UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number 811-6108
INVESTORS MUNICIPAL CASH FUND
-----------------------------
(Exact Name of Registrant as Specified in Charter)
222 South Riverside Plaza, Chicago, IL 60606
--------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (617) 295-2663
--------------
Salvatore Schiavone
Two International Place
Boston, Massachusetts 02110
---------------------------------------
(Name and Address of Agent for Service)
Date of fiscal year end: 3/31
Date of reporting period: 9/30/03
ITEM 1. REPORT TO STOCKHOLDERS
September 30, 2003
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: |
Thank you for investing in Investors Municipal Cash Fund. To provide you with an update on holdings and financial highlights, on the following pages you will find the fund's semiannual report for the six-month period ended September 30, 2003. The fund's series includes:
• 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
Briefly, for the six-month period ended September 30, 2003, the fund's portfolios achieved their stated objectives of providing maximum current income while maintaining stability of principal.
Economic Review
Over the past six months, the US equity market made a strong comeback, and the bull market for bonds ended, at least for the moment. Early signs of renewed economic growth have largely been the result of the Federal Reserve's strong monetary and fiscal policy. Inflation is still under control, with the Fed retaining a strong focus on this issue. But the risk of deflation also remains a concern, and short-term interest rate increases by central banks seem unlikely in the near future. During the period, the supply of short-term municipal paper increased sharply due to soft economic growth and slowdowns in state tax collections. Yields on one-year notes rose substantially, and the municipal money market yield curve shifted from an inverted to a positive slope, signaling investor preference for shorter maturities.
Over the reporting period, we targeted an average maturity that was neutral to the benchmark. We also actively adjusted the fund's holdings to prepare for seasonal events such as April tax-time redemptions and increased issuance periods in June and July. Our neutral positioning helped the fund navigate a volatile environment for interest rates, as well as state and local government budgetary uncertainty. We continued to focus on the highest-quality investments while seeking competitive yields across the municipal money market investment spectrum. In particular, we emphasized essential services revenue issues and "enhanced paper" - securities guaranteed by a third party such as a bank or insurance company. During the reporting period, we witnessed increased state issuance in the market, particularly Texas and California, which placed pressure
Fund Results
As of September 30, 2003
|
Fund |
7-Day Current Yield* |
Equivalent Taxable Yield |
|
Tax-Exempt New York Money
Market Fund |
.16% | .27% |
|
Investors Pennsylvania
Municipal Cash Fund |
.09% | .14% |
|
Investors Florida Municipal
Cash Fund |
.07% | .11% |
|
Investors New Jersey Municipal
Cash Fund |
.05% | .08% |
|
Investors Michigan Municipal
Cash Fund |
.23% | .37% |
on the market such that the one-year note yields were at levels not seen since April 2003. During the period, the funds were able to take advantage of this situation by participating in high-quality, liquid municipal note sales at attractive levels.
Currently the fund's portfolios are positioned with an average maturity target of approximately 40-45 days. Going forward, we continue to rebalance the fund's portfolios based on cash flows, asset growth, and supply and demand. We will also continue to manage the fund's portfolios conservatively, maintaining high quality, adjusting weighted average maturities in response to market conditions and strictly limiting exposure to any one issuer.
Thank you again for your investment. We look forward to serving your investment needs in the months and years to come.
Sincerely,
Joseph Benevento
Director, Deutsche Asset Management September 2003
A group of investment professionals is responsible for the day-to-day management of each fund. These professionals have a broad range of experience managing money market funds.
Notes
Yields are historical, will fluctuate, and do not guarantee future performance. The portfolios' net yields are the sum of the daily dividend rates for the period.
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 income tax rate of 40.01%. 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 36.82%, 39.14% and 37.60%, respectively. The Florida Fund equivalent taxable yield is based upon the fund's yield and 35.00% 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 fund 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 $1.00 per share, it is possible to lose money.
The views expressed in this report reflect those of the portfolio manager only through the end of the period stated above. The manager's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation.
Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.
Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.
Portfolio of Investments as of September 30, 2003 (Unaudited) |
|
|
Tax-Exempt New York Money Market Fund
|
Principal Amount ($) |
Value ($) |
|
|
|
|
|
Municipal Investments 99.99% |
||
|
New York 99.99% |
||
|
Albany, Industrial Development Agency, Civic Facilities Revenue, University of Albany Foundation,
Series A, 1.07%*, 11/1/2032 (b) (c)
|
300,000 |
300,000 |
|
Albany, Industrial Development Agency, Davies Office Refurbishing, AMT, 1.17%*, 2/1/2017 (b)
|
430,000 |
430,000 |
|
Hempstead Industrial Development Agency, Trigen-Nassau Energy, AMT, 1.08%*, 9/15/2015 (b)
|
1,300,000 |
1,300,000 |
|
Long Island Power Authority, Electric System Revenue, 1.05%*, 5/1/2033 (b)
|
355,000 |
355,000 |
|
Long Island Power Authority, Electric System Revenue, Series 1A, 1.03%*, 5/1/2033 (b)
|
4,600,000 |
4,600,000 |
|
Long Island Power Authority, Electric System Revenue, Series 2A, 1.05%*, 5/1/2033 (b)
|
200,000 |
200,000 |
|
Nassau County, General Improvement, Series V, 5.15%, 3/1/2004 (b) (c)
|
100,000 |
101,713 |
|
New York and New Jersey, Port Authority, Special Obligation Revenue, 144A, 1.15%*, 6/1/2011 (b) (c) |
800,000 |
800,000 |
|
New York and New Jersey, Port Authority, Consolidated Notes, Series UU, 2.0%, 10/15/2003 (b)
|
500,000 |
500,186 |
|
New York City, Transitional Finance Authority Revenue, Series 03-1, 1.16%*, 2/1/2016 (b)
|
2,020,000 |
2,020,000 |
|
New York City, Municipal Water Finance Authority, 1.2%*, 6/15/2018
|
900,000 |
900,000 |
|
New York City, Cultural Reserve Revenue, Asia Society, 1.05%*, 4/1/2030 (b)
|
100,000 |
100,000 |
|
New York City, General Obligation, 1.12%*, 8/1/2017 (b)
|
100,000 |
100,000 |
|
New York City, General Obligation, Series A-3, 1.1%*, 8/1/2031 (b)
|
1,000,000 |
1,000,000 |
|
New York City, General Obligation, Series J-3, 1.05%*, 2/15/2016 (b)
|
500,000 |
500,000 |
|
New York City, Ida Peninsula Hospital, 1.08%*, 12/1/2013 (b)
|
965,000 |
965,000 |
|
New York City, Industrial Development Revenue, Industrial Development Agency, Series B, 1.2%*,
6/1/2032 (b)
|
1,500,000 |
1,500,000 |
|
New York City, Transitional Finance Authority Revenue Series 98A, 1.07%*, 11/15/2022 (b)
|
45,000 |
45,000 |
|
New York State, General Obligation, ETM, 5.0%, 7/15/2004 (b)
|
805,000 |
830,803 |
|
New York State, Dormitory Authority, Merlots, 144A, 1.11%*, 3/15/2023
|
700,000 |
700,000 |
|
New York State, Metropolitan Transportation Authority, 144A, 1.13%*, 11/15/2021 (b) (c)
|
1,200,000 |
1,200,000 |
|
New York State, Metropolitan Transportation Authority, Series 1040, 144A, 1.11%*, 11/15/2020 (b) (c) |
300,000 |
300,000 |
|
New York State, Power Authority, 0.88%, 10/20/2003
|
1,000,000 |
1,000,000 |
|
New York State, Power Authority, 0.9%, 11/7/2003
|
1,000,000 |
1,000,000 |
|
New York State, Power Authority, 0.9%, 10/9/2003
|
1,200,000 |
1,200,000 |
|
New York State, Dormitory Authority, Columbia University, 0.85%, 1/9/2004
|
500,000 |
500,000 |
|
New York State, General Obligation, 1.48%*, 11/30/2018 (b)
|
400,000 |
400,230 |
|
New York State, General Obligation, Series B, 1.02%*, 3/15/2030 (b)
|
1,000,000 |
1,000,000 |
|
New York State, Housing Finance Agency Revenue, East 39th St. Housing, Series A, AMT, 1.08%*,
11/15/2031 (b)
|
2,200,000 |
2,200,000 |
|
New York State, Housing Finance Agency Revenue, Series A, AMT, 1.1%*, 5/1/2029 (b)
|
1,500,000 |
1,500,000 |
|
New York State, Housing Finance Agency Revenue, Series D, 1.03%*, 3/15/2026 (b)
|
1,000,000 |
1,000,000 |
|
New York State, Local Government Assistance Corp., 5.5%, 4/1/2004 (b) (c)
|
200,000 |
204,304 |
|
New York State, Local Government Assistance Corp., Series A, 1.05%*, 4/1/2022 (b) (c)
|
600,000 |
600,000 |
|
New York State, Thruway Authority, General Revenue, Bond Anticipation Notes, Series A, 1.125%,
3/25/2004
|
400,000 |
400,000 |
|
New York State, Thruway Authority, Series 03-4, 1.14%*, 4/1/2017 (b) (c)
|
1,225,000 |
1,225,000 |
|
New York, Hospital and Healthcare Revenue, State Dorm Authority, Revenue, Series D-2B, 1.05%*,
2/15/2031 (b) (c)
|
500,000 |
500,000 |
|
New York, Multi Family Housing Revenue, Housing Finance Agency, Series A, 1.11%*,
11/1/2028 (b) (c)
|
2,600,000 |
2,600,000 |
|
New York, Core City General Obligation, Transportation Finance Authority, 1.16%*, 2/1/2029
|
400,000 |
400,000 |
|
New York, Higher Education Revenue, Dorm Authority, Series 651, 144A, 1.1%*, 7/1/2024 (b) (c)
|
575,000 |
575,000 |
|
New York, School District General Obligation, 1.25%, 6/30/2004 (b)
|
500,000 |
501,662 |
|
New York, Water and Sewer Revenue, Environmental Facilities Corp., Series F, 1.5%, 1/15/2004
|
820,000 |
821,644 |
|
New York, Single Family Housing Revenue, Housing Finance Agency, Series A, 1.12%*, 11/1/2036, (b)
|
2,000,000 |
2,000,000 |
|
Niagara Country, Industrial Development Agency, Civic Facilities Revenue, NYCARC, Inc.,
Opportunities Unlimited, Series A, 1.15%*, 9/1/2021 (b)
|
1,130,000 |
1,130,000 |
|
Oneida Indian Nation, Revenue Bonds, 1.1%*, 10/1/2032 (b)
|
2,500,000 |
2,500,000 |
|
Otsego County, Industrial Development Agency, Civic Facilities Revenue, Noonan Community Service
Corp. Project, Series A Riverhead, Public Improvement, 1.12%*, 3/1/2025 (b)
|
930,000 |
930,000 |
|
Rockland County, General Obligation, 2.0%, 2/26/2004
|
1,500,000 |
1,505,385 |
|
Schenectady County, Hospital and Healthcare Revenue, Industrial Development Agency, Civic
Facilities Revenue, Series B, 1.1%*, 8/1/2033 (b)
|
790,000 |
790,000 |
|
Schoharie County, Industrial Development Agency, Civic Facilities Revenue, Bassett Hospital Project
Series B-13, 1.15%*, 2/1/2021 (b)
|
695,000 |
695,000 |
|
South Glens Falls County, School District GO, Central School District, 2.5%, 11/15/2003 (b) (c)
|
480,000 |
480,891 |
|
St. Lawrence County, Industrial Development Agency, Environmental Improvement Revenue,
Reynolda Metals Company Project, AMT, 1.12%*, 5/1/2025 (b)
|
300,000 |
300,000 |
|
Suffolk County, Tax Anticipation Notes, 2.0%, 9/8/2004
|
750,000 |
756,460 |
|
Triborough Bridge and Tunnel Authority, Special Obligation, 144A, 1.11%*, 11/15/2021 (b) (c)
|
1,800,000 |
1,800,000 |
|
Triborough Bridge and Tunnel Authority, Special Obligation, 1.05%*, 1/1/2031 (b) (c)
|
500,000 |
500,000 |
|
Total Municipal Investments (Cost $49,763,278)
|
49,763,278 |
|
|
|
||
|
Money Market Fund 0.01% |
||
|
Black Rock Provident Institutional New York Money Fund Portfolio, 0.93%, (Cost $5,890)
|
5,894 |
5,890 |
|
Total Investment Portfolio - 100.0% (Cost $49,769,168) (a)
|
|
49,769,168 |
|
AMBAC |
AMBAC Assurance Corp. |
|
FGIC |
Financial Guaranty Insurance Company |
|
FSA |
Financial Security Assurance |
|
MBIA |
Municipal Bond Investors Assurance |
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of September 30, 2003 (Unaudited) |
|
Investors Pennsylvania Municipal Cash Fund
|
Principal Amount ($) |
Value ($) |
|
|
|
|
|
Municipal Investments 100.0% |
||
|
Pennsylvania 85.0%
|
||
|
Allegeny County Hospital Development Authority Revenue, UPMC Senior Living Corp., 1.1%*,
7/15/2028 (c)
|
200,000 |
200,000 |
|
Allentown Area Hospital Authority Revenue, Sacred Heart Hospital, Series B, 1.12%*, 7/1/2023 (b)
|
200,000 |
200,000 |
|
Butler County, 2.0%, 7/15/2004 (c)
|
350,000 |
352,596 |
|
Cumberland County, Municipal Authority, Retirement Community Revenue, Wesley Affiliated
Services, Series C, 1.1%*, 1/1/2037 (b)
|
300,000 |
300,000 |
|
Delaware County, Industrial Development Authority, 1.22%*, 12/1/2009
|
100,000 |
100,000 |
|
Delaware Valley, Regional Finance Authority, 1.1%*, 8/1/2016 (b)
|
700,000 |
700,000 |
|
Downingtown Area School District, 2.0%, 6/1/2004 (c)
|
290,000 |
291,781 |
|
Economic Development Authority, Amtrak Project, Series B, AMT, 1.1%*, 11/1/2041 (b)
|
350,000 |
350,000 |
|
Economic Development Authority, Reliant Energy Seward LLC Project, Series A, AMT, 1.1%*,
12/1/2036 (b)
|
300,000 |
300,000 |
|
Economic Development Authority, Reliant Energy Seward LLC Project, Series B, AMT, 1.2%*,
12/1/2036 (b)
|
300,000 |
300,000 |
|
Higher Education Authority, Facilities College and University Revenue, Carnegie Mellon University,
6.0%, 11/1/2003
|
300,000 |
301,244 |
|
Higher Education Facilities Authority, Health Services Revenue, 1.18%*, 1/1/2017 (b)
|
200,000 |
200,000 |
|
Higher Education Facilities Authority, University of Pennsylvania Health Services, Series B, 1.07%*,
1/1/2026 (b)
|
200,000 |
200,000 |
|
Lehigh County Individual Development Authority, Pollution Control Revenue, 1.03%*, 10/1/2014 (b)
|
705,000 |
705,000 |
|
Manheim Township School District, 1.13%*, 6/1/2016 (b) (c)
|
400,000 |
400,000 |
|
Pennsylvania State, 5.38%, 11/15/2003 (c)
|
490,000 |
492,437 |
|
Philadelphia Hospitals and Higher Education Facilities Authority Revenue, Community College,
Series A, Prerefunded, 5.9%, 5/1/2007 (c)
|
200,000 |
209,587 |
|
Public School Building Authority, College Revenue, Northampton County Area, 1.75%, 4/1/2004 (c)
|
245,000 |
246,031 |
|
Reading, 5.4%, 11/15/2003 (c)
|
420,000 |
422,060 |
|
Somerset County Industrial Development Authority, AMT, 1.23%*, 3/2/2015
|
50,000 |
50,000 |
|
State Merlots, Series A15, 144A, 1.15%*, 1/1/2017 (b) (c)
|
450,000 |
450,000 |
|
Trafford School District, Prerefunded, 5.85%, 5/1/2014 (c)
|
200,000 |
205,554 |
|
Washington County Authority Lease Revenue Higher Education, Pooled Equipment Lease, 1.12%*,
11/1/2005 (b)
|
265,000 |
265,000 |
|
|
7,241,290 |
|
|
California 1.2%
|
||
|
Los Angeles, CA, Airport Revenue, Regional Airport Improvement Corp., Lease Revenue, 1.16%*,
12/1/2025 (b)
|
100,000 |
100,000 |
|
Michigan 1.5%
|
||
|
State Housing Development Authority, River Place Apartments, AMT, 1.16%*, 6/1/2018 (b)
|
125,000 |
125,000 |
|
New York 5.3%
|
||
|
New York City Transitional Financial Authority, 1.16%*, 2/1/2029 (b)
|
450,000 |
450,000 |
|
Ohio 1.2%
|
||
|
Higher Educational Facilities Community Revenue, 1.25%*, 9/1/2025 (b)
|
100,000 |
100,000 |
|
Puerto Rico 2.3%
|
||
|
Puerto Rico Commonwealth, 1.13%*, 7/1/2020 (b) (c)
|
200,000 |
200,000 |
|
Texas 3.5%
|
||
|
Dallas-Fort Worth, Texas International Airport Facilities Improvement Corporate Revenue, Learjet
Project, Inc., Series A-1, AMT, 1.2%*, 1/1/2016 (b)
|
300,000 |
300,000 |
|
Total Investment Portfolio - 100.0% (Cost $8,516,290) (a)
|
8,516,290 |
|
|
AMBAC |
AMBAC Assurance Corp. |
|
FGIC |
Financial Guaranty Insurance Company |
|
FNMA |
Federal National Mortgage Association |
|
FSA |
Financial Security Assurance |
|
MBIA |
Municipal Bond Investors Assurance |
At September 30, 2003, insurance concentrations greater than 10% of the Total Investment Portfolio were FGIC (10%) and MBIA (13%).
AMT: Subject to alternative minimum tax.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of September 30, 2003 (Unaudited) |
|
Investors Florida Municipal Cash Fund
|
Principal Amount ($) |
Value ($) |
|
|
|
|
|
Municipal Investments 100.0% |
||
|
Florida 88.9%
|
||
|
Broward County, School Board Certificates Partnership, 144A, 1.15%*, 7/1/2019 (c)
|
900,000 |
900,000 |
|
Dade County, Industrial Development Authority, Dolphins Stadium Project, Series D, 1.1%*,
1/1/2016 (b)
|
120,000 |
120,000 |
|
Dade County, Industrial Development Authority, Gulliver Schools Project, 1.15%*, 9/1/2029 (b)
|
800,000 |
800,000 |
|
Dade County, Industrial Development Authority, Spectrum Programs Inc. Project, 1.15%*,
9/2/2016 (b)
|
150,000 |
150,000 |
|
Dade County, School Board Certificates Partnership, Series A, Prerefunded, 5.75%, 5/1/2009 (c)
|
1,140,000 |
1,183,366 |
|
Florida Board of Education, Lottery Revenue, 1.13%*, 7/1/2010 (c)
|
600,000 |
600,000 |
|
Florida Board of Education, Series E, Prerefunded, 5.2%, 6/1/2005
|
500,000 |
518,926 |
|
Florida Housing Finance Agency, Multifamily Housing, Hampton Lakes, 1.15%*, 7/1/2008 (b)
|
700,000 |
700,000 |
|
Highlands County, Health Facilities Authority Revenue, Adventist Health, Series A, 1.1%*,
11/15/2032 (b)
|
150,000 |
150,000 |
|
Hillsborough County, Industrial Development Authority, Industrial Development Revenue, Seaboard
Tampa, AMT, 1.3%*, 12/1/2016 (b)
|
500,000 |
500,000 |
|
Indian River County, District Hospital Revenue, 1.17%*, 10/1/2015 (b)
|
745,000 |
745,000 |
|
Jacksonville, FL, Electric Authority Revenue, 0.90%, 12/10/2003
|
500,000 |
500,000 |
|
Jacksonville, FL, Industrial Development, Airport Hotel Project, 1.05%*, 7/1/2013 (b)
|
800,000 |
800,000 |
|
Lee County, Airport Revenue, Series 811-X, AMT, 144A, 1.19%*, 10/1/2029 (c)
|
1,500,000 |
1,500,000 |
|
Lee County, Industrial Development Authority, Healthcare Facilities Revenue, Cypress Cove
Healthpark, Series B, 1.1%*, 10/1/2007 (b)
|
1,450,000 |
1,450,000 |
|
Orange County, Housing Finance Authority Revenue, Mulitfamily Housing, Falcon Trace Apartments
Project, Series D, AMT, 1.11%*, 10/1/2032
|
560,000 |
560,000 |
|
Orange County, Housing Finance Authority Revenue, Mulitfamily Housing, Smokewood, 1.1%*,
12/1/2029
|
550,000 |
550,000 |
|
Orlando, FL, Capital Improvements Revenue, 0.90%, 11/7/2003
|
700,000 |
700,000 |
|
Orlando, FL, Capital Improvements Revenue, 1.00%, 1/13/2004
|
600,000 |
600,000 |
|
Orlando, FL, Utility Committee, 0.87%, 10/14/2003
|
700,000 |
700,000 |
|
Pinellas County, Sewer Revenue, 3.0%, 10/1/2003 (c)
|
225,000 |
225,000 |
|
Sarasota County Health Facilities Authority Revenue, Health Care Facilities, Bay Village Project,
1.15%*, 12/1/2023 (b)
|
300,000 |
300,000 |
|
St. Lucie County, FL, School District, 2.0%, 7/1/2004 (c)
|
500,000 |
503,901 |
|
University Athletic Association, FL, Capital Improvement Revenue, University of Florida Stadium
Project, 1.23%*, 2/1/2020 (b)
|
400,000 |
400,000 |
|
|
15,156,193 |
|
|
Illinois 2.9%
|
||
|
Carol Stream, Industrial Project Revenue, MAAC Machinery Co. Project, AMT, 1.15%*, 4/1/2024 (b)
|
500,000 |
500,000 |
|
New York 6.4%
|
||
|
New York City, Transitional Finance Authority, 1.16%*, 2/1/2029
|
1,100,000 |
1,100,000 |
|
Wyoming 1.8%
|
||
|
Platte County, Pollution Control Revenue, Series B, 1.23%*, 7/1/2014 (b)
|
300,000 |
300,000 |
|
Total Investment Portfolio - 100.0% (Cost $17,056,193) (a)
|
17,056,193 |
|
|
FGIC |
Financial Guaranty Insurance Company |
|
FHLMC |
Federal Home Loan Mortgage Corp. |
|
FNMA |
Federal National Mortgage Association |
|
FSA |
Financial Security Assurance |
|
MBIA |
Municipal Bond Investors Assurance |
At September 30, 2003, insurance concentrations greater than 10% of the Total Investment Portfolio were MBIA (13%) and FSA (10%).
AMT: Subject to alternative minimum tax.Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of September 30, 2003 (Unaudited) |
|
Investors New Jersey Municipal Cash Fund
|
Principal Amount ($) |
Value ($) |
|
|
|
|
|
Municipal Investments 100.0% |
||
|
New Jersey 67.1%
|
||
|
Atlantic County, Import Authority Revenue, 1.05%*, 7/1/2026 (b)
|
600,000 |
600,000 |
|
Camden County, Import Authority Revenue, Series A, 1.2%*, 7/1/2029 (b)
|
500,000 |
500,000 |
|
Essex County, Series A-1, 5.0%, 11/15/2003 (c)
|
300,000 |
301,461 |
|
Morris County , 2.25%, 5/3/2004
|
855,000 |
861,194 |
|
Morris County , 5.125%, 11/15/2003
|
200,000 |
200,884 |
|
New Jersey, Economic Development Authority, Dock Facilities Revenue, Bayonne-IMTT Project,
Series C, 1.18%*, 12/1/2027 (b)
|
300,000 |
300,000 |
|
New Jersey, Economic Development Authority, Economic Development Revenue, Airis Newark LLC
Project, AMT, 1.1%*, 1/1/2019 (b) (c)
|
900,000 |
900,000 |
|
New Jersey, Economic Development Authority, Economic Development Revenue, Foreign Trade Zone
Project, 1.2%*, 12/1/2007 (b)
|
1,000,000 |
1,000,000 |
|
New Jersey, Economic Development Authority, Special Facilities Revenue, Newark Container LLC,
AMT, 1.12%*, 7/1/2030 (b)
|
1,800,000 |
1,800,000 |
|
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Thermal Energy
Ltd., AMT, 1.1%*, 12/1/2031 (b)
|
800,000 |
800,000 |
|
New Jersey, Economic Development Authority, Water Facilities Revenue, 1.18%*, 11/1/2026 (b) (c)
|
700,000 |
700,000 |
|
New Jersey, Economic Development Authority, Water Facilities Revenue, 1.23%*, 11/1/2025 (c)
|
200,000 |
200,000 |
|
New Jersey, Education Development Authority, 0.80%, 11/10/2003
|
1,000,000 |
1,000,000 |
|
New Jersey, Education Development Authority, Keystone Project, 0.83%, 11/7/2003
|
2,000,000 |
2,000,000 |
|
New Jersey, Health Facilities Financing Authority Revenue, Prerefunded, 6.25%*, 7/1/2016 (c)
|
1,140,000 |
1,207,819 |
|
New Jersey, Health Facilities Financing Authority Revenue, Hospital Cap Asset Financing, Series B,
1.05%*, 7/1/2035 (b)
|
600,000 |
600,000 |
|
New Jersey, Health Facilities Financing Authority Revenue, Hospital Cap Asset Financing, Series D,
1.05%*, 7/1/2035 (b)
|
2,000,000 |
2,000,000 |
|
New Jersey, Sports & Exposition Authority State Contract, Series C, 1.05%*, 9/1/2024 (c)
|
975,000 |
975,000 |
|
New Jersey, Turnpike Authority Revenue, Series A10, 144A, 1.12%*, 1/1/2016 (b) (c)
|
995,000 |
995,000 |
|
Salem County, Industrial Pollution Control Financing Authority , 1.0%*, 3/1/2012
|
1,700,000 |
1,700,000 |
|
State of New Jersey, Series D, 5.5%, 2/15/2004
|
2,800,000 |
2,847,486 |
|
West Orange School District, 2.0%, 11/1/2003 (c)
|
415,000 |
415,378 |
|
|
21,904,222 |
|
|
California 3.7%
|
||
|
Los Angeles, CA, Airport Revenue, Regional Airport Improvement Corp., AMT, 1.2%*, 12/1/2025 (b)
|
430,000 |
430,000 |
|
Los Angeles, CA, Airport Revenue, Regional Airport Improvement Corp., Lease Revenue, 1.16%*,
12/1/2025 (b)
|
780,000 |
780,000 |
|
|
1,210,000 |
|
|
District of Columbia 2.0%,
|
||
|
District of Columbia, Multimodal Medlantic, Series A, 1.07%*, 6/1/2015 (c)
|
140,000 |
140,000 |
|
District of Columbia, Multimodal Medlantic, Series C, 1.25%*, 8/15/2038 (b) (c)
|
500,000 |
500,000 |
|
|
640,000 |
|
|
Florida 0.3%
|
||
|
University Athletic Association, Inc.,Capital Improvement Revenue, University of Florida Stadium
Project, 1.23%*, 2/1/2020 (b)
|
100,000 |
100,000 |
|
Illinois 0.6%
|
||
|
Illinois, Development Finance Authority, Industrial Development Revenue, Campagna-Turano Bakery
Project, 1.35%*, 8/1/2025 (b)
|
200,000 |
200,000 |
|
Kentucky 1.1%
|
||
|
Boone County, Pollution Control Revenue, Cincinnati Gas & Electric Co., Series A, 1.0%*, 8/1/2013 (b)
|
200,000 |
200,000 |
|
Kentucky, Economic Development Finance Authority, Health Facilities Revenue, Easter Seal Society
Project, 1.25%*, 11/1/2030 (b)
|
150,000 |
150,000 |
|
|
350,000 |
|
|
Michigan 0.3%
|
||
|
Detroit, Economic Development Corporation, Waterfront Reclamation, Series A, 1.1%*, 5/1/2009 (b)
|
100,000 |
100,000 |
|
New York 9.1%
|
||
|
Columbia University, 0.88%, 1/8/2004
|
490,000 |
490,000 |
|
Port Authority of New York and New Jersey, Consolidation Notes, Series UU, 2.0%, 10/15/2003
|
300,000 |
300,111 |
|
Port Authority of New York and New Jersey, Obligation Revenue, 144A, 1.15%*, 6/1/2011 (b) (c)
|
700,000 |
700,000 |
|
New York, New York City Transitional Finance Authority, 1.16%*, 2/1/2029
|
1,495,000 |
1,495,000 |
|
|
2,985,111 |
|
|
Pennsylvania 7.7%
|
||
|
Delaware River Port Authority of Pennsylvania and New Jersey Revenue, 1.12%*, 1/1/2026 (b) (c)
|
2,500,000 |
2,500,000 |
|
Puerto Rico 4.4%
|
||
|
Puerto Rico, Commonwealth, Series D, 1.13%*, 7/1/2020 (c)
|
1,000,000 |
1,000,000 |
|
Puerto Rico, Commonwealth Highway and Transportation Authority Revenue, 1.06%*, 1/1/2009
|
200,000 |
200,000 |
|
Puerto Rico, Commonwealth Highway and Transportation Authority Revenue, Series A, 1.05%*,
7/1/2028 (c)
|
250,000 |
250,000 |
|
|
1,450,000 |
|
|
Wyoming 3.7%
|
||
|
Gillette, Industrial Development Revenue, Allwire Project, AMT, 1.2%*, 12/1/2011 (b)
|
1,200,000 |
1,200,000 |
|
Total Investment Portfolio - 100.0% (Cost $32,639,333) (a)
|
32,639,333 |
|
|
AMBAC |
AMBAC Assurance Corp. |
|
FGIC |
Financial Guaranty Insurance Company |
|
FSA |
Financial Security Assurance |
|
MBIA |
Municipal Bond Investors Assurance |
At September 30, 2003, insurance concentrations greater than 10% of the Total Investment Portfolio were AMBAC (10%) and MBIA (11%).
AMT: Subject to alternative minimum tax.Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of September 30, 2003 (Unaudited) |
|
Investors Michigan Municipal Cash Fund
|
Principal Amount ($) |
Value ($) |
|
|
|
|
|
Municipal Investments 100.0% |
||
|
Michigan 83.8%
|
||
|
Bangor Township School District, School Building and Site, 2.0%, 5/1/2004 (c)
|
345,000 |
347,092 |
|
Battle Creek Downtown Development Authority, Prerefunded, 7.65%, 5/1/2022
|
250,000 |
264,764 |
|
Detroit City School District, 144A, 1.13%*, 5/1/2023 (b) (c)
|
150,000 |
150,000 |
|
Detroit City School District, 144A, 1.16%*, 5/1/2017 (b) (c)
|
200,000 |
200,000 |
|
Detroit Economic Development Corp., Waterfront Reclamation, Series A, 1.1%*, 5/1/2009 (b)
|
177,000 |
177,000 |
|
Detroit Water Supply System, Series B24, 144A, 1.15%*, 7/1/2026 (b) (c)
|
300,000 |
300,000 |
|
Fremont Hospital Finance Authority, 1.1%*, 8/1/2024 (b)
|
45,000 |
45,000 |
|
Garden City Hospital Revenue, Series A, 1.14%*, 9/1/2026 (b)
|
25,000 |
25,000 |
|
Green Lake Township Economic Development Corp., 1.07%*, 6/1/2027 (b)
|
100,000 |
100,000 |
|
Jackson Public Schools, Student Aid Anticipation Notes, 2.0%, 5/21/2004 (b)
|
200,000 |
201,239 |
|
Michigan Hospital Financial Authority Revenue, Covenant Retirement, Series A, 1.1%*, 12/1/2029 (b)
|
30,000 |
30,000 |
|
Michigan Strategic Fund, Hope Network, Inc. Project, Series A, 1.17%*, 9/1/2023 (b)
|
30,000 |
30,000 |
|
Michigan Strategic Fund, Limited Obligation Revenue, Continental Aluminum Project, AMT, 1.25%*,
10/1/2015
|
400,000 |
400,000 |
|
Michigan Strategic Fund, Limited Obligation Revenue, Creative Foam Corp. Project, AMT, 1.35%*,
11/1/2011 (b)
|
200,000 |
200,000 |
|
Michigan Strategic Fund, Republic Services, Inc. Project, AMT, 1.2%*, 8/1/2031 (b)
|
100,000 |
100,000 |
|
Municipal Bond Authority Revenue, Series B-2, 2.0%, 8/23/2004 (b)
|
100,000 |
100,858 |
|
Public Power Agency Revenue, Campbell Project, Series A, 5.5%, 1/1/2004 (c)
|
255,000 |
257,755 |
|
State Government School Loan, 0.95%, 10/14/2003
|
500,000 |
500,000 |
|
Sterling Heights Economic Development Corp., Limited Obligation Revenue, Kunath Enterprises LLC
Project, AMT, 1.35%*, 2/1/2016 (b)
|
200,000 |
200,000 |
|
University of Michigan, General Revenue Hospital, Series A , 1.15%*, 12/1/2019
|
100,000 |
100,000 |
|
Wayne Charter County, Airport Revenue, 4.3%, 12/1/2003 (c)
|
145,000 |
145,671 |
|
|
3,874,379 |
|
|
Arizona 4.3%
|
||
|
Pocahontas Industrial Development Revenue, MacLean Esna LP Project, AMT, 1.15%*, 5/1/2015 (b)
|
200,000 |
200,000 |
|
Florida 2.2%
|
||
|
University Athletic Association, Inc., Capital Improvement Revenue, University of Florida Stadium
Project, 1.23%*, 2/1/2020 (b)
|
100,000 |
100,000 |
|
Minnesota 3.3%
|
||
|
Elk River Independent School District No. 728, 1.18%*, 2/1/2015 (c)
|
150,000 |
150,000 |
|
New Hampshire 3.1%
|
||
|
Health and Education Authority, Hospital Revenue, 1.2%*, 10/1/2021 (b)
|
145,000 |
145,000 |
|
Ohio 3.3%
|
||
|
Higher Educational Facilities Community Revenue, Pooled Program, Series C, 1.25%*, 9/1/2025 (b)
|
150,000 |
150,000 |
|
Total Investment Portfolio - 100.0% (Cost $4,619,379) (a)
|
4,619,379 |
|
|
AMBAC |
AMBAC Assurance Corp. |
|
FGIC |
Financial Guaranty Insurance Company |
|
MBIA |
Municipal Bond Investors Assurance |
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The accompanying notes are an integral part of the financial statements.
Financial Statements |
|
Statements of Assets and Liabilities as of September 30, 2003 (Unaudited) |
|||||
|
Assets
|
New York |
Pennsylvania |
Florida |
New Jersey |
Michigan |
|
Investments in securities, at
amortized cost |
$ 49,769,168 | $ 8,516,290 | $ 17,056,193 | $ 32,639,333 | $ 4,619,379 |
|
Cash |
- | - | 87,958 | - | 12,310 |
|
Receivable for investments sold |
- | 45,000 | - | 500,381 | 5,000 |
|
Interest receivable |
106,600 | 46,187 | 62,422 | 88,041 | 22,448 |
|
Receivable for Fund shares sold |
1,913,074 | 95,235 | - | 527,458 | - |
|
Due from Advisor |
- | 23,326 | - | - | 32,997 |
|
Other assets |
566 | 29 | 3,454 | 3,229 | 172 |
|
Total assets |
51,789,408 | 8,726,067 | 17,210,027 | 33,758,442 | 4,692,306 |
|
Liabilities
|
|||||
|
Due to custodian bank |
52,518 | 49,271 | - | 540,616 | - |
|
Dividends payable |
235 | 42 | 35 | 105 | 31 |
|
Payable for Fund shares redeemed |
1,640,569 | 207,455 | - | 721,177 | 19,885 |
|
Accrued management fee |
9,465 | - | 3,257 | 6,363 | - |
|
Other accrued expenses and
payables |
63,969 | 1,061 | 6,441 | 16,011 | 14,193 |
|
Total liabilities |
1,766,756 | 257,829 | 9,733 | 1,284,272 | 34,109 |
|
Net assets, at value
|
$ 50,022,652 |
$ 8,468,238 |
$ 17,200,294 |
$ 32,474,170 |
$ 4,658,197 |
|
Net Assets
|
|||||
|
Net assets consist of: Undistributed (accumulated distributions in excess of) net investment income |
(205) | (78) | - | 1,701 | (83) |
|
Accumulated net realized gain (loss) |
8,929 | 675 | (62) | - | (7) |
|
Paid-in capital |
50,013,928 | 8,467,641 | 17,200,356 | 32,472,469 | 4,658,287 |
|
Net assets, at value
|
$ 50,022,652 |
$ 8,468,238 |
$ 17,200,294 |
$ 32,474,170 |
$ 4,658,197 |
|
Shares outstanding |
50,014,484 |
8,467,636 |
17,200,297 |
32,474,167 |
4,658,293 |
|
Net asset value, offering and
redemption price per share (net
asset value / outstanding shares of
beneficial interest, no par value,
unlimited number of shares
authorized) |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
The accompanying notes are an integral part of the financial statements.
|
Statements of Operations for the six months ended September 30, 2003 (Unaudited) |
|||||
|
Investment Income
|
New York |
Pennsylvania |
Florida |
New Jersey |
Michigan |
|
Income: Interest |
$ 259,363 | $ 41,418 | $ 105,996 | $ 164,566 | $ 40,533 |
|
Expenses: Management fee |
54,812 | 8,645 | 22,194 | 35,721 | 8,141 |
|
Services to shareholders |
14,308 | 8,186 | 20,311 | 27,303 | 11,011 |
|
Custodian fees |
1,923 | 3,266 | 6,870 | 7,554 | 1,920 |
|
Distribution service fees |
124,573 | 19,647 | 50,442 | 81,214 | 12,951 |
|
Auditing |
8,680 | 38,830 | 31,531 | 22,497 | 37,273 |
|
Legal |
2,190 | 3,147 | 3,608 | 3,262 | 1,106 |
|
Trustees' fees and expenses |
7,105 | 3,056 | 6,121 | 7,249 | 2,625 |
|
Registration fees |
- | 4,217 | 6,134 | 7,947 | - |
|
Other |
- | - | 2,095 | 7,799 | - |
|
Total expenses, before expense
reductions |
213,591 | 88,994 | 149,306 | 200,546 | 75,027 |
|
Expense reductions |
(11,447) | (53,036) | (57,835) | (55,147) | (44,006) |
|
Total expenses, after expense
reductions |
202,144 | 35,958 | 91,471 | 145,399 | 31,021 |
|
Net investment income
|
57,219 |
5,460 |
14,525 |
19,167 |
9,512 |
|
Net gain (loss) on investment
transactions |
9,897 | 675 | - | - | - |
|
Net increase (decrease) in net
assets resulting from operations
|
$ 67,116 |
$ 6,135 |
$ 14,525 |
$ 19,167 |
$ 9,512 |
The accompanying notes are an integral part of the financial statements.
|
Statements of Changes in Net Assets |
|
|||||
|
|
New York |
Pennsylvania |
Florida |
|||
|
Increase (Decrease) in
Net Assets
|
Six Months Ended September 30, 2003 (Unaudited) |
Year Ended March 31, 2003 |
Six Months Ended September 30, 2003 (Unaudited) |
Year Ended March 31, 2003 |
Six Months Ended September 30, 2003 (Unaudited) |
Year Ended March 31, 2003 |
|
Operations: Net investment income |
$ 57,219 | $ 423,452 | $ 5,460 | $ 81,597 | $ 14,525 | $ 158,315 |
|
Net realized gain (loss) on
investment transactions |
9,897 | (896) | 675 | - | - | - |
|
Net increase (decrease) in net
assets resulting from
operations |
67,116 | 422,556 | 6,135 | 81,597 | 14,525 | 158,315 |
|
Distributions to shareholders
from net investment income |
(57,424) | (423,452) | (5,538) | (79,981) | (14,525) | (158,312) |
|
Fund share transactions: Proceeds from shares sold |
127,366,953 | 403,510,180 | 23,074,833 | 91,316,622 | 50,061,104 | 188,512,211 |
|
Reinvestment of distributions |
57,767 | 404,161 | 5,604 | 78,400 | 14,346 | 152,990 |
|
Cost of shares redeemed |
(126,637,845) | (518,595,681) | (21,273,845) | (113,711,565) | (52,998,079) | (226,025,417) |
|
Net increase (decrease) in net
assets from Fund share
transactions |
786,875 | (114,681,340) | 1,806,592 | (22,316,543) | (2,922,629) | (37,360,216) |
|
Increase (decrease) in net
assets
|
796,567 | (114,682,236) | 1,807,189 | (22,314,927) | (2,922,629) | (37,360,213) |
|
Net assets at beginning of
period |
49,226,085 | 163,908,321 | 6,661,049 | 28,975,976 | 20,122,923 | 57,483,136 |
|
Net assets at end of period
|
$ 50,022,652 |
$ 49,226,085 |
$ 8,468,238 |
$ 6,661,049 |
$ 17,200,294 |
$ 20,122,923 |
|
Undistributed (accumulated
distributions in excess of)
net investment income
|
$ (205) |
$ - |
$ (78) |
$ - |
$ - |
$ - |
|
Other Information
|
|
|||||
|
Shares outstanding at
beginning of period |
49,227,590 | 163,908,930 | 6,661,045 | 28,977,593 | 20,122,924 | 57,483,139 |
|
Shares sold |
127,366,971 | 403,510,180 | 23,074,832 | 91,316,619 | 50,061,106 | 188,512,211 |
|
Shares issued to shareholders
in reinvestment of
distributions |
57,767 | 404,161 | 5,604 | 78,400 | 14,346 | 152,990 |
|
Shares redeemed |
(126,637,844) | (518,595,681) | (21,273,845) | (113,711,567) | (52,998,079) | (226,025,416) |
|
Net increase (decrease) in
Fund shares |
786,894 | (114,681,340) | 1,806,591 | (22,316,548) | (2,922,627) | (37,360,215) |
|
Shares outstanding at end
of period
|
50,014,484 |
49,227,590 |
8,467,636 |
6,661,045 |
17,200,297 |
20,122,924 |
The accompanying notes are an integral part of the financial statements.
|
Statements of Changes in Net Assets |
|
|||
|
|
New Jersey |
Michigan |
||
|
|
Six Months Ended September 30, 2003 (Unaudited) |
Year Ended March 31, 2003 |
Six Months Ended September 30, 2003 (Unaudited) |
Year Ended March 31, 2003 |
|
Operations: Net investment income |
$ 19,167 | $ 151,242 | $ 9,512 | $ 130,567 |
|
Net increase (decrease) in net assets resulting from operations |
19,167 | 151,242 | 9,512 | 130,567 |
|
Distributions to shareholders from net investment income |
(19,166) | (151,239) | (9,608) | (130,563) |
|
Fund share transactions: Proceeds from shares sold |
83,971,901 | 230,076,716 | 6,503,623 | 55,698,725 |
|
Reinvestment of distributions |
18,855 | 149,262 | 9,732 | 127,434 |
|
Cost of shares redeemed |
(81,537,298) | (269,954,942) | (10,260,107) | (83,972,242) |
|
Net increase (decrease) in net assets from Fund share
transactions |
2,453,458 | (39,728,964) | (3,746,752) | (28,146,083) |
|
Increase (decrease) in net assets
|
2,453,459 | (39,728,961) | (3,746,848) | (28,146,079) |
|
Net assets at beginning of period |
30,020,711 | 69,749,672 | 8,405,045 | 36,551,124 |
|
Net assets at end of period
|
$ 32,474,170 |
$ 30,020,711 |
$ 4,658,197 |
$ 8,405,045 |
|
Undistributed (accumulated distributions in excess of) net
investment income
|
$ 1,701 |
$ 1,700 |
$ (83) |
$ 13 |
|
Other Information
|
|
|||
|
Shares outstanding at beginning of period |
30,020,707 | 69,749,675 | 8,405,045 | 36,551,128 |
|
Shares sold |
83,971,903 | 230,076,712 | 6,503,623 | 55,698,725 |
|
Shares issued to shareholders in reinvestment of distributions |
18,855 | 149,262 | 9,732 | 127,434 |
|
Shares redeemed |
(81,537,298) | (269,954,942) | (10,260,107) | (83,972,242) |
|
Net increase (decrease) in Fund shares |
2,453,460 | (39,728,968) | (3,746,752) | (28,146,083) |
|
Shares outstanding at end of period
|
32,474,167 |
30,020,707 |
4,658,293 |
8,405,045 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights |
|
Years Ended March 31, |
2003a |
2003 |
2002 |
2001 |
2000 |
1999 |
|
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 |
.001 | .004 | .01 | .03 | .03 | .02 |
|
Less distributions from net investment income |
(.001) | (.004) | (.01) | (.03) | (.03) | (.02) |
|
Net asset value, end of period
|
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return (%)b |
.12** | .42 | 1.24 | 3.11 | 2.59 | 2.50 |
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
|
Net assets, end of period ($ millions) |
50 | 49 | 164 | 175 | 242 | 184 |
|
Ratio of expenses before expense reductions (%) |
.86* | .95 | 1.04 | 1.18c | .97 | .98 |
|
Ratio of expenses after expense reductions (%) |
.81* | .95 | .94 | .87c | .80 | .80 |
|
Ratio of net investment income (%) |
.23* | .41 | 1.23 | 3.10 | 2.58 | 2.41 |
|
Years Ended March 31, |
2003a |
2003 |
2002 |
2001 |
2000 |
1999 |
|
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 |
.001 | .004 | .01 | .03 | .03 | .02 |
|
Less distributions from net investment income |
(.001) | (.004) | (.01) | (.03) | (.03) | (.02) |
|
Net asset value, end of period
|
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return (%)b |
.08** | .39 | 1.33 | 3.15 | 2.58 | 2.50 |
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
|
Net assets, end of period ($ millions) |
8 | 7 | 29 | 25 | 21 | 6 |
|
Ratio of expenses before expense reductions (%) |
2.26* | 1.28 | 1.09 | 1.36d | 1.39 | 1.12 |
|
Ratio of expenses after expense reductions (%) |
.92* | 1.00 | .95 | .96d | .90 | .90 |
|
Ratio of net investment income (%) |
.14* | .44 | 1.27 | 3.07 | 2.61 | 2.40 |
|
Years Ended March 31, |
2003a |
2003 |
2002 |
2001 |
2000 |
1999 |
|
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 |
.001 | .004 | .01 | .03 | .02 | .02 |
|
Less distributions from net investment income |
(.001) | (.004) | (.01) | (.03) | (.02) | (.02) |
|
Net asset value, end of period
|
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return (%)b |
.07** | .37 | 1.36 | 3.19 | 2.57 | 2.50 |
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
|
Net assets, end of period ($ millions) |
17 | 20 | 57 | 57 | 37 | 20 |
|
Ratio of expenses before expense reductions (%) |
1.48* | 1.11 | 1.08 | 1.26c | 1.13 | 1.09 |
|
Ratio of expenses after expense reductions (%) |
.91* | .99 | .95 | .96c | .90 | .85 |
|
Ratio of net investment income (%) |
.14* | .40 | 1.34 | 3.06 | 2.58 | 2.36 |
|
Years Ended March 31, |
2003a |
2003 |
2002 |
2001 |
2000 |
1999 |
|
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 |
.001 | .003 | .01 | .03 | .02 | .02 |
|
Less distributions from net investment income |
(.001) | (.003) | (.01) | (.03) | (.02) | (.02) |
|
Net asset value, end of period
|
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return (%)b |
.06** | .30 | 1.12 | 2.89 | 2.38 | 2.26 |
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
|
Net assets, end of period ($ millions) |
32 | 30 | 70 | 77 | 47 | 15 |
|
Ratio of expenses before expense reductions (%) |
1.24* | 1.13 | 1.00 | 1.14d | 1.13 | 1.12 |
|
Ratio of expenses after expense reductions (%) |
.90* | .99 | .95 | .95d | .90 | .90 |
|
Ratio of net investment income (%) |
.12* | .30 | 1.15 | 2.80 | 2.42 | 2.13 |
|
Years Ended March 31, |
2003a |
2003 |
2002 |
2001 |
2000 |
1999b |
|
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 |
.001 | .006 | .01 | .03 | .03 | .02 |
|
Less distributions from net investment income |
(.001) | (.006) | (.01) | (.03) | (.03) | (.02) |
|
Net asset value, end of period
|
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return (%)c |
.12** | .56 | 1.50 | 3.36 | 2.77d | 2.41** |
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
|
Net assets, end of period ($ millions) |
5 | 8 | 37 | 29 | 23 | 36 |
|
Ratio of expenses before expense reductions (%) |
2.03* | 1.01 | .91 | 1.16e | .91 | .87* |
|
Ratio of expenses after expense reductions (%) |
.84* | .83 | .75 | .78e | .75 | .75* |
|
Ratio of net investment income (%) |
.26* | .62 | 1.44 | 3.28 | 2.65 | 2.62* |
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, non-diversified management investment company organized as a Massachusetts business trust. The Trust 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.
At March 31, 2003, the Funds had a net tax basis capital loss carryforward as follows, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until the respective expiration dates, whichever occurs first:
|
|
Capital loss Carryforward ($) |
Expiration |
|
Tax-Exempt New York
Money Market Fund |
72 | 3/31/2009 |
|
|
896 | 3/31/2011 |
|
Investors Florida Municipal
Cash Fund |
12 | 3/31/2009 |
|
|
50 | 3/31/2010 |
|
Investors Michigan
Municipal Cash Fund |
7 | 3/31/2009 |
Distribution of Income. All of the net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Funds.
At March 31, 2003, the Funds' components of distributable earnings (accumulated losses) on a tax-basis are as follows:
|
Tax-Exempt New York Money Market Fund |
|
|
Undistributed tax-exempt income* |
$ 7,070 |
|
Undistributed taxable income |
$ - |
|
Capital loss carryforwards |
$ (968) |
|
Net unrealized appreciation (depreciation)
on investments |
$ - |
|
Investors Pennsylvania Municipal Cash Fund |
|
|
Undistributed tax-exempt income* |
$ 824 |
|
Undistributed taxable income |
$ - |
|
Capital loss carryforwards |
$ - |
|
Net unrealized appreciation (depreciation)
on investments |
$ - |
|
Investors Florida Municipal Cash Fund |
|
|
Undistributed tax-exempt income* |
$ 1,654 |
|
Undistributed taxable income |
$ - |
|
Capital loss carryforwards |
$ (62) |
|
Net unrealized appreciation (depreciation)
on investments |
$ - |
|
Investors New Jersey Municipal Cash Fund |
|
|
Undistributed tax-exempt income* |
$ 2,781 |
|
Undistributed taxable income |
$ - |
|
Capital loss carryforwards |
$ - |
|
Net unrealized appreciation (depreciation)
on investments |
$ - |
|
Investors Michigan Municipal Cash Fund |
|
|
Undistributed tax-exempt income* |
$ 1,140 |
|
Undistributed taxable income |
$ - |
|
Capital loss carryforwards |
$ (7) |
|
Net unrealized appreciation (depreciation)
on investments |
$ - |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust.
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.
Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), the Advisor directs the investments of the Funds in accordance with their investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Funds. 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 the 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 $3,000,000,000, computed and accrued daily and payable monthly. Accordingly, for the six months ended September 30, 2003, the fees pursuant to the Management Agreement were equivalent to an annual effective rate of each Fund's average daily net assets as follows:
|
Fund |
Total Aggregated ($) |
Not Imposed ($) |
Effective Rate (%) |
|
Tax-Exempt
New York
Money Market Fund |
54,812 |
- |
.22 |
|
Investors
Pennsylvania
Municipal Cash
Fund |
8,645 |
8,645 |
.00 |
|
Investors Florida
Municipal Cash Fund |
22,194 |
- |
.22 |
|
Investors New
Jersey
Municipal Cash
Fund |
35,271 |
- |
.22 |
|
Investors Michigan
Municipal Cash Fund |
8,141 |
8,141 |
.00 |
The Advisor and certain of its subsidiaries have voluntarily agreed to maintain the annual expenses of the Funds as follows:
|
For the period March 31, 2003 to September 30, 2003: |
|
|
Fund |
Expense Limit* |
|
Tax-Exempt New York Money Market Fund |
1.00% |
|
Investors Pennsylvania Municipal Cash Fund |
1.00% |
|
Investors Florida Municipal Cash Fund |
1.00% |
|
Investors New Jersey Municipal Cash Fund |
1.00% |
|
Investors Michigan Municipal Cash Fund |
.85% |
* Certain expenses such as reorganization, taxes, brokerage and interest expense are excluded from the expense limitation.
Under this agreement, for the period ended September 30, 2003, the Advisor reimbursed additional expenses as follows:
|
Investors Pennsylvania Municipal Cash Fund |
$ 20,516 |
|
Investors Michigan Municipal Cash Fund |
$ 20,427 |
In addition, the Advisor has agreed to voluntarily waive expenses as necessary to maintain a positive yield. This waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor reimbursed additional expenses as follows:
|
Investors Pennsylvania Municipal Cash Fund |
$ 3,620 |
|
Investors Michigan Municipal Cash Fund |
$ 555 |
Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the transfer, dividend-paying and shareholder service agent of the Trust. Pursuant to a sub-transfer agency agreement between SISC and DST Systems, Inc. ("DST"), SISC has delegated certain transfer agent and dividend paying agent functions to DST. The cost and expense of such delegations are borne by SISC, not by the Funds. For the the six months ended September 30, 2003, SISC received shareholder services fees as follows:
|
Fund |
Total Aggregated ($) |
Not Imposed ($) |
Unpaid at September 30, 2003 ($) |
|
Tax-Exempt New York
Money Market Fund |
12,910 | 11,385 | 4,570 |
|
Investors Pennsylvania
Municipal Cash Fund |
598 | 598 | - |
|
Investors Florida
Municipal Cash Fund |
13,412 | 13,412 | - |
|
Investors New Jersey
Municipal Cash Fund |
24,571 | 24,571 | - |
|
Investors Michigan
Municipal Cash Fund |
1,926 | 1,926 | - |
Distribution Service Agreement. Each Fund has a shareholder services and distribution agreement with Scudder Distributors, Inc. ("SDI"). For its services as primary distributor, each Fund pays SDI an annual fee of 0.50% of average daily net assets, except for the Investors Michigan Municipal Cash Fund, which pays an annual fee of 0.35% of average daily net assets pursuant to separate Rule 12b-1 plans for each Fund. The amount charged to each Fund by SDI, for the six months ended September 30, 2003, was as follows:
|
Fund |
Total Aggregated ($) |
Not |
Unpaid at September 30, 2003 ($) |
|
Tax-Exempt
New York Money
Market Fund |
124,573 | - | 20,445 |
|
Investors
Pennsylvania
Municipal Cash
Fund |
19,647 | 19,647 | - |
|
Investors Florida
Municipal Cash
Fund |
50,442 | 44,346 | - |
|
Investors New
Jersey Municipal
Cash Fund |
81,214 | 30,550 | - |
|
Investors
Michigan
Municipal Cash
Fund |
12,951 | 12,951 | - |
SDI has related service agreements with various firms to provide cash management and other services for Fund shareholders.
Trustees' Fees and Expenses. The Trust pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.
2. Expense Off-Set Arrangements
Each Fund has entered into arrangements with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's expenses. During the six months ended September 30, 2003, the Funds' custodian fees were reduced as follows:
|
Fund |
Custodian Fee ($) |
|
Tax-Exempt New York Money Market Fund |
62 |
|
Investors Pennsylvania Municipal Cash Fund |
10 |
|
Investors Florida Municipal Cash Fund |
77 |
|
Investors New Jersey Municipal Cash Fund |
26 |
|
Investors Michigan Municipal Cash Fund |
6 |
3. Line of Credit
The Funds and several other affiliated funds (the "Participants") share in a $1.25 billion revolving credit facility administered by J.P. Morgan Chase Bank 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.
Other Information |
Proxy Voting
A description of the fund's policies and procedures for voting proxies for portfolio securities can be found on our Web site - scudder.com (type "proxy voting" in the search field) - or on the SEC's Web site - www.sec.gov. To obtain a written copy without charge, call us toll free at (800) 621-1048.
Privacy Statement |
This privacy statement is issued by Deutsche Investment Management Americas Inc., Deutsche Asset Management, Inc., Scudder Distributors, Inc., Scudder Investor Services, Inc., Scudder Trust Company and the Scudder Funds.
We never sell customer lists or individual client information. We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.
In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our websites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing your account with us. In addition, we may disclose all of the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. The organizations described above that receive client information may only use it for the purpose designated by the Scudder Companies listed above.
We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm.
Questions on this policy may be sent to:
Scudder Investments
Attention: Correspondence - Chicago
P.O. Box 219415
Kansas City, MO 64121-9415
August 2003
Notes |
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not currently applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not currently applicable.
ITEM 5. [RESERVED]
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Chief Executive and Financial Officers concluded that the
Registrant's Disclosure Controls and Procedures are effective based on the
evaluation of the Disclosure Controls and Procedures as of a date within 90 days
of the filing date of this report.
(b) There have been no significant changes in the Registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation and until the filing of this report, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
ITEM 10. EXHIBITS.
(a)(1) Certification pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as
Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as
Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Tax Exempt New York Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: Tax Exempt New York Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
By: /s/Charles A. Rizzo
---------------------------
Charles A. Rizzo
Chief Financial Officer
Date: November 24, 2003
---------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Investors Pennsylvania Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: Investors Pennsylvania Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
By: /s/Charles A. Rizzo
---------------------------
Charles A. Rizzo
Chief Financial Officer
Date: November 24, 2003
---------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Investors Florida Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: Investors Florida Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
By: /s/Charles A. Rizzo
---------------------------
Charles A. Rizzo
Chief Financial Officer
Date: November 24, 2003
---------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Investors New Jersey Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: Investors New Jersey Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
By: /s/Charles A. Rizzo
---------------------------
Charles A. Rizzo
Chief Financial Officer
Date: November 24, 2003
---------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Investors Michigan Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Registrant: Investors Michigan Municipal Money Market Fund
By: /s/Richard T. Hale
---------------------------
Richard T. Hale
Chief Executive Officer
Date: November 24, 2003
---------------------------
By: /s/Charles A. Rizzo
---------------------------
Charles A. Rizzo
Chief Financial Officer
Date: November 24, 2003
---------------------------