-----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, RGA+M1s/HwCUaoZJDjdSwmgF5AKTt+ZEEVsLrxF7eNJTQON0cXSp0NUVUeEG2MUV xMdjwHKj5/zlMu9PvCPc4w== 0000950124-98-007174.txt : 19981204 0000950124-98-007174.hdr.sgml : 19981204 ACCESSION NUMBER: 0000950124-98-007174 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS MUNICIPAL CASH FUND CENTRAL INDEX KEY: 0000863420 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06108 FILM NUMBER: 98763609 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: TAX EXEMPT NEW YORK MONEY MARKET FUND DATE OF NAME CHANGE: 19920703 N-30D 1 ANNUAL REPORT DATED 9-30-98 1 - -------------------------------------------------------------------------------- DEAR SHAREHOLDERS: INVESTORS MUNICIPAL CASH FUND - -------------------------------------------------------------------------------- We are pleased to provide you with the Investors Municipal Cash Fund semiannual report for the six-month period ended September 30, 1998. Your fund's management greatly appreciates your decision to invest in Investors Municipal Cash Fund. During the period, the fund registered solid performance and achieved its objective of providing maximum current income consistent with stability of principal. ECONOMIC REVIEW AND OUTLOOK The log jam for Federal Funds set at 5.50% since March 1997 was broken on September 29th when the Fed lowered its trading target by 25 basis points. The predominant reasons were the much-publicized, adverse economic developments, which are reflected in our volatile stock market, the associated stresses placed on the credit worthiness of many of our financial institutions and the likelihood of a slowing pace of economic growth in the months ahead. Our investment strategy still favors lengthening of the maturities in the portfolios. The reason is our expectation that the Fed will err on the side of ease until signs of financial stress abate and prospects for economic growth brighten. Money market funds such as Investors Municipal Cash Fund offer the opportunity for attractive yields and should continue to be an excellent place to invest your money. Your fund's management thanks you for the vote of confidence you have shown through your investment and continues its dedication to performance. We look forward to serving your investment needs for years to come. Sincerely, Frank J. Rachwalski Frank Rachwalski Vice President and Portfolio Manager October 22, 1998 Frank Rachwalski is a Managing Director of Scudder Kemper Investments, Inc. and Vice President and Lead Portfolio Manager of Investors Municipal Cash Fund. Mr. Rachwalski holds B.B.A. and M.B.A. degrees from Loyola University. PORTFOLIO RESULTS Tax-Exempt New York Money Market Fund had a net annualized yield for the six months ended September 30, 1998 of 2.74% and a tax-equivalent yield of 4.85%. Investors Pennsylvania Municipal Cash Fund had a net annualized yield for the six months ended September 30, 1998 of 2.75% and a tax-equivalent yield of 4.50%. Investors Florida Municipal Cash Fund had a net annualized yield for the six months ended September 30, 1998 of 2.71% and a tax-equivalent yield of 4.31%. Investors New Jersey Municipal Cash Fund had a net annualized yield for the six months ended September 30, 1998 of 2.49% and a tax-equivalent yield of 4.23%. Investors Michigan Municipal Cash Fund had a net annualized yield for the period April 6, 1998 to September 30, 1998 of 2.87% and a tax-equivalent yield of 4.78%. NOTES Like all money funds, an investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Each fund's net annualized yield for the period ended September 30, 1998, is the annualized sum of the daily dividend rates for the period. Yields are historical and may not represent future yields, which will fluctuate. For Tax-Exempt New York Money Market Fund, the tax-equivalent yield is based upon the fund's yield and a 43.5% combined Federal and State of New York and New York City marginal income tax rate. For Investors Pennsylvania Municipal Cash Fund, the tax-equivalent yield is based upon the fund's yield and a 38.9% combined Federal and State of Pennsylvania marginal income tax rate. Investors Florida Municipal Cash Fund's tax-equivalent yield is based upon the fund's yield and a 37.1% Federal income tax rate. For Investors New Jersey Municipal Cash Fund, the tax-equivalent yield is based upon the fund's yield and a 41.1% combined Federal and State of New Jersey marginal income tax rate. For Investors Michigan Municipal Cash Fund, the tax-equivalent yield is based upon the fund's yield and a 39.9% combined Federal and State of Michigan marginal income tax rate. Income may be subject to local taxes and for some investors, the alternative minimum tax for all funds. The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated above. The manager's views are subject to change at any time, based on market and other conditions. 2 Investors Municipal Cash Fund 2 - -------------------------------------------------------------------------------- TAX-EXEMPT NEW YORK MONEY MARKET FUND Investments at September 30, 1998 (unaudited) (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES New York State Energy Research and Development Authority: Brooklyn Union Gas Project 3.40% $ 4,480 Electric & Gas Corp. Project 4.05% 1,900 Niagara Mohawk Power Corp. Project 4.12% 10,900 Housing Finance Agency: East 84th Street 3.45% 2,000 Hospital for Special Surgery 3.85% 960 Normandie Court I 3.30% 3,000 Trackside Homes Phase III 3.40% 195 250 West 50th Street 3.45% 1,500 Job Development Authority 3.32% 2,855 Local Government Assistance Corp. 3.25% 3,500 Medical Care Facilities Finance Agency: Lenox Hill Hospital Project 3.30% 600 Pooled Equipment Loan Program 3.70% 300 - ----------------------------------------------------------- Babylon Industrial Development Agency: J. D'Addario Realty Co., Inc. Project 3.70% 2,000 Ogden Martin Systems Project 3.30% 4,000 - ----------------------------------------------------------- Franklin County Industrial Development Agency 4.45% 5,300 - ----------------------------------------------------------- Value Long Island Power Authority 4.10% $ 1,000 - ----------------------------------------------------------- New York City General Obligation 4.09% 9,400 Health and Hospitals Corp. 3.33% 5,900 Housing Development Corp. : Columbus Gardens Project 3.30% 3,800 Industrial Development Agency 3.85% 3,290 100 Jane Street 3.85% 3,400 West 43rd Street 3.35% 700 Municipal Water Finance Authority 4.15% 8,100 Trust for Cultural Resources 3.40% 1,500 - ----------------------------------------------------------- Niagara County Industrial Development Agency 3.50% 4,000 - ----------------------------------------------------------- St. Lawrence County Industrial Development Agency 3.40% 500 - ----------------------------------------------------------- Puerto Rico Government Development Bank 3.13% 1,000 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--69.5% (average maturity: 5 days) 86,080 - -----------------------------------------------------------
3 Investors Municipal Cash Fund 3 - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------
Value OTHER SECURITIES New York State Bond Anticipation Notes 3.50% - 3.55%, 11/9/98 - 11/13/98 $ 6,500 Dormitory Authority: Columbia University 3.50% - 3.55%, 10/14/98 - 11/12/98 4,845 Memorial Sloan-Kettering Cancer Center 3.35% - 3.50%, 10/15/98 - 11/13/98 4,300 General Obligation 3.55% - 3.60%, 11/9/98 - 11/10/98 8,000 Power Authority 3.45% - 3.55%, 10/7/98 - 10/15/98 6,000 - ----------------------------------------------------------- New York City Municipal Water Finance Authority 3.60%, 11/9/98 1,400 - ----------------------------------------------------------- Long Island Power Authority 3.35% - 3.55%, 10/20/98 - 10/22/98 5,000 - ----------------------------------------------------------- Value Nassau County Revenue Anticipation Notes 3.60%, 4/13/99 $ 1,002 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--29.9% (average maturity: 21 days) 37,047 - ----------------------------------------------------------- TOTAL INVESTMENTS--99.4% (average maturity: 14 days) 123,127 - ----------------------------------------------------------- CASH AND OTHER ASSETS, LESS LIABILITIES--.6% 767 - ----------------------------------------------------------- NET ASSETS--100% $123,894 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 4 Investors Municipal Cash Fund 4 - ------------------------------------------------------------------------------- INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND Investments at September 30, 1998 (unaudited) (Value in thousands) - -------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES Pennsylvania Obligations - ----------------------------------------------------------- Pennsylvania State Higher Education Assistance Agency 3.80% $ 100 Higher Education Facilities Authority 3.65% 100 - ----------------------------------------------------------- Allegheny County Hospital Development Authority 4.05% 100 Industrial Development Authority 4.05% 100 - ----------------------------------------------------------- Chester County Industrial Development Authority 3.85% 100 - ----------------------------------------------------------- Columbia County Industrial Development Authority 4.80% 100 - ----------------------------------------------------------- Dallastown Area School District 4.10% 100 - ----------------------------------------------------------- Dauphin County General Authority 4.10% 100 - ----------------------------------------------------------- Delaware Valley Regional Finance Authority 3.50% 100 - ----------------------------------------------------------- Emmaus General Authority 3.60% 100 - ----------------------------------------------------------- Erie County Hospital Authority 4.05% 100 - ----------------------------------------------------------- Gettysburg Industrial Development Authority 3.65% 100 - ----------------------------------------------------------- Indiana County Industrial Development Authority 3.65% 100 - ----------------------------------------------------------- Value Lehigh County Industrial Development Authority 3.50% $ 100 - ----------------------------------------------------------- Northumberland County Foster Wheeler Mount Carmel Project 4.05% 90 - ----------------------------------------------------------- Philadelphia Authority for Industrial Development 4.90% 100 - ----------------------------------------------------------- Quakertown Hospital Authority 3.75% 100 - ----------------------------------------------------------- Schuylkill County Industrial Development Authority 3.55% 100 - ----------------------------------------------------------- Washington County Higher Education Pooled Equipment Leasing Program 3.65% 100 - ----------------------------------------------------------- York County Industrial Development Authority 3.90% 100 - ----------------------------------------------------------- Other Obligations - ----------------------------------------------------------- Florida St. Lucie County Pollution Control Revenue 3.80% 200 - ----------------------------------------------------------- New York Long Island Power Authority 4.10% 200 New York City General Obligation 4.25% 200 - ----------------------------------------------------------- Texas Brazos River Authority Pollution Control Revenue 4.25% 200 Sabine River Authority Pollution Control Revenue 4.20% 200 - -----------------------------------------------------------
5 Investors Municipal Cash Fund 5 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 3.20% $ 100 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--95.4% (average maturity: 5 days) 3,090 - ----------------------------------------------------------- OTHER SECURITIES - ----------------------------------------------------------- Pennsylvania State General Obligation 3.50%, 10/14/98 100 - ----------------------------------------------------------- Allegheny County Industrial Development Authority 3.30%, 11/10/98 200 - ----------------------------------------------------------- Carbon County Industrial Development Authority 3.60%, 11/13/98 600 - -----------------------------------------------------------
Value Montgomery County Industrial Development Authority 3.60%, 10/14/98 $ 100 - ----------------------------------------------------------- Venango Industrial Development Authority 3.65%, 10/13/98 100 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--34.0% (average maturity: 35 days) 1,100 - ----------------------------------------------------------- TOTAL INVESTMENTS--129.4% (average maturity: 13 days) 4,190 - ----------------------------------------------------------- LIABILITIES, LESS OTHER ASSETS--(29.4)% (954) - ----------------------------------------------------------- NET ASSETS--100% $3,236 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 6 Investors Municipal Cash Fund 6 - -------------------------------------------------------------------------------- INVESTORS FLORIDA MUNICIPAL CASH FUND Investments at September 30, 1998 (unaudited) (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES FLORIDA OBLIGATIONS - ----------------------------------------------------------- Florida State Capital Projects Finance Authority 3.60% $ 200 - ----------------------------------------------------------- Alachua County Industrial Development Authority 3.35% 200 - ----------------------------------------------------------- Broward County Industrial Development Authority 4.35% 200 - ----------------------------------------------------------- Dade County Aviation Facilities 3.50% 200 Industrial Development Authority Dolphins Stadium Project 3.50% 200 Stephen Greene Project 3.65% 285 - ----------------------------------------------------------- Hillsborough County Industrial Development Authority 3.60% 200 Pollution Control Revenue 3.90% 200 - ----------------------------------------------------------- Jacksonville Industrial Development Authority 3.65% 200 - ----------------------------------------------------------- Lake Wales Medical Centers Revenue 4.00% 200 - ----------------------------------------------------------- Orlando Republic Drive Interchange Project 3.50% 200 - ----------------------------------------------------------- St. Lucie County Pollution Control Revenue 3.80% 200 - -----------------------------------------------------------
Value OTHER OBLIGATIONS - ----------------------------------------------------------- New York New York City General Obligation 4.25% $ 100 - ----------------------------------------------------------- Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 3.20% 200 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--51.8% (average maturity: 6 days) 2,785 - ----------------------------------------------------------- OTHER SECURITIES Hillsborough County Aviation Authority 3.60%, 10/21/98 500 - ----------------------------------------------------------- Jacksonville Electric Authority 3.40% - 3.50%, 11/12/98 400 - ----------------------------------------------------------- Orlando Capital Improvement Revenue 3.40% - 3.55%, 10/21/98 - 11/9/98 200 - ----------------------------------------------------------- Palm Beach County Health Facilities Authority 3.40%, 10/8/98 200 - ----------------------------------------------------------- Sarasota County Public Hospital District 3.55%, 11/13/98 200 - ----------------------------------------------------------- Sunshine State Governmental Financing Commission 3.60%, 10/13/98 700 - -----------------------------------------------------------
7 Investors Municipal Cash Fund 7 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value West Orange Memorial Hospital Tax District 3.60%, 10/22/98 $ 200 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--44.6% (average maturity: 24 days) 2,400 - ----------------------------------------------------------- TOTAL INVESTMENTS--96.4% (average maturity: 14 days) 5,185 - ----------------------------------------------------------- CASH AND OTHER ASSETS, LESS LIABILITIES--3.6% 193 - ----------------------------------------------------------- NET ASSETS--100% $5,378 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 8 Investors Municipal Cash Fund 8 - -------------------------------------------------------------------------------- INVESTORS NEW JERSEY MUNICIPAL CASH FUND Investments at September 30, 1998 (unaudited) (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES NEW JERSEY OBLIGATIONS - ----------------------------------------------------------- New Jersey State Economic Development Authority: El Dorado Terminals Co. 3.90% $ 100 Epitaxx Inc. Project 4.63% 200 Foreign Trade Zone Project 4.10% 500 Four H Properties, Inc. Project 4.05% 200 400 International Drive Partners 4.10% 400 General Motors Project 3.10% 310 Hoffmann - La Roche Inc., Project 4.20% 200 National Utility Investors Corp. Project 3.90% 200 Natural Gas Co. Project 3.10% 200 Public Service Electric and Gas Co. 3.38% 200 Stolthaven Project 4.10% 600 Thermal Energy Facilities Revenue 3.30% 100 United Water, Inc. Project 4.00% 200 Healthcare Facilities Financing Authority 3.85% 300 Sports and Exposition 3.75% 200 Turnpike Authority 3.15% 300 - ----------------------------------------------------------- Essex County Improvement Authority 3.10% 200 - ----------------------------------------------------------- Somerset County Pollution Control Revenue 3.35% 200 - ----------------------------------------------------------- Union County Pollution Control Revenue 3.87% 300 - ----------------------------------------------------------- OTHER OBLIGATIONS - ----------------------------------------------------------- Florida Hillsborough County Industrial Development Authority 4.25% 100 - -----------------------------------------------------------
Value Montana Forsyth Pollution Control Revenue 4.20% $ 100 - ----------------------------------------------------------- Texas Sabine River Authority Pollution Control Revenue 4.20% 200 - ----------------------------------------------------------- Puerto Rico Government Development Bank 3.13% 100 Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 3.20% 300 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--80.5% (average maturity: 4 days) 5,710 - ----------------------------------------------------------- OTHER SECURITIES New Jersey State Building Authority Revenue 3.46%, 6/15/99 202 Economic Development Authority 3.40%, 11/13/98 300 Education Facilities Authority 3.15%, 12/17/98 300 Port Authority 3.40%, 11/10/98 - 11/12/98 315 - ----------------------------------------------------------- Salem County Pollution Control Revenue 3.35%, 10/15/98 200 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--18.5% (average maturity: 80 days) 1,317 - ----------------------------------------------------------- TOTAL INVESTMENTS--99.0% (average maturity: 18 days) 7,027 - ----------------------------------------------------------- CASH AND OTHER ASSETS, LESS LIABILITIES--1.0% 68 - ----------------------------------------------------------- NET ASSETS--100% $7,095 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 9 Investors Municipal Cash Fund 9 - -------------------------------------------------------------------------------- INVESTORS MICHIGAN MUNICIPAL CASH FUND Investments at September 30, 1998 (unaudited) (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES - ----------------------------------------------------------- Michigan State Hospital Finance Authority 3.55% $ 1,200 Job Development Authority Gordon Food Service, Inc., Project 4.00% 1,500 Kentwood Residence 3.40% 1,600 Strategic Fund Alpha Technology Corp. 4.65% 1,500 Consumers Power Co. Project 4.10% 1,400 Continental Aluminum Project 4.15% 1,300 Creative Foam Corp. Project 3.95% 1,200 Detroit Edison Co. 4.20% 900 General Motors Corp. Project 3.65% 1,600 Hope Network, Inc. Project 4.05% 1,000 Thorn Apple Valley, Inc. Project 4.10% 2,000 Michigan State University General Revenue 3.70% 1,600 University of Michigan Hospitals 4.00% 500 - ----------------------------------------------------------- Bruce Township Hospital Financial Authority 3.80% 1,600 - ----------------------------------------------------------- County of Wayne Airport Revenue 3.55% 1,300 - ----------------------------------------------------------- Delta County Economic Development Corp. 4.10% 1,900 - ----------------------------------------------------------- Farmington Hills Economic Development Corp. Brookfield Building Association 4.00% 1,400 Carrefour Corp. 4.13% 1,000 - -----------------------------------------------------------
Value Genesee County Economic Development Corp. 3.95% $ 1,000 - ----------------------------------------------------------- Grand Rapids Water Supply Revenue 3.50% 2,600 - ----------------------------------------------------------- Puerto Rico Government Development Bank 3.13% 1,300 Highway and Transportation Authority 3.10% 1,300 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--86.8% (average maturity: 6 days) 30,700 - ----------------------------------------------------------- OTHER SECURITIES Michigan State Strategic Fund 3.55%, 11/13/98 - 11/17/98 3,100 University Regents 3.45%, 11/12/98 1,600 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--13.3% (average maturity: 45 days) 4,700 - ----------------------------------------------------------- TOTAL INVESTMENTS--100.1% (average maturity: 11 days) 35,400 - ----------------------------------------------------------- LIABILITIES, LESS OTHER ASSETS--(.1)% (37) - ----------------------------------------------------------- NET ASSETS--100% $35,363 - -----------------------------------------------------------
NOTES TO PORTFOLIOS OF INVESTMENTS Interest rates represent annualized yield to date of maturity, except for variable rate demand securities described in Note (a). For each security, cost (for financial reporting and federal income tax purposes) and carrying value are the same. Likewise, carrying value approximates principal amount. (a) Variable rate demand securities are payable within five business days and are backed by credit support agreements from banks or insurance institutions. The rates shown are the current rates at September 30, 1998. See accompanying Notes to Financial Statements. 10 Investors Municipal Cash Fund 10 - -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES September 30, 1998 (unaudited) (in thousands) - --------------------------------------------------------------------------------
ASSETS NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN - ------------------------------------------------------------------------------------------------------------------------- Investments, at amortized cost $123,127 4,190 5,185 7,027 35,400 - ------------------------------------------------------------------------------------------------------------------------- Cash 504 -- 176 49 -- - ------------------------------------------------------------------------------------------------------------------------- Interest receivable 387 16 20 23 139 - ------------------------------------------------------------------------------------------------------------------------- Reimbursement from Adviser -- 4 -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Total assets 124,018 4,210 5,381 7,099 35,539 - ------------------------------------------------------------------------------------------------------------------------- LIABILITIES AND NET ASSETS - ------------------------------------------------------------------------------------------------------------------------- Cash overdraft -- 974 -- -- 104 - ------------------------------------------------------------------------------------------------------------------------- Payable for: Dividends 10 -- -- 3 3 - ------------------------------------------------------------------------------------------------------------------------- Management fee 4 -- -- -- 5 - ------------------------------------------------------------------------------------------------------------------------- Distribution services fee 51 -- 2 1 54 - ------------------------------------------------------------------------------------------------------------------------- Trustees' fees and other 59 -- 1 -- 10 - ------------------------------------------------------------------------------------------------------------------------- Total liabilities 124 974 3 4 176 - ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $123,894 3,236 5,378 7,095 35,363 - ------------------------------------------------------------------------------------------------------------------------- THE PRICING OF SHARES - ------------------------------------------------------------------------------------------------------------------------- Shares outstanding 123,894 3,236 5,378 7,095 35,363 - ------------------------------------------------------------------------------------------------------------------------- Net asset value and redemption price per share $1.00 1.00 1.00 1.00 1.00 - -------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 11 Investors Municipal Cash Fund 11 - -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS Six months ended September 30, 1998 (unaudited) (in thousands) - --------------------------------------------------------------------------------
NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN(A) ----------------------------------------------------------------------- INTEREST INCOME $1,992 60 110 105 560 - ------------------------------------------------------------------------------------------------------------------------- EXPENSES: Management fee 123 4 7 7 34 - ------------------------------------------------------------------------------------------------------------------------- Distribution services fee 284 8 15 16 54 - ------------------------------------------------------------------------------------------------------------------------- Custodian and transfer agent fees and related expenses 63 2 6 5 11 - ------------------------------------------------------------------------------------------------------------------------- Reports to shareholders 18 -- 1 1 3 - ------------------------------------------------------------------------------------------------------------------------- Registration costs 23 6 5 6 8 - ------------------------------------------------------------------------------------------------------------------------- Professional fees 9 3 4 3 12 - ------------------------------------------------------------------------------------------------------------------------- Trustees' fees and other 32 1 1 -- 13 - ------------------------------------------------------------------------------------------------------------------------- Total expenses before expense waiver 552 24 39 38 135 - ------------------------------------------------------------------------------------------------------------------------- Less expenses waived by the investment manager (101) (9) (12) (10) (19) - ------------------------------------------------------------------------------------------------------------------------- Total expenses absorbed by the Fund 451 15 27 28 116 - ------------------------------------------------------------------------------------------------------------------------- Net investment income $1,541 45 83 77 444 - -------------------------------------------------------------------------------------------------------------------------
(a) For the period from April 6, 1998 (commencement of operations) to September 30, 1998 12 Investors Municipal Cash Fund 12 - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS (in thousands) - --------------------------------------------------------------------------------
NEW YORK ----------------------------- SIX MONTHS ENDED YEAR SEPTEMBER 30, ENDED 1998 MARCH 31, (UNAUDITED) 1998 ----------------------------- OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY Net investment income $ 1,541 2,328 - ------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income (1,541) (2,328) - ------------------------------------------------------------------------------------------- Capital share transactions (dollar amounts and number of shares are the same): Shares sold 355,110 389,412 - ------------------------------------------------------------------------------------------- Shares issued in reinvestment of dividends 1,484 2,361 - ------------------------------------------------------------------------------------------- 356,594 391,773 Shares redeemed (336,898) (348,150) - ------------------------------------------------------------------------------------------- Net increase from capital share transactions and total increase in net assets 19,696 43,623 - ------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 104,198 60,575 - ------------------------------------------------------------------------------------------- End of period $ 123,894 104,198 - -------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 13 Investors Municipal Cash Fund 13 - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS (in thousands) - --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN ------------------------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED MAY 21, ENDED MAY 22, ENDED MAY 23, APRIL 6 TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1998 MARCH 31, 1998 MARCH 31, 1998 MARCH 31, 1998 (UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) ------------------------------------------------------------------------------------------------- OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY Net investment income $ 45 67 83 117 77 91 444 - ---------------------------------------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income (45) (67) (83) (117) (77) (91) (444) - ---------------------------------------------------------------------------------------------------------------------------- Capital share transactions (dollar amounts and number of shares are the same): Shares sold 9,688 14,257 24,913 41,975 30,375 29,234 54,431 - ---------------------------------------------------------------------------------------------------------------------------- Shares issued in reinvestment of dividends 41 66 72 111 59 89 440 - ---------------------------------------------------------------------------------------------------------------------------- 9,729 14,323 24,985 42,086 30,434 29,323 54,871 Shares redeemed (9,688) (11,228) (27,218) (34,575) (28,004) (24,758) (19,608) - ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from capital share transactions and total increase (decrease) in net assets 41 3,095 (2,233) 7,511 2,430 4,565 35,263 - ---------------------------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 3,195 100 7,611 100 4,665 100 100 - ---------------------------------------------------------------------------------------------------------------------------- End of period $ 3,236 3,195 5,378 7,611 7,095 4,665 35,363 - ----------------------------------------------------------------------------------------------------------------------------
14 Investors Municipal Cash Fund 14 - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE FUND Investors Municipal Cash Fund (the Trust) is an open-end management investment company organized as a business trust under the laws of Massachusetts currently offering five series of shares. 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 (the Funds) invest in short-term high quality municipal securities. 2. SIGNIFICANT ACCOUNTING POLICIES INVESTMENT VALUATION Investments are stated at amortized cost, which approximates market value. In the event that a deviation of 1/2 of 1% or more exists between a Fund's $1.00 per share net asset value, calculated at amortized cost, and the net asset value calculated by reference to market-based values, or if there is any other deviation that the Board of Trustees believes would result in a material dilution to shareholders or purchasers, the Board of Trustees will promptly consider what action should be initiated. INVESTMENT TRANSACTIONS AND INTEREST INCOME Investment transactions are accounted for on the trade date (date the order to buy or sell is executed). Interest income is recorded on the accrual basis and includes amortization of premium on investments. EXPENSES Expenses arising in connection with a Fund are allocated to that Fund. Other Trust expenses are allocated among the Funds in proportion to their relative net assets. FUND SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS Fund shares are sold and redeemed on a continuous basis at net asset value. On each day that the New York Stock Exchange is open for trading, each Fund determines its net asset value per share at 11:00 a.m. and 3:00 p.m. Chicago time by dividing the total value of the Fund's investments and other assets, less liabilities, by the number of Fund shares outstanding. Each Fund declares a daily dividend, equal to its net investment income for that day, payable monthly. Net investment income consists of all interest income, plus (minus) all realized gains (losses) on portfolio securities, minus all expenses of the Fund. 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 income to its shareholders. Accordingly, each Fund paid no federal income taxes and no federal income tax provision was required. 3. TRANSACTIONS WITH AFFILIATES MANAGEMENT AGREEMENT The Funds have a management agreement with Scudder Kemper Investments, Inc. (Scudder Kemper) and pay a monthly investment management fee of 1/12 of the annual rate of .22% of the first $500 million of combined average daily net assets declining to .15% of combined average daily net assets in excess of $3 billion. During the period ended September 30, 1998, the Funds incurred management fees of $37,000, after an expense waiver by Scudder Kemper. ZURICH/B.A.T MERGER On September 7, 1998, Zurich Insurance Company (Zurich), majority owner of Scudder Kemper, entered into an agreement with B.A.T Industries p.l.c. (B.A.T) pursuant to which the financial services businesses of B.A.T were combined with Zurich's businesses to form a new global insurance and financial services company known as Zurich 15 Investors Municipal Cash Fund 15 - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- Financial Services. Upon consummation of the transaction, the Funds' investment management agreement with Scudder Kemper was deemed to have been assigned and, therefore, terminated. The Board of Trustees of the Funds has approved a new investment management agreement with Scudder Kemper, which is substantially identical to the former investment management agreement, except for the dates of execution and termination. The Board of Trustees of the Funds will seek shareholder approval of the new investment management agreement through a proxy solicitation that is currently scheduled to conclude in mid-December. DISTRIBUTION AGREEMENT The Funds have an administration, shareholder services and distribution agreement with Kemper Distributors, Inc. (KDI). For its services as primary distributor, the Funds pay KDI an annual fee of .50% of average daily net assets of each Fund, except for the Michigan Fund, which pays .35% of its average daily net assets. For the period ended September 30, 1998, the Funds incurred distribution fees of $364,000, after an expense waiver by Scudder Kemper. KDI has related service agreements with various firms to provide cash management and other services for Fund shareholders. Under these agreements, KDI pays such firms based on the average daily net assets of those accounts they maintain and service at an annual rate of .50% for each Fund, except for the Michigan Fund, for which it pays firms at an annual rate of .35%. During the period ended September 30, 1998, KDI paid fees of $362,000 to various firms pursuant to the related service agreements. SHAREHOLDER SERVICES AGREEMENT Pursuant to a services agreement with the Trust's transfer agent, Kemper Service Company (KSvC) is the shareholder service agent of the Trust. Under the agreement, KSvC received shareholder services fees of $77,000 for the period ended September 30, 1998. OFFICERS AND TRUSTEES Certain officers or trustees of the Trust are also officers or directors of Scudder Kemper. During the period ended September 30, 1998, the Trust made no payments to its officers and incurred trustees' fees of $6,000 to independent trustees. EXPENSE ABSORPTION Scudder Kemper has agreed to temporarily waive a portion of its management fee and absorb operating expenses to the extent that such expenses exceed .75% of the average daily net assets of the Michigan Fund, .80% of the average daily net assets of the New York Fund and .90% of the average daily net assets of each of the Pennsylvania, Florida and New Jersey Funds. For the period ended September 30, 1998, Scudder Kemper waived and absorbed $151,000 of expenses. 16 Investors Municipal Cash Fund 16 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS ENDED SEPTEMBER 30, YEAR ENDED MARCH 31, NEW YORK 1998 1998 1997 1996 1995 - ------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 1.00 1.00 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------- Net investment income .01 .03 .03 .03 .02 - ------------------------------------------------------------------------------------------------------------------- Less dividends declared .01 .03 .03 .03 .02 - ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 1.00 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------- TOTAL RETURN (NOT ANNUALIZED) 1.38% 2.90 3.03 3.03 2.40 - ------------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE WAIVER (ANNUALIZED): Expenses .80% .80 .44 .80 .80 - ------------------------------------------------------------------------------------------------------------------- Net investment income 2.74% 2.83 2.96 2.95 2.44 - ------------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVER (ANNUALIZED): Expenses .98% .98 .96 1.14 1.15 - ------------------------------------------------------------------------------------------------------------------- Net investment income 2.56% 2.65 2.44 2.61 2.09 - ------------------------------------------------------------------------------------------------------------------- SUPPLEMENTAL DATA: Net assets at end of period (in thousands) $123,894 104,198 60,575 18,527 14,090 - -------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FLORIDA NEW JERSEY ---------------------------- ---------------------------- ---------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED MAY 21, 1997 ENDED MAY 22, 1997 ENDED MAY 23, 1997 SEPTEMBER 30, TO MARCH 31, SEPTEMBER 30, TO MARCH 31, SEPTEMBER 30, TO MARCH 31, 1998 1998 1998 1998 1998 1998 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 1.00 1.00 1.00 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------ Net investment income .01 .02 .01 .02 .01 .02 - ------------------------------------------------------------------------------------------------------------------------------ Less dividends declared .01 .02 .01 .02 .01 .02 - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 1.00 1.00 1.00 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (NOT ANNUALIZED) 1.39% 2.42 1.36 2.41 1.26 2.22 - ------------------------------------------------------------------------------------------------------------------------------ RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE WAIVER (ANNUALIZED): Expenses .90% .90 .90 .90 .90 .90 - ------------------------------------------------------------------------------------------------------------------------------ Net investment income 2.74% 2.76 2.71 2.74 2.45 2.55 - ------------------------------------------------------------------------------------------------------------------------------ RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVER (ANNUALIZED): Expenses 1.42% 1.11 1.29 .99 1.22 1.12 - ------------------------------------------------------------------------------------------------------------------------------ Net investment income 2.22% 2.55 2.32 2.65 2.13 2.33 - ------------------------------------------------------------------------------------------------------------------------------ SUPPLEMENTAL DATA: Net assets at end of period (in thousands) $3,236 3,195 5,378 7,611 7,095 4,665 - ------------------------------------------------------------------------------------------------------------------------------ MICHIGAN -------------- APRIL 6 TO SEPTEMBER 30, 1998 - ----------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period 1.00 - ----------------------------------------------- Net investment income .01 - ----------------------------------------------- Less dividends declared .01 - ----------------------------------------------- Net asset value, end of period 1.00 - ----------------------------------------------- TOTAL RETURN (NOT ANNUALIZED) 1.20 - ----------------------------------------------- RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE WAIVER (ANNUALIZED): Expenses .75 - ----------------------------------------------- Net investment income 2.88 - ----------------------------------------------- RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVER (ANNUALIZED): Expenses .87 - ----------------------------------------------- Net investment income 2.76 - ----------------------------------------------- SUPPLEMENTAL DATA: Net assets at end of period (in thousands) 35,363 - -----------------------------------------------
Note: Scudder Kemper has agreed to temporarily waive a portion of its management fee and absorb certain expenses of the Funds. Data for the period ended September 30, 1998 is unaudited. 17 Investors Municipal Cash Fund Semiannual Report September 30, 1998 PRINCIPAL UNDERWRITER: KEMPER DISTRIBUTORS, INC. 222 S. Riverside Plaza, Chicago, IL 60606 This report is not to be distributed unless preceded or accompanied by an Investors Municipal Cash Fund prospectus. IMCF-3 1059020 10/98 (LOGO)printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----