALUATION OF ASSETS OR RESTATEMENT OF CAPITAL SHARE ACCOUNT



On August 3, 2000, the Board of Directors of Tax-Free Investments Co. approved
the revised Procedures relating to Purchases and Sales of Securities Pursuant
to Rule 17a-7 Procedures. The procedures have been revised to show that NASDAQ
National Market securities would be priced at last sale rather than at the
average of the highest bid and the lowest offer.







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