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ZURICH MONEY FUNDS
Zurich Money Market Fund
Zurich Government Money Fund
Zurich Tax-Free Money Fund
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 15, 1997
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ZURICH YIELDWISE MONEY FUND
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 15, 1997
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INVESTMENT MANAGER AND UNDERWRITER
Pursuant to the terms of an agreement, Zurich Insurance Company ("Zurich"), the
parent of the Funds' investment adviser, Zurich Kemper Investments, Inc. ("ZKI")
and Scudder, Stevens & Clark, Inc. ("Scudder") have formed a new global
investment organization by combining Scudder's business with that of ZKI, and
Scudder has changed its name to Scudder Kemper Investments, Inc. ("Scudder
Kemper"). As a result of the transaction, Zurich owns approximately 70% of
Scudder Kemper, with the balance owned by Scudder Kemper's officers and
employees. Scudder Kemper, 280 Park Avenue, 40th floor, New York, New York
10017, now manages in excess of $200 billion.
Because the transaction between Scudder and Zurich resulted in the assignment of
each Fund's investment management agreement between ZKI and each respective
Fund, each of those agreements was deemed to be automatically terminated upon
consummation of the transaction. In anticipation of the transaction, however,
new investment management agreements between each Fund and Scudder Kemper were
approved by each respective Fund's Board of Trustees. A special meeting of
shareholders (the "Special Meeting") of each Fund was held in December, 1997, at
which time the shareholders also approved the new investment management
agreements. The new investment management agreements (each an "Investment
Management Agreement" and, collectively, the "Investment Management Agreements")
are all effective as of December 31, 1997 and will be in effect for an initial
term ending on the same date as would the corresponding previous investment
management agreement.
Each Fund's Investment Management Agreement is substantially similar to the
corresponding investment management agreement terminated by the transaction,
except that Scudder Kemper is the new investment adviser to each Fund and the
management fee is calculated monthly at 1/12 of the applicable annual rate based
upon the average daily net assets for such month.
In addition, under a separate agreement between each Fund and Scudder Fund
Accounting Corporation ("SFAC"), a subsidiary of Scudder Kemper, SFAC, rather
than each Fund's investment manager, will compute the net asset value for each
Fund. SFAC does not charge the Funds for this service; however, subject to Board
approval, at some time in the future, SFAC may seek payment for its services
under this agreement.
CAPITAL STRUCTURE
Pending shareholder approval, rather than invest in securities directly, each of
the Funds may in the future seek to achieve its investment objective by pooling
its assets with assets of other mutual funds for investment in another
investment company having the same investment objective and substantially the
same investment policies and restrictions as such Fund. The purpose of such an
arrangement is to achieve greater operational efficiencies and to reduce costs.
It is expected that any such investment company will be managed by Scudder
Kemper in substantially the same manner as the corresponding Fund. Shareholders
of each Fund will be given at least 30 days' prior notice of any such
investment, although they will not be entitled to vote on the action. Such
investment would be made only if the Trustees determine it to be in the best
interests of the respective Fund and its shareholders.
December 31, 1997
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ZURICH MONEY FUNDS ("ZMF")
Zurich Money Market Fund ("ZMMF")
Zurich Government Money Fund ("ZGMF")
Zurich Tax-Free Money Fund ("ZTMF")
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED NOVEMBER 15, 1997
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ZURICH YIELDWISE MONEY FUND ("ZYMF")
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED NOVEMBER 15, 1997
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OFFICERS AND TRUSTEES
Mr. Timbers is no longer a trustee of the Funds. The following are new trustees:
DANIEL PIERCE (03/18/34), Trustee*, (63), 345 Park Avenue, New York, New York;
Managing Director, Scudder Kemper; Director, Fiduciary Trust Company; Director,
Fiduciary Company Incorporated.
EDMOND D. VILLANI (03/04/47), Trustee*, (50), 345 Park Avenue, New York, New
York; Chief Executive Officer, Scudder Kemper.
PORTFOLIO TRANSACTIONS
To the maximum extent feasible, it is expected that Scudder Kemper will place
orders for portfolio transactions through Scudder Investor Services, Inc., Two
International Place, Boston, Massachusetts 02110 ("SIS"), a corporation
registered as a broker-dealer and a subsidiary of Scudder. SIS will place orders
on behalf of the Funds with issuers, underwriters or other brokers and dealers.
SIS will not receive any commission, fee or other remuneration from the Funds
for this service.
December 31, 1997
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