UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM N-CSR Investment Company Act file number 811-6108 INVESTORS MUNICIPAL CASH FUND ----------------------------------------------- (Exact Name of Registrant as Specified in Charter) 222 South Riverside Plaza, Chicago, IL 60606 ---------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code: (617) 295-2663 -------------- Salvatore Schiavone Two International Place Boston, Massachusetts 02110 --------------------------------------- (Name and Address of Agent for Service) Date of fiscal year end: 3/31 Date of reporting period: 3/31/04ITEM 1. REPORT TO STOCKHOLDERS
ANNUAL REPORT TO SHAREHOLDERS
Investors
Municipal
Cash Fund
March 31, 2004
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
Dear Shareholder: |
Thank you for investing with Investors Municipal Cash Fund. To provide you with an update of holdings and financial highlights, on the following pages you'll find the fund's annual report for its most recent fiscal year ended March 31, 2004. The fund's series include:
• 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
Briefly, for the 12-month period ended March 31, 2004, the fund's portfolios registered favorable performance and achieved their stated objectives of providing maximum current income while maintaining stability of principal.
Economic Review
Following the Federal Reserve's surprising decision to lower the federal funds rate by only 25 basis points - to 1% - back in June 2003, the US economy began to stabilize. GDP was reported at approximately 4% for the fourth quarter, productivity levels remained high, yet the level of job creation remained stubbornly low. In December, the Fed, satisfied by the evidence of a rebound in the economy, removed its anti-deflation bias, and maintained its focus on the need for job creation. Through the first quarter of 2004, with few signs of a pickup in job growth, the Fed held off on declaring a bias toward tightening credit. At its January 28th meeting, however, the Fed did remove language that had appeared in previous statements asserting that it would keep short-term rates at current levels "for a considerable period."
During the period, the supply of short-term municipal paper increased sharply due to sluggish economic growth at the start of the period and a slowdown in individual state and local government tax collection. Increased supply in the overall market was met with a surge in demand, as many investors took a defensive stance within their portfolios.
Over the reporting period, the Investors Municipal Cash Fund targeted a neutral average maturity as compared with similar funds. During the period, we continued to focus on the highest-quality investments while seeking competitive yields across the municipal money market investment spectrum. In particular, we emphasized essential-services revenue issues and what is known as enhanced paper, i.e., securities guaranteed by a third party such as a bank or insurance company.
Fund Results
As of March 31, 2004
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.
Fund | 7-Day Current Yield1 | Equivalent Taxable Yield2 |
Tax-Exempt New York Money Market Fund | .07% | .12% |
Investors Pennsylvania Municipal Cash Fund | .07% | .11% |
Investors Florida Municipal Cash Fund | .06% | .09% |
Investors New Jersey Municipal Cash Fund | .05% | .08% |
Investors Michigan Municipal Cash Fund | .22% | .35% |
Yields are historical, will fluctuate, and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolios over a 7-day period expressed as an annual percentage rate.
1 Recent and any future declines in interest rate levels could cause the funds' earnings to fall below each fund's expense ratios, resulting in a negative yield. The advisor has agreed to voluntarily waive expenses as necessary to maintain a minimum distribution yield. This waiver may be changed or terminated at any time without notice. Otherwise, the 7-day current average yields of 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 would have been ..07%, -.34%, -.14%, -.37% and -1.95%, respectively, as of March 31, 2004.2 The equivalent taxable yield allows you to compare the fund with the performance of taxable money market funds. The New York Fund equivalent taxable yield is based upon the fund's yield and a combined Federal and State of New York income tax rate of 40.01%. The Pennsylvania, New Jersey and Michigan Funds equivalent taxable yields are based upon the funds' yields and a combined Federal and State marginal income tax rate of 37.00%, 39.14% and 37.60%, respectively. The Florida Fund equivalent taxable yield is based upon the fund's yield and 35.00% Federal income tax rate. Income may be subject to local taxes and for some investors, the alternative minimum tax.
At the close of the period, the average maturities for each fund were as follows: 52 days for Tax-Exempt New York Money Market Fund, 39 days for Investors Pennsylvania Municipal Cash Fund, 38 days for Investors Florida Municipal Cash Fund, 50 days for Investors New Jersey Municipal Cash Fund and 38 days for Investors Michigan Municipal Cash Fund. We continue to manage the funds' portfolio conservatively, maintaining high quality, adjusting weighted average maturities in response to market conditions and strictly limiting exposure to any one issuer.
Thank you again for your investment. We look forward to serving your investment needs in the months and years to come.
Sincerely,
Geoffrey Gibbs, Portfolio Manager
A group of investment professionals is responsible for the day-to-day management of each fund. These professionals have a broad range of experience managing money market funds.
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 and should not be construed as a recommendation.
Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.
Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.
Portfolio of Investments as of March 31, 2004 | |
Tax-Exempt New York Money Market Fund | Principal Amount ($) | Value ($) |
Municipal Investments 100.0% | ||
New York 96.2% | ||
Albany, Industrial Development Agency, Civic Facilities Revenue, University of Albany Foundation, Series A, 0.99%*, 11/1/2032 (c) | 295,000 | 295,000 |
Albany, Industrial Development Agency, Davies Office Refurbishing, AMT, 1.04%*, 2/1/2017 (b) | 400,000 | 400,000 |
Brookhaven & Smithtown, Three Village Century School District, Tax Anticipation Notes, 1.5%, 6/30/2004 | 500,000 | 500,548 |
Greece, State GO, Central School District, 4.0%, 6/15/2004 (c) | 335,000 | 337,019 |
Hempstead, Industrial Development Agency, Trigen-Nassau Energy, AMT, 1.08%*, 9/15/2015 (b) | 850,000 | 850,000 |
Nassau County, Tax Anticipation Notes, Series A, 2.0%, 4/15/2004 | 1,300,000 | 1,300,471 |
New York City, General Obligations, Series A-3, 1.05%*, 8/1/2031 (b) | 765,000 | 765,000 |
New York City, Housing Development Corp., Mortgage Revenue, Columbus Apartments, Series A, 1.03%*, 3/15/2025 (c) | 300,000 | 300,000 |
New York City, Industrial Development Agency, Civic Facilities Revenue, Allen Stevenson School, 1.05%*, 12/1/2034 (b) | 1,200,000 | 1,200,000 |
New York City, Municipal Water Finance Authority, 0.95%, 7/1/2004 | 2,000,000 | 2,000,000 |
New York City, Transitional Finance Authority Revenue, Future Tax Secured: | ||
Series A-1, 1.03%*, 11/15/2022 | 45,000 | 45,000 |
Series C, 1.08%*, 5/1/2028 | 470,000 | 470,000 |
New York City, Transitional Finance Authority, Star Certificate: | ||
Series 2003-7, 1.05%*, 2/1/2009 | 1,215,000 | 1,215,000 |
Series 2003-1, 1.05%*, 2/1/2011 (c) | 1,410,000 | 1,410,000 |
New York, Energy Research & Development Authority, Pollution Control Revenue, NY Electric & Gas, Series C, 1.14%*, 6/1/2029 | 100,000 | 100,000 |
New York, Metropolitan Transportation Authority: | ||
Series B, 1.01%*, 11/1/2022 (c) | 695,000 | 695,000 |
Series PA-1083, 1.05%*, 5/15/2010 (c) | 1,000,000 | 1,000,000 |
Series 1040, 144A, 1.05%*, 11/15/2020 (c) | 100,000 | 100,000 |
Series PA-1083, 1.05%*, 11/15/2030 | 500,000 | 500,000 |
Series 848-D, 1.07%*, 11/15/2021 (c) | 1,200,000 | 1,200,000 |
New York, Municipal Assistance Corp., Series E, 6.0%, 7/1/2004 | 250,000 | 253,073 |
New York, Power Authority, 0.92%, 6/7/2004 | 1,400,000 | 1,400,000 |
New York, State Dormitory Authority Revenue, Series 1997, 0.95%, 4/8/2004 | 500,000 | 500,000 |
New York, State Dormitory Authority Revenue, Columbia University, Series B, 1.03%*, 7/1/2028 | 400,000 | 400,000 |
New York, State Dormitory Authority Revenue, Cornell University, Series A, 0.98%*, 7/1/2029 | 400,000 | 400,000 |
New York, State Dormitory Authority Revenue, Mental Health Services, Series D-2B, 1.0%*, 2/15/2031 (c) | 1,100,000 | 1,100,000 |
New York, State Dormitory Authority Revenue, Merlots, Series B09, 1.06%*, 3/15/2023 (c) | 200,000 | 200,000 |
New York, State Dormitory Authority Revenue, Rockefeller University, Series A-2, 1.0%*, 7/1/2032 | 1,500,000 | 1,500,000 |
New York, State Environmental Facilities Corp., Pollution Control Revenue, Water Revolving Fund, Series C, ETM, 5.0%, 7/15/2004 | 805,000 | 814,408 |
New York, State GO, Series B, 1.02%*, 3/15/2030 (b) | 985,000 | 985,000 |
New York, State GO, Environmental Quality, Series G, 1.03%*, 11/30/2018 (b) | 500,000 | 500,000 |
New York, State Housing Finance Agency Revenue: | ||
Series E-39, AMT, 1.03%*, 11/15/2031 (c) | 100,000 | 100,000 |
Series A, AMT, 1.05%*, 5/1/2029 (c) | 500,000 | 500,000 |
New York, State Housing Finance Agency Revenue, Historic Front Street, Series A, 1.02%*, 11/1/2036 (b) | 350,000 | 350,000 |
New York, State Housing Finance Agency, Multi-Family Housing, Series A, AMT, 1.06%*, 11/1/2028 (c) | 2,650,000 | 2,650,000 |
New York, State Housing Finance Agency, Service Contract Revenue, Series D, 1.05%*, 3/15/2026 (b) | 1,800,000 | 1,800,000 |
New York, State Local Government Assistance Corp., Series A, 5.5%, 4/1/2004 (c) | 200,000 | 200,000 |
New York, State Thruway Authority, Highway & Bridge Trust Fund, Series B, 3.0%, 4/1/2004 (c) | 200,000 | 200,000 |
New York, Triborough Building & Tunnel Authority, Special Obligation, Series B-13, 1.06%*, 11/15/2021 (c) | 1,400,000 | 1,400,000 |
New York State, Jay Street Development Corp., Center Facilities Lease Revenue, Series A-3, 1.0%*, 5/1/2022 (b) | 1,400,000 | 1,400,000 |
Niagara County, Industrial Development Agency, Civic Facilities Revenue, NYCARC, Inc. Opportunities Unlimited, Series A, 1.1%*, 9/1/2021 (b) | 1,040,000 | 1,040,000 |
Oneida Indian Nation, Revenue Bond, 1.02%*, 10/1/2032 (b) | 475,000 | 475,000 |
Onondaga County, Industrial Development Agency, Civic Facilities Revenue, YMCA of Greater Syracuse, Series A, 1.1%*, 11/1/2025 (b) | 1,500,000 | 1,500,000 |
Otsego County, Industrial Development Agency, Civic Facilities Revenue, Noonan Community Service Corp. Project, Riverhead, Public Improvements, 1.02%*, 3/1/2025 (b) | 1,925,000 | 1,925,000 |
Rockland County, General Obligations, 2.0%, 3/24/2005 | 2,000,000 | 2,018,576 |
Rome, City School District, Revenue Anticipation Notes, 1.75%, 6/25/2004 | 1,980,000 | 1,983,272 |
Schenectady County, Hospital and Healthcare Revenue, Industrial Development Agency, Civic Facilities Revenue, Series B, 1.05%*, 8/1/2033 (b) | 790,000 | 790,000 |
Schoharie County, Industrial Development Agency, Civic Facilities Revenue, Basset Hospital Project, Series A, 1.1%*, 2/1/2021 (b) | 665,000 | 665,000 |
South Huntington, School District, Tax Anticipation Notes, 1.5%, 6/30/2004 | 2,000,000 | 2,002,565 |
Suffolk County, Public Improvement, Series A, 4.0%, 5/15/2004 (c) | 540,000 | 541,968 |
Suffolk County, Tax Anticipation Notes, 2.0%, 9/8/2004 | 750,000 | 753,013 |
Yates County, Industrial Development Agency, Civic Facilities Revenue, Series B, 1.05%*, 9/1/2015 (b) | 425,000 | 425,000 |
45,454,913 | ||
Multi-State 3.8% | ||
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.06%*, 10/1/2008 | 1,800,000 | 1,800,000 |
Total Investment Portfolio - 100.0% (Cost $47,254,913) (a) | 47,254,913 |
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of March 31, 2004.
(a) The cost for federal income tax purposes was $47,255,143.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:
As a % of Total Investment Portfolio | ||
AMBAC | AMBAC Assurance Corp. | 7.1% |
FGIC | Financial Guaranty Insurance Company | 6.2% |
FNMA | Federal National Mortgage Association | 1.9% |
FSA | Financial Security Assurance | 6.6% |
MBIA | Municipal Bond Investors Assurance | 4.1% |
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of March 31, 2004 |
Investors Pennsylvania Municipal Cash Fund | Principal Amount ($) | Value ($) |
Municipal Investments 100.0% | ||
Pennsylvania 85.5% | ||
Allegheny County, Hospital Development Authority Revenue, UPMC Senior Living Corp., 1.02%*, 7/15/2028 (c) | 300,000 | 300,000 |
Allentown, Area Hospital Authority Revenue, Sacred Heart Hospital, Series B, 1.04%*, 7/1/2023 (b) | 30,000 | 30,000 |
Bucks County, Tax and Revenue Anticipation Notes, Series A, 2.0%, 12/31/2004 | 250,000 | 251,613 |
Bucks County, Water & Sewer Authority Revenue, Series A, 2.0%, 12/1/2004 (c) | 170,000 | 170,899 |
Butler County, General Obligation, 2.0%, 7/15/2004 (c) | 350,000 | 350,947 |
Cumberland County, Municipal Authority Retirement Community Revenue, Wesley Affiliated Services, Series C, 1.02%*, 1/1/2037 (b) | 300,000 | 300,000 |
Dallastown, State GO, Area School District, 1.07%*, 2/1/2018 (c) | 240,000 | 240,000 |
Dauphin County, General Authority, Education & Health Loan Program, 1.1%*, 11/1/2017 (c) | 250,000 | 250,000 |
Delaware County, Industrial Development Authority, 1.12%**, 12/1/2009 | 350,000 | 350,000 |
Delaware County, Industrial Development Authority, Pollution Control Revenue, BP Exploration & Oil, 1.12%*, 10/1/2019 | 120,000 | 120,000 |
Delaware Valley, Regional Finance Authority, Local Government Revenue: | ||
1.04%*, 8/1/2016 (b) | 340,000 | 340,000 |
Series PT-784, 1.07%*, 7/1/2026 | 420,000 | 420,000 |
Latrobe, Industrial Development Authority Revenue, Greensburg Diocese, 1.15%*, 6/1/2033 (b) | 700,000 | 700,000 |
Lehigh County, Industrial Development Authority, Pollution Control Revenue: | ||
1.03%*, 6/1/2014 (b) | 100,000 | 100,000 |
1.03%*, 10/1/2014 (b) | 440,000 | 440,000 |
Manheim Township, School District, 1.07%*, 6/1/2016 (c) | 400,000 | 400,000 |
Montgomery County, County GO, 0.92%, 5/7/2004 | 600,000 | 600,000 |
Pennsylvania, Economic Development Authority, Amtrak Project, Series B, AMT, 1.05%*, 11/1/2041 (b) | 350,000 | 350,000 |
Pennsylvania, Economic Development Authority, Reliant Energy Seward LLC Project: | ||
Series B, AMT, 1.07%*, 12/1/2036 (b) | 300,000 | 300,000 |
Series A, AMT, 1.08%*, 12/1/2036 (b) | 600,000 | 600,000 |
Pennsylvania, General Obligation, Series A-15, 1.1%*, 1/1/2017 (c) | 250,000 | 250,000 |
Pennsylvania, Higher Education Assistance Agency, Student Loan Revenue, Series A, AMT, 1.09%*, 3/1/2027 (c) | 245,000 | 245,000 |
Pennsylvania, Higher Educational Facilities Authority, Health Services Revenue, Series PT-1807, 1.12%*, 1/1/2005 | 290,000 | 290,000 |
Pennsylvania, School District, General Obligation, 2.0%, 6/1/2004 (c) | 290,000 | 290,445 |
Pennsylvania, State Higher Education Facilities Authority Revenue, Modal-Drexel University, Series B, 1.02%*, 5/1/2033 (b) | 300,000 | 300,000 |
Pennsylvania, State Public School Building Authority Revenue, Parkland School District, Series D, 1.07%*, 3/1/2019 (c) | 290,000 | 290,000 |
Pennsylvania, State Public School Building Authority, College Revenue, Northhampton Community College, 2.0%, 3/1/2005 (c) | 250,000 | 252,039 |
Pennsylvania, State Public School Building Authority, College Revenue, Northhampton County Area, 1.75%, 4/1/2004 (c) | 245,000 | 245,000 |
Pennsylvania, State Public School Building Authority, School Revenue, Series A-42, 1.1%*, 6/1/2028 (c) | 200,000 | 200,000 |
Philadelphia, Hospital & Higher Educational Facilities Authority Revenue, Community College, Series A, Prerefunded, 5.9%, 5/1/2004 (c) | 200,000 | 204,787 |
Philadelphia, Redevelopment Authority Housing Revenue, Multifamily Courts Project, Series A, 1.06%*, 6/1/2025 (b) | 250,000 | 250,000 |
Somerset County, Industrial Development Authority, AMT, 1.16%*, 3/2/2015 (b) | 50,000 | 50,000 |
South Fayette Township, State GO, School District, Series A, 1.75%, 9/15/2004 (c) | 100,000 | 100,293 |
Trafford, School District, Prerefunded, 5.85%, 5/1/2004 (c) | 200,000 | 200,782 |
9,781,805 | ||
California 2.3% | ||
Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corp., Lease Revenue, AMT, 1.07%*, 12/1/2025 (b) | 265,000 | 265,000 |
Michigan 0.8% | ||
Michigan, Certificate of Participation, Series 350, 1.12%*, 9/1/2011 (c) | 90,000 | 90,000 |
New York 0.5% | ||
Yates County, Industrial Development Agency, Civic Facilities Revenue, Series B, 1.05%*, 9/1/2015 (b) | 60,000 | 60,000 |
Texas 1.6% | ||
Dallas-Fort Worth, International Airport Facility Improvement Corp. Revenue, Learjet, Inc. Project, Series A-1, AMT, 1.15%*, 1/1/2016 (b) | 180,000 | 180,000 |
Utah 1.4% | ||
Heber City, Industrial Development Revenue, Industrial Parkway Properties LLC Project, AMT, 1.24%*, 7/1/2033 (b) | 160,000 | 160,000 |
Puerto Rico 3.5% | ||
University of Puerto Rico, University Revenue, Series N, 6.25%, 6/1/2004 (c) | 400,000 | 403,403 |
Multi-State 4.4% | ||
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.06%*, 10/1/2008 | 500,000 | 500,000 |
Total Investment Portfolio - 100.0% (Cost $11,440,208) (a) | 11,440,208 |
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of March 31, 2004.
(a) Cost for federal income tax purposes was $11,440,208.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:
As a % of Total Investment Portfolio | ||
AMBAC | AMBAC Assurance Corp. | 8.7% |
FGIC | Financial Guaranty Insurance Company | 7.7% |
FNMA | Federal National Mortgage Association | 2.6% |
FSA | Financial Security Assurance | 7.8% |
MBIA | Municipal Bond Investors Assurance | 12.4% |
AMT: Subject to alternative minimum tax.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of March 31, 2004 |
Investors Florida Municipal Cash Fund | Principal Amount ($) | Value ($) |
Municipal Investments 100.0% | ||
Florida 97.2% | ||
Broward County, Housing Finance Authority, Multifamily Housing Revenue, Series PT-703, 1.04%*, 9/1/2026 | 1,350,000 | 1,350,000 |
Dade County, General Obligation, School District, 4.6%, 8/1/2004 (c) | 1,300,000 | 1,315,196 |
Dade County, Industrial Development Authority, Spectrum Programs, Inc. Project, 1.1%*, 10/1/2016 (b) | 150,000 | 150,000 |
Dade County, School Board Certificates Partnership, Series A, Prerefunded, 5.75%, 5/1/2004 (c) | 1,140,000 | 1,155,902 |
Florida, Board of Education, Lottery Revenue, 1.07%*, 1/1/2009 (c) | 200,000 | 200,000 |
Florida, Board of Education, Series E, Prerefunded, 5.2%, 6/1/2004 | 500,000 | 508,481 |
Florida, Housing Finance Agency, Multifamily Housing, Hampton Lakes, 1.06%*, 7/1/2008 (b) | 700,000 | 700,000 |
Florida, Housing Finance Corp., Multifamily Revenue, Victoria Park, Series I-1, 1.02%*, 10/15/2032 (c) | 1,090,000 | 1,090,000 |
Florida, Ocean Highway & Port Authority Revenue, AMT, 1.12%*, 12/1/2020 (b) | 480,000 | 480,000 |
Florida, Port Financing Community Revenue, State Transition Trust Fund, AMT, 6.0%, 6/1/2004 (c) | 1,000,000 | 1,008,220 |
Florida, Transportation/Tolls Revenue, Turnpike Authority, Series R-4041, 1.08%*, 7/1/2020 (c) | 1,450,000 | 1,450,000 |
Florida, University Research Foundation Inc., Capital Improvement Revenue, 1.06%*, 9/1/2033 (b) | 380,000 | 380,000 |
Gulf Breeze, FL, Florida Municipal Bond Revenue, Series A, 1.05%*, 3/31/2021 (b) | 200,000 | 200,000 |
Hillsborough County, Industrial Development Authority, Industrial Development Revenue, Seaboard Tampa, AMT, 1.2%*, 12/1/2016 (b) | 1,400,000 | 1,400,000 |
Indian River County, District Hospital Revenue, 1.11%*, 10/1/2015 (b) | 2,445,000 | 2,445,000 |
Jacksonville, FL, Electric Authority Revenue, St. John's River, Series 2-15, 6.0%, 10/1/2004 | 750,000 | 768,453 |
Jacksonville, FL, Industrial Development, Airport Hotel Project, 1.05%*, 7/1/2013 (b) | 800,000 | 800,000 |
Jea, FL, St. John's River Power Park System Revenue, Series 18, 4.0%, 10/1/2004 | 400,000 | 405,830 |
Lee County, Airport Revenue, Series 811-X, AMT, 1.12%*, 10/1/2029 (c) | 1,800,000 | 1,800,000 |
Lee County, Industrial Development Authority, Healthcare Facilities Revenue, Cypress Cove Healthpark, Series B, 1.05%*, 10/1/2007 (b) | 2,050,000 | 2,050,000 |
Miami-Dade County, School Board Certificates of Partnership, Series R-4022, 1.08%*, 8/1/2021 (c) | 1,095,000 | 1,095,000 |
Miramar, FL, Wastewater Improvement Assessment Revenue, Prerefunded, 6.75%, 10/1/2004 (c) | 150,000 | 155,738 |
Orange County, Health Facilities Authority Revenue, Presbyterian Retirement Project, 1.1%*, 11/1/2028 (b) | 965,000 | 965,000 |
Orange County, Housing Finance Authority Revenue, Multifamily Housing, Falcon Trace Apartments Project, Series D, AMT, 0.98%*, 10/1/2032 (c) | 700,000 | 700,000 |
Orlando, FL, Capital Improvements Revenue: | ||
0.98%, 6/11/2004 | 700,000 | 700,000 |
1.04%, 6/10/2004 | 1,000,000 | 1,000,000 |
Orlando, FL, Utility Committee, 0.98%, 6/7/2004 | 1,000,000 | 1,000,000 |
Palm Beach County, Water & Sewer Revenue, 2.0%, 10/1/2004 | 850,000 | 854,004 |
Sarasota County, FL, Health Facilities Authority Revenue, Health Care Facilities, Bay Village Project, 1.1%*, 12/1/2023 (b) | 1,150,000 | 1,150,000 |
St. Lucie County, FL, School District, 2.0%, 7/1/2004 (c) | 500,000 | 501,296 |
27,778,120 | ||
Multi-State 2.8% | ||
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.06%*, 10/1/2008 | 800,000 | 800,000 |
Total Investment Portfolio - 100.0% (Cost $28,578,120) (a) | 28,578,120 |
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of March 31, 2004.
(a) The cost for federal income tax purposes was $28,578,120.
(b) Security incorporates a letter of credit rom a major bank.
(c) Bond is insured by one of these companies:
As a % of Total Investment Portfolio | ||
AMBAC | AMBAC Assurance Corp. | 5.1% |
FGIC | Financial Guaranty Insurance Company | 5.1% |
FNMA | Federal National Mortgage Association | 6.3% |
FSA | Financial Security Assurance | 6.3% |
MBIA | Municipal Bond Investors Assurance | 13.8% |
AMT: Subject to alternative minimum tax.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of March 31, 2004 |
Investors New Jersey Municipal Cash Fund | Principal Amount ($) | Value ($) |
Municipal Investments 100.0% | ||
New Jersey 78.0% | ||
Burlington County, Bond Anticipation Notes, Series B, 1.1%, 3/4/2005 | 1,100,000 | 1,100,499 |
Burlington County, County GO, Series A, 5.0%, 10/1/2004 (c) | 340,000 | 346,778 |
Hamilton Township Mercer County, County GO, 3.0%, 9/1/2004 (c) | 325,000 | 327,615 |
Morris County, General Obligation, 2.25%, 5/1/2004 | 855,000 | 855,875 |
New Jersey, Building Authority, State Building Revenue, Series 1612, 1.02%*, 6/15/2010 (c) | 300,000 | 300,000 |
New Jersey, Economic Development Authority: | ||
0.95%, 5/3/2004 | 2,000,000 | 2,000,000 |
0.97%, 5/12/2004 | 490,000 | 490,000 |
1.0%, 6/10/2004 | 1,000,000 | 1,000,000 |
New Jersey, Economic Development Authority, Dock Facilities Revenue, Bayonne-IMTT Project: | ||
Series B, 1.09%*, 12/1/2027 (b) | 250,000 | 250,000 |
Series C, 1.09%*, 12/1/2027 (b) | 50,000 | 50,000 |
New Jersey, Economic Development Authority, Economic Development Revenue, Airis Newark LLC Project, AMT, 1.02%*, 1/1/2019 (c) | 250,000 | 250,000 |
New Jersey, Economic Development Authority, Economic Development Revenue, Foreign Trade Zone Project, 1.11%*, 12/1/2007 (b) | 1,130,000 | 1,130,000 |
New Jersey, Economic Development Authority, Special Facilities Revenue, Newark Contrainer LLC, AMT, 1.08%*, 7/1/2030 (b) | 1,725,000 | 1,725,000 |
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Marina Energy LLC, Series A, AMT, 1.02%*, 9/1/2031 (b) | 200,000 | 200,000 |
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Thermal Energy Ltd., AMT, 1.05%*, 12/1/2031 (b) | 800,000 | 800,000 |
New Jersey, General Obligation, 4.0%, 8/1/2004 | 290,000 | 292,945 |
New Jersey, Health Care Facilities Financing Authority Revenue, Prerefunded, 6.25%, 7/1/2004 (c) | 1,140,000 | 1,177,751 |
New Jersey, Health Facilities Financing Authority Revenue, Hospital Cap Asset Financing, Series D, 1.02%*, 7/1/2035 (b) | 100,000 | 100,000 |
New Jersey, Transportation Corp. Certificates, Series PA-785, 1.05%*, 9/15/2015 (c) | 1,000,000 | 1,000,000 |
New Jersey, Turnpike Authority Revenue, Series A10, 1.06%*, 1/1/2016 (c) | 990,000 | 990,000 |
Salem County, Industrial Pollution Control, Financing Authority Revenue, 1.0%*, 3/1/2012 | 1,700,000 | 1,700,000 |
16,086,463 | ||
California 6.5% | ||
California, Housing Finance Agency Revenue, Home Mortgage, Series H, AMT, 0.98%*, 8/1/2033 (c) | 1,100,000 | 1,100,000 |
Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corp., Lease Revenue, AMT, 1.07%*, 12/1/2025 (b) | 250,000 | 250,000 |
1,350,000 | ||
Florida 1.0% | ||
Lee County, Airport Revenue, Series 811-X, AMT, 1.12%*, 10/1/2029 (c) | 200,000 | 200,000 |
Illinois 0.9% | ||
Illinois, Development Finance Authority, Industrial Development Revenue, Campagna-Turano Bakery Project, 1.24%*, 8/1/2025 (b) | 195,000 | 195,000 |
Kentucky 3.5% | ||
Kentucky, Economic Development Finance Authority, Health Facilities Revenue, Easter Seal Society Project, 1.17%*, 11/1/2030 (b) | 725,000 | 725,000 |
New York 4.2% | ||
Port Authority of New York and New Jersey, Obligation Revenue, 1.12%*, 6/1/2011 (c) | 875,000 | 875,000 |
Ohio 1.0% | ||
Lorain, OH, Port Authority Revenue, Port Development, Spitzer Project, AMT, 1.27%*, 12/1/2019 (b) | 200,000 | 200,000 |
Multi-State 4.9% | ||
ABN Amro, Munitops Certificate Trust, Series 2000-17, 1.06%*, 10/1/2008 | 1,000,000 | 1,000,000 |
Total Investment Portfolio - 100.0% (Cost $20,631,463) (a) | 20,631,463 |
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of March 31, 2004.
(a) Cost for federal income tax purposes was $20,631,463.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:
As a % of Total Investment Portfolio | ||
AMBAC | AMBAC Assurance Corp. | 15.0% |
FSA | Financial Security Assurance | 7.8% |
MBIA | Municipal Bond Investors Assurance | 9.0% |
AMT: Subject to alternative minimum tax.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
The accompanying notes are an integral part of the financial statements.
Portfolio of Investments as of March 31, 2004 |
Investors Michigan Municipal Cash Fund | Principal Amount ($) | Value ($) |
Municipal Investments 100.0% | ||
Michigan 90.2% | ||
Bangor, Township School District, School Building and Site, 2.0%, 5/1/2004 | 345,000 | 345,295 |
Battle Creek, Downtown Development Authority, Prerefunded, 7.65%, 5/1/2004 | 250,000 | 256,375 |
Detroit, City School District, 1.05%*, 11/1/2010 (c) | 100,000 | 100,000 |
Detroit, Water Supply Systems: | ||
Series B-24, 1.1%*, 8/1/2021 | 100,000 | 100,000 |
Series B-24, 1.1%*, 7/1/2026 (c) | 100,000 | 100,000 |
Fremont, Hospital Finance Authority, 1.04%*, 6/1/2020 (b) | 45,000 | 45,000 |
Garden City, Hospital Revenue, Series A, 1.06%*, 9/1/2026 (b) | 130,000 | 130,000 |
Greater Detroit, Resource Recovery Authority Revenue, Series B, 5.5%, 12/13/2004 (c) | 150,000 | 154,668 |
Green Lake Township, Economic Development Corp., 1.04%*, 6/1/2027 (b) | 100,000 | 100,000 |
Jackson, Public Schools, Student Aid Anticipation Notes, 2.0%, 5/21/2004 (b) | 200,000 | 200,266 |
Michigan, Hospital Finance Authority Revenue, Covenant Retirement, Series A, 1.02%*, 12/1/2029 (b) | 30,000 | 30,000 |
Michigan, Hospital Finance Authority Revenue, Hospital Equipment Loan Program, Series A, 0.99%*, 12/1/2023 (b) | 50,000 | 50,000 |
Michigan, Housing Development Authority, Series A, AMT, 1.08%*, 6/1/2020 (c) | 100,000 | 100,000 |
Michigan, Housing Development Authority, Multi-Family Revenue, River Place Apartments, AMT, 1.02%*, 6/1/2018 (b) | 100,000 | 100,000 |
Michigan, Municipal Bond Authority Revenue, Series B-2, 2.0%, 8/23/2004 (b) | 200,000 | 200,707 |
Michigan, State Government School Loan, 0.94%, 6/2/2004 | 300,000 | 300,000 |
Michigan, Strategic Fund, Hope Network, Inc. Project, Series A, 1.09%*, 9/1/2023 (b) | 30,000 | 30,000 |
Michigan, Strategic Fund, Limited Obligation Revenue, Continental Aluminum Project, AMT, 1.15%*, 10/1/2015 | 100,000 | 100,000 |
Michigan, Strategic Fund, Limited Obligation Revenue, Creative Foam Corp. Project, AMT, 1.27%*, 11/1/2011 (b) | 200,000 | 200,000 |
Michigan, Strategic Fund, Limited Obligation Revenue, Republic Services, Inc. Project, AMT, 1.09%*, 8/1/2031 (b) | 100,000 | 100,000 |
Sterling Heights, Economic Development Corp. Limited Obligation Revenue, Kunath Enterprises LLC Project, AMT, 1.27%*, 2/1/2016 (b) | 130,000 | 130,000 |
2,872,311 | ||
Georgia 1.3% | ||
Willacoochie, Development Authority, Pollution Control Revenue, Langboard, Inc. Project, AMT, 1.15%*, 5/1/2021 (b) | 40,000 | 40,000 |
North Carolina 3.1% | ||
Moore County, Industrial Facilities & Pollution Control Finance Authority Revenue, Klaussner Industries Project, AMT, 1.16%*, 5/1/2010 (b) | 100,000 | 100,000 |
Tennessee 1.3% | ||
Clarksville, Core City GO, Public Building Authority, 1.1%*, 1/1/2033 (b) | 40,000 | 40,000 |
Utah 4.1% | ||
Salt Lake County, Pollution Control Revenue, Service Station Holdings Project, 1.12%*, 2/1/2008 | 130,000 | 130,000 |
Total Investment Portfolio - 100.0% (Cost $3,182,311) (a) | 3,182,311 |
* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of March 31, 2004.
(a) The cost for federal income tax purposes was $3,182,311.
(b) Security incorporates a letter of credit from a major bank.
(c) Bond is insured by one of these companies:
As a % of Total Investment Portfolio | ||
AMBAC | AMBAC Assurance Corp. | 4.9% |
FGIC | Financial Guaranty Insurance Company | 3.1% |
MBIA | Municipal Bond Investors Assurance | 6.3% |
AMT: Subject to alternative minimum tax.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest maturity date.
The accompanying notes are an integral part of the financial statements.
Financial Statements |
Statements of Assets and Liabilities as of March 31, 2004 | |||||
Assets | New York | Pennsylvania | Florida | New Jersey | Michigan |
Investments in securities, at amortized cost | $ 47,254,913 | $ 11,440,208 | $ 28,578,120 | $ 20,631,463 | $ 3,182,311 |
Cash | 7,690 | 10,676 | - | 22,853 | 10,023 |
Interest receivable | 168,748 | 39,426 | 149,756 | 74,014 | 21,164 |
Due from Advisor | - | 2,409 | - | 7,867 | 11,676 |
Total assets | 47,431,351 | 11,492,719 | 28,727,876 | 20,736,197 | 3,225,174 |
Liabilities | |||||
Due to custodian bank | - | - | 35,996 | - | - |
Dividends payable | 106 | 24 | 50 | 28 | 18 |
Payable for Fund shares redeemed | 126,680 | 43,312 | 534,485 | 1,162,283 | - |
Accrued management fee | 9,490 | - | 8,751 | 4,309 | - |
Other accrued expenses and payables | 53,172 | 23,617 | 44,686 | 41,175 | 32,045 |
Total liabilities | 189,448 | 66,953 | 623,968 | 1,207,795 | 32,063 |
Net assets, at value | 47,241,903 | 11,425,766 | 28,103,908 | 19,528,402 | 3,193,111 |
Net Assets | |||||
Net assets consist of: Undistributed (accumulated distributions in excess of) net investment income | (480) | 604 | (66) | 1,945 | 3,370 |
Accumulated net realized gain (loss) | 16,235 | - | (62) | (356) | (7) |
Paid-in capital | 47,226,148 | 11,425,162 | 28,104,036 | 19,526,813 | 3,189,748 |
Net assets, at value | $ 47,241,903 | $ 11,425,766 | $ 28,103,908 | $ 19,528,402 | $ 3,193,111 |
Shares outstanding | 47,226,038 | 11,425,229 | 28,104,517 | 19,528,573 | 3,189,843 |
Net asset value, offering and redemption price per share (net asset value / outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
The accompanying notes are an integral part of the financial statements.
Statements of Operations for the year ended March 31, 2004 | |||||
Investment Income | New York | Pennsylvania | Florida | New Jersey | Michigan |
Income: Interest | $ 510,126 | $ 96,413 | $ 257,869 | $ 284,919 | $ 65,477 |
Expenses: Management fee | 108,681 | 20,121 | 54,056 | 62,107 | 12,574 |
Services to shareholders | 37,258 | 16,795 | 45,883 | 47,328 | 17,327 |
Custodian fees | 4,015 | 5,192 | 9,978 | 9,424 | 7,334 |
Distribution service fees | 247,001 | 45,729 | 122,855 | 141,181 | 20,004 |
Auditing | 22,735 | 52,765 | 46,296 | 36,352 | 51,731 |
Legal | 4,365 | 5,571 | 19,812 | 7,276 | 3,473 |
Trustees' fees and expenses | 11,115 | 7,261 | 13,288 | 11,997 | 5,883 |
Registration fees | 3,542 | 10,693 | 12,784 | 13,814 | 8,596 |
Other | - | - | 5,752 | 12,834 | 344 |
Total expenses, before expense reductions | 438,712 | 164,127 | 330,704 | 342,313 | 127,266 |
Expense reductions | (12,433) | (76,937) | (98,601) | (83,461) | (78,985) |
Total expenses, after expense reductions | 426,279 | 87,190 | 232,103 | 258,852 | 48,281 |
Net investment income | 83,847 | 9,223 | 25,766 | 26,067 | 17,196 |
Net gain (loss) on investment transactions | 17,203 | 675 | - | (356) | - |
Net increase (decrease) in net assets resulting from operations | $ 101,050 | $ 9,898 | $ 25,766 | $ 25,711 | $ 17,196 |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets | ||||||
New York | Pennsylvania | Florida | ||||
Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | ||||
Increase (Decrease) in Net Assets | 2004 | 2003 | 2004 | 2003 | 2004 | 2003 |
Operations: Net investment income | $ 83,847 | $ 423,452 | $ 9,223 | $ 81,597 | $ 25,766 | $ 158,315 |
Net realized gain (loss) on investment transactions | 17,203 | (896) | 675 | - | - | - |
Net increase (decrease) in net assets resulting from operations | 101,050 | 422,556 | 9,898 | 81,597 | 25,766 | 158,315 |
Distributions to shareholders from net investment income | (83,847) | (423,452) | (9,294) | (79,981) | (25,832) | (158,312) |
Fund share transactions: Proceeds from shares sold | 216,807,236 | 403,510,180 | 51,419,619 | 91,316,622 | 143,382,516 | 188,512,211 |
Reinvestment of distributions | 83,173 | 404,161 | 9,324 | 78,400 | 25,674 | 152,990 |
Cost of shares redeemed | (218,891,794) | (518,595,681) | (46,664,830) | (113,711,565) | (135,427,139) | (226,025,417) |
Net increase (decrease) in net assets from Fund share transactions | (2,001,385) | (114,681,340) | 4,764,113 | (22,316,543) | 7,981,051 | (37,360,216) |
Increase (decrease) in net assets | (1,984,182) | (114,682,236) | 4,764,717 | (22,314,927) | 7,980,985 | (37,360,213) |
Net assets at beginning of period | 49,226,085 | 163,908,321 | 6,661,049 | 28,975,976 | 20,122,923 | 57,483,136 |
Net assets at end of period | 47,241,903 | $ 49,226,085 | 11,425,766 | $ 6,661,049 | 28,103,908 | $ 20,122,923 |
Undistributed (accumulated distributions in excess of) net investment income | $ (480) | $ - | $ 604 | $ - | $ (66) | $ - |
Other Information | ||||||
Shares outstanding at beginning of period | 49,227,590 | 163,908,930 | 6,661,045 | 28,977,593 | 20,122,924 | 57,483,139 |
Shares sold | 216,807,070 | 403,510,180 | 51,419,622 | 91,316,619 | 143,383,050 | 188,512,211 |
Shares issued to shareholders in reinvestment of distributions | 83,173 | 404,161 | 9,324 | 78,400 | 25,674 | 152,990 |
Shares redeemed | (218,891,795) | (518,595,681) | (46,664,762) | (113,711,567) | (135,427,131) | (226,025,416) |
Net increase (decrease) in Fund shares | (2,001,552) | (114,681,340) | 4,764,184 | (22,316,548) | 7,981,593 | (37,360,215) |
Shares outstanding at end of period | 47,226,038 | 49,227,590 | 11,425,229 | 6,661,045 | 28,104,517 | 20,122,924 |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets | ||||
New Jersey | Michigan | |||
Years Ended March 31, | Years Ended March 31, | |||
2004 | 2003 | 2004 | 2003 | |
Operations: Net investment income | $ 26,067 | $ 151,242 | $ 17,196 | $ 130,567 |
Net realized gain (loss) on investment transactions | (356) | - | - | |
Net increase (decrease) in net assets resulting from operations | 25,711 | 151,242 | 17,196 | 130,567 |
Distributions to shareholders from net investment income | (25,822) | (151,239) | (13,839) | (130,563) |
Fund share transactions: Proceeds from shares sold | 157,656,507 | 230,076,716 | 12,402,777 | 55,698,725 |
Reinvestment of distributions | 25,376 | 149,262 | 14,062 | 127,434 |
Cost of shares redeemed | (168,174,081) | (269,954,942) | (17,632,130) | (83,972,242) |
Net increase (decrease) in net assets from Fund share transactions | (10,492,198) | (39,728,964) | (5,215,291) | (28,146,083) |
Increase (decrease) in net assets | (10,492,309) | (39,728,961) | (5,211,934) | (28,146,079) |
Net assets at beginning of period | 30,020,711 | 69,749,672 | 8,405,045 | 36,551,124 |
Net assets at end of period | $ 19,528,402 | $ 30,020,711 | $ 3,193,111 | $ 8,405,045 |
Undistributed (accumulated distributions in excess of) net investment income | $ 1,945 | $ 1,700 | $ 3,370 | $ 13 |
Other Information | ||||
Shares outstanding at beginning of period | 30,020,707 | 69,749,675 | 8,405,045 | 36,551,128 |
Shares sold | 157,656,561 | 230,076,712 | 12,402,854 | 55,698,725 |
Shares issued to shareholders in reinvestment of distributions | 25,376 | 149,262 | 14,062 | 127,434 |
Shares redeemed | (168,174,071) | (269,954,942) | (17,632,118) | (83,972,242) |
Net increase (decrease) in Fund shares | (10,492,134) | (39,728,968) | (5,215,202) | (28,146,083) |
Shares outstanding at end of period | 19,528,573 | 30,020,707 | 3,189,843 | 8,405,045 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights |
Tax-Exempt New York Money Market Fund
Years Ended March 31, | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | .002 | .004 | .01 | .03 | .03 |
Less distributions from net investment income | (.002) | (.004) | (.01) | (.03) | (.03) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)a | .17 | .42 | 1.24 | 3.11 | 2.59 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 47 | 49 | 164 | 175 | 242 |
Ratio of expenses before expense reductions (%) | .89 | .95 | 1.04 | 1.18b | .97 |
Ratio of expenses after expense reductions (%) | .86 | .95 | .94 | .87b | .80 |
Ratio of net investment income (%) | .17 | .41 | 1.23 | 3.10 | 2.58 |
Investors Pennsylvania Municipal Cash Fund
Years Ended March 31, | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | .001 | .004 | .01 | .03 | .03 |
Less distributions from net investment income | (.001) | (.004) | (.01) | (.03) | (.03) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)a | .11 | .39 | 1.33 | 3.15 | 2.58 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 11 | 7 | 29 | 25 | 21 |
Ratio of expenses before expense reductions (%) | 1.80 | 1.28 | 1.09 | 1.36c | 1.39 |
Ratio of expenses after expense reductions (%) | .95 | 1.00 | .95 | .96c | .90 |
Ratio of net investment income (%) | .10 | .44 | 1.27 | 3.07 | 2.61 |
a Total returns would have been lower had certain expenses not been reduced.
b The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.14% and .86%, respectively.
c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.28% and .93%, respectively.
Investors Florida Municipal Cash Fund
Years Ended March 31, | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | .001 | .004 | .01 | .03 | .02 |
Less distributions from net investment income | (.001) | (.004) | (.01) | (.03) | (.02) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)a | .11 | .37 | 1.36 | 3.19 | 2.57 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 28 | 20 | 57 | 57 | 37 |
Ratio of expenses before expense reductions (%) | 1.35 | 1.11 | 1.08 | 1.26b | 1.13 |
Ratio of expenses after expense reductions (%) | .95 | .99 | .95 | .96b | .90 |
Ratio of net investment income (%) | .11 | .40 | 1.34 | 3.06 | 2.58 |
Investors New Jersey Municipal Cash Fund
Years Ended March 31, | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | .001 | .003 | .01 | .03 | .02 |
Less distributions from net investment income | (.001) | (.003) | (.01) | (.03) | (.02) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)a | .09 | .30 | 1.12 | 2.89 | 2.38 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 20 | 30 | 70 | 77 | 47 |
Ratio of expenses before expense reductions (%) | 1.21 | 1.13 | 1.00 | 1.14c | 1.13 |
Ratio of expenses after expense reductions (%) | .92 | .99 | .95 | .95c | .90 |
Ratio of net investment income (%) | .09 | .30 | 1.15 | 2.80 | 2.42 |
a Total returns would have been lower had certain expenses not been reduced.
b The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.20% and .94%, respectively.
c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.10% and .94%, respectively.
Investors Michigan Municipal Cash Fund
Years Ended March 31, | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | .002 | .006 | .01 | .03 | .03 |
Less distributions from net investment income | (.002) | (.006) | (.01) | (.03) | (.03) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return (%)a | .23 | .56 | 1.50 | 3.36 | 2.77b |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 3 | 8 | 37 | 29 | 23 |
Ratio of expenses before expense reductions (%) | 2.23 | 1.01 | .91 | 1.16c | .91 |
Ratio of expenses after expense reductions (%) | .85 | .83 | .75 | .78c | .75 |
Ratio of net investment income (%) | .30 | .62 | 1.44 | 3.28 | 2.65 |
a Total returns would have been lower had certain expenses not been reduced.
b Total returns for the year ended March 31, 2000 includes the effect of a voluntary capital contribution from the Advisor. Without this capital contribution, total return would have been lower.
c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.07% and .75%, respectively.
Notes to Financial Statements |
1. Significant Accounting Policies
Investors Municipal Cash Fund (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, non-diversified management investment company organized as a Massachusetts business trust. The Trust offers five series of shares - 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").
The Funds' financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Funds in the preparation of their financial statements.
Security Valuation. Portfolio securities are valued utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization to maturity of any discount or premium.
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 tax-exempt income to its shareholders. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.
At March 31, 2004, the Funds had a net tax basis capital loss carryforward as follows, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until the respective expiration dates, whichever occurs first:
Capital loss Carryforward ($) | Expiration | |
Investors Florida Municipal Cash Fund | 12 | 3/31/2009 |
50 | 3/31/2010 | |
Investors Michigan Municipal Cash Fund | 7 | 3/31/2009 |
In addition, from November 1, 2003 through March 31, 2004, the Investors New Jersey Municipal Cash Fund incurred $356 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending March 31, 2005.
Distribution of Income. All of the net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Funds.
At March 31, 2004, the Funds' components of distributable earnings (accumulated losses) on a tax-basis were as follows:
Tax-Exempt New York Money Market Fund | |
Undistributed tax-exempt income | $ 5,508 |
Undistributed taxable income* | $ 16,465 |
Capital loss carryforwards | $ - |
Net unrealized appreciation (depreciation) on investments | $ (230) |
Investors Pennsylvania Municipal Cash Fund | |
Undistributed tax-exempt income | $ 1,659 |
Undistributed taxable income* | $ - |
Capital loss carryforwards | $ - |
Net unrealized appreciation (depreciation) on investments | $ - |
Investors Florida Municipal Cash Fund | |
Undistributed tax-exempt income | $ 2,164 |
Undistributed taxable income* | $ - |
Capital loss carryforwards | $ (62) |
Net unrealized appreciation (depreciation) on investments | $ - |
Investors New Jersey Municipal Cash Fund | |
Undistributed tax-exempt income | $ 3,160 |
Undistributed taxable income* | $ - |
Capital loss carryforwards | $ - |
Net unrealized appreciation (depreciation) on investments | $ - |
Investors Michigan Municipal Cash Fund | |
Undistributed tax-exempt income | $ 4,863 |
Undistributed taxable income* | $ - |
Capital loss carryforwards | $ (7) |
Net unrealized appreciation (depreciation) on investments | $ - |
* For tax purposes short-term capital gains distributions are considered ordinary income distributions.
In addition, during the year ended March 31, 2004, the tax character of distributions paid to shareholders by the Funds is summarized as follows:
Distributions from Tax- | |
Tax-Exempt New York Money Market Fund | $ 83,847 |
Investors Pennsylvania Municipal Cash Fund | $ 9,294 |
Investors Florida Municipal Cash Fund | $ 25,832 |
Investors New Jersey Municipal Cash Fund | $ 25,822 |
Investors Michigan Municipal Cash Fund | $ 13,839 |
Expenses. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust.
Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.
2. Related Parties
Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), the Advisor directs the investments of the Funds in accordance with their investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Funds. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. The Funds pay a monthly investment management fee of 1/12 of the annual rate of 0.22% of the first $500,000,000 of the combined average daily net assets, 0.20% of the next $500,000,000 of such net assets, 0.175% of the next $1,000,000,000 of such net assets, 0.16% of the next $1,000,000,000 of such net assets and 0.15% of such net assets in excess of $3,000,000,000, computed and accrued daily and payable monthly. Accordingly, for the year ended March 31, 2004, the fees pursuant to the Management Agreement were equivalent to an annual effective rate of each Fund's average daily net assets as follows:
Fund | Total Aggregated ($) | Not Imposed ($) | Effective Rate (%) |
Tax-Exempt New York Money Market Fund | 108,681 | - | .22 |
Investors Pennsylvania Municipal Cash Fund | 20,121 | 20,121 | .00 |
Investors Florida Municipal Cash Fund | 54,056 | - | .22 |
Investors New Jersey Municipal Cash Fund | 62,107 | - | .22 |
Investors Michigan Municipal Cash Fund | 12,574 | 12,574 | .00 |
The Advisor and certain of its subsidiaries have voluntarily agreed to maintain the annual expenses of the Funds as follows:
For the period April 1, 2003 to March 31, 2004: | |
Fund | Expense Limit* |
Tax-Exempt New York Money Market Fund | 1.00% |
Investors Pennsylvania Municipal Cash Fund | 1.00% |
Investors Florida Municipal Cash Fund | 1.00% |
Investors New Jersey Municipal Cash Fund | 1.00% |
Investors Michigan Municipal Cash Fund | .85% |
* Certain expenses such as reorganization, taxes, brokerage and interest expense are excluded from the expense limitation.
In addition, the Advisor has agreed to voluntarily waive expenses as necessary to maintain a minimum yield. This waiver may be changed or terminated at any time without notice.
Under these arrangements, for the year ended March 31, 2004, the Advisor reimbursed additional expenses as follows:
Investors Pennsylvania Municipal Cash Fund | $ 1,390 |
Investors Michigan Municipal Cash Fund | $ 41,764 |
Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the transfer, dividend-paying and shareholder service agent of the Trust. Pursuant to a sub-transfer agency agreement between SISC and DST Systems, Inc. ("DST"), SISC has delegated certain transfer agent and dividend paying agent functions to DST. The costs and expenses of such delegation are borne by SISC, not by the Funds. For the the year ended March 31, 2004, SISC received shareholder services fees as follows:
Fund | Total Aggregated ($) | Not Imposed ($) | Unpaid at March 31, 2004 ($) |
Tax-Exempt New York Money Market Fund | 32,496 | 12,361 | 15,694 |
Investors Pennsylvania Municipal Cash Fund | 9,687 | 9,687 | - |
Investors Florida Municipal Cash Fund | 26,311 | 26,311 | - |
Investors New Jersey Municipal Cash Fund | 26,626 | 26,626 | - |
Investors Michigan Municipal Cash Fund | 4,635 | 4,635 | - |
Distribution Service Agreement. Each Fund has a shareholder services and distribution agreement with Scudder Distributors, Inc. ("SDI"). For its services as primary distributor, each Fund pays SDI an annual fee of 0.50% of average daily net assets, except for the Investors Michigan Municipal Cash Fund, which pays an annual fee of 0.35% of average daily net assets pursuant to separate Rule 12b-1 plans for each Fund. The amount charged to each Fund by SDI, for the year ended March 31, 2004, was as follows:
Fund | Total Aggregated | Not | Unpaid at March 31, | Effective |
Tax-Exempt New York Money Market Fund | 247,001 | - | 19,634 | .50 |
Investors Pennsylvania Municipal Cash Fund | 45,729 | 45,729 | - | .00 |
Investors Florida Municipal Cash Fund | 122,855 | 72,210 | 4,153 | .21 |
Investors New Jersey Municipal Cash Fund | 141,181 | 56,799 | - | .30 |
Investors Michigan Municipal Cash Fund | 20,004 | 20,004 | - | .00 |
SDI has related service agreements with various firms to provide cash management and other services for Fund shareholders.
Trustees' Fees and Expenses. The Trust pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.
3. Expense Off-Set Arrangements
Each Fund has entered into arrangements with its custodian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's custodian expenses. During the year ended March 31, 2004, the Funds' custodian fees were reduced as follows:
Fund | Custodian Fee ($) |
Tax-Exempt New York Money Market Fund | 72 |
Investors Pennsylvania Municipal Cash Fund | 10 |
Investors Florida Municipal Cash Fund | 80 |
Investors New Jersey Municipal Cash Fund | 36 |
Investors Michigan Municipal Cash Fund | 8 |
4. Line of Credit
The Funds and several other affiliated funds (the "Participants") share in a $1.25 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, pro rata based on net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Funds may borrow up to a maximum of 33 percent of their net assets under the agreement.
5. Regulatory Matters and Litigation
Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including Scudder Investments. We are unable to determine what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisers. Publicity about mutual fund practices arising from these industry wide inquiries serve as the general basis of a number of private lawsuits against the Scudder Funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain Scudder funds, Deutsche Asset Management ("DeAM") and its affiliates, certain individuals, including in some cases Fund Trustees/Directors, and other parties. DeAM has undertaken to bear all liabilities and expenses incurred by the Scudder funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding fund valuation, market timing, revenue sharing or other subjects of the pending inquiries. Based on currently available information, DeAM believes the likelihood that the pending lawsuits will have a material adverse financial impact on a Scudder fund is remote and such actions are not likely to materially affect its ability to perform under its investment management agreements with the Scudder funds.
Report of Independent Registered |
To the Trustees and Shareholders of
Investors Municipal Cash Fund
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Investors Municipal Cash Fund (comprising 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"), as of March 31, 2004, and the related statements of operations for the year ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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 and financial highlights. Our procedures included confirmation of investments owned as of March 31, 2004, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting Investors Municipal Cash Fund at March 31, 2004, and the results of their operations for the year ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
May 12, 2004
Tax Information (Unaudited) |
Of the dividends paid from net investment income by each Fund for the taxable year ended March 31, 2004, 100% are designated as exempt interest dividends for federal income tax purposes.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you specific questions about your account, please call 1-800-621-1048.
Other Information |
Proxy Voting
A description of the fund's policies and procedures for voting proxies for portfolio securities can be found on our Web site - scudder.com (type "proxy voting" in the search field) - or on the SEC's Web site - www.sec.gov. To obtain a written copy without charge, call us toll free at (800) 621-1048.
Trustees and Officers |
The following table presents certain information regarding the Trustees and Officers of the fund as of March 31, 2004. Each individual's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each individual has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each individual is c/o Deutsche Asset Management, 222 South Riverside Plaza, Chicago, Illinois, 60606. Each Trustee's term of office extends until the next shareholder's meeting called for the purpose of electing such Trustee and until the election and qualification of a successor, or until such Trustee sooner dies, retires, resigns or is removed as provided in the governing documents of the fund.
Independent Trustees | ||
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1 | Principal Occupation(s) During Past 5 Years and Other Directorships Held | Number of Funds in Fund Complex Overseen |
John W. Ballantine (1946) Trustee, 1999-present | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Enron Corporation (energy trading firm) (effective May 30, 2002); First Oak Brook Bancshares, Inc.; Oak Brook Bank; American Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company). | 82 |
Lewis A. Burnham (1933) Trustee, 1977-present | Retired; formerly, Director of Management Consulting, McNulty & Company (1990-1998); prior thereto, Executive Vice President, Anchor Glass Container Corporation. | 82 |
Donald L. Dunaway (1937) Trustee, 1980-present | Retired; formerly, Executive Vice President, A.O. Smith Corporation (diversified manufacturer) (1963-1994). | 82 |
James R. Edgar (1946) Trustee, 1999-present | Distinguished Fellow, University of Illinois, Institute of Government and Public Affairs (1999-present); formerly, Governor, State of Illinois (1991-1999). Directorships: Kemper Insurance Companies; John B. Sanfilippo & Son, Inc. (processor/packager/marketer of nuts, snacks and candy products); Horizon Group Properties, Inc.; Youbet.com (online wagering platform); Alberto-Culver Company (manufactures, distributes and markets health and beauty-care products). | 82 |
Paul K. Freeman (1950) Trustee, 2002-present | President, Cook Street Holdings (consulting); Senior Visiting Research Scholar, Graduate School of International Studies, University of Denver; Consultant, World Bank/Inter-American Development Bank; formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998). | 82 |
Robert B. Hoffman (1936) Trustee, 1981-present | Retired; formerly, Chairman, Harnischfeger Industries, Inc. (machinery for the mining and paper industries) (1999-2000); prior thereto, Vice Chairman and Chief Financial Officer, Monsanto Company (agricultural, pharmaceutical and nutritional/food products) (1994-1999). Directorship: RCP Advisors, LLC (a private equity investment advisory firm). | 82 |
Shirley D. Peterson (1941) Trustee, 1995-present | Retired; formerly, President, Hood College (1995-2000); prior thereto, Partner, Steptoe & Johnson (law firm); Commissioner, Internal Revenue Service; Assistant Attorney General (Tax), US Department of Justice. Directorships: Federal Mogul Corp. (supplier of automotive components and subsystems); AK Steel (steel production); Trustee, Bryn Mawr College. Former Directorship: Bethlehem Steel Corp. | 82 |
Fred B. Renwick (1930) Trustee, 1988-present | Retired; Professor Emeritus of Finance, New York University, Stern School of Business (2001-present); formerly, Professor, New York University Stern School of Business (1965-2001). Directorships: The Wartburg Foundation; Chairman, Finance Committee of Morehouse College Board of Trustees; formerly, Director of Board of Pensions, Evangelical Lutheran Church in America; member of the Investment Committee of Atlanta University Board of Trustees; Chair of the Investment Committee, American Bible Society Board of Trustees. | 82 |
John G. Weithers (1933) Trustee, 1993-present | Retired; formerly, Chairman of the Board and Chief Executive Officer, Chicago Stock Exchange. Directorships: Federal Life Insurance Company; Chairman of the Members of the Corporation and Trustee, DePaul University; formerly, International Federation of Stock Exchanges; Records Management Systems. | 82 |
Interested Trustee and Officers2 | ||
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1 | Principal Occupation(s) During Past 5 Years and Other Directorships Held | Number of Funds in Fund Complex Overseen |
Richard T. Hale3 (1945) Chairman and Trustee, 2002-present Chief Executive Officer, 2003-present | Managing Director, Deutsche Investment Management Americas Inc. (2003-present); Managing Director, Deutsche Bank Securities Inc. (formerly Deutsche Banc Alex. Brown Inc.) and Deutsche Asset Management (1999 to present); Director and President, Investment Company Capital Corp. (registered investment advisor) (1996 to present); Director, Deutsche Global Funds, Ltd. (2000 to present) (registered investment company); Director, Scudder Global Opportunities Funds (since 2003); Director/Officer Deutsche/Scudder Mutual Funds (various dates); President, Montgomery Street Income Securities, Inc. (2002 to present) (registered investment companies); Vice President, Deutsche Asset Management, Inc. (2000 to present). Formerly, Director, CABEI Fund (2000 to 2004), North American Income Fund (2000 to 2004) (registered investment companies), ISI Family of Funds (registered investment companies; 4 funds overseen) (1992-1999). | 202 |
Brenda Lyons4 (1963) President, 2003-present | Managing Director, Deutsche Asset Management. | n/a |
Philip J. Collora (1945) Vice President and Assistant Secretary, 1986-present | Director, Deutsche Asset Management. | n/a |
Kenneth Murphy4 (1963) Vice President, 2002-present | Vice President, Deutsche Asset Management (2000-present). Formerly, Director, John Hancock Signature Services (1992-2000). | n/a |
Charles A. Rizzo4 (1957) Treasurer and Chief Financial Officer, 2002-present | Managing Director, Deutsche Asset Management (April 2000-present). Formerly, Vice President and Department Head, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Senior Manager, Coopers & Lybrand L.L.P. (now PricewaterhouseCoopers LLP) (1993-1998). | n/a |
John Millette4 (1962) Secretary, 2001-present | Director, Deutsche Asset Management. | n/a |
Lisa Hertz5 (1970) Assistant Secretary, 2003-present | Assistant Vice President, Deutsche Asset Management. | n/a |
Daniel O. Hirsch3 (1954) Assistant Secretary, 2002-present | Managing Director, Deutsche Asset Management (2002-present) and Director, Deutsche Global Funds Ltd. (2002-present); formerly, Director, Deutsche Asset Management (1999-2002); Principal, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998). | n/a |
Caroline Pearson4 (1962) Assistant Secretary, 1998-present | Managing Director, Deutsche Asset Management. | n/a |
Salvatore Schiavone4 (1965) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management. | n/a |
Lucinda H. Stebbins4 (1945) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management. | n/a |
Kathleen Sullivan D'Eramo4 (1957) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management. | n/a |
1 Length of time served represents the date that each Trustee was first elected to the common board of Trustees which oversees a number of investment companies, including the fund, managed by the Advisor. For the Officers of the fund, length of time served represents the date that each Officer was first elected to serve as an officer of any fund overseen by the aforementioned common board of Trustees.
2 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
3 Address: One South Street, Baltimore, Maryland
4 Address: Two International Place, Boston, Massachusetts
5 Address: 345 Park Avenue, New York, New York
The fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: 1-800-621-1048.
This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, visit scudder.com. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.
Principal Underwriter
Scudder Distributors, Inc.
222 S. Riverside Plaza
Chicago, IL 60606
IMCF-3 (30811 5/04)
ITEM 2. CODE OF ETHICS. As of the end of the period, March 31, 2004, Investors Municipal Cash Fund has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Fund's Board of Directors/Trustees has determined that the Fund has at least one "audit committee financial expert" serving on its audit committee: Mr. Donald L. Dunaway. This audit committee member is "independent," meaning that he is not an "interested person" of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member). An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. TAX-EXEMPT NEW YORK MONEY MARKET FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP ("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two fiscal years. For engagements with E&Y entered into on or after May 6, 2003, the Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Fund's Auditor Billed to the Fund - -------------------------------------------------------------------------------- Fiscal Year Audit Audit-Related Tax Fees All Other Ended Fees Billed Fees Billed Billed to Fees Billed March 31 to Fund to Fund Fund to Fund - -------------------------------------------------------------------------------- 2004 $28,321 $0 $3,845 $364 - -------------------------------------------------------------------------------- 2003 $24,756 $0 $4,369 $0 - -------------------------------------------------------------------------------- The above "Tax Fees" were billed for professional services rendered for tax compliance. Services that the Fund's Auditor Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity controlling, controlled by or under common control with DeIM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years. - -------------------------------------------------------------------------------- Audit-Related All Fees Billed to Tax Fees Billed to Other Fees Billed Fiscal Year Adviser and Adviser and to Adviser and Ended Affiliated Fund Affiliated Fund Affiliated Fund March 31 Service Providers Service Providers Service Providers - -------------------------------------------------------------------------------- 2004 $112,900 $0 $0 - -------------------------------------------------------------------------------- 2003 $212,800 $0 $0 - -------------------------------------------------------------------------------- The "Audit-Related Fees" were billed for services in connection with the assessment of internal controls and additional related procedures.Non-Audit Services The following table shows the amount of fees that E&Y billed during the Fund's last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y's independence. - -------------------------------------------------------------------------------- Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers Total (engagements Non-Audit related Fees billed directly to Adviser to the and Affiliated Total operations Fund Service Non-Audit and financial Providers Fiscal Billed Fees reporting (all other Total of Year to Fund of the Fund) engagements) (A), (B) Ended March 31 (A) (B) (C) and (C) - -------------------------------------------------------------------------------- 2004 $4,209 $0 $2,767,000 $2,771,209 - -------------------------------------------------------------------------------- 2003 $4,369 $0 $1,237,492 $1,241,861 - -------------------------------------------------------------------------------- All other engagement fees were billed for services in connection with risk management and process improvement initiatives for DeIM and other related entities that provide support for the operations of the fund. INVESTORS PENNSYLVANIA MUNICIPAL CASH FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP ("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two fiscal years. For engagements with E&Y entered into on or after May 6, 2003, the Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Fund's Auditor Billed to the Fund - -------------------------------------------------------------------------------- Fiscal Year Audit Audit-Related Tax Fees All Other Ended Fees Billed Fees Billed Billed to Fees Billed March 31 to Fund to Fund Fund to Fund - -------------------------------------------------------------------------------- 2004 $28,228 $0 $3,832 $364 - -------------------------------------------------------------------------------- 2003 $24,669 $0 $4,353 $0 - -------------------------------------------------------------------------------- The above "Tax Fees" were billed for professional services rendered for tax compliance. Services that the Fund's Auditor Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity controlling, controlled by or under common control with DeIM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years. - -------------------------------------------------------------------------------- Audit-Related All Fees Billed to Tax Fees Billed to Other Fees Billed Fiscal Year Adviser and Adviser and to Adviser and Ended Affiliated Fund Affiliated Fund Affiliated Fund March 31 Service Providers Service Providers Service Providers - -------------------------------------------------------------------------------- 2004 $112,900 $0 $0 - -------------------------------------------------------------------------------- 2003 $212,800 $0 $0 - -------------------------------------------------------------------------------- The "Audit-Related Fees" were billed for services in connection with the assessment of internal controls and additional related procedures. Non-Audit Services The following table shows the amount of fees that E&Y billed during the Fund's last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y's independence. - -------------------------------------------------------------------------------- Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers Total (engagements Non-Audit related Fees billed directly to Adviser to the and Affiliated Total operations Fund Service Non-Audit and financial Providers Fiscal Billed Fees reporting (all other Total of Year to Fund of the Fund) engagements) (A), (B) Ended March 31 (A) (B) (C) and (C) - -------------------------------------------------------------------------------- 2004 $4,196 $0 $2,767,000 $2,771,196 - -------------------------------------------------------------------------------- 2003 $4,353 $0 $1,237,492 $1,241,845 - -------------------------------------------------------------------------------- All other engagement fees were billed for services in connection with risk management and process improvement initiatives for DeIM and other related entities that provide support for the operations of the fund. INVESTORS FLORIDA MUNICIPAL CASH FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP ("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two fiscal years. For engagements with E&Y entered into on or after May 6, 2003, the Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Fund's Auditor Billed to the Fund - -------------------------------------------------------------------------------- Fiscal Year Audit Audit-Related Tax Fees All Other Ended Fees Billed Fees Billed Billed to Fees Billed March 31 to Fund to Fund Fund to Fund - -------------------------------------------------------------------------------- 2004 $28,313 $0 $3,844 $364 - -------------------------------------------------------------------------------- 2003 $24,741 $0 $4,366 $0 - -------------------------------------------------------------------------------- The above "Tax Fees" were billed for professional services rendered for tax compliance. Services that the Fund's Auditor Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity controlling, controlled by or under common control with DeIM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years. - -------------------------------------------------------------------------------- Audit-Related All Fees Billed to Tax Fees Billed to Other Fees Billed Fiscal Year Adviser and Adviser and to Adviser and Ended Affiliated Fund Affiliated Fund Affiliated Fund March 31 Service Providers Service Providers Service Providers - -------------------------------------------------------------------------------- 2004 $112,900 $0 $0 - -------------------------------------------------------------------------------- 2003 $212,800 $0 $0 - -------------------------------------------------------------------------------- The "Audit-Related Fees" were billed for services in connection with the assessment of internal controls and additional related procedures. Non-Audit Services The following table shows the amount of fees that E&Y billed during the Fund's last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y's independence. - -------------------------------------------------------------------------------- Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers Total (engagements Non-Audit related Fees billed directly to Adviser to the and Affiliated Total operations Fund Service Non-Audit and financial Providers Fiscal Billed Fees reporting (all other Total of Year to Fund of the Fund) engagements) (A), (B) Ended March 31 (A) (B) (C) and (C) - -------------------------------------------------------------------------------- 2004 $4,208 $0 $2,767,000 $2,771,208 - -------------------------------------------------------------------------------- 2003 $4,366 $0 $1,237,492 $1,241,858 - -------------------------------------------------------------------------------- All other engagement fees were billed for services in connection with risk management and process improvement initiatives for DeIM and other related entities that provide support for the operations of the fund. INVESTORS NEW JERSEY MUNICIPAL CASH FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP ("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two fiscal years. For engagements with E&Y entered into on or after May 6, 2003, the Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Fund's Auditor Billed to the Fund - -------------------------------------------------------------------------------- Fiscal Year Audit Audit-Related Tax Fees All Other Ended Fees Billed Fees Billed Billed to Fees Billed March 31 to Fund to Fund Fund to Fund - -------------------------------------------------------------------------------- 2004 $28,260 $0 $3,837 $364 - -------------------------------------------------------------------------------- 2003 $24,730 $0 $4,364 $0 - -------------------------------------------------------------------------------- The above "Tax Fees" were billed for professional services rendered for tax compliance. Services that the Fund's Auditor Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity controlling, controlled by or under common control with DeIM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years. - -------------------------------------------------------------------------------- Audit-Related All Fees Billed to Tax Fees Billed to Other Fees Billed Fiscal Year Adviser and Adviser and to Adviser and Ended Affiliated Fund Affiliated Fund Affiliated Fund March 31 Service Providers Service Providers Service Providers - -------------------------------------------------------------------------------- 2004 $112,900 $0 $0 - -------------------------------------------------------------------------------- 2003 $212,800 $0 $0 - -------------------------------------------------------------------------------- The "Audit-Related Fees" were billed for services in connection with the assessment of internal controls and additional related procedures. Non-Audit Services The following table shows the amount of fees that E&Y billed during the Fund's last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y's independence. - -------------------------------------------------------------------------------- Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers Total (engagements Non-Audit related Fees billed directly to Adviser to the and Affiliated Total operations Fund Service Non-Audit and financial Providers Fiscal Billed Fees reporting (all other Total of Year to Fund of the Fund) engagements) (A), (B) Ended March 31 (A) (B) (C) and (C) - -------------------------------------------------------------------------------- 2004 $4,201 $0 $2,767,000 $2,771,201 - -------------------------------------------------------------------------------- 2003 $4,364 $0 $1,237,492 $1,241,856 - -------------------------------------------------------------------------------- All other engagement fees were billed for services in connection with risk management and process improvement initiatives for DeIM and other related entities that provide support for the operations of the fund. INVESTORS MICHIGAN MUNICIPAL CASH FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP ("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two fiscal years. For engagements with E&Y entered into on or after May 6, 2003, the Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Fund's Auditor Billed to the Fund - -------------------------------------------------------------------------------- Fiscal Year Audit Audit-Related Tax Fees All Other Ended Fees Billed Fees Billed Billed to Fees Billed March 31 to Fund to Fund Fund to Fund - -------------------------------------------------------------------------------- 2004 $28,206 $0 $3,829 $364 - -------------------------------------------------------------------------------- 2003 $24,664 $0 $4,352 $0 - -------------------------------------------------------------------------------- The above "Tax Fees" were billed for professional services rendered for tax compliance. Services that the Fund's Auditor Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity controlling, controlled by or under common control with DeIM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years. - -------------------------------------------------------------------------------- Audit-Related All Fees Billed to Tax Fees Billed to Other Fees Billed Fiscal Year Adviser and Adviser and to Adviser and Ended Affiliated Fund Affiliated Fund Affiliated Fund March 31 Service Providers Service Providers Service Providers - -------------------------------------------------------------------------------- 2004 $112,900 $0 $0 - -------------------------------------------------------------------------------- 2003 $212,800 $0 $0 - -------------------------------------------------------------------------------- The "Audit-Related Fees" were billed for services in connection with the assessment of internal controls and additional related procedures. Non-Audit Services The following table shows the amount of fees that E&Y billed during the Fund's last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating E&Y's independence. - -------------------------------------------------------------------------------- Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers Total (engagements Non-Audit related Fees billed directly to Adviser to the and Affiliated Total operations Fund Service Non-Audit and financial Providers Fiscal Billed Fees reporting (all other Total of Year to Fund of the Fund) engagements) (A), (B) Ended March 31 (A) (B) (C) and (C) - -------------------------------------------------------------------------------- 2004 $4,193 $0 $2,767,000 $2,771,193 - -------------------------------------------------------------------------------- 2003 $4,352 $0 $1,237,492 $1,241,844 - -------------------------------------------------------------------------------- All other engagement fees were billed for services in connection with risk management and process improvement initiatives for DeIM and other related entities that provide support for the operations of the fund. ITEM 5. [RESERVED] ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. ITEM 8. [RESERVED] ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Procedures and Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to the Fund's Secretary for the attention of the Chairman of the Nominating and Governance Committee, Two International Place, Boston, MA 02110. Suggestions for candidates must include a resume of the candidate. ITEM 10. CONTROLS AND PROCEDURES. (a) The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. Fund management has previously identified a significant deficiency relating to the overall fund expense payment and accrual process. This matter relates primarily to a bill payment processing issue. There was no material impact to shareholders, fund net asset value, fund performance or the accuracy of any fund's financial statements. Fund management discussed this matter with the Registrant's Audit Committee and auditors, instituted additional procedures to enhance its internal controls and will continue to develop additional controls and redesign work flow to strengthen the overall control environment associated with the processing and recording of fund expenses. (b) There have been no changes in the registrant's internal control over financial reporting that occurred during the filing period that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. ITEM 11. EXHIBITS. (a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Tax Exempt New York Money Market Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Tax Exempt New York Money Market Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: May 28, 2004 --------------------------- Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Investors Pennsylvania Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Investors Pennsylvania Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: May 28, 2004 --------------------------- Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Investors Florida Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Investors Florida Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: May 28, 2004 --------------------------- Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Investors New Jersey Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Investors New Jersey Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: May 28, 2004 --------------------------- Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Investors Michigan Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Investors Michigan Municipal Cash Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: May 28, 2004 --------------------------- By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: May 28, 2004 ---------------------------