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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
June 26, 1995
Dear Scudder Investor,
The prospectus supplement on the reverse side clarifies the investment
policies of Scudder Cash Investment Trust and explains a change in the
distribution policy for capital gains and losses. Also, we would like to inform
you of the addition of a new portfolio manager of the Fund.
The investment policies of the Scudder Cash Investment Trust have not
changed. The prospectus supplement simply provides a detailed description of
what the Fund may invest in. The Fund declares dividends daily and distributes
them to shareholders monthly. In the future, capital gains and losses (other
than long-term capital gains) may be included as part of the Fund's daily
dividend.
Finally, Scudder welcomes Nicca Alcantara as a portfolio manager for Scudder
Cash Investment Trust, joining the existing fund managers Robert Neff and
Stephen Akers. Ms. Alcantara joined Scudder in 1984 and has been a portfolio
manager since 1989.
If you have questions about these changes, please call us at 1-800-225-2470
between 8 a.m. and 8 p.m., eastern time, Monday through Friday.
Sincerely,
/s/David S. Lee
David S. Lee
President,
Scudder Cash Investment Trust
This letter is for explanatory purposes and is not part
of the prospectus supplement on the reverse side.
(over, please)
<PAGE>
Scudder Cash Investment Trust
Supplement to Prospectus
dated November 1, 1994
The following text replaces the section entitled Investments under "Investment
objective and policies."
Investments
The Fund purchases U.S. dollar-denominated securities with remaining maturities
of 397 calendar days or less, except in the case of U.S. Government securities
which may have remaining maturities of 762 calendar days or less. The
dollar-weighted average maturity of the Fund's portfolio will vary with money
market conditions, but is always 90 days or less. All securities in the Fund's
portfolio must meet credit quality standards pursuant to procedures established
by the Trustees. Generally, the Fund may purchase only securities which are
rated, or issued by a company with comparable securities rated, within the two
highest quality rating categories of one or more of the following rating
agencies: Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's ("S&P")
and Fitch Investors Service, Inc. ("Fitch"). If a security is unrated, the Fund
may purchase the security if, in the opinion of the Fund's investment adviser,
Scudder, Stevens & Clark, Inc. (the "Adviser"), the credit quality of the
security is deemed equivalent to the rated securities mentioned above.
The Fund may invest in short-term securities consisting of: obligations issued
or guaranteed by the U.S. Government, its agencies or instrumentalities;
obligations of supranational organizations such as the International Bank for
Reconstruction and Development (the World Bank); obligations of domestic banks
and foreign branches of domestic banks, including bankers' acceptances,
certificates of deposit, deposit notes and time deposits; and obligations of
savings and loan institutions.
The Fund may also invest in: instruments whose credit has been enhanced by banks
(letters of credit), insurance companies (surety bonds) or other corporate
entities (corporate guarantees); corporate obligations, including commercial
paper, notes, bonds, loans and loan participations; securities with variable or
floating interest rates; asset-backed securities, including certificates,
participations and notes; and municipal securities, including notes, bonds and
participation interests, either taxable or tax free.
In addition, the Fund may invest in repurchase agreements and securities with
put features.
Each of the above referenced eligible investments and investment practices have
certain risks associated with them. For a more complete description, please
refer to the Fund's Statement of Additional Information.
The following text replaces the first three sentences of the section entitled
Dividends and capital gains distributions under "Distribution and performance
information."
Dividends are declared daily and distributed monthly to shareholders. The Fund
may take into account capital gains and losses (other than long-term capital
gains) in its daily dividend declaration. The Fund may make additional
distributions for tax purposes, if necessary.
<PAGE>
The following text replaces the second paragraph of the section entitled A team
approach to investing under "Shareholder benefits."
Lead Portfolio Manager Robert T. Neff assumed responsibility for the Fund's
day-to-day management in 1976. Mr. Neff joined Scudder in 1972, and has more
than 20 years of experience managing short-term fixed income assets. Stephen L.
Akers, Portfolio Manager, focuses on securities selection and assists with the
creation and implementation of investment strategy for the Fund. Mr. Akers
joined the Fund's team in 1994 and has managed several fixed-income portfolios
since joining Scudder in 1984. Nicca Alcantara, Portfolio Manager, joined the
Fund's team in 1995 and Scudder in 1984. Ms. Alcantara has been a portfolio
manager since 1989.
June 26, 1995
COOPERS & LYBRAND
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Scudder Cash Investment Trust:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Cash Investment Trust (the "Trust") for the year
ended June 30, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights, and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institution of
Certified Public Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements and
financial highlights being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of June 30, 1995.
This report is intended solely for the information and use of
management of Scudder Cash Investment Trust and the Securities and Exchange
Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
August 1, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the Scudder
Cash Investment Trust Annual Report for
the fiscal year ended June 30, 1995 and
is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME> SCUDDER CASH INVESTMENT TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-1-1994
<PERIOD-END> JUN-30-1995
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