-----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, PLSLY3Y5kj4qvARG+kWqhDcORqexJWCgJlNg3XmbnucTWxK5M/Y5fSE+OX/2s0KC GQufcGdoXpAJloQH4n+F4g== 0000088053-04-001092.txt : 20041208 0000088053-04-001092.hdr.sgml : 20041208 20041208142252 ACCESSION NUMBER: 0000088053-04-001092 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041208 DATE AS OF CHANGE: 20041208 EFFECTIVENESS DATE: 20041208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS MUNICIPAL CASH FUND CENTRAL INDEX KEY: 0000863420 IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06108 FILM NUMBER: 041190536 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-CSRS 1 imcf.htm SEMIANNUAL REPORT Scudder Investments 

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM N-CSRS

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:       9/30/2004



ITEM 1.  REPORT TO STOCKHOLDERS

SEMIANNUAL REPORT TO SHAREHOLDERS

Investors
Municipal
Cash Fund

September 30, 2004

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

This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, visit scudder.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.


Dear Shareholder:


Thank you for investing with Investors Municipal Cash Fund. To provide you with an update of holdings and financial highlights, on the following pages you'll find the fund's shareholder report for its most recent semiannual period ended September 30, 2004. The fund 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, 2004, the fund's portfolios and achieved their stated objectives of providing maximum current income while maintaining stability of capital.

Economic Review

At the start of the second quarter of 2004, the Fed was signaling its concerns over a possible resurgence in inflation, and hinted it that would soon take steps to remove its accommodative posture on short-term interest rates. With this news, fixed-income markets experienced a dramatic turnaround, with one-year LIBOR rates spiking from 1.35% to 1.85% in anticipation of a potential rate hike as early as August.1 The May - and initially, June - jobs reports were also strong, and the Fed now stated that it would begin to raise interest rates in the near future. When the Fed finally raised the federal funds rate by 25 basis points in late June, it stated that it would conduct its credit-tightening program at a "measured" pace. As we moved into the third quarter, US economic momentum hit a "soft patch" as consumer purchasing slackened, job creation dipped, oil prices rose to over $45 per barrel and the geopolitical situation deteriorated. In reaction, investors began to question whether the number of Fed rate hikes that previously had been priced into the market would actually occur, and the yield curve flattened.

1 LIBOR, or the London Interbank Offered Rate, is the most widely used benchmark or reference rate for short-term interest rates. LIBOR is the rate of interest at which banks borrow funds from other banks, in large volume, in the international market.

Fund Results
As of September 30, 2004

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.
Fund

7-Day Current Yield2

Equivalent Taxable Yield3

Tax-Exempt New York Money Market Fund
 .54% .90%
Investors Pennsylvania Municipal Cash Fund
 .50% .79%
Investors Florida Municipal Cash Fund
 .47% .72%
Investors New Jersey Municipal Cash Fund
 .44% .74%
Investors Michigan Municipal Cash Fund
 .57% .91%

Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolios over a 7-day period expressed as an annual percentage rate.

2 Future declines in interest rate levels could cause the funds' earnings to fall below each fund's expense ratios, resulting in a negative yield. The advisor has agreed to voluntarily waive expenses as necessary to maintain a minimum distribution yield. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current average yields of the 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 would have been ..54%, -.17%, .16%, .30% and -1.86%, respectively, as of September 30, 2004.
3 The equivalent taxable yield allows you to compare each fund with the performance of taxable money market funds. The New York Fund equivalent taxable yield is based upon the fund's yield and an approximate 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 an approximate combined Federal and State marginal income tax rate of 37.00%, 40.83% 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.

Over the six-month period, we continued to focus on the highest-quality investments for the fund's portfolios while seeking competitive yields across the municipal investment spectrum. During the period, the tax-free money markets were whipsawed by dramatic changes in supply, due to (1) the approximately $15 billion of supply from California's Revenue Anticipation Notes and Revenue Anticipation Warrants that had entered the market in October 2003, followed by (2) the sudden withdrawal of this supply from the market in June as California refunded the $15 billion of short-term debt, issuing longer-term debt in its place. It took over a month for the markets, and tax-exempt interest rates, to adjust after this significant withdrawal of supply.

During the reporting period, we maintained a cautious stance by targeting an average maturity similar to our peers. The fund has a targeted portfolio allocation of 70% of assets in variable-rate securities and 30% in fixed-rate instruments. Our decision to increase the fund's variable-rate position helped performance during much of the period, though our variable-rate position also hindered performance when short-term rates rose dramatically in August. Lastly, we continued to focus on the highest-quality investments while seeking competitive yields.

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 2004

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.

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.


Information About Your Fund's Expenses


As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following table is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The table is based on an investment of $1,000 made at the beginning of the six-month period ended September 30, 2004.

The table illustrates your Fund's expenses in two ways:

• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment
for the six months ended September 30, 2004

Actual Fund Return

New York

Pennsylvania

Florida

New Jersey

Michigan

Beginning Account Value 4/1/04
 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 9/30/04
 $ 1,000.80 $ 1,000.80 $ 1,000.80 $ 1,000.70 $ 1,001.50
Expenses Paid per $1,000*
 $ 4.87 $ 5.00 $ 5.00 $ 5.00 $ 4.40
Hypothetical 5% Fund Return

New York

Pennsylvania

Florida

New Jersey

Michigan

Beginning Account Value 4/1/04
 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 9/30/04
 $ 1,020.20 $ 1,020.07 $ 1,020.07 $ 1,020.07 $ 1,020.68
Expenses Paid per $1,000*
 $ 4.92 $ 5.05 $ 5.05 $ 5.05 $ 4.44

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios

Tax-Exempt New York Money Market Fund

0.97%

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

0.88%


For more information, please refer to the Fund's prospectus.


Portfolio Summary


Tax-Exempt New York Money Market Fund

Portfolio Composition

9/30/04

9/30/03


Municipal Investments
 100%
 100%

Weighted Average Maturity*



Tax-Exempt New York Money Market Fund
16 days
 31 days
State Specific Retail New York Money Fund Average
37 days
 48 days

Investors Pennsylvania Municipal Cash Fund

Portfolio Composition

9/30/04

9/30/03


Municipal Investments
100%
 100%

Weighted Average Maturity*



Investors Pennsylvania Municipal Cash Fund
40 days
 45 days
State Specific Retail Pennsylvania Money Fund Average
30 days
 28 days

Investors Florida Municipal Cash Fund

Portfolio Composition

9/30/04

9/30/03


Municipal Investments
 100%
 100%

Weighted Average Maturity*



Investors Florida Municipal Cash Fund
28 days
 40 days
State Specific Retail Florida Money Fund Average
34 days
 48 days

Investors New Jersey Municipal Cash Fund

Portfolio Composition

9/30/04

9/30/03


Municipal Investments
 100%
 100%

Weighted Average Maturity*



Investors New Jersey Municipal Cash Fund
50 days
 36 days
State Specific Retail New Jersey Money Fund Average
43 days
 48 days

Investors Michigan Municipal Cash Fund

Portfolio Composition

9/30/04

9/30/03


Municipal Investments
 100%
 100%

Weighted Average Maturity*



Investors Michigan Municipal Cash Fund
29 days
 56 days
State Specific Retail Michigan Money Fund Average
26 days
 38 days

* The Funds are compared to their respective iMoneyNet category: State Specific Retail Money Fund Average consists of only retail state tax-free and municipal money funds.

Portfolio composition is subject to change. For more complete details about the Funds' holdings, see pages 7-18. A quarterly Fact Sheet will be available upon request. Information concerning portfolio holdings of the Fund as of month end is available upon request on the 16th of the following month. Please see the Account Management Resources section for contact information.


Portfolio of Investments as of September 30, 2004 (Unaudited)


Tax-Exempt New York Money Market Fund

Principal Amount ($)

Value ($)


Municipal Investments 100.0%

New York 98.0%
Albany, Industrial Development Agency, Civic Facilities Revenue, University of Albany Foundation, Series A, 1.71%*, 11/1/2032 (c)
290,000
 290,000
Albany, Industrial Development Agency, Davies Office Refurbishing, AMT, 1.76%*, 2/1/2017, HSBC Bank USA (b)
400,000
 400,000
Erie County, Revenue Anticipation Notes, 3.0%, 7/13/2005, Citigroup Global Markets (b)
350,000
 353,900
Hempstead, Industrial Development Agency, Trigen-Nassua Energy, AMT, 1.71%*, 9/15/2015, Societe Generale (b)
1,300,000
 1,300,000
Long Island, Power Authority, Electric System Revenue, Series 2A, 1.72%*, 5/1/2033, Westdeutsche Landesbank AG (b)
1,000,000
 1,000,000
New York, Metropolitan Transportation Authority:


Series G-2, 1.63%*, 11/1/2026 (c)

1,500,000
 1,500,000

Series B, 1.69%*, 11/1/2022 (c)

600,000
 600,000

Series 848-D, 1.71%*, 11/15/2021 (c)

1,200,000
 1,200,000

Series PA-1083, 1.72%*, 5/15/2010 (c)

600,000
 600,000

Series PA-1083, 1.72%*, 11/15/2030 (c)

500,000
 500,000

Series 1040, 144A, 1.72%*, 11/15/2020 (c)

100,000
 100,000
New York, State Dormitory Authority Revenue:


Series 1997, 1.13%, 10/8/2004

1,000,000
 1,000,000

Series B09, 1.71%*, 3/15/2023 (c)

200,000
 200,000
New York, State Dormitory Authority Revenue, Columbia University, Series B, 1.03%*, 7/1/2028
400,000
 400,000
New York, State Dormitory Authority Revenue, Cornell University, Series B, 1.68%*, 7/1/2030
1,300,000
 1,300,000
New York, State Dormitory Authority Revenue, Mental Health Services:


Subseries D-2A, 1.69%*, 2/15/2031 (c)

400,000
 400,000

Series D-2B, 1.69%*, 2/15/2031 (c)

2,100,000
 2,100,000
New York, State GO, Series B, 1.58%*, 3/15/2030, Dexia Credit Local FRNC (b)
100,000
 100,000
New York, State GO, Environmental Quality, Series G, 1.03%*, 11/30/2018, Westdeutsche Landesbank AG (b)
500,000
 500,000
New York, State Housing Finance Agency Revenue, Series A, AMT, 1.75%*, 5/1/2029
2,500,000
 2,500,000
New York, State Housing Finance Agency Revenue, Historic Front Street, Series A, 1.72%*,
11/1/2036, Bank of New York (b)
600,000
 600,000
New York, State Housing Finance Agency, Multi-Family Housing, Series A, AMT, 1.73%*,
11/1/2028 (c)
3,700,000
 3,700,000
New York State, Jay Street Development Corp., Centers Facility Lease Revenue:

Series A-2, 1.64%*, 5/1/2022, Depfa Bank PLC (b)

2,700,000
 2,700,000

Series A-3, 1.68%*, 5/1/2022, Depfa Bank PLC (b)

1,000,000
 1,000,000
New York, State Local Government Assistance Corp., Series A-BV, 1.61%*, 4/1/2021 (c)
275,000
 275,000
New York, Tobacco Settlement Financing Corp., Revenue Bonds:


Series PA-1894, 1.78%*, 6/1/2005

1,495,000
 1,495,000

Series PA-1894, 1.78%*, 6/1/2012

1,375,000
 1,375,000
New York, Triborough Building & Tunnel Authority, Special Obligation, Series B-13, 1.71%*, 11/15/2021 (c)
1,395,000
 1,395,000
New York City, Housing Development Corp., Multi-Family Mortgage Revenue, Columbus Apartments, Series A, 1.72%*, 3/15/2025
2,450,000
 2,450,000
New York City, Industrial Development Agency, Civic Facilities Revenue, Allen Stevenson School, 1.65%*, 12/1/2034, Allied Irish Bank PLC (b)
1,100,000
 1,100,000
New York City, Municipal Water Finance Authority, 1.25%, 11/4/2004
2,000,000
 2,000,000
New York City, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series C-2, 1.7%*, 6/15/2018
400,000
 400,000
New York City, Transitional Finance Authority Revenue, Future Tax Secured, Series A-1, 1.7%*, 11/15/2022
45,000
 45,000
New York City, Transitional Finance Authority Revenue, NYC Recovery:


Series 1, 1.64%*, 11/1/2022

200,000
 200,000

Series 3, 1.7%*, 11/1/2022

900,000
 900,000
New York City, Transitional Finance Authority, Star Certificate:


Series 2003-7, 1.72%*, 2/1/2009

1,765,000
 1,768,870

Series 2003-1, 1.72%*, 2/1/2011 (c)

1,745,000
 1,745,000
New York, 1.69%*, 5/1/2014, KBC Bank NV (b)
710,000
 710,000
New York, General Obligation, Prerefunded, Series D, 5.75%, 2/15/2005
240,000
 246,270
New York, State GO, Series B-6, 1.7%*, 8/15/2005
50,000
 50,000
Niagara County, Industrial Development Agency, Civic Facilities Revenue, NYCARC, Inc. Opportunities Unlimited, Series A, 1.75%*, 9/1/2021, Keybank NA (b)
950,000
 950,000
Oneida Indian Nation, Revenue Bond, 1.65%*, 10/1/2032, Bank of America NA (b)
475,000
 475,000
Onondaga County, Industrial Development Agency, Civic Facilities Revenue, YMCA of Greater Syracuse, Series A, 1.75%*, 11/1/2025, HSBC Bank PLC (b)
1,500,000
 1,500,000
Orange County, General Obligation, Series A, 2.5%, 11/1/2004
530,000
 530,574
Otsego County, Industrial Development Agency, Civic Facilities Revenue, Noonan Community Service Corp. Project, Riverhead, Public Improvements, 1.74%*, 3/1/2025, Wilber National Bank (b)
1,325,000
 1,325,000
Port Authority of NY & 1.5%, 12/6/2004
1,600,000
 1,600,000
Schenectady County, Industrial Development Agency, Civic Facilities Revenue, Sunnyview, Series B, 1.7%*, 8/1/2033, Keybank NA (b)
790,000
 790,000
Schoharie County, Industrial Development Agency, Civic Facilities Revenue, Basset Hospital Project, Series A, 1.75%*, 2/1/2021, Keybank NA (b)
635,000
 635,000
Yates County, Industrial Development Agency, Civic Facilities Revenue, Series B, 1.7%*, 9/1/2015, Keybank NA (b)
1,530,000
 1,530,000

49,834,614

Puerto Rico 0.8%
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Central Facilities, Bristol-Myers Squibb Project, AMT, 1.65%*, 12/1/2030
400,000

400,000

Multi-State 1.5%
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.6%*, 10/1/2008
800,000

800,000


% of Net Assets

Value ($)


Total Investment Portfolio (Cost $51,034,614) (a)
100.3

51,034,614

Other Assets and Liabilities, Net
(0.3)

(173,305)

Net Assets
100.0

50,861,309


* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of September 30, 2004.
(a) The cost for federal income tax purposes was $51,034,614.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:


As a % of Total Investment Portfolio

AMBAC
 AMBAC Assurance Corp.

10.8%

FGIC
 Financial Guaranty Insurance Company

6.9%

FNMA
 Federal National Mortgage Association

9.7%

FSA
 Financial Security Assurance

7.4%

MBIA
 Municipal Bond Investors Assurance

3.6%


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.

The accompanying notes are an integral part of the financial statements.


Portfolio of Investments as of September 30, 2004 (Unaudited)


Investors Pennsylvania Municipal Cash Fund

Principal Amount ($)

Value ($)


Municipal Investments 100.0%

Pennsylvania 85.1%
Allegheny County, Hospital Development Authority Revenue, Presbyterian Hospital, Series D, 1.7%*, 3/1/2020 (c)
100,000
 100,000
Allegheny County, Hospital Development Authority Revenue, UPMC Senior Living Corp., 1.7%*, 7/15/2028
400,000
 400,000
Bucks County, Tax & Revenue Anticipation Notes, Series A, 2.0%, 12/31/2004
250,000
 250,535
Bucks County, Water & Sewer Authority Revenue, Series A, 2.0%, 12/1/2004 (c)
170,000
 170,225
Cumberland County, Municipal Authority Retirement Community Revenue, Wesley Affiliated Services, Series C, 1.69%*, 1/1/2037, Sovereign Bank FSB (b)
100,000
 100,000
Dallastown, State GO, Area School District, 1.74%*, 2/1/2018 (c)
240,000
 240,000
Delaware Valley, Regional Finance Authority, Local Government Revenue, 1.69%*, 8/1/2016, Toronto Dominion Bank (b)
200,000
 200,000
Elizabethtown, School Improvement Revenue, Area School District, Series A, 3.0%, 4/1/2005 (c)
500,000
 504,067
Latrobe, Industrial Development Authority Revenue, Greensburg Diocese, 1.7%*, 6/1/2033, Allied Irish Bank (b)
500,000
 500,000
Lehigh County, Industrial Development Authority, Pollution Control Revenue:


1.3%*, 6/1/2014, Rabobank Nederland (b)

95,000
 95,000

1.3%*, 10/1/2014, Rabobank Nederland (b)

970,000
 970,000
Montgomery County, County GO, 1.13%*, 10/5/2004
700,000
 700,000
Pennsylvania, Certificate of Participation, Department of General Services, 4.0%, 11/1/2004 (c)
700,000
 701,643
Pennsylvania, Economic Development Authority, Amtrak Project, Series B, AMT, 1.74%*,
11/1/2041, Morgan Guaranty Trust (b)
200,000
 200,000
Pennsylvania, Economic Development Authority, Reliant Energy Seward LLC Project:


Series B, AMT, 1.75%*, 12/1/2036, Westdeutsche Landesbank (b)

300,000
 300,000

Series A, AMT, 1.76%*, 12/1/2036, Barclays Bank PLC (b)

400,000
 400,000
Pennsylvania, General Obligations, Series A-15, 1.74%*, 1/1/2017 (c)
150,000
 150,000
Pennsylvania, Higher Education Assistance Agency, Student Loan Revenue, Series A, AMT, 1.7%*, 3/1/2027 (c)
500,000
 500,000
Pennsylvania, Higher Educational Facilities Authority Revenue, University of Pennsylvania Health Services, Series B, 1.7%*, 1/1/2026, BNP Paribas (b)
200,000
 200,000
Pennsylvania, Higher Educational Facilities Authority Revenue, University Properties, Student Housing, Series A, 1.73%*, 8/1/2034, Citizens Bank (b)
550,000
 550,000
Pennsylvania, Higher Educational Facilities Authority, Health Services Revenue, 144A, Series PT-1807, 1.74%*, 1/1/2005
1,100,000
 1,100,000
Pennsylvania, State General Obligation, Series 1, 5.0%, 1/15/2005
225,000
 227,306
Pennsylvania, State Public School Building Authority Revenue, Parkland School District, Series D, 1.74%*, 3/1/2019 (c)
385,000
 385,000
Pennsylvania, State Public School Building Authority, College Revenue, Northampton Community College, 2.0%, 3/1/2005 (c)
250,000
 250,922
Pennsylvania, State School District (REV) Lease, Public School Building Authority, 144A, Series A42, 1.8%*, 6/1/2028 (c)
400,000
 400,000
Somerset County, Industrial Development Authority, AMT, 1.82%*, 3/2/2015, National City Bank (b)
50,000
 50,000

9,644,698

Oklahoma 0.3%
Tulsa County, Industrial Authority Revenue, First Mortgage, Montercau, Series A, 1.74%*, 7/1/2032, BNP Paribas (b)
30,000

30,000

Puerto Rico 0.9%
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Central Facilities, Bristol-Myers Squibb Project, AMT, 1.65%*, 12/1/2030
100,000

100,000

Tennessee 4.0%
Clarksville, Public Building Authority Revenue, Pooled Financing, 1.76%*, 7/1/2031, Bank of America NA (b)
450,000

450,000

Texas 0.4%
Harris County, Health Facilities Development Corp. Revenue, Methodist Hospital, 1.72%*, 12/1/2032
50,000

50,000

Utah 1.9%
Heber City, Industrial Development Revenue, Industrial Parkway Properties LLC Project, AMT, 1.9%*, 7/1/2033, US Bank NA (b)
150,000
 150,000
Murray City, Hospital Revenue, IHC Health Services, Inc., Series C, 1.72%*, 5/15/2036
65,000
 65,000

215,000

Multi-State 5.3%
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.6%*, 10/1/2008
600,000

600,000


% of Net Assets

Value ($)


Total Investment Portfolio (Cost $11,089,698) (a)
97.9

11,089,698

Other Assets and Liabilities, Net
2.1

237,770

Net Assets
100.0

11,327,468


* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of September 30, 2004.
(a) Cost for federal income tax purposes was $11,089,698.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:

As a % of Total Investment Portfolio

AMBAC
 AMBAC Assurance Corp.

6.8%

FGIC
 Financial Guaranty Insurance Company

10.2%

FNMA
 Federal National Mortgage Association

3.6%

FSA
 Financial Security Assurance

9.9%

MBIA
 Municipal Bond Investors Assurance

3.8%


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.

The accompanying notes are an integral part of the financial statements.


Portfolio of Investments as of September 30, 2004 (Unaudited)


Investors Florida Municipal Cash Fund

Principal Amount ($)

Value ($)


Municipal Investments 100.0%

Florida 85.5%
Alachua County, Hospital & Healthcare Revenue, Health Facilities Authority, Shands Teaching Hospital, Series A, 1.76%*, 12/1/2012, Suntrust Bank (b)
100,000
 100,000
Broward County, Housing Finance Authority, Multifamily Housing Revenue, Series PT-703, 1.71%*, 9/1/2026
525,000
 525,000
Dade County, Industrial Development Authority, Spectrum Programs, Inc. Project, 1.75%*,
10/1/2016, Bank of America NA (b)
250,000
 250,000
Florida, Board of Education, Lottery Revenue, 1.7%*, 1/1/2009 (c)
250,000
 250,000
Florida, Capital Projects Finance Authority, Glenridge on Palmer Ranch, Series C, 1.72%*,
6/1/2012, Bank of Scotland (b)
650,000
 650,000
Florida, Capital Trust Agency Revenue, Aero Miami FX Project-Air Cargo, AMT, 1.75%, 8/1/2034, Bank of Scotland (b)
1,300,000
 1,300,000
Florida, Housing Finance Corp., Multifamily Revenue, Victoria Park, Series J-1, 1.7%*, 10/15/2032
400,000
 400,000
Florida, Ocean Highway & Port Authority Revenue, AMT, 1.75%*, 12/1/2020, Wachovia Bank NA (b)
480,000
 480,000
Florida, State Turnpike Authority, Turnpike Revenue, Department of Transportation, Series A, 6.5%, 7/1/2005 (c)
650,000
 673,925
Florida, Transportation/Tolls Revenue, Turnpike Authority, Series R-4041, 1.75%*, 7/1/2020 (c)
950,000
 950,000
Hillsborough County, FL, Industrial Development Authority, Industrial Development Revenue, Seaboard Tampa, AMT, 1.9%*, 12/1/2016, First Union National Bank (b)
1,400,000
 1,400,000
Jacksonville, Electric Authority Revenue, 1.38%*, 10/4/2004
1,000,000
 1,000,000
Jacksonville, Electric Authority Revenue, St. John's River, Series 2-15, 6.0%, 10/1/2004
750,000
 750,000
Jea, St. John's River Power Park System Revenue, Series 18, 4.0%, 10/1/2004
400,000
 400,000
Lee County, Airport Revenue, AMT, Series 811-X, 1.78%*, 10/1/2029 (c)
1,500,000
 1,500,000
Lee County, Industrial Development Authority, Healthcare Facilities Revenue, Cypress Cove Healthpark, Series B, 1.7%*, 10/1/2007, Keybank NA (b)
150,000
 150,000
Miami-Dade County, School Board Certificates of Partnership, Series R-4022, 1.75%*, 8/1/2021 (c)
595,000
 595,000
Miramar, Wastewater Improvement Assessment Revenue, Prerefunded, 6.75%, 10/1/2004 (c)
150,000
 151,500
Orange County, Health Facilities Authority Revenue, Presbyterian Retirement Project, 1.75%*, 11/1/2028, Bank of America NA (b)
360,000
 360,000
Orlando, Utilities Commission Water & Electric Revenue, 5.7%, 10/1/2004
650,000
 650,000
Orlando, Utility Committee, 1.25%*, 12/10/2004
500,000
 500,000
Palm Beach County, Water & Sewer Revenue, 2.0%, 10/1/2004
850,000
 850,000
Pasco County, School Board Certificates of Participation, 1.7%*, 8/1/2026 (c)
275,000
 275,000
Pinellas County, Health Facilities Authority Revenue, Hospital Facilities, Bayfront Projects, 1.76%*, 7/1/2034, Suntrust Bank (b)
600,000
 600,000
Sarasota County, Health Facilities Authority Revenue, Health Care Facilities, Bay Village Project, 1.75%*, 12/1/2023, Bank of America NA (b)
1,150,000
 1,150,000
Seacoast, Utility Authority Water & Sewer Utilities System Revenue, 4.0%, 3/1/2005 (c)
500,000
 505,564

16,415,989

California 1.6%
Los Angeles, Airport Revenue, Regional Airports Improvement Corporation Lease, AMT, 1.72%*, 12/1/2025, Societe Generale (b)
300,000

300,000

Iowa 1.6%
Iowa, Finance Authority Hospital Facility Revenue, Iowa Health Systems, Series B, 1.71%*,
1/1/2028 (c)
300,000

300,000

Michigan 2.5%
Michigan, Hospital Finance Authority Revenue, Crittenton Hospital Medical Center, Series B, 1.76%*, 3/1/2014, Comerica Bank (b)
60,000
 60,000
Michigan, Hospital Finance Authority Revenue, Hospital Equipment Loan Program, Series A, 1.66%*, 12/1/2023, National City Bank (b)
425,000
 425,000

485,000

Oklahoma 1.0%
Tulsa County, Industrial Authority Revenue, First Mortgage, Montercau, Series A, 1.74%*,
7/1/2032, BNP Paribas (b)
200,000

200,000

Tennessee 0.5%
Clarksville, Public Building Authority Revenue, Pooled Financing, 1.76%*, 7/1/2031, Bank of America NA (b)
100,000

100,000

Texas 1.7%
Harris County, Health Facilities Development Corp. Revenue, Methodist Hospital, 1.72%*, 12/1/2032
325,000

325,000

Utah 1.4%
Murray City, Hospital Revenue, IHC Health Services, Inc., Series C, 1.72%*, 5/15/2036
275,000

275,000

Multi-State 4.2%
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.6%*, 10/1/2008
800,000

800,000


% of Net Assets

Value ($)


Total Investment Portfolio (Cost $19,200,989) (a)
100.0

19,200,989

Other Assets and Liabilities, Net
0.0

2,523

Net Assets
100.0

19,203,512


* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of September 30, 2004.
(a) The cost for federal income tax purposes was $19,200,989.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:

As a % of Total Investment Portfolio

AMBAC
 AMBAC Assurance Corp.

7.9%

FGIC
 Financial Guaranty Insurance Company

7.8%

FNMA
 Federal National Mortgage Association

2.1%

FSA
 Financial Security Assurance

11.3%


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.

The accompanying notes are an integral part of the financial statements.


Portfolio of Investments as of September 30, 2004 (Unaudited)


Investors New Jersey Municipal Cash Fund

Principal Amount ($)

Value ($)


Municipal Investments 100.0%

New Jersey 83.4%
Atlantic County, Import Authority Revenue, Aces-Pooled Government Loan Program, 1.68%*, 7/1/2026, KredietBank NV (b)
1,700,000
 1,700,000
Burlington County, Bond Anticipation Notes, Series B, 1.1%, 3/4/2005
1,100,000
 1,100,228
Burlington County, County GO, Series A, 5.0%, 10/1/2004 (c)
340,000
 340,000
Florham Park, General Obligation, Board of Education, 3.0%, 7/14/2005
1,000,000
 1,011,259
New Jersey, Building Authority, State Building Revenue, Series 1612, 1.71%*, 6/15/2010 (c)
525,000
 525,000
New Jersey, Economic Development Authority:


1.13%, 10/8/2004

1,000,000
 1,000,000

1.14%, 11/9/2004

490,000
 490,000

1.25%, 2/4/2005

680,000
 680,000
New Jersey, Economic Development Authority Water Facilities Revenue, Refunding, United Water, New Jersey Project, AMT, Series C, 1.85%*, 11/1/2025 (c)
365,000
 365,000
New Jersey, Economic Development Authority, Economic Development Revenue, Airis Newark LLC Project, AMT, 1.7%*, 1/1/2019 (c)
250,000
 250,000
New Jersey, Economic Development Authority, Special Facilities Revenue, Newark Contrainer LLC, AMT, 1.72%*, 7/1/2030, CitiBank NA (b)
1,800,000
 1,800,000
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Marina Energy LLC, AMT, Series A, 1.7%*, 9/1/2031, First Union National Bank (b)
1,150,000
 1,150,000
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Thermal Energy Ltd., AMT, 1.7%*, 12/1/2031, Bank One NA (b)
800,000
 800,000
New Jersey, Economic Development Authority, Water Facilities Revenue, Refunding, United Water Inc. Project, Series A, 1.73%*, 11/1/2026 (c)
290,000
 290,000
New Jersey, Health Care Facilities Financing Authority Revenue, Series A-3, 1.65%*, 7/1/2035, Bank of America (b)
1,000,000
 1,000,000
New Jersey, State Floating Rate Trust Receipts, Series D, 1.25%*, 6/24/2005
700,000
 700,000
New Jersey, State General Obligation:


Series D, 5.625%, 2/15/2005

300,000
 304,731

5.75%, 5/1/2005

750,000
 769,197
New Jersey, State Transitional Trust Fund Authority, Series PA-802, 1.71%*, 12/15/2009 (c)
300,000
 300,000
New Jersey, Transportation Corp. Certificates, Series PA-785, 1.73%*, 9/15/2015 (c)
1,000,000
 1,000,000
New Jersey, Turnpike Authority Revenue, Series A10, 1.71%*, 1/1/2016 (c)
985,000
 985,000
Port Authority New York & New Jersey, Obligation Revenue, Series B, 1.26%, 2/4/2005
2,000,000
 2,000,000
Port Authority of New York and New Jersey, Special Obligation Revenue, AMT, Floater-PT-1755, 1.78%*, 6/1/2011 (c)
1,000,000
 1,000,000
Salem County, Industrial Pollution Control, Financing Authority Revenue, E.I. Du Pont de Nemours and Co., 1.3%*, 3/1/2012
1,700,000
 1,700,000

21,260,415

Illinois 1.1%
Illinois, Development Finance Authority Revenue, Chicago Symphony Project, 1.7%*, 12/1/2033, Bank One, NA (b)
100,000
 100,000
Illinois, Development Finance Authority, Industrial Development Revenue, Campagna-Turano Bakery Project, AMT, 1.9%*, 8/1/2025, Bank One, NA (b)
190,000
 190,000

290,000

Kentucky 3.9%
Shelby County, Industrial Improvement Project, Lease Revenue, Series A, 1.72%*, 9/1/2034, US Bank, NA (b)
1,000,000

1,000,000

Ohio 0.8%
Lorain, Port Authority Revenue, Port Development, Spitzer Project, AMT, 1.9%*, 12/1/2019, National City Bank (b)
200,000

200,000

Pennsylvania 1.8%
Delaware River, Port Authority of Pennsylvania & New Jersey Revenue, Floater Certificates, Series 396, 1.72%*, 1/1/2019 (c)
250,000
 250,000
Delaware River, Port Authority of Pennsylvania & New Jersey Revenue, Merlots, Series B-04, 1.71%*, 1/1/2026 (c)
200,000
 200,000

450,000

Puerto Rico 4.1%
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Central Facilities, Bristol-Myers Squibb Project, AMT, 1.65%*, 12/1/2030
1,050,000

1,050,000

Texas 0.4%
Bexar County, Health Facilities Development Corp. Revenue, Air Force Village, 1.69%*,
8/15/2030, Bank of America NA (b)
100,000

100,000

Multi-State 4.7%
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.6%*, 10/1/2008
1,200,000

1,200,000



% of Net Assets

Value ($)


Total Investment Portfolio (Cost $25,550,415) (a)
100.2

25,550,415

Other Assets and Liabilities, Net
(0.2)

(59,190)

Net Assets
100.0

25,491,225


* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of September 30, 2004.
(a) Cost for federal income tax purposes was $25,550,415.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:

As a % of Total Investment Portfolio

AMBAC
 AMBAC Assurance Corp.

8.8%

FGIC
 Financial Guaranty Insurance Company

0.8%

FSA
 Financial Security Assurance

4.2%

MBIA
 Municipal Bond Investors Assurance

7.8%


AMT: Subject to alternative minimum tax.

The accompanying notes are an integral part of the financial statements.


Portfolio of Investments as of September 30, 2004 (Unaudited)


Investors Michigan Municipal Cash Fund

Principal Amount ($)

Value ($)


Municipal Investments 100.0%

Michigan 84.6%
Detroit, Economic Development Corp., Waterfront Reclamation, Series A, 1.7%*, 5/1/2009, Bank of America (b)
70,000
 70,000
Detroit, Economic Development Corp. Resources, Recovery Revenue, Series A, 3.8%, 5/1/2005 (c)
100,000
 101,118
Detroit, Sewer Disposal Revenue, Series B, 1.73%, 7/1/2033 (c)
100,000
 100,000
Detroit, Sewer Disposal Revenue, Prerefunded, Series A, 5.25%, 7/1/2005 (c)
80,000
 81,903
Detroit, Water Supply Systems, Series B-24, 1.74%*, 8/1/2021 (c)
100,000
 100,000
Farmington Hills, Economic Development Corp., Brookfield Building Association Project, 1.73%*, 11/1/2010, Comerica Bank (b)
75,000
 75,000
Fremont, Hospital Finance Authority, 1.71%*, 6/1/2020, Old Kent Bank (b)
40,000
 40,000
Garden City, Hospital Revenue, Series A, 1.73%*, 9/1/2026, First of America Bank (b)
150,000
 150,000
Grand Valley, State University Revenue, Series B, 1.7%, 6/1/2027 (c)
165,000
 165,000
Greater Detroit, Resource Recovery Authority Revenue, Series B, 5.5%, 12/13/2004 (c)
150,000
 151,331
Michigan, Certificate of Participation, Series 350, 1.76%, 9/1/2011 (c)
125,000
 125,000
Michigan, Hospital Finance Authority Revenue, Covenant Retirement, Series A, 1.69%*,
12/1/2029, Lasalle Bank NA (b)
30,000
 30,000
Michigan, Hospital Finance Authority Revenue, Hospital Equipment Loan Program, Series A, 1.66%*, 12/1/2023, National City Bank (b)
65,000
 65,000
Michigan, Housing Development Authority, Multi-Family Revenue, River Place Apartments, AMT, 1.67%*, 6/1/2018, Bank of New York (b)
100,000
 100,000
Michigan, Municipal Securities Trust Certificates, 144A, Series 9054, 1.76%*, 4/20/2011
175,000
 175,000
Michigan, State General Obligation, 1.1%, 12/1/2004
200,000
 200,000
Michigan, State General Obligation, Community Schools, Series R-4517, 1.75%*, 5/1/2023
125,000
 125,000
Michigan, Strategic Fund, Limited Obligation Revenue, Continental Aluminum Project, AMT, 1.84%*, 10/1/2015
100,000
 100,000
Michigan, Strategic Fund, Limited Obligation Revenue, Lapeer Technologies LLC, AMT, 1.9%*, 2/1/2020, Bank of Michigan (b)
160,000
 160,000
Michigan, University of Michigan Hospital Revenue, Series A, 1.72%, 12/1/2019
100,000
 100,000
Oakland County, Economic Development Corp., Limited Obligation Revenue, Cranbrook Educational Community, Series C, 6.9%, 11/1/2004
200,000
 204,961
Sterling Heights, Economic Development Corp. Limited Obligation Revenue, Kunath Enterprises LLC Project, AMT, 1.9%*, 2/1/2016, Bank of Michigan (b)
130,000
 130,000

2,549,313

District of Columbia 4.2%
District of Columbia, General Obligation, Series D, 1.71%, 6/1/2029 (c)
125,000

125,000

Georgia 1.3%
Willacoochie, Development Authority, Pollution Control Revenue, Langboard, Inc. Project, AMT, 1.75%*, 5/1/2021, Bank of America NA (b)
40,000

40,000

North Carolina 3.3%
Moore County, Industrial Facilities & Pollution Control Finance Authority Revenue, Klaussner Industries Project, AMT, 1.81%*, 5/1/2010, Wachovia Bank NA (b)
100,000

100,000

Utah 5.0%
Heber City, Industrial Development Revenue, Industrial Parkway Properties LLC Project, AMT, 1.9%*, 7/1/2033, US Bank NA (b)
150,000

150,000


% of Net Assets

Value ($)


Total Investment Portfolio (Cost $2,964,313) (a)
98.4

2,964,313

Other Assets and Liabilities, Net
1.6

49,724

Net Assets
100.0

3,014,037


* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of September 30, 2004.
(a) The cost for federal income tax purposes was $2,964,313.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:

As a % of Total Investment Portfolio

AMBAC
 AMBAC Assurance Corp.

8.5%

FGIC
 Financial Guaranty Insurance Company

12.5%

FSA
 Financial Security Assurance

3.4%

MBIA
 Municipal Bond Investors Assurance

7.6%


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.


Financial Statements


Statements of Assets and Liabilities as of September 30, 2004 (Unaudited)

Assets

New York

Pennsylvania

Florida

New Jersey

Michigan

Investments in securities, at amortized cost
 $ 51,034,614 $ 11,089,698 $ 19,200,989 $ 25,550,415 $ 2,964,313
Cash
 - 17,678 10,876 31,827 2,143
Receivable for investments sold
 - 515,510 - - 30,000
Interest receivable
 112,901 43,392 106,478 76,829 16,356
Due from Advisor
 - 11,639 - - 15,799
Other Assets
 14,477 10,849 3,715 6,185 9,398
Total assets
 51,161,992 11,688,766 19,322,058 25,665,256 3,038,009
Liabilities
Due to custodian bank
 5,765 - - - -
Dividends payable
 920 182 330 359 57
Payable for Fund shares redeemed
 242,216 347,433 75,438 132,023 2,000
Accrued management fee
 9,986 - 7,193 2,540 -
Other accrued expenses and payables
 41,796 13,683 35,585 39,109 21,915
Total liabilities
 300,683 361,298 118,546 174,031 23,972
Net assets, at value

50,861,309

11,327,468

19,203,512

25,491,225

3,014,037

Net Assets
Net assets consist of:
Undistributed (accumulated distributions in excess of) net investment income
 (3,265) 249 (189) 1,018 3,223
Accumulated net realized gain (loss)
 10,709 - (62) (356) (7)
Paid-in capital
 50,853,865 11,327,219 19,203,763 25,490,563 3,010,821
Net assets, at value

$ 50,861,309

$ 11,327,468

$ 19,203,512

$ 25,491,225

$ 3,014,037

Shares outstanding

50,853,755

11,327,286

19,204,244

25,492,323

3,010,916

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, 2004 (Unaudited)

Investment Income

New York

Pennsylvania

Florida

New Jersey

Michigan

Income:
Interest
 $ 284,774 $ 86,769 $ 141,091 $ 147,873 $ 19,340
Expenses:
Management fee
 55,485 16,717 27,082 28,652 3,665
Services to shareholders
 27,912 11,335 18,188 21,352 8,947
Custodian fees
 2,927 1,778 4,069 3,163 2,218
Distribution service fees
 126,102 37,993 61,551 65,118 5,828
Auditing
 15,249 14,810 15,348 16,120 13,664
Legal
 3,765 3,685 7,260 6,355 3,628
Trustees' fees and expenses
 3,045 5,000 6,513 6,838 4,195
Reports to shareholders
 4,140 1,143 1,529 4,735 1,794
Registration fees
 6,380 7,080 9,085 10,005 6,520
Other
 1,199 686 1,435 1,854 961
Total expenses, before expense reductions
 246,204 100,227 152,060 164,192 51,420
Expense reductions
 (1,107) (24,457) (29,157) (34,393) (36,828)
Total expenses, after expense reductions
 245,097 75,770 122,903 129,799 14,592
Net investment income

39,677

10,999

18,188

18,074

4,748

Net gain (loss) on investment transactions
 (5,526) - - - -
Net increase (decrease) in net assets resulting from operations

$ 34,151

$ 10,999

$ 18,188

$ 18,074

$ 4,748


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,
2004
(Unaudited)

Year Ended
March 31,
2004

Six Months
Ended
September 30,
2004
(Unaudited)

Year Ended
March 31,
2004

Six Months
Ended
September 30,
2004
(Unaudited)

Year Ended
March 31,
2004

Operations:
Net investment income
 $ 39,677 $ 83,847 $ 10,999 $ 9,223 $ 18,188 $ 25,766
Net realized gain (loss) on investment transactions
 (5,526) 17,203 - 675 - -
Net increase (decrease) in net assets resulting from operations
34,151 101,050 10,999 9,898 18,188 25,766
Distributions to shareholders from net investment income
 (42,462) (83,847) (11,354) (9,294) (18,311) (25,832)
Fund share transactions:
Proceeds from shares sold
 106,224,469 216,807,236 27,255,455 51,419,619 44,586,370 143,382,516
Reinvestment of distributions
 40,565 83,173 11,063 9,324 17,658 25,674
Cost of shares redeemed
 (102,637,317) (218,891,794) (27,364,461) (46,664,830) (53,504,301) (135,427,139)
Net increase (decrease) in net assets from Fund share transactions
 3,627,717 (2,001,385) (97,943) 4,764,113 (8,900,273) 7,981,051
Increase (decrease) in net assets
3,619,406 (1,984,182) (98,298) 4,764,717 (8,900,396) 7,980,985
Net assets at beginning of period
 47,241,903 49,226,085 11,425,766 6,661,049 28,103,908 20,122,923
Net assets at end of period

$ 50,861,309

47,241,903

$ 11,327,468

11,425,766

$ 19,203,512

28,103,908

Undistributed (accumulated distributions in excess of) net investment income

$ (3,265)

$ (480)

$ 249

$ 604

$ (189)

$ (66)

Other Information
Shares outstanding at beginning of period
 47,226,038 49,227,590 11,425,229 6,661,045 28,104,517 20,122,924
Shares sold
 106,224,469 216,807,070 27,255,455 51,419,622 44,586,370 143,383,050
Shares issued to shareholders in reinvestment of distributions
 40,565 83,173 11,063 9,324 17,658 25,674
Shares redeemed
 (102,637,317) (218,891,795) (27,364,461) (46,664,762) (53,504,301) (135,427,131)
Net increase (decrease) in Fund shares
 3,627,717 (2,001,552) (97,943) 4,764,184 (8,900,273) 7,981,593
Shares outstanding at end of period

50,853,755

47,226,038

11,327,286

11,425,229

19,204,244

28,104,517


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,
2004
(Unaudited)

Year Ended March 31,
2004

Six Months
Ended
September 30,
2004
(Unaudited)

Year Ended March 31,
2004

Operations:
Net investment income
 $ 18,074 $ 26,067 $ 4,748 $ 17,196
Net realized gain (loss) on investment transactions
 - (356) - -
Net increase (decrease) in net assets resulting from operations
 18,074 25,711 4,748 17,196
Distributions to shareholders from net investment income
 (19,001) (25,822) (4,895) (13,839)
Fund share transactions:
Proceeds from shares sold
 76,778,986 157,656,507 7,216,496 12,402,777
Reinvestment of distributions
 17,828 25,376 4,852 14,062
Cost of shares redeemed
 (70,833,064) (168,174,081) (7,400,275) (17,632,130)
Net increase (decrease) in net assets from Fund share transactions
 5,963,750 (10,492,198) (178,927) (5,215,291)
Increase (decrease) in net assets
5,962,823 (10,492,309) (179,074) (5,211,934)
Net assets at beginning of period
 19,528,402 30,020,711 3,193,111 8,405,045
Net assets at end of period

$ 25,491,225

$ 19,528,402

$ 3,014,037

$ 3,193,111

Undistributed (accumulated distributions in excess of) net investment income

$ 1,018

$ 1,945

$ 3,223

$ 3,370

Other Information
Shares outstanding at beginning of period
 19,528,573 30,020,707 3,189,843 8,405,045
Shares sold
 76,778,986 157,656,561 7,216,496 12,402,854
Shares issued to shareholders in reinvestment of distributions
 17,828 25,376 4,852 14,062
Shares redeemed
 (70,833,064) (168,174,071) (7,400,275) (17,632,118)
Net increase (decrease) in Fund shares
 5,963,750 (10,492,134) (178,927) (5,215,202)
Shares outstanding at end of period

25,492,323

19,528,573

3,010,916

3,189,843



The accompanying notes are an integral part of the financial statements.


Financial Highlights


Tax-Exempt New York Money Market Fund

Years Ended March 31,

2004a

2004

2003

2002

2001

2000

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 .002 .004 .01 .03 .03
Less distributions from net investment income
 (.001) (.002) (.004) (.01) (.03) (.03)
Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return (%)b
 .08** .17 .42 1.24 3.11 2.59
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
 51 47 49 164 175 242
Ratio of expenses before expense reductions (%)
 .97* .89 .95 1.04 1.18c .97
Ratio of expenses after expense reductions (%)
 .97* .86 .95 .94 .87c .80
Ratio of net investment income (%)
 .16* .17 .41 1.23 3.10 2.58

Investors Pennsylvania Municipal Cash Fund

Years Ended March 31,

2004a

2004

2003

2002

2001

2000

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 .001 .004 .01 .03 .03
Less distributions from net investment income
 (.001) (.001) (.004) (.01) (.03) (.03)
Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return (%)b
 .08** .11 .39 1.33 3.15 2.58
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
 11 11 7 29 25 21
Ratio of expenses before expense reductions (%)
 1.32* 1.80 1.28 1.09 1.36d 1.39
Ratio of expenses after expense reductions (%)
 1.00* .95 1.00 .95 .96d .90
Ratio of net investment income (%)
 .14* .10 .44 1.27 3.07 2.61

a For the six months ended September 30, 2004 (Unaudited).
b Total returns would have been lower had certain expenses not been reduced.
c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.14% and .86%, respectively.
d The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.28% and .93%, respectively.
* Annualized
** Not annualized


Investors Florida Municipal Cash Fund

Years Ended March 31,

2004a

2004

2003

2002

2001

2000

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 .001 .004 .01 .03 .02
Less distributions from net investment income
 (.001) (.001) (.004) (.01) (.03) (.02)
Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return (%)b
 .08** .11 .37 1.36 3.19 2.57
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
 19 28 20 57 57 37
Ratio of expenses before expense reductions (%)
 1.23* 1.35 1.11 1.08 1.26c 1.13
Ratio of expenses after expense reductions (%)
 1.00* .95 .99 .95 .96c .90
Ratio of net investment income (%)
 .15* .11 .40 1.34 3.06 2.58

Investors New Jersey Municipal Cash Fund

Years Ended March 31,

2004a

2004

2003

2002

2001

2000

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 .001 .003 .01 .03 .02
Less distributions from net investment income
 (.001) (.001) (.003) (.01) (.03) (.02)
Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return (%)b
 .07** .09 .30 1.12 2.89 2.38
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
 25 20 30 70 77 47
Ratio of expenses before expense reductions (%)
 1.26* 1.21 1.13 1.00 1.14d 1.13
Ratio of expenses after expense reductions (%)
 1.00* .92 .99 .95 .95d .90
Ratio of net investment income (%)
 .14* .09 .30 1.15 2.80 2.42

a For the six months ended September 30, 2004 (Unaudited).
b Total returns would have been lower had certain expenses not been reduced.
c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.20% and .94%, respectively.
d The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.10% and .94%, respectively.
* Annualized
** Not annualized


Investors Michigan Municipal Cash Fund

Years Ended March 31,

2004a

2004

2003

2002

2001

2000

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 .002 .006 .01 .03 .03
Less distributions from net investment income
 (.001) (.002) (.006) (.01) (.03) (.03)
Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return (%)b
 .15** .23 .56 1.50 3.36 2.77c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
 3 3 8 37 29 23
Ratio of expenses before expense reductions (%)
 3.08* 2.23 1.01 .91 1.16d .91
Ratio of expenses after expense reductions (%)
 .88* .85 .83 .75 .78d .75
Ratio of net investment income (%)
 .28* .30 .62 1.44 3.28 2.65

a For the six months ended September 30, 2004 (Unaudited).
b Total returns would have been lower had certain expenses not been reduced.
c Total returns 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.
d The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.07% and .75%, respectively.
* Annualized
** Not annualized

Notes to Financial Statements


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, 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, 2004, 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

Investors Florida Municipal Cash Fund
 12 3/31/2009

50 3/31/2010
Investors Michigan Municipal Cash Fund
 7 3/31/2009

In addition, from November 1, 2003 through March 31, 2004, the Investors New Jersey Municipal Cash Fund incurred $356 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending March 31, 2005.

Distribution of Income. 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.

The tax character of current year distributions, if any, 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 based on net assets.

Other. Investment transactions are accounted for on 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.

2. Related Parties

Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), an indirect wholly owned subsidiary of Deutsche Bank AG, 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. The Funds pay a monthly investment management fee of 1/12 of the annual rate of 0.22% of the first $500,000,000 of the combined 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, 2004, 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 ($)

Annualized Effective Rate (%)

Tax-Exempt New York Money Market Fund
 55,485

-

.22

Investors Pennsylvania Municipal Cash Fund
 16,717

-

.22

Investors Florida Municipal Cash Fund
 27,082

-

.22

Investors New Jersey Municipal Cash Fund
 28,652

-

.22

Investors Michigan Municipal Cash Fund
 3,665

3,665

.00


For the six months ended September 30, 2004, the Advisor has agreed to reimburse the Funds for expenses in the following amounts:

Fund

Amount ($)

Tax-Exempt New York Money Market Fund
 699
Investors Pennsylvania Municipal Cash Fund
 510
Investors Florida Municipal Cash Fund
 554
Investors New Jersey Municipal Cash Fund
 586
Investors Michigan Municipal Cash Fund
 457

The Advisor and certain of its subsidiaries have voluntarily maintained the annualized expenses of the Funds as follows:

For the period April 1, 2004 to August 1, 2004:
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
 1.00%

For the period August 2, 2004 to September 30, 2004:
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 arrangement, the Advisor waived its entire management fee and reimbursed the Investors Michigan Municipal Cash Fund $24,469 for certain expenses for the six months ended September 30, 2004.

In addition, the Advisor has agreed to voluntarily waive expenses as necessary to maintain a minimum yield. This waiver may be changed or terminated at any time without notice.

Under these arrangements, for the six months ended September 30, 2004, the Advisor reimbursed certain service provider fees, shown below, for the Tax Exempt New York Money Market Fund and the Investors New Jersey Municipal Cash Fund.

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 costs and expenses of such delegation are borne by SISC, not by the Funds. For the the six months ended September 30, 2004, SISC received shareholder services fees as follows:

Fund

Total Aggregated

Services to Shareholders Fee Waived by SISC

Unpaid at September 30,

Tax-Exempt New York Money Market Fund
 22,655 9 10,185
Investors Pennsylvania Municipal Cash Fund
 6,680 6,680 -
Investors Florida Municipal Cash Fund
 12,885 12,885 -
Investors New Jersey Municipal Cash Fund
 10,605 10,605 -
Investors Michigan Municipal Cash Fund
 2,402 2,402 -

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, 2004, was as follows:

Fund

Total Aggregated

Service Fee Waived by SDI

Unpaid at September 30,

Annualized Effective
Rate (%)

Tax-Exempt New York Money Market Fund
 126,102 - 20,020 .50
Investors Pennsylvania Municipal Cash Fund
 37,993 17,179 6,066 .27
Investors Florida Municipal Cash Fund
 61,551 15,560 - .37
Investors New Jersey Municipal Cash Fund
 65,118 22,958 - .32
Investors Michigan Municipal Cash Fund
 5,828 5,828 - .00

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.

3. 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, 2004, the Funds' custodian and transfer agent fees were reduced as follows:

Fund

Custodian Fee ($)

Transfer Agent Fee ($)

Tax-Exempt New York Money Market Fund
 7 392
Investors Pennsylvania Municipal Cash Fund
 3 85
Investors Florida Municipal Cash Fund
 11 147
Investors New Jersey Municipal Cash Fund
 12 232
Investors Michigan Municipal Cash Fund
 2 5

4. 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.

5. Regulatory Matters and Litigation

Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including Scudder Investments. It is not possible to determine what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisors. Publicity about mutual fund practices arising from these industry-wide inquiries serves as the general basis of a number of private lawsuits against the Scudder funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain Scudder funds, the funds' investment advisors and their affiliates, certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each Scudder fund's investment advisor has agreed to indemnify the applicable Scudder funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding market timing, revenue sharing, fund valuation or other subjects arising from or related to the pending inquiries. Based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a Scudder fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the Scudder funds.


Other Information


Proxy Voting

A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available 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 of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.

Portfolio of Investments

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.


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 and state 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

September 2004


Notes




Notes



Principal Underwriter
Scudder Distributors, Inc.
222 S. Riverside Plaza
Chicago, IL 60606


IMCF-3 (34200 11/04) 


ITEM 2.         CODE OF ETHICS.

                        Not applicable.

ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

                        Not applicable.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                        Not applicable.

ITEM 5.         AUDIT COMMITTEE OF LISTED REGISTRANTS

                Not Applicable

ITEM 6.         SCHEDULE OF INVESTMENTS

                Not Applicable

ITEM 7.         DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
                CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

                Not applicable.

ITEM 8.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS

                Not Applicable.

ITEM 9.         SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The primary function of the Nominating and Governance Committee is to identify
and recommend individuals for membership on the Board and oversee the
administration of the Board Governance Procedures and Guidelines. Shareholders
may recommend candidates for Board positions by forwarding their correspondence
by U.S. mail or courier service to the Fund's Secretary for the attention of the
Chairman of the Nominating and Governance Committee, Two International Place,
Boston, MA 02110. Suggestions for candidates must include a resume of the
candidate.

ITEM 10.        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 changes in the registrant's internal control over
financial reporting that occurred during the registrant's last half-year (the
registrant's second fiscal half-year in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal controls over financial reporting.

ITEM 11.        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.




Form N-CSR Item F

                                   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/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------


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/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               December 6, 2004
                                    ---------------------------








Form N-CSR Item F

                                   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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------


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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               December 6, 2004
                                    ---------------------------








Form N-CSR Item F

                                   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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------


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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               December 6, 2004
                                    ---------------------------









Form N-CSR Item F

                                   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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------


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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               December 6, 2004
                                    ---------------------------








Form N-CSR Item F

                                   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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------


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 Cash Fund


By:                                 /s/Julian Sluyters
                                    ---------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               December 6, 2004
                                    ---------------------------



By:                                 /s/Paul Schubert
                                    ---------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               December 6, 2004
                                    ---------------------------
EX-99.CERT 2 cert.txt CERTIFICATION Deutsche Asset Management [LOGO] A Member of the Deutsche Bank Group Chief Executive Officer Form N-CSR Certification under Sarbanes Oxley Act I, Julian Sluyters, certify that: 1. I have reviewed this report, filed on behalf of Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund, on Form N-CSR; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. December 6, 2004 /s/Julian Sluyters Julian Sluyters Chief Executive Officer Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund Deutsche Asset Management [LOGO] A Member of the Deutsche Bank Group Chief Financial Officer Form N-CSR Certification under Sarbanes Oxley Act I, Paul Schubert, certify that: 1. I have reviewed this report, filed on behalf of Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund, on Form N-CSR; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. December 6, 2004 /s/Paul Schubert Paul Schubert Chief Financial Officer Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund EX-99.906 3 cert906.txt 906 CERTIFICATION Deutsche Asset Management [LOGO] A Member of the Deutsche Bank Group Chief Executive Officer Section 906 Certification under Sarbanes Oxley Act I, Julian Sluyters, certify that: 1. I have reviewed this report, filed on behalf of Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund, on Form N-CSR; 2. Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of ss. 13 (a) or ss. 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. December 6, 2004 /s/Julian Sluyters Julian Sluyters Chief Executive Officer Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund Deutsche Asset Management [LOGO] A Member of the Deutsche Bank Group Chief Financial Officer Section 906 Certification under Sarbanes Oxley Act I, Paul Schubert, certify that: 1. I have reviewed this report, filed on behalf of Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund, on Form N-CSR; 2. Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of ss. 13 (a) or ss. 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. December 6, 2004 /s/Paul Schubert Paul Schubert Chief Financial Officer Investors Florida Municipal Cash Fund, Investors Michigan Municipal Cash Fund, Investors New Jersey Municipal Cash Fund, Investors Pennsylvania Municipal Cash Fund, Tax Exempt New York Money Market Fund, a series of Investors Municipal Cash Fund -----END PRIVACY-ENHANCED MESSAGE-----