<TABLE>
<S> <C> <C>
CASH EQUIVALENT FUND TAX-EXEMPT CALIFORNIA
Money Market Portfolio MONEY MARKET FUND
Government Securities Portfolio
Tax-Exempt Portfolio ---------------------
--------------------- INVESTORS MUNICIPAL CASH FUND
Investors Florida Municipal Cash Fund
INVESTORS CASH TRUST Investors Michigan Municipal Cash Fund
Government Securities Portfolio Investors New Jersey Municipal Cash Fund
Treasury Portfolio Investors Pennsylvania Municipal Cash Fund
Tax-Exempt New York Money Market Fund
</TABLE>
The following supplements the currently effective Prospectus of each of the
listed funds:
On December 22, 1997, Zurich Insurance Company ("Zurich") entered into an
agreement with B.A.T Industries p.l.c. ("B.A.T") pursuant to which the financial
services businesses of B.A.T will be combined with Zurich's businesses
(including Zurich's 70% interest in Scudder Kemper Investments, Inc. ("Scudder
Kemper")) to form a new global insurance and financial services company known as
Zurich Financial Services. After the transaction is completed, by way of a dual
holding company structure, current Zurich shareholders will own approximately
57% of the new organization, with the balance owned by B.A.T's current
shareholders.
The transaction is expected to close in the third quarter of 1998. Upon
consummation of the transaction, each Fund's investment management agreement
with Scudder Kemper will be deemed to have been assigned and, therefore, will
terminate. The Board has approved new investment management agreements with
Scudder Kemper, which are substantially identical to the current investment
management agreements, except for the dates of execution and termination. Each
new investment management agreement is to become effective upon the termination
of the current investment management agreement. The Board will seek shareholder
approval of the new investment management agreements through a proxy
solicitation that is currently scheduled to conclude in mid-December.
September 1, 1998
