Investment Portfolio as of December 31, 2005 (Unaudited)

Investors Pennsylvania Municipal Cash Fund

		Principal Amount ($)		Value ($)

	Municipal Bonds and Notes 100.9%

Pennsylvania 82.7%
Allegheny County, PA, Hospital Development Authority Revenue, Health Care Dialysis Clinic, 3.55% *, 12/1/2019, Bank of America NA (a)			300,000	300,000
Allentown, PA, Area Hospital Authority Revenue, Sacred Heart Hospital, Series B, 3.53% *, 7/1/2023, Wachovia Bank NA (a)			100,000	100,000
Chester County, PA, Industrial Development Authority Revenue, Bentley Graphic, Inc. Project, AMT, 3.72% *, 12/1/2020, First Tennessee Bank (a)			430,000	430,000
Cumberland County, PA, Municipal Authority Retirement Community Revenue, Wesley Affiliated Services, Series C, 3.53% *, 1/1/2037, Sovereign Bank FSB (a)			65,000	65,000
Dallastown, PA, State General Obligation, Area School District, 3.56% *, 2/1/2018 (b)			590,000	590,000
Dauphin County, PA, General Authority Revenue, Education & Health Loan Program, 3.56% *, 11/1/2017 (b)			280,000	280,000
Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, 3.5% *, 8/1/2016, National Australia Bank (a)			210,000	210,000
Erie County, PA, Industrial Development, Snap-Tite, Inc. Project, AMT, 3.7% *, 2/1/2018, National City Bank (a)			315,000	315,000
Latrobe, PA, Industrial Development Authority Revenue, Greensburg Diocese, 3.55% *, 6/1/2033, Allied Irish Bank PLC (a)			275,000	275,000
Lehigh County, PA, Industrial Development Authority, Pollution Control Revenue, Allegheny Electric Cooperative, 3.1% *, 10/1/2014, Rabobank Nederland (a)			115,000	115,000
Lehigh County, PA, Industrial Development Authority, Pollution Control Revenue, Allegheny Electric Corp., 3.1% *, 6/1/2014, Rabobank Nederland (a)			130,000	130,000
Manheim Township, PA, General Obligation, School District, 3.56% *, 6/1/2016 (b)			170,000	170,000
Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, Amtrak Project, Series B, AMT, 3.6% *, 11/1/2041, Morgan Guaranty Trust (a)			60,000	60,000
Pennsylvania, Economic Development Financing Authority, Solid Waste Disposal Revenue, Series MT-047, AMT, 144A, 3.58% *, 11/1/2021			295,000	295,000
Pennsylvania, State General Obligation, Series A-15, 144A, 3.54% *, 1/1/2017 (b)			100,000	100,000
Pennsylvania, State Higher Education Assistance Agency, Student Loan Revenue, Series A, AMT, 3.6% *, 3/1/2027 (b)			400,000	400,000
Pennsylvania, State Higher Educational Facilities Authority Revenue, Series MT-042, 144A, 3.57% *, 1/1/2024			140,000	140,000
Pennsylvania, State Higher Educational Facilities Authority Revenue, Carnegie Mellon University, Series A, 3.7% *, 11/1/2025			50,000	50,000
Pennsylvania, State Higher Educational Facilities Authority Revenue, University Properties, Student Housing, Series A, 3.53% *, 8/1/2035, Citizens Bank of PA (a)			300,000	300,000
Pennsylvania, State Higher Educational Facilties Authority Revenue, University of Pennsylvania Health Systems, Series A, 4.0%, 8/15/2006			300,000	301,174
Pennsylvania, State Public School Building Authority Revenue, Series A42, 144A, 2.85% *, 6/1/2028 (b)			100,000	100,000
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue, Childrens Hospital of Philadelphia, Series A, 3.7% *, 2/15/2021			30,000	30,000
Red Lion, PA, General Obligation, Area School District, 3.51% *, 5/1/2024 (b)			250,000	250,000
Somerset County, PA, Industrial Development Authority Revenue, Welding & Steel, AMT, 3.65% *, 3/2/2015, National City Bank of PA (a)			50,000	50,000

				5,056,174

Kentucky 6.5%

Jeffersontown, KY, Lease Progam Revenue, Kentucky League of Cities Funding Trust,

3.5% *, 3/1/2030, US Bank NA (a)

400,000

400,000

Michigan 0.7%

Jackson County, MI, Economic Development Corp. Revenue, Spring Arbor College Project,

3.59% *, 12/1/2020, Comerica Bank (a)

40,000

40,000

Puerto Rico 5.3%

ABN AMRO, Munitops Certificates Trust, Series 2000-17, 144A, 3.51% *, 10/1/2008

225,000

Puerto Rico, Industrial Tourist Educational, Medical & Environmental Central Facilities, Bristol-Myers Squibb Project, AMT, 3.55% *, 12/1/2030

100,000

325,000

Utah 4.1%

Murray City, UT, Hospital Revenue, IHC Health Services, Inc., Series C, 3.7% *, 5/15/2036

250,000

250,000

Virginia 1.6%

Henrico County, VA, Economic Development Authority, Industrial Development Revenue, Colonial Mechanical Corp., AMT, 3.57% *, 8/1/2020, Wachovia Bank NA (a)

100,000

100,000

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $ 6,171,174)

100.9

6,171,174

Other Assets and Liabilities, Net

(0.9)

(53,685)

Net Assets

100.0

6,117,489

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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 December 31, 2005.

(a)

Security incorporates a letter of credit from a major bank.

(b)

Bond is insured by one of these companies.

	As a % of Total
Insurance Coverage	Investment Portfolio
Ambac Financial Group	11.0
Financial Guaranty Insurance Company	9.6
Financial Security Assurance, Inc.	8.4
MBIA Corporation	1.6

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.

AMT: Subject to alternative minimum tax.

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

By:	/s/Paul Schubert
	Paul Schubert