Supplement to the currently effective prospectuses of each of the listed funds:



Cash Account Trust                       Investors Municipal Cash Fund

  Government & Agency Securities           Investors Florida Municipal
    Portfolio                                Cash Fund

  Money Market Portfolio                   Investors Michigan Municipal
                                             Cash Fund
  Tax-Exempt Portfolio
                                           Investors New Jersey Municipal
Cash Reserve Fund, Inc.                      Cash Fund

  Prime Series                             Investors Pennsylvania Municipal
                                             Cash Fund
  Tax-Free Series
                                           Tax-Exempt New York Money Market Fund
  Treasury Series
                                         Tax-Exempt California Money Market Fund
Investors Cash Trust

  Government & Agency Securities
    Portfolio

  Treasury Portfolio

- --------------------------------------------------------------------------------

The following information supplements the "Policies You Should Know About"
section under the Checkwriting paragraph of each fund's prospectus:

Effective on or about July 15, 2005, the fund will accept Automated Clearing
House ("ACH") debit entries for accounts that have elected the checkwriting
redemption privilege. Upon receipt of an ACH debit entry referencing your
account number you authorize us to redeem fund shares in your account to pay the
entry to the third party originating the debit. Your fund account statement will
show all ACH debit entries in your account. In Case of Errors or Questions about
Your Transactions or Pre-Authorized Transfers please contact your financial
advisor or investment firm as soon as possible (but no later than sixty (60)
days after you are sent the first fund statement on which the transaction
appears) if you believe your statement reflects an improper charge or if you
need more information about an ACH debit entry transaction. Your financial
advisor or investment firm must contact the Shareholder Service Agent within
sixty (60) days of the fund sending you the first fund account statement on
which an improper charge appears.


               Please Retain This Supplement for Future Reference

July 15, 2005
SMF-3664





Supplement to the currently  effective  Statement of Additional  Information  of
each of the listed funds:


                                                   
Cash Account Trust                                    Investors Municipal Cash Fund
o        Government & Agency Securities Portfolio     o        Investors Florida Municipal Cash Fund
o        Money Market Portfolio                       o        Investors Michigan Municipal Cash Fund
o        Tax-Exempt Portfolio                         o        Investors New Jersey Municipal Cash Fund
                                                      o        Investors Pennsylvania Municipal Cash Fund
Cash Reserve Fund, Inc.                               o        Tax-Exempt New York Money Market Fund
o        Prime Series
o        Tax-Free Series                              Tax-Exempt California Money Market Fund
o        Treasury Series

Investors Cash Trust
o        Government & Agency Securities Portfolio
o        Treasury Portfolio




The following  information  supplements  the "Purchase and Redemption of Shares"
section of each fund's Statement of Additional Information:

Redemption by Check/ACH Debit  Disclosure.  Effective on or about July 15, 2005,
the fund will accept Automated Clearing House ("ACH") debit entries for accounts
that have elected the checkwriting  redemption  privilege.  An example of an ACH
debit is a transaction in which you have given your insurance company,  mortgage
company,  credit card company,  utility company, health club, etc., the right to
withdraw  your  monthly  payment  from your fund account or the right to convert
your mailed  check into an ACH debit.  Sometimes,  you may give a merchant  from
whom you wish to purchase goods the right to convert your check to an ACH debit.
You may also  authorize a third party to  initiate  an  individual  payment in a
specific  amount from your account by providing  your  account  information  and
authorization  to such third party via the Internet or telephone.  You authorize
the fund upon receipt of an ACH debit entry  referencing your account number, to
redeem  fund  shares  in  your  account  to pay the  entry  to the  third  party
originating  the  debit.  The fund  will  make the  payment  on the basis of the
account  number that you  provide to your  merchant  and will not  compare  this
account  number  with the name on the  account.  The fund,  the fund's  transfer
agent, the Shareholder  Service Agent or any other person or system handling the
transaction are not required to determine if there is a discrepancy  between the
name and the account number shown on the transfer instructions.

The  payment of any ACH debit  entry will be subject to  sufficient  funds being
available in the designated  account;  the fund will not be able to honor an ACH
debit entry if sufficient funds are not available.  ACH debit entry transactions
to your fund account  should not be initiated  or  authorized  by you in amounts
exceeding the amount of Shares of the fund then in the account and available for
redemption.  The fund may refuse to honor ACH debit entry transactions  whenever
the right of redemption has been suspended or postponed, or whenever the account
is  otherwise  impaired.  Your fund  account  statement  will show any ACH debit
entries  in your  account;  you will not  receive  any  other  separate  notice.
(Merchants  are  permitted to convert your checks into ACH debits only with your
prior consent.)

You may  authorize  payment  of a specific  amount to be made from your  account
directly by the fund to third parties on a continuing periodic basis. To arrange
for this service,  you should  contact the person or company you will be paying.
Any preauthorized  transfers will be subject to sufficient funds being available
in the designated  account.  A  preauthorized  transfer will continue to be made
from the account in the same amount and frequency as initially established until
you terminate the preauthorized transfer instructions with the person or company
whom you have been paying. If regular preauthorized payments



may vary in amount,  the person or company  you are going to pay should tell you
ten (10) days before each payment will be made and how much the payment will be.
If you have  told the  fund in  advance  to make  regular  payments  out of your
account, you may stop any of these payments by writing or calling your financial
advisor or  investment  firm in time for them to receive your request  three (3)
business  days or more before the payment is scheduled to be made.  If you call,
the fund may also  require that you put your request in writing so that the fund
will receive it within 14 days after you call. If you order the fund to stop one
of these  payments  three (3)  business  days or more  before  the  transfer  is
scheduled  and the fund does not do so, the fund will be liable for your loss or
damages but not in an amount exceeding the amount of the payment. A stop payment
order will stop only the designated  periodic payment.  If you wish to terminate
the  periodic  preauthorized  transfers,  you  should  do so with the  person or
company to whom you have been making payments.

In case of errors or questions  about your ACH debit entry  transactions  please
contact your  financial  advisor or investment  firm as soon as possible (but no
later than sixty (60) days after you are sent the first fund  statement on which
the  transaction  appears)  if you  think  your  statement  is wrong or shows an
improper transfer or if you need more information about a transfer listed on the
statement.  The Shareholder  Service Agent must hear from your financial advisor
or investment  firm no later than 60 days after the fund sent you the first fund
account  statement on which the problem or error  appeared.  If the  Shareholder
Service  Agent is not  notified by your  financial  advisor or  investment  firm
within sixty (60) days after the fund sends you the account  statement,  you may
not get back any money you have  lost,  and you may not get back any  additional
money  you lose  after the sixty  (60) days if the fund or  Shareholder  Service
Agent could have stopped  someone from taking that money if you had notified the
Shareholder Service Agent in time.

Tell us your name and account number. Describe the error or the transfer you are
unsure  about,  and  explain why you believe it is an error or why you need more
information.  Tell us the dollar amount of the suspected  error. If you tell the
Shareholder Service Agent orally, the Shareholder Service Agent may require that
you send your  complaint or questions in writing  within ten (10) business days.
The  Shareholder  Service Agent will determine  whether an error occurred within
ten (10)  business  days  after it hears  from you and will  correct  any  error
promptly. If the Shareholder Service Agent needs more time, however, it may take
up to 45 days (90 days for certain types of  transactions)  to investigate  your
complaint or question. If the Shareholder Service Agent decides to do this, your
account will be credited with escrowed fund shares within ten (10) business days
for the  amount you think is in error so that you will have the use of the money
during  the  time it  takes  the  Shareholder  Service  Agent  to  complete  its
investigation.  If the Shareholder  Service Agent asks you to put your complaint
or questions in writing and the  Shareholder  Service  Agent does not receive it
within ten (10) business days, your account may not be credited. The Shareholder
Service  Agent will tell you the results  within three (3)  business  days after
completing its investigation.  If the Shareholder  Service Agent determines that
there  was no  error,  the  Shareholder  Service  Agent  will send you a written
explanation.  You  may  ask  for  copies  of  documents  that  were  used by the
Shareholder Service Agent in the investigation.

In the  event the fund,  the  fund's  named  transfer  agent or the  Shareholder
Service  Agent does not complete a transfer  from your account on time or in the
correct  amount  according  to the fund's  agreement  with you,  the fund may be
liable  for your  losses or  damages.  The fund will not be liable to you if (i)
there are not sufficient  funds  available in your account,  (ii)  circumstances
beyond our control (such as fire or flood or malfunction  of equipment)  prevent
the  transfer,  (iii) you or another  shareholder  have supplied a merchant with
incorrect account information,  or (iv) a merchant has incorrectly formulated an
ACH debit entry.  In any case, the fund's  liability shall not exceed the amount
of the transfer in question.

The fund, the fund's named transfer agent or the Shareholder  Service Agent will
disclose  information  to third  parties about your account or the transfers you
make: (1) where it is necessary for  completing  the transfers,  (2) in order to
verify the  existence  or  condition of your account for a third party such as a
credit bureau or a merchant,  (3) in order to comply with government agencies or
court orders or (4) if you have given the fund written permission.

The  acceptance and  processing of ACH debit entry  transactions  is established
solely  for  your  convenience  and the fund  reserves  the  right  to  suspend,
terminate  or modify  your  ability  to redeem  fund  shares by ACH


                                       2


debit entry  transactions at any time. ACH debit entry transactions are governed
by the rules of the National  Automated  Clearing  House  Association  ("NACHA")
Operating  Rules and any local ACH  operating  rules then in effect,  as well as
Regulation E of the Federal Reserve Board.








               Please Retain This Supplement for Future Reference





July 15, 2005
SMF-3961

                                       3