INVESTORS MUNICIPAL CASH FUND
Investors Pennsylvania Municipal Cash Fund
SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF THE LISTED FUND (THE "FUND")
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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, the Fund's investment management agreement
with the Adviser was deemed to have been assigned and, therefore, terminated.
The Board of Trustees of the Fund and the shareholders of the 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 meeting of shareholders of the Fund held on December 17, 1998
(the "Special Meeting"), the shareholders of Investors Pennsylvania Municipal
Cash Fund, a series of the Investors Municipal Cash Fund, confirmed that, as a
matter of fundamental policy, the Fund is classified as a non-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 the Fund's Special Meeting, the shareholders approved the
reclassification of the 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 the Fund's Board of Trustees without a vote of the
shareholders.
March 24, 1999
CPG-1F
