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         CASH EQUIVALENT FUND ("CEF")                    CASH ACCOUNT TRUST ("CAT")
            Money Market Portfolio                         Money Market Portfolio
       Government Securities Portfolio                Government Securities Portfolio
             Tax-Exempt Portfolio                           Tax-Exempt Portfolio
           SUPPLEMENT TO PROSPECTUS                       SUPPLEMENT TO PROSPECTUS
            DATED NOVEMBER 7, 1997                          DATED AUGUST 1, 1997
          -------------------------                      -------------------------
            TAX-EXEMPT CALIFORNIA                       INVESTORS CASH TRUST ("ICT")
         MONEY MARKET FUND ("TECMF")                  Government Securities Portfolio
           SUPPLEMENT TO PROSPECTUS                          Treasury Portfolio
            DATED FEBRUARY 1, 1997                        SUPPLEMENT TO PROSPECTUS
                                                            DATED AUGUST 1, 1997
          -------------------------                      -------------------------


 
                     INVESTORS MUNICIPAL CASH FUND ("IMCF")
                     Investors Florida Municipal Cash Fund
                    Investors New Jersey Municipal Cash Fund
                   Investors Pennsylvania Municipal Cash Fund
                     Tax-Exempt New York Money Market Fund
                            SUPPLEMENT TO PROSPECTUS
                               DATED MAY 21, 1997
 
INVESTMENT MANAGER AND UNDERWRITER
 
Pursuant to the terms of an agreement, Zurich Insurance Company (Zurich"), the
parent of the Funds' investment adviser, Zurich Kemper Investments, Inc.
("ZKI"), and Scudder, Stevens & Clark, Inc. ("Scudder") have formed a new global
investment organization by combining Scudder's business with that of ZKI, and
Scudder has changed its name to Scudder Kemper Investments, Inc. ("Scudder
Kemper"). As a result of the transaction, Zurich owns approximately 70% of
Scudder Kemper, with the balance owned by Scudder Kemper's officers and
employees. Scudder Kemper, 280 Park Avenue, 40th floor, New York, New York
10017, now manages in excess of $200 billion.
 
Because the transaction between Scudder and Zurich resulted in the assignment of
each Fund's investment management agreement between ZKI and each respective
Fund, each of those agreements was deemed to be automatically terminated upon
consummation of the transaction. In anticipation of the transaction, however,
new investment management agreements between each Fund and Scudder Kemper were
approved by each respective Fund's Board of Trustees. A special meeting of
shareholders (the "Special Meeting") of each Fund was held in December, 1997, at
which time the shareholders also approved the new investment management
agreements. The new investment management agreements (each an "Investment
Management Agreement" and, collectively, the "Investment Management Agreements")
are all effective as of December 31, 1997 and will be in effect for an initial
term ending on the same date as would the corresponding previous investment
management agreement.
 
Each Fund's Investment Management Agreement is substantially similar to the
corresponding investment management agreement terminated by the transaction,
except that Scudder Kemper is the new investment adviser to each Fund, the
management fee is calculated monthly at 1/12 of the applicable annual rate based
upon the average daily net assets for such month and the expense limitation, for
each Fund except CEF, has been deleted because there are no longer any state
expense limitations in effect.
 
In addition, under a separate agreement between each Fund and Scudder Fund
Accounting Corporation ("SFAC"), a subsidiary of Scudder Kemper, SFAC, rather
than each Fund's investment manager, will compute the net asset value for each
Fund. SFAC does not charge the Funds for this service; however, subject to Board
approval, at some time in the future, SFAC may seek payment for its services
under this agreement.
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CAPITAL STRUCTURE
 
Subject to shareholder approval, except for Investors Florida Municipal Cash
Fund and Investors Pennsylvania Municipal Cash Fund, which have obtained
shareholder approval, rather than invest in securities directly, each Fund may
in the future seek to achieve its investment objective by pooling its assets
with assets of other mutual funds for investment in another investment company
having the same investment objective and substantially the same investment
policies and restrictions as such Fund. The purpose of such an arrangement is to
achieve greater operational efficiencies and to reduce costs. It is expected
that any such investment company will be managed by Scudder Kemper in
substantially the same manner as the corresponding Fund. Shareholders of each
Fund will be given at least 30 days' prior notice of any such investment,
although they will not be entitled to vote on the action. Such investment would
be made only if the Trustees determine it to be in the best interests of the
respective Fund and its shareholders.
 
December 31, 1997
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         CASH EQUIVALENT FUND ("CEF")                    CASH ACCOUNT TRUST ("CAT")
        Money Market Portfolio ("MMP")                 Money Market Portfolio ("MMP")
   Government Securities Portfolio ("GSP")        Government Securities Portfolio ("GSP")
         Tax-Exempt Portfolio ("TEP")                   Tax-Exempt Portfolio ("TEP")
          SUPPLEMENT TO STATEMENT OF                     SUPPLEMENT TO STATEMENT OF
            ADDITIONAL INFORMATION                         ADDITIONAL INFORMATION
            DATED NOVEMBER 7, 1997                          DATED AUGUST 1, 1997
          -------------------------                      -------------------------
            TAX-EXEMPT CALIFORNIA                       INVESTORS CASH TRUST ("ICT")
         MONEY MARKET FUND ("TECMF")              Government Securities Portfolio ("GSP")
          SUPPLEMENT TO STATEMENT OF                     Treasury Portfolio ("TP")
            ADDITIONAL INFORMATION                       SUPPLEMENT TO STATEMENT OF
            DATED FEBRUARY 1, 1997                         ADDITIONAL INFORMATION
                                                            DATED AUGUST 1, 1997
          -------------------------                      -------------------------


 
                     INVESTORS MUNICIPAL CASH FUND ("IMCF")
                Investors Florida Municipal Cash Fund ("IFLCF")
               Investors New Jersey Municipal Cash Fund ("INJCF")
              Investors Pennsylvania Municipal Cash Fund ("IPACF")
                Tax-Exempt New York Money Market Fund ("TNYMF")
                           SUPPLEMENT TO STATEMENT OF
                             ADDITIONAL INFORMATION
                               DATED MAY 21, 1997
 
INVESTMENT RESTRICTIONS -- MASTER/FEEDER FUND STRUCTURE
 
Certain Portfolios of IMCF have amended their fundamental policies by a vote of
shareholders at a special meeting of the Fund's shareholder's (the "Special
Meeting") to permit a master/feeder fund structure. Following is a list of the
Portfolios' fundamental policies that were so amended. As a matter of
fundamental policy, each Portfolio may not:
 
IMCF:
 
IFLCF AND IPACF:
 
(1) Purchase securities (other than securities of the United States Government,
its agencies or instrumentalities or of a state or its political subdivisions)
if as a result of such purchase more than 25% of the Fund's total assets would
be invested in any one industry, except that all or substantially all of the
assets of the Fund may be invested in another registered investment company
having the same investment objective and substantially similar investment
policies as the Fund.
 
(2) Purchase securities of any issuer (other than obligations of, or guaranteed
by, the United States Government, its agencies or instrumentalities) if, as a
result, more than 5% of the Fund's total assets would be invested in securities
of that issuer; except that, as to 50% of the value of the Fund's total assets,
the Fund may invest up to 25% of its total assets in the securities of any one
issuer, and except that all or substantially all of the assets of the Fund may
be invested in another registered investment company having the same investment
objective and substantially similar investment policies as the Fund. For
purposes of this limitation, the Fund will regard as the issuer the entity that
has the primary responsibility for the payment of interest and principal.
 
(7) Underwrite securities issued by others except to the extent the Fund may be
deemed to be an underwriter, under the federal securities laws, in connection
with the disposition of portfolio securities, and except that all or
substantially all of the assets of the Fund may be invested in another
registered investment
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company having the same investment objective and substantially similar
investment company having the same investment objective and substantially
similar investment policies as the Fund.
 
INVESTMENT RESTRICTIONS -- DELETIONS
 
In addition, with respect to CAT, the following non-fundamental investment
restrictions are deleted:
 
(with respect to MMP and GSP) Each Portfolio may not:
 
     Invest more than 5% of the Portfolio's total assets in securities of
     issuers (other than obligations of, or guaranteed by the United States
     Government, its agencies or instrumentalities) which with their
     predecessors have a record of less than three years continuous operation.
 
(with respect to TEP) The Portfolio may not:
 
     Invest more than 5% of the Portfolio's total assets in industrial revenue
     bonds if sponsored by companies which with their predecessors have less
     than three years continuous operation.
 
(with respect to MMP and GSP) Each Portfolio may not:
 
     Invest more than 5% of the Portfolio's total assets in securities
     restricted as to disposition under the Federal securities laws (except
     commercial paper issued under Section 4(2) of the Securities Act of 1933).
 
With respect to IMCF, the following non-fundamental investment restrictions are
deleted:
 
(with respect to IFLCF, INJCF and IPACF) Each Fund may not:
 
     (i) Purchase or retain the securities of any issuer if any of the officers,
     trustees or directors of the Fund, or its investment adviser owns
     beneficially more than 1/2 of 1% of the securities of such issuer and
     together own more than 5% of the securities of such issuer.
 
     (ii) Invest in interests in oil, gas or other mineral exploration or
     development programs or leases, although it may invest in Municipal
     Securities of issuers that invest in or sponsor such programs or leases.
 
(with respect to TNYMF) The Fund may not:
 
     (i) Invest more than 5% of the Fund's total assets in industrial revenue
     bonds if sponsored by companies which with their predecessors have less
     than three years continuous operation.
 
     (ii) Invest more than 5% of its total assets in securities restricted as to
     disposition under the Federal securities laws (except commercial paper
     issued under Section 4(2) of the Securities Act of 1933).
 
OFFICERS AND TRUSTEES
 
Mr. Timbers and Mr. Morax are no longer trustees of the Funds for which they
served as trustees. The following are new trustees:
 
DANIEL PIERCE (03/18/34), Trustee*, (63), 345 Park Avenue, New York, New York;
Managing Director, Scudder Kemper; Director, Fiduciary Trust Company; Director,
Fiduciary Company Incorporated.
 
EDMOND D. VILLANI (03/04/47), Trustee*, (50), 345 Park Avenue, New York, New
York; Chief Executive Officer, Scudder Kemper.
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PORTFOLIO TRANSACTIONS
 
To the maximum extent feasible, it is expected that Scudder Kemper will place
orders for portfolio transactions through Scudder Investor Services, Inc., Two
International Place, Boston, Massachusetts 02110 ("SIS"), a corporation
registered as a broker-dealer and a subsidiary of Scudder. SIS will place orders
on behalf of the Funds with issuers, underwriters or other brokers and dealers.
SIS will not receive any commission, fee or other remuneration from the Funds
for this service.
 
December 31, 1997
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