<PAGE>
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1999
ANNUAL REPORT
April 30, 1999
National
Investors Cash
Management
Fund, Inc.
........................................
THREE MONEY MARKET PORTFOLIOS TO CHOOSE FROM:
JACK WHITE MONEY MARKET
JACK WHITE U.S. GOVERNMENT
JACK WHITE MUNICIPAL
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
BOARD OF DIRECTORS AND EXECUTIVE OFFICERS
DIRECTORS
RICHARD W. DALRYMPLE
President of
Teamwork Mgmt., Inc.
CAROLYN B. LEWIS
President of
The CBL Group
ANTHONY J. PACE
President/CEO of
A.J. Pace & Co. Inc.
JAMES F. RITTINGER
Partner
Satterlee Stephens
Burke & Burke LLP
THEODORE ROSEN
Chairman
U.S. Energy Systems, Inc.
Managing Director of
Burnham Securities, Inc.
EXECUTIVE OFFICERS
GEORGE A. RIO*
President, Treasurer
and Chief Financial Officer
CHRISTOPHER J. KELLEY*
Vice President and Secretary
*Affiliated person of the Distributor
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
DEAR SHAREHOLDER:
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I am pleased to provide you with the National Investors Cash Management Fund,
Inc. (the "Fund") annual report for the period May 20, 1998 (commencement
of operations) through April 30, 1999.
During the period, each of the Jack White Money Market, Jack White U.S.
Government and Jack White Municipal Portfolios attempted to provide maximum
current income from high quality money market securities while maintaining a
conservative investment portfolio to ensure safety of principal. By April 30,
1999, assets in the three Portfolios totaled $1.4 billion.
PORTFOLIO RESULTS *
For the period May 20, 1998 (commencement of operations) through April 30, 1999
the three money market Portfolios had the following annualized returns.**
* The Jack White Money Market Portfolio had an annualized return of 5.23% and
a current yield of 4.26%.
* The Jack White U.S. Government Portfolio had an annualized return of 1.47%
and a current yield of 4.10%.
* The Jack White Municipal Portfolio had an annualized return of 1.07%, a
taxable equivalent return of 1.67%(1), a current yield of 2.31% and a
taxable equivalent yield of 3.61%(1).
While the earlier part of the latest six month period was characterized by
continued volatility and uncertainty, the latter part exhibited signs of
stabilization and a return to more normal market conditions. The economies of
troubled emerging markets have recently begun to show signs of recovery, while
the U.S. economy and stock market have shrugged off the troubles in these
regions and roared ahead with substantial strength. However, the improvements in
the global economy, as well as continued strength in the U.S., have brought back
concerns of rising inflation, as unemployment remains near 30-year lows and GDP
continues to post quarter after quarter of robust growth. Any change in Federal
Reserve interest rate policy now appears tilted toward higher rates. Currently,
the portfolio maturity structure is at a market neutral position. However, we
will seek to shorten maturities should signs of an overheating economy with
higher inflation arise.
We look forward to continuing to meet your expanding investment needs in the
years to come.
Sincerely,
/s/ FRANK J. PETRILLI
Frank J. Petrilli
Chairman
National Investor Services Corp.
June 10, 1999
* An investment in the Portfolio is neither FDIC-insured nor guaranteed by the
U.S. Government and is not a deposit or obligation of, or guaranteed by, any
bank. There can be no assurance that a Portfolio will be able to maintain a
stable net asset value of $1 per share.
** Past performance is not a guarantee of future results. These returns are
based on a constant investment throughout the period, include reinvestment of
dividends and reflect a net return to the shareholder after all expenses,
inclusive of fee waivers. For the fiscal year ended April 30, 1999, the
Investment Manager and its affiliates waived a portion of their fee for the Jack
White Money Market, Jack White U.S. Government and Jack White Municipal
Portfolios. Without these fee waivers in effect, the annualized returns and
current yields would have been 4.85% and 3.88% for the Jack White Money Market
Portfolio, 1.10% and 3.73% for the Jack White U.S Government Portfolio and 0.21%
and 1.45%, for the Jack White Municipal Portfolio. The annualized taxable
equivalent return and yield for the Jack White Municipal Portfolio would have
been 0.32% and 2.20%, respectively. The yield more closely reflects the current
earnings of the Portfolios than the total return.
(1) Taxable equivalent return and yield at 36% marginal federal income tax rate.
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3
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TABLE OF CONTENTS
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Statements of Assets and Liabilities...................5
Statements of Operations...............................6
Statements of Changes in Net Assets....................7
Financial Highlights...................................8
Notes to Financial Statements..........................9
Jack White Money Market Portfolio
Schedule of Investments............................12
Jack White U.S. Government Portfolio
Schedule of Investments............................15
Jack White Municipal Portfolio
Schedule of Investments............................17
Notes to
Schedules of Investments...........................20
Report of
Independent Auditors...............................21
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4
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 1999
<TABLE>
<CAPTION>
JACK WHITE JACK WHITE JACK WHITE
MONEY MARKET U.S. GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(including repurchase agreements of
$13,988,000, $15,677,000, and $0,
respectively) (Note 2) $ 718,240,279 $ 698,189,406 $ 40,302,236
Cash 163 3 146,276
Interest receivable 3,250,729 2,675,525 226,676
Due from Investment Manager and its
affiliates (Note 3) -- -- 12,624
-------------- -------------- --------------
TOTAL ASSETS 721,491,171 700,864,934 40,687,812
LIABILITIES
Dividends payable to shareholders 84,444 72,412 3,267
Payable for securities purchased -- 60,351,938 --
Payable to Investment Manager and its
affiliates (Note 3) 213,646 214,696 --
Other accrued expenses 231,596 213,850 19,535
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TOTAL LIABILITIES 529,686 60,852,896 22,802
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NET ASSETS $ 720,961,485 $ 640,012,038 $ 40,665,010
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Net assets consist of:
Paid-in capital $ 720,959,354 $ 640,012,038 $ 40,665,010
Accumulated net realized gains from
security transactions 2,131 -- --
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Net assets, at value $ 720,961,485 $ 640,012,038 $ 40,665,010
-------------- -------------- --------------
-------------- -------------- --------------
Shares outstanding ($.0001 par value
common stock, 60 billion, 20 billion,
and 20 billion shares authorized,
respectively) 720,959,354 640,012,038 40,665,010
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Net asset value, redemption price and
offering price per share (Note 2) $ 1.00 $ 1.00 $ 1.00
-------------- -------------- --------------
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</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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5
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 1999*
<TABLE>
<CAPTION>
JACK WHITE JACK WHITE JACK WHITE
MONEY MARKET U.S. GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 6,094,340 $ 5,421,350 $ 215,420
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EXPENSES
Investment management fees (Note 3) 425,346 390,874 24,699
Shareholder servicing fees (Note 3) 303,819 279,196 17,643
Transfer agent fees (Note 3) 243,055 223,357 14,114
Administration fees (Note 3) 121,527 111,678 7,057
Registration fees 199,082 183,782 13,682
Professional fees 39,304 30,273 6,301
Directors' fees 13,806 13,806 13,805
Custody fees 3,700 3,400 2,200
Shareholder reports and mailing 2,018 21 21
Other expenses 26,357 13,699 13,683
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TOTAL EXPENSES 1,378,014 1,250,086 113,205
Fees waived/expenses reimbursed by the
Investment Manager and its affiliates
(Note 3) (466,861) (412,584) (60,985)
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NET EXPENSES 911,153 837,502 52,220
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NET INVESTMENT INCOME 5,183,187 4,583,848 163,200
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NET REALIZED GAINS FROM SECURITY
TRANSACTIONS 2,131 -- --
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NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 5,185,318 $ 4,583,848 $ 163,200
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<FN>
* The Fund commenced operations on May 20, 1998.
</FN>
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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6
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended April 30, 1999*
<TABLE>
<CAPTION>
JACK WHITE JACK WHITE JACK WHITE
MONEY MARKET U.S. GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
OPERATIONS:
Net investment income $ 5,183,187 $ 4,583,848 $ 163,200
Net realized gains from security
transactions 2,131 -- --
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Net increase in net assets from operations 5,185,318 4,583,848 163,200
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DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (5,183,187) (4,583,848) (163,200)
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CAPITAL SHARE TRANSACTIONS
($1.00 PER SHARE):
Proceeds from shares sold 1,459,671,640 1,260,234,991 69,144,309
Shares issued in reinvestment of dividends 5,098,742 4,511,436 159,932
Payments for shares redeemed (743,861,028) (624,759,389) (28,664,231)
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Net increase in net assets from capital share
transactions 720,909,354 639,987,038 40,640,010
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TOTAL INCREASE IN NET ASSETS 720,911,485 639,987,038 40,640,010
NET ASSETS:
Beginning of period 50,000 25,000 25,000
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End of period $ 720,961,485 $ 640,012,038 $ 40,665,010
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<FN>
* The Fund commenced operations on May 20, 1998.
</FN>
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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7
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
FINANCIAL HIGHLIGHTS
For the period ended April 30, 1999*
Contained below is per share operating performance data for a share
of common stock outstanding, total investment return, ratios to
average net assets and other supplemental data for the period
indicated. This information has been derived from each Portfolio's
financial statements.
<TABLE>
<CAPTION>
JACK WHITE JACK WHITE JACK WHITE
MONEY MARKET U.S. GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
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Net investment income .049 .014 .010
------------ ------------ ------------
Distributions from net investment income (.049) (.014) (.010)
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Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
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RATIOS
Ratio of expenses to average net assets 0.75%(A) 0.75%(A) 0.74%(A)
Ratio of net investment income to average
net assets 4.26%(A) 4.10%(A) 2.31%(A)
Decrease reflected in above net expense
ratio due to waivers/reimbursements by
the Investment Manager and its
affiliates (Note 3) 0.38%(A) 0.37%(A) 0.86%(A)
SUPPLEMENTAL DATA
Total investment return (B) 5.23%(A) 1.47%(A) 1.07%(A)
Net assets, end of period $720,961,485 $640,012,038 $ 40,665,010
------------ ------------ ------------
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Average net assets $128,275,220 $117,827,697 $ 7,448,507
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<FN>
* The Fund commenced operations on May 20, 1998.
(A) Annualized.
(B) Total investment return is calculated assuming a purchase of
shares on the first day and a sale on the last day of the
period reported and includes reinvestment of dividends.
</FN>
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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8
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED APRIL 30, 1999
NOTE 1 -- ORGANIZATION
National Investors Cash Management Fund, Inc. (the "Fund") was organized as a
Maryland corporation on August 19, 1996. The Fund is registered as an open-end,
diversified management investment company with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended (the "Act").
Shares of the Fund are registered under the Securities Act of 1933, as amended.
The Fund currently has three investment portfolios. These financial statements
relate to three money market portfolios of the Fund (each a "Portfolio" and
collectively the "Portfolios"), each of which is a diversified investment
portfolio. The investment objective of each of the Jack White Money Market
Portfolio ("Money Market Portfolio") the Jack White U.S. Government Portfolio
("U.S. Government Portfolio") and the Jack White Municipal Portfolio ("Municipal
Portfolio") is to seek maximum current income to the extent consistent with
liquidity and preservation of capital. The Money Market Portfolio has the
flexibility to invest broadly in U.S. dollar-denominated securities of domestic
and foreign issuers. The U.S. Government Portfolio offers an added measure of
safety by investing exclusively in obligations issued or guaranteed by the U.S.
government, its agencies or instrumentalities. The Municipal Portfolio offers
investors federally tax-exempt income by investing primarily in municipal
securities. The Fund had no operations until May 20, 1998 (when operations
commenced for all Portfolios) other than matters relating to its organization
and the sale and issuance of 50,000 shares of the Money Market Portfolio and
25,000 shares each of the U.S. Government Portfolio and the Municipal Portfolio
to FDI Distribution Services, Inc., an affiliate of the Fund's distributor.
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Fund's significant accounting policies:
Computation of Net Asset Value -- It is each Portfolio's policy to maintain a
continuous net asset value of $1.00 per share. Each Portfolio has adopted
certain investment, portfolio valuation and dividend and distribution policies
to enable it to do so. There is no assurance, however, that each Portfolio will
be able to maintain a stable net asset value of $1.00 per share.
Securities Valuation -- Each Portfolio's securities are valued using the
amortized cost method, which approximates market value. The amortized cost
method involves initially valuing a security at its original cost and thereafter
assuming a constant amortization to maturity of any discount or premium. At
April 30, 1999, the cost of investments of each Portfolio for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes.
Repurchase Agreements -- The Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by the Fund's Investment
Manager, subject to the seller's agreement to repurchase and the Fund's
agreement to resell such securities at a mutually agreed upon price and future
date. Securities purchased subject to repurchase agreements are maintained by
the Fund's custodian and, pursuant to the terms of the repurchase agreement,
must have an aggregate market value greater than or equal to the repurchase
price plus accrued interest at all times. If the value of the underlying
securities falls below the value of the repurchase price plus accrued interest,
the Fund will require the seller to deposit additional collateral by the next
business day. If the request for additional collateral is not met, or the seller
defaults on its repurchase obligation, the Fund maintains the right to sell the
underlying securities at market value and may claim any resulting loss against
the seller.
Investment Income -- Interest income is accrued as earned. Discounts and
premiums on securities purchased are amortized in accordance with income tax
regulations which approximate generally accepted accounting principles. Under
the terms of the custody agreement, each Portfolio receives net earnings credits
based on available cash balances left on deposit.
Distributions to Shareholders -- Dividends arising from net investment income
are declared daily and paid monthly. With respect to each Portfolio, net
realized short-term capital gains, if any, may be distributed during the year
and net realized long-term capital gains, if any, are distributed at least once
each year. Income distributions and capital gain distributions are determined in
accordance with income tax regulations.
Securities Transactions -- Securities transactions are accounted for on the
trade date. Realized gains and losses from securities transactions are recorded
on a specific identification basis.
Expenses -- Expenses directly attributable to each Portfolio are charged to that
Portfolio's operations. Expenses that are applicable to all Portfolios are
allocated on a pro rata basis.
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9
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED APRIL 30, 1999 (CONTINUED)
Use of Estimates -- The Fund's financial statements are prepared in accordance
with generally accepted accounting principles, which may require the use of
management estimates and assumptions. Actual results could differ from these
estimates.
Federal Income Taxes -- It is each Portfolio's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Portfolio so
qualifies, and distributes at least 90% of its taxable net income, the Portfolio
(not the shareholders) will be relieved of federal income tax on the income
distributed. Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Portfolio's intention to declare as
dividends in each calendar year at least 98% of its net investment income
(earned during the calendar year) and 98% of its net realized capital gains
(earned during the twelve months ended October 31) plus undistributed amounts
from prior years.
NOTE 3 -- INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH
AFFILIATES OF THE INVESTMENT MANAGER
Under the terms of an Investment Management Agreement with Waterhouse Asset
Management, Inc. (the "Investment Manager"), an indirect wholly owned subsidiary
of The Toronto-Dominion Bank, for the investment management services furnished
to each Portfolio, such Portfolio pays the Investment Manager an annual
investment management fee, on a graduated basis, equal to .35 of 1% of the first
$1 billion of average daily net assets of each such Portfolio, .34 of 1% of the
next $1 billion, and .33 of 1% of average daily net assets of each such
Portfolio over $2 billion. The Investment Manager agreed to waive a portion of
its fee payable by the Municipal Portfolio through January 31, 2000, so that the
actual fee payable annually by such Portfolio during such period will be equal
to .25 of 1% of its average daily net assets. For the period ended April 30,
1999, the Investment Manager voluntarily waived management fees of $143 for the
Money Market Portfolio, $41 for the U.S. Government Portfolio, $24,699 for the
Municipal Portfolio and reimbursed the Municipal Portfolio $3,666 of other
operating expenses.
Waterhouse Securities, Inc. ("Waterhouse Securities"), an affiliate of the
Investment Manager, has been retained under an Administration Agreement to
perform certain administrative services for the Fund. For the administrative
services rendered to the Fund, each Portfolio pays Waterhouse Securities a
monthly fee at an annual rate of .10 of 1% of each Portfolio's average daily net
assets. For the period ended April 30, 1999, Waterhouse Securities voluntarily
waived administration fees of $58,798, $37,444 and $3,474 for the Money Market
Portfolio, the U.S. Government Portfolio and the Municipal Portfolio,
respectively.
Waterhouse Securities has been retained under a Shareholder Services Agreement
to perform certain shareholder services necessary for the operation of the Fund.
The shareholder service plan adopted by the Fund provides that each Portfolio
pays Waterhouse Securities a monthly fee at an annual rate of up to .25 of 1% of
average daily net assets. Waterhouse Securities has agreed to limit the annual
fee payable through January 31, 2000 under the Shareholder Servicing Plan so as
not to exceed .20 of 1% of average daily net assets in the case of the Money
Market Portfolio, .17 of 1% of average daily net assets in the case of the U.S.
Government Portfolio and .11 of 1% of average daily net assets in the case of
the Municipal Portfolio. For the period ended April 30, 1999, Waterhouse
Securities voluntarily waived shareholder services fees of $286,769, $263,018
and $13,343 for the Money Market Portfolio, the U.S. Government Portfolio and
the Municipal Portfolio, respectively.
The Fund has entered into a Transfer Agency and Dividend Disbursing Agency
Agreement with National Investor Services Corp. (the "Transfer Agent"), an
affiliate of the Investment Manager, to perform transfer and dividend disbursing
agency related services. For such services, each Portfolio pays the Transfer
Agent a monthly fee at an annual rate of .20 of 1% of average daily net assets.
For the period ended April 30, 1999, the Transfer Agent voluntarily waived
$121,151, $112,081 and $6,948 of its transfer agent fees for the Money Market
Portfolio, the U.S. Government Portfolio and the Municipal Portfolio,
respectively.
In addition, the Investment Manager reimbursed other expenses of $8,855 to the
Municipal Portfolio.
The Investment Manager or its affiliates intend to waive fees and/or reimburse
expenses so that each Portfolio's annual expense ratio will not exceed 0.75% for
the Money Market Portfolio, 0.75% for the U.S. Government Portfolio and 0.74%
for the Municipal Portfolio through January 31, 2000.
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10
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED APRIL 30, 1999 (CONTINUED)
The Investment Manager and its affiliates absorbed all organizational expenses
of the Fund.
Each Director who is not an "interested person" as defined in the Act, who
serves on the Board of Directors of one or more portfolios in the "Fund Complex"
(which includes the Fund and Waterhouse Investors Family of Funds, Inc.),
receives:
1. a base annual retainer of $12,000, payable quarterly.
2. a supplemental annual retainer of $5,000, if serving on the Board of
Directors of more than one company in the Fund Complex, and
3. a meeting fee of $2,000 for each meeting attended.
Compensation is allocated between the companies and among the respective
portfolios.
NOTE 4 -- FEDERAL TAX INFORMATION (UNAUDITED)
In accordance with Federal tax requirements, the Municipal Portfolio designates
substantially all the dividends paid from net investment income during the
period ended April 30, 1999 as "exempt-interest dividends." As required by
Federal regulations, shareholders will receive notification of their portion of
the Fund's taxable ordinary dividends and capital gains distributions paid (if
any) for the 1999 calendar year early in 2000.
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11
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE OBLIGATIONS
ASSET-BACKED OBLIGATIONS--17.6%
$27,153,000 Citibank Capital Markets Assets, LLC, due 7/14/99 4.99 $ 26,879,509
15,000,000 Corporate Asset Funding Co., due 5/11/99 4.93 14,979,667
35,000,000 Corporate Receivables Corp., due 5/26/99 4.94 34,881,389
15,000,000 Eureka Securitization, Inc., due 5/14/99 4.94 14,973,512
35,000,000 Liberty Lighthouse U.S. Capital Co., LLC, VRN, 5.00%, due
7/12/99 (Note A) 5.00 35,000,000
--------------
126,714,077
--------------
BROKER / DEALER OBLIGATIONS--13.3%
30,000,000 Goldman Sachs Group, LP, VRN, 5.20%, due 7/7/99 (Note A) 5.01 30,038,636
5,000,000 Goldman Sachs Group, LP, VRN, 5.10%, due 7/13/99 (Note A) 5.04 5,002,229
1,000,000 Merrill Lynch & Co., Inc., VRN, 5.20%, due 5/24/99 (Note A) 5.03 1,001,368
19,000,000 Merrill Lynch & Co., Inc., VRN, 5.07%, due 6/10/99 (Note A) 4.95 19,019,235
10,000,000 Merrill Lynch & Co., Inc., VRN, 5.07%, due 7/19/99 (Note A) 4.96 10,010,224
2,500,000 Merrill Lynch & Co., Inc., 6.12%, due 10/5/99 4.97 2,510,821
3,000,000 Merrill Lynch & Co., Inc., 6.23%, due 10/27/99 4.97 3,016,726
25,000,000 Morgan Stanley, Dean Witter, Discover & Co., VRN, 5.10%, due
6/2/99 (Note A) 4.98 25,024,589
--------------
95,623,828
--------------
FINANCE & INSURANCE OBLIGATIONS--11.0%
1,200,000 Associates Corp. of N.A., 7.50%, due 5/15/99 4.95 1,200,965
4,000,000 Associates Corp. of N.A., 6.75%, due 6/28/99 4.86 4,009,648
1,000,000 Associates Corp. of N.A., 6.63%, due 7/15/99 5.00 1,002,961
3,000,000 Associates Corp. of N.A., 7.25%, due 9/1/99 5.00 3,020,539
1,600,000 Associates Corp. of N.A., 6.75%, due 10/15/99 5.00 1,611,760
1,000,000 Associates Corp. of N.A., 7.47%, due 3/27/00 5.16 1,020,057
2,850,000 Associates Corp. of N.A., 7.13%, due 5/15/00 5.15 2,906,014
8,400,000 CIT Group Holdings, Inc., 6.25%, due 10/25/99 5.09 8,442,453
2,270,000 Commercial Credit Co., 6.70%, due 8/1/99 4.95 2,278,732
10,000,000 GMAC, 4.91%, VRN, due 5/3/99 (Note A) 4.94 9,997,522
5,000,000 GMAC Australia Finance, 5.08%, VRN, due 5/17/99 (Note A) 4.98 5,002,819
5,000,000 GMAC Australia Finance, 5.08%, VRN, due 5/19/99 (Note A) 4.97 5,005,516
2,000,000 International Lease Finance Corp., 5.75%, due 12/15/99 5.04 2,007,624
11,160,000 Norwest Financial, Inc., 6.05%, due 11/19/99 5.35 11,213,757
5,839,000 Toyota Motor Credit Corp., 5.75%, due 12/20/99 (KWA: Toyota
Motor Corp.) 5.11 5,855,377
15,000,000 Xerox Credit Corp., 5.32%, due 3/31/00 5.35 14,996,411
--------------
79,572,155
--------------
INDUSTRIAL & OTHER OBLIGATIONS--1.1%
7,200,000 Exxon Capital Corp., 6.50%, due 7/15/99 (GTY: Exxon Corp.) 4.95 7,220,725
1,000,000 H.J. Heinz Co., 6.75%, due 10/15/99 5.03 1,007,205
--------------
8,227,930
--------------
LOAN PARTICIPATIONS--4.9%
35,000,000 Four Times Square Partners, LP, 5.08%, due 6/2/99 (GTY:
Prudential Ins. Co. of America;
Other Support: Chase Manhattan Bank) (Note B) 5.08 35,000,000
--------------
TOTAL CORPORATE OBLIGATIONS--47.9% 345,137,990
--------------
</TABLE>
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12
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANK OBLIGATIONS
BANK COMMERCIAL PAPER--3.4%
$25,000,000 Generale Bank, Inc., due 9/2/99 5.04 $ 24,577,194
--------------
BANK NOTES--18.7%
25,000,000 American Express Centurion Bank, VRN, 4.90%, due 5/3/99 4.90 25,000,000
(Note A)
35,000,000 Branch Banking & Trust Co., VRN, 5.08%, due 5/3/99 (Note A) 5.13 34,985,251
3,000,000 Credit Suisse First Boston, VRN, 5.76%, due 9/3/99 (Note A) 5.16 3,015,181
15,000,000 European American Bank, 4.91%, due 7/14/99 4.91 15,000,000
2,000,000 FCC National Bank, 6.10%, due 12/6/99 5.05 2,011,286
20,000,000 Fleet National Bank, VRN, 5.07%, due 5/3/99 (Note A) 5.13 19,990,153
15,000,000 Fleet National Bank, VRN, 5.07%, due 5/3/99 (Note A) 5.12 14,992,615
20,000,000 Wells Fargo & Co., VRN, 4.88%, due 6/29/99 (Note A) 4.95 19,986,382
--------------
134,980,868
--------------
DOMESTIC BANK SUPPORTED OBLIGATIONS--2.4%
2,500,000 CEGW, Inc. Tax. Notes Ser. 1999, VRN, 5.00%, due 5/3/99 4.93 2,500,000
(LOC: Credit Suisse First Boston) (Note A)
15,000,000 Chinatex Capitals, Inc., due 5/25/99 (LOC: Bank of America 4.97 14,950,900
NT & SA)
--------------
17,450,900
--------------
FOREIGN BANK SUPPORTED OBLIGATIONS--19.9%
5,000,000 Banco Bradesco, S.A., due 6/17/99 (LOC: Barclays Bank PLC) 5.02 4,967,687
15,000,000 Banco de Galicia y Buenos Aires, S.A., due 10/6/99 (LOC: 5.09 14,674,783
Bayerische Hypo -und Vereinsbank AG)
10,000,000 Banco Itau, S.A., due 6/17/99 (LOC: Barclays Bank PLC) 4.98 9,936,028
15,000,000 Bancomer, S.A., Institucion de Banca Multiple, Grupo 5.08 14,750,437
Financiero, due 8/30/99 (LOC: Bank of Montreal)
10,000,000 BOS International Australia, Ltd., VRN, 4.91%, due 5/4/99 4.83 9,995,872
(GTY: Bank of Scotland) (Note A)
10,000,000 Finans Funding Corp. I, due 6/3/99 (LOC: Rabobank Nederland) 4.96 9,955,083
22,000,000 Finans Funding Corp. II, due 6/3/99 (LOC: Rabobank 4.96 21,901,183
Nederland)
10,000,000 Garanti Funding Corp. I, due 7/28/99 (LOC: Bayerische Hypo 5.03 9,879,489
-und Vereinsbank AG)
5,000,000 Holy Cross Health Systems Corp. Ser. 1996, due 5/12/99 (LOC: 4.92 4,992,544
KBC Bank NV, Northern Trust Co.)
20,000,000 Nacional Financiera, S.N.C., due 8/16/99 (LOC: Barclays Bank 5.01 19,708,722
PLC)
20,000,000 PEMEX Capital, Inc., due 5/27/99 (LOC: Societe Generale) 4.95 19,929,369
3,030,000 St. Francis Place LP MFH (St. Francis Place) Ser. 1998 VRDN, 4.91 3,030,000
4.98%, due 5/6/99
(LOC: Credit Suisse First Boston) (Note C)
--------------
143,721,197
--------------
YANKEE BANK CERTIFICATES OF DEPOSIT--4.9%
10,000,000 Bayerische Hypo -und Vereinsbank AG, VRN, 4.85%, due 5/25/99 4.90 9,995,132
(Note A)
10,000,000 Commerzbank AG, 5.17%, due 4/24/00 5.22 9,995,267
15,000,000 Societe Generale, VRN, 4.87%, due 5/3/99 (Note A) 4.92 14,993,731
--------------
34,984,130
--------------
TOTAL BANK OBLIGATIONS--49.3% 355,714,289
--------------
TAXABLE MUNICIPAL OBLIGATIONS--0.5%
3,400,000 Delaware Cty. Auth. (PA) College Rev. Bonds (Eastern 4.93 3,400,000
College) Ser. 1999A VRDN, 5.00%, due 5/5/99 --------------
(LOC: Allied Irish Banks PLC) (Note C)
</TABLE>
- --------------------------------------------------------------------------------
13
<PAGE>
- --------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS --1.9%
$13,988,000 Salomon Smith Barney, Inc.,
*dated 4/30/99, due 5/3/99, in the amount of $13,993,735 4.92 $ 13,988,000
*fully collateralized by $20,651,868 U.S. Government --------------
Securities, value $14,271,958
TOTAL INVESTMENTS --99.6% 718,240,279
OTHER ASSETS AND LIABILITIES, NET --0.4% 2,721,206
--------------
NET ASSETS -- 100.0% $ 720,961,485
--------------
--------------
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL
STATEMENTS.
- --------------------------------------------------------------------------------
14
<PAGE>
- --------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE U.S. GOVERNMENT PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AGENCY FOR INTERNATIONAL DEVELOPMENT--0.9%
$6,000,000 Notes, 6.125%, due 8/15/99 4.91 $ 6,017,738
--------------
FEDERAL FARM CREDIT BANK--7.5%
16,000,000 Notes, 4.600%, due 5/3/99 4.84 15,999,663
2,175,000 Notes, 5.550%, due 6/1/99 4.90 2,175,850
30,000,000 Notes, 4.780%, due 6/3/99 (Note A) 4.82 29,988,300
--------------
48,163,813
--------------
FEDERAL HOME LOAN BANK--26.2%
75,000,000 Notes, 4.955%, due 5/3/99 (Note A) 5.01 74,964,144
10,000,000 Notes, 5.050%, due 4/26/00 5.03 9,999,803
20,000,000 Notes, 5.150%, due 3/8/00 5.20 19,988,577
20,000,000 Notes, 5.160%, due 3/8/00 5.23 19,988,236
10,000,000 Notes, 5.945%, due 11/12/99 4.95 10,046,500
8,000,000 Notes, 6.030%, due 10/1/99 4.92 8,032,886
24,690,000 Notes, 8.600%, due 8/25/99 4.89 24,963,476
--------------
167,983,622
--------------
FEDERAL HOME LOAN MORTGAGE CORP.--30.4%
35,000,000 Discount Notes, due 5/6/99 4.84 34,976,667
25,000,000 Discount Notes, due 5/18/99 4.83 24,943,569
25,000,000 Discount Notes, due 5/26/99 4.85 24,916,667
60,000,000 Discount Notes, due 6/3/99 4.86 59,736,000
15,000,000 Discount Notes, due 6/10/99 4.86 14,920,000
25,000,000 Discount Notes, due 7/9/99 4.88 24,770,000
5,000,000 Discount Notes, due 7/26/99 4.88 4,942,786
2,307,611 Mortgage Pool G50332, 7.000%, due 11/1/99 4.90 2,314,183
2,000,000 Notes, 7.125%, due 7/21/99 4.91 2,009,138
1,000,000 Notes, 5.955%, due 10/27/99 4.85 1,004,897
--------------
194,533,907
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--37.4%
11,662,000 Discount Notes, due 6/4/99 4.86 11,609,132
15,000,000 Discount Notes, due 6/8/99 4.84 14,924,317
10,000,000 Discount Notes, due 9/7/99 4.90 9,753,033
34,225,000 Mortgage-backed Discount Notes, due 7/1/99 4.88 33,945,477
12,500,000 Mortgage-backed Discount Notes, due 7/1/99 4.91 12,397,274
9,782,500 Mortgage-backed Discount Notes, due 7/1/99 4.85 9,702,936
10,000,000 Mortgage-backed Discount Notes, due 8/3/99 4.82 9,882,128
5,560,000 Mortgage-backed Discount Notes, due 8/3/99 4.83 5,490,510
20,000,000 Mortgage-backed Discount Notes, due 12/1/99 4.97 19,429,333
25,000,000 Notes, 4.750%, due 5/15/99 (Note A) 4.80 24,987,580
25,000,000 Notes, 4.745%, due 5/24/99 (Note A) 4.79 24,984,429
10,000,000 Notes, 4.795%, due 6/23/99 (Note A) 4.86 9,994,193
7,085,000 Notes, 6.030%, due 7/2/99 4.90 7,096,655
20,000,000 Notes, 5.870%, due 8/2/99 4.92 20,040,888
15,000,000 Notes, 4.780%, due 8/10/99 (Note A) 4.84 14,991,000
10,000,000 Notes, 5.810%, due 11/12/99 4.96 10,039,117
--------------
239,268,002
--------------
</TABLE>
15
<PAGE>
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE U.S. GOVERNMENT PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN MARKETING ASSOC.--3.9%
$25,000,000 Notes, 4.500%, due 8/2/99 4.98 $ 24,962,472
--------------
TENNESSEE VALLEY AUTHORITY--0.3%
1,562,000 Notes, 8.375%, due 10/1/99 4.98 1,582,852
--------------
REPURCHASE AGREEMENTS--2.5%
15,677,000 Salomon Smith Barney, Inc.,
*dated 4/30/99, due 5/3/99, in the amount of $15,683,428 4.92 15,677,000
*fully collateralized by $19,014,933 U.S. Government
Securities, value $15,990,541
--------------
TOTAL INVESTMENTS --109.1% 698,189,406
OTHER ASSETS AND LIABILITIES, NET --(9.1%) (58,177,368)
--------------
NET ASSETS --100.0% $ 640,012,038
--------------
--------------
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL
STATEMENTS.
- --------------------------------------------------------------------------------
16
<PAGE>
- --------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL OBLIGATIONS
ARIZONA--2.71%
$1,100,000 Mohave Cty. IDA Rev. Bonds (Citizens Util. Proj.) Ser. 1993,
2.90%, due 6/8/99 2.90 $ 1,100,000
--------------
CONNECTICUT--0.65%
265,000 East Hampton GO Bonds, 5.00%, due 6/15/99 (Insured: AMBAC) 3.20 265,567
--------------
DELAWARE--1.23%
500,000 Delaware EDA Rev. Bonds (DE Clean Pwr. Proj.) Ser. 1997C
VRDN, 4.00% (LOC: Canadian Imperial Bank of Commerce) (Note
C) 4.00 500,000
--------------
DISTRICT OF COLUMBIA--2.46%
1,000,000 Washington DC Rev. Bonds (American Univ. Proj.) VRDN, 4.00%
(LIQ: Chase Manhattan Bank) (Note C) 4.00 1,000,000
--------------
FLORIDA--7.62%
1,000,000 Hillsboro Cty. Aviation Auth. (Tampa Int'l. Airport BAN),
2.95%, due 6/3/99 (LOC: National Westminster Bank) 2.95 1,000,000
1,100,000 Hillsboro Cty. Aviation Auth. (Tampa Int'l. Airport BAN),
2.85%, due 6/3/99 (LOC: National Westminster Bank) 2.85 1,100,000
1,000,000 Sunshine St. Governmental Fin. Comm. Rev. Notes, Ser. B,
2.80%, due 6/10/99
(SBPA: Canadian Imperial Bank of Commerce) 2.80 1,000,000
--------------
3,100,000
--------------
GEORGIA--2.50%
1,015,000 Clayton Cty. Hsg. Rev. Bonds (Kimberly Forest Proj.) Ser.
1990B VRDN, 4.00%
(SBPA: Societe Generale) (Note C) 4.00 1,015,000
--------------
ILLINOIS--10.58%
1,000,000 Illinois DFA Rev. Bonds (Illinois Power Co. Proj.) VRDN,
4.10% (LOC: First National Bank Chicago) (Note C) 4.10 1,000,000
900,000 Illinois DFA Rev. Bonds (Kindlon Partners Proj.) VRDN, 4.02%
(LOC: LaSalle National Bank) (Note C) 4.02 900,000
1,000,000 Illinois Health Care Auth. Rev. Bonds (Southern IL Health
Care) Ser. 1998B VRDN, 4.00%
(SBPA: First National Bank Chicago) (Note C) 4.00 1,000,000
1,200,000 Rockford IDR Rev. Bonds (Longview Fiber Co. Proj.) VRDN,
3.85% (LOC: ABN-AMRO Bank) (Note C) 3.85 1,200,000
200,000 Will Cty. SD #122, Ser. B, 4.75%, due 11/1/99 (Insured:
AMBAC) 3.20 201,516
--------------
4,301,516
--------------
INDIANA--2.46%
1,000,000 Indiana Bond Bank Rev. Bonds, 3.10%, due 2/1/00 (Insured:
AMBAC) 3.10 1,000,000
--------------
IOWA--1.23%
500,000 Burlington Hosp. Fac. Rev. Bonds (Burlington Medical Center)
4.50%, due 6/1/99 (Insured: FSA) 3.20 500,556
--------------
KANSAS--0.49%
200,000 Kansas DFA Rev. Bonds (Dept. of Corrections Ellsworth Proj.)
Ser. 1999A2, 3.20%, due 10/1/99 (Insured: MBIA) 3.20 200,000
--------------
KENTUCKY--7.62%
1,900,000 Kentucky Turnpike Auth. (Trust Rec.) Ser. 17 VRDN, 4.10%
(LIQ: Commerzbank) (Note C) 4.10 1,900,000
1,200,000 Mayfield (Kentucky League of Cities Pooled Lease Fin. Prog.)
Ser. 1996 VRDN, 4.10%
(LOC: PNC Bank) (Note C) 4.10 1,200,000
--------------
3,100,000
--------------
LOUISIANA--4.92%
2,000,000 Jefferson Parish IDR Bonds (George J. Ackel Sr. Proj.) VRDN,
4.05% (LOC: Regions Bank) (Note C) 4.05 2,000,000
--------------
</TABLE>
17
<PAGE>
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MASSACHUSETTS--0.52%
$ 210,000 Rockport GO Bonds, 5.50%, due 10/1/99 (Insured: MBIA) 3.20 $ 211,975
--------------
MINNESOTA--0.44%
180,000 Minnesota HFA Rev. Bonds, 4.50%, due 2/1/00 (Insured: AMBAC) 3.30 181,579
--------------
MISSOURI--4.98%
1,600,000 Missouri Env. Imp. & Energy Res. Auth. (Assoc. Elec. Coop.)
Ser. 1993M VRDN, 4.05%
(GTY: CFC National Rural) (Note C) 4.05 1,600,000
400,000 Phelps Cty. Hosp. Rev. Bonds (Phelps Cty. Regional Medical
Center) 8.30%, due 3/1/00,
Prerefunded @ 102 (Note D) 3.20 424,386
--------------
2,024,386
--------------
NEBRASKA--2.71%
1,100,000 Lincoln IDA Rev. Bonds (Lincoln Elec. Sys.) 2.80%, due
6/14/99 (LIQ: Morgan Guaranty) 2.80 1,100,000
--------------
NEW YORK--1.04%
415,000 North Hempstead GO Bonds, Ser. A, 5.50%, due 2/15/00
(Insured: FGIC) 3.20 422,350
--------------
OHIO--8.73%
1,450,000 Ohio Hsg. Rev. Bonds, Ser. CMC2 VRDN, 4.20% (LIQ: Chase
Manhattan Bank) (Note C) 4.20 1,450,000
1,000,000 Toledo-Lucas Cty. Port Auth. Rev. Bonds (CSX Transportation
Inc. Proj.) Ser. 1992, 2.90%, due 6/7/99
(LOC: Bank of Nova Scotia) 2.90 1,000,000
1,100,000 Toledo-Lucas Cty. Port Auth. Rev. Bonds (CSX Transportation
Inc. Proj.) Ser. 1992, 2.80%, due 6/7/99
(LOC: Bank of Nova Scotia) 2.80 1,100,000
--------------
3,550,000
--------------
PENNSYLVANIA--2.71%
1,100,000 Washington Cty. Rev. Bonds (Higher Ed. Pooled Equipment
Lease) VRDN, 4.05% (LOC: First Union National Bank) (Note C) 4.05 1,100,000
--------------
SOUTH CAROLINA--2.80%
200,000 Anderson Cty. Hosp. Fac. Rev. Bonds (Anderson Area Medical
Center Inc.) 4.40%, due 2/1/00 (Insured: MBIA) 3.20 201,755
940,000 Horry Cty. IDR Bonds (Ember Charcoal Co. Proj.) VRDN, 4.10%
(LOC: First Union National Bank) (Note C) 4.10 940,000
--------------
1,141,755
--------------
TENNESSEE--3.69%
400,000 McKenzie Cty. IDB Rev. Bonds (Noma Outdoor Products Inc.
Proj.) VRDN, 4.05%
(LOC: Wachovia Bank) (Note C) 4.05 400,000
1,100,000 Montgomery Cty. Pub. Bldg. Auth. Rev. Bonds (Montgomery Cty.
Loan) VRDN, 4.00%
(LOC: Nationsbank) (Note C) 4.00 1,100,000
--------------
1,500,000
--------------
TEXAS--6.44%
600,000 Brazos River Auth. (Texas Util. Elec. Co. Proj.) Ser. 1996B
VRDN, 4.30%
(Insured: AMBAC; LIQ: Bank of New York) (Note C) 4.30 600,000
500,000 Cypress-Fairbanks ISD Rev. Bonds, 6.30%, due 2/15/00 3.20 511,942
250,000 Garland Util. Sys. Rev. Bonds, 5.70%, due 3/1/00 (Insured:
AMBAC) 3.30 254,873
250,000 Irving ISD GO Bonds, 4.70%, due 2/15/00 3.20 252,887
1,000,000 San Marcos IDC Rev. Bonds (TB Woods Inc. Proj.) VRDN, 4.15%
(LOC: PNC Bank) (Note C) 4.15 1,000,000
--------------
2,619,702
--------------
</TABLE>
- --------------------------------------------------------------------------------
18
<PAGE>
- --------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
JACK WHITE MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
VIRGINIA--8.85%
$1,000,000 Chesapeake IDA Rev. Bonds (VA Elec. Power Co. Proj.) Ser.
1985, 2.95%, due 6/16/99 2.95 $ 1,000,000
1,100,000 Isle of Wight IDA Rev. Bonds (Smithfield Ham & Produce Co.)
VRDN, 4.10% (LOC: Nationsbank) (Note C) 4.10 1,100,000
1,500,000 Virginia HDA Rev. Bonds Trust, Ser. A2 VRDN, 4.10% (LIQ:
Commerzbank) (Note C) 4.10 1,500,000
--------------
3,600,000
--------------
WASHINGTON--9.02%
200,000 King & Snohomish Ctys. GO Bonds (SD # 417), Ser. B, 5.70%,
due 12/1/99 (Insured: FGIC) 3.20 202,850
2,000,000 Seattle Muni. Power & Light Rev. Bonds, 4.50%, due 5/1/99 3.73 2,000,000
1,465,000 Washington Hsg. Rev. Bonds (Nikkei Concerns Proj.) VRDN,
4.15% (LOC: U.S. Bank) (Note C) 4.15 1,465,000
--------------
3,667,850
--------------
WEST VIRGINIA--2.71%
1,100,000 Grant Cty. Rev. Bonds (VA Elec. Power Co.) 2.90%, due 6/9/99 2.90 1,100,000
--------------
TOTAL MUNICIPAL OBLIGATIONS--99.11% 40,302,236
OTHER ASSETS AND LIABILITIES, NET--0.89% 362,774
--------------
NET ASSETS -- 100.00% $ 40,665,010
--------------
--------------
</TABLE>
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL
STATEMENTS.
- --------------------------------------------------------------------------------
19
<PAGE>
- --------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO SCHEDULES OF INVESTMENTS
April 30, 1999
(A) Variable rate securities. The rates shown are the current rates on
April 30, 1999. Dates shown represent the next interest reset date.
(B) This obligation was acquired for investment, not with intent to
distribute or sell. It is restricted as to public resale. This
obligation was acquired at a cost of par. On April 30, 1999, the
aggregate value of this security, valued at amortized cost, is
$35,000,000 representing 4.9% of net assets.
(C) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market rates.
(D) Bonds which are prerefunded or escrowed to maturity are collateralized
by U.S. Government Securities which are held in escrow and are used to
pay principal and interest on the municipal issue and to retire the
bonds in full at the earliest refunding date.
- --------------------------------------------------------------------------------
DESCRIPTION OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation
BAN Bond Anticipation Note
CFC Cooperative Finance Corporation
DFA Developmental Finance Authority
EDA Economic Development Authority
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance Inc.
GMAC General Motors Acceptance Corporation
GO General Obligation
GTY Guarantee
HDA Housing Development Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Bond
IDC Industrial Development Corporation
IDR Industrial Development Revenue Bond
ISD Independent School District
KWA Keep Well Agreement
LIQ Liquidity Agreement
LLC Limited Liability Corporation
LOC Letter of Credit
LP Limited Partnership
MBIA Municipal Bond Investors Assurance Insurance
Corporation
MFH Multi-Family Housing
SBPA Standby Bond Purchase Agreement
SD School District
VRDN Variable Rate Demand Note
VRN Variable Rate Note
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
20
<PAGE>
- --------------------------------------------------------------------------------
Report of Independent Auditors
Shareholders and Board of Directors
National Investors Cash Management Fund, Inc.
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the National Investors Cash Management Fund,
Inc., comprising, respectively, the Jack White Money Market Portfolio, the Jack
White U.S. Government Portfolio, and the Jack White Municipal Portfolio as of
April 30, 1999, and the related statements of operations and changes in net
assets and financial highlights for the period from May 20, 1998 (commencement
of operations) to April 30, 1999. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation of securities owned
as of April 30, 1999 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting the National Investors Cash Management
Fund, Inc. at April 30, 1999, and the results of their operations, the changes
in their net assets, and the financial highlights for the period from May 20,
1998 to April 30, 1999, in conformity with generally accepted accounting
principles.
/S/ ERNST & YOUNG LLP
New York, New York
May 28, 1999
- --------------------------------------------------------------------------------
21
<PAGE>
NATIONAL [logo]
INVESTOR
SERVICES CORP.
Member New York Stock Exchange * SIPC
55 Water Street * New York, NY 10041
