INVESTORS CASH TRUST
Government Securities Portfolio
Treasury Portfolio
SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF EACH OF THE LISTED FUNDs
(EACH A "FUND")
--------------------
On September 7, 1998, Zurich Insurance Company ("Zurich"), the majority owner of
Scudder Kemper Investments, Inc. (the "Adviser"), 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 were combined with Zurich's businesses to form a new global
insurance and financial services company known as Zurich Financial Services.
Upon consummation of the transaction, each Fund's investment management
agreement with the Adviser was deemed to have been assigned and, therefore,
terminated. The Board of Trustees of each Fund and the shareholders of each Fund
have approved a new investment management agreement with the Adviser, which is
substantially identical to the former investment management agreement, except
for the dates of execution and termination.
At the special meetings of shareholders of each Fund held on December 17, 1998
(the "Special Meetings"), the shareholders of the Funds confirmed that, as a
matter of fundamental policy, each Fund is classified as a diversified series of
an open-end investment company under the Investment Company Act of 1940 (the
"1940 Act"), but the shareholders voted to eliminate any additional fundamental
diversification policies.
Additionally, at each Fund's Special Meeting, the shareholders approved the
reclassification of each Fund's investment objective(s) and policies as
non-fundamental, with the exception of those policies required to be fundamental
by the 1940 Act. An objective or policy which is non-fundamental may be changed
or eliminated by a Fund's Board of Trustees without a vote of the shareholders.
Each Fund's fundamental policies have been amended by a vote of shareholders at
each Fund's Special Meeting. Following is a list of each Fund's amended and
restated fundamental policies. As a matter of fundamental policy, each Fund may
not:
1. borrow money, except as permitted under the Investment Company Act of 1940,
as amended, and as interpreted or modified by regulatory authority having
jurisdiction, from time to time;
2. issue senior securities, except as permitted under the Investment Company
Act of 1940, as amended, and as interpreted or modified by regulatory
authority having jurisdiction, from time to time;
3. concentrate its investments in a particular industry, as that term is used
in the Investment Company Act of 1940, as amended, and as interpreted or
modified by regulatory authority having jurisdiction, from time to time;
4. engage in the business of underwriting securities issued by others, except
to the extent that a Fund may be deemed to be an underwriter in connection
with the disposition of portfolio securities;
5. purchase or sell real estate, which term does not include securities of
companies which deal in real estate or mortgages or investments secured by
real estate or interests therein, except that a Fund reserves freedom of
action to hold and to sell real estate acquired as a result of the Fund's
ownership of securities;
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ICT-1A
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6. purchase physical commodities or contracts relating to physical
commodities;
7. make loans except as permitted under the Investment Company Act of 1940, as
amended, and as interpreted or modified by regulatory authority having
jurisdiction, from time to time.
The following policies are non-fundamental, and may be changed or eliminated for
each Fund by its Board without a vote of the Fund's shareholders:
Each of the Government Securities Portfolio and the Treasury Portfolio may not:
1. make short sales of securities, or purchase any securities on margin except
to obtain such short-term credits as may be necessary for the clearance of
transactions;
2. write, purchase, or sell puts, calls or combinations thereof.
The Government Securities Portfolio may not:
1. purchase any securities other than obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities, and repurchase
agreements of such obligations, except in connection with a master/feeder
fund structure. However, if the Fund implements a master/feeder fund
structure, shareholder approval is required.
The Treasury Portfolio may not:
1. purchase any securities other than obligations issued by the U.S.
Government and repurchase agreements of such obligations, except in
connection with a master/feeder fund structure. However, if the Fund
implements a master/feeder fund structure, shareholder approval is
required.
