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



                                                                 
Cash Account Trust                                      Investors Municipal Cash Fund
   Government & Agency Securities Portfolio                Investors Florida Municipal Cash Fund
   Money Market Portfolio                                  Investors Michigan Municipal Cash Fund
   Tax-Exempt Portfolio                                    Investors New Jersey Municipal Cash Fund
Cash Management Fund Institutional                         Investors Pennsylvania Municipal Cash Fund
Cash Management Fund Investment                            Tax-Exempt New York Money Market Fund
Cash Reserve Fund, Inc.                                 Money Market Fund Investment
   Prime Series                                         NY Tax Free Money Fund Investment
   Treasury Series                                      Tax Free Money Fund Investment
   Tax-Free Series                                      Tax-Exempt California Money Market Fund
Cash Reserves Fund Institutional                        Treasury Money Fund
Daily Assets Fund Institutional                         Treasury Money Fund Investment
Investors Cash Trust
   Government & Agency Securities Portfolio
   Treasury Portfolio


Market Timing Related Regulatory and Litigation Matters

Since at least July 2003, federal, state and industry regulators have been
conducting ongoing inquiries and investigations ("inquiries") into the mutual
fund industry, and have requested information from numerous mutual fund
companies, including Scudder Investments. The Funds' advisors have been
cooperating in connection with these inquiries and are in discussions with the
regulators concerning proposed settlements. Publicity about mutual fund
practices arising from these industry-wide inquiries serves as the general basis
of a number of private lawsuits against the Scudder Funds. These lawsuits, which
previously have been reported in the press, involve purported class action and
derivative lawsuits, making various allegations and naming as defendants various
persons, including certain Scudder funds, the Funds' investment advisors and
their affiliates, and certain individuals, including in some cases Fund
Trustees/Directors, officers, and other parties. Each Scudder Fund's investment
advisor has agreed to indemnify the applicable Scudder Funds in connection with
these lawsuits, or other lawsuits or regulatory actions that may be filed making
allegations similar to these lawsuits regarding market timing, revenue sharing,
fund valuation or other subjects arising from or related to the pending
inquiries. It is not possible to determine with certainty what the outcome of
these inquiries will be or what the effect, if any, would be on the Funds or
their advisors.

With respect to the lawsuits, based on currently available information, the
Funds' investment advisors believe the likelihood that the pending lawsuits will
have a material adverse financial impact on a Scudder fund is remote and such
actions are not likely to materially affect their ability to perform under their
investment management agreements with the Scudder Funds.

With respect to the regulatory matters, Deutsche Asset Management ("DeAM") has
advised the Funds as follows:

   DeAM expects to reach final agreements with regulators early in 2006
   regarding allegations of improper trading in the Scudder Funds. DeAM expects
   that it will reach settlement agreements with the Securities and Exchange
   Commission (the "SEC"), the New York Attorney General and the Illinois
   Secretary of State providing for payment of disgorgement, penalties, and
   investor education contributions totaling approximately $134 million.
   Approximately $127 million of this amount would be distributed to


   shareholders of the affected Scudder Funds in accordance with a distribution
   plan to be developed by an independent distribution consultant. DeAM does not
   believe that any of the Scudder Funds will be named as respondents or
   defendants in any proceedings. The Funds' investment advisors do not believe
   these amounts will have a material adverse financial impact on them or
   materially affect their ability to perform under their investment management
   agreements with the Scudder Funds. The above-described amounts are not
   material to Deutsche Bank, and they have already been reserved.

   Based on the settlement discussions thus far, DeAM believes that it will be
   able to reach a settlement with the regulators on a basis that is generally
   consistent with settlements reached by other advisors, taking into account
   the particular facts and circumstances of market timing at DeAM and at the
   legacy Scudder and Kemper organizations prior to their acquisition by DeAM in
   April 2002. Among the terms of the expected settled orders, DeAM would be
   subject to certain undertakings regarding the conduct of its business in the
   future, including maintaining existing management fee reductions for certain
   funds for a period of five years. DeAM expects that these settlements would
   resolve regulatory allegations that it violated certain provisions of federal
   and state securities laws (i) by entering into trading arrangements that
   permitted certain investors to engage in market timing in certain Scudder
   Funds and (ii) by failing more generally to take adequate measures to prevent
   market timing in the Scudder Funds, primarily during the 1999-2001 period.
   With respect to the trading arrangements, DeAM expects that the settlement
   documents will include allegations related to one legacy DeAM arrangement, as
   well as three legacy Scudder and six legacy Kemper arrangements. All of these
   trading arrangements originated in businesses that existed prior to the
   current DeAM organization, which came together in April 2002 as a result of
   the various mergers of the legacy Scudder, Kemper and Deutsche Fund groups,
   and all of the arrangements were terminated prior to the start of the
   regulatory investigations that began in the summer of 2003. No current DeAM
   employee approved the trading arrangements.

There is no certainty that the final settlement documents will contain the
foregoing terms and conditions. The independent trustees of the Scudder Funds
have carefully monitored these regulatory investigations with the assistance of
independent legal counsel and independent economic consultants. Additional
information announced by DeAM regarding the terms of the expected settlements
will be made available at scudder.com/regulatory settlements, which will also
disclose the terms of any final settlement agreements once they are announced.

Other Regulatory Matters

DeAM is also engaged in settlement discussions with the Enforcement Staffs of
the SEC and the NASD regarding DeAM's practices during 2001-2003 with respect to
directing brokerage commissions for portfolio transactions by certain Scudder
Funds to broker-dealers that sold shares in the Scudder Funds and provided
enhanced marketing and distribution for shares in the Scudder Funds. In
addition, on January 13, 2006, Scudder Distributors, Inc. received a Wells
notice from the Enforcement Staff of the NASD regarding Scudder Distributors'
payment of non-cash compensation to associated persons of NASD member firms, as
well as Scudder Distributors' procedures regarding non-cash compensation
regarding entertainment provided to such associated persons. Additional
information announced by DeAM regarding the terms of the expected settlements
will be made available at scudder.com/regulatory settlements, which will also
disclose the terms of any final settlement agreements once they are announced.



               Please Retain This Supplement for Future Reference





January 27, 2006