[TEXT]
<PAGE> PAGE 1
000 B000000 04/30/1999
000 C000000 1023392
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001 A000000 NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
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001 C000000 2129087537
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007 C020100 JACK WHITE MONEY MARKET PORTFOLIO
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE CHRISTOPHER J. KELLEY
TITLE V.P. AND SECRETARY
<PAGE>
This report is signed on behalf of National Investors Cash Management Fund, Inc.
City of Boston Commonwealth of Massachusetts June 29, 1999
National Investors Cash Management Fund, Inc.:
By: /s/ Christopher J. Kelley
----------------------------
Christopher J. Kelley
Vice President and Secretary
Witness: /s/ Karen Jacoppo-Wood
--------------------------------------
Karen Jacoppo-Wood
Vice President and Assistant Secretary
<PAGE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
National Investors Cash Management Fund, Inc.
In planning and performing our audit of the financial statements of National
Investors Cash Management Fund, Inc. for the period ended April 30, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control.
The management of National Investors Cash Management Fund, Inc. is responsible
for establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements 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 internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at April 30, 1999.
This report is intended solely for the information and use of the board of
directors and management of National Investors Cash Management Fund, Inc. and
the Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
May 28, 1999
<PAGE>
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
National Investors Cash Management Fund, Inc., a Maryland corporation
having its principal Maryland office c/o The Corporation Trust Incorporated, 300
East Lombard Street, Baltimore, Maryland 21202 (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: The charter of the Corporation is hereby amended by these
Articles of Incorporation as follows:
In each instance in which the words "Kennedy Cabot Money
Market Portfolio" appear in the Articles of Incorporation, the
words "Kennedy Cabot Money Market Portfolio" shall be deleted
and the words "Jack White Money Market Portfolio" shall be
substituted therefor; and
In each instance in which the words "Kennedy Cabot U.S.
Government Portfolio" appear in the Articles of Incorporation,
the words "Kennedy Cabot U.S. Government Portfolio" shall be
deleted and the words "Jack White U.S. Government Portfolio"
shall be substituted therefor; and
In each instance in which the words "Kennedy Cabot Municipal
Portfolio" appear in the Articles of Incorporation, the words
"Kennedy Cabot Municipal Portfolio" shall be deleted and the
words "Jack White Municipal Portfolio" shall be substituted
therefor.
SECOND: The foregoing amendments have been effected in the manner by
the vote required by the Corporation's charter and laws of the State of
Maryland. The amendments were approved by a majority of the Board of Directors
of the Corporation without action of the stockholders in accordance with Section
2-605(a)(4) of the Maryland General Corporation Law, and the Corporation is
registered as an open-end investment company under the Investment Company Act of
1940.
THIRD: Except as amended hereby, the Corporation's charter shall
remain in full force and effect.
FOURTH: The authorized capital stock of the Corporation has not been
increased by these Articles of
Amendment.
The Vice President and Assistant Treasurer acknowledges these Articles
of Amendments to be the corporate act of the Corporation and states that to the
best of his knowledge, information and belief, the matters set forth in these
Articles of the
1
<PAGE>
Corporation's charter are true in all respects, and that this statement is made
under the penalties of perjury.
IN WITNESS WHEREOF, NATIONAL INVESTORS CASH MANAGEMENT FUND, INC. has
caused these Articles of Amendment to be signed in its name and on its behalf by
its Vice President and Assistant Treasurer, duly authorized officer of the
Corporation, and attests by its Assistant Secretary, effective the 30th day of
December, 1998.
NATIONAL INVESTORS CASH
MANAGEMENT FUND, INC.
/s/ Thomas Textor
--------------------------------------
Thomas Textor
Vice President and Assistant Treasurer
ATTEST:
/s/ Arnold Feist
- -------------------
Arnold Feist
Assistant Secretary
2
<PAGE>
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC., a Maryland corporation
having its principal Maryland office c/o The Corporation Trust Incorporated, 300
East Lombard Street, Baltimore, MD 21202 (hereinafter called the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:
FIRST: The charter of the Corporation is hereby amended by deleting
Article III, Section (2) in its entirety and inserting the following in lieu
thereof:
"(2) To hold, invest and reinvest in assets in securities, and in
connection therewith to hold part or all of its assets (a) in cash
and/or (b) in shares of another registered investment company known in
the investment company industry as a master fund, which company holds
securities and other assets for investment purposes (the "Master
Fund")."
SECOND: The charter of the Corporation is hereby further amended by
adding the following provision as Article III, Section (5), and renumbering
Article III, Section (5) thereof as Article III, Section (6):
"(5) To transfer all or substantially all the assets of the Corporation
(or the assets of a series thereof) in exchange for shares in a Master
Fund or for such other consideration as permitted by the General Laws
of the State of Maryland and the Investment Company Act (all without
the vote or consent of the stockholders of the Corporation), and all
such actions, regardless of the frequency with which they are pursued,
shall be deemed in furtherance of the ordinary, usual and customary
business of the Corporation."
THIRD: The charter of the Corporation is hereby further amended by
deleting Article V, Section (9) in its entirety and inserting the following in
lieu thereof:
"(9) Unless otherwise expressly provided in the charter of the
Corporation, including those matters set forth in Article III, Sections
(4) and (5) hereof and including any Articles Supplementary thereto, on
each matter submitted to a vote of stockholders, each holder of a share
of stock of the Corporation shall be entitled to one vote for each
share standing in such holder's name on the books of the Corporation,
irrespective of the class or series thereof, and all shares of all
classes and series shall vote together as a single class; provided,
however, that (a) as to any matter with respect to which a separate
vote of any class or series is required by the
3
<PAGE>
Investment Company Act, or any rules, regulations or orders issued
thereunder, or by the Maryland General Corporation Law, such
requirement as to a separate vote by that class or series shall apply
in lieu of a general vote of all classes and series as described above,
(b) in the event that the separate vote requirements referred to in (a)
above apply with respect to one or more classes or series, then,
subject to paragraph (c) below, the shares of all other classes and
series not entitled to a separate class vote shall vote as a single
class, and (c) as to any matter which does not affect the interest of a
particular class or series, such class or series shall not be entitled
to any vote and only the holders of shares of the affected classes and
series, if any, shall be entitled to vote. The shares of capital stock
shall have no voting rights in connection with the transfer of all or
substantially all the assets of the Corporation (or the assets of a
series thereof) to a Master Fund in exchange for shares in such Master
Fund or for such other consideration as permitted by the General Laws
of the State of Maryland and the Investment Company Act."
FOURTH: The charter of the Corporation is hereby further amended by
adding the following provision as Article VIII, Section (10):
"(10) Notwithstanding any other provision of these Articles of
Incorporation or the By-Laws of the Corporation, or the General Laws of
the State of Maryland, the Board of Directors of the Corporation is
vested with the sole power, to the exclusion of the stockholders, upon
the affirmative vote of the majority of the entire Board of Directors,
to transfer all or substantially all the assets of the Corporation (or
the assets of a series thereof) to a Master Fund in exchange for shares
in such Master Fund or for such other consideration as permitted by the
General Laws of the State of Maryland and the Investment Company Act."
FIFTH: The foregoing amendments have been effected in the manner and by
the vote required by the Corporation's charter and the laws of the State of
Maryland. The foregoing amendments were adopted and deemed advisable by
unanimous written consent of the Corporation's Board of Directors and approved
by the vote of the sole stockholder of the Corporation entitled to vote on the
matter.
SIXTH: Except as amended hereby, the Corporation's charter shall remain
in full force and effect.
SEVENTH: The authorized capital stock of the Corporation has not been
increased by these Articles of Amendment.
4
<PAGE>
The Vice President acknowledges these Articles of Amendment to be the
corporate act of the Corporation and states that to the best of his knowledge,
information and belief, the matters set forth in these Articles of Amendment
with respect to the authorization and approval of the amendment of the
Corporation's charter are true in all material respects, and that this statement
is made under the penalties for perjury.
IN WITNESS WHEREOF, NATIONAL INVESTORS CASH MANAGEMENT FUND, INC. has
caused these Articles of Amendment to be signed in its name and on its behalf by
its Vice President, a duly authorized officer of the Corporation, and attested
by its Assistant Secretary, as of the 9th day of February, 1999.
NATIONAL INVESTORS CASH
MANAGEMENT FUND, INC.
/s/ Christopher J. Kelley
----------------------------
Christopher J. Kelley
Vice President and Secretary
ATTEST:
/s/ Karen Jacoppo-Wood
- ----------------------------
Karen Jacoppo-Wood
Vice President and Assistant Secretary
5
<PAGE>
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
National Investors Cash Management Fund, Inc., a Maryland corporation
having its principal Maryland office c/o The Corporation Trust Incorporated, 300
East Lombard Street, Baltimore, Maryland 21202 (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: Article V(1) of the Corporation's charter is hereby amended in
its entirety to read as follows:
The total number of shares which the Corporation has authority
to issue is one hundred billion (100,000,000,000) shares of
common stock (par value $0.0001 per share), amounting in
aggregate par value to ten million dollars ($10,000,000.00).
All of such shares of common stock are classified into four
separate series to be known as "Jack White Money Market
Portfolio," "Jack White U.S. Government Portfolio," "Jack White
Municipal Portfolio," and the "Jack White California Municipal
Money Market Portfolio." Each such series shall be divided as
follows: the Jack White Money Market Portfolio shall consist of
fifty billion (50,000,000,000) shares; the Jack White U.S.
Government Portfolio shall consist of twenty billion
(20,000,000,000) shares; the Jack White Municipal Portfolio
shall consist of twenty billion (20,000,000,000) shares; and
the Jack White California Municipal Money Market Portfolio
shall consist of ten billion (10,000,000,000) shares. All of
the shares of each such series are classified as a single
class.
SECOND: The foregoing amendments have been effected in the manner and
by the vote required by the Corporation's charter and the laws of the State of
Maryland. The amendments were approved by a majority of the Board of Directors
of the Corporation, and at the time of approval by the Board of Directors there
were no shares of stock of the Corporation entitled to vote on the matter either
outstanding or subscribed for.
6
<PAGE>
THIRD: Except as amended hereby, the Corporation's charter shall remain
in full force and effect.
FOURTH: The authorized capital stock of the Corporation has not been
increased by these Articles of Amendment.
The Vice President and Secretary acknowledges these Articles of
Amendment to be the corporate act of the Corporation and states that to the best
of his knowledge, information and belief, the matters set forth in these
Articles of Amendment with respect to the authorization and approval of the
amendment of the Corporation's charter are true in all material respects, and
that this statement is made under the penalties of perjury.
IN WITNESS WHEREOF, NATIONAL INVESTORS CASH MANAGEMENT FUND, INC. has
caused these Articles of Amendment to be signed in its name and on its behalf by
its Vice President and Secretary, a duly authorized officer of the Corporation,
and attested by its Assistant Secretary, effective the 29th day of March, 1999.
NATIONAL INVESTORS CASH
MANAGEMENT FUND, INC.
/s/ Christopher J. Kelley
----------------------------
Christopher J. Kelley
Vice President and Secretary
ATTEST:
/s/ Karen Jacoppo-Wood
- ----------------------
Karen Jacoppo-Wood
Assistant Secretary
7
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
National Investors Cash Management Fund, Inc. Annual Report for the fiscal year
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> JACK WHITE MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-20-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 718,240,279
<INVESTMENTS-AT-VALUE> 718,240,279
<RECEIVABLES> 3,250,729
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 163
<TOTAL-ASSETS> 721,491,171
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 529,686
<TOTAL-LIABILITIES> 529,686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 720,959,354
<SHARES-COMMON-STOCK> 720,959,354
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 720,961,485
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,094,340
<OTHER-INCOME> 0
<EXPENSES-NET> 911,153
<NET-INVESTMENT-INCOME> 5,183,187
<REALIZED-GAINS-CURRENT> 2,131
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,185,318
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,183,187
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,459,671,640
<NUMBER-OF-SHARES-REDEEMED> 743,861,028
<SHARES-REINVESTED> 5,098,742
<NET-CHANGE-IN-ASSETS> 720,911,485
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425,346
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,378,014
<AVERAGE-NET-ASSETS> 128,275,220
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.049
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
National Investors Cash Management Fund, Inc. Annual Report for the fiscal year
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> JACK WHITE U.S. GOVERNMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-20-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 698,189,406
<INVESTMENTS-AT-VALUE> 698,189,406
<RECEIVABLES> 2,675,525
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 700,864,934
<PAYABLE-FOR-SECURITIES> 60,351,938
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 500,958
<TOTAL-LIABILITIES> 60,852,896
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 640,012,038
<SHARES-COMMON-STOCK> 640,012,038
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 640,012,038
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,421,350
<OTHER-INCOME> 0
<EXPENSES-NET> 837,502
<NET-INVESTMENT-INCOME> 4,583,848
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,583,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,583,848
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,260,234,991
<NUMBER-OF-SHARES-REDEEMED> 624,759,389
<SHARES-REINVESTED> 4,511,436
<NET-CHANGE-IN-ASSETS> 639,987,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 390,874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,250,086
<AVERAGE-NET-ASSETS> 117,827,697
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.014
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.014
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
National Investors Cash Management Fund, Inc. Annual Report for the fiscal year
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> JACK WHITE MUNICIPAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-20-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 40,302,236
<INVESTMENTS-AT-VALUE> 40,302,236
<RECEIVABLES> 239,300
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 146,276
<TOTAL-ASSETS> 40,687,812
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,802
<TOTAL-LIABILITIES> 22,802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,665,010
<SHARES-COMMON-STOCK> 40,665,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 40,665,010
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 215,420
<OTHER-INCOME> 0
<EXPENSES-NET> 52,220
<NET-INVESTMENT-INCOME> 163,200
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 163,200
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 163,200
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,144,309
<NUMBER-OF-SHARES-REDEEMED> 28,664,231
<SHARES-REINVESTED> 159,932
<NET-CHANGE-IN-ASSETS> 40,640,010
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113,205
<AVERAGE-NET-ASSETS> 7,448,507
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.74
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
