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EXHIBIT-99.B13
INVESTORS MICHIGAN MUNICIPAL CASH FUND
Subscription Agreement
1. Share Subscription. The undersigned agrees to purchase from
Investors Municipal Cash Fund (the "Fund") the number of shares (the
"Shares") of the Fund's Investors Michigan Municipal Cash Fund (the
"Portfolio"), without par value, set forth at the end of this
Agreement on the terms and conditions set forth herein and in the
Preliminary Prospectus ("Preliminary Prospectus") described below, and
hereby tenders the amount of the price required to purchase these
Shares at the price set forth at the end of this Agreement.
The undersigned understands that the Fund has prepared a
registration statement or an amendment thereto for filing with the
Securities and Exchange Commission on Form N-1A, which contains the
Preliminary Prospectus which describes the Fund, the Portfolios and
the Shares. By its signature hereto, the undersigned hereby
acknowledges receipt of a copy of the Preliminary Prospectus.
The undersigned recognizes that the Portfolio will not be fully
operational until such time as it commences the public offering of its
shares. Accordingly, a number of features of the Portfolio described
in the Preliminary Prospectus, including, without limitation, the
declaration and payment of dividends, and redemption of shares upon
request of shareholders, are not, in fact, in existence at the present
time and will not be instituted until the Portfolio's registration
under the Securities Act of 1933 is made effective.
2. Representations and Warranties. The undersigned hereby
represents and warrants as follows:
(a) It is aware that no Federal or state agency has made any
findings or determination as to the fairness for investment, nor
any recommendation or endorsement, of the Shares;
(b) It has such knowledge and experience of financial and
business matters as will enable it to utilize the information
made available to it in connection with the offering of the
Shares, to evaluate the merits and risks of the prospective
investment and to make an informed investment decision;
(c) It recognizes that the Portfolio has no financial or
operating history and, further, that investment in the
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Portfolio involves certain risks, and it has taken full
cognizance of and understands all of the risks related to the
purchase of the Shares, and it acknowledges that it has suitable
financial resources and anticipated income to bear the economic
risk of such an investment;
(d) It is purchasing the Shares for its own account, for
investment, and not with any present intention of redemption,
distribution, or resale of the Shares, either in whole or in
part;
(e) It will not sell the Shares purchased by it without
registration of the Shares under the Securities Act of 1933 or
exemption therefrom;
(f) This Agreement and the Preliminary Prospectus and such
material documents relating to the Fund as it has requested have
been provided to it by the Fund and have been reviewed carefully
by it; and
(g) It has also had the opportunity to ask questions of, and
receive answers from, representatives of the Fund concerning the
Fund and the terms of the offering.
3. The undersigned recognizes that the Fund reserves the
unrestricted right to reject or limit any subscription and to close
the offer at any time.
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Number of Shares: 100,000 for the Investors Michigan
Municipal Cash Fund. Subscription price $1.00 per share for an
aggregate price of $100,000.
IN WITNESS WHEREOF, the undersigned has executed this instrument
this 13th day of February, 1998.
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ INVESTMENTS, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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Title: Senior Vice President
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