-----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, NWlWV6/hqKMKOI0WxBYhvR4ZQV/a5/cpi91nEjHQq/gyK/OzyAUNrSXo8z3wdr4U FyaN2qK3ekaA2XWcuWAK5w== 0000950137-99-001857.txt : 19990624 0000950137-99-001857.hdr.sgml : 19990624 ACCESSION NUMBER: 0000950137-99-001857 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990527 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: 99635923 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 1 Investors Municipal Cash Fund - -------------------------------------------------------------------------------- DEAR SHAREHOLDERS: - -------------------------------------------------------------------------------- We appreciate your decision to invest in Investors Municipal Cash Fund. 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 To provide you with an update of each fund's performance, on the following pages you'll find the annual report for the year ended March 31, 1999. Briefly, for the past year each fund registered solid performance and achieved its objective of providing maximum current income that is exempt from Federal, and where applicable, state income taxes, while maintaining the stability of principal. ECONOMIC REVIEW AND OUTLOOK The U.S. economy continued to grow, as low inflation and low unemployment figures boosted consumer confidence. Meanwhile, the international uncertainty that caused the Federal Reserve Board to ease interest rates three times in late 1998 appears to have subsided, as Europe, Asia and Brazil showed signs of rebounding. These factors have helped build the expectation that the Gross Domestic Product should remain strong with at least 3% growth in both the first and second quarters of 1999. Despite this encouraging news, the Fed maintained a "wait and see" approach with regard to tightening interest rates as 1999 began to unfold. Considering this information, we plan to take a relatively neutral approach to each Investors Municipal Cash Fund's average maturity, although we will look for attractive opportunities to extend maturities, and enhance performance. Rest assured that the funds' management is dedicated to achieving each fund's objective. Given the conditions stated above and our strategy, Investors Municipal Cash Fund should offer attractive yield potential with a high degree of stability, and continue to be an excellent place for you to invest your money. Thank you again for your investment in Investors Municipal Cash Fund. We look forward to serving your investment needs for years to come. Frank J. Rachwalski Frank Rachwalski Vice President and Lead Portfolio Manager May 17, 1999 Frank Rachwalski is a Managing Director of Scudder Kemper Investments, Inc. and is 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. FUND RESULTS For the twelve month period ended March 31, 1999
Equivalent Net Yield Taxable Yield Tax-Exempt New York Money Market Fund 2.43% 4.30% Investors Pennsylvania Municipal Cash Fund 2.44% 3.99% Investors Florida Municipal Cash Fund 2.44% 3.88% Investors New Jersey Municipal Cash Fund 2.20% 3.74% Investors Michigan Municipal Cash Fund 2.63% 4.38%
Note: Michigan's performance is since inception on 4/6/98 NOTES Each fund's net yield is the annualized sum of the daily dividend rates for the period. Yields are historical, may fluctuate, and do not guarantee future performance. The equivalent taxable yield allows you to compare the fund with the performance of taxable money market funds. For Tax-Exempt New York Money Market Fund, the equivalent taxable yield is based upon the fund's yield and a combined Federal and State of New York and New York City marginal income tax rate of 43.5%. For Investors Pennsylvania Municipal Cash Fund, the equivalent taxable yield is based upon the fund's yield and a combined Federal and State of Pennsylvania marginal income tax rate of 38.9%. For Investors Florida Municipal Cash Fund, the equivalent taxable yield is based upon the fund's yield and a 37.1% Federal income tax rate. For Investors New Jersey Municipal Cash Fund, the equivalent taxable yield is based upon the fund's yield and a combined Federal and State of New Jersey marginal income tax rate of 41.1%. For Investors Michigan Municipal Cash Fund, the equivalent taxable yield is based upon the fund's yield and a combined Federal and State of Michigan marginal income tax rate of 39.9%. Income may be subject to local taxes and for some investors, the alternative minimum tax. Like all money market funds, an investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve your investment at $1.00 per share, it is possible to lose money. The views expressed in this report reflect those of the portfolio manager only through the end of the period stated above. The manager's views are subject to change at any time, based on market and other conditions. 2 Investors Municipal Cash Fund 2 - -------------------------------------------------------------------------------- TAX-EXEMPT NEW YORK MONEY MARKET FUND Investments at March 31, 1999 (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES New York State Dormitory Authority 2.95% $ 8,500 Energy Research and Development Authority: Brooklyn Union Gas Project 2.95% 6,025 Electric & Gas Corp. Project 2.90% 3,700 Niagara Mohawk Power Corp. Project 3.14% 7,850 Housing Finance Agency: Hospital for Special Surgery 2.95% 960 Normandie Court I 2.80% 3,000 Sixth Avenue 2.85% 6,000 250 West 50th Street 2.85% 4,500 Job Development Authority 2.97% 8,035 Local Government Assistance Corp. 2.80% 3,500 Medical Care Facilities Finance Agency 2.95% 1,900 - ----------------------------------------------------------- Babylon Industrial Development Agency: J. D'Addario Realty Co., Inc. Project 3.05% 2,000 OFS Equity Babylon Project 3.00% 2,100 Ogden Martin Systems Project 2.75% 4,000 - -----------------------------------------------------------
Value New York City General Obligation 3.24% $ 14,610 Health and Hospitals Corp. 2.80% 11,780 Housing Development Corp.: Columbus Gardens Project 2.70% 3,800 Industrial Development Agency 2.85% 3,290 Jennings Street 2.80% 2,000 West 43rd Street 2.80% 700 Municipal Water Finance Authority 3.26% 6,650 Trust for Cultural Resources 2.85% 1,500 - ----------------------------------------------------------- Niagara County Industrial Development Agency 3.05% 8,500 - ----------------------------------------------------------- St. Lawrence County Industrial Development Agency 3.00% 500 - ----------------------------------------------------------- Puerto Rico Government Development Bank 2.75% 1,000 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--63.1% (average maturity: 5 days) 116,400 - -----------------------------------------------------------
3 Investors Municipal Cash Fund 3 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value OTHER SECURITIES New York State Dormitory Authority: Columbia University 2.95%, 7/13/99 - 7/19/99 $ 4,000 Memorial Sloan-Kettering Cancer Center 2.70% - 2.95%, 4/9/99 - 4/12/99 7,450 General Obligation 2.70% - 3.10%, 4/12/99 - 7/20/99 17,000 Metropolitan Transportation Authority 2.70% - 3.00%, 5/13/99 - 7/21/99 9,000 Power Authority 2.75% - 3.15%, 4/7/99 - 6/14/99 8,500 - ----------------------------------------------------------- Long Island Power Authority 2.45% - 3.20%, 4/8/99 - 7/22/99 6,300 - ----------------------------------------------------------- Nassau County Revenue Anticipation Notes 3.60%, 4/13/99 1,000 Tax Anticipation Notes 3.05% - 3.10%, 8/18/99 - 12/22/99 5,010 - -----------------------------------------------------------
Value New York City General Obligation 3.00% - 3.25%, 4/1/99 - 4/12/99 $ 3,400 Municipal Water Finance Authority 2.75% - 2.90%, 4/9/99 - 5/3/99 5,000 - ----------------------------------------------------------- Puerto Rico General Obligation 3.09%, 7/1/99 1,509 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--36.9% (average maturity: 64 days) 68,169 - ----------------------------------------------------------- TOTAL INVESTMENTS--100% (average maturity: 27 days) 184,569 - ----------------------------------------------------------- LIABILITIES, LESS OTHER ASSETS (72) - ----------------------------------------------------------- NET ASSETS--100% $184,497 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 4 Investors Municipal Cash Fund 4 - -------------------------------------------------------------------------------- INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND Investments at March 31, 1999 (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES PENNSYLVANIA OBLIGATIONS - ----------------------------------------------------------- Pennsylvania State Higher Education Assistance Agency 3.10% $ 100 Higher Education Facilities Authority 3.20% 200 - ----------------------------------------------------------- Allegheny County Industrial Development Authority: Environmental Improvements Revenue 2.95% 100 Eye & Ear Properties Corp. 3.15% 100 - ----------------------------------------------------------- Allentown Hospital Authority Revenue 3.15% 100 - ----------------------------------------------------------- Chester County Industrial Development Authority 3.25% 100 - ----------------------------------------------------------- Dallastown School District Revenue 3.09% 100 - ----------------------------------------------------------- Dauphin County General Authority Revenue 3.09% 100 - ----------------------------------------------------------- Delaware County Industrial Development Authority 3.10% 500 - ----------------------------------------------------------- Delaware Valley Regional Financing Authority 2.95% 200 - ----------------------------------------------------------- Emmaus General Authority Revenue 3.00% 100 - ----------------------------------------------------------- Erie County Hospital Authority 2.95% 100 - ----------------------------------------------------------- Gettysburg Industrial Development Authority 3.05% 100 - -----------------------------------------------------------
Value Indiana County Industrial Development Authority 3.00% $ 100 - ----------------------------------------------------------- Lehigh County General Purpose Authority 3.00% 200 Industrial Development Authority 3.00% 100 - ----------------------------------------------------------- Northumberland County Industrial Development Authority 3.05% 150 - ----------------------------------------------------------- Philadelphia Authority for Industrial Development Revenue 3.10% 200 - ----------------------------------------------------------- Pittsburgh University of Pittsburgh 3.00% 200 - ----------------------------------------------------------- Quakertown Hospital Authority 3.10% 100 - ----------------------------------------------------------- Schuylkill County Industrial Development Authority 2.95% 100 - ----------------------------------------------------------- Venango Industrial Development Authority 3.35% 100 - ----------------------------------------------------------- Washington County Higher Education Pooled Equipment Leasing Program 3.05% 200 - ----------------------------------------------------------- York County Industrial Development Authority 3.10% 100 - ----------------------------------------------------------- Other Obligations - ----------------------------------------------------------- Alaska Valdez Exxon Pipeline Co. Project 3.10% 200 - ----------------------------------------------------------- District of Columbia General Obligation 3.25% 100 - -----------------------------------------------------------
5 Investors Municipal Cash Fund 5 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value Illinois Chicago O'Hare International Airport Revenue 3.10% $ 200 - ----------------------------------------------------------- Indiana Jasper County Pollution Control Revenue 3.15% 100 - ----------------------------------------------------------- Montana Forsyth Pollution Control Revenue 3.30% 150 - ----------------------------------------------------------- New York Job Development Authority 3.00% 200 - ----------------------------------------------------------- Texas Harris County Health Facilities Development Corp. Revenue 3.10% 100 - ----------------------------------------------------------- Wyoming Platte County Pollution Control Revenue 3.30% 200 - ----------------------------------------------------------- Puerto Rico Government Development Bank 2.75% 100 Highway and Transportation Authority 2.65% 100 Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 2.75% 100 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--83.3% (average maturity: 4 days) 5,000 - -----------------------------------------------------------
Value OTHER SECURITIES - ----------------------------------------------------------- Allegheny County Industrial Development Authority 3.20%, 7/22/99 $ 200 - ----------------------------------------------------------- Carbon County Industrial Development Authority 3.20%, 6/17/99 600 - ----------------------------------------------------------- Montgomery County Industrial Development Authority 2.95%, 5/11/99 100 - ----------------------------------------------------------- Venango Industrial Development Authority 2.85%, 5/13/99 100 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--16.7% (average maturity: 78 days) 1,000 - ----------------------------------------------------------- TOTAL INVESTMENTS--100% (average maturity: 17 days) 6,000 - ----------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES 3 - ----------------------------------------------------------- NET ASSETS--100% $6,003 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 6 Investors Municipal Cash Fund 6 - -------------------------------------------------------------------------------- INVESTORS FLORIDA MUNICIPAL CASH FUND Investments at March 31, 1999 (Value in thousands) - --------------------------------------------------------------------------------
Value (A) VARIABLE RATE DEMAND SECURITIES FLORIDA OBLIGATIONS - ----------------------------------------------------------- Florida State Capital Projects Financing Authority 3.05% $ 200 Municipal Power Agency 3.00% 300 - ----------------------------------------------------------- Alachua County Health Facilities Authority 3.05% 700 Industrial Development Authority 3.05% 200 - ----------------------------------------------------------- Broward County Industrial Development Authority 3.45% 200 - ----------------------------------------------------------- Collier County Health Facilities Authority 3.10% 800 - ----------------------------------------------------------- Dade County Aviation Facilities 3.02% 360 Industrial Development Authority: Dolphins Stadium Project 3.05% 300 Spectrum Programs, Inc. Project 3.05% 800 Water and Sewer System Revenue 2.90% 700 - ----------------------------------------------------------- Hillsborough County Industrial Development Authority Development Revenue 3.00% 600 Tampa Electric Co. Project 3.15% 3,000 - ----------------------------------------------------------- Jacksonville Health Facilities Authority 3.05% 500 Industrial Development Authority 3.00% 200 - ----------------------------------------------------------- Lake Wales Medical Centers Revenue 3.00% 400 - -----------------------------------------------------------
Value Orange County Health Facilities Authority: Adventist Health System 3.00% $ 500 Presbyterian Retirement Project 3.05% 300 - ----------------------------------------------------------- Orlando Republic Drive Interchange Project 2.95% 700 - ----------------------------------------------------------- Putnam County Development Authority Revenue 3.05% 280 - ----------------------------------------------------------- Sarasota County Health Facilities Authority 3.05% 200 - ----------------------------------------------------------- St. Lucie County Pollution Control Revenue 3.10% 900 - ----------------------------------------------------------- OTHER OBLIGATIONS - ----------------------------------------------------------- Arizona Maricopa County Pollution Control Revenue 3.15% 700 - ----------------------------------------------------------- District of Columbia General Obligation 3.30% 500 - ----------------------------------------------------------- Illinois Chicago O'Hare International Airport Revenue 3.10% 400 - ----------------------------------------------------------- New York Job Development Authority 3.00% 200 - ----------------------------------------------------------- Ohio Solid Waste Revenue 3.30% 300 - -----------------------------------------------------------
7 Investors Municipal Cash Fund 7 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value Puerto Rico Highway and Transportation Authority 2.65% $ 300 Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 2.75% 200 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--72.1% (average maturity: 4 days) 14,740 - ----------------------------------------------------------- OTHER SECURITIES Florida State Municipal Power Agency 3.15%, 8/12/99 600 - ----------------------------------------------------------- Hillsborough County Aviation Authority 3.10%, 7/13/99 500 - ----------------------------------------------------------- Jacksonville Electric Authority 2.85% - 3.25%, 5/7/99 - 6/14/99 900 - ----------------------------------------------------------- Orlando Capital Improvement Revenue 2.85% - 3.25%, 5/7/99 - 6/24/99 800 - ----------------------------------------------------------- Palm Beach County Health Facilities Authority 3.00%, 7/22/99 200 - -----------------------------------------------------------
Value Pinellas County Educational Facilities 3.15%, 7/21/99 $ 1,000 - ----------------------------------------------------------- Sarasota County Public Hospital District 3.15%, 6/17/99 200 - ----------------------------------------------------------- Sunshine State Governmental Financing Commission 2.90%, 5/14/99 715 - ----------------------------------------------------------- West Orange Memorial Hospital Tax District 3.15% - 3.20%, 7/20/99 700 - ----------------------------------------------------------- Puerto Rico General Obligation 3.09%, 7/1/99 101 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--27.9% (average maturity: 87 days) 5,716 - ----------------------------------------------------------- TOTAL INVESTMENTS--100% (average maturity: 28 days) 20,456 - ----------------------------------------------------------- LIABILITIES, LESS OTHER ASSETS (2) - ----------------------------------------------------------- NET ASSETS--100% $20,454 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 8 Investors Municipal Cash Fund 8 - -------------------------------------------------------------------------------- INVESTORS NEW JERSEY MUNICIPAL CASH FUND Investments at March 31, 1999 (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES NEW JERSEY OBLIGATIONS - ----------------------------------------------------------- New Jersey State Economic Development Authority: AIRIS Newark Project 2.70% $ 600 El Dorado Terminals Co. 3.10% 100 Foreign Trade Zone Project 2.55% 1,500 Four H Properties, Inc. Project 3.20% 200 400 International Drive Partners 2.60% 1,200 General Motors Project 2.65% 520 Hoffmann - La Roche Inc. Project 3.35% 200 National Utility Investors Corp. Project 3.00% 400 Natural Gas Co. Project 2.55% 200 Public Service Electric and Gas Co. 2.80% 700 Stolthaven Project 3.30% 1,300 Thermal Energy Facilities Revenue 2.90% 100 United Water, Inc. Project 2.64% 500 Healthcare Facilities Financing Authority: Hospital Capital Asset Financing 2.80% 600 Pascack Community Services 2.90% 300 Sports and Exposition Authority 2.80% 600 Turnpike Authority 2.70% 700 - ----------------------------------------------------------- Essex County Improvement Authority 2.55% 300 - -----------------------------------------------------------
Value Somerset County Pollution Control Revenue 2.70% $ 200 - ----------------------------------------------------------- Union County Pollution Control Revenue 2.41% 700 - ----------------------------------------------------------- OTHER OBLIGATIONS - ----------------------------------------------------------- District of Columbia General Obligation 3.28% 700 - ----------------------------------------------------------- Florida Hillsborough County Industrial Development Authority 3.22% 300 - ----------------------------------------------------------- New York Babylon Industrial Development Agency 3.00% 200 - ----------------------------------------------------------- Ohio Solid Waste Revenue 3.30% 300 - ----------------------------------------------------------- Texas Harris County Health Facilities Development Corp. Revenue 3.10% 400 - ----------------------------------------------------------- Puerto Rico Government Development Bank 2.75% 100 Highway and Transportation Authority 2.65% 300 Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 2.75% 300 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--88.2% (average maturity: 4 days) 13,520 - -----------------------------------------------------------
9 Investors Municipal Cash Fund 9 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Value OTHER SECURITIES New Jersey State Economic Development Authority 2.65%, 5/4/99 $ 300 Education Facilities Authority 2.70%, 4/1/99 300 Port Authority 3.00%, 7/20/99 695 Revenue Anticipation Notes 3.46%, 6/15/99 201 Transportation Trust Fund 3.01%, 12/15/99 507 - ----------------------------------------------------------- Salem County Pollution Control Revenue 2.90%, 7/13/99 200 - ----------------------------------------------------------- Puerto Rico General Obligation 3.09%, 7/1/99 100 - -----------------------------------------------------------
Value TOTAL OTHER SECURITIES--15.0% (average maturity: 115 days) $ 2,303 - ----------------------------------------------------------- TOTAL INVESTMENTS--103.2% (average maturity: 20 days) 15,823 - ----------------------------------------------------------- LIABILITIES, LESS CASH AND OTHER ASSETS--(3.2)% (493) - ----------------------------------------------------------- NET ASSETS--100% $15,330 - -----------------------------------------------------------
See accompanying Notes to Portfolios of Investments. 10 Investors Municipal Cash Fund 10 - -------------------------------------------------------------------------------- INVESTORS MICHIGAN MUNICIPAL CASH FUND Investments at March 31, 1999 (Value in thousands) - --------------------------------------------------------------------------------
Value (A)VARIABLE RATE DEMAND SECURITIES Michigan State Higher Education Authority 3.00% $ 1,500 Hospital Financing Authority 3.15% 1,200 Job Development Authority: Gordon Food Service, Inc. Project 3.00% 1,500 Kenwood Residence 3.00% 1,500 Strategic Fund: Consumers Power Co. Project 3.20% 1,100 Continental Aluminum Project 3.20% 1,300 Creative Foam Corp. Project 3.20% 1,200 Detroit Edison Co. 3.30% 2,800 General Motors Corp. Project 3.15% 1,500 Hope Network, Inc. Project 3.15% 1,000 Thorn Apple Valley, Inc. Project 3.35% 2,000 Michigan State University General Revenue 3.00% 1,500 University of Michigan Hospitals 3.15% 700 - ----------------------------------------------------------- Bruce Township Hospital Financing Authority 2.90% 1,500 - ----------------------------------------------------------- Cornell Township Economic Development Corp. 3.00% 225 - ----------------------------------------------------------- County of Wayne Airport Revenue 3.00% 1,200 - ----------------------------------------------------------- Delta County Economic Development Corp. 3.00% 400 - ----------------------------------------------------------- Detroit Sewage Revenue 3.00% 1,500 - -----------------------------------------------------------
Value Farmington Hills Economic Development Authority 3.20% $ 1,335 - ----------------------------------------------------------- Genesee County Economic Development Authority 3.20% 900 - ----------------------------------------------------------- Grand Rapids Water Supply Revenue 2.90% 1,500 - ----------------------------------------------------------- Oakland County Economic Development Corp. 3.20% 1,000 - ----------------------------------------------------------- TOTAL VARIABLE RATE DEMAND SECURITIES--79.6% (average maturity: 6 days) 28,360 - ----------------------------------------------------------- OTHER SECURITIES Michigan State Strategic Fund 3.15%, 6/16/99 - 7/21/99 4,200 University of Michigan Regents 3.10% - 3.15%, 7/20/99 - 8/12/99 1,500 - ----------------------------------------------------------- Cornell Township Economic Development Corp. 2.75%, 5/13/99 1,100 - ----------------------------------------------------------- Puerto Rico General Obligation 3.09%, 7/1/99 402 - ----------------------------------------------------------- TOTAL OTHER SECURITIES--20.2% (average maturity: 98 days) 7,202 - ----------------------------------------------------------- TOTAL INVESTMENTS--99.8% (average maturity: 25 days) 35,562 - ----------------------------------------------------------- CASH AND OTHER ASSETS, LESS LIABILITIES--.2% 63 - ----------------------------------------------------------- NET ASSETS--100% $35,625 - -----------------------------------------------------------
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 March 31, 1999. See accompanying Notes to Financial Statements. 11 Investors Municipal Cash Fund 11 - -------------------------------------------------------------------------------- REPORT OF INDEPENDENT AUDITORS - -------------------------------------------------------------------------------- THE BOARD OF TRUSTEES AND SHAREHOLDERS INVESTORS MUNICIPAL CASH FUND We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of 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 comprising Investors Municipal Cash Fund, as of March 31, 1999, the related statements of operations and changes in net assets for the periods and the financial highlights for each of the fiscal periods indicated therein. These financial statements and financial highlights are the responsibility of the fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of March 31, 1999, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising Investors Municipal Cash Fund at March 31, 1999, the results of their operations, the changes in their net assets and the financial highlights for each of the fiscal periods indicated therein in conformity with generally accepted accounting principles. ERNST & YOUNG LLP Chicago, Illinois May 18, 1999 12 Investors Municipal Cash Fund 12 - -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES March 31, 1999 (in thousands) - --------------------------------------------------------------------------------
ASSETS NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN - ------------------------------------------------------------------------------------------------------------------------- Investments, at amortized cost $184,569 6,000 20,456 15,823 35,562 - ------------------------------------------------------------------------------------------------------------------------- Cash -- -- -- 105 98 - ------------------------------------------------------------------------------------------------------------------------- Interest receivable 503 16 56 47 115 - ------------------------------------------------------------------------------------------------------------------------- Total assets 185,072 6,016 20,512 15,975 35,775 - ------------------------------------------------------------------------------------------------------------------------- LIABILITIES AND NET ASSETS - ------------------------------------------------------------------------------------------------------------------------- Cash overdraft 104 3 23 -- -- - ------------------------------------------------------------------------------------------------------------------------- Payable for: Dividends 11 -- 1 1 2 - ------------------------------------------------------------------------------------------------------------------------- Fund shares redeemed 107 4 -- 15 12 - ------------------------------------------------------------------------------------------------------------------------- Securities purchased -- -- -- 600 -- - ------------------------------------------------------------------------------------------------------------------------- Management fee 53 -- -- -- 2 - ------------------------------------------------------------------------------------------------------------------------- Distribution services fee 149 4 15 14 85 - ------------------------------------------------------------------------------------------------------------------------- Custodian and transfer fee and related expense 59 2 4 5 13 - ------------------------------------------------------------------------------------------------------------------------- Trustees' fees and other 92 -- 15 10 36 - ------------------------------------------------------------------------------------------------------------------------- Total liabilities 575 13 58 645 150 - ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $184,497 6,003 20,454 15,330 35,625 - ------------------------------------------------------------------------------------------------------------------------- THE PRICING OF SHARES - ------------------------------------------------------------------------------------------------------------------------- Shares outstanding 184,497 6,003 20,454 15,330 35,625 - ------------------------------------------------------------------------------------------------------------------------- Net asset value and redemption price per share $1.00 1.00 1.00 1.00 1.00 - -------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 13 Investors Municipal Cash Fund 13 - -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS Year ended March 31, 1999 (in thousands) - --------------------------------------------------------------------------------
NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN(A) ------------------------------------------------------------------------ INTEREST INCOME $4,334 134 293 268 1,099 - ------------------------------------------------------------------------------------------------------------------------- EXPENSES: Management fee 296 9 20 19 72 - ------------------------------------------------------------------------------------------------------------------------- Distribution services fee 674 20 45 44 114 - ------------------------------------------------------------------------------------------------------------------------- Custodian and transfer agent fees and related expenses 228 3 9 8 34 - ------------------------------------------------------------------------------------------------------------------------- Reports to shareholders 32 1 2 2 7 - ------------------------------------------------------------------------------------------------------------------------- Registration costs 22 8 11 15 23 - ------------------------------------------------------------------------------------------------------------------------- Professional fees 57 3 8 6 18 - ------------------------------------------------------------------------------------------------------------------------- Trustees' fees and other 11 2 5 5 16 - ------------------------------------------------------------------------------------------------------------------------- Total expenses before expense waiver 1,320 46 100 99 284 - ------------------------------------------------------------------------------------------------------------------------- Less expenses waived by the investment manager (239) (9) (22) (19) (39) - ------------------------------------------------------------------------------------------------------------------------- Total expenses absorbed by the fund 1,081 37 78 80 245 - ------------------------------------------------------------------------------------------------------------------------- Net investment income $3,253 97 215 188 854 - -------------------------------------------------------------------------------------------------------------------------
(a) For the period from April 6, 1998 (commencement of operations) to March 31, 1999. 14 Investors Municipal Cash Fund 14 - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS (in thousands) - --------------------------------------------------------------------------------
NEW-YORK PENNSYLVANIA ------------------------------------------------------ YEAR YEAR YEAR MAY 21, ENDED ENDED ENDED 1997 TO MARCH 31, MARCH 31, MARCH 31, MARCH 31, 1999 1998 1999 1998 ------------------------------------------------------- OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY Net investment income $ 3,253 2,328 $ 97 67 - --------------------------------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income (3,253) (2,328) (97) (67) - --------------------------------------------------------------------------------------------------------------------- Capital share transactions (dollar amounts and number of shares are the same): Shares sold 822,159 389,412 33,397 14,257 - --------------------------------------------------------------------------------------------------------------------- Shares issued in reinvestment of dividends 3,177 2,361 90 66 - --------------------------------------------------------------------------------------------------------------------- 825,336 391,773 33,487 14,323 Shares redeemed (745,037) (348,150) (30,679) (11,228) - --------------------------------------------------------------------------------------------------------------------- Net increase from capital share transactions and total increase in net assets 80,299 43,623 2,808 3,095 - --------------------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 104,198 60,575 3,195 100 - --------------------------------------------------------------------------------------------------------------------- End of period $ 184,497 104,198 $ 6,003 3,195 - ---------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 15 Investors Municipal Cash Fund 15 - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS (in thousands) - --------------------------------------------------------------------------------
FLORIDA NEW-JERSEY MICHIGAN --------------------------------------------------------- YEAR MAY 22, YEAR MAY 23, APRIL 6, ENDED 1997 TO ENDED 1997 TO 1998 TO MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31, 1999 1998 1999 1998 1999 --------------------------------------------------------- OPERATIONS, DIVIDENDS AND CAPITAL SHARE ACTIVITY Net investment income $ 215 117 188 91 854 - ------------------------------------------------------------------------------------------------------------------------ Dividends to shareholders from net investment income (215) (117) (188) (91) (854) - ------------------------------------------------------------------------------------------------------------------------ Capital share transactions (dollar amounts and number of shares are the same): Shares sold 83,792 41,975 71,537 29,234 83,345 - ------------------------------------------------------------------------------------------------------------------------ Shares issued in reinvestment of dividends 197 111 168 89 850 - ------------------------------------------------------------------------------------------------------------------------ 83,989 42,086 71,705 29,323 84,195 Shares redeemed (71,146) (34,575) (61,040) (24,758) (48,670) - ------------------------------------------------------------------------------------------------------------------------ Net increase from capital share transactions and total increase in net assets 12,843 7,511 10,665 4,565 35,525 - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS: Beginning of period 7,611 100 4,665 100 100 - ------------------------------------------------------------------------------------------------------------------------ End of period $ 20,454 7,611 15,330 4,665 35,625 - ------------------------------------------------------------------------------------------------------------------------
16 Investors Municipal Cash Fund 16 - -------------------------------------------------------------------------------- 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 March 31, 1999, the funds incurred management fees of $90,000, after an expense waiver by Scudder Kemper. DISTRIBUTION AGREEMENT The funds have an administration, shareholder services and distribution agreement with Kemper 17 Investors Municipal Cash Fund 17 - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 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 March 31, 1999, the funds incurred distribution fees of $895,000, 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%. KDI may pay certain firms additional amounts. 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 $226,000 for the period ended March 31, 1999. OFFICERS AND TRUSTEES Certain officers or trustees of the trust are also officers or directors of Scudder Kemper. During the period ended March 31, 1999, the trust made no payments to its officers and incurred trustees' fees of $18,000 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 March 31, 1999, Scudder Kemper waived and absorbed $328,000 of expenses. SUBSEQUENT EVENT On April 15, 1999 Scudder Kemper purchased Michigan Strategic Fund, Thorn Apple Valley, Inc. Project, from the Investors Michigan Municipal Cash Fund for $203,000 in excess of the security's value. The fund recorded a realized loss on the sale and a capital contribution of an equal amount from Scudder Kemper. Scudder Kemper received no shares of the fund or other consideration in exchange for such contribution. 18 Investors Municipal Cash Fund 18 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
YEAR ENDED MARCH 31, NEW YORK 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of year $ 1.00 1.00 1.00 1.00 1.00 - --------------------------------------------------------------------------------------------------------------- Net investment income .02 .03 .03 .03 .02 - --------------------------------------------------------------------------------------------------------------- Less dividends declared .02 .03 .03 .03 .02 - --------------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 1.00 1.00 1.00 1.00 1.00 - --------------------------------------------------------------------------------------------------------------- TOTAL RETURN 2.50% 2.90 3.03 3.03 2.40 - --------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE WAIVER: Expenses .80% .80 .44 .80 .80 - --------------------------------------------------------------------------------------------------------------- Net investment income 2.41% 2.83 2.96 2.95 2.44 - --------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVER: Expenses .98% .98 .96 1.14 1.15 - --------------------------------------------------------------------------------------------------------------- Net investment income 2.23% 2.65 2.44 2.61 2.09 - --------------------------------------------------------------------------------------------------------------- SUPPLEMENTAL DATA: Net assets at end of year (in thousands) $184,497 104,198 60,575 18,527 14,090 - ---------------------------------------------------------------------------------------------------------------
PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN ------------------------ ------------------------ ------------------------ ---------------- YEAR YEAR YEAR ENDED MAY 21, 1997 ENDED MAY 22, 1997 ENDED MAY 23, 1997 APRIL 6, 1998 MARCH 31, TO MARCH 31, MARCH 31, TO MARCH 31, MARCH 31, TO MARCH 31, TO MARCH 31, 1999 1998 1999 1998 1999 1998 1999 - --------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 1.00 1.00 1.00 1.00 1.00 1.00 1.00 - --------------------------------------------------------------------------------------------------------------------------------- Net investment income .02 .02 .02 .02 .02 .02 .02 - --------------------------------------------------------------------------------------------------------------------------------- Less dividends declared .02 .02 .02 .02 .02 .02 .02 - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 1.00 1.00 1.00 1.00 1.00 1.00 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN (NOT ANNUALIZED) 2.50% 2.42 2.50 2.41 2.26 2.22 2.41 - --------------------------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE WAIVER (ANNUALIZED): Expenses .90% .90 .85 .90 .90 .90 .75 - --------------------------------------------------------------------------------------------------------------------------------- Net investment income 2.40% 2.76 2.36 2.74 2.13 2.55 2.62 - --------------------------------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVER (ANNUALIZED): Expenses 1.12% 1.11 1.09 .99 1.12 1.12 .87 - --------------------------------------------------------------------------------------------------------------------------------- Net investment income 2.18% 2.55 2.12 2.65 1.91 2.33 2.50 - --------------------------------------------------------------------------------------------------------------------------------- SUPPLEMENTAL DATA: Net assets at end of period (in thousands) $6,003 3,195 20,454 7,611 15,330 4,665 35,625 - ---------------------------------------------------------------------------------------------------------------------------------
Note: Scudder Kemper has agreed to temporarily waive a portion of its management fee and absorb certain expenses of the funds. 19 Investors Municipal Cash Fund 19 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- TAX INFORMATION Of the dividends paid by each Fund for the taxable year ended March 31, 1999, 100% are designated as exempt interest dividends for federal income tax purposes. However, a portion of the dividends may be includable in the alternative minimum tax calculation. Please consult a tax adviser if you have questions about federal or state income tax laws, or on how to prepare your tax returns. 20 Investors Municipal Cash Fund 20 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SPECIAL SHAREHOLDERS' MEETING On December 17, 1998, a special shareholders' meeting was held. Investors Municipal Cash Fund shareholders were asked to vote on two separate issues: approval of the new Investment Management Agreement between the fund and Scudder Kemper Investments, Inc. and approval to modify or eliminate certain policies and to eliminate the shareholder approval requirements as to certain other matters. The second proposal (Proposal #2) was approved for Investors Pennsylvania Municipal Cash Fund only, but did not receive sufficient votes to be approved for the other funds and the meeting was adjourned. When the meeting reconvened on January 25, 1999, Proposal #2 did not pass for the remaining funds. The following are the results. 1.) APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND SCUDDER KEMPER INVESTMENTS, INC. THIS ITEM WAS APPROVED.
FOR AGAINST ABSTAIN ----------------------------------- Tax-Exempt New York Money Market Fund 102,108,541 1,222,294 4,404,760 Investors Pennsylvania Municipal Cash Fund 3,173,256 0 388 Investors Florida Municipal Cash Fund 4,856,622 27,312 43,376 Investors New Jersey Municipal Cash Fund 6,756,337 26,600 53,931 Investors Michigan Municipal Cash Fund 33,533,961 1,600,724 893,706
2.) TO MODIFY OR ELIMINATE CERTAIN POLICIES AND TO ELIMINATE THE SHAREHOLDER APPROVAL REQUIREMENT AS TO CERTAIN OTHER MATTERS. THESE ITEMS WERE APPROVED FOR INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND. THERE WAS AN INSUFFICIENT NUMBER OF VOTES FOR EACH ITEM WITH REGARD TO EACH OF THE OTHER FUNDS AND THESE ITEMS WERE NOT APPROVED FOR THESE FUNDS.
FOR AGAINST ABSTAIN ----------------------------------- INVESTMENT OBJECTIVES Tax-Exempt New York Money Market Fund 25,334,367 6,404,917 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,273,951 2,095,632 1,244,925 INVESTMENT POLICIES Tax-Exempt New York Money Market Fund 25,334,470 6,404,814 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,232,036 2,137,547 1,244,925 DIVERSIFICATION Tax-Exempt New York Money Market Fund 25,364,213 6,375,070 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597
21 Investors Municipal Cash Fund 21 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN ----------------------------------- Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 BORROWING Tax-Exempt New York Money Market Fund 25,334,810 6,404,473 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,819 297,355 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 SENIOR SECURITIES Tax-Exempt New York Money Market Fund 25,371,120 6,368,120 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925
FOR AGAINST ABSTAIN ----------------------------------- CONCENTRATION Tax-Exempt New York Money Market Fund 25,337,937 6,401,346 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 UNDERWRITING OF SECURITIES Tax-Exempt New York Money Market Fund 25,355,771 6,383,512 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,273,951 2,095,632 1,244,925 INVESTMENT IN REAL ESTATE Tax-Exempt New York Money Market Fund 25,334,835 6,404,448 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970
22 Investors Municipal Cash Fund 22 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN ----------------------------------- Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,273,951 2,095,632 1,244,925 PURCHASE OF COMMODITIES Tax-Exempt New York Money Market Fund 25,317,286 6,421,997 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,268,207 2,101,375 1,244,925 LENDING Tax-Exempt New York Money Market Fund 25,334,094 6,405,189 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,276,801 2,092,782 1,244,925 MARGIN PURCHASES AND SHORT SALES Tax-Exempt New York Money Market Fund 25,295,899 6,443,384 2,261,390
FOR AGAINST ABSTAIN ----------------------------------- Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,598,350 310,824 84,623 Investors Michigan Municipal Cash Fund 12,276,801 2,092,782 1,244,925 PURCHASES OF SECURITIES OF RELATED ISSUERS Tax-Exempt New York Money Market Fund 25,309,277 6,430,006 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 PLEDGING OF ASSETS Tax-Exempt New York Money Market Fund 25,329,156 6,410,128 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,599,527 309,647 84,623 Investors Michigan Municipal Cash Fund 12,276,801 2,092,782 1,244,925
23 Investors Municipal Cash Fund 23 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN ----------------------------------- RESTRICTED AND ILLIQUID SECURITIES Tax-Exempt New York Money Market Fund 25,281,951 6,457,333 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,276,801 2,092,782 1,244,925 PURCHASES OF SECURITIES Tax-Exempt New York Money Market Fund 25,331,436 6,407,847 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 PURCHASES OF PUTS AND CALLS Tax-Exempt New York Money Market Fund 25,356,888 6,382,395 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970
FOR AGAINST ABSTAIN ----------------------------------- Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 INVESTMENT FOR THE PURPOSE OF EXERCISING CONTROL OR MANAGEMENT Tax-Exempt New York Money Market Fund 25,322,237 6,417,047 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,585,887 323,287 84,623 Investors Michigan Municipal Cash Fund 12,273,951 2,095,632 1,244,925 INVESTMENT IN MINERAL EXPLORATION Tax-Exempt New York Money Market Fund 25,305,144 25,295,770 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,599,527 309,647 84,623 Investors Michigan Municipal Cash Fund 12,268,207 2,101,375 1,244,925 INVESTMENT IN ISSUERS WITH SHORT HISTORIES Tax-Exempt New York Money Market Fund 25,295,770 6,443,513 2,261,390
24 Investors Municipal Cash Fund 24 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN ----------------------------------- Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,598,350 310,824 84,623 Investors Michigan Municipal Cash Fund 12,276,801 2,092,782 1,244,925 INVESTMENT IN OTHER INVESTMENT COMPANIES Tax-Exempt New York Money Market Fund 25,364,205 6,375,078 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925 INVESTMENT IN NON-US GOVERNMENT SECURITIES Tax-Exempt New York Money Market Fund 25,343,622 6,395,661 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623
FOR AGAINST ABSTAIN ----------------------------------- Investors Michigan Municipal Cash Fund 12,270,173 2,099,410 1,244,925 INVESTMENT OTHER THAN IN ACCORDANCE WITH OBJECTIVE AND POLICIES Tax-Exempt New York Money Market Fund 25,283,828 6,455,455 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,268,207 2,101,375 1,244,925 INVESTMENT IN MUNICIPAL SECURITIES Tax-Exempt New York Money Market Fund 25,373,906 6,365,377 2,261,390 Investors Pennsylvania Municipal Cash Fund 2,243,801 898,246 31,597 Investors Florida Municipal Cash Fund 1,642,856 408,509 215,970 Investors New Jersey Municipal Cash Fund 1,611,990 297,184 84,623 Investors Michigan Municipal Cash Fund 12,282,544 2,087,039 1,244,925
25 Investors Municipal Cash Fund Annual Report March 31, 1999 - Tax-Exempt New York Money Market Fund - Investors Pennsylvania Municipal Cash Fund - Investors Florida Municipal Cash Fund - Investors New Jersey Municipal Cash Fund - Investors Michigan Municipal Cash Fund PRINCIPAL UNDERWRITER: 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. 507627 IMCF-2 1076580 6/1/99 (LOGO)printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----