INVESTORS MUNICIPAL CASH FUND
INVESTORS MICHIGAN MUNICIPAL CASH FUND
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 1, 1998
-------------------------
The following information supplements the disclosure in the "Financial
Highlights" section of the Prospectus with respect to Investors Michigan
Municipal Cash Fund:
<TABLE>
<CAPTION>
April 6, 1998 to
March 31, 1999
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<S> <C>
Per Share Operating Performance:
Net asset value, beginning of period $1.00
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Net investment income .02
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Less dividends declared .02
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Net asset value, end of period $1.00
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Total Return (not annualized) 2.41%
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Ratios to Average Net Assets after Expense Waiver (annualized):
Expenses .75%
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Net investment income 2.62%
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Ratios to Average Net Assets before Expense Waiver (annualized):
Expenses .87%
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Net investment income 2.50%
- -----------------------------------------------------------------------------------------------
Supplemental Data:
Net assets at end of period (in thousands) $35,625
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</TABLE>
Note: Scudder Kemper has agreed to temporarily waive a portion of its management
fee and absorb certain expenses of the fund.
June 4, 1999
