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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 10
SIGNATURE STEVE KEANE
TITLE ASST. GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000356678
<NAME> Tax-Free Instruments Trust
<SERIES>
<NUMBER> 001
<NAME> Institutional Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Sep-30-1999
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<INVESTMENTS-AT-VALUE> 1,862,821,735
<RECEIVABLES> 11,512,613
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<EXPENSE-RATIO> 0.74
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[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000356678
<NAME> Tax-Free Instruments Trust
<SERIES>
<NUMBER> 002
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<PERIOD-TYPE> 6-MOS
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<PERIOD-END> Sep-30-1999
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</TABLE>
Tax-Free Instruments Trust
Amendment #6
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION, and
replace with:
Section 1. Officers. The Officers of the Trust shall be a President, one or
more Vice Presidents, a Treasurer, and a Secretary. The Board of Trustees,
in its discretion, may also elect or appoint a Chairman of the Board of
Trustees (who must be a Trustee) and other Officers or agents, including
one or more Assistant Vice Presidents, one or more Assistant Secretaries,
and one or more Assistant Treasurers. A Vice President, the Secretary or the
Treasurer may appoint an Assistant Vice President, an Assistant Secretary or
an Assistant Treasurer, respectively, to serve until the next election of
Officers. Two or more offices may be held by a single person except the
offices of President and Vice President may not be held by the same person
concurrently. It shall not be necessary for any Trustee or any Officer
to be a holder of shares in any Series or Class of the Trust.
Section 2. Election of Officers. The Officers shall be elected annually
by the Trustees. Each Officer shall hold office for one year and until the
election and qualification of his successor, or until earlier resignation or
removal. The Chairman of the Board of Trustees, if there is one, shall be
elected annually by and from the Trustees, and serve until a successor is so
elected and qualified, or until earlier resignation or removal.
Section 3. Resignations and Removals and Vacancies. Any Officer of the
Trust may resign at any time by filing a written resignation with the Board
of Trustees (or Chairman of the Trustees, if there is one), with the
President, or with the Secretary. Any such resignation shall take effect
at the time specified therein or, if no time is specified, at the time of
receipt. Unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. Any Officer
elected by the Board of Trustees or whose appointment has been ratified
by the Board of Trustees may be removed with or without cause at any
time by a majority vote of all of the Trustees. Any other employee of
the Trust may be removed or dismissed at any time by the President.
Any vacancy in any of the offices, whether by resignation, removal or
otherwise, may be filled for the unexpired portion of the term by the
President. A vacancy in the office of Assistant Vice President may be
filled by a Vice President; in the office of Assistant Secretary by the
Secretary; or in the office of Assistant Treasurer by the Treasurer. Any
appointment to fill any vacancy shall serve subject to ratification by the
Board of Trustees at its next regular meeting.
November 24, 1999
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in Sub-Item 77k of Form
N-SAR of the Federated Tax-Free Instruments Trust.
Very truly yours,
Arthur Andersen LLP
Mr. Sean Fitzsimons
Page 2
September 30, 1999
TAX-FREE INSTRUMENTS TRUST
ITEM 77 K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Change of Independent Auditors:
On May 19, 1999, the Trust's Board of Trustees, upon the recommendation of
the Audit Committee of the Board of Trustees, requested and subsequentially
accepted the resignation of Arthur Andersen LLP ("AA") as the Trust's
independent auditors. During the six month period ended September 30, 1999
the "Period"): (i) AA did not issue any report on the Trust's financial
statements; (ii) there were no disagreements with AA on any matter of
accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of AA, would have caused it to make reference to the subject
matter of the disagreements in connection with its report on the financial
statements for such period; and (iii) there were no "reportable events"
of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934, as amended.
The Trust, by action of its Board of Trustees, engaged Ernst & Young LLP
("E&Y") as the independent auditors for the purposes of auditing the
Trust's financial statements for the fiscal year ending March 31, 2000.
During the Period, neither the Trust, nor anyone on the Trust's behalf has
consulted E&Y on items which (i) concerned the application of the accounting
principles to a specified transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Trust's financial
statements or (ii) concerned the subject of a disagreement (as defined in
paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as
described in paragraph (a)(1)(v) of said Item 304).
