<PAGE> PAGE 1
000 A000000 09/30/99
000 C000000 0000863420
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 INVESTORS MUNICIPAL CASH FUND
001 B000000 811-6108
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 TAX-EXEMPT NEW YORK MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND
007 C030200 N
007 C010300 3
007 C020300 INVESTORS FLORIDA MUNICIPAL CASH FUND
007 C030300 N
007 C010400 4
007 C020400 INVESTORS NEW JERSEY MUNICIPAL CASH FUND
007 C030400 N
007 C010500 5
007 C020500 INVESTORS MICHIGAN MUNICIPAL CASH FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-44899
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
008 D04AA01 0100
010 A00AA01 KEMPER DISTRIBUTORS, INC.
<PAGE> PAGE 2
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
010 C04AA01 5808
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 KEMPER DISTRIBUTORS, INC.
014 B00AA02 8-47765
014 A00AA03 GRUNTAL & CO., INC
014 B00AA03 8-31022
014 A00AA04 THE GMS GROUP, L.L.C (A GRUNTAL AFFILIATE)
014 B00AA04 8-23936
014 A00AA05 ZURICH CAPITAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 72
019 C00AA00 KEMPERFNDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
<PAGE> PAGE 3
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROTHERS HOLDINGS INC
022 B000001 13-2518466
022 C000001 173920
022 D000001 55865
022 A000002 J.P. MORGAN SECURITIES, INC.
022 B000002 13-3224016
022 C000002 70250
022 D000002 35350
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003 56387
022 D000003 45505
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 70315
022 D000004 14200
022 A000005 MORGAN STANLEY
022 B000005 13-2638166
022 C000005 35074
022 D000005 43613
022 A000006 PAINEWEBBER INCORPORATED
022 B000006 13-2638166
022 C000006 44068
022 D000006 10200
022 A000007 SMITH BARNEY
022 B000007 13-1912900
022 C000007 27300
022 D000007 8100
022 A000008 BEAR, STEARNS & CO.
022 B000008 13-3299429
022 C000008 3135
022 D000008 1100
022 A000009 CHASE SECURITIES
022 B000009 UNKNOWN
022 C000009 2000
022 D000009 1500
022 A000010 BANKER TRUST COMPANY
022 B000010 13-4941247
022 C000010 1100
022 D000010 700
023 C000000 487770
023 D000000 216133
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 0.220
048 B01AA00 500000
048 B02AA00 0.200
048 C01AA00 1000000
048 C02AA00 0.175
048 D01AA00 1000000
048 D02AA00 0.160
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 3000000
048 K02AA00 0.150
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
<PAGE> PAGE 5
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
<PAGE> PAGE 6
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 13871
028 B010100 78993
028 B020100 323
028 B030100 0
028 B040100 76134
028 C010100 100191
028 C020100 384
028 C030100 0
028 C040100 87623
028 D010100 102334
028 D020100 348
028 D030100 0
028 D040100 94953
028 E010100 106156
028 E020100 408
028 E030100 0
<PAGE> PAGE 7
028 E040100 100971
028 F010100 66246
028 F020100 405
028 F030100 0
028 F040100 75618
028 G010100 453920
028 G020100 1868
028 G030100 0
028 G040100 449170
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 440
044 000100 492
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 99.2
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 23
063 B000100 0.0
064 A000100 Y
064 B000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 2979
072 C000100 0
072 D000100 0
072 E000100 0
<PAGE> PAGE 8
072 F000100 208
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 154
072 K000100 0
072 L000100 18
072 M000100 5
072 N000100 2
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 27
072 S000100 8
072 T000100 440
072 U000100 0
072 V000100 0
072 W000100 28
072 X000100 890
072 Y000100 138
072 Z000100 2227
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 2227
072DD020100 0
072EE000100 0
073 A010100 0.0100
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 741
074 B000100 0
074 C000100 189652
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 300
074 K000100 0
074 L000100 3126
074 M000100 0
074 N000100 193819
074 O000100 0
074 P000100 89
074 Q000100 0
074 R010100 0
074 R020100 0
<PAGE> PAGE 9
074 R030100 0
074 R040100 2615
074 S000100 0
074 T000100 191115
074 U010100 191115
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 22876
074 Y000100 0
075 A000100 184318
075 B000100 0
076 000100 0.00
028 A010200 3922
028 A020200 0
028 A030200 0
028 A040200 2864
028 B010200 6381
028 B020200 15
028 B030200 0
028 B040200 5987
028 C010200 6096
028 C020200 8
028 C030200 0
028 C040200 4743
028 D010200 9193
028 D020200 17
028 D030200 0
028 D040200 7453
028 E010200 8202
028 E020200 21
028 E030200 0
028 E040200 9086
028 F010200 5998
028 F020200 20
028 F030200 0
028 F040200 6339
028 G010200 39792
028 G020200 81
028 G030200 0
028 G040200 36472
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
<PAGE> PAGE 10
043 000200 22
044 000200 23
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 100.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 15
063 B000200 0.0
064 A000200 Y
064 B000200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 142
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 10
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 21
072 K000200 0
072 L000200 5
072 M000200 1
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 2
072 S000200 2
072 T000200 22
072 U000200 0
072 V000200 0
072 W000200 7
<PAGE> PAGE 11
072 X000200 78
072 Y000200 39
072 Z000200 103
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 103
072DD020200 0
072EE000200 0
073 A010200 0.0200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 9401
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 7
074 L000200 216
074 M000200 0
074 N000200 9624
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 220
074 S000200 0
074 T000200 9404
074 U010200 9404
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0000
074 X000200 3979
074 Y000200 0
075 A000200 8844
075 B000200 0
076 000200 0.00
028 A010300 14098
028 A020300 37
028 A030300 0
028 A040300 13194
<PAGE> PAGE 12
028 B010300 16342
028 B020300 40
028 B030300 0
028 B040300 17238
028 C010300 16033
028 C020300 47
028 C030300 0
028 C040300 12903
028 D010300 15941
028 D020300 42
028 D030300 0
028 D040300 15948
028 E010300 15918
028 E020300 42
028 E030300 0
028 E040300 16233
028 F010300 12840
028 F020300 50
028 F030300 0
028 F040300 11164
028 G010300 91172
028 G020300 258
028 G030300 0
028 G040300 86680
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 57
044 000300 60
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 99.4
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
<PAGE> PAGE 13
062 Q000300 0.0
062 R000300 0.0
063 A000300 11
063 B000300 0.0
064 A000300 Y
064 B000300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 370
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 25
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 25
072 K000300 0
072 L000300 1
072 M000300 2
072 N000300 8
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 2
072 T000300 57
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 124
072 Y000300 21
072 Z000300 267
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 267
072DD020300 0
072EE000300 0
073 A010300 0.0100
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 18
074 B000300 0
074 C000300 25065
074 D000300 0
<PAGE> PAGE 14
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 55
074 K000300 0
074 L000300 552
074 M000300 0
074 N000300 25690
074 O000300 0
074 P000300 17
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 469
074 S000300 0
074 T000300 25204
074 U010300 25204
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 5899
074 Y000300 0
075 A000300 23012
075 B000300 0
076 000300 0.00
028 A010400 11715
028 A020400 25
028 A030400 0
028 A040400 10755
028 B010400 14286
028 B020400 33
028 B030400 0
028 B040400 11577
028 C010400 17161
028 C020400 43
028 C030400 0
028 C040400 14449
028 D010400 16828
028 D020400 36
028 D030400 0
028 D040400 14644
028 E010400 19450
028 E020400 45
028 E030400 0
028 E040400 17589
028 F010400 16435
028 F020400 50
<PAGE> PAGE 15
028 F030400 0
028 F040400 15780
028 G010400 95875
028 G020400 232
028 G030400 0
028 G040400 84794
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 100
043 000400 55
044 000400 56
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 99.1
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 25
063 B000400 0.0
064 A000400 Y
064 B000400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 335
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 24
072 G000400 0
072 H000400 0
<PAGE> PAGE 16
072 I000400 0
072 J000400 24
072 K000400 0
072 L000400 2
072 M000400 1
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 2
072 T000400 55
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 120
072 Y000400 22
072 Z000400 237
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 237
072DD020400 0
072EE000400 0
073 A010400 0.0100
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 26390
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 200
074 K000400 0
074 L000400 826
074 M000400 0
074 N000400 27416
074 O000400 0
074 P000400 20
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 753
074 S000400 0
<PAGE> PAGE 17
074 T000400 26643
074 U010400 26643
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 1.0000
074 X000400 5890
074 Y000400 0
075 A000400 22301
075 B000400 0
076 000400 0.00
028 A010500 13543
028 A020500 77
028 A030500 0
028 A040500 11092
028 B010500 10347
028 B020500 85
028 B030500 0
028 B040500 10017
028 C010500 7404
028 C020500 92
028 C030500 0
028 C040500 7871
028 D010500 8094
028 D020500 76
028 D030500 0
028 D040500 6037
028 E010500 6683
028 E020500 88
028 E030500 0
028 E040500 7877
028 F010500 6025
028 F020500 22
028 F030500 0
028 F040500 35110
028 G010500 52096
028 G020500 440
028 G030500 0
028 G040500 78004
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 68
044 000500 76
062 A000500 Y
<PAGE> PAGE 18
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 99.1
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 15
063 B000500 0.0
064 A000500 Y
064 B000500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 6
072 B000500 644
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 43
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 34
072 K000500 0
072 L000500 5
072 M000500 4
072 N000500 2
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 7
072 S000500 7
072 T000500 68
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 170
072 Y000500 23
072 Z000500 497
<PAGE> PAGE 19
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 497
072DD020500 0
072EE000500 0
073 A010500 0.0100
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 71
074 B000500 0
074 C000500 10065
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 70
074 K000500 0
074 L000500 177
074 M000500 0
074 N000500 10383
074 O000500 0
074 P000500 77
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 149
074 S000500 0
074 T000500 10157
074 U010500 10157
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 1.0000
074 X000500 3651
074 Y000500 0
075 A000500 34104
075 B000500 0
076 000500 0.00
SIGNATURE PHILIP J. COLLORA
TITLE V.P & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 2000
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> INVESTORS MUNICIPAL CASH FUND
<SERIES>
<NUMBER> 01
<NAME> TAX-EXEMPT NEW YORK MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 189,652
<INVESTMENTS-AT-VALUE> 189,652
<RECEIVABLES> 3,426
<ASSETS-OTHER> 741
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 193,819
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,704
<TOTAL-LIABILITIES> 2,704
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 191,115
<SHARES-COMMON-STOCK> 191,115
<SHARES-COMMON-PRIOR> 184,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 191,115
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,979
<OTHER-INCOME> 0
<EXPENSES-NET> (752)
<NET-INVESTMENT-INCOME> 2,227
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,227)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 453,920
<NUMBER-OF-SHARES-REDEEMED> (449,170)
<SHARES-REINVESTED> 1,868
<NET-CHANGE-IN-ASSETS> 6,618
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 890
<AVERAGE-NET-ASSETS> 184,318
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .94
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 2000
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> INVESTORS MUNICIPAL CASH FUND
<SERIES>
<NUMBER> 02
<NAME> INVESTORS PENNSLVANIA MUNICIPAL CASH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 9,401
<INVESTMENTS-AT-VALUE> 9,401
<RECEIVABLES> 223
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 220
<TOTAL-LIABILITIES> 220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,404
<SHARES-COMMON-STOCK> 9,404
<SHARES-COMMON-PRIOR> 6,003
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 9,404
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 142
<OTHER-INCOME> 0
<EXPENSES-NET> (39)
<NET-INVESTMENT-INCOME> 103
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (103)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,792
<NUMBER-OF-SHARES-REDEEMED> (36,472)
<SHARES-REINVESTED> 81
<NET-CHANGE-IN-ASSETS> 3,401
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78
<AVERAGE-NET-ASSETS> 8,844
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.07
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 2000
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> INVESTORS MUNICIPAL CASH FUND
<SERIES>
<NUMBER> 03
<NAME> INVESTORS FLORIDA MUNICIPAL CASH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 25,065
<INVESTMENTS-AT-VALUE> 25,065
<RECEIVABLES> 607
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,690
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 486
<TOTAL-LIABILITIES> 486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,204
<SHARES-COMMON-STOCK> 25,204
<SHARES-COMMON-PRIOR> 20,454
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25,204
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 370
<OTHER-INCOME> 0
<EXPENSES-NET> (103)
<NET-INVESTMENT-INCOME> 267
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 267
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (267)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,172
<NUMBER-OF-SHARES-REDEEMED> (86,680)
<SHARES-REINVESTED> 258
<NET-CHANGE-IN-ASSETS> 4,750
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124
<AVERAGE-NET-ASSETS> 23,012
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.12
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 2000
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> INVESTORS MUNICIPAL CASH FUND
<SERIES>
<NUMBER> 04
<NAME> INVESTORS NEW JERSEY MUNICIPAL CASH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 26,390
<INVESTMENTS-AT-VALUE> 26,390
<RECEIVABLES> 1,026
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,416
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 773
<TOTAL-LIABILITIES> 773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,643
<SHARES-COMMON-STOCK> 26,643
<SHARES-COMMON-PRIOR> 15,330
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 26,643
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 335
<OTHER-INCOME> 0
<EXPENSES-NET> (98)
<NET-INVESTMENT-INCOME> 237
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 237
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (237)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,875
<NUMBER-OF-SHARES-REDEEMED> (84,794)
<SHARES-REINVESTED> 232
<NET-CHANGE-IN-ASSETS> 11,313
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120
<AVERAGE-NET-ASSETS> 22,301
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 2000
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> INVESTORS MUNICIPAL CASH FUND
<SERIES>
<NUMBER> 05
<NAME> INVESTORS MICHIGAN CASH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 10,065
<INVESTMENTS-AT-VALUE> 10,065
<RECEIVABLES> 247
<ASSETS-OTHER> 71
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,383
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 226
<TOTAL-LIABILITIES> 226
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,157
<SHARES-COMMON-STOCK> 35,625
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 10,157
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 644
<OTHER-INCOME> 0
<EXPENSES-NET> (147)
<NET-INVESTMENT-INCOME> 497
<REALIZED-GAINS-CURRENT> (203)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (497)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52,096
<NUMBER-OF-SHARES-REDEEMED> (78,004)
<SHARES-REINVESTED> 440
<NET-CHANGE-IN-ASSETS> (25,468)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 170
<AVERAGE-NET-ASSETS> 34,104
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .87
</TABLE>
N:SHAREDAT\CORP_ACT\CONTRACT\KEMPER\IMCF\ima_s98.doc
INVESTMENT MANAGEMENT AGREEMENT
Investors Municipal Cash Fund
222 South Riverside Plaza
Chicago, Illinois 60606
September 7, 1998
Scudder Kemper Investments, Inc.
345 Park Avenue
New York, New York 10154
Investment Management Agreement
Investors Florida Municipal Cash Fund
Investors Michigan Municipal Cash Fund
Investors New Jersey Municipal Cash Fund
Investors Pennsylvania Municipal Cash Fund
Tax-Exempt New York Money Market Fund
Ladies and Gentlemen:
INVESTORS MUNICIPAL CASH FUND (the "Trust") has been established
as a Massachusetts business trust to engage in the business of an
investment company. Pursuant to the Trust's Declaration of Trust,
as amended from time-to-time (the "Declaration"), the Board of
Trustees is authorized to issue the Trust's shares of beneficial
interest (the "Shares"), in separate series, or funds. The Board
of Trustees has authorized the Investors Florida Municipal Cash
Fund, the Investors Michigan Municipal Cash Fund, the Investors
New Jersey Municipal Cash Fund, the Investors Pennsylvania
Municipal Cash Funds and the Tax-Exempt New York Money Market
Fund (each a "Fund" and collectively, the "Funds"). Series may
be abolished and dissolved, and additional series established,
from time to time by action of the Trustees.
The Trust, on behalf of the Funds, has selected you to act as the
investment manager of the Funds and to provide certain other
services, as more fully set forth below, and you have indicated
that you are willing to act as such investment manager and to
perform such services under the terms and conditions hereinafter
set forth. In the event the Trust establishes one or more
additional series with respect to which it desires to retain you
to render the services described hereunder, it shall notify you
in writing. If you are willing to render such services, you
shall notify the Trust in writing, whereupon such series shall
become a fund hereunder. Accordingly, the Trust on behalf of the
Funds agrees with you as follows:
1. Delivery of Documents. The Trust engages in the business of
investing and reinvesting the assets of each Fund in the manner
and in accordance with the investment objectives, policies and
restrictions specified in the currently effective Prospectus (the
"Prospectus") and Statement of Additional Information (the "SAI")
relating to each Fund included in the Trust's Registration
Statement on Form N-1A, as amended from time to time, (the
"Registration Statement") filed by the Trust under the Investment
Company Act of 1940, as amended, (the "1940 Act") and the
Securities Act of 1933, as amended. Copies of the documents
referred to in the preceding sentence have been furnished to you
by the Trust. The Trust has also furnished you with copies
properly certified or authenticated of each of the following
additional documents related to the Trust and the Funds:
(1) The Declaration, as amended to date.
(2) By-Laws of the Trust as in effect on the date hereof
(the "By- Laws").
(3) Resolutions of the Trustees of the Trust and the
shareholders of each Fund selecting you as investment manager and
approving the form of this Agreement.
(4) Establishment and Designation of Series of Shares of
Beneficial Interest relating to the Funds, as applicable.
The Trust will furnish you from time to time with copies,
properly certified or authenticated, of all amendments of or
supplements, if any, to the foregoing, including the Prospectus,
the SAI and the Registration Statement.
2. Portfolio Management Services. As manager of the assets of
the Funds, you shall provide continuing investment management of
the assets of the Funds in accordance with the investment
objectives, policies and restrictions set forth in the Prospectus
and SAI; the applicable provisions of the 1940 Act and the
Internal Revenue Code of 1986, as amended, (the "Code") relating
to regulated investment companies and all rules and regulations
thereunder; and all other applicable federal and state laws and
regulations of which you have knowledge; subject always to
policies and instructions adopted by the Trust's Board of
Trustees. In connection therewith, you shall use reasonable
efforts to manage each Fund so that it will qualify as a
regulated investment company under Subchapter M of the Code and
regulations issued thereunder. The Funds shall have the benefit
of the investment analysis and research, the review of current
economic conditions and trends and the consideration of long-
range investment policy generally available to your investment
advisory clients. In managing the Funds in accordance with the
requirements set forth in this section 2, you shall be entitled
to receive and act upon advice of counsel to the Trust. You shall
also make available to the Trust promptly upon request all of the
Funds' investment records and ledgers as are necessary to assist
the Trust in complying with the requirements of the 1940 Act and
other applicable laws. To the extent required by law, you shall
furnish to regulatory authorities having the requisite authority
any information or reports in connection with the services
provided pursuant to this Agreement which may be requested in
order to ascertain whether the operations of the Trust are being
conducted in a manner consistent with applicable laws and
regulations.
You shall determine the securities, instruments, investments,
currencies, repurchase agreements, futures, options and other
contracts relating to investments to be purchased, sold or
entered into by each Fund and place orders with broker-dealers,
foreign currency dealers, futures commission merchants or others
pursuant to your determinations and all in accordance with Fund
policies as expressed in the Registration Statement. You shall
determine what portion of each Fund's portfolio shall be invested
in securities and other assets and what portion, if any, should
be held uninvested.
You shall furnish to the Trust's Board of Trustees periodic
reports on the investment performance of each Fund and on the
performance of your obligations pursuant to this Agreement, and
you shall supply such additional reports and information as the
Trust's officers or Board of Trustees shall reasonably request.
3. Administrative Services. In addition to the portfolio
management services specified above in section 2, you shall
furnish at your expense for the use of the Funds such office
space and facilities in the United States as the Funds may
require for its reasonable needs, and you (or one or more of your
affiliates designated by you) shall render to the Trust
administrative services on behalf of the Funds necessary for
operating as an open end investment company and not provided by
persons not parties to this Agreement including, but not limited
to, preparing reports to and meeting materials for the Trust's
Board of Trustees and reports and notices to Fund shareholders;
supervising, negotiating contractual arrangements with, to the
extent appropriate, and monitoring the performance of, accounting
agents, custodians, depositories, transfer agents and pricing
agents, accountants, attorneys, printers, underwriters, brokers
and dealers, insurers and other persons in any capacity deemed to
be necessary or desirable to Fund operations; preparing and
making filings with the Securities and Exchange Commission (the
"SEC") and other regulatory and self-regulatory organizations,
including, but not limited to, preliminary and definitive proxy
materials, post-effective amendments to the Registration
Statement, semi-annual reports on Form N-SAR and notices pursuant
to Rule 24f-2 under the 1940 Act; overseeing the tabulation of
proxies by the Funds' transfer agent; assisting in the
preparation and filing of each Fund's federal, state and local
tax returns; preparing and filing each Fund's federal excise tax
return pursuant to Section 4982 of the Code; providing assistance
with investor and public relations matters; monitoring the
valuation of portfolio securities and the calculation of net
asset value; monitoring the registration of Shares of each Fund
under applicable federal and state securities laws; maintaining
or causing to be maintained for the Funds all books, records and
reports and any other information required under the 1940 Act, to
the extent that such books, records and reports and other
information are not maintained by the Funds' custodian or other
agents of the Funds; assisting in establishing the accounting
policies of the Funds; assisting in the resolution of accounting
issues that may arise with respect to the Funds' operations and
consulting with the Funds' independent accountants, legal counsel
and the Funds' other agents as necessary in connection therewith;
establishing and monitoring each Fund's operating expense
budgets; reviewing each Fund's bills; processing the payment of
bills that have been approved by an authorized person; assisting
the Funds in determining the amount of dividends and
distributions available to be paid by each Fund to its
shareholders, preparing and arranging for the printing of
dividend notices to shareholders, and providing the transfer and
dividend paying agent, the custodian, and the accounting agent
with such information as is required for such parties to effect
the payment of dividends and distributions; and otherwise
assisting the Trust as it may reasonably request in the conduct
of the Funds' business, subject to the direction and control of
the Trust's Board of Trustees. Nothing in this Agreement shall be
deemed to shift to you or to diminish the obligations of any
agent of the Funds or any other person not a party to this
Agreement which is obligated to provide services to the Funds.
4. Allocation of Charges and Expenses. Except as otherwise
specifically provided in this section 4, you shall pay the
compensation and expenses of all Trustees, officers and executive
employees of the Trust (including each Fund's share of payroll
taxes) who are affiliated persons of you, and you shall make
available, without expense to the Funds, the services of such of
your directors, officers and employees as may duly be elected
officers of the Trust, subject to their individual consent to
serve and to any limitations imposed by law. You shall provide at
your expense the portfolio management services described in
section 2 hereof and the administrative services described in
section 3 hereof.
You shall not be required to pay any expenses of the Funds other
than those specifically allocated to you in this section 4. In
particular, but without limiting the generality of the foregoing,
you shall not be responsible, except to the extent of the
reasonable compensation of such of the Funds' Trustees and
officers as are directors, officers or employees of you whose
services may be involved, for the following expenses of each
Fund: organization expenses of each Fund (including out of-pocket
expenses, but not including your overhead or employee costs);
fees payable to you and to any other Fund advisors or
consultants; legal expenses; auditing and accounting expenses;
maintenance of books and records which are required to be
maintained by the Funds' custodian or other agents of the Trust;
telephone, telex, facsimile, postage and other communications
expenses; taxes and governmental fees; fees, dues and expenses
incurred by the Funds in connection with membership in investment
company trade organizations; fees and expenses of the Funds'
accounting agent for which the Trust is responsible pursuant to
the terms of the Fund Accounting Services Agreement, custodians,
subcustodians, transfer agents, dividend disbursing agents and
registrars; payment for portfolio pricing or valuation services
to pricing agents, accountants, bankers and other specialists, if
any; expenses of preparing share certificates and, except as
provided below in this section 4, other expenses in connection
with the issuance, offering, distribution, sale, redemption or
repurchase of securities issued by each Fund; expenses relating
to investor and public relations; expenses and fees of
registering or qualifying Shares of each Fund for sale; interest
charges, bond premiums and other insurance expense; freight,
insurance and other charges in connection with the shipment of
each Fund's portfolio securities; the compensation and all
expenses (specifically including travel expenses relating to
Trust business) of Trustees, officers and employees of the Trust
who are not affiliated persons of you; brokerage commissions or
other costs of acquiring or disposing of any portfolio securities
of the Funds; expenses of printing and distributing reports,
notices and dividends to shareholders; expenses of printing and
mailing Prospectuses and SAIs of each Fund and supplements
thereto; costs of stationery; any litigation expenses;
indemnification of Trustees and officers of the Trust; and costs
of shareholders' and other meetings.
You shall not be required to pay expenses of any activity which
is primarily intended to result in sales of Shares of a Fund if
and to the extent that (i) such expenses are required to be borne
by a principal underwriter which acts as the distributor of a
Fund's Shares pursuant to an underwriting agreement which
provides that the underwriter shall assume some or all of such
expenses, or (ii) the Trust on behalf of a Fund shall have
adopted a plan in conformity with Rule 12b-1 under the 1940 Act
providing that a Fund (or some other party) shall assume some or
all of such expenses. You shall be required to pay such of the
foregoing sales expenses as are not required to be paid by the
principal underwriter pursuant to the underwriting agreement or
are not permitted to be paid by a Fund (or some other party)
pursuant to such a plan.
5. Management Fee. For all services to be rendered, payments to
be made and costs to be assumed by you as provided in sections 2,
3, and 4 hereof, the Trust on behalf of the Funds shall pay you
in United States Dollars on the last day of each month the unpaid
balance of a fee equal to the excess of (a) 1/12 of .22 of 1
percent of the combined average daily net assets as defined below
of the Funds for such month; provided that, for any calendar
month during which the average of such values exceeds
$500,000,000, the fee payable for that month based on the portion
of the average of such values in excess of $500,000,000 shall be
1/12 of .20 of 1 percent of such portion; provided that, for any
calendar month during which the average of such values exceeds $1
billion, the fee payable for that month based on the portion of
the average of such values in excess of $1 billion shall be 1/12
of .175 of 1 percent of such portion; provided that, for any
calendar month during which the average of such values exceeds $2
billion, the fee payable for that month based on the portion of
the average of such values in excess of $2 billion shall be 1/12
of .16 of 1 percent of such portion; and provided that, for any
calendar month during which the average of such values exceeds $3
billion, the fee payable for that month based on the portion of
the average of such values in excess of $3 billion shall be 1/12
of .15 of 1 percent of such portion; over (b) any compensation
waived by you from time to time (as more fully described below).
You shall be entitled to receive during any month such interim
payments of your fee hereunder as you shall request, provided
that no such payment shall exceed 75 percent of the amount of
your fee then accrued on the books of the Funds and unpaid.
The "average daily net assets" of a Fund shall mean the average
of the values placed on a Fund's net assets as of 4:00 p.m. (New
York time) on each day on which the net asset value of the Fund
is determined consistent with the provisions of Rule 22c-1 under
the 1940 Act or, if the Fund lawfully determines the value of its
net assets as of some other time on each business day, as of such
time. The value of the net assets of a Fund shall always be
determined pursuant to the applicable provisions of the
Declaration and the Registration Statement. If the determination
of net asset value does not take place for any particular day,
then for the purposes of this section 5, the value of the net
assets of such Fund as last determined shall be deemed to be the
value of its net assets as of 4:00 p.m. (New York time), or as of
such other time as the value of the net assets of the Fund's
portfolio may be lawfully determined on that day. If a Fund
determines the value of the net assets of its portfolio more than
once on any day, then the last such determination thereof on that
day shall be deemed to be the sole determination thereof on that
day for the purposes of this section 5.
You may waive all or a portion of your fees provided for
hereunder and such waiver shall be treated as a reduction in
purchase price of your services. You shall be contractually bound
hereunder by the terms of any publicly announced waiver of your
fee, or any limitation of the Funds' expenses, as if such waiver
or limitation were fully set forth herein.
6. Avoidance of Inconsistent Position; Services Not Exclusive.
In connection with purchases or sales of portfolio securities and
other investments for the account of the Funds, neither you nor
any of your directors, officers or employees shall act as a
principal or agent or receive any commission. You or your agent
shall arrange for the placing of all orders for the purchase and
sale of portfolio securities and other investments for each
Fund's account with brokers or dealers selected by you in
accordance with Fund policies as expressed in the Registration
Statement. If any occasion should arise in which you give any
advice to clients of yours concerning the Shares of a Fund, you
shall act solely as investment counsel for such clients and not
in any way on behalf of such Fund.
Your services to the Funds pursuant to this Agreement are not to
be deemed to be exclusive and it is understood that you may
render investment advice, management and services to others. In
acting under this Agreement, you shall be an independent
contractor and not an agent of the Trust. Whenever a Fund and one
or more other accounts or investment companies advised by you
have available funds for investment, investments suitable and
appropriate for each shall be allocated in accordance with
procedures believed by you to be equitable to each entity.
Similarly, opportunities to sell securities shall be allocated in
a manner believed by you to be equitable. The Funds recognize
that in some cases this procedure may adversely affect the size
of the position that may be acquired or disposed of for the
Funds.
7. Limitation of Liability of Manager. As an inducement to your
undertaking to render services pursuant to this Agreement, the
Trust agrees that you shall not be liable under this Agreement
for any error of judgment or mistake of law or for any loss
suffered by a Fund in connection with the matters to which this
Agreement relates, provided that nothing in this Agreement shall
be deemed to protect or purport to protect you against any
liability to the Trust, the Funds or their shareholders to which
you would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence in the performance of your duties,
or by reason of your reckless disregard of your obligations and
duties hereunder.
8. Duration and Termination of This Agreement. This Agreement
shall remain in force until September 30, 1999, and continue in
force from year to year thereafter with respect to each Fund, but
only so long as such continuance is specifically approved for
each Fund at least annually (a) by the vote of a majority of the
Trustees who are not parties to this Agreement or interested
persons of any party to this Agreement, cast in person at a
meeting called for the purpose of voting on such approval, and
(b) by the Trustees of the Trust, or by the vote of a majority of
the outstanding voting securities of such Fund. The aforesaid
requirement that continuance of this Agreement be "specifically
approved at least annually" shall be construed in a manner
consistent with the 1940 Act and the rules and regulations
thereunder and any applicable SEC exemptive order therefrom.
This Agreement may be terminated with respect to a Fund at any
time, without the payment of any penalty, by the vote of a
majority of the outstanding voting securities of such Fund or by
the Trust's Board of Trustees on 60 days' written notice to you,
or by you on 60 days' written notice to the Trust. This Agreement
shall terminate automatically in the event of its assignment.
This Agreement may be terminated with respect to a Fund at any
time without the payment of any penalty by the Board of Trustees
or by vote of a majority of the outstanding voting securities of
such Fund in the event that it shall have been established by a
court of competent jurisdiction that you or any of your officers
or directors has taken any action which results in a breach of
your covenants set forth herein.
9. Amendment of this Agreement. No provision of this Agreement
may be changed, waived, discharged or terminated orally, but only
by an instrument in writing signed by the party against whom
enforcement of the change, waiver, discharge or termination is
sought, and no amendment of this Agreement shall be effective
until approved in a manner consistent with the 1940 Act and rules
and regulations thereunder and any applicable SEC exemptive order
therefrom.
10. Limitation of Liability for Claims. The Declaration, a copy
of which, together with all amendments thereto, is on file in the
Office of the Secretary of the Commonwealth of Massachusetts,
provides that the name "Investors Municipal Cash Fund" refers to
the Trustees under the Declaration collectively as Trustees and
not as individuals or personally, and that no shareholder of a
Fund, or Trustee, officer, employee or agent of the Trust, shall
be subject to claims against or obligations of the Trust or of a
Fund to any extent whatsoever, but that the Trust estate only
shall be liable.
You are hereby expressly put on notice of the limitation of
liability as set forth in the Declaration and you agree that the
obligations assumed by the Trust on behalf of each Fund pursuant
to this Agreement shall be limited in all cases to each Fund and
its assets, and you shall not seek satisfaction of any such
obligation from the shareholders or any shareholder of a Fund or
any other series of the Trust, or from any Trustee, officer,
employee or agent of the Trust. You understand that the rights
and obligations of each Fund, or series, under the Declaration
are separate and distinct from those of any and all other series.
11. Miscellaneous. The captions in this Agreement are included
for convenience of reference only and in no way define or limit
any of the provisions hereof or otherwise affect their
construction or effect. This Agreement may be executed
simultaneously in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute
one and the same instrument.
In interpreting the provisions of this Agreement, the definitions
contained in Section 2(a) of the 1940 Act (particularly the
definitions of "affiliated person," "assignment" and "majority of
the outstanding voting securities"), as from time to time
amended, shall be applied, subject, however, to such exemptions
as may be granted by the SEC by any rule, regulation or order.
This Agreement shall be construed in accordance with the laws of
the Commonwealth of Massachusetts, provided that nothing herein
shall be construed in a manner inconsistent with the 1940 Act, or
in a manner which would cause a Fund to fail to comply with the
requirements of Subchapter M of the Code.
This Agreement shall supersede all prior investment advisory or
management agreements entered into between you and the Trust on
behalf of the Funds.
If you are in agreement with the foregoing, please execute the
form of acceptance on the accompanying counterpart of this letter
and return such counterpart to the Trust, whereupon this letter
shall become a binding contract effective as of the date of this
Agreement.
Yours very truly,
INVESTORS MUNICIPAL CASH,
on behalf of
Investors Florida Municipal
Cash Fund
Investors Michigan Municipal
Cash Fund
Investors New Jersey Municipal
Cash Fund
Investors Pennsylvania
Municipal Cash Fund
Tax-Exempt New York Money
Market Fund
By:
President
The foregoing Agreement is hereby accepted as of the date hereof.
SCUDDER KEMPER INVESTMENTS,
INC.
By:
Treasurer