TAX FREE INSTRUMENTS TRUST
NSAR-A, 1997-12-01
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<PAGE>      PAGE  1
000 A000000 09/30/97
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000 J000000 A
001 A000000 TAX-FREE INSTRUMENTS TRUST
001 B000000 811-3337
001 C000000 4122888239
002 A000000 FEDERATED INVESTORS TOWER
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<PAGE>      PAGE  2
012 A000001 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B000001 84-1869
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013 A000001 ARTHUR ANDERSEN LLP
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013 B030001 15222
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015 B000001 C
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015 C020001 MA
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015 A000002 PNC BANK, NA
015 B000002 S
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015 B000003 S
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015 C020003 NC
015 C030003 28255
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015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10015
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015 A000005 THE CHASE MANHATTAN CORPORATION
015 B000005 S
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<PAGE>      PAGE  3
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022 B000001 13-2518466
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022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
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022 A000003 J.P. MORGAN SECURITIES, INC.
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022 A000004 MUNICIPAL OBLIGATIONS FUND
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022 D000004    250050
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022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
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022 A000008 NEW YORK MUNICIPAL CASH TRUST
022 C000008    208390
022 D000008    193280
022 A000009 CALIFORNIA MUNICIPAL CASH TRUST
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022 A000010 NEW JERSEY MUNICIPAL CASH TRUST
022 B000010 25-1645968
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<PAGE>      PAGE  4
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Tax-Free Instruments Trust                     
                                Investment Shares                              
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,764,991,532                                  
<INVESTMENTS-AT-VALUE>          1,764,991,532                                  
<RECEIVABLES>                   11,635,082                                     
<ASSETS-OTHER>                  1,113,538                                      
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,777,740,152                                  
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,487,910                                      
<TOTAL-LIABILITIES>             2,487,910                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,775,669,488                                  
<SHARES-COMMON-STOCK>           1,507,478,565                                  
<SHARES-COMMON-PRIOR>           1,507,192,636                                  
<ACCUMULATED-NII-CURRENT>       5,242                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (422,488)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    1,507,227,763                                  
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               33,995,369                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  6,236,896                                      
<NET-INVESTMENT-INCOME>         27,758,473                                     
<REALIZED-GAINS-CURRENT>        27,248                                         
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           27,785,721                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       23,545,154                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         2,176,405,089                                  
<NUMBER-OF-SHARES-REDEEMED>     2,198,835,046                                  
<SHARES-REINVESTED>             22,715,886                                     
<NET-CHANGE-IN-ASSETS>          20,388,043                                     
<ACCUMULATED-NII-PRIOR>         5,242                                          
<ACCUMULATED-GAINS-PRIOR>       (449,736)                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,427,727                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 7,865,540                                      
<AVERAGE-NET-ASSETS>            1,766,251,757                                  
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.020                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.020                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 0.73                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Tax-Free Instruments Trust                     
                                Institutional Service Shares                   
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,764,991,532                                  
<INVESTMENTS-AT-VALUE>          1,764,991,532                                  
<RECEIVABLES>                   11,635,082                                     
<ASSETS-OTHER>                  1,113,538                                      
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,777,740,152                                  
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,487,910                                      
<TOTAL-LIABILITIES>             2,487,910                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,775,669,488                                  
<SHARES-COMMON-STOCK>           268,190,923                                    
<SHARES-COMMON-PRIOR>           248,116,057                                    
<ACCUMULATED-NII-CURRENT>       5,242                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (422,488)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    268,024,479                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               33,995,369                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  6,236,896                                      
<NET-INVESTMENT-INCOME>         27,758,473                                     
<REALIZED-GAINS-CURRENT>        27,248                                         
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           27,785,721                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,213,319                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         376,825,269                                    
<NUMBER-OF-SHARES-REDEEMED>     357,185,371                                    
<SHARES-REINVESTED>             434,968                                        
<NET-CHANGE-IN-ASSETS>          20,388,043                                     
<ACCUMULATED-NII-PRIOR>         5,242                                          
<ACCUMULATED-GAINS-PRIOR>       (449,736)                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,427,727                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 7,865,540                                      
<AVERAGE-NET-ASSETS>            1,766,251,757                                  
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.020                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.020                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 0.58                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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