<PAGE> 1
1
Investors Cash Trust
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
We appreciate your decision to invest in Investors Cash Trust. To
provide you with an update of the fund portfolios' performance, on
the following pages you'll find the Investors Cash Trust annual
report for the year ended March 31,1999.
Briefly, for the past year the funds' Government Securities Portfolio and
Treasury Portfolio registered solid performance and achieved their objective of
providing maximum current income from high quality money market securities while
maintaining the stability of principal. Additionally, the portfolios' securities
maintained their "AAA" rating from Standard and Poor's Corporation.
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
Investors Cash Trust portfolios' 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 the funds'
objective. Given the conditions stated above and our strategy, Investors Cash
Trust 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 Cash Trust. We look forward to
serving your investment needs for years to come.
[SIG]
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 Cash Trust. Mr.
Rachwalski holds B.B.A. and M.B.A. degrees from Loyola University.
FUND RESULTS
<TABLE>
<CAPTION>
For the twelve-month period ended March 31, 1999
<S> <C>
Net Yield
Government Securities Portfolio 5.08%
Treasury Portfolio 4.92%
</TABLE>
NOTES
The portfolios' net yield is the sum of the daily dividend rates for the period.
Yields are historical, may fluctuate, and do not guarantee future performance.
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.
<PAGE> 2
Investors Cash Trust 2
- --------------------------------------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
SHORT-TERM NOTES
(Issued or guaranteed by U.S. Government
agencies or instrumentalities)
- -----------------------------------------------------------
(a)Federal Farm Credit Banks
4.87%, 4/1/99 $ 3,500
- -----------------------------------------------------------
Federal Home Loan Bank
4.76% - 4.82%, 4/5/99 - 4/28/99 27,217
(a) 4.80% - 7.75%, 4/1/99 - 4/5/00 30,488
- -----------------------------------------------------------
Federal Home Loan Mortgage Corp.
4.75% - 5.02%, 4/1/99 - 5/18/99 130,780
- -----------------------------------------------------------
Federal National Mortgage Association
(a) 4.51% - 5.04%, 4/6/99 - 2/23/00 16,590
4.76% - 4.82%, 4/5/99 - 5/24/99 102,106
- -----------------------------------------------------------
(a)Student Loan Marketing Association
5.15%, 4/6/99 12,993
- -----------------------------------------------------------
TOTAL SHORT-TERM NOTES--66.0%
(average maturity: 25 days) 323,674
- -----------------------------------------------------------
(b) REPURCHASE AGREEMENTS
(Dated 1/99 - 3/99, collateralized by Federal Home
Loan Mortgage Corporation, Federal National
Mortgage Association and U.S. Treasury securities)
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Bear, Stearns Cos., Inc.
(held at the Bank of New York)
4.83% - 4.90%, 4/7/99 - 4/14/99 $ 78,000
- -----------------------------------------------------------
CS First Boston, Inc.
4.75% - 4.80%, 4/6/99 - 4/13/99 54,000
- -----------------------------------------------------------
Merrill Lynch Government Securities, Inc.
(held at The Chase Manhattan Bank)
4.73% - 4.77%, 4/6/99 - 4/28/99 35,000
- -----------------------------------------------------------
Morgan Stanley, Dean Witter & Co.
4.78% - 4.81%, 4/5/99 - 4/21/99 17,000
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--37.5%
(average maturity: 11 days) 184,000
- -----------------------------------------------------------
TOTAL INVESTMENTS--103.5%
(average maturity: 20 days) 507,674
- -----------------------------------------------------------
LIABILITIES, LESS OTHER ASSETS--(3.5%) (17,547)
- -----------------------------------------------------------
NET ASSETS--100% $490,127
- -----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 3
Investors Cash Trust 3
- --------------------------------------------------------------------------------
TREASURY PORTFOLIO
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
SHORT-TERM NOTES
(Issued or guaranteed by U.S. Government
agencies or instrumentalities)
- -----------------------------------------------------------
(a)Overseas Private Investment Corp.
4.97%, 4/2/99 $12,000
- -----------------------------------------------------------
U.S. Treasury Bills
4.37% - 4.80%, 4/1/99 - 5/13/99 22,340
- -----------------------------------------------------------
TOTAL SHORT-TERM NOTES--58.8%
(average maturity: 15 days) 34,340
- -----------------------------------------------------------
(b) REPURCHASE AGREEMENTS
(Dated 2/99 - 3/99, collateralized by U.S. Treasury
securities)
- -----------------------------------------------------------
Dresdner Security (USA), Inc.
4.63%, 4/21/99 6,000
- -----------------------------------------------------------
Goldman, Sachs Group, L.P.
4.65%, 4/7/99 3,000
- -----------------------------------------------------------
Lehman Government Securities, Inc.
4.65%, 4/19/99 2,900
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Merrill Lynch Government Securities, Inc.
(held at The Chase Manhattan Bank)
4.60% - 4.65%, 4/14/99 - 4/21/99 $ 3,800
- -----------------------------------------------------------
J. P. Morgan Securities, Inc.
4.70%, 4/7/99 3,000
- -----------------------------------------------------------
Morgan Stanley, Dean Witter & Co.
4.67%, 4/12/99 - 4/19/99 4,600
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--39.9%
(average maturity: 15 days) 23,300
- -----------------------------------------------------------
TOTAL INVESTMENTS--98.7%
(average maturity: 15 days) 57,640
- -----------------------------------------------------------
CASH AND OTHER ASSETS, LESS LIABILITIES--1.3% 762
- -----------------------------------------------------------
NET ASSETS--100% $58,402
- -----------------------------------------------------------
</TABLE>
NOTES TO PORTFOLIOS OF INVESTMENTS
Interest rates represent annualized yield to date of maturity, except for
variable rate 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 approximate principal amount.
(a) Variable rate securities. The rates shown are the current rates at March 31,
1999. The dates shown represent the demand date or next interest rate change
date.
(b) Repurchase agreements are fully collateralized by U.S. Government or U.S.
Government agency securities. All collateral is held at the fund's custodian
bank, Investors Fiduciary Trust Company, or at subcustodian banks, as
indicated. The collateral is monitored daily by the funds so that its market
value exceeds the carrying value of the repurchase agreements.
See accompanying Notes to Financial Statements.
<PAGE> 4
Investors Cash Trust 4
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS
INVESTORS CASH TRUST
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of the Government Securities and Treasury
Portfolios, comprising Investors Cash Trust, as of March 31, 1999 the related
statements of operations for the year then ended and changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the fiscal years since 1995. These financial statements and financial
highlights are the responsibility of the funds' 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 portfolios comprising Investors Cash Trust at March 31, 1999, the results
of their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial highlights for
each of the fiscal years since 1995, in conformity with generally accepted
accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
May 18, 1999
<PAGE> 5
Investors Cash Trust 5
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
March 31, 1999
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES TREASURY
ASSETS PORTFOLIO PORTFOLIO
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
Investments, at amortized cost:
Short-term securities $323,674 34,340
- ------------------------------------------------------------------------------------------------------
Repurchase agreements 184,000 23,300
- ------------------------------------------------------------------------------------------------------
Cash -- 621
- ------------------------------------------------------------------------------------------------------
Interest receivable 1,217 398
- ------------------------------------------------------------------------------------------------------
Total assets 508,891 58,659
- ------------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
- ------------------------------------------------------------------------------------------------------
Cash overdraft 1,867 --
- ------------------------------------------------------------------------------------------------------
Payable for:
Dividends 1,984 224
- ------------------------------------------------------------------------------------------------------
Fund shares redeemed 12 --
- ------------------------------------------------------------------------------------------------------
Securities purchased 14,493 --
- ------------------------------------------------------------------------------------------------------
Management fee 208 8
- ------------------------------------------------------------------------------------------------------
Administrative services fee 81 2
- ------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 18 3
- ------------------------------------------------------------------------------------------------------
Trustees' fees and other 101 20
- ------------------------------------------------------------------------------------------------------
Total liabilities 18,764 257
- ------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $490,127 58,402
- ------------------------------------------------------------------------------------------------------
THE PRICING OF SHARES
- ------------------------------------------------------------------------------------------------------
Shares outstanding 490,127 58,402
- ------------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 1.00
- ------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 6
Investors Cash Trust 6
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Year ended March 31, 1999
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES TREASURY
PORTFOLIO PORTFOLIO
--------------------- ---------
<S> <C> <C>
INTEREST INCOME $18,915 3,058
- ----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 535 89
- ----------------------------------------------------------------------------------------------------------
Administrative services fee 357 59
- ----------------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 62 10
- ----------------------------------------------------------------------------------------------------------
Reports to shareholders 15 5
- ----------------------------------------------------------------------------------------------------------
Registration costs 122 30
- ----------------------------------------------------------------------------------------------------------
Professional fees 38 10
- ----------------------------------------------------------------------------------------------------------
Trustees' fees and other 66 17
- ----------------------------------------------------------------------------------------------------------
Total expenses before expense waiver 1,195 220
- ----------------------------------------------------------------------------------------------------------
Less expenses waived by the investment manager (308) (71)
- ----------------------------------------------------------------------------------------------------------
Total expenses absorbed by the fund 887 149
- ----------------------------------------------------------------------------------------------------------
Net investment income $18,028 2,909
- ----------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Years ended March 31, 1999 and 1998
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES TREASURY
PORTFOLIO PORTFOLIO
----------------------- --------------------
1999 1998 1999 1998
----------- -------- -------- --------
<S> <C> <C> <C> <C>
OPERATIONS, DIVIDENDS AND
CAPITAL SHARE ACTIVITY
Net investment income $ 18,028 12,241 2,909 3,147
- ---------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (18,028) (12,241) (2,909) (3,147)
- ---------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (DOLLAR AMOUNTS AND NUMBER OF
SHARES ARE THE SAME):
Shares sold 1,521,330 811,717 88,458 141,213
- ---------------------------------------------------------------------------------------------------------------
Shares issued in reinvestment of dividends 14,749 10,466 2,965 3,091
- ---------------------------------------------------------------------------------------------------------------
1,536,079 822,183 91,423 144,304
Shares redeemed (1,358,146) (678,922) (107,311) (133,361)
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from capital share transactions and
total increase (decrease) in net assets 177,933 143,261 (15,888) 10,943
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 312,194 168,933 74,290 63,347
- ---------------------------------------------------------------------------------------------------------------
End of year $ 490,127 312,194 58,402 74,290
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
Investors Cash Trust 7
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND
Investors Cash Trust (the fund) is an open-end management investment company
organized as a business trust under the laws of Massachusetts. The fund
currently offers two series of shares (portfolios)--the Government Securities
Portfolio and the Treasury Portfolio.
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 portfolio'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 and discount on investments.
EXPENSES
Expenses arising in connection with a portfolio are allocated to that portfolio.
Other fund expenses are allocated among the portfolios 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 portfolio
determines its net asset value per share at 11:00 a.m., 1:00 p.m. and 3:00 p.m.
Chicago time by dividing the total value of the portfolio's investments and
other assets, less liabilities, by the number of portfolio shares outstanding.
Each portfolio 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 portfolio.
FEDERAL INCOME TAXES
Each portfolio'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 taxable income to its shareholders.
Accordingly, each portfolio paid no federal income taxes and no federal income
tax provision was required.
3. TRANSACTIONS WITH AFFILIATES
MANAGEMENT AGREEMENT
The fund has a management agreement with Scudder Kemper Investments, Inc.
(Scudder Kemper) and pays a monthly investment management fee of 1/12 of the
annual rate of .15% of average daily net assets. During the year ended March 31,
1999, the fund incurred management fees of $245,000 after an expense waiver by
Scudder Kemper.
ADMINISTRATIVE SERVICES AGREEMENT
The fund has an administrative services agreement with Kemper Distributors, Inc.
(KDI). For its services as primary administrator, the fund pays KDI an annual
fee of .10% of average daily net assets. For the year ended March 31, 1999, the
fund incurred administrative services fees of $416,000. KDI has related service
agreements with various firms to provide cash management and other services for
fund shareholders. KDI pays these firms at an annual rate ranging between .05%
and .10% of average daily net assets.
<PAGE> 8
Investors Cash Trust 8
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICES AGREEMENT
Pursuant to a services agreement with the fund's transfer agent, Kemper Service
Company (KSvC) is the shareholder service agent of the fund. Under the
agreement, KSvC received shareholder services fees of $41,000 for the year ended
March 31, 1999.
OFFICERS AND TRUSTEES
Certain officers or trustees of the fund are also officers or directors of
Scudder Kemper. During the year ended March 31, 1999, the fund made no payments
to its officers and incurred trustees' fees of $35,000 to independent trustees.
EXPENSE WAIVER
Scudder Kemper has agreed to temporarily waive a portion of its management fee
and absorb operating expenses of each portfolio to the extent that they exceed
.25% of average daily net assets of such portfolio on an annual basis. Under
this arrangement, Scudder Kemper waived $379,000 of expenses during the year
ended March 31, 1999.
<PAGE> 9
Investors Cash Trust 9
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
------------------------------------------------
GOVERNMENT SECURITIES PORTFOLIO 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $ 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------------------------------------
Net investment income .05 .05 .05 .06 .05
- --------------------------------------------------------------------------------------------------------------
Less dividends declared .05 .05 .05 .06 .05
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN 5.20% 5.50 5.30 5.74 4.74
- --------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE ABSORPTION:
Expenses .25% .25 .25 .25 .25
- --------------------------------------------------------------------------------------------------------------
Net investment income 5.05% 5.37 5.17 5.57 4.72
- --------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE ABSORPTION:
Expenses .33% .38 .32 .32 .33
- --------------------------------------------------------------------------------------------------------------
Net investment income 4.97% 5.24 5.10 5.50 4.64
- --------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $490,127 312,194 168,933 230,944 176,024
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-----------------------------------------------------
TREASURY PORTFOLIO 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year $ 1.00 1.00 1.00 1.00 1.00
- -------------------------------------------------------------------------------------------------------------------
Net investment income .05 .05 .05 .05 .05
- -------------------------------------------------------------------------------------------------------------------
Less dividends declared .05 .05 .05 .05 .05
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 1.00 1.00 1.00 1.00 1.00
- -------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 5.03% 5.34 5.15 5.66 4.69
- -------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS AFTER EXPENSE ABSORPTION:
Expenses .25% .25 .25 .25 .25
- -------------------------------------------------------------------------------------------------------------------
Net investment income 4.92% 5.21 5.03 5.48 4.76
- -------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS BEFORE EXPENSE ABSORPTION:
Expenses .37% .38 .37 .37 .39
- -------------------------------------------------------------------------------------------------------------------
Net investment income 4.80% 5.08 4.91 5.36 4.62
- -------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of year (in thousands) $58,402 74,290 63,347 101,576 65,389
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTE:Scudder Kemper has agreed to temporarily waive a portion of its management
fee and absorb certain operating expenses of the portfolios.
TAX INFORMATION
All of the dividends from the Government Securities and Treasury Portfolios are
taxable as ordinary income. These dividends, whether received in cash or
reinvested in shares, must be included in your federal income tax return and
must be reported by the portfolio to the Internal Revenue Service in accordance
with U.S. Treasury Department Regulations.
Please consult a tax adviser if you have questions about federal or state income
tax laws, or on how to prepare your tax returns.
<PAGE> 10
Investors Cash Trust 10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPECIAL SHAREHOLDERS' MEETING
On December 17, 1998, a special shareholders' meeting was held. Investors Cash
Trust 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
following are the results.
1.) APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND
SCUDDER KEMPER INVESTMENTS, INC. THIS ITEM WAS APPROVED.
<TABLE>
<CAPTION>
For Against Abstain
-------------------------------------------
<S> <C> <C>
Government Securities Portfolio
166,010,498 576,205 16,916,521
Treasury Portfolio
25,981,156 0 0
</TABLE>
2.) TO MODIFY OR ELIMINATE CERTAIN POLICIES AND TO ELIMINATE THE SHAREHOLDER
APPROVAL REQUIREMENT AS TO CERTAIN OTHER MATTERS. THESE ITEMS WERE APPROVED.
<TABLE>
<CAPTION>
For Against Abstain
-------------------------------------------
<S> <C> <C>
INVESTMENT OBJECTIVES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT POLICIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
</TABLE>
<TABLE>
<CAPTION>
For Against Abstain
-------------------------------------------
<S> <C> <C>
DIVERSIFICATION
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
BORROWING
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
SENIOR SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
CONCENTRATION
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
UNDERWRITING OF SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN REAL ESTATE
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
PURCHASE OF COMMODITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
</TABLE>
<PAGE> 11
Investors Cash Trust 11
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For Against Abstain
-------------------------------------------
<S> <C> <C>
LENDING
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
MARGIN PURCHASES AND SHORT SALES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
PURCHASES OF SECURITIES OF RELATED
ISSUERS
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
PLEDGING OF ASSETS
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
RESTRICTED AND ILLIQUID SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
PURCHASES OF SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
PURCHASES OF PUTS AND CALLS
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
</TABLE>
<TABLE>
<CAPTION>
For Against Abstain
-------------------------------------------
<S> <C> <C>
INVESTMENT FOR THE PURPOSE OF
EXERCISING CONTROL OR MANAGEMENT
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN MINERAL EXPLORATION
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN ISSUERS WITH SHORT
HISTORIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN OTHER INVESTMENT
COMPANIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN NON-US GOVERNMENT
SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT OTHER THAN IN ACCORDANCE
WITH OBJECTIVE AND POLICIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
INVESTMENT IN MUNICIPAL SECURITIES
Government Securities Portfolio
159,064,715 7,484,712 16,953,793
Treasury Portfolio
22,570,321 1,142,746 2,268,089
</TABLE>
<PAGE> 12
INVESTORS
CASH TRUST
ANNUAL REPORT
March 31, 1999
- Government Securities Portfolio
- Treasury Portfolio
PRINCIPAL UNDERWRITER:
KEMPER DISTRIBUTORS, INC.
222 South Riverside Plaza, Chicago, IL 60606
This report is not to be distributed unless preceded
or accompanied by an Investors Cash Trust prospectus.
507628
ICT-2 1076560 6/1/99 (LOGO)printed on recycled paper
