<PAGE> 1
Investors Municipal Cash Fund
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DEAR SHAREHOLDERS:
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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
<TABLE>
<CAPTION>
Equivalent
Net Yield Taxable Yield
<S> <C> <C>
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%
</TABLE>
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.
<PAGE> 2
Investors Municipal Cash Fund 2
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TAX-EXEMPT NEW YORK MONEY MARKET FUND
Investments at March 31, 1999
(Value in thousands)
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<TABLE>
<CAPTION>
Value
(A)VARIABLE RATE DEMAND SECURITIES
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
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Niagara County
Industrial Development Agency
3.05% 8,500
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St. Lawrence County
Industrial Development Agency
3.00% 500
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Puerto Rico
Government Development Bank
2.75% 1,000
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TOTAL VARIABLE RATE DEMAND
SECURITIES--63.1%
(average maturity: 5 days) 116,400
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</TABLE>
<PAGE> 3
Investors Municipal Cash Fund 3
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<TABLE>
<CAPTION>
Value
OTHER SECURITIES
<S> <C>
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
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Long Island
Power Authority
2.45% - 3.20%, 4/8/99 - 7/22/99 6,300
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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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
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TOTAL OTHER SECURITIES--36.9%
(average maturity: 64 days) 68,169
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TOTAL INVESTMENTS--100%
(average maturity: 27 days) 184,569
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LIABILITIES, LESS OTHER ASSETS (72)
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NET ASSETS--100% $184,497
- -----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 4
Investors Municipal Cash Fund 4
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INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
(A)VARIABLE RATE DEMAND SECURITIES
<S> <C>
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
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Allentown
Hospital Authority Revenue
3.15% 100
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Chester County
Industrial Development Authority
3.25% 100
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Dallastown
School District Revenue
3.09% 100
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Dauphin County
General Authority Revenue
3.09% 100
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Delaware County
Industrial Development Authority
3.10% 500
- -----------------------------------------------------------
Delaware Valley
Regional Financing Authority
2.95% 200
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Emmaus
General Authority Revenue
3.00% 100
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Erie County
Hospital Authority
2.95% 100
- -----------------------------------------------------------
Gettysburg
Industrial Development Authority
3.05% 100
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
Indiana County
Industrial Development Authority
3.00% $ 100
- -----------------------------------------------------------
Lehigh County
General Purpose Authority
3.00% 200
Industrial Development Authority
3.00% 100
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Northumberland County
Industrial Development Authority
3.05% 150
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Philadelphia
Authority for Industrial Development Revenue
3.10% 200
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Pittsburgh
University of Pittsburgh
3.00% 200
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Quakertown
Hospital Authority
3.10% 100
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Schuylkill County
Industrial Development Authority
2.95% 100
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Venango
Industrial Development Authority
3.35% 100
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Washington County
Higher Education Pooled Equipment Leasing Program
3.05% 200
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York County
Industrial Development Authority
3.10% 100
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Other Obligations
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Alaska
Valdez
Exxon Pipeline Co. Project
3.10% 200
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District of Columbia
General Obligation
3.25% 100
- -----------------------------------------------------------
</TABLE>
<PAGE> 5
Investors Municipal Cash Fund 5
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
Illinois
Chicago
O'Hare International Airport Revenue
3.10% $ 200
- -----------------------------------------------------------
Indiana
Jasper County
Pollution Control Revenue
3.15% 100
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Montana
Forsyth
Pollution Control Revenue
3.30% 150
- -----------------------------------------------------------
New York
Job Development Authority
3.00% 200
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Texas
Harris County
Health Facilities Development Corp. Revenue
3.10% 100
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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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 6
Investors Municipal Cash Fund 6
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INVESTORS FLORIDA MUNICIPAL CASH FUND
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
(A) VARIABLE RATE DEMAND SECURITIES
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<PAGE> 7
Investors Municipal Cash Fund 7
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 8
Investors Municipal Cash Fund 8
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INVESTORS NEW JERSEY MUNICIPAL CASH FUND
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
(A)VARIABLE RATE DEMAND SECURITIES
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<PAGE> 9
Investors Municipal Cash Fund 9
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
<PAGE> 10
Investors Municipal Cash Fund 10
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INVESTORS MICHIGAN MUNICIPAL CASH FUND
Investments at March 31, 1999
(Value in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
(A)VARIABLE RATE DEMAND SECURITIES
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
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
- -----------------------------------------------------------
</TABLE>
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.
<PAGE> 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
<PAGE> 12
Investors Municipal Cash Fund 12
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
March 31, 1999
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 13
Investors Municipal Cash Fund 13
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Year ended March 31, 1999
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK PENNSYLVANIA FLORIDA NEW JERSEY MICHIGAN(A)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) For the period from April 6, 1998 (commencement of operations) to March 31,
1999.
<PAGE> 14
Investors Municipal Cash Fund 14
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
-------------------------------------------------------
<S> <C> <C> <C> <C>
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
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 15
Investors Municipal Cash Fund 15
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
(in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 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
<PAGE> 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.
<PAGE> 18
Investors Municipal Cash Fund 18
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
NEW YORK 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 .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
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
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
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: Scudder Kemper has agreed to temporarily waive a portion of its management
fee and absorb certain expenses of the funds.
<PAGE> 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.
<PAGE> 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.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
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.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE> 21
Investors Municipal Cash Fund 21
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE> 22
Investors Municipal Cash Fund 22
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE> 23
Investors Municipal Cash Fund 23
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE> 24
Investors Municipal Cash Fund 24
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-----------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE> 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
