CASH ACCOUNT TRUST TAX-EXEMPT CALIFORNIA
Government Securities Portfolio MONEY MARKET FUND
Money Market Portfolio SUPPLEMENT TO PROSPECTUS
Tax-Exempt Portfolio DATED FEBRUARY 1, 1998
SUPPLEMENT TO PROSPECTUS -------------------
DATED SEPTEMBER 1, 1998
-------------------
INVESTORS MUNICIPAL CASH FUND
Investors Florida Municipal Cash Fund
Investors Michigan 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 MARCH 3, 1998
---------------
The following disclosure replaces the first paragraph of the "Net Asset Value"
section of the Cash Account Trust Prospectus:
NET ASSET VALUE
The net asset value per share of each Portfolio is calculated by dividing the
total assets of such Portfolio less its liabilities by the total number of its
shares outstanding. The net asset value per share of each Portfolio is
determined on each day the New York Stock Exchange ("Exchange") is open for
trading, at 11:00 a.m., 1:00 p.m. and 3:00 p.m. Chicago time for the Money
Market Portfolio; at 11:00 a.m., 1:00 p.m., 3:00 p.m. and 8:00 p.m. Chicago time
for the Government Securities Portfolio and at 11:00 a.m. and 3:00 p.m. Chicago
time for the Tax-Exempt Portfolio. Fund shares are sold at the net asset value
next determined after an order and payment are received in the form described
under "Purchase of Shares." Orders received by dealers or other financial
services firms prior to the 8:00 p.m. determination of net asset value for the
Government Securities Portfolio and received by KDI, the primary administrator,
distributor and principal underwriter for the Funds, prior to the close of its
business day can be confirmed at the 8:00 p.m. determination of net asset value
for that day. Such transactions are settled by payment of Federal funds in
accordance with procedures established by KDI. Redemption orders received in
connection with the administration of checkwriting programs by certain dealers
or other financial services firms prior to the determination of the Fund's net
asset value may also be processed on a confirmed basis in accordance with
procedures established by KDI. Each Portfolio seeks to maintain a net asset
value of $1.00 per share.
The following disclosure replaces the first paragraph of the "Net Asset Value"
section of the Tax-Exempt California Money Market Fund Prospectus:
NET ASSET VALUE
Fund shares are sold at their net asset value next determined after an order and
payment are received in the form described under "Purchase of Shares." The net
asset value of a Fund share is calculated by dividing the total assets of the
Fund less its liabilities by the total number of shares outstanding. The net
asset value per share of the Fund is determined on each day the New York Stock
Exchange is open for trading, at 11:00 a.m., 3:00 p.m. and 8:00 p.m. Chicago
time, and on each other day on which there is a sufficient degree of trading in
the Fund's investments that its net asset value might be affected, except that
the net asset value will not be computed on a day on which no orders to purchase
shares were received and no shares were tendered for redemption. Orders received
by dealers or other financial services firms prior to the 8:00 p.m.
determination of net asset value for the Fund and received by Kemper
Distributors, Inc. ("KDI"), the primary administrator, distributor and principal
underwriter for the Funds, prior to the close of its business day can be
confirmed at the 8:00 p.m. determination of net asset value for that day. Such
transactions are settled by payment of Federal Funds in accordance with
procedures established by KDI. Redemption orders received in connection with the
administration of checkwriting programs by certain dealers or other financial
services firms prior to the determination of the Fund's net asset value may also
be processed on a confirmed basis in accordance with procedures established by
KDI. The Fund seeks to maintain a net asset value of $1.00 per share.
<PAGE>
The following disclosure replaces the first paragraph of the "Net Asset Value"
section of the Investors Municipal Cash Fund Prospectus:
NET ASSET VALUE
Fund shares are sold at their net asset value next determined after an order and
payment are received in the form described under "Purchase of Shares." The net
asset value of a Fund share is calculated by dividing the total assets of the
Fund less its liabilities by the total number of shares outstanding. The net
asset value per share of a Fund is determined on each day the New York Stock
Exchange ("Exchange") is open for trading, at 11:00 a.m. and 3:00 p.m. Chicago
time, and on each other day on which there is a sufficient degree of trading in
a Fund's investments that its net asset value might be affected, except that the
net asset value will not be computed on a day on which no orders to purchase
shares were received and no shares were tendered for redemption. Redemption
orders received in connection with the administration of checkwriting programs
by certain dealers or other financial services firms prior to the determination
of the Fund's net asset value may be processed on a confirmed basis in
accordance with procedures established by Kemper Distributors, Inc. ("KDI"), the
primary administrator, distributor, and principal underwriter for the Fund,
which procedures allow such orders to be transmitted to KDI prior to the close
of its business day. Each Fund seeks to maintain a net asset value of $1.00 per
share.
October 16, 1998
