<PAGE> 1
CASH EQUIVALENT FUND
Money Market Portfolio
Government Securities Portfolio
Tax-Exempt Portfolio
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 29, 1996
-------------------------
TAX-EXEMPT CALIFORNIA
MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1997
-------------------------
CASH ACCOUNT TRUST
Money Market Portfolio
Government Securities Portfolio
Tax-Exempt Portfolio
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 1, 1996
-------------------------
INVESTORS MUNICIPAL CASH FUND
Investors Florida Municipal Cash Fund
Investors New Jersey Municipal Cash Fund
Investors Pennsylvania Municipal Cash Fund
Tax-Exempt New York Money Market Fund
SUPPLEMENT TO PROSPECTUS
DATED MAY 21, 1997
-------------------------
INVESTORS CASH TRUST
Government Securities Portfolio
Treasury Portfolio
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 1, 1996
-------------------------
INVESTMENT MANAGER
Zurich Insurance Company ("Zurich") has entered into a definitive agreement
with Scudder, Stevens & Clark, Inc. ("Scudder") pursuant to which Zurich will
acquire approximately 70% of Scudder. Upon completion of the transaction,
Scudder will change its name to Scudder Kemper Investments, Inc. ("SKI"), and
Zurich Kemper Investments, Inc. ("ZKI") will be operated either as a subsidiary
of SKI or as part of SKI. Consummation of the transaction is subject to a number
of contingencies. Because the transaction would constitute an assignment of the
Funds' investment management agreements with ZKI and, where applicable, Rule
12b-1 agreements under the Investment Company Act of 1940, it is anticipated
that ZKI would seek approval of new agreements by the Funds' boards and
shareholders. If the contingencies are timely met, the transaction is expected
to close in the fourth quarter of 1997. Zurich will own 69.5% of SKI and senior
employees of SKI will hold the remaining 30.5%. SKI will be headquartered in New
York City and the chief executive officer of SKI will be Edmond D. Villani,
Scudder's president and chief executive officer. Mr. Villani will also join
Zurich's Corporate Executive Board. A transition team comprised of
representatives from ZKI, Zurich, and Scudder has been formed to make
recommendations regarding combining the operations of Scudder and ZKI.
July 30, 1997
CPG-1A (7/97) (LOGO)printed on recycled paper
