-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OOgOLAj4C+O5rcj1nQZNaw4Pjq/INAvRMgL+8Gf/mFiuPP9xEAp3K8heuADNRDYq 1QVzFrilk0J/y/vLtEg+Iw== 0000088053-01-500787.txt : 20020411 0000088053-01-500787.hdr.sgml : 20020411 ACCESSION NUMBER: 0000088053-01-500787 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010930 FILED AS OF DATE: 20011120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS MUNICIPAL CASH FUND CENTRAL INDEX KEY: 0000863420 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06108 FILM NUMBER: 1796157 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: TAX EXEMPT NEW YORK MONEY MARKET FUND DATE OF NAME CHANGE: 19920703 N-30D 1 sr-imc.txt SEMIANNUAL REPORT SEMIANNUAL REPORT - -------------------------------------------------------------------------------- Investors Municipal Cash Fund September 30, 2001 Tax-Exempt New York Money Market Fund Investors Pennsylvania Municipal Cash Fund Investors Florida Municipal Cash Fund Investors New Jersey Municipal Cash Fund Investors Michigan Municipal Cash Fund Principal Underwriter Scudder Distributors, Inc. 222 S. Riverside Plaza Chicago, IL 60606 This report is not to be distributed unless preceded or accompanied by an Investors Municipal Cash Fund prospectus. Dear Shareholder: - -------------------------------------------------------------------------------- We appreciate your decision to invest in the Investors Municipal Cash Fund. The fund series includes: o Tax-Exempt New York Money Market Fund o Investors Pennsylvania Municipal Cash Fund o Investors Florida Municipal Cash Fund o Investors New Jersey Municipal Cash Fund o Investors Michigan Municipal Cash Fund To provide you with an update of holdings and financial highlights, on the following pages you'll find the fund's semiannual report for the six-month period ended September 30, 2001. Economic Review and Outlook The past six months will not be forgotten. Focusing on economic and financial prospects became a low priority in light of the tragedy of the September 11th terrorist attacks in the United States. It was a time of grief and a new environment emerged with significant challenges, uncertainties and many unanswered questions. Here is a brief review of developments. As the period progressed and the economy slowed, monetary policy embarked on a mission to not only stop the downturn, but return economic momentum to a favorable growth trajectory. In this regard rates were lowered on eight separate occasions by a total of 350 basis points. This downward movement of short-term rates was accompanied by a flattening of the yield curve versus the income pick-up for lengthening which was available at the start of the period. This implied a greater likelihood of future rate reductions. We still favor lengthening at these yield levels. This is based on the weakened state of the economy and the high prospects for additional ease to stabilize and promote the economy's recovery. Prior to September 11, the economy exhibited signs of recovery. However, this momentum was damaged by the terrorist attacks. In our view the recovery was delayed but not ended. In broad terms we should witness weak economic data near term to be followed by a significantly stronger recovery path in 2002. Both fiscal and monetary stimuli are key ingredients. Also consumer spending will reassert itself. Resiliency is a hallmark of our economy, and we will learn to move forward and attempt to return to our more normal ways despite the terrifying tragedy and the prospects for a long campaign against terrorism. In this context, interest rates will be lower, but the Fed will be reluctant to hold short-term rates below the pace of inflation for any meaningful time frame. Fund Results As of September 30, 2001
7-Day Equivalent Fund Current Yield Taxable Yield - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund 1.35% 2.50% - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 1.46% 2.51% - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 1.41% 2.32% - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 1.23% 2.26% - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 1.53% 2.70% - -------------------------------------------------------------------------------------------------------------------
Thank you again for your investment in the Investors Municipal Cash Fund. We look forward to serving your investment needs for years to come. /s/ Frank Rachwalski Frank Rachwalski Vice President and Lead Portfolio Manager October 17, 2001 Frank Rachwalski is a Managing Director of Zurich Scudder Investments, Inc. and is Vice President and Lead Portfolio Manager of all Zurich Scudder Money Funds. Mr. Rachwalski holds B.B.A. and M.B.A. degrees from Loyola University. Notes The fund's net yield is the sum of the daily dividend rates for the period. Yields are historical, may fluctuate, and do not guarantee future performance. The equivalent taxable yield allows you to compare the fund with the performance of taxable money market funds. The New York Fund equivalent taxable yield is based upon the fund's yield and a combined Federal and State of New York marginal income tax rate 45.95%. The Pennsylvania, New Jersey and Michigan Funds equivalent taxable yields are based upon the funds' yields and a combined Federal and State marginal income tax rate of 41.9%, 45.47% and 43.3% respectively. The Florida Fund equivalent taxable yield is based upon the fund's yield and 39.1% Federal income tax rate. Income may be subject to local taxes and for some investors, the alternative minimum tax. Like all money market funds, an investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve your investment at $1.00 per share, it is possible to lose money. The views expressed in this report reflect those of the portfolio manager only through the end of the period stated above. The manager's views are subject to change at any time, based on market and other conditions. 1 Portfolio of Investments as of September 30, 2001 (Unaudited) - -------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund
Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Securities* 50.4% - ------------------------------------------------------------------------------------------------------------------- New York Obligations - ------------------------------------------------------------------------------------------------------------------- Albany, Industrial Development Agency, Davies Office Refurbishing, AMT, 2.1%, 2/1/2017 1,595,000 1,595,000 Babylon, Industrial Development Agency, J. D'Addario Realty Co. Project, AMT, 2.1%, 7/1/2014 1,500,000 1,500,000 Hempstead, Industrial Development Agency, Trigen-Nassau Energy, AMT, 2.15%, 9/15/2015 1,000,000 1,000,000 Long Island Power Authority, Series 2, 2.05%, 5/1/2033 8,000,000 8,000,000 New York City, General Obligation, Series B, 2.65%, 8/15/2005 2,300,000 2,300,000 New York City, General Obligation, Series H, 2.129%, 8/1/2015 5,000,000 5,000,000 New York City, General Obligation, Series J, 2.1%, 2/15/2016 2,400,000 2,400,000 New York City, Health & Hospital Corp. Revenue, Series C, 2.1%, 2/15/2026 8,000,000 8,000,000 New York City, Trust for Cultural Resources, 2.25%, 4/1/2021 1,275,000 1,275,000 New York Energy Research and Development Authority, Niagara Mohawk Power Corp. Project, Series A, 2.65%, 7/1/2015 2,200,000 2,200,000 New York Energy Research and Development Authority, Niagara Mohawk Power Corp. Project, Series B, 2.6%, 12/1/2025 2,400,000 2,400,000 New York Energy Research and Development Authority, Niagara Mohawk Power Corp. Project, Series C, 2.6%, 12/1/2025 1,000,000 1,000,000 New York Energy Research and Development Authority, Orange & Rockland Project, 2.25%, 10/1/2014 1,200,000 1,200,000 New York Housing Finance Agency, East 84th Street, Series A, AMT, 2.1%, 11/1/2028 10,000,000 10,000,000 New York Housing Finance Agency, Hospital for Special Surgery, Series A, 2.05%, 11/1/2010 2,620,000 2,620,000 New York Housing Finance Agency, Normandie Court I Project, 2%, 5/15/2015 4,500,000 4,500,000 New York Housing Finance Agency, Related East 39th Street, Series A, AMT, 2.15%, 11/1/2032 7,000,000 7,000,000 New York State Dormitory Authority, Cornell University, Series A, 2.05%, 7/1/2029 7,000,000 7,000,000 New York State Dormitory Authority, Glen Eddy Inc., 2.15%, 7/1/2029 7,500,000 7,500,000 New York State Dormitory Authority, Memorial Sloan, Series A, 2.6%, 7/1/2019 2,400,000 2,400,000 New York State Dormitory Authority, Memorial Sloan, Series B, 2.6%, 7/1/2019 2,000,000 2,000,000 Onondaga Industrial Development Agency, Southern Container Corp., Series A, AMT, 2.1%, 8/1/2007 1,030,000 1,030,000 Schenectady County Industrial Development Agency, Scotia Industrial Park Project, Series A, 2.05%, 6/1/2009 1,430,000 1,430,000 Schoharie County Industrial Development Agency, Bassett Hospital Project, Series A, 2.35%, 2/1/2021 2,400,000 2,400,000 St. Lawrence County Industrial Development Agency, Reynolds Metals Company Project, AMT, 2.05%, 5/1/2025 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------- Total Variable Rate Demand Securities (Cost $86,750,000) 86,750,000 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 2 Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Other Securities 49.6% - ------------------------------------------------------------------------------------------------------------------- New York City, Municipal Water Finance Authority, 2.3%**, 12/11/2001 7,600,000 7,600,000 New York City, Municipal Water Finance Authority, 2.7%**, 10/4/2001 6,000,000 6,000,000 New York General Obligation, 2.3%**, 11/14/2001 2,000,000 2,000,000 New York General Obligation, 2.35%**, 10/24/2001 5,500,000 5,500,000 New York General Obligation, 2.4%**, 10/9/2001 1,500,000 1,500,000 New York General Obligation, 2.4%**, 10/10/2001 4,200,000 4,200,000 New York Metropolitan Transportation Authority, 1.95%**, 10/16/2001 8,000,000 8,000,000 New York Port Authority, 2.3%**, 12/10/2001 4,050,000 4,050,000 New York Port Authority, 2.3%**, 2/11/2002 4,010,000 4,010,000 New York Power Authority, 2%**, 10/9/2001 2,400,000 2,400,000 New York Power Authority, 2.35%**, 1/14/2002 4,000,000 4,000,000 New York Power Authority, 2.4%**, 10/12/2001 5,000,000 5,000,000 New York Power Authority, 2.6%**, 10/23/2001 5,000,000 5,000,000 New York State Dormitory Authority, Columbia University, 2.1%**, 2/12/2002 5,000,000 5,000,000 New York State Dormitory Authority, Columbia University, 2.35%**, 10/11/2001 5,000,000 5,000,000 New York State Dormitory Authority, Columbia University, 2.55%**, 10/10/2001 3,000,000 3,000,000 Puerto Rico Government Development Bank, 1.9%**, 10/23/2001 3,000,000 3,000,000 Puerto Rico Government Development Bank, 2.3%**, 10/25/2001 5,000,000 5,000,000 Rochester, NY, General Obligation, 4.75%, 10/25/2001 5,000,000 5,001,418 - ------------------------------------------------------------------------------------------------------------------- Total Other Securities (Cost $85,261,418) 85,261,418 - ------------------------------------------------------------------------------------------------------------------- Total Investment Portfolio -- 100.0% (Cost $172,011,418) (a) 172,011,418 - -------------------------------------------------------------------------------------------------------------------
* Variable rate demand notes are securities whose interest rates are periodically reset at market levels. These securities are payable on demand within seven calendar days and normally incorporate an irrevocable letter of credit or line of credit from a major bank. These securities are shown at their current rate as of September 30, 2001. ** Annualized yield at time of purchase; not a coupon rate. (a) The cost for federal income tax purposes was $172,011,418. AMT: Alternative minimum tax The accompanying notes are an integral part of the financial statements. 3 Portfolio of Investments as of September 30, 2001 (Unaudited) - -------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund
Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Securities* 79.5% - ------------------------------------------------------------------------------------------------------------------- Pennsylvania Obligations - ------------------------------------------------------------------------------------------------------------------- Pennsylvania State Higher Education, Health Facilities Authority Revenue, 2.3%, 1/1/2026 1,000,000 1,000,000 Pennsylvania State Higher Education Authority, Student Loan, AMT, 2.3%, 3/1/2027 1,000,000 1,000,000 Pennsylvania State Higher Education, Educational Facilities Authority Revenue, Series C, 2.7%, 11/1/2029 1,000,000 1,000,000 Allentown Hospital Authority Revenue, 2.35%, 7/1/2023 95,000 95,000 Cambria County Industrial Development Authority, AMT, 2.3%, 12/1/2028 1,025,000 1,025,000 Dallastown Area School District General Obligations, 2.36%, 2/1/2018 925,000 925,000 Dauphin County Health Facilities Authority Revenue, 2.36%, 11/1/2017 295,000 295,000 Delaware County Industrial Development Authority, 2.7%, 12/1/2009 1,000,000 1,000,000 Emmaus General Authority Revenue, Series A, 2.38%, 3/1/2030 700,000 700,000 Erie County Hospital Authority Revenue, 2.35%, 9/1/2020 100,000 100,000 Gettysburg Industrial Development Authority, Series B, 2.4%, 3/1/2004 100,000 100,000 Indiana County Industrial Development Authority, Series A, AMT, 2.3%, 6/1/2027 1,000,000 1,000,000 Lancaster County General Obligation, 2.36%, 5/1/2030 300,000 300,000 Lancaster County Hospital Authority Revenue, 2.38%, 2/15/2029 1,800,000 1,800,000 Lebanon County Health Center Revenue, 2.38%, 4/1/2024 585,000 585,000 Lehigh County Industrial Development Authority, 2.3%, 10/1/2014 280,000 280,000 Mercer County Industrial Development Authority, AMT, 2.5%, 5/1/2021 1,840,000 1,840,000 Montgomery County Housing Development Authority, Multi-Family Revenue, Series A, 2.2%, 8/15/2031 1,000,000 1,000,000 Northumberland County Industrial Development Authority, AMT, 2.45%, 2/1/2010 1,150,000 1,150,000 Philadelphia Hospital Authority Revenue, Series A, 2.7%, 3/1/2027 1,400,000 1,400,000 Philadelphia Industrial Development Authority, 2.7%, 7/1/2025 1,500,000 1,500,000 Quakertown Hospital Authority Revenue, 2.25%, 7/1/2005 900,000 900,000 Somerset County Industrial Development Authority, 2.55%, 3/2/2015 390,000 390,000 State Public School Building Authority Revenue, Series D, 2.36%, 3/1/2019 570,000 570,000 Telford Industrial Development Authority, 2.5%, AMT, 3/1/2022 1,000,000 1,000,000 Venago Industrial Development Authority, 2.85%, 12/1/2012 285,000 285,000 Washington County Authority Lease Revenue, 2.4%, 11/1/2005 920,000 920,000 - ------------------------------------------------------------------------------------------------------------------- Total Variable Rate Demand Securities (Cost $22,160,000) 22,160,000 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 4 Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- Other Securities 20.5% - ------------------------------------------------------------------------------------------------------------------- Beaver County Duquesne Industrial Development Authority, 2.65%**, 10/10/2001 1,000,000 1,000,000 Delaware County Industrial Development Authority, 2.65%**, 11/9/2001 200,000 200,000 Montgomery County Industrial Development Authority, 2.4%**, 11/8/2001 2,000,000 2,000,000 Pennsylvania State Economic Development Financing Authority Revenue, Series B, 3.1%**, 11/1/2001 500,000 500,000 Philadelphia Tax Revenue, 4%, 6/28/2002 1,009,731 1,009,731 Puerto Rico Commonwealth Government Development Bank , 2.3%**, 10/25/2001 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------- Total Other Securities (Cost $5,709,731) 5,709,731 - ------------------------------------------------------------------------------------------------------------------- Total Investment Portfolio -- 100.0% (Cost $27,869,731) (a) 27,869,731 - ------------------------------------------------------------------------------------------------------------------- * Variable rate demand notes are securities whose interest rates are periodically reset at market levels. These securities are payable on demand within seven calendar days and normally incorporate an irrevocable letter of credit or line of credit from a major bank. These securities are shown at their current rate as of September 30, 2001. ** Annualized yield at time of purchase; not a coupon rate. (a) The cost for federal income tax purposes was $27,869,731. AMT: Alternative minimum tax The accompanying notes are an integral part of the financial statements. 5 Portfolio of Investments as of September 30, 2001 (Unaudited) - -------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Securities* 61.8% - ------------------------------------------------------------------------------------------------------------------- Florida Obligations - ------------------------------------------------------------------------------------------------------------------- Alachua County Industrial Development Authority, Series A, 2.35%, 1/1/2012 280,000 280,000 Alachua County Industrial Development Authority, Series B, AMT, 2.45%, 1/1/2012 250,000 250,000 Broward County Industrial Development Authority, AMT, 2.55%, 8/2/2026 140,000 140,000 Citrus Park Community Development Authority, 2.32%, 11/1/2016 965,000 965,000 Dade County Dolphins Stadium, 2.2%, 1/1/2016 1,030,000 1,030,000 Dade County Spectrum, 2.35%, 9/2/2016 640,000 640,000 Florida Housing Finance Agency, Hampton Lakes, 2.25%, 7/1/2008 2,000,000 2,000,000 Gulf Breeze Revenue, 2.3%, 3/31/2021 1,500,000 1,500,000 Hillsborough County Industrial Development Authority, AMT, 2.5%, 12/1/2016 2,100,000 2,100,000 Hillsborough County Industrial Development Authority, Pollution Control Revenue, 2.7%, 9/1/2025 705,000 705,000 Hillsborough County Industrial Development Authority, Pollution Control Revenue, AMT, 2.75%, 11/1/2020 400,000 400,000 Indian River County Hospital Revenue, 2.45%, 10/1/2015 3,545,000 3,545,000 Jacksonville Health Facilities Authority, 2.35%, 1/1/2016 500,000 500,000 Jacksonville Industrial Development Authority, 2.25%, 7/1/2013 2,500,000 2,500,000 Orange County Health Facilities Authority Revenue, 2.35%, 11/15/2014 1,000,000 1,000,000 Orange County Health Facilities Authority Revenue, 2.35%, 11/1/2028 2,300,000 2,300,000 Orange County Housing Finance Authority Revenue, 2.25%, 12/1/2029 1,750,000 1,750,000 Putnam County Development Authority, Pollution Control Revenue, 2.4%, 3/15/2014 4,570,000 4,570,000 Sunshine State Government Finance Authority, 2.35%, 7/1/2016 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------------------- Other Obligations - ------------------------------------------------------------------------------------------------------------------- District of Columbia Property Tax Revenue, 2.75%, 6/1/2003 1,700,000 1,700,000 Illinois Chicago O'Hare International Airport Revenue, 2.75%, 12/1/2017 500,000 500,000 Montana Forsyth Pollution Control Revenue, 2.65%,1/1/2018 1,000,000 1,000,000 University of Michigan Hospital Revenue, 2.7%,12/1/2019 300,000 300,000 - ------------------------------------------------------------------------------------------------------------------- Total Variable Rate Demand Securities (Cost $32,175,000) 32,175,000 - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- Other Securities** 38.2% - ------------------------------------------------------------------------------------------------------------------- Dade County Aviation Facilities Authority, AMT, 2.2%, 1/14/2002 2,008,000 2,008,000 Dade County Aviation Facilities Authority, AMT, 2.55%, 10/30/2001 2,106,000 2,106,000 Dade County Aviation Facilities Authority, AMT, 2.65%, 12/10/2001 1,042,000 1,042,000 Florida Municipal Power Agency, 2.3%, 11/14/2001 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 6 Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Florida Municipal Power Agency, 2.4%, 10/23/2001 2,000,000 2,000,000 Gainesville Utilities Systems Revenue, 2.3%, 2/11/2002 1,000,000 1,000,000 Gainesville Utilities Systems Revenue, 2.45%, 11/16/2001 1,100,000 1,100,000 Gainesville Utilities Systems Revenue, 2.5%, 1/15/2002 1,500,000 1,500,000 Gainesville Utilities Systems Revenue, 2.6%, 11/13/2001 1,000,000 1,000,000 Jacksonville Electric Revenue, 2.1%, 2/13/2002 700,000 700,000 Jacksonville Electric Revenue, 2.55%, 2/8/2002 2,100,000 2,100,000 Jacksonville Electric Revenue, 3.2%, 10/12/2001 726,000 726,000 Kissimmee Utilities Authority, 2.4%, 10/24/2001 1,500,000 1,500,000 Orlando Capital Improvement Revenue, 3.25%, 10/11/2001 1,400,000 1,400,000 Sarasota County Hospital Revenue, 2.4%, 10/1/2001 700,000 700,000 - ------------------------------------------------------------------------------------------------------------------- Total Other Securities (Cost $19,882,000) 19,882,000 - ------------------------------------------------------------------------------------------------------------------- Total Investment Portfolio -- 100.0% (Cost $52,057,000) (a) 52,057,000 - -------------------------------------------------------------------------------------------------------------------
* Variable rate demand notes are securities whose interest rates are periodically reset at market levels. These securities are payable on demand within seven calender days and normally incorporate an irrevocable letter of credit or line of credit from a major bank. These securities are shown at their current rate as of September 30, 2001. ** Annualized yield at time of purchase; not a coupon rate. (a) The cost for federal income tax purposes was $52,057,000. AMT: Alternative minimum tax 7
Portfolio of Investments as of September 30, 2001 (Unaudited) - ------------------------------------------------------------------------------------------------------------------- Principal Investors New Jersey Municipal Cash Fund Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Securities* 60.6% - ------------------------------------------------------------------------------------------------------------------- New Jersey Obligations - ------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority, 400 International Drive Partners, 2.4%, 9/1/2005 4,300,000 4,300,000 New Jersey Economic Development Authority, Foreign Trade Zone Project, 2.6%, 12/1/2007 1,500,000 1,500,000 New Jersey Economic Development Authority, Stolthaven Project, Series A, 2.6%, 1/15/2018 1,700,000 1,700,000 New Jersey Economic Development Authority, Dow Chemical Company, El Dorado Terminals Revenue, Series A, 2.6%, 12/1/2021 3,300,000 3,300,000 Union County Pollution Control Revenue, 2%, 10/1/2024 200,000 200,000 Essex County Improvement Authority Revenue, 1.75%, 7/1/2026 3,000,000 3,000,000 New Jersey Economic Development Authority, Public Service Electric and Gas Co., 1.92%, 9/1/2012 2,100,000 2,100,000 New Jersey Economic Development Authority, Natural Gas Co. Project, 1.85%, 1/1/2028 900,000 900,000 New Jersey Economic Development Authority, AIRIS Newark Project, AMT, 2.15%, 1/1/2019 2,200,000 2,200,000 New Jersey Healthcare Facilities Financing Authority, Pascack Community Services, Series A, 1.95%, 7/1/2018 300,000 300,000 New Jersey Healthcare Facilities Financing Authority, Hospital Capital Asset Financing, Series B, 2%, 7/1/2035 1,500,000 1,500,000 New Jersey Healthcare Facilities Financing Authority, Hospital Capital Asset Financing, Series D, 2%, 7/1/2035 1,600,000 1,600,000 New Jersey Economic Development Authority, Blair Academy, School Revenue, 2.1%, 9/1/2021 900,000 900,000 New Jersey Economic Development Authority, Thermal Energy Facilities Revenue, AMT, 2.45%, 12/1/2031 2,100,000 2,100,000 New Jersey Sports and Exposition Authority, Series C, 2%, 9/1/2024 4,525,000 4,525,000 New Jersey Turnpike Authority Revenue, Series D, 2.2%, 1/1/2018 3,600,000 3,600,000 - ------------------------------------------------------------------------------------------------------------------- Other Obligations - ------------------------------------------------------------------------------------------------------------------- Delaware River & Bay Authority Revenue, Series B, 2.2%, 1/1/2030 3,000,000 3,000,000 District of Columbia, General Funding Recovery, Series B-3, 2.75%, 6/1/2003 500,000 500,000 Port Authority of New York and New Jersey, Versatile Structure Special Obligation Revenue, 2.65%, 6/1/2020 400,000 400,000 Puerto Rico Commonwealth, Highway and Transportation Authority, 2.25%, 7/1/2028 1,000,000 1,000,000 Puerto Rico Commonwealth, Mendez University Higher Education Authority, 2.25%, 10/1/2021 3,400,000 3,400,000 Wyoming Platte County, Pollution Control Revenue, Series A, 2.75%, 7/1/2014 400,000 400,000 Wyoming Platte County, Pollution Control Revenue, Series B, 2.75%, 7/1/2014 600,000 600,000 - ------------------------------------------------------------------------------------------------------------------- Total Variable Rate Demand Securities (Cost $43,025,000) 43,025,000 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 8 Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Other Securities** 39.4% - ------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority, AMT, 2.3%, 12/5/2001 3,400,000 3,400,000 New Jersey Economic Development Authority, AMT, 2.45%, 11/13/2001 1,900,000 1,900,000 New Jersey Educational Facilities, Princeton, 2.2%, 10/17/2001 1,500,000 1,500,000 New Jersey Educational Facilities, Princeton, 2.35%, 10/9/2001 1,000,000 1,000,000 New Jersey Educational Facilities, Princeton, 2.4%, 10/9/2001 1,100,000 1,100,000 New Jersey Port Authority, 2.3%, 12/10/2001 1,950,000 1,950,000 New Jersey Port Authority, 2.45%, 2/11/2002 2,000,000 2,000,000 New Jersey Port Authority, 2.6%, 10/10/2001 2,375,000 2,375,000 New Jersey Tax and Revenue Anticipation Notes, 2.25%, 11/14/2001 3,000,000 3,000,000 Puerto Rico Commonwealth Government Development Bank, 1.95%, 10/23/2001 2,000,000 2,000,000 Puerto Rico Commonwealth Government Development Bank, 2.1%, 10/30/2001 3,000,000 3,000,000 Puerto Rico Commonwealth Government Development Bank, 2.2%, 10/15/2001 1,555,000 1,555,000 Salem County Pollution Control Revenue, 2%, 11/8/2001 2,000,000 2,000,000 Salem County Pollution Control Revenue, 2.6%, 11/9/2001 1,200,000 1,200,000 - ------------------------------------------------------------------------------------------------------------------- Total Other Securities (Cost $27,980,000) 27,980,000 - ------------------------------------------------------------------------------------------------------------------- Total Investment Portfolio -- 100.0% (Cost $71,005,000) (a) 71,005,000 - -------------------------------------------------------------------------------------------------------------------
* Variable rate demand notes are securities whose interest rates are periodically reset at market levels. These securities are payable on demand within seven calendar days and normally incorporate an irrevocable letter of credit or line of credit from a major bank. These securities are shown at their current rate as of September 30, 2001. ** Annualized yield at time of purchase; not a coupon rate. (a) The cost for federal income tax purposes was $71,005,000. AMT: Alternative minimum tax The accompanying notes are an integral part of the financial statements. 9
Portfolio of Investments as of September 30, 2001 (Unaudited) - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Securities* 75.3% - ------------------------------------------------------------------------------------------------------------------- Michigan Obligations - ------------------------------------------------------------------------------------------------------------------- Michigan State Higher Education Authority, Student Loan, AMT, 2.4%, 10/1/2020 1,000,000 1,000,000 Michigan State Hospital Financing Authority, Covenant Retirement, 2.33, 12/1/2029 430,000 430,000 Michigan State Hospital Financing Authority, Equipment Loan Program, Series A, 2.28%, 12/1/2023 800,000 800,000 Michigan State Hospital Financing Authority, Mt. Clemens General Hospital, 2.35%, 3/1/2015 800,000 800,000 Michigan State Housing Development Authority, Laurel Valley, 2.35%, 12/1/2007 700,000 700,000 Michigan State Housing Development Authority, Mulitfamily Revenue, River Place Apartments, AMT, 2.32%, 6/1/2018 1,360,000 1,360,000 Michigan State Strategic Fund, Creative Foam Corp. Project, AMT, 2.5%, 11/1/2011 400,000 400,000 Michigan State Strategic Fund, Hope Network, Inc. Project, Series A, 2.4%, 9/1/2023 1,020,000 1,020,000 Michigan State Strategic Fund, Obligation Revenue, AMT, 2.45%, 10/1/2015 400,000 400,000 Michigan State Strategic Fund, Pollution Control Revenue, 2.3%, 4/1/2008 1,200,000 1,200,000 Michigan State Strategic Fund, Republic Services, Inc. Project, AMT, 2.4%, 8/1/2031 1,000,000 1,000,000 Michigan State Strategic Fund, Ritz-Kraft Corp. Project, AMT, 2.3%, 8/1/2024 200,000 200,000 Michigan State University, General Revenue, Series A, 2.3%, 8/15/2030 1,000,000 1,000,000 Michigan State University, General Revenue, Series A-2, 2.2%, 8/15/2022 100,000 100,000 University of Michigan, Hospital Revenue, Series A, 2.7%, 12/1/2019 200,000 200,000 Bruce Township Health Care Systems Revenue, 2.15%, 5/1/2018 1,100,000 1,100,000 Cornell Township Economic Development Corp., 2.75%, 11/1/2016 1,800,000 1,800,000 Detroit Sewage Revenue, Series A, 2.25%, 7/1/2023 1,100,000 1,100,000 Farmington Hills Economic Development Authority, 2.4%, 11/1/2010 340,000 340,000 Fremont Hospital Revenue, 2.3%, 8/1/2024 350,000 350,000 Garden City Hospital Revenue, Series A, 2.35%, 9/1/2026 660,000 660,000 Genesee County Economic Development Corp., AMT, 2.5%, 12/1/2021 300,000 300,000 Green Lake Township Economic Development Corp., 2.2%, 6/1/2027 1,200,000 1,200,000 Jackson County Economic Development Corp., 2.35%, 12/1/2020 500,000 500,000 Oakland County Economic Development Corp., Acme Manufacturing Co. Project, AMT, 2.45%, 11/1/2023 200,000 200,000 Oakland County Economic Development Corp., Rochester College Project, 2.37%, 8/1/2021 1,000,000 1,000,000 Sterling Heights Economic Development Corp., AMT, 2.5%, 2/1/2016 700,000 700,000 Wayne County Airport Revenue, AMT, 2.4%, 12/1/2016 1,060,000 1,060,000 - ------------------------------------------------------------------------------------------------------------------- Other Obligations - ------------------------------------------------------------------------------------------------------------------- District of Columbia General Funding Recovery, Series B-1, 2.75%, 6/1/2003 300,000 300,000 District of Columbia General Funding Recovery, Series B-2, 2.75%, 6/1/2003 100,000 100,000 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 10 Principal Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------- District of Columbia General Funding Recovery, Series B-3, 2.75%, 6/1/2003 800,000 800,000 Florida Hillsborough County Industrial Development Authority, Pollution Control Revenue, 2.7%, 9/1/2025 1,600,000 1,600,000 Illinois Chicago O'Hare International Airport Revenue, 2.75%, 12/1/2017 500,000 500,000 Texas Brazos River Authority, Pollution Control Revenue, AMT, 2.7%, 6/1/2030 500,000 500,000 Wyoming Platte County, Pollution Control Revenue, Series A, 2.75%, 7/1/2014 900,000 900,000 - ------------------------------------------------------------------------------------------------------------------- Total Variable Rate Demand Securities (Cost $25,620,000) 25,620,000 - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- Other Securities** 24.7% - ------------------------------------------------------------------------------------------------------------------- Cornell Mead Economic Development Corp., 2.3%, 10/10/2001 400,000 400,000 Delta Mead Economic Development Corp., 2.55%, 11/8/2001 1,000,000 1,000,000 Michigan State Strategic Fund, 2.5%, 1/15/2002 1,000,000 1,000,000 Michigan State Strategic Fund, 2.65%, 10/23/2001 1,500,000 1,500,000 Puerto Rico Commonwealth Government Development Bank, 2.3%, 10/25/2001 1,500,000 1,500,000 University of Michigan Board of Regents, 2.55%, 10/24/2001 2,000,000 2,000,000 University of Michigan Board of Regents, 2.6%, 10/15/2001 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------- Total Other Securities (Cost $8,400,000) 8,400,000 - ------------------------------------------------------------------------------------------------------------------- Total Investment Portfolio -- 100.0% (Cost $34,020,000) (a) 34,020,000 - -------------------------------------------------------------------------------------------------------------------
* Variable rate demand notes are securities whose interest rates are periodically reset at market levels. These securities are payable on demand within seven calendar days and normally incorporate an irrevocable letter of credit or line of credit from a major bank. These securities are shown at their current rate as of September 30, 2001. ** Annualized yield at time of purchase; not a coupon rate. (a) The cost for federal income tax purposes was $34,020,000. AMT: Alternative minimum tax The accompanying notes are an integral part of the financial statements. 11
Financial Statements - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- Statement of Assets and Liabilities as of September 30, 2001 (Unaudited) - ------------------------------------------------------------------------------------------------------------------- Assets New York Pennsylvania Florida New Jersey Michigan - ------------------------------------------------------------------------------------------------------------------- Investments in securities, at amortized cost $ 172,011,418 $ 27,869,731 $ 52,057,000 $ 71,005,000 $ 34,020,000 - ------------------------------------------------------------------------------------------------------------------- Cash -- 115,505 -- 95,669 132,508 - ------------------------------------------------------------------------------------------------------------------- Receivable for investments sold 1,600,000 -- 405,000 100,000 -- - ------------------------------------------------------------------------------------------------------------------- Interest receivable 604,513 75,679 137,797 163,272 96,116 - ------------------------------------------------------------------------------------------------------------------- Receivable for Fund shares sold 1,999,583 386,354 980,347 767,722 288,840 - ------------------------------------------------------------------------------------------------------------------- Total assets 176,215,514 28,447,269 53,580,144 72,131,663 34,537,464 - ------------------------------------------------------------------------------------------------------------------- Liabilities - ------------------------------------------------------------------------------------------------------------------- Due to custodian bank 227,969 -- 234,753 -- -- - ------------------------------------------------------------------------------------------------------------------- Dividends payable 19,751 2,376 6,265 7,501 2,900 - ------------------------------------------------------------------------------------------------------------------- Payable for Fund shares redeemed 1,920,290 382,894 1,006,671 770,346 367,500 - ------------------------------------------------------------------------------------------------------------------- Accrued management fee 34,409 5,472 9,974 13,379 6,454 - ------------------------------------------------------------------------------------------------------------------- Accrued reorganization costs 894 -- -- -- 7,583 - ------------------------------------------------------------------------------------------------------------------- Accrued Trustees' fees and expenses 11,927 3,440 5,817 2,937 722 - ------------------------------------------------------------------------------------------------------------------- Other accrued expenses and payables 255,334 25,285 63,732 53,604 21,834 - ------------------------------------------------------------------------------------------------------------------- Total liabilities 2,470,574 419,467 1,327,212 847,767 406,993 - ------------------------------------------------------------------------------------------------------------------- Net assets, at value $ 173,744,940 $ 28,027,802 $ 52,252,932 $ 71,283,896 $ 34,130,471 - ------------------------------------------------------------------------------------------------------------------- Net Asset Value - ------------------------------------------------------------------------------------------------------------------- Net Asset Value, offering and redemption price price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- (outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) 173,745,553 28,027,380 52,252,931 71,283,896 34,130,550 - ------------------------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. 12 - ------------------------------------------------------------------------------------------------------------------- Statement of Operations for the six months ended September 30, 2001 (Unaudited) - ------------------------------------------------------------------------------------------------------------------- Investment Income New York Pennsylvania Florida New Jersey Michigan - ------------------------------------------------------------------------------------------------------------------- Income: Interest $ 2,376,145 $ 396,588 $ 837,030 $ 1,019,442 $ 467,679 - ------------------------------------------------------------------------------------------------------------------- Expenses: Management fee 189,764 30,250 62,233 84,955 36,184 - ------------------------------------------------------------------------------------------------------------------- Services to shareholders 193,852 34,763 75,606 88,097 35,202 - ------------------------------------------------------------------------------------------------------------------- Custodian fees 6,725 2,573 2,682 2,610 1,450 - ------------------------------------------------------------------------------------------------------------------- Distribution service fee 431,281 68,750 141,439 193,078 57,565 - ------------------------------------------------------------------------------------------------------------------- Auditing 23,250 1,854 4,534 4,764 3,170 - ------------------------------------------------------------------------------------------------------------------- Legal 5,056 682 4,001 2,178 610 - ------------------------------------------------------------------------------------------------------------------- Trustees' fees and expenses 3,919 949 1,265 1,010 1,804 - ------------------------------------------------------------------------------------------------------------------- Reports to shareholders 56,605 6,302 16,289 8,765 13,638 - ------------------------------------------------------------------------------------------------------------------- Registration fees 60,340 10,259 19,264 3,845 7,871 - ------------------------------------------------------------------------------------------------------------------- Other 5,248 414 1,199 1,253 906 - ------------------------------------------------------------------------------------------------------------------- Total expenses, before expense 976,040 156,796 328,512 390,555 158,400 reductions - ------------------------------------------------------------------------------------------------------------------- Expense reductions (177,816) (26,165) (59,732) (23,663) (35,093) - ------------------------------------------------------------------------------------------------------------------- Total expenses, after expense reductions 798,224 130,631 268,780 366,892 123,307 - ------------------------------------------------------------------------------------------------------------------- Net investment income 1,577,921 265,957 568,250 652,550 344,372 - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 1,577,921 $ 265,957 $ 568,250 $ 652,550 $ 344,372 - -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 13
- ------------------------------------------------------------------------------------------------------------------- Statements of Changes in Net Assets - ------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in New York Pennsylvania Florida Net Assets ----------------------------------------------------------------------------------------- Six Months Six Months Six Months Ended Ended Ended September 30, Year Ended September 30, Year Ended September 30, Year Ended 2001 March 31, 2001 March 31, 2001 March 31, (Unaudited) 2001 (Unaudited) 2001 (Unaudited) 2001 - ------------------------------------------------------------------------------------------------------------------- Operations: Net investment income $ 1,577,921 $ 6,638,753 $ 265,957 $ 732,155 $ 568,250 $ 1,393,851 - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 1,577,921 6,638,753 265,957 732,155 568,250 1,393,851 - ------------------------------------------------------------------------------------------------------------------- Distributions to shareholders from net investment income (1,577,926) (6,638,753) (265,535) (732,155) (562,507) (1,393,851) - ------------------------------------------------------------------------------------------------------------------- Fund share transactions: Proceeds from shares sold 310,233,192 988,030,728 78,533,259 167,819,809 170,334,163 352,336,517 - ------------------------------------------------------------------------------------------------------------------- Reinvestment of distributions 1,567,870 6,574,793 263,169 721,258 556,691 1,376,597 - ------------------------------------------------------------------------------------------------------------------- Cost of shares redeemed (313,537,184)(1,061,480,170) (75,290,172) (165,133,572) (175,625,823) (334,174,812) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (1,736,122) (66,874,649) 3,506,256 3,407,495 (4,734,969) 19,538,302 - ------------------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets (1,736,127) (66,874,649) 3,506,678 3,407,495 (4,729,226) 19,538,302 - ------------------------------------------------------------------------------------------------------------------- Net assets at beginning of period 175,481,067 242,355,716 24,521,124 21,113,629 56,982,158 37,443,856 - ------------------------------------------------------------------------------------------------------------------- Net assets at end of period $ 173,744,940 $ 175,481,067 $ 28,027,802 $ 24,521,124 $ 52,252,932 $ 56,982,158 - ------------------------------------------------------------------------------------------------------------------- Other Information - ------------------------------------------------------------------------------------------------------------------- Shares outstanding at beginning of period 175,481,067 242,355,716 24,521,124 21,113,629 56,982,158 37,443,856 - ------------------------------------------------------------------------------------------------------------------- Shares sold 310,233,800 988,030,728 78,533,259 167,819,809 170,339,905 352,336,517 - ------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders in reinvestment of distributions 1,567,870 6,574,793 263,169 721,258 556,691 1,376,597 - ------------------------------------------------------------------------------------------------------------------- Shares redeemed (313,537,184)(1,061,480,170) (75,290,172) (165,133,572) (175,625,823) (334,174,812) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in Fund shares (1,735,514) (66,874,649) 3,506,256 3,407,495 (4,729,227) 19,538,302 - ------------------------------------------------------------------------------------------------------------------- Shares outstanding at end of period 173,745,553 175,481,067 28,027,380 24,521,124 52,252,931 56,982,158 - -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 14
- ------------------------------------------------------------------------------------------------------------------- Statements of Changes in Net Assets - ------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets New Jersey Michigan ------------------------------------------------------------ Six Months Six Months Ended Ended September 30, Year Ended September 30, Year Ended 2001 March 31, 2001 March 31, (Unaudited) 2001 (Unaudited) 2001 - ------------------------------------------------------------------------------------------------------------------- Operations: Net investment income $ 652,550 $ 1,825,395 $ 344,372 $ 885,845 - ------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on investment transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 652,550 1,825,395 344,372 885,845 - ------------------------------------------------------------------------------------------------------------------- Distributions to shareholders from net investment income (652,550) (1,825,395) (343,932) (885,845) - ------------------------------------------------------------------------------------------------------------------- Fund share transactions: Proceeds from shares sold 172,852,764 428,562,178 71,054,254 150,677,498 - ------------------------------------------------------------------------------------------------------------------- Reinvestment of distributions 643,864 1,807,277 343,960 879,961 - ------------------------------------------------------------------------------------------------------------------- Cost of shares redeemed (179,258,729) (400,497,592) (66,617,986) (145,420,982) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (5,762,101) 29,871,863 4,780,228 6,136,477 - ------------------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets (5,762,101) 29,871,863 4,780,668 6,136,477 - ------------------------------------------------------------------------------------------------------------------- Net assets at beginning of period 77,045,997 47,174,134 29,349,803 23,213,326 - ------------------------------------------------------------------------------------------------------------------- Net assets at end of period $ 71,283,896 $ 77,045,997 $ 34,130,471 $ 29,349,803 - ------------------------------------------------------------------------------------------------------------------- Other Information - ------------------------------------------------------------------------------------------------------------------- Shares outstanding at beginning of period 77,045,997 47,174,134 29,349,803 23,213,326 - ------------------------------------------------------------------------------------------------------------------- Shares sold 172,852,764 428,562,178 71,054,773 150,677,498 - ------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders in reinvestment of distributions 643,864 1,807,277 343,960 879,961 - ------------------------------------------------------------------------------------------------------------------- Shares redeemed (179,258,729) (400,497,592) (66,617,986) (145,420,982) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in Fund shares (5,762,101) 29,871,863 4,780,747 6,136,477 - ------------------------------------------------------------------------------------------------------------------- Shares outstanding at end of period 71,283,896 77,045,997 34,130,550 29,349,803 - -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 15
Financial Highlights - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund - ------------------------------------------------------------------------------------------------------------------- Years Ended March 31, 2001^a 2001 2000 1999 1998 1997 - ------------------------------------------------------------------------------------------------------------------- Selected Per Share Data - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .03 .02 .03 .03 - ------------------------------------------------------------------------------------------------------------------- Less distributions from net investment income (.01) (.03) (.03) (.02) (.03) (.03) - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Total Return (%)^b .93** 3.11 2.59 2.50 2.90 3.03 - ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets and Supplemental Data - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period ($ millions) 174 175 242 184 104 61 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses before expense reductions (%) 1.13* 1.18^d .97 .98 .98 .96 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses after expense reductions (%) .93* .87^d .80 .80 .80 .44 - ------------------------------------------------------------------------------------------------------------------- Ratio of net investment income (loss) (%) 1.83* 3.10 2.58 2.41 2.83 2.96 - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- Years Ended March 31, 2001^a 2001 2000 1999 1998^c - ------------------------------------------------------------------------------------------------------------------- Selected Per Share Data - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .03 .02 .02 - ------------------------------------------------------------------------------------------------------------------- Less distributions from net investment income (.01) (.03) (.03) (.02) (.02) - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Total Return (%)^b .98** 3.15 2.58 2.50 2.42** - ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets and Supplemental Data - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period ($ millions) 28 25 21 6 3 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses before expense reductions (%) 1.14* 1.36^e 1.39 1.12 1.11* - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses after expense reductions (%) .95* .96^e .90 .90 .90* - ------------------------------------------------------------------------------------------------------------------- Ratio of net investment income (loss) (%) 1.94* 3.07 2.61 2.40 2.76* - -------------------------------------------------------------------------------------------------------------------
^a For the six months ended September 30, 2001 (Unaudited). ^b Total returns would have been lower had certain expenses not been reduced. ^c For the period May 21, 1997 (commencement of operations) to March 31, 1998. ^d The ratios of operating expenses excluding costs incurred with the reorganization before and after expense reductions were 1.14% and .86%, respectively. ^e The ratios of operating expenses excluding costs incurred with the reorganization before and after expense reductions were 1.28% and .93%, respectively. * Annualized ** Not annualized 16
Investors Florida Municipal Cash Fund - ------------------------------------------------------------------------------------------------------------------- Years Ended March 31, 2001^a 2001 2000 1999 1998^b - ------------------------------------------------------------------------------------------------------------------- Selected Per Share Data - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .02 .02 .02 - ------------------------------------------------------------------------------------------------------------------- Less distributions from net investment income (.01) (.03) (.02) (.02) (.02) - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Total Return (%)^c 1.00** 3.19 2.57 2.50 2.41** - ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets and Supplemental Data - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period ($ millions) 52 57 37 20 8 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses before expense reductions (%) 1.16* 1.26^d 1.13 1.09 .99* - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses after expense reductions (%) .95* .96^d .90 .85 .90* - ------------------------------------------------------------------------------------------------------------------- Ratio of net investment income (loss) (%) 2.01* 3.06 2.58 2.36 2.74* - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund - ------------------------------------------------------------------------------------------------------------------- Years Ended March 31, 2001^a 2001 2000 1999 1998^e - ------------------------------------------------------------------------------------------------------------------- Selected Per Share Data - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .02 .02 .02 - ------------------------------------------------------------------------------------------------------------------- Less distributions from net investment income (.01) (.03) (.02) (.02) (.02) - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Total Return (%)^c .85** 2.89 2.38 2.26 2.22** - ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets and Supplemental Data - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period ($ millions) 71 77 47 15 5 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses before expense reductions (%) 1.01* 1.14^f 1.13 1.12 1.12* - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses after expense reductions (%) .95* .95^f .90 .90 .90* - ------------------------------------------------------------------------------------------------------------------- Ratio of net investment income (loss) (%) 1.69* 2.80 2.42 2.13 2.55* - -------------------------------------------------------------------------------------------------------------------
^a For the six months ended September 30, 2001 (Unaudited). ^b For the period May 22, 1997 (commencement of operations) to March 31, 1998. ^c Total returns would have been lower had certain expenses not been reduced. ^d The ratios of operating expenses excluding costs incurred with the reorganization before and after expense reductions were 1.20% and .94%, respectively. ^e For the period May 23, 1997 (commencement of operations) to March 31, 1998. ^f The ratios of operating expenses excluding costs incurred with the reorganization before and after expense reductions were 1.10% and .94%, respectively. * Annualized ** Not annualized 17 Investors Michigan Municipal Cash Fund
- ------------------------------------------------------------------------------------------------------------------- Years Ended March 31, 2001^a 2001 2000 1999^b - ------------------------------------------------------------------------------------------------------------------- Selected Per Share Data - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .03 .02 - ------------------------------------------------------------------------------------------------------------------- Less distributions from net investment income (.01) (.03) (.03) (.02) - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------------------- Total Return (%)^c 1.07** 3.36 2.77^d 2.41** - ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets and Supplemental Data - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period ($ millions) 34 29 23 36 - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses before expense reductions (%) .97* 1.16^e .91 .87* - ------------------------------------------------------------------------------------------------------------------- Ratio of expenses after expense reductions (%) .75* .78^e .75 .75* - ------------------------------------------------------------------------------------------------------------------- Ratio of net investment income (loss) (%) 2.10* 3.28 2.65 2.62* - -------------------------------------------------------------------------------------------------------------------
^a For the six months ended September 30, 2001 (Unaudited). ^b For the period April 6, 1998 (commencement of operations) to March 31, 1999. ^c Total returns would have been lower had certain expenses not been reduced. ^d Total return for the year ended March 31, 2000 includes the effect of a voluntary capital contribution from the Advisor. Without this capital contribution, total return would have been lower. ^e The ratios of operating expenses excluding costs incurred with the reorganization before and after expense reductions were 1.07% and .75%, respectively. * Annualized ** Not annualized 18 Notes to Financial Statements (Unaudited) - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Investors Municipal Cash Fund (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company organized as a Massachusetts business trust. The Trust currently offers five series of shares -- Tax-Exempt New York Money Market Fund, Investors Pennsylvania Municipal Cash Fund, Investors Florida Municipal Cash Fund, Investors New Jersey Municipal Cash Fund and Investors Michigan Municipal Cash Fund (the "Funds"). The Funds' financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Funds in the preparation of their financial statements. Security Valuation. Portfolio securities are valued utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization to maturity of any discount or premium. Federal Income Taxes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its tax-exempt income to its shareholders. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required. Distribution of Income and Gains. All of the net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly and realized gains may be distributed annually. Other. Investment transactions are accounted for on the trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes. Expenses. Expenses arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses are allocated between the Funds in proportion to their relative net assets. 2. Transactions with Affiliates Management Agreement. Under the Investment Management Agreement (the "Management Agreement") with ZSI, the Advisor directs the investments of the Fund in accordance with its objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by each Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. Each Fund pays a monthly investment management fee of 1/12 of the annual rate of 0.22% of the first $500,000,000 of average daily net assets, 0.20% of the next $500,000,000 of such net assets, 0.175% of the next $1,000,000,000 of such net assets, 0.16% of the next $1,000,000,000 of such net assets and 0.15% of such net assets in excess of $3,000,000,000, computed and accrued daily and payable monthly. Accordingly, for the six months ended September 30, 2001, the Funds incurred the following management fees:
Fund Management Effective Fee ($) Rate (%) - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund 189,764 0.22% - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 30,250 0.22% - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 62,233 0.22% - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 84,955 0.22% - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 36,184 0.22% - -------------------------------------------------------------------------------------------------------------------
19 ZSI agreed to temporarily waive and reimburse certain operating expenses of the Funds. In addition, the Advisor and certain of its subsidiaries have agreed to maintain the annualized expenses of the Funds as follows: For the period April 1, 2001 to June 30, 2001
Expense Fund Limit* - ------------------------------------------------------------------------------------------------------------------ Tax-Exempt New York Money Market Fund 0.95% - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 0.75 - -------------------------------------------------------------------------------------------------------------------
For the period July 1, 2001 to September 30, 2001
Expense Fund Limit* - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund 0.90% - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 0.95 - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 0.75 - -------------------------------------------------------------------------------------------------------------------
* Certain expenses such as reorganization, taxes, brokerage and interest expense are excluded from the expense limitation. On September 24, 2001, Deutsche Bank and Zurich Financial Services, parent company of ZSI, the investment manager for the Fund, announced that they have signed an agreement in principle under which Deutsche Bank will acquire 100% of ZSI. The agreement in principle does not include ZSI's Threadneedle Investments in the U.K., which will be retained by Zurich Financial Services. Definitive transaction agreements are expected to be signed in the fourth quarter of 2001 and the transaction is expected to be completed, pending regulatory and shareholder approval and satisfaction of other conditions, in the first quarter of 2002. Service Provider Fees. Scudder Investments Service Company ("SISC"), formerly Kemper Service Company, an affiliate of the Advisor, is the shareholder service agent of the Trust. For the six months ended September 30, 2001, the amount charged to the Funds by SISC was as follows:
Total Not Unpaid at Aggregated Imposed September Fund ($) ($) 30, 2001 ($) - ------------------------------------------------------------------------------------------------------------------ Tax-Exempt New York Money Market Fund 147,044 147,044 -- - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 28,201 25,712 2,489 - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 44,114 38,151 5,963 - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 50,647 23,321 27,326 - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 24,627 24,627 -- - -------------------------------------------------------------------------------------------------------------------
Distribution Service Agreement. Each Fund has an administration, shareholder services and distribution agreement with Scudder Distributors, Inc. ("SDI"), formerly Kemper Distributors, Inc. For its services as primary distributor, each Fund pays SDI an annual fee of 0.50% of average daily net assets, except for the Investors Michigan Municipal Cash Fund, which pays an annual fee of 0.35% of average daily net assets. For the six months ended September 30, 2001, the Funds incurred fees as follows:
Not Unpaid at Distribution Imposed September Fund Fee ($) ($) 30, 2001 ($) - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund 431,281 30,370 70,779 - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 68,750 -- 13,884 - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 141,439 21,476 9,984 - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 193,078 -- 30,717 - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 57,565 10,296 -- - -------------------------------------------------------------------------------------------------------------------
SDI has related service agreements with various firms to provide cash management and other services for Fund 20 shareholders. SDI may pay these firms in such amounts as SDI may determine from time to time. Trustees' Fees and Expenses. The Trust pays each Trustee not affiliated with the Advisor an annual retainer plus specified amounts for attended board and committee meetings. For the six months ended September 30, 2001, Trustees' fees and expenses aggregated $8,947. 3. Expense Off-Set Arrangements Each Fund has entered into an arrangement with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's expenses. For the six months ended September 30, 2001, each Fund's custodian and transfer agent fees were reduced as follows:
Custodian Transfer Fund Fee ($) Agent Fee ($) - ------------------------------------------------------------------------------------------------------------------- Tax-Exempt New York Money Market Fund 362 40 - ------------------------------------------------------------------------------------------------------------------- Investors Pennsylvania Municipal Cash Fund 453 -- - ------------------------------------------------------------------------------------------------------------------- Investors Florida Municipal Cash Fund 105 -- - ------------------------------------------------------------------------------------------------------------------- Investors New Jersey Municipal Cash Fund 342 -- - ------------------------------------------------------------------------------------------------------------------- Investors Michigan Municipal Cash Fund 162 8 - -------------------------------------------------------------------------------------------------------------------
4. Line of Credit The Funds and several other affiliated funds (the "Participants") share in a $750 million revolving credit facility with J.P. Morgan Chase & Co. for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, pro rata based on net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Funds may borrow up to a maximum of 33 percent of their net assets under the agreement. 21 Shareholder Meeting Results - -------------------------------------------------------------------------------- A Special Meeting of Shareholders (the "Meeting") of Tax-Exempt New York Money Market Portfolio (the "fund"), a series of Investors Municipal Cash Fund, was held on Friday, May 25, 2001, at the office of Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the Meeting, the following matters were voted upon by the shareholders (the resulting votes for each matter are presented below). 1. To elect Trustees to hold office until their respective successors have been duly elected and qualified or until their earlier resignation or removal:
Number of Votes: ------------------------------------------------------------------------------------- Trustee For Withheld Broker Non-Votes* - ------------------------------------------------------------------------------------------------------------------- John W. Ballantine 299,760,426 3,684,369 0 - ------------------------------------------------------------------------------------------------------------------- Lewis A. Burnham 299,748,253 3,696,542 0 - ------------------------------------------------------------------------------------------------------------------- Mark S. Casady 299,751,799 3,692,996 0 - ------------------------------------------------------------------------------------------------------------------- Linda C. Coughlin 299,747,386 3,697,409 0 - ------------------------------------------------------------------------------------------------------------------- Donald L. Dunaway 299,786,036 3,658,759 0 - ------------------------------------------------------------------------------------------------------------------- James R. Edgar 299,763,986 3,680,809 0 - ------------------------------------------------------------------------------------------------------------------- William F. Glavin 299,777,371 3,667,424 0 - ------------------------------------------------------------------------------------------------------------------- Robert B. Hoffman 299,776,474 3,668,321 0 - ------------------------------------------------------------------------------------------------------------------- Shirley D. Peterson 299,730,773 3,714,022 0 - ------------------------------------------------------------------------------------------------------------------- Fred B. Renwick 299,716,836 3,727,959 0 - ------------------------------------------------------------------------------------------------------------------- William P. Sommers 299,775,477 3,669,318 0 - ------------------------------------------------------------------------------------------------------------------- John G. Weithers 299,720,642 3,724,153 0 - -------------------------------------------------------------------------------------------------------------------
2. To ratify the selection of Ernst & Young LLP as the independent auditors for the fund's current fiscal year:
Affirmative Against Abstain - ------------------------------------------------------------------------------------------------------------------- 146,561,741 611,279 566,281 - -------------------------------------------------------------------------------------------------------------------
* Broker non-votes are proxies received by the fund from brokers or nominees when the broker or nominee neither has received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. 22 Shareholder Meeting Results - -------------------------------------------------------------------------------- A Special Meeting of Shareholders (the "Meeting") of Investors Pennsylvania Municipal Cash Fund (the "fund"), a series of Investors Municipal Cash Fund, was held on Friday, May 25, 2001, at the office of Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the Meeting, the following matters were voted upon by the shareholders (the resulting votes for each matter are presented below). 1. To elect Trustees to hold office until their respective successors have been duly elected and qualified or until their earlier resignation or removal:
Number of Votes: ------------------------------------------------------------------------------------- Trustee For Withheld Broker Non-Votes* - ------------------------------------------------------------------------------------------------------------------- John W. Ballantine 299,760,426 3,684,369 0 - ------------------------------------------------------------------------------------------------------------------- Lewis A. Burnham 299,748,253 3,696,542 0 - ------------------------------------------------------------------------------------------------------------------- Mark S. Casady 299,751,799 3,692,996 0 - ------------------------------------------------------------------------------------------------------------------- Linda C. Coughlin 299,747,386 3,697,409 0 - ------------------------------------------------------------------------------------------------------------------- Donald L. Dunaway 299,786,036 3,658,759 0 - ------------------------------------------------------------------------------------------------------------------- James R. Edgar 299,763,986 3,680,809 0 - ------------------------------------------------------------------------------------------------------------------- William F. Glavin 299,777,371 3,667,424 0 - ------------------------------------------------------------------------------------------------------------------- Robert B. Hoffman 299,776,474 3,668,321 0 - ------------------------------------------------------------------------------------------------------------------- Shirley D. Peterson 299,730,773 3,714,022 0 - ------------------------------------------------------------------------------------------------------------------- Fred B. Renwick 299,716,836 3,727,959 0 - ------------------------------------------------------------------------------------------------------------------- William P. Sommers 299,775,477 3,669,318 0 - ------------------------------------------------------------------------------------------------------------------- John G. Weithers 299,720,642 3,724,153 0 - -------------------------------------------------------------------------------------------------------------------
2. To ratify the selection of Ernst & Young LLP as the independent auditors for the fund's current fiscal year:
Affirmative Against Abstain - ------------------------------------------------------------------------------------------------------------------- 22,468,001 50,904 38,077 - -------------------------------------------------------------------------------------------------------------------
* Broker non-votes are proxies received by the fund from brokers or nominees when the broker or nominee neither has received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. 23 Shareholder Meeting Results - -------------------------------------------------------------------------------- A Special Meeting of Shareholders (the "Meeting") of Investors Florida Municipal Cash Fund (the "fund"), a series of Investors Municipal Cash Fund, was held on Friday, May 25, 2001, at the office of Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the Meeting, the following matters were voted upon by the shareholders (the resulting votes for each matter are presented below). 1. To elect Trustees to hold office until their respective successors have been duly elected and qualified or until their earlier resignation or removal:
Number of Votes: ------------------------------------------------------------------------------------- Trustee For Withheld Broker Non-Votes* - ------------------------------------------------------------------------------------------------------------------- John W. Ballantine 299,760,426 3,684,369 0 - ------------------------------------------------------------------------------------------------------------------- Lewis A. Burnham 299,748,253 3,696,542 0 - ------------------------------------------------------------------------------------------------------------------- Mark S. Casady 299,751,799 3,692,996 0 - ------------------------------------------------------------------------------------------------------------------- Linda C. Coughlin 299,747,386 3,697,409 0 - ------------------------------------------------------------------------------------------------------------------- Donald L. Dunaway 299,786,036 3,658,759 0 - ------------------------------------------------------------------------------------------------------------------- James R. Edgar 299,763,986 3,680,809 0 - ------------------------------------------------------------------------------------------------------------------- William F. Glavin 299,777,371 3,667,424 0 - ------------------------------------------------------------------------------------------------------------------- Robert B. Hoffman 299,776,474 3,668,321 0 - ------------------------------------------------------------------------------------------------------------------- Shirley D. Peterson 299,730,773 3,714,022 0 - ------------------------------------------------------------------------------------------------------------------- Fred B. Renwick 299,716,836 3,727,959 0 - ------------------------------------------------------------------------------------------------------------------- William P. Sommers 299,775,477 3,669,318 0 - ------------------------------------------------------------------------------------------------------------------- John G. Weithers 299,720,642 3,724,153 0 - -------------------------------------------------------------------------------------------------------------------
2. To ratify the selection of Ernst & Young LLP as the independent auditors for the fund's current fiscal year:
Affirmative Against Abstain - ------------------------------------------------------------------------------------------------------------------- 40,478,242 173,021 180,345 - -------------------------------------------------------------------------------------------------------------------
* Broker non-votes are proxies received by the fund from brokers or nominees when the broker or nominee neither has received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. 24 Shareholder Meeting Results - -------------------------------------------------------------------------------- A Special Meeting of Shareholders (the "Meeting") of Investors New Jersey Municipal Cash Fund (the "fund"), a series of Investors Municipal Cash Fund, was held on Friday, May 25, 2001, at the office of Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the Meeting, the following matters were voted upon by the shareholders (the resulting votes for each matter are presented below). 1. To elect Trustees to hold office until their respective successors have been duly elected and qualified or until their earlier resignation or removal:
Number of Votes: ------------------------------------------------------------------------------------- Trustee For Withheld Broker Non-Votes* - ------------------------------------------------------------------------------------------------------------------- John W. Ballantine 299,760,426 3,684,369 0 - ------------------------------------------------------------------------------------------------------------------- Lewis A. Burnham 299,748,253 3,696,542 0 - ------------------------------------------------------------------------------------------------------------------- Mark S. Casady 299,751,799 3,692,996 0 - ------------------------------------------------------------------------------------------------------------------- Linda C. Coughlin 299,747,386 3,697,409 0 - ------------------------------------------------------------------------------------------------------------------- Donald L. Dunaway 299,786,036 3,658,759 0 - ------------------------------------------------------------------------------------------------------------------- James R. Edgar 299,763,986 3,680,809 0 - ------------------------------------------------------------------------------------------------------------------- William F. Glavin 299,777,371 3,667,424 0 - ------------------------------------------------------------------------------------------------------------------- Robert B. Hoffman 299,776,474 3,668,321 0 - ------------------------------------------------------------------------------------------------------------------- Shirley D. Peterson 299,730,773 3,714,022 0 - ------------------------------------------------------------------------------------------------------------------- Fred B. Renwick 299,716,836 3,727,959 0 - ------------------------------------------------------------------------------------------------------------------- William P. Sommers 299,775,477 3,669,318 0 - ------------------------------------------------------------------------------------------------------------------- John G. Weithers 299,720,642 3,724,153 0 - -------------------------------------------------------------------------------------------------------------------
2. To ratify the selection of Ernst & Young LLP as the independent auditors for the fund's current fiscal year:
Affirmative Against Abstain - ------------------------------------------------------------------------------------------------------------------- 62,958,711 191,652 293,164 - -------------------------------------------------------------------------------------------------------------------
* Broker non-votes are proxies received by the fund from brokers or nominees when the broker or nominee neither has received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. 25 Shareholder Meeting Results - -------------------------------------------------------------------------------- A Special Meeting of Shareholders (the "Meeting") of Investors Michigan Municipal Cash Fund (the "fund"), a series of Investors Municipal Cash Fund, was held on Friday, May 25, 2001, at the office of Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the Meeting, the following matters were voted upon by the shareholders (the resulting votes for each matter are presented below). 1. To elect Trustees to hold office until their respective successors have been duly elected and qualified or until their earlier resignation or removal:
Number of Votes: ------------------------------------------------------------------------------------- Trustee For Withheld Broker Non-Votes* - ------------------------------------------------------------------------------------------------------------------- John W. Ballantine 299,760,426 3,684,369 0 - ------------------------------------------------------------------------------------------------------------------- Lewis A. Burnham 299,748,253 3,696,542 0 - ------------------------------------------------------------------------------------------------------------------- Mark S. Casady 299,751,799 3,692,996 0 - ------------------------------------------------------------------------------------------------------------------- Linda C. Coughlin 299,747,386 3,697,409 0 - ------------------------------------------------------------------------------------------------------------------- Donald L. Dunaway 299,786,036 3,658,759 0 - ------------------------------------------------------------------------------------------------------------------- James R. Edgar 299,763,986 3,680,809 0 - ------------------------------------------------------------------------------------------------------------------- William F. Glavin 299,777,371 3,667,424 0 - ------------------------------------------------------------------------------------------------------------------- Robert B. Hoffman 299,776,474 3,668,321 0 - ------------------------------------------------------------------------------------------------------------------- Shirley D. Peterson 299,730,773 3,714,022 0 - ------------------------------------------------------------------------------------------------------------------- Fred B. Renwick 299,716,836 3,727,959 0 - ------------------------------------------------------------------------------------------------------------------- William P. Sommers 299,775,477 3,669,318 0 - ------------------------------------------------------------------------------------------------------------------- John G. Weithers 299,720,642 3,724,153 0 - -------------------------------------------------------------------------------------------------------------------
2. To ratify the selection of Ernst & Young LLP as the independent auditors for the fund's current fiscal year:
Affirmative Against Abstain - ------------------------------------------------------------------------------------------------------------------- 28,621,301 114,424 137,652 - -------------------------------------------------------------------------------------------------------------------
* Broker non-votes are proxies received by the fund from brokers or nominees when the broker or nominee neither has received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. Notes - -------------------------------------------------------------------------------- Notes - -------------------------------------------------------------------------------- Notes - -------------------------------------------------------------------------------- Notes - -------------------------------------------------------------------------------- Notes - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----